Exhibit 13.01







ALPHAMETRIX
MANAGED FUTURES LLC (ASPECT SERIES)


(formerly
UBS MANAGED FUTURES LLC( ASPECT SERIES)


(A
Series of a Delaware Series Limited Liability Company)




Financial
Statements for the years ended


December
31, 2008 and 2007 and for the period from


October
26, 2006 (Date of Organization) to December 31, 2006


and
Report of Independent Registered Public Accounting Firm


















INDEX
TO FINANCIAL STATEMENTS







Affirmation
      of AlphaMetrix, LLC.
                      3Report
      of Independent Registered Public Accounting Firm
                      4Statements
      of Financial Condition as of December 31, 2008 and 2007
                      5Statements
      of Operations for the years ended December 31, 2008 and  2007

                          and
      for the period from October 26, 2006 (Date of Organization) to December
      31, 2006
                      6Statements
      of Changes in Members’ Capital for the years ended December 31, 2008 and

                          2007
      and for the period from October 26, 2006 (Date of Organization) to
      December 31, 2006
                      7Condensed
      Schedules of Investments for the years ended December 31, 2008 and
      2007
                      8Notes
      to Financial Statements for the year ended December 31,
    2008
                      9








2







AFFIRMATION
OF ALPHAMETRIX, LLC.




In
compliance with the Commodity Futures Trading Commission’s regulations, I hereby
affirm that to the best of my knowledge and belief, the information contained in
the statements of financial condition of AlphaMetrix Managed Futures LLC (Aspect
Series) at December 31, 2008 and 2007, including the condensed schedules of
investments as of December 31, 2008 and 2007, and the related statements of
operations and changes in members’ capital for each of the two years in the
period ended December 31, 2008 and for the period from October 26, 2006 (Date of
Organization) to December 31, 2006, are accurate and complete.




/s/ Aleks
Kins


Aleks
Kins


President
and Chief Executive Officer


AlphaMetrix,
LLC.


Manager
of AlphaMetrix Managed Futures LLC (Aspect Series)








3





REPORT OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM




To the
Members of AlphaMetrix Managed Futures LLC (Aspect Series)




We have
audited the accompanying statements of financial condition of AlphaMetrix
Managed Futures LLC (Aspect Series), formerly UBS Managed Futures LLC (Aspect
Series) (the “Series”), as of December 31, 2008 and 2007, including the
condensed schedules of investments as of December 31, 2008 and 2007, and the
related statements of operations and changes in members’ capital for each of the
two years in the period ended December 31, 2008 and for the period from October
26, 2006 (Date of Organization) to December 31, 2006. These financial statements
are the responsibility of the Series’ management.  Our responsibility
is to express an opinion on these financial statements based on our
audits.




We
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States).  Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement.  We were
not engaged to perform an audit of the Series’ internal control over financial
reporting.  Our audits included consideration of internal control over
financial reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Series’ internal control over financial
reporting.  Accordingly, we express no such opinion.  An
audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements.  An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation.  We believe that our audits provide a reasonable basis
for our opinion.




In our
opinion, the financial statements referred to above present fairly, in all
material respects, the financial position of AlphaMetrix Managed Futures LLC
(Aspect Series) at December 31, 2008 and 2007, and the results of its operations
and the changes in its members’ capital for each of the two years in the period
ended December 31, 2008 and for the period from October 26, 2006 (Date of
Organization) to December 31, 2006 in conformity with U.S. generally accepted
accounting principles.




/s/ Ernst
& Young LLP




Chicago,
Illinois


March 24,
2009





4




ALPHAMETRIX
MANAGED FUTURES LLC (ASPECT SERIES)
  Statements
of Financial Condition




December
      31, 2008
              
              
              December
      31, 2007AssetsEquity
      in commodity trading account at clearing broker:Cash
              
              $
              71,677,315
              
              
              $
              20,995,051Net
      unrealized appreciation on open contracts
              
              
              2,715,317
              
              
              
              777,415Net
      payable related to unexpired contracts
              
              
              (9,090
              )
              
              
              (14,822
              )74,383,542
              
              
              
              21,757,644Cash
              
              
              314,724
              
              
              
              92,369Net
      interest receivable
              
              
              1,933
              
              
              
              63,269Total
      assets
              
              $
              74,700,199
              
              
              $
              21,913,282Liabilities
      and Members’ CapitalLiabilitiesAccrued
      brokerage commissions
              
              $
              5,627
              
              
              $
              4,631Accrued
      sales commission
              
              
              121,422
              
              
              
              36,009Accrued
      sponsor’s fee
              
              
              15,178
              
              
              
              4,501Accrued
      management fee
              
              
              124,314
              
              
              
              35,963Accrued
      performance fee
              
              
              1,613,251
              
              
              
              -Accrued
      operating costs and administrative fee
              
              
              183,724
              
              
              
              99,345Subscriptions
      received in advance
              
              
              131,000
              
              
              
              444,250Redemptions
      payable
              
              
              1,500,154
              
              
              
              5,530,762Total
      liabilities
              
              
              3,694,670
              
              
              
              6,155,461Members’
      CapitalMembers
      (52,994.33 and 14,690.08 units outstanding at December 31, 2008 and 2007,
      respectively, unlimited units authorized)
              
              
              70,994,651
              
              
              
              15,747,164Sponsor
      (8.12 and 9.94 units outstanding at December 31, 2008 and 2007,
      respectively, unlimited units authorized)
              
              
              10,878
              
              
              
              10,657Total
      members’ capital
              
              
              71,005,529
              
              
              
              15,757,821Total
      liabilities and members’ capital
              
              $
              74,700,199
              
              
              $
              21,913,282See
      accompanying notes to financial statements.








5





ALPHAMETRIX
MANAGED FUTURES LLC (ASPECT SERIES)




Statement
of Operations




Year
      Ended
                  December
      31, 2008
              
              
              Year
      Ended
                  December
      31, 2007 *
              
              
              October
      26, 2006
                  through
                  December
      31, 2006 *Trading
      gains (losses):Net
      realized gain
              
              $
              13,350,008
              
              
              $
              946,401Change
      in unrealized appreciation on open contracts
              
              
              1,937,902
              
              
              
              777,415Brokerage
      commission
              
              
              (224,145
              )
              
              
              (89,861
              )Net
      trading gains (losses)
              
              
              15,063,765
              
              
              
              1,633,955Investment
      income:Interest
      income
              
              
              510,842
              
              
              
              556,338Total
      investment income
              
              
              510,842
              
              
              
              556,338Expenses:Sales
      commission
              
              
              944,092
              
              
              
              256,028Sponsor’s
      fee
              
              
              118,012
              
              
              
              32,004Management
      fee
              
              
              952,226
              
              
              
              256,483Performance
      fee
              
              
              2,807,721
              
              
              
              309,795Operating
      costs and administrative fee
              
              
              431,000
              
              
              
              313,355
              
              
              
              208,820Total
      expenses
              
              
              5,253,051
              
              
              
              1,167,665
              
              
              
              208,820Net
      investment loss
              
              
              (4,742,210
              )
              
              
              (611,327
              )
              
              
              (208,820
              )Net
      income (loss)
              
              $
              10,321,555
              
              
              $
              1,022,628
              
              
              $
              (208,820
              )Net
      income (loss) per unit:Weighted
      average number of units outstanding
              
              
              38,898.95
              
              
              
              14,292.11
              
              
              
              -Net
      income (loss) per weighted average unit
              
              $
              265.34
              
              
              $
              71.55
              
              
              
              -





* The
Series was organized on October 26, 2006 and commenced operations on March 16,
2007








6





ALPHAMETRIX
MANAGED FUTURES LLC (ASPECT SERIES)









Statement
of Changes in Members’ Capital


For the
years ended December 31, 2008 and 2007 and


for the
period from October 26, 2006 to December 31, 2006




For the
year ended December 31, 2008


Members
              
              
              Sponsor
      **
              
              
              TotalAmount
              
              
              Units
              
              
              Amount
              
              
              Units
              
              
              Amount
              
              
              UnitsMembers’
      capital at January 1, 2008
              
              $
              15,747,164
              
              
              
              14,690.08
              
              
              $
              10,657
              
              
              
              9.94
              
              
              $
              15,757,821
              
              
              
              14,700.02Members’
      subscriptions
              
              
              49,831,444
              
              
              
              42,208.34
              
              
              
              10,000
              
              
              
              8.12
              
              
              
              49,841,445
              
              
              
              42,216.46Members’
      redemptions
              
              
              (4,903,048
              )
              
              
              (3,904.09
              )
              
              
              (12,244
              )
              
              
              (9.94
              )
              
              
              (4,915,292
              )
              
              
              (3,914.03
              )Net
      income
              
              
              10,319,091
              
              
              
              -
              
              
              
              2,465
              
              
              
              -
              
              
              
              10,321,555
              
              
              
              -Members’
      capital at December 31, 2008
              
              $
              70,994,651
              
              
              
              52,994.33
              
              
              $
              10,878
              
              
              
              8.12
              
              
              $
              71,005,529
              
              
              
              53,002.45Net
      asset value per unit at January 1, 2008
              
              $
              1,071.959
              
              
              
              
              
              
              $
              1,071.959
              
              
              
              
              
              
              $
              1,071.959Change
      in net asset value per unit
              
              
              267.706
              
              
              
              
              
              
              
              267.706
              
              
              
              
              
              
              
              267.706Net
      asset value per unit at December 31, 2008
              
              $
              1,339.665
              
              
              
              
              
              
              $
              1,339.665
              
              
              
              
              
              
              $
              1,339.665For
      the year ended December 31, 2007Members
              
              
              Sponsor
      **
              
              
              TotalAmount
              
              
              Units
              
              
              Amount
              
              
              Units
              
              
              Amount
              
              
              UnitsMembers’
      capital at January 1, 2007
              
              $
              (208,820
              )
              
              
              -
              
              
              $
              -
              
              
              
              -
              
              
              $
              (208,820
              )
              
              
              -Initial
      offering costs
              
              
              (119,732
              )
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              (119,732
              )
              
              
              -Members’
      subscriptions
              
              
              20,686,218
              
              
              
              19,858.62
              
              
              
              10,000
              
              
              
              9.94
              
              
              
              20,696,218
              
              
              
              19,868.56Members’
      redemptions
              
              
              (5,632,473
              )
              
              
              (5,168.54
              )
              
              
              -
              
              
              
              -
              
              
              
              (5,632,473
              )
              
              
              (5,168.54
              )Net
      income
              
              
              1,021,971
              
              
              
              -
              
              
              
              657
              
              
              
              -
              
              
              
              1,022,628
              
              
              
              -Members’
      capital at December 31, 2007
              
              $
              15,747,164
              
              
              
              14,690.08
              
              
              $
              10,657
              
              
              
              9.94
              
              
              $
              15,757,821
              
              
              
              14,700.02Net
      asset value per unit at commencement*
              
              $
              1,000.000
              
              
              
              
              
              
              $
              1,000.000
              
              
              
              
              
              
              $
              1,000.000Change
      in net asset value per unit
              
              
              71.959
              
              
              
              
              
              
              
              71.959
              
              
              
              
              
              
              
              71.959Net
      asset value per unit at December 31, 2007
              
              $
              1,071.959
              
              
              
              
              
              
              $
              1,071.959
              
              
              
              
              
              
              $
              1,071.959For
      the period from October 26, 2006 (Date of Organization) to December 31,
      2006Members
              
              
              Sponsor
      **
              
              
              TotalAmount
              
              
              Units
              
              
              Amount
              
              
              Units
              
              
              Amount
              
              
              UnitsMembers’
      capital at October 26, 2006
              
              $
              -
              
              
              
              -
              
              
              $
              -
              
              
              
              -
              
              
              $
              -
              
              
              
              -Net
      (loss)
              
              
              (208,820
              )
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              (208,820
              )
              
              
              -Members’
      capital at December 31, 2006
              
              $
              (208,820
              )
              
              
              -
              
              
              $
              -
              
              
              
              -
              
              
              $
              (208,820
              )
              
              
              -





* The
Series was organized on October 26, 2006 and commenced operations on March 16,
2007


** The
Sposor was UBS Managed Fund Services, Inc. from inception to October 31, 2008.
AlphaMetrix, LLC became the Sponsor effective November 1, 2008.





See
accompanying notes to financial statements.








7





ALPHAMETRIX
MANAGED FUTURES LLC (ASPECT SERIES)




Condensed
Schedules of Investments




December
31, 2008 and 2007




2008
              
              
              2008
              
              
              2007
              
              
              2007%
      of
                  Members’
                  Capital
              
              
              Net
      Unrealized
                  Appreciation
                  (Depreciation)
      on
                  Open
      Contracts
              
              
              %
      of
                  Members’
                  Capital
              
              
              Net
      Unrealized
                  Appreciation
                  (Depreciation)
      on
                  Open
      ContractsFUTURES
      CONTRACTS:Long contractsDomesticAgriculture
              
              
              0.00
              %
              
              $
              3,500
              
              
              
              1.22
              %
              
              $
              192,860Energy
              
              
              0.03
              %
              
              
              20,050
              
              
              
              1.35
              %
              
              
              211,706Interest
      rates
              
              
              1.21
              %
              
              
              862,652
              
              
              
              0.73
              %
              
              
              114,247Metals
              
              
              0.01
              %
              
              
              4,490
              
              
              
              0.38
              %
              
              
              59,920Stock
      Indices
              
              
              0.00
              %
              
              
              1,193
              
              
              
              (0.02
              )
      %
              
              
              (3,380
              )ForeignAgriculture
              
              
              0.10
              %
              
              
              69,860
              
              
              
              0.01
              %
              
              
              2,193Interest
      rates
              
              
              2.82
              %
              
              
              2,003,119
              
              
              
              0.67
              %
              
              
              105,912Stock
      Indices
              
              
              -
              %
              
              
              -
              
              
              
              0.12
              %
              
              
              18,8884.17
              %
              
              
              2,964,864
              
              
              
              4.46
              %
              
              
              702,346Short contractsDomesticAgriculture
              
              
              (0.26
              )
      %
              
              
              (187,016
              )
              
              
              0.11
              %
              
              
              17,260Energy
              
              
              0.29
              %
              
              
              210,104
              
              
              
              (0.22
              )
      %
              
              
              (34,260
              )Metals
              
              
              0.01
              %
              
              
              6,868
              
              
              
              0.43
              %
              
              
              68,516Stock
      Indices
              
              
              0.00
              %
              
              
              (2,880
              )
              
              
              (0.01
              )
      %
              
              
              (1,075
              )ForeignAgriculture
              
              
              0.00
              %
              
              
              2,548
              
              
              
              0.00
              %
              
              
              -Interest
      rates
              
              
              0.00
              %
              
              
              -
              
              
              
              0.48
              %
              
              
              73,881Metals
              
              
              (0.20
              )
      %
              
              
              (145,257
              )
              
              
              0.00
              %
              
              
              -Stock
      Indices
              
              
              (0.06
              )
      %
              
              
              (44,689
              )
              
              
              0.15
              %
              
              
              23,990(0.22
              )
      %
              
              
              (160,322
              )
              
              
              0.94
              %
              
              
              148,312Total
      futures contracts
              
              
              3.95
              %
              
              
              2,804,542
              
              
              
              5.40
              %
              
              
              850,658FORWARD
      CURRENCY CONTRACTS:Total
      forward currency contracts receivable
              
              
              0.44
              %
              
              
              313,524
              
              
              
              0.13
              %
              
              
              20,782Total
      forward currency contracts payable
              
              
              (0.57
              )
      %
              
              
              (402,749
              )
              
              
              (0.60
              )
      %
              
              
              (94,025
              )Total
      forward currency contracts
              
              
              (0.13
              )
      %
              
              
              (89,225
              )
              
              
              (0.47
              )
      %
              
              
              (73,243
              )Net
      unrealized appreciation (depreciation) on open contracts
              
              
              3.82
              %
              
              $
              2,715,317
              
              
              
              4.93
              %
              
              $
              777,415





See
accompanying notes to financial statements.











8








ALPHAMETRIX
MANAGED FUTURES LLC (ASPECT SERIES)


NOTES TO
FINANCIAL STATEMENTS


DECEMBER
31, 2008








(1)           Organization




AlphaMetrix,
LLC (the “Sponsor”) is
the sponsor of AlphaMetrix Managed Futures LLC (the “Platform”), effective November
1, 2008, of which AlphaMetrix Managed Futures LLC (Aspect Series), formerly UBS
Managed Futures LLC (Aspect Series), (the “Aspect Series”) is a
“segregated series.”  The former sponsor of the Platform was UBS
Managed Fund Services, Inc. (“UBS MFS or the former
sponsor”), from inception to October 31, 2008.  On November 1,
2008, the Sponsor was assigned managerial interest in the Aspect Series and the
name of the Aspect Series was changed.  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 AlphaMetrix Managed Futures (Aspect) LLC
(the “Trading Fund”)
which is advised by Aspect Capital Limited (the “Trading
Advisor”).  The Trading Fund then invests substantially all of
its assets in AlphaMetrix Aspect Fund – MT001(the “Master Fund”).  The
Aspect Series, the Trading Fund and the Master 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 former sponsor, UBS MFS,
for $10,000. On December 31, 2007, the Trading Advisor redeemed the full value
of the Trading Advisor Investment.  On October 31, 2008, UBS MFS
redeemed the full value of their Units in conjunction with the assignment of the
Sponsor and on November 1, 2008, the Series issued 8.12 Units to the Sponsor for
$10,000.




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




(2)           Summary
of Significant Accounting Policies




Use of
Estimates




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




Revenue
Recognition




Commodity
futures and forward contract transactions are recorded on the trade date and
open contracts are reflected in net unrealized appreciation (depreciation) on
open contracts in the Statements of Financial Condition as the difference
between the original contract value and the market value (as determined by
exchange settlement prices for futures contracts and cash dealer prices at a
predetermined time for forward contracts and physical commodities) as of the
last business day of the year or as of the last date of the financial
statements.  The change in unrealized








9






profit
(loss) on open contracts from one period to the next is reflected in the change
in unrealized appreciation (depreciation) on open contracts in the Statements of
Operations.  Realized gains and losses on futures and forward
contracts are recognized when contracts are closed.  Interest income
is recognized on an accrual basis.




Foreign Currency
Transactions




The
Series’ functional currency is the U.S. dollar; however, it transacts business
in the U.S. dollar and in currencies other than the U.S.
dollar.  Trading accounts in non-U.S. currency denominations are
susceptible to both movements in the underlying contract markets as well as
fluctuations in currency rates.  Assets and liabilities denominated in
currencies other than the U.S. dollar are translated into U.S. dollars at the
rates in effect at the date of the Statements of Financial
Condition.  Income and expense items denominated in currencies other
than the U.S. dollar are translated into U.S. dollars at the rates in effect
during the period.  Gains and losses resulting from the translation
into U.S. dollars are included with the net realized and unrealized gain or loss
on investments in the Statements of Operations.




Cash at the Clearing
Broker




A portion
of the assets maintained at the Clearing Broker is restricted cash required to
meet maintenance margin requirements. Included in cash deposits with the
Clearing Broker as of December 31, 2008 was restricted cash for margin
requirements of $5,111,823.  This cash becomes unrestricted if the
underlying positions it supports are liquidated.




Fair Value of
Investments




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




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




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




·
            Level
      2 – significant other observable
inputs




·
            Level
      3 – significant unobservable inputs




The
inputs or methodology used for valuing investments are not necessarily an
indication of the risk associated with investing in those
securities.  The following table provides the fair value measurements
of applicable Series’ assets and liabilities by level within the fair value
hierarchy as of December 31, 2008.  These assets are measured on a
recurring basis.








10








Fair
      Value Measurements at Reporting Date UsingDescription
              
              Fair
      Value at
                December
      31, 2008
              
              
              Quoted
      Prices in
                Active
      Markets for
                Identical
      Investments
                (Level
      1)
              
              
              Significant
      Other
                Observable
      Inputs
                (Level
      2)
              
              
              Significant
                Unobservable
      Inputs
                (Level
      3)Futures
      contracts
              
              $
              2,804,542
              
              
              $
              2,804,542
              
              
              $
              0
              
              
              $
              0Forward
      currency contracts
              
              $
              (89,225
              )
              
              $
              (89,225
              )
              
              $
              0
              
              
              $
              0Net
      unrealized appreciation on  open contracts
              
              $
              (2,715,317
              )
              
              $
              (2,715,317
              )
              
              $
              0
              
              
              $
              0





Income
Taxes




No
provision has been made in the accompanying Financial Statements for U.S.
federal or state income taxes as each Member is individually responsible for
reporting income or loss based on such Member’s share of the Series’ income and
expenses as reported for income tax purposes.  Financial Accounting
Standards Board Interpretation No. 48, Accounting for Uncertainty in Income
Taxes (“FIN 48”) sets forth a minimum threshold for financial statement
recognition of the benefit of a tax position taken or expected to be taken in a
tax return. Management has concluded there are no significant uncertain tax
positions that would require recognition in the Series’ financial
statements.




Distributions




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.




Subscriptions




Units are
purchased generally at the beginning of each calendar month based on the net
asset value per Unit for all other purposes (see Note 3) calculated for the
prior month-end.  The subscription request must be submitted at least
seven calendar days prior to the first day of any month in which a Member
intends to invest.




Redemptions




Units may
be redeemed as of the end of any calendar month (each, a “Redemption Date”) at the net
asset value per Unit for all other purposes (see Note 3) as of such Redemption
Date.  Redemption requests must be submitted on or prior to the 15th
day of the calendar month of such Redemption Date or the following business
day.  The Sponsor may permit redemptions at other times and on shorter
notice.




Indemnifications




In the
normal course of business, the Series enters into contracts and agreements that
contain a variety of representations and warranties and which would provide
general indemnifications.  The maximum exposure under these
arrangements is unknown, as this would involve future claims that may be made
against the Series that have not yet occurred.  The Series expects the
risk of any future obligation under these indemnifications to be
remote.






11






(3)           Related
Party Transactions




Virtually
all of the Series’ assets are maintained at the Clearing Broker.  On
assets held in U.S. dollars, the Clearing Broker credits the Series with
interest at the prevailing Federal Funds Rate less 0.50% per annum on the sum of
the Series’ average daily amount of cash at the Clearing Broker plus unrealized
appreciation (depreciation on open contracts). 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 (at current rates) per annum.  For deposits held in local
currency, the Clearing Broker credits the local short-term interest rate less a
spread of up to 200 basis points (at current rates) per annum.




The
Series incurred brokerage commissions of $224,145 and $89,861 for the years
ended December 31, 2008, and 2007, respectively, and accrued $5,627 and $4,631
for commissions owed to the Clearing Broker at December 31, 2008 and 2007,
respectively.  A portion of these brokerage commissions were paid to
Dekla Financial, LLC, (“Dekla”), a registered introducing broker with the CFTC
and an affiliate of the Sponsor.  Dekla began acting as the
introducing broker for the Series’ futures and forward transactions effective
November 1, 2008.  Dekla receives a portion of the brokerage
commissions paid by the Series to the Clearing Broker, which amounted to $35,480
for the year ended December 31, 2008.




Each
Member or Member-related account is subject to an upfront, waivable placement
fee of 0%-2% of the subscription price of the Units, which will be paid once by
the relevant Member (not by the Series or by the Sponsor) on each of such
Member’s subscriptions to the Series to UBS Financial Services Inc. (“UBS FS”), an affiliate of the
former sponsor.  The placement fee payable on such initial
subscription is deducted from the subscription amount by UBS FS. Upfront
placement fees of $681,006 and $134,500 for the years ended December 31, 2008
and 2007, respectively, were deducted from proceeds received by the
Members.




Members
are subject to an ongoing sales commission paid to UBS FS, equal to 2% per annum
of the month-end net asset value for all other purposes (see
below).  The Series incurred sales commissions of $944,092 and
$256,028 for the years ended December 31, 2008 and 2007, respectively, and
accrued $121,422 and $36,009 owed to UBS FS at December 31, 2008 and 2007,
respectively.  UBS FS, in consultation with the Sponsor, may waive or
reduce the sales commission for certain Members without entitling any other
Member to such waiver or reduction.  Additionally, effective January
1, 2008, 0.50% of the 2.0% management fee is shared by the Trading Advisor with
UBS FS (refer to note (4) Advisory Agreement for further details on the
management fee).




The
Series pays a fee to the Sponsor of 25 basis points per annum on the Series’
month-end net asset value for all other purposes (see below).  The
Sponsor reserves the right to waive or reduce the fee at its sole
discretion.  The Series incurred Sponsor’s fees of $118,012 and
$32,004 for the years ended December 31, 2008 and 2007, respectively, and
accrued $15,178 and $4,501 owed to the Sponsor at December 31, 2008 and 2007,
respectively.




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






12






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




Net
      Asset Value
              
              
              
              
              
              Net
      Asset Value per UnitAll
      Other
                  Purposes
              
              
              Financial
                  Reporting
              
              
              Number
      of
                  Units
              
              
              All
      Other
                  Purposes
              
              
              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
              
              
              
              1,071.959March
      31, 2008
              
              
              20,507,363
              
              
              
              20,247,348
              
              
              
              17,025.49
              
              
              
              1,204.509
              
              
              
              1,189.237June
      30, 2008
              
              
              50,168,558
              
              
              
              49,924,971
              
              
              
              40,063.82
              
              
              
              1,252.216
              
              
              
              1,246.136September
      30, 2008
              
              
              59,013,279
              
              
              
              58,786,119
              
              
              
              52,463.77
              
              
              
              1,124.839
              
              
              
              1,120.509December
      31, 2008
              
              
              71,216,262
              
              
              
              71,005,529
              
              
              
              53,002.45
              
              
              
              1,343.641
              
              
              
              1,339.665Total
      return after performance fee, year ended December 31, 2008
              
              
              
              23.18
              %
              
              
              24.97
              %* Commencement
      of operations of the Series was March 16, 2007





(4)           Advisory
Agreement




Under
signed agreement, the Trading Advisor receives a monthly management fee at the
rate of 0.167% (a 2% annual rate) of the Series’ month-end net asset value for
all other purposes (see Note 3) calculated before reduction for any management
fees, performance fees, Sponsor’s fees, sales commission or extraordinary fees
accrued (including performance fees accrued in a prior month) as of such
month-end and before giving effect to any capital contributions made as of the
beginning of the month immediately following such month-end and before any
distributions or redemptions accrued during or as of such month-end, but after
all expenses as of such month-end. The Series incurred management fees of
$952,226 and $256,483 for the years ended December 31, 2008 and 2007,
respectively, and accrued $124,314 and $35,963 owed to the Trading Advisor at
December 31, 2008 and 2007, respectively.




Also,
under signed agreement the Series pays to the Trading Advisor a quarterly
performance fee equal to 20% of the new net trading profits, if any, of the
Series calculated before deducting the administrative fee, the Sponsor’s fee and
sales commission but after deducting the management fee. The Series incurred
performance fees of $2,807,721 and $309,705 during the years ended December 31,
2008 and 2007, respectively, and accrued $1,613,251 and $0 owed to the Trading
Advisor at December 31, 2008 and 2007, respectively.




(5)           Recent
Accounting Pronouncements




In March
2008, the FASB issued Statement of Financial Standards No. 161, Disclosures about Derivatives
Instruments and Hedging Activities-an amendment of FASB Statement No. 133
(“SFAS 161”). SFAS 161
changes the disclosure requirements for derivative instruments and hedging
activities requiring entities to provide enhanced disclosures with the intent to
provide users of financial statements with a  better understanding of:
(i) how and why an entity uses derivative instruments; (ii) how derivative
instruments and related hedged items are accounted for under SFAS 133 and its
related interpretations; (iii) how derivative instruments and related hedged
items affect an entity’s financial position, financial performance and cash
flows.  SFAS 161 is effective for fiscal years beginning after
November 15, 2008.  Therefore, SFAS 161 will be affective for the
Series’ fiscal year beginning January 1, 2009.  As of December 31,
2008, management does not believe the adoption of SFAS 161 will impact the
financial statement amounts; however, additional footnote disclosures may be
required about the use of derivative instruments and hedging items.




In May
2008, the FASB issued SFAS No. 162, The Hierarchy of Generally Accepted
Accounting Principles.  SFAS No. 162 identifies the sources of
accounting principles and the framework for selecting the principles to be used
in the preparation of financial statements of nongovernmental entities that are
presented in conformity with generally






13




accepted
accounting principles (“GAAP”) in the United States (the GAAP
hierarchy).  SFAS No. 162 is effective 60 days following the SEC’s
approval of the Public Company Accounting Oversight Board amendments to AU
Section 411, The Meaning of Present Fairly in Conformity with Generally Accepted
Accounting Principles.  The Series is currently evaluating the impact
that SFAS No. 162 will have on its financial statements.




(6)           Trading
Activities and Related Market and Credit Risk




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




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




Due to
forward contracts being traded in unregulated markets between principals, the
Series also assumes a credit risk and the risk of loss from counterparty
non-performance with respect to its currency trading.  Additionally,
the Series is exposed to the creditworthiness of the Clearing Broker on these
trades facilitated by the Clearing Broker.  In the unlikely event of
the Clearing Broker’s bankruptcy, the Series could lose all or substantially all
of its assets not located in segregated funds.




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




Net
trading results from derivatives for the year ended December 31, 2008 are
reflected in the Statements of Operations and equal the trading gains (losses)
less brokerage commission.  Such trading results reflect the net gain
or loss arising from the Series’ speculative trading of futures contracts and
forward contracts.




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




(7)           Financial
Highlights




The
following financial highlights show the Series’ financial performance for the
year ended December 31, 2008 and the period from March 16, 2007 to December
31,2007.  All performance returns noted are calculated based on the
net asset value per Unit for financial reporting, with organizational costs
incurred prior to issuance of Units being expensed at the commencement of the
operations of the Series.  Total return is calculated as the change in
a theoretical Member’s investment over the entire period - a percentage change
in the Member’s capital value for the period.  Total return is
calculated based on the aggregate return of the Series taken as a
whole.  The amounts are not annualized.







14










Year
      ended
                December
      31,
                2008
              
              
              Period
      from
                March
      16, 2007
                to
      December 31,
                2007Members’
      capital per Unit at
                beginning
      of period
              
              $
              1,071.961
              
              
              $
              1,000.00Income
      from operations:Net
      trading gains
              
              
              389.61
              
              
              
              137.72Net
      investment loss
              
              
              (121.91
              )
              
              
              (65.76
              )Net
      change in Members’ capital per Unit from operations
              
              
              267.71
              
              
              
              71.96Members’
      capital per Unit at end of period
              
              $
              1,339.67
              
              
              $
              1,071.96Total
      return:Total
      return before performance
                fee
              
              
              29.92
              %
              
              
              9.31
              %Performance
      fee
              
              
              (4.95
              )
      %
              
              
              (2.11
              )
      %Total
      return after performance fee
              
              
              24.97
              %
              
              
              7.20
              %Ratios
      to average Members’ capital
                Net
      investment loss
              
              
              (10.31
              )
      %
              
              
              (6.14
              )
      %Expenses:Expenses
              
              
              5.31
              %
              
              
              7.76
              %Performance
      fee
              
              
              6.10
              
              
              
              2.03Total
      expenses
              
              
              11.41
              %
              
              
              9.79
              %





(8)           Subsequent
Events




Member
Subscriptions




Member
subscriptions received for the period January 1, 2009 to March 1, 2009 totaled
$1,354,138.  Member redemptions paid for the period January 1, 2009 to
March 1, 2009 totaled $4,306,213.




Fund
Administrator




Effective
January 1, 2009, Spectrum Global Fund Administration, LLC, c/o Investor
Services, (the Administrator) will serve as the administrator to the Series and
the Platform. The Administrator will provide middle and back office
administration, and custom investor and customer relationship management
solutions.










15






Acknowledgment


To the
best of my knowledge and belief, the information contained herein is accurate
and complete.
 
 By:  AlphaMetrix,
LLC
 Sponsor
 
 
 
 By:  /s/ George
Brown
 Name:  George
Brown
 Title:  Chief Financial Officer










16