ROC

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


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

For the quarterly period ended March 31, 2025


☐	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: 000-53043

Man-AHL Diversified I L.P.

(Exact Name of Registrant as Specified in its Charter)


Delaware	06-1496634
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

c/o Man Investments (USA) Corp. 1345 Avenue of the Americas, Floor 21 New York, NY	10105
(Address of principal executive offices)	(Zip Code)

(212) 649-6600

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

      Title of each class

      Trading
Symbol(s)

      Name of each exchange on which registered

      none

      None

      none

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 ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

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


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Man-AHL Diversified I L.P.

Financial Statements



Statements of Financial Condition (a)		2
Statements of Operations (b)		3
Statements of Changes in Partners’ Capital (b)		4
Statements of Cash Flows (b)		5
Notes to Financial Statements (unaudited)		6

(a)

At March 31, 2025 (unaudited) and December 31, 2024

(b)

For the three month periods ended March 31, 2025 and 2024 (unaudited)

MAN-AHL DIVERSIFIED I L.P.

(A Delaware Limited Partnership)

STATEMENTS OF FINANCIAL CONDITION


	March 31, 2025
	(Unaudited)			December 31, 2024
ASSETS
Investment in Man-AHL Diversified Trading Company L.P.	$	65,617,092		$	76,835,265
Due from Man-AHL Diversified Trading Company L.P.		1,337,344			893,946
Total assets	$	66,954,436		$	77,729,211
LIABILITIES AND PARTNERS’ CAPITAL
LIABILITIES:
Redemptions payable	$	1,337,344		$	893,946
Management fees payable		164,733			191,647
Servicing fees payable		55,056			64,041
Accrued expenses and other liabilities		375,421			318,086
Total liabilities		1,932,554			1,467,720
PARTNERS' CAPITAL:
General Partner - Class A Series 1 (186.37 units outstanding as at March 31, 2025 and December 31, 2024)		824,362			907,432
Limited Partners - Class A Series 1 (9,785.92 and 10,513.79 units outstanding as at March 31, 2025 and December 31, 2024, respectively)		43,284,700			51,190,365
Limited Partners - Class A Series 2 (378.07 and 378.07 units outstanding as at March 31, 2025 and December 31, 2024, respectively)		2,043,711			2,242,615
Limited Partners - Class B Series 1 (4,266.16 and 4,502.48 units outstanding as at March 31, 2025 and December 31, 2024, respectively)		18,869,109			21,921,079
Total partners' capital		65,021,882			76,261,491
Total liabilities and partners' capital	$	66,954,436		$	77,729,211
NET ASSET VALUE PER OUTSTANDING UNIT OF PARTNERSHIP INTEREST - CLASS A Series 1	$	4,423.16	*	$	4,868.88	*
NET ASSET VALUE PER OUTSTANDING UNIT OF PARTNERSHIP INTEREST - CLASS A Series 2	$	5,405.67	*	$	5,931.78	*
NET ASSET VALUE PER OUTSTANDING UNIT OF PARTNERSHIP INTEREST - CLASS B Series 1	$	4,422.97	*	$	4,868.67	*

* Difference in net asset value recalculation and net asset value stated is caused by rounding differences.

See accompanying notes and attached financial statements of Man-AHL Diversified Trading Company L.P.

MAN-AHL DIVERSIFIED I L.P.

(A Delaware Limited Partnership)

STATEMENTS OF OPERATIONS (UNAUDITED)


	For the three months ended March 31,
	2025			2024
NET INVESTMENT INCOME/(LOSS) ALLOCATED FROM MAN-AHL DIVERSIFIED TRADING COMPANY L.P.:
Interest income	$	709,141		$	1,080,601
Other income	-				16,935
Brokerage commissions		(36,592	)		(36,690	)
Interest expense - brokers		(41,685	)		(55,900	)
Administration fees		(13,417	)		(18,573	)
Professional fees		(22,337	)		(40,942	)
Shareholder expenses		(14,814	)		(16,032	)
Other expenses		(23,275	)		(6,057	)
Net investment income/(loss) allocated from Man-AHL Diversified Trading Company L.P.		557,021			923,342
PARTNERSHIP EXPENSES:
Management fees		528,374			659,149
Servicing fees		176,568			220,511
Professional fees		34,024			61,000
Other expenses		104,500			53,629
Total partnership expenses		843,466			994,289
Net investment income/(loss)		(286,445	)		(70,947	)
REALIZED GAINS/(LOSSES) AND CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON TRADING ACTIVITIES ALLOCATED FROM MAN-AHL DIVERSIFIED TRADING COMPANY L.P.:
Net realized trading gains/(losses) on closed contracts/agreements and foreign currency transactions		165,565			5,103,444
Net change in unrealized appreciation/(depreciation) on translation of foreign currency		226,593			508,607
Net change in unrealized trading appreciation/(depreciation) on investments in securities		(36,085	)		36,911
Net change in unrealized trading appreciation/(depreciation) on open contracts/agreements		(6,929,824	)		5,067,643
Net realized gains/(losses) and change in unrealized appreciation/(depreciation) on trading activities allocated from Man-AHL Diversified Trading Company L.P.		(6,573,751	)		10,716,605
NET INCOME/(LOSS)	$	(6,860,196	)	$	10,645,658
NET INCOME/(LOSS) PER UNIT OF PARTNERSHIP INTEREST (based on weighted average units outstanding during the period):
CLASS A Series 1	$	(446.36	)	$	606.03
CLASS A Series 2	$	(526.12	)	$	720.20
CLASS B Series 1	$	(446.16	)	$	614.20
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING DURING THE PERIOD:
CLASS A Series 1		10,434.51			11,680.77
CLASS A Series 2		378.06			622.46
CLASS B Series 1		4,491.15			5,077.30

See accompanying notes and attached financial statements of Man-AHL Diversified Trading Company L.P.

MAN-AHL DIVERSIFIED I L.P.

(A Delaware Limited Partnership)

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024


	Class A Series 1											Class A Series 2						Class B Series 1						Total
	Limited Partners						General Partner					Limited Partners						Limited Partners
	Amounts*			Units			Amounts*			Units		Amounts*			Units			Amounts*			Units			Amounts*			Units
PARTNERS’ CAPITAL January 1, 2025	$	51,190,365			10,513.79		$	907,432			186.37	$	2,242,615			378.07		$	21,921,079			4,502.48		$	76,261,491		$	15,580.71
Subscriptions	-			-			-			-		-			-			-			-			-			-
Redemptions		(3,331,229	)		(727.87	)	-			-		-			-				(1,048,184	)		(236.32	)		(4,379,413	)		(964.19	)
Net income/(loss)		(4,574,436	)	-				(83,070	)	-			(198,904	)	-				(2,003,786	)	-				(6,860,196	)	-
PARTNERS’ CAPITAL March 31, 2025	$	43,284,700		$	9,785.92		$	824,362		$	186.37	$	2,043,711		$	378.07		$	18,869,109		$	4,266.16		$	65,021,882		$	14,616.52
PARTNERS’ CAPITAL January 1, 2024	$	57,057,130			11,847.00		$	897,609			186.37	$	3,994,356			689.34		$	24,774,942			5,144.34		$	86,724,037		$	17,867.05
Subscriptions		165,000			32.97		-			-		-			-			-			-				165,000			32.97
Redemptions		(3,575,413	)		(730.87	)	-			-			(1,304,367	)		(211.02	)		(821,818	)		(164.36	)		(5,701,598	)		(1,106.25	)
Net income/(loss)		6,963,326		-				115,579		-			448,297		-				3,118,456		-				10,645,658		-
PARTNERS’ CAPITAL March 31, 2024	$	60,610,043		$	11,149.10		$	1,013,188		$	186.37	$	3,138,286		$	478.32		$	27,071,580		$	4,979.98		$	91,833,097		$	16,793.77

* Amounts have been rounded to the nearest whole number.

See accompanying notes and attached financial statements of Man-AHL Diversified Trading Company L.P.

MAN-AHL DIVERSIFIED I L.P.

(A Delaware Limited Partnership)

STATEMENTS OF CASH FLOWS (UNAUDITED)


	For the three months ended March 31,
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income/(loss)	$	(6,860,196	)	$	10,645,658
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Purchases of investments in Man-AHL Diversified Trading Company L.P.	-				(165,000	)
Sales of investments in Man-AHL Diversified Trading Company L.P.		4,758,045			6,126,167
Net realized (gains)/losses and change in unrealized (appreciation)/depreciation on trading activities and net investment income/(loss) allocated from investment in Man-AHL Diversified Trading Company L.P.		6,016,730			(11,639,947	)
Changes in operating assets and liabilities:
Increase/(decrease) in management fees payable		(26,914	)		15,054
Increase/(decrease) in servicing fees payable		(8,985	)		4,968
Increase/(decrease) in accrued expenses and other liabilities		57,335			(103,459	)
Net cash provided by/(used in) operating activities		3,936,015			4,883,441
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from subscriptions	-				115,000
Payments on redemptions (net of change in redemptions payable)		(3,936,015	)		(5,048,441	)
Net cash provided by/(used in) financing activities		(3,936,015	)		(4,933,441	)
NET INCREASE/(DECREASE) IN CASH	-				(50,000	)

CASH - Beginning of period	-				50,000
CASH - End of period	$	-		$	-

See accompanying notes and attached financial statements of Man-AHL Diversified Trading Company L.P.

MAN-AHL DIVERSIFIED I L.P.

(A Delaware Limited Partnership)

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

The accompanying unaudited financial statements, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of Man-AHL Diversified I L.P.’s (a Delaware Limited Partnership) (the “Partnership”) financial condition at March 31, 2025, and the results of its operations for the three month periods ended March 31, 2025 and 2024. These financial statements present the results of interim periods. These financial statements should be read in conjunction with the audited financial statements and notes included in the Partnership’s annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) for the year ended December 31, 2024. The December 31, 2024, information has been derived from the audited financial statements as of December 31, 2024.

1. ORGANIZATION OF THE PARTNERSHIP

Man-AHL Diversified I L.P. (a Delaware Limited Partnership) (the “Partnership”) was organized in September 1997 under the Delaware Revised Uniform Limited Partnership Act, and commenced operations on April 3, 1998, for the purpose of engaging in the speculative trading of futures and forward contracts and related instruments. The Partnership is a “feeder” fund in a “master-feeder” structure, whereby the Partnership invests substantially all of its assets in Man-AHL Diversified Trading Company L.P. (the “Trading Company”). Man Investments (USA) Corp. (the “General Partner”), a Delaware corporation, serves as the Partnership’s General Partner. The General Partner is a subsidiary of Man Group plc, a Jersey public limited company that is listed on the London Stock Exchange. The General Partner oversees the operations and management of the Partnership.

AHL Partners LLP (the “Advisor”), a limited liability partnership established in England and Wales, acts as trading advisor to the Partnership. The Advisor is an affiliate of the General Partner and a subsidiary of Man Group plc. The Advisor is registered with the Commodity Futures Trading Commission (“CFTC”) as a commodity trading adviser and commodity pool operator and is a member of the National Futures Association (“NFA”) in such capacities, in addition to registration with the Financial Conduct Authority in the United Kingdom.

Man Investments Limited, a United Kingdom private limited company that is part of Man Group plc, is the managing member of the Advisor, and Man Investments Holdings Inc., a Delaware corporation that is part of Man Group plc, is the sole shareholder of the General Partner.

The Partnership’s units are distributed through the Partnership or other selling agents, including Man Investments Inc. (“MII”), an affiliate of the Advisor and General Partner. MII is a registered broker-dealer and a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”).

The Partnership filed a registration statement under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which became effective in March 2008. The Partnership’s units are not, however, registered for sale through a public offering, and the General Partner does not intend to cause them to be so registered.

The Partnership offers two classes of units of limited partnership interests; Class A units are generally offered and Class B units are offered to employee benefit plans, IRAs and other retirement plans and accounts. The two classes of units are identical to each other except that Class B units may be purchased, transferred, held and redeemed at a minimum amount of $10,000. Within Class A and Class B, units are issued in two separate series. They are Class A Series 1, Class A Series 2, Class B Series 1 and Class B Series 2.

The Bank of New York Mellon serves as the administrator to the Partnership.

2. SIGNIFICANT ACCOUNTING POLICIES

The Partnership prepares its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The General Partner has evaluated the structure, objectives and activities of the Partnership and the Trading Company and determined that the Partnership and the Trading Company meet the characteristics of an investment company. As such, these financial statements have applied the guidance as set forth in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services - Investment Companies. The following is a summary of the significant accounting and reporting policies used in preparing the financial statements.

Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires the General Partner 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.

Investment in Man-AHL Diversified Trading Company L.P. — The Partnership’s investment in the Trading Company is valued at the fair value of the Partnership’s proportionate interest in the partners’ capital of the Trading Company. The fair value of the Partnership’s investment in the Trading Company approximates the carrying amounts presented in the Statements of Financial Condition. The Partnership records its proportionate share of the Trading Company’s income, expenses, and realized and unrealized gains and losses. Investment transactions are recorded on a trade-date basis. In addition, the Partnership accrues its own expenses. The performance of the Partnership is directly affected by the performance of the Trading Company. Attached are the financial statements of the Trading Company, including the condensed schedules of investments, which are an integral part of these financial statements. Valuation of investments held by the Trading Company is discussed in the Trading Company’s notes to financial statements.

As at March 31, 2025 and December 31, 2024, the Partnership owned 2,487.66 and 2,679.90 units, respectively, of the Trading Company. The Partnership’s aggregate ownership percentage of the Trading Company as at March 31, 2025 and December 31, 2024 was 43.58% and 44.95%, respectively.

The Partnership is able to redeem its investment from the Trading Company on a monthly basis. As at March 31, 2025 and December 31, 2024, the Partnership could redeem its investment without restriction at the month-end net asset value of the Trading Company.

Due from Man-AHL Diversified Trading Company L.P. — The amounts Due from Man-AHL Diversified Trading Company L.P. represent redemption requests made by the Partnership relating to its investment in the Trading Company. The requests have been received and recorded by the Trading Company but the proceeds have not been received by the Partnership. These amounts are ultimately due to limited partners of the Partnership as redemptions payable.

Expenses — The Advisor earns a monthly management fee in an amount equal to 0.1667% (2% annually) of the Partnership’s month-end Net Asset Value, as defined in the Limited Partnership Agreement (the “Agreement”). In addition, the General Partner earns a monthly general partner fee in an amount equal to 0.0833% (1% annually) of the month-end Net Asset Value of Class A Series 1 and Class B Series 1 units. The general partner fee is included in management fees in the Statements of Operations.

The Advisor also earns a monthly incentive fee equal to 20% of any Net New Appreciation, as defined in the Agreement, achieved by the Partnership, with new appreciation generally tracked on a class-by-class basis. The incentive fee is retained by the Advisor even if subsequent losses are incurred; however, no subsequent incentive fees will be paid to the Advisor until any such trading losses are recouped by the Partnership. Because the incentive fees are paid on the Net New Appreciation of the Partnership as a whole, it is possible that certain Limited Partners may experience increases in the Net Asset Value of their units while paying no incentive fees on such increases in the Net Asset Value of such units as a result of the timing of the purchase of units. During the three month periods ended March 31, 2025 and 2024, no incentive fees were earned by the Advisor.

The Partnership pays a monthly servicing fee to MII in an amount equal to 0.0833% (1.00% annually) of the month-end Net Asset Value of Class A Series 1 and Class B Series 1 units and to 0.0625% (0.75% annually) of the month-end Net Asset Value of Class A Series 2 and Class B Series 2 units. MII serves as the placement agent for all classes of units of the Partnership. As at March 31, 2025 and 2024, there are no Class B series 2 units outstanding.

Revenue recognition — Income and expense are recognized on an accrual basis in the period in which they are incurred.

Derivative Contracts — The Partnership’s operating activities involve trading, indirectly through its investment in the Trading Company, in derivative contracts that involve varying degrees of market and credit risk. With respect to the Partnership’s investment in the Trading Company, the Partnership has limited liability, and, therefore, its maximum exposure to either market or credit loss is limited to the carrying value of its investment in the Trading Company, as set forth in the Statements of Financial Condition.

Net Income/(Loss) Per Unit — Net income/(loss) per unit of Class A Series 1, Class A Series 2, Class B Series 1, or Class B Series 2 partnership interest is equal to the net income/(loss) per class divided by the weighted average number of units outstanding per class. Weighted average number of units outstanding is the average of the units outstanding for each day during the period ended March 31, 2025 and 2024.

Income Taxes — The Partnership is not subject to federal, state, or local income tax. Such taxes are the liabilities of the individual partners and the amounts thereof will vary depending on the individual situation of each partner. Accordingly, there is no provision for income taxes in the accompanying financial statements. ASC 740, Income Taxes, defines how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements and is applied to all open tax years. The Partnership has evaluated tax positions taken or expected to be taken in the course of preparing the Partnership’s tax returns to determine whether the tax positions are more-likely-than-not to be sustained by the applicable tax authority. Based on this analysis of all tax jurisdictions and all open tax years subject to examination, there were no material tax positions not deemed to meet a more-likely-than-not-threshold. Therefore, no tax expense, including interest or penalties, was recorded for the three month periods ended March 31, 2025 and 2024. To the extent that the Partnership records interest and penalties, they would be included in interest expense and other expenses, respectively, in the Statements of Operations. The following is the major tax jurisdiction for the Trading Company and the earliest tax year subject to examination: United States – 2021.

Other income — Other income included in the Statements of Operations includes the proceeds received by the Trading Company relating to a class action award for the three months ended March 31, 2024.

Segment Reporting — In accordance with ASC Topic 280 -Segment Reporting ("ASC 280"), the Partnership has determined that it has a single operating and reporting segment. As a result, the Partnership's segment accounting policies are the same as described herein and the Partnership does not have any intra-segment sales and transfers of assets.

Comparative information — Certain prior period figures in the financial statements have been reclassified to conform with the current period presentation.

3. LIMITED PARTNERSHIP AGREEMENT

The General Partner and each limited partner share in the profits and losses of the Partnership in proportion to the amount of capital held by each partner. However, no limited partner is liable for obligations of the Partnership in excess of its capital subscription and net profits or losses, if any.

The Partnership’s units are continuously offered as of the first business day of each month at Net Asset Value, as defined in the Agreement. Limited partners may redeem any or all of their units as of the end of any month at Net Asset Value per unit on 10 days prior written notice to the General Partner. The Partnership will be dissolved on December 31, 2037, or upon the occurrence of certain events, as specified in the Agreement.

The General Partner is required to make and maintain a general partner investment in the Partnership in an aggregate amount equal to the lesser of 1.01% of the net aggregate capital subscriptions of all partners, or $500,000.

Distributions (other than redemptions of units), if any, are made on a pro-rata basis at the sole discretion of the General Partner. No distributions were declared or paid during the three month periods ended March 31, 2025 and 2024.

Under the terms of the Agreement, the Partnership is liable for all costs associated with executing its business strategy. These costs include, but are not limited to, expenses associated with operations of the Partnership, such as management and incentive fees and other operating expenses, such as legal, audit, and tax return preparation fees.

4. FINANCIAL GUARANTEES

The Partnership enters into administrative and other professional service contracts that contain a variety of indemnifications. The Partnership’s maximum exposure under these arrangements is not known; however, the Partnership has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

5. FINANCIAL HIGHLIGHTS

The following represents the ratios to average limited partners’ capital and other information for the three month periods ended March 31, 2025 and 2024:


	For the three months ended March 31, 2025									For the three months ended March 31, 2024
	Class A			Class A			Class B			Class A			Class A			Class B
	Series 1			Series 2			Series 1			Series 1			Series 2			Series 1
Per unit operating performance:
Beginning net asset value	$	4,868.88		$	5,931.78		$	4,868.67		$	4,816.17		$	5,794.47		$	4,815.96
Income/(loss) from investment operations:
Net investment income/(loss)		(18.92	)		(5.70	)		(19.31	)		(4.77	)		14.37			(4.76	)
Net realized gains/(losses) and change in unrealized appreciation/ (depreciation) on trading activities		(426.80	)		(520.41	)		(426.39	)		624.92			752.27			624.88
Total income/(loss) from investment operations		(445.72	)		(526.11	)		(445.70	)		620.15			766.64			620.12
Ending net asset value	$	4,423.16		$	5,405.67		$	4,422.97		$	5,436.32		$	6,561.11		$	5,436.08
Ratios to average partners' capital1:
Expenses including incentive fees		5.54	%		4.34	%		5.64	%		5.36	%		4.00	%		5.35	%
Total expenses excluding incentive fees		5.54	%		4.34	%		5.64	%		5.36	%		4.00	%		5.35	%
Net investment income/(loss)		(1.62	)%		(0.40	)%		(1.65	)%		(0.38	)%		0.94	%		(0.38	)%
Total return2:
Total return before incentive fees		(9.15	)%		(8.87	)%		(9.15	)%		12.88	%		13.23	%		12.88	%
Total return after incentive fees		(9.15	)%		(8.87	)%		(9.15	)%		12.88	%		13.23	%		12.88	%

1 Includes amounts allocated from the Trading Company. Ratios have been annualized.

2 Total return is for the period indicated and has not been annualized.

Financial highlights are calculated for limited partners taken as a whole for each series. An individual limited partner’s returns and ratios may vary from these returns and ratios based on the timing of capital transactions.

6. SEGMENT REPORTING

The Partnership operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation through debt securities. The CODM is comprised of the Partnership’s chief executive officer, co-presidents and chief financial officer and assesses the performance and makes operating decisions of the Partnership primarily based on the Partnership’s net investment income/(loss) ("NII") and net increase (decrease) in net assets resulting from operations (“net income/(loss)”). In addition to numerous other factors and metrics, the CODM utilizes NII and net income/(loss) as key metrics in determining the amount to be distributed to the Partnership’s shareholders. As the Partnership’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying Statements of Financial Condition as “total assets” and the significant segment expenses are listed on the accompanying Statements of Operations.

7. SUBSEQUENT EVENTS

For the period subsequent to March 31, 2025 through the date the financial statements were issued, the Partnership recorded limited partner subscriptions of $Nil and limited partner redemptions of $617,302.

The General Partner has evaluated the impact of subsequent events on the Partnership through the date the financial statements were issued, and noted no subsequent events that require adjustment to or disclosure in these financial statements, except as noted above.

Man-AHL Diversified Trading Company L.P.

Financial Statements


Statements of Financial Condition (a)	11
Condensed Schedules of Investments (a)	12
Statements of Operations (b)	14
Statements of Changes in Partners’ Capital (b)	15
Statements of Cash Flows (b)	16
Notes to the Financial Statements (unaudited)	17

(a)

At March 31, 2025 (unaudited) and December 31, 2024

(b)

For the three month periods ended March 31, 2025 and 2024 (unaudited)

MAN-AHL DIVERSIFIED TRADING COMPANY L.P.

(A Delaware Limited Partnership)

STATEMENTS OF FINANCIAL CONDITION


	March 31, 2025
	(Unaudited)			December 31, 2024
ASSETS
Equity in trading accounts:
Net unrealized trading appreciation on open futures contracts	$	733,788		$	2,304,108
Net unrealized trading appreciation on open forward contracts		371,289			11,210,307
Net premiums paid on credit default swap agreements		4,718,222			10,524,624
Due from brokers		570,504			143,987
Restricted cash		33,805,732			25,370,053
Total equity in trading accounts		40,199,535			49,553,079
Cash and cash equivalents		5,631,030			11,248,590
Investments in securities, at fair value (cost: $116,475,425 and $116,887,495 as at March 31, 2025 and December 31, 2024, respectively)		116,479,384			116,958,598
Interest receivable		56,570			69,695
Total assets	$	162,366,519		$	177,829,962
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES:
Net unrealized trading depreciation on open futures contracts	$	1,493,859		$	926,721
Net unrealized trading depreciation on open forward contracts		3,061,432			29,782
Net unrealized trading depreciation on open swap agreements		256,488			701,823
Net premiums received on credit default swap agreements		1,159,779			2,041,521
Due to brokers		3,058,417			1,449,999
Redemptions payable to Man-AHL Diversified I L.P.		1,337,344			893,946
Redemptions payable to Man-AHL Diversified II L.P.		841,250			332,032
Accrued expenses and other liabilities		603,888			500,684
Total liabilities	$	11,812,457		$	6,876,508
PARTNERS' CAPITAL:
Limited Partners (5,707.78 and 5,962.61 units outstanding as at March 31, 2025 and December 31, 2024, respectively)		150,554,062			170,953,454
Total partners’ capital		150,554,062			170,953,454
Total liabilities and partners' capital	$	162,366,519		$	177,829,962
NET ASSET VALUE PER OUTSTANDING UNIT OF PARTNERSHIP INTEREST	$	26,376.99	*	$	28,670.91	*

* Difference in net asset value recalculation and net asset value stated is caused by rounding differences.

See notes to financial statements.

MAN-AHL DIVERSIFIED TRADING COMPANY L.P.

(A Delaware Limited Partnership)

CONDENSED SCHEDULES OF INVESTMENTS


	March 31, 2025 (Unaudited)							December 31, 2024
	Fair Value			Percent of Partners' Capital				Fair Value			Percent of Partners' Capital
FUTURES CONTRACTS - Long:
Agricultural	$	(12,728	)		(0.0	)	*	$	2,159,919			1.3
Currencies		-			-				227,263			0.1
Energy		(72,988	)		(0.0	)	*		(45,677	)		(0.0	)	*
Indices		(2,088,950	)		(1.4	)			(1,221,312	)		(0.7	)
Interest Rates		235,099			0.2				(670,045	)		(0.4	)
Metals		1,260,107			0.8				(203,185	)		(0.1	)
Total futures contracts - long		(679,460	)		(0.4	)			246,963			0.2
FUTURES CONTRACTS - Short:
Agricultural		704,551			0.5				(517,785	)		(0.3	)
Currencies		(13,335	)		(0.0	)	*		-			-
Energy		(1,001,504	)		(0.7	)			(385,758	)		(0.2	)
Indices		193,147			0.1				(12,519	)		(0.0	)	*
Interest Rates		89,290			0.1				1,705,838			1.0
Metals		(52,760	)		(0.0	)	*		340,648			0.2
Total futures contracts - short		(80,611	)		(0.0	)	*		1,130,424			0.7
NET UNREALIZED TRADING APPRECIATION/ (DEPRECIATION) ON OPEN FUTURES CONTRACTS	$	(760,071	)		(0.4	)		$	1,377,387			0.9
FORWARD CONTRACTS - Long:
Australian dollar	$	(117,386	)		(0.1	)		$	(202,547	)		(0.1	)
Brazilian real		244,921			0.2				(302,213	)		(0.2	)
Mexican peso		(101,897	)		(0.1	)			(179,133	)		(0.1	)
New Zealand dollar		(95,040	)		(0.1	)			(166,589	)		(0.1	)
South African rand		(47,048	)		(0.0	)	*		(831,079	)		(0.5	)
South Korean won		(44,686	)		(0.0	)	*		(596,824	)		(0.3	)
U.K. pound		210,520			0.1				(422,962	)		(0.2	)
Other		1,356,452			0.9				(1,690,739	)		(1.0	)
Total long forward contracts vs US Dollar		1,405,836			0.9				(4,392,086	)		(2.5	)
FORWARD CONTRACTS - Short:
Australian dollar	$	(66,947	)		(0.0	)	*		891,692			0.5
Brazilian real		(133,767	)		(0.1	)			988,171			0.6
Mexican peso		(82,200	)		(0.1	)			169,114			0.1
New Zealand dollar		(25,519	)		(0.0	)	*		1,331,452			0.8
South African rand		(1,243	)	(0.0)			*		165,345			0.1
South Korean won		423,835			0.3				2,079,779			1.2
U.K. pound		(78,201	)		(0.1	)			157,188			0.1
Other		(4,648,872	)		(3.1	)			9,600,823			5.6
Total short forward contracts vs US Dollar		(4,612,914	)		(3.1	)			15,383,564			9.0
Forward contracts - Cross currencies - appreciation		3,912,929			2.5				2,748,978			1.6
Forward contracts - Cross currencies - depreciation		(2,743,489	)		(1.8	)			(2,613,639	)		(1.5	)
Forward contracts - Metal non US Dollar		(652,505	)		(0.4	)			53,708			0.0		*
NET UNREALIZED TRADING APPRECIATION/ (DEPRECIATION) ON OPEN FORWARD CONTRACTS	$	(2,690,143	)		(1.9	)		$	11,180,525			6.6

* A zero balance may reflect amounts rounding to less than 0.05%

See notes to financial statements.

MAN-AHL DIVERSIFIED TRADING COMPANY L.P.

(A Delaware Limited Partnership)

CONDENSED SCHEDULES OF INVESTMENTS (CONTINUED)


			March 31, 2025 (Unaudited)							December 31, 2024
	Principal		Fair Value			Percent of Partners' Capital				Fair Value			Percent of Partners' Capital
SWAP AGREEMENTS - Long:**
Credit default swaps - Buy protection centrally cleared (upfront premiums paid $nil and $nil, and upfront premiums received $1,159,779 and $2,041,521, as at March 31, 2025 and December 31, 2024, respectively)			$	(5,010	)		(0.0	)	*	$	(50,695	)		(0.0	)	*
Total swap agreements - long				(5,010	)	(0.0)			*		(50,695	)		(0.0	)	*
SWAP AGREEMENTS - Short:**
Credit default swaps - Sell protection centrally cleared (upfront premiums paid $4,718,222 and $10,524,624, and upfront premiums received $nil and $nil, as of March 31, 2025 and December 31, 2024, respectively)				(251,478	)		(0.2	)			(651,128	)		(0.4	)
Total swap agreements - short				(251,478	)		(0.2	)			(651,128	)		(0.4	)
NET UNREALIZED TRADING APPRECIATION/(DEPRECIATION) ON OPEN SWAP AGREEMENTS			$	(256,488	)		(0.2	)		$	(701,823	)		(0.4	)
NET UNREALIZED TRADING APPRECIATION/(DEPRECIATION) ON OPEN CONTRACTS/AGREEMENTS			$	(3,706,702	)		(2.5	)		$	11,856,089			7.1
INVESTMENTS IN SECURITIES:
U.S. GOVERNMENT SECURITIES - Long:
United States Treasury Bill 0% 02/27/25		25,000,000	$	-			-			$	24,835,691			14.5
United States Treasury Bill 0% 03/13/25		33,000,000		-			-				32,731,813			19.1
United States Treasury Bill 0% 03/27/25		35,000,000		-			-				34,657,632			20.3
United States Treasury Bill 0% 04/03/25		25,000,000		-			-				24,733,462			14.5
United States Treasury Bill 0% 04/03/25		30,000,000		29,992,938			19.9				-			-
United States Treasury Bill 0% 08/14/25		25,000,000		24,611,402			16.4				-			-
United States Treasury Bill 0% 08/28/25		28,000,000		27,524,595			18.3				-			-
United States Treasury Bill 0% 09/11/25		35,000,000		34,350,449			22.8				-			-
Total U.S. government securities - long				116,479,384			77.4				116,958,598			68.4
TOTAL INVESTMENT IN SECURITIES (COST $116,475,425 and $116,887,495 as at March 31, 2025 and December 31, 2024, respectively)			$	116,479,384			77.4			$	116,958,598			68.4

* A zero balance may reflect amounts rounding to less than 0.05%.

** The Fair Value of credit default swaps excludes upfront premiums received/paid which are presented separately in the Statements of Financial Condition. Refer to Note 2 for further details on the accounting treatment of premiums on credit default swaps.

See notes to financial statements.

MAN-AHL DIVERSIFIED TRADING COMPANY L.P.

(A Delaware Limited Partnership)

STATEMENTS OF OPERATIONS (UNAUDITED)


	For the three months ended March 31,
	2025			2024
INVESTMENT INCOME:
Interest income	$	1,595,184		$	2,245,584
Other income		-			35,402
Total investment income	$	1,595,184		$	2,280,986
EXPENSES
Brokerage commissions		82,266			76,395
Interest expense - brokers		93,604			116,328
Administration fees		30,170			38,608
Professional fees		50,250			85,283
Shareholder expenses		33,325			33,325
Other expenses		52,631			12,573
Total expenses		342,246			362,512
Net investment income/(loss)	$	1,252,938		$	1,918,474
NET REALIZED GAINS/(LOSSES) AND CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON TRADING ACTIVITIES:
Net realized trading gains/(losses) on closed contracts/agreements and foreign currency transactions		266,246			10,853,096
Net change in unrealized appreciation/(depreciation) on translation of foreign currency		508,607			(459,512	)
Net change in unrealized trading appreciation/ (depreciation) on investments in securities		(67,144	)		(76,763	)
Net change in unrealized trading appreciation/ (depreciation) on open contracts/agreements		(15,497,227	)		12,212,937
Net realized gains/(losses) and change in unrealized appreciation/(depreciation) on trading activities		(14,789,518	)		22,529,758
NET INCOME/(LOSS)	$	(13,536,580	)	$	24,448,232
NET INCOME/(LOSS) PER UNIT OF PARTNERSHIP INTEREST (based on weighted average units outstanding during the period)	$	(2,295.26	)	$	3,715.24
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING DURING THE PERIOD		5,897.62			6,580.52

See notes to financial statements.

MAN-AHL DIVERSIFIED TRADING COMPANY L.P.

(A Delaware Limited Partnership)

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024


	Limited Partners						General Partner				Total
	Amounts*			Units			Amounts*		Units*		Amounts*			Units
PARTNERS' CAPITAL - January 1, 2025	$	170,953,454			5,962.61		$	-		-	$	170,953,454			5,962.61
Subscriptions		530,000			19.12			-		-		530,000			19.12
Redemptions		(7,392,812	)		(273.95	)		-		-		(7,392,812	)		(273.95	)
Net income/(loss)		(13,536,580	)		-			-		-		(13,536,580	)		-
PARTNERS' CAPITAL - March 31, 2025	$	150,554,062			5,707.78		$	-		-	$	150,554,062			5,707.78
PARTNERS' CAPITAL - January 1, 2024	$	178,675,249			6,610.48		$	-		-	$	178,675,249			6,610.48
Subscriptions		1,439,999			52.48			-		-		1,439,999			52.48
Redemptions		(12,852,990	)		(447.01	)		-		-		(12,852,990	)		(447.01	)
Net income/(loss)		24,448,232			-			-		-		24,448,232			-
PARTNERS' CAPITAL - March 31, 2024	$	191,710,490			6,215.95		$	-		-	$	191,710,490			6,215.95

* Amounts have been rounded to the nearest whole number.

See notes to financial statements.

MAN-AHL DIVERSIFIED TRADING COMPANY L.P.

(A Delaware Limited Partnership)

STATEMENTS OF CASH FLOWS (UNAUDITED)


	For the three months ended March 31,
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income/(loss)	$	(13,536,580	)	$	24,448,232
Adjustments to reconcile net income/(loss) to net cash
provided by/(used in) operating activities:
Purchases of investments in securities		(91,231,656	)		-
Amortization of premiums/accretion of discount on securities and net realized (gain)/loss on securities		(1,236,359	)		(1,694,291	)
Sales/maturities of investments in securities		92,945,649			14,809,312
Net change in unrealized trading (appreciation)/depreciation on investments in securities		67,144			76,763
Net change in unrealized trading (appreciation)/depreciation on open contracts/agreements		15,497,227			(12,212,937	)
Changes in operating assets and liabilities:
(Increase)/decrease in due from brokers		(426,517	)		4,865
(Increase)/decrease in interest receivable		13,125			(24,505	)
(Increase)/decrease in net premiums paid on credit default swap agreements		5,806,402			(3,486,911	)
Increase/(decrease) in net premiums received on credit default swap agreements		(881,742	)		1,074,729
Increase/(decrease) in due to brokers		1,608,418			66
Increase/(decrease) in accrued expenses and other liabilities		103,204			(30,140	)
Net cash provided by/(used in) operating activities		8,728,315			22,965,183
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from subscriptions		530,000			1,439,999
Payments on redemptions (net of change in redemptions payable)		(6,440,196	)		(10,695,774	)
Net cash provided by/(used in) financing activities		(5,910,196	)		(9,255,775	)
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH		2,818,119			13,709,408
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH - Beginning of the period		36,618,643			38,521,608
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH - End of the period	$	39,436,762		$	52,231,016
SUPPLEMENTAL DISCLOSURE OF CASH ACTIVITY:
Cash paid for interest during the period	$	93,604		$	116,328

See notes to financial statements.

MAN-AHL DIVERSIFIED TRADING COMPANY L.P.

(A Delaware Limited Partnership)

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

The accompanying unaudited financial statements, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of Man-AHL Diversified Trading Company L.P.’s (a Delaware Limited Partnership) (the “Trading Company”) financial condition at March 31, 2025, and the results of its operations for the three month periods ended March 31, 2025 and 2024. These financial statements present the results of interim periods. These financial statements should be read in conjunction with the audited financial statements and notes included in Man-AHL Diversified I L.P.’s annual report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2024. The December 31, 2024 information has been derived from the audited financial statements as of December 31, 2024.

1. ORGANIZATION OF THE TRADING COMPANY

Man-AHL Diversified Trading Company L.P. (a Delaware Limited Partnership) (the “Trading Company”) was organized in November 1997 under the Delaware Revised Uniform Limited Partnership Act, and commenced operations on April 3, 1998, for the purpose of engaging in the speculative trading of futures and forward contracts and related instruments. Man Investments (USA) Corp. (the “General Partner”), a Delaware corporation, serves as the Trading Company’s general partner. The General Partner is a subsidiary of Man Group plc, a Jersey public limited company that is listed on the London Stock Exchange. The General Partner oversees the operations and management of the Trading Company.

The Trading Company was formed to serve as a trading vehicle for certain limited partnerships sponsored by the General Partner in a “master-feeder” structure. The limited partners, Man-AHL Diversified I L.P. and Man-AHL Diversified II L.P., are limited partnerships whose general partner is the General Partner.

AHL Partners LLP (the “Advisor”), a limited liability partnership established in England and Wales, acts as the trading advisor to the Trading Company. The Advisor is an affiliate of the General Partner and a subsidiary of Man Group plc. The Advisor is registered with the Commodity Futures Trading Commission (“CFTC”) as a commodity trading adviser and commodity pool operator and is a member of the National Futures Association (“NFA”) in such capacities, in addition to registration with the Financial Conduct Authority in the United Kingdom.

The Bank of New York Mellon serves as the administrator to the Trading Company.

2. SIGNIFICANT ACCOUNTING POLICIES

The Trading Company prepares its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The General Partner has evaluated the structure, objectives and activities of the Trading Company and determined that the Trading Company meets the characteristics of an investment company. As such, these financial statements have applied the guidance as set forth in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services - Investment Companies. The following is a summary of the significant accounting and reporting policies used in preparing the financial statements.

Due from Brokers — Due from brokers may consist of balances due from BNP Paribas (“BNP”), Citigroup, N.A. (“Citi”), Credit Suisse Securities (USA) (“CS”),J.P. Morgan Chase Bank, N.A. and J.P. Morgan Securities LLC (“JPM”), Natwest f/k/a Royal Bank of Scotland (“RBS”), Deutsche Bank AG, London Branch(“DB”), Merrill Lynch, Pierce, Fenner & Smith Incorporated (“ML”), HSBC and Goldman Sachs (“GS”) (the “Brokers”). Due from brokers may consist of balances receivable from its Brokers, as well as The Bank of New York Mellon relating to securities or contracts, the Trading Company has sold or entered into, but have not yet settled as at March 31, 2025. In general, the brokers pay the Trading Company interest monthly, based on agreed upon rates, on the Trading Company’s average daily balance.

Restricted Cash — Restricted cash is subject to a legal or contractual restriction by third parties as well as a restriction as to withdrawal or use, including restrictions that require the funds to be used for a specified purpose and restrictions that limit the purpose for which the funds can be used. The Trading Company considers cash held at counterparties for derivative contracts to be restricted cash.

The amount of restricted cash included in the Statements of Financial Condition is described in the table below.


	March 31, 2025		December 31, 2024		March 31, 2024
As at March 31, 2025, December 31, 2024 and March 31, 2024, the amounts included in cash and cash equivalents and restricted cash include the following:
Cash and cash equivalents	$	5,631,030	$	11,248,590	$	12,429,320
Restricted cash *		33,805,732		25,370,053		39,801,696
Total cash and cash equivalents and restricted cash	$	39,436,762	$	36,618,643	$	52,231,016

* As at March 31, 2025 and December 31, 2024, the restricted cash has been presented separately from Due from Brokers in order to adhere to current policies. Prior period presentation has been changed to conform with current period disclosure for restricted cash.

Due to Brokers — Due to brokers may consist of balances owed to its Brokers, as well as balances due to The Bank of New York Mellon relating to securities or contracts, the Trading Company has purchased or entered into, but have not yet settled as at March 31, 2025. The amount included in due to brokers in the Statements of Financial Condition is $3,058,417 and $1,449,999 as at March 31, 2025 and December 31, 2024, respectively.

Revenue recognition — Income and expenses are recognized on an accrual basis in the period in which they are incurred.

Realized gains and losses from periodic payments and settlements and unrealized changes in fair values are included in realized gains/(losses) and change in unrealized appreciation/(depreciation) on contracts/agreements, respectively, in the Statements of Operations. All trading activities are accounted for on a trade-date basis. The cost of securities sold is accounted for on a first in first out basis.

Premiums and discounts on debt securities are amortized using the effective interest method and included within interest income in the Statements of Operations.

Derivative Contracts — In the normal course of business, the Trading Company enters into derivative contracts (“derivatives”) for trading purposes. Derivatives traded by the Trading Company include futures and forward contracts and swap agreements. The Trading Company records derivatives at fair value. Futures contracts, which are traded on a national exchange, are valued at the close price as of the valuation day, or if no sale occurred on such day, at the close price on the most recent date on which a sale occurred. Forward contracts, which are not traded on a national exchange, are valued at fair value using independent pricing services, which mainly use market observable inputs in their valuations. Swaps are contractual agreements between two parties to exchange streams of payments over time based on specified notional amounts. The Trading Company’s swap agreements may consist of interest rate swaps and credit default swaps. Swap agreements are valued at fair value using independent pricing services. Upfront premiums paid or received by the Trading Company upon entering a credit default swap agreement are treated as part of the cost/proceeds of the credit default swap agreement and are reflected as part of net premiums paid or received in the Statements of Financial Condition. Upon termination of a credit default swap transaction, the amount included in the cost is reversed and becomes part of realized gain or loss.

Foreign Currency — All assets and liabilities of the Trading Company denominated in foreign currencies are translated into U.S. dollar amounts at the mean between the bid and ask market rates for such currencies on the date of valuation. Purchases and sales of foreign investments are converted at the prevailing rate of exchange on the respective date of such transactions. The Trading Company does not isolate that portion of realized gains and losses on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such changes are included with the net realized gains or losses on trading activities.

Cash and Cash Equivalents — Cash and cash equivalents include unrestricted cash, short-term interest-bearing money market accounts and U.S. government securities with original maturities of 90 days or less, held with The Bank of New York Mellon. As at March 31, 2025 and December 31, 2024, the Trading Company maintains cash balances with The Bank of New York Mellon. As at March 31, 2025 and as of December 31, 2024, the Trading Company held foreign cash balances of $15,594 and $1,014,194 with a cost of $14,416 and $1,014,194, respectively, which are included in cash and cash equivalents. As at March 31, 2025 and December 31, 2024, the Trading Company did not hold any U.S. Treasury Bills in cash and cash equivalents.

Investments in Securities — Investments in Securities include U.S. government securities with original maturities of more than 90 days, held with The Bank of New York Mellon.

Income Taxes — The Trading Company is treated as a partnership for tax purposes and therefore is not subject to federal, state, or local income tax. Such taxes are the liabilities of the individual partners and the amounts thereof will vary depending on the individual situation of each partner. Accordingly, there is no provision for income taxes in the accompanying financial statements. ASC 740, Income Taxes, defines how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements and is applied to all open tax years. The Trading Company has evaluated tax positions taken or expected to be taken in the course of preparing the Trading Company’s tax returns to determine whether the tax positions are more likely than not to be sustained by the applicable tax authority. Based on this analysis of all tax jurisdictions and all open tax years subject to examination, there were no material tax positions not deemed to meet a more-likely-than-not-threshold. Therefore, no tax expense, including interest or penalties, was recorded for the three month periods ended March 31, 2025 and 2024. To the extent that the Trading Company records interest and penalties, they would be included in interest expense and other expenses, respectively, in the Statements of Operations. The following is the major tax jurisdiction for the Trading Company and the earliest tax year subject to examination: United States – 2021.

Net Income/(Loss) Per Unit — Net income/(loss) per unit of partnership interest is equal to the net income/(loss) divided by the weighted average number of units outstanding. Weighted average number of units outstanding is the average of the units outstanding for each day during the periods ended March 31, 2025 and 2024.

Other Income — Other income included in the Statements of Operations includes the proceeds received by the Trading Company relating to a class action award for the period ended March 31, 2024.

Segment Reporting — In accordance with ASC Topic 280 -Segment Reporting ("ASC 280"), the Trading Company has determined that it has a single operating and reporting segment. As a result, the Trading Company's segment accounting policies are the same as described herein and the Trading Company does not have any intra-segment sales and transfers of assets.

Comparative Information — Certain prior period figures in the financial statements have been reclassified to conform with the current period presentation.

3. LIMITED PARTNERSHIP AGREEMENT

The General Partner and limited partners share in the profits and losses of the Trading Company in proportion to the amount of capital held by each partner. However, no limited partner is liable for obligations of the Trading Company in excess of its capital contribution and net profits or losses, if any. The General Partner owned no direct interest in the Trading Company during the periods ended March 31, 2025 and December 31, 2024.

Distributions (other than redemption of units), if any, are made on a pro-rata basis at the sole discretion of the General Partner. No distributions were declared or paid during the three month periods ended March 31, 2025 and 2024.

Partner contributions occur as of the first day of any month at the opening net asset value. Limited partners may redeem any or all of their units as of the end of any month at the net asset value per unit with 10 days prior written notice to the General Partner. The General Partner may suspend redemptions of units of the Trading Company if the Trading Company’s ability to withdraw capital from any investment is restricted. The Trading Company will be dissolved on December 31, 2037, or upon the occurrence of certain events, as specified in the Trading Company’s limited partnership agreement.

4. FAIR VALUE MEASUREMENTS

The Trading Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date under current market conditions. The fair value of the Trading Company’s assets and liabilities which qualify as financial instruments approximates the carrying amounts presented in the Statements of Financial Condition.

The inputs used to determine the fair value of the Trading Company’s investments are summarized in the three broad levels listed below:

•

Level 1 — quoted prices in active markets for identical assets or liabilities

•

Level 2 — investments with significant market observable inputs

•

Level 3 — investments with significant unobservable inputs, which may include the Trading Company’s own assumptions in determining the fair value of investments

Futures contracts are valued based on end of day quoted prices from the exchange and are categorized as Level 1 investments in the fair value hierarchy. Treasury bills, forward contracts and swap agreements are valued at fair value using independent pricing services, which use market observable inputs in their valuations, and are categorized as Level 2 investments in the fair value hierarchy. As of March 31, 2025 and December 31, 2024, the Trading Company did not have any positions categorized as Level 3 investments in the fair value hierarchy. The following is a summary categorization as of March 31, 2025 and December 31, 2024, of the Trading Company’s investments based on the level of inputs utilized in determining the value of such investments:


	Fair Value Measurements *
Investments	As of March 31, 2025			Level 1			Level 2			Level 3
Assets
Treasury bills	$	116,479,384		$	-		$	116,479,384		$	-
Futures contracts		3,964,104			3,964,104						-
Forward contracts		8,934,333			-			8,934,333			-
Swap agreements**		9,932			-			9,932			-
Total Assets		129,387,753			3,964,104			125,423,649			-
Liabilities
Futures contracts		(4,724,175	)		(4,724,175	)		-			-
Forward contracts		(11,624,476	)		-			(11,624,476	)		-
Swap agreements*		(266,420	)		-			(266,420	)		-
Total Liabilities		(16,615,071	)		(4,724,175	)		(11,890,896	)		-
Net Fair Value	$	112,772,682		$	(760,071	)	$	113,532,753		$	-


	Fair Value Measurements *
Investments	As of December 31, 2024			Level 1			Level 2			Level 3
Assets
Treasury bills	$	116,958,598		$	-		$	116,958,598		$	-
Futures contracts		5,255,569			5,255,569			-			-
Forward contracts		18,599,021			-			18,599,021			-
Swap agreements**		1,412			-			1,412			-
Total Assets		140,814,600			5,255,569			135,559,031			-
Liabilities
Futures contracts		(3,878,182	)		(3,878,182	)		-			-
Forward contracts		(7,418,496	)		-			(7,418,496	)		-
Swap agreements**		(703,235	)	-				(703,235	)	-
Total Liabilities		(11,999,913	)		(3,878,182	)		(8,121,731	)	-
Net Fair Value	$	128,814,687		$	1,377,387		$	127,437,300		$	-

* Net cumulative unrealized appreciation/(depreciation) on futures contracts, forward contracts and centrally cleared swaps respectively, are reported in the Statements of Financial Condition.

The Trading Company discloses the amounts of transfers and reasons for those transfers between levels of the fair value hierarchy, based on the levels assigned under the hierarchy at the reporting period end. There were no transfers between levels as of March 31, 2025 or 2024 based on the levels assigned at December 31, 2024 or 2023.

5. DERIVATIVE FINANCIAL INSTRUMENTS AND CONCENTRATIONS OF CREDIT RISK

The Trading Company seeks to achieve its investment objective by participation in the AHL Diversified Program directed on behalf of the Trading Company by the Advisor. The AHL Diversified Program is a price trend-following trading system, entirely quantitative in nature, and implements trading positions on the basis of statistical analyses of past price histories. The objective of the AHL Diversified Program is to deliver substantial capital growth for commensurate levels of volatility over the medium term, independent of the movement of the stock and bond markets, through the speculative trading, directly and indirectly, of physical commodities, futures contracts, spot and forward contracts, swaps and options on the foregoing, exchanges of futures for physical transactions and other investments on domestic and international exchanges and markets (including the interbank and over-the-counter markets (“OTC”)). The AHL Diversified Program trades globally in several market sectors, including, without limitation, currencies, bonds, energies, stock indices, interest rates, metals and agriculture.

All of the strategies and systems of the AHL Diversified Program are designed to target defined volatility levels rather than returns, and the investment process is underpinned by computer-supported analytical instruments and disciplined real-time risk and management information systems. A proprietary risk measurement method similar to the industry standard “value-at-risk” helps ensure that the rule-based decisions that drive the investment process remain within pre-defined risk parameters. Margin-to-equity ratios are monitored daily, and the level of exposure in each market is quantifiable at any time and is adjusted in accordance with market volatility. Market correlation is closely monitored to prevent over-concentration of risk and ensure optimal portfolio weightings. Market liquidity is examined with the objective of ensuring that the Trading Company will be able to initiate and close out trades as indicated by AHL Diversified Program’s systems at market prices, while brokerage selection and trade execution are continually monitored with the objective of ensuring quality market access.

Futures contracts, forward contracts and swap agreements are recorded on the trade date. Upon entering into futures contracts, forward contracts and swap agreements, the Trading Company may be required to deposit cash or collateral with the brokers. Gains or losses are realized when contracts are matured or closed. Unrealized gains or losses on open contracts and agreements (the difference between contract trade price and fair value) are reported in the Statements of Financial Condition.

Interest rate swaps relate to agreements taken out by the Trading Company with major brokers in which the Trading Company either receives or pays a floating rate of interest in return for paying or receiving, respectively, a fixed rate of interest, on the same notional amount for a specified period of time. In the normal course of business, the payment flows are netted against each other, with the difference being paid by one party to the other. Changes in the value of the interest rate swap agreements and amounts received or paid in connection with those changes, are recognized as realized trading gains/(losses) on closed contracts/agreements in the Statements of Operations. The risks related to trading in interest rate swaps include changes in market value and the possible inability of the counterparty to fulfill its obligations under the agreement. As of the period ended March 31, 2025, the Trading Company does not hold any open interest rate swap agreements.

The Trading Company may enter into short sales. In order to facilitate a short sale, the Trading Company borrows the applicable financial instrument from a broker or counterparty and delivers it to a buyer. A short sale by the Trading Company creates an obligation on the part of the Trading Company to thereafter purchase the financial instrument in the market at the prevailing market price and deliver it to the broker or counterparty from which it was borrowed. The Trading Company is exposed to the risk of loss to the extent that the price of a financial instrument sold short by the Trading Company increases from the time the Trading Company borrows the financial instrument to the time the Trading Company purchases it in the market to satisfy the Trading Company’s delivery obligation. Consequently, the ultimate cost to the Trading Company to acquire a financial instrument sold short may exceed the amount recognized in financial statements.

The Trading Company may enter into credit default swap agreements to provide a measure of protection against the default of an issuer (as buyer of protection) and/or gain credit exposure to an issuer to which it is not otherwise exposed (as seller of protection). Credit default swaps are agreements in which one party pays fixed periodic payments to a counterparty in consideration for a guarantee from the counterparty to make a specific payment should a negative credit event take place (e.g. default, bankruptcy, debt restructuring, etc.). The Trading Company may either buy or sell (write) credit default swaps. As a buyer, upon the occurrence of a specified negative credit event, the Trading Company will either receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising an index or receive a net settlement of cash equal to the notional amount of the swap less the agreed upon recovery value of the security or underlying securities comprising an index. As a seller (writer), upon the occurrence of a specified negative credit event, the Trading Company will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising an index or pay a net settlement of cash equal to the notional amount of the swap less the agreed upon recovery value of the security or underlying securities comprising an index. In the event of default by the counterparty, the Trading Company may recover amounts paid under the agreement either partially or in total by offsetting any payables and/or receivables with collateral held or pledged. The counterparty risk for centrally-cleared credit default swap agreements is generally lower than for credit default swap agreements not centrally-cleared. However, there can be no assurance that the clearing organization, or its members, will satisfy its obligations to the Trading Company.

These periodic payments received or made under swap agreements by the Trading Company are included in net realized trading gains/(losses) on closed contracts/agreements in the Statements of Operations. When the swap is terminated, the Trading Company will record a realized gain/(loss) equal to the difference between the proceeds from (or cost of) closing the transaction and the Trading Company’s basis in the contract, if any.

Swap transactions involve, to varying degrees, elements of credit and market risk in excess of the amounts recognized in the Statements of Financial Condition. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty or the clearing organization to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

As of March 31, 2025 and December 31, 2024, the total fair value and notional amounts of credit default swaps on indices where the Trading Company is the seller is presented in the following table by contract terms:


	Fair Value and Notional Amounts by Contract Term
	March 31, 2025					December 31, 2024
	1-5 years					1-5 years
Credit spread (in basis points)	Fair Value			Notional Amount		Fair Value			Notional Amount
0-100	$	(142,158	)	$	132,761,500	$	(113,555	)	$	233,764,250
101-250		-			-		-			-
251-350		(109,320	)		27,042,500		(537,573	)		61,075,500
351-450		-			-	-			-
450+		-			-		-			-
Total	$	(251,478	)	$	159,804,000	$	(651,128	)	$	294,839,750

The notional amount represents the maximum potential pay out that the Trading Company could be required to make if a credit event were to occur under each agreement. The maximum payout amount may be offset by the subsequent sale, if any, of assets obtained via the execution of a payout event, upfront fees received upon entering into the contracts, or net amounts received from the settlement of offsetting purchased protection in credit default swap contracts entered into by the Trading Company for the same reference entity or entities. As at March 31, 2025 and December 31, 2024, all credit default swap contracts entered into by the Trading Company are on indices. The credit spread is generally indicative of the status of the underlying risk of default by the applicable reference entity or index and is likely to be different than the contractual spread on the credit default swap. Higher credit spreads are indicative of a higher likelihood of non-performance by the underlying reference entity.

During the three months ended March 31, 2025 and 2024, the Trading Company traded the following derivative contracts:


	For the three months ended March 31,
Number of contracts traded/settled	2025		2024
Exchange-traded futures contracts		28,553		26,436
Forward contracts		26,197		61,688
Swap agreements		339		180

As at March 31, 2025 and December 31, 2024, the gross notional value of open derivatives contracts is as follows:


Gross notional value of open contracts	March 31, 2025		December 31, 2024
Exchange-traded futures contracts	$	1,044,379,195	$	1,831,013,820
Commodity forwards	$	25	$	125
Forward contracts	$	1,004,117,362	$	2,052,749,878
Swap agreements	$	207,255,000	$	350,915,250

The trading activity of open future, forward and swap contracts as of March 31, 2025, December 31, 2024 and March 31, 2024 is indicative of the trading activity throughout the periods.

The Trading Company trades derivative financial instruments that involve varying degrees of market and credit risk. Market risks may arise from unfavorable changes in interest rates, foreign exchange rates, or the fair values of the instruments underlying the contracts. All contracts are stated at fair value, and changes in those values are reflected in the net change in unrealized trading appreciation/(depreciation) on open contracts/agreements in the Statements of Operations. Credit risk arises from the potential inability of counterparties to perform in accordance with the terms of a contract. The credit risk for OTC derivative contracts is limited to the net unrealized gain plus any collateral posted net of unrealized losses or upfront fees posted, if any, for each counterparty for which a netting agreement exists and is included in the Statements of Financial Condition. Upfront fees are listed in the Statements of Financial Condition as net premiums paid/received on credit default swap agreements and are shown net by counterparty for which a netting agreement exists. Counterparty relationships are governed by various contracts. These contracts can be based on industry standard agreements, such as International Swap and Derivatives Association agreements for OTC contracts. These agreements set forth each party’s basic rights, responsibilities, and duties. These agreements also contain information regarding financial terms and conditions, as well as termination and events of default provisions. Certain agreements contain provisions that require the Trading Company to post additional collateral upon the occurrence of specific credit risk related events or upon notice from the counterparty. As the Trading Company’s trading strategies are dependent upon the existence of these agreements, the Trading Company’s counterparties usually have multiple specified events under which they can terminate individual transactions or the entire agreement. These are most commonly related to declines in assets under management and performance below certain thresholds during a specified period. It is not guaranteed that counterparties will move to terminate individual transactions or entire agreements if a

“trigger event” were to occur; however, it is their right to do so, and such a move could severely impact the Trading Company’s portfolio. At March 31, 2025 and December 31, 2024, the OTC contracts subject to such trigger events in a net liability position were the foreign currency forward contracts. The details of the net liability positions by counterparty are disclosed later in this note on the additional disclosures regarding the offsetting of derivative liabilities table. The ultimate amounts that may be required as payment to settle the derivative instruments in connection with the triggering of such credit contingency features as at March 31, 2025 and December 31, 2024, may differ from the net liability amounts recorded as at March 31, 2025 and December 31, 2024, and such differences can be material.

For exchange-traded futures contracts, the clearing organization functions as the central counterparty for each transaction and, therefore, bears the risk of settlement to and from counterparties, which mitigates the credit risk of these instruments.

As of March 31, 2025 and December 31, 2024, all credit default swaps held by the Trading Company are centrally cleared swaps.

The following table presents the fair value of the Trading Company’s derivative instruments:


	March 31, 2025
	Asset Derivatives			Liability Derivatives
Primary Risk Exposure	Statements of Financial Condition*	Fair Value		Statements of Financial Condition*	Fair Value
Open forward contracts Currencies	Gross unrealized trading appreciation on open forward contracts	$	8,923,844	Gross unrealized trading depreciation on open forward contracts	$	(10,961,482	)
Metals			10,489			(662,994	)
Total open forward contracts			8,934,333			(11,624,476	)
Open futures contracts Agricultural	Gross unrealized trading appreciation on open futures contracts		1,430,209	Gross unrealized trading depreciation on open futures contracts		(738,385	)
Currencies			-			(13,335	)
Energy			264,730			(1,339,221	)
Indices			259,730			(2,155,534	)
Interest rates			749,328			(424,940	)
Metals			1,260,107			(52,760	)
Total open futures contracts			3,964,104			(4,724,175	)
Open swap agreements Credit	Gross unrealized trading appreciation on open swap agreements		9,932	Gross unrealized trading depreciation on open swap agreements		(266,420	)
Total open swap agreements			9,932			(266,420	)
Total Derivatives		$	12,908,369		$	(16,615,071	)


	December 31, 2024
	Asset Derivatives			Liability Derivatives
Primary Risk Exposure	Statements of Financial Condition*	Fair Value		Statements of Financial Condition*	Fair Value
Open forward contracts Currencies	Gross unrealized trading appreciation on open forward contracts	$	18,320,534	Gross unrealized trading depreciation on open forward contracts	$	(7,193,717	)
Metals			278,487			(224,779	)
Total open forward contracts			18,599,021			(7,418,496	)
Open futures contracts Agricultural	Gross unrealized trading appreciation on open futures contracts		2,523,803	Gross unrealized trading depreciation on open futures contracts		(881,669	)
Currencies			227,263			-
Energy			153,874			(585,309	)
Indices			253,961			(1,487,792	)
Interest rates			1,756,020			(720,227	)
Metals			340,648			(203,185	)
Total open futures contracts			5,255,569			(3,878,182	)
Open swap agreements Credit	Gross unrealized trading appreciation on open swap agreements		1,412	Gross unrealized trading depreciation on open swap agreements		(703,235	)
Total open swap agreements			1,412			(703,235	)
Total Derivatives		$	23,856,002		$	(11,999,913	)

* Net cumulative unrealized appreciation/(depreciation) on futures contracts, forward contracts and centrally cleared swaps respectively, are reported in the Statements of Financial Condition.

The following table presents the impact of derivative instruments on the Statements of Operations:


	For the three months ended March 31,
	2025			2024
	Gain/(Loss) on			Gain/(Loss) on
Location of gain or loss recognized in income on derivatives	derivatives			derivatives
Forward contracts
Currencies	$	4,890,792		$	(4,935,700	)
Metals		(118,115	)		(839,213	)
Net realized trading gains/(losses) on closed contracts/agreements	$	4,772,677		$	(5,774,913	)
Currencies	$	(13,164,454	)	$	10,196,787
Metals		(706,213	)		(35,717	)
Net change in unrealized trading appreciation/(depreciation) on open contracts/agreements	$	(13,870,667	)	$	10,161,070
Futures contracts
Agricultural	$	54,224		$	5,093,160
Currencies		(87,214	)		(23,581	)
Energy		(1,729,796	)		1,181,751
Indices		1,258,556			9,903,101
Interest rates		(4,464,614	)		(1,332,661	)
Metals		1,478,518			(2,043,040	)
Net realized trading gains/(losses) on closed contracts/agreements	$	(3,490,326	)	$	12,778,730
Agricultural	$	(950,312	)	$	(748,518	)
Currencies		(240,598	)		36,283
Energy		(643,057	)		2,119,144
Indices		(661,972	)		2,915,128
Interest rates		(711,405	)		(1,631,558	)
Metals		1,069,885			937,890
Net change in unrealized trading appreciation/(depreciation) on open contracts/agreements	$	(2,137,459	)	$	3,628,369
Swap agreements
Credit default swaps	$	(843,368	)	$	3,602,257
Net realized trading gains/(losses) on closed contracts/agreements	$	(843,368	)	$	3,602,257
Credit default swaps	$	510,899		$	(1,576,502	)
Net change in unrealized trading appreciation/(depreciation) on open contracts/agreements	$	510,899		$	(1,576,502	)

Amounts in the table above exclude foreign exchange spot contracts.

As described above, the Trading Company may enter into netting agreements with its derivative contract counterparties whereby the Trading Company may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. As at March 31, 2025 and December 31, 2024, the Trading Company was subject to netting agreements that allowed for amounts owed between the Trading Company and its counterparty to be netted. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The netting agreements do not apply to amounts owed to or from different counterparties.

The following table provides additional disclosures regarding the offsetting of derivative assets presented in the Statements of Financial Condition:


								Gross Amounts Not Offset in the Statements of Financial Condition
	Gross Amounts of Recognized Assets		Gross Amount offset in the Statements of Financial Condition			Net Amounts of Assets presented in the Statements of Financial Condition		Financial Instruments		Cash Collateral Received		Net Amount
As at March 31, 2025
Open futures contracts
Bank of America Merrill Lynch	$	2,240,002	$	(2,233,061	)	$	6,941	$	-	$	-	$	6,941
Goldman Sachs		421,699		(421,699	)		-		-		-		-
J.P. Morgan Chase		1,302,403		(575,556	)		726,847		-		-		726,847
Total Open futures contracts	$	3,964,104	$	(3,230,316	)	$	733,788	$	-	$	-	$	733,788
Open forward contracts
BNP Paribas	$	426,053	$	(376,931	)	$	49,122	$	-	$	-	$	49,122
BNY Mellon		44,044		(12,124	)		31,920		-		-		31,920
Citigroup		2,891,228		(2,891,228	)		-		-		-	-
HSBC		3,790,109		(3,499,862	)		290,247		-		-		290,247
J.P. Morgan Chase		10,489		(10,489	)		-		-		-		-
Natwest f/k/a Royal Bank of Scotland		1,772,410		(1,772,410	)		-		-		-		-
Total Open forward contracts	$	8,934,333	$	(8,563,044	)	$	371,289	$	-	$	-	$	371,289
Open swap agreements
Goldman Sachs	$	9,932	$	(9,932	)	$	-	$	-	$	-	$	-
Total Open swap agreements	$	9,932	$	(9,932	)	$	-	$	-	$	-	$	-
As at December 31, 2024
Open futures contracts
Bank of America Merrill Lynch	$	3,010,620	$	(1,853,245	)	$	1,157,375	$	-	$	-	$	1,157,375
Goldman Sachs		192,543		(192,543	)		-		-		-		-
J.P. Morgan Chase		2,052,406		(905,673	)		1,146,733		-		-		1,146,733
Total Open futures contracts	$	5,255,569	$	(2,951,461	)	$	2,304,108	$	-	$	-	$	2,304,108
Open forward contracts
BNP Paribas	$	151,311	$	(151,311	)	$	-	$	-	$	-	$	-
BNY Mellon		42,871		-			42,871		-		-		42,871
Citigroup		2,818,627		(1,147,156	)		1,671,471		-		-		1,671,471
HSBC		13,029,081		(3,889,022	)		9,140,059		-		-		9,140,059
J.P. Morgan Chase		278,487		(224,779	)		53,708		-		-		53,708
Natwest f/k/a Royal Bank of Scotland		2,278,644		(1,976,446	)		302,198		-		-		302,198
Total Open forward contracts	$	18,599,021	$	(7,388,714	)	$	11,210,307	$	-	$	-	$	11,210,307
Open swap agreements
Goldman Sachs	$	1,412	$	(1,412	)	$	-	$	-	$	-	$	-
Total Open swap agreements	$	1,412	$	(1,412	)	$	-	$	-	$	-	$	-

The following table provides additional disclosures regarding the offsetting of derivative liabilities presented in the Statements of Financial Condition:


								Gross Amounts Not Offset in the Statements of Financial Condition
	Gross Amounts of Recognized Liabilities		Gross Amount Offset in the Statements of Financial Condition			Net Amounts of Liabilities Presented in the Statements of Financial Condition		Financial Instruments		Cash Collateral Pledged			Net Amount
As at March 31, 2025
Open futures contracts
Bank of America Merrill Lynch	$	2,233,061	$	(2,233,061	)	$	-	$	-	$	-		$	-
Goldman Sachs		1,915,558		(421,699	)		1,493,859		-		-			1,493,859
J.P. Morgan Chase		575,556		(575,556	)		-		-		-			-
Total Open futures contracts	$	4,724,175	$	(3,230,316	)	$	1,493,859	$	-	$	-		$	1,493,859
Open forward contracts
BNP Paribas	$	376,931	$	(376,931	)	$	-	$	-	$	-		$	-
BNY Mellon		12,124		(12,124	)		-		-		-			-
Citigroup		4,071,914		(2,891,228	)		1,180,686		-		-			1,180,686
HSBC		3,499,862		(3,499,862	)		-		-		-			-
J.P. Morgan Chase		662,994		(10,489	)		652,505		-		-			652,505
Natwest f/k/a Royal Bank of Scotland		3,000,651		(1,772,410	)		1,228,241		-		-			1,228,241
Total Open forward contracts	$	11,624,476	$	(8,563,044	)	$	3,061,432	$	-	$	-		$	3,061,432
Open swap agreements
Barclays	$	31,153	$	-		$	31,153	$	-	$	-		$	31,153
Goldman Sachs		235,267		(9,932	)		225,335		-		-			225,335
Total Open swap agreements	$	266,420	$	(9,932	)	$	256,488	$	-	$	-		$	256,488
As at December 31, 2024
Open futures contracts
Bank of America Merrill Lynch	$	1,853,245	$	(1,853,245	)	$	-	$	-	$	-		$	-
Goldman Sachs		1,119,264		(192,543	)		926,721		-		(926,721	)		-
J.P. Morgan Chase		905,673		(905,673	)		-		-		-			-
Total Open futures contracts	$	3,878,182	$	(2,951,461	)	$	926,721	$	-	$	(926,721	)	$	-
Open forward contracts
BNP Paribas	$	181,093	$	(151,311	)	$	29,782	$	-	$	(29,782	)	$	-
Citigroup		1,147,156		(1,147,156	)		-		-		-			-
HSBC		3,889,022		(3,889,022	)		-		-		-			-
J.P. Morgan Chase		224,779		(224,779	)		-		-		-			-
Natwest f/k/a Royal Bank of Scotland		1,976,446		(1,976,446	)		-		-		-			-
Total Open forward contracts	$	7,418,496	$	(7,388,714	)	$	29,782	$	-	$	(29,782	)	$	-
Open swap agreements
Barclays	$	113,489	$	-		$	113,489	$	-	$	(113,489	)	$	-
Goldman Sachs		244,921		(1,412	)		243,509		-		(243,509	)		-
J.P. Morgan Chase		344,825		-			344,825		-		(344,825	)		-
Total Open swap agreements	$	703,235	$	(1,412	)	$	701,823	$	-	$	(701,823	)	$	-

Only the amount of the collateral up to the net amount of liabilities presented in the Statements of Financial Condition is disclosed above.

6. FINANCIAL GUARANTEES

The Trading Company enters into administrative and other professional service contracts that contain a variety of indemnifications. The Trading Company’s maximum exposure under these arrangements is not known; however, the Trading Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

7. FINANCIAL HIGHLIGHTS

The following represents the ratios to average partners’ capital and other information for the three month periods ended March 31, 2025 and 2024:


	For the three months ended March 31,
	2025			2024
Per unit operating performance:
Beginning net asset value	$	28,670.91		$	27,029.09
Income/(loss) from investment operations:
Net investment income/(loss)		212.66			294.26
Net realized gains/(losses) and change in unrealized appreciation/(depreciation) on trading activities and translation of foreign currency		(2,506.58	)		3,518.38
Total income/(loss) from investment operations		(2,293.92	)		3,812.64
Ending net asset value	$	26,376.99		$	30,841.73
Ratios to average partners' capital1:
Expenses		0.84	%		0.79	%
Net investment income/(loss)		3.08	%		4.16	%
Total return2		(8.00	)%		14.11	%

1 Ratios have been annualized.

2 Total return is for the period indicated and has not been annualized.

Financial highlights are calculated for all limited partners taken as a whole. An individual limited partner’s returns and ratios may vary from these returns and ratios based on the timing of capital transactions.

8. SEGMENT REPORTING

The Trading Company operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation through debt securities. The CODM is comprised of the Trading Company’s chief executive officer, co-presidents and chief financial officer and assesses the performance and makes operating decisions of the Trading Company primarily based on the Trading Company’s net investment income/(loss) ("NII") and net increase (decrease) in net assets resulting from operations (“net income/(loss)”). In addition to numerous other factors and metrics, the CODM utilizes NII and net income/(loss) as key metrics in determining the amount to be distributed to the Trading Company’s shareholders. As the Trading Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying Statements of Financial Condition as “total assets” and the significant segment expenses are listed on the accompanying Statements of Operations.

9. SUBSEQUENT EVENTS

For the period subsequent to March 31, 2025 through the date the financial statements were issued, the Trading Company recorded limited partner subscriptions of $686,050 and limited partner redemptions of $1,497,051.

The General Partner has evaluated the impact of subsequent events on the Trading Company through the date the financial statements were issued, and noted no subsequent events that require adjustment to or disclosure in these financial statements, except as noted above.

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

Introduction

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

Operational Overview

Man-AHL Diversified I L.P. (the “Partnership”) is a fund which engages in speculative trading of futures and forward contracts and related instruments through its investment in Man-AHL Diversified Trading Company L.P. (the “Trading Company”) pursuant to the AHL Diversified Program, directed on behalf of the Trading Company by AHL Partners LLP (the “Trading Advisor”). The Trading Advisor also serves as the Partnership’s commodity pool operator. The AHL Diversified Program is a price trend-following trading system, entirely quantitative in nature, and implements trading positions on the basis of statistical analyses of past price histories. The objective of the AHL Diversified Program is to deliver capital growth for commensurate levels of volatility over the medium term, independent of the movement of the stock and bond markets, through the speculative trading, directly and indirectly, of futures, options and forward contracts, swaps and other financial derivatives both on and off exchange. The AHL Diversified Program trades globally in several market sectors, including, without limitation, currencies, bonds, energies, stock indices, interest rates, credit, metals, agricultural and volatility. In the future, the AHL Diversified Program may, to a limited extent, invest in stocks.

The AHL Diversified Program is proprietary and confidential, so that substantially the only information that can be furnished regarding the Partnership’s results of operations is contained in the performance record of its trading through the Trading Company. Past performance is not necessarily indicative of its future results. Man Investments (USA) Corp., the general partner of the Partnership (the “General Partner”) does believe, however, that there are certain market conditions, for example, markets with pronounced price trends, in which the Partnership has a greater likelihood of being profitable than in other market environments.

Capital Resources and Liquidity

Units of limited partnership interests (“Units”) of the Partnership may be offered for sale as of the beginning, and may be redeemed as of the end, of each month.

The Partnership raises additional capital only through the sale of Units and capital is increased through trading profits (if any) and interest income. The Partnership does not engage in borrowing. The Partnership, not being an operating company, does not incur capital expenditures. It functions solely as a passive trading vehicle, investing the substantial majority of its assets in the Trading Company. Its remaining capital resources are used only as assets available to make further investments in the Trading Company and to pay Partnership level expenses. Accordingly, the amount of capital raised for the Partnership should not have a significant impact on its operations.

Partnership assets not invested in the Trading Company are maintained in cash and cash equivalents in bank accounts or accounts with The Bank of New York Mellon and are readily available to the Partnership. The Partnership may redeem any part or all of its limited partnership interest in the Trading Company at any month-end at the net asset value per unit of the Trading Company. The Trading Company’s assets are generally held as cash or cash equivalents which are used to margin futures and provide collateral for forward contracts and other over-the-counter (“OTC”) contract positions and are withdrawn, as necessary, to pay redemptions (to the Partnership and other investors in the Trading Company). 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 Trading Company’s futures trading, the Trading Company’s assets are highly liquid and are expected to remain so.

There have been no material changes with respect to the Partnership’s critical accounting policies, off-balance sheet arrangements or disclosure of contractual obligations as reported in the Partnership’s Form 10-K filed March 21, 2025.

Allocations by Market Sector

The following table indicates the percentage of the Partnership’s assets allocated to initial margin for the Partnership’s open trading positions by market sector as of March 31, 2025. The Partnership’s capitalization was $ 65,021,882 as of March 31, 2025. See also Item 3, “Quantitative and Qualitative Disclosures About Market Risk,” below.


Quarter-End as of March 31st
Market Sector		Margin Allocation		% of Capitalization
Agricultural	$		1,779,558.06	2.74%
Bonds	$		1,111,904.43	1.71%
Credit	$		1,866,127.92	2.87%
Currencies	$		3,698,270.88	5.69%
Energy	$		949,455.03	1.46%
Interest rates	$		668,336.11	1.03%
Metals	$		1,250,624.01	1.92%
Stock indices	$		3,268,746.35	5.03%
Total*	$		14,593,022.78	22.44%

*Certain total amounts do not foot due to rounding.

Results of Operations

Due to the nature of the Partnership’s trading, the results of operations for the interim period presented should not be considered indicative of the results that may be expected for the entire year.

Periods Ended March 31, 2025:


	31-March-25
Ending Equity	$	65,021,882

Three months ended March 31, 2025:

Net assets decreased $ 11,239,609 for the three months ended March 31, 2025. This increase was attributable to subscriptions in the amount of $ 0, redemptions in the amount of $ 4,379,413 and a net loss from operations of $ 6,860,196.

Management Fees of $ 528,374 and servicing fees of $ 176,568 were paid or accrued, and interest of $ 709,141 was earned or accrued on the Partnership’s share of the Trading Company’s cash and cash equivalent investments and broker balances, for the three months ended March 31, 2025.

The Partnership’s other expenses paid or accrued for the three months ended March 31, 2025 were $ 290,644.

The Partnership ended January in the red net of fees, with gains from equities and commodities offset by losses in FX and fixed income. A long position in the FTSE Taiwan Index caused minor losses on the month overall, but there were significant gains from long positions in European indices such as Germany’s DAX and FTSE Italia All Share. Within commodities, agricultural were profitable while returns from trading metals and energies were more muted. The Partnership’s long positions in coffee and live cattle were profitable. Within metals, gains from long gold positions were offset by losses trading copper. Energies trading was also flat overall, with profits from long positions in EUA Carbon Emissions offset by losses from trading crude oil. In currency, the Partnership’s long US dollar position stumbled mid-month amidst underlying tariff uncertainties, and crosses against the Brazilian real and Japanese yen were the worst affected. A long US dollar position against the Canadian dollar, however, benefited the Partnership over the course of the month. In credit trading, the Partnership’s gains were made primarily in European investment-grade and high-yield indices. Trading in fixed income generated losses for the Partnership as mixed news on inflation caused fluctuations in prices. The Partnership’s short positions in both SONIA and Euribor were worst affected, although most positions generated losses. However, a short position in Japanese bonds benefited the Partnership.

In February, the Partnership returned negative net of fees, with losses in commodities, FX and fixed income, overcoming small gains from equities and credit. Trading in risk assets finished the month in the black, but there was considerable dispersion. Technology stocks experienced another month of volatility, leading to losses from the Partnership’s longs in both the S&P 500 and Nasdaq 100. Europe’s equities proved far more resilient, where the Partnership’s long position in the FTSE Italia All-Share Index performed

positively. The Partnership experienced losses across all three commodity sub-sectors. The Partnership’s long position in cocoa fell as Cocoa prices softened, reversing recent trends. The Partnership’s long positions in US natural gas generated gains, but its metals trading generated losses, mainly resulting from longs in platinum and silver. The Partnership experienced losses in currency pairs such as the Swedish krona and Chilean peso, but the greatest loss was seen for the Japanese yen, which rose against the US dollar after a plethora of strong economic data. However, the Partnership generated a gain from a short position in the Taiwanese dollar. In credit trading, the Partnership had a loss from a long credit position in US high yield which was more than offset by a gain from similar positioning in European high yield. The Partnership experienced losses in fixed income trading from short positions in U.S. Treasuries across the maturity spectrum. However, a short position in Japanese bonds provided some marginal offsetting gains.

The Partnership finished the quarter with negative returns in March net of fees, with losses from equities, credit and FX trading outweighing gains in commodity trading and nearly-flat performance from fixed income. The Partnership’s equity positions, many of which had transitioned from long to short by the end of the month, posted losses. Within indices, the worst performers were Sweden’s OM and India’s Nifty, while long positions in South Africa’s All Share and the Hang Seng generated offsetting gains. In FX trading, the Partnership’s short positions against the US dollar, such as the Indian rupee and Swiss franc, experienced losses, while offsetting gains were seen in the Partnership’s positions in the Polish zloty and Brazilian real that were long or moved to long against the US dollar early in the month. In the aggregate, fixed income trading was flat, but there was dispersion in individual positions. Losses were seen in the Partnership’s position on Euro short-term rates, while offsetting gains were seen in the Partnership’s long position in German bonds. Commodities trading finished in positive territory for the Partnership, driven by metals where gold had its largest quarterly rise since 1986 and a long silver position was also a top performer for the Partnership. Comparatively, the Partnership experienced some losses as oil prices continued to fluctuate, though a long US natural gas was also a top performer for the Partnership. Long positions in live and feeder cattle, however, helped generate gains for the Partnership’s agricultural trading, as prices hit new highs.

Periods Ended March 31, 2024:


	31-March-24
Ending Equity	$	91,833,097

Three months ended March 31, 2024:

Net assets increased $ 5,109,060 for the three months ended March 31, 2024. This increase was attributable to subscriptions in the amount of $ 165,000, redemptions in the amount of $5,701,598 and a net gain from operations of $ 10,645,658.

Management Fees of $ 659,149 and servicing fees of $ 220,511 were paid or accrued, and interest of $1,080,601 was earned or accrued on the Partnership’s share of the Trading Company’s cash and cash equivalent investments and broker balances, for the three months ended March 31, 2024.

The Partnership’s other expenses paid or accrued for the three months ended March 31, 2024 were $ 288,823.

The Partnership ended January in the red net of fees, with gains from equity trading offset by losses in credit, commodities, FX and fixed income. Long positions in the Nikkei and Tokyo Stock Exchange Index were top performers for the Partnership, though a long position in the Korean Kospi generated offsetting losses. In currency trading, shorts in both the Japanese Yen and South Korean Won against the US dollar were also profitable, though losses were seen in other positions, notably a long in the New Zealand dollar against the US dollar. Commodity trading, while largely flat, had some of the Partnership’s worst performing positions, including shorts in natural gas, gold and copper. In fixed income, the Partnership’s net long exposure accounted for most of the Partnership’s losses for the month.

In February, the Partnership returned positive net of fees, with gains across asset classes led by equities and commodities. The Partnership’s long positions in equities did well with boosts from the S&P500 and Taiwanese indices. Losses were incurred from shorts in the Hang Seng and Chinese equities. Long credit positions were similarly accretive, driven by European and US high-yielding names. Within commodities, trading in agricultural performed best driven by a short position in corn, whose price fell steadily after a supply and storage surplus, and a long position in cocoa whose price rose significantly. In energies, gains accrued from a short in natural gas, while metals trading detracted, led by copper. In currency, the US dollar’s increasing value generated gains for the Partnership’s long USD crosses, with the top performer coming against the Japanese yen. Losses were incurred in the British pound and the New Zealand dollar. Fixed income trading was positive, with gains from short positions in short duration instruments, including SOFR and 2-year German bonds. Losses were incurred from long positions in Italian bonds.

The Partnership finished the quarter with positive performance in March net of fees, with gains led by equities and currencies, and offsetting losses from fixed income. The Partnership’s long positioning in equity indices, particularly in Taiwan, generated gains. Losses were incurred form short positions in the Hang Seng and FTSE China A50 indices. Similar aggregate long positions in credit were also accretive, most notably in US investment-grade and high-yield indices. Trading in currency markets was beneficial in aggregate. The Mexican peso outperformed the US dollar, which was beneficial for the Partnership’s long exposure. Short positions in the Japanese yen against multiple currencies generated gains as the currency continued to decline. Losses were experienced trading the Israeli shekel and British pound against the US dollar. Commodities trading was positive in aggregate. Energies returned a positive attribution, driven by a short in US natural gas and long positions in crude oil, whose price rose. The price of gold hit an all-time high, which was positive for the Partnership’s long position. Losses from shorts in soybeans and corn took performance across agricultural into the negative despite a positive attribution from long cocoa. Fixed income trading finished the month negative as well, and flat aggregate net positions. The Italian 10-year bund futures performed positively, while a short position in SONIA generated a loss.

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk.

Introduction

Past Results Are Not Necessarily Indicative of Future Performance

The Partnership is a speculative commodity pool. Unlike an operating company, the risk of market sensitive instruments is integral, not incidental, to the Partnership’s main line of business.

Market movements result in frequent changes in the fair market value of the Partnership’s open positions and, consequently, in its earnings and cash flow. The Partnership’s market risk is influenced by a wide variety of factors, including the level and volatility of interest rates, exchange rates, equity price levels, the market value of financial instruments and contracts, the diversification effects among the Partnership’s open positions and the liquidity of the markets in which it trades.

The Partnership can rapidly acquire and/or liquidate both long and short positions in a wide range of different markets. Consequently, it is not possible to predict how a particular future market scenario will affect performance, and the Partnership’s past performance is not necessarily indicative of its future results.

Value at Risk is a measure of the maximum amount which the Partnership could reasonably be expected to lose in a given market sector. However, the inherent uncertainty of the Partnership’s speculative trading and the recurrence in the markets traded by the Partnership of market movements far exceeding expectations could result in actual trading or non-trading losses far beyond the indicated Value at Risk or the Partnership’s experience to date (i.e., “risk of ruin”). In light of the foregoing as well as the risks and uncertainties intrinsic to all future projections, the inclusion of the quantification included in this section should not be considered to constitute any assurance or representation that the Partnership’s losses in any market sector will be limited to Value at Risk or by the Partnership’s attempts to manage its market risk.

Materiality, as used in this section “Quantitative and Qualitative Disclosures About Market Risk,” is based on an assessment of reasonably possible market movements and the potential losses caused by such movements, taking into account the leverage, optionality and multiplier features of the Partnership’s market sensitive instruments.

Quantifying the Partnership’s Trading Value at Risk

Quantitative Forward-Looking Statements

The following quantitative disclosures regarding the Partnership’s market risk exposures contain “forward-looking statements” within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934). All quantitative disclosures in this section are deemed to be forward-looking statements for purposes of the safe harbor, except for statements of historical fact.

The Partnership’s risk exposure in the various market sectors traded by the General Partner is quantified below in terms of Value at Risk. Due to the Partnership’s mark-to-market accounting, any loss in the fair value of the Partnership’s open positions is directly reflected in the Partnership’s earnings (realized or unrealized) and cash flow (at least in the case of exchange-traded contracts in which profits and losses on open positions are settled daily through variation margin).

For regulatory purposes, exchange initial margin requirements have been used by the Partnership as the measure of its Value at Risk. For trading and internal risk monitoring purposes, a different approach based on simulated market movements is used. Initial margin requirements include a credit risk factor and a maintenance margin factor and thus overstate the maximum one-day loss reflected by

the maintenance margin requirement by the amount of the credit risk factor used in setting initial margin requirements. Maintenance margin requirements are set by dealers, exchanges and OTC counterparties to equal or exceed 95-99% of the maximum one-day losses in the fair value of any given contract incurred during the time period over which historical price fluctuations are researched for purposes of establishing margin levels. The maintenance margin levels are established by dealers, exchanges and OTC counterparties using historical price studies as well as an assessment of current market volatility (including the implied volatility of the options on a given futures contract) and economic fundamentals to provide a probabilistic estimate of the maximum expected near-term one-day price fluctuation.

In the case of market sensitive instruments that are not exchange traded (almost exclusively currencies in the case of the Partnership), dealers’ margins have been used as Value at Risk.

The fair value of the Partnership’s futures and forward positions does not have any optionality component. However, the General Partner may also trade commodity options on behalf of the Partnership. The Value at Risk associated with options would be reflected in the margin requirement attributable to the instrument underlying each option.

In quantifying the Partnership’s Value at Risk, 100% positive correlation in the different positions held in each market risk category has been assumed. Consequently, the margin requirements applicable to the open contracts have simply been aggregated to determine each trading category’s aggregate Value at Risk. The diversification effects resulting from the fact that the Partnership’s positions are rarely, if ever, 100% positively correlated have not been reflected.

The Partnership’s Trading Value at Risk in Different Market Sectors

The following table indicates the average, highest and lowest amount of trading Value at Risk associated with the Partnership’s open positions by market category as of the period ended March 31, 2025. As of March 31, 2025, the Partnership’s average quarter-end capitalization was $ 65,021,882.


Quarter-Ended March 31, 2025
Market Sector	Average Value at Risk		% of Average Capitalization			Highest Value at Risk		Lowest Value at Risk
Agricultural	$	1,779,558.06		2.74	%	$	1,779,558.06	$	1,779,558.06
Bonds	$	1,111,904.43		1.71	%	$	1,111,904.43	$	1,111,904.43
Credit	$	1,866,127.92		2.87	%	$	1,866,127.92	$	1,866,127.92
Currencies	$	3,698,270.88		5.69	%	$	3,698,270.88	$	3,698,270.88
Energies	$	949,455.03		1.46	%	$	949,455.03	$	949,455.03
Interest rates	$	668,336.11		1.03	%	$	668,336.11	$	668,336.11
Metals	$	1,250,624.01		1.92	%	$	1,250,624.01	$	1,250,624.01
Stock indices	$	3,268,746.35		5.03	%	$	3,268,746.35	$	3,268,746.35
Total*	$	14,593,022.78		22.44	%	$	14,593,022.78	$	14,593,022.78

*Certain total amounts do not foot due to rounding.

Average, highest and lowest Value at Risk amounts relate to the quarter-end amounts for the three months ended March 31, 2025. Average capitalization is the Partnership’s average quarter-end capitalization for the three months ended March 31, 2025.

Material Limitations on Value at Risk as an Assessment of Market Risk

The face value of the market sector instruments held by the Partnership is typically many times the applicable initial or maintenance margin requirement (maintenance margin requirements generally ranging between approximately 1% and 10% of contract face value) as well as many times the capitalization of the Partnership. The magnitude of the Partnership’s open positions creates a “risk of ruin” not typically found in most other investment vehicles. Because of the size of its positions, certain market conditions — unusual, but historically recurring from time to time — could cause the Partnership to incur severe losses over a short period of time. The foregoing Value at Risk table — as well as the past performance of the Partnership — gives no indication of this “risk of ruin.”

Non-Trading Risk

The Partnership has non-trading market risk on its foreign cash balances not needed for margin. However, these balances (as well as any market risk they represent) are immaterial.

The Partnership also has non-trading cash flow risk as a result of holding a substantial portion of its assets in U.S. government securities (U.S Treasury Bills) and interest-bearing bank accounts. These investments are placed with highly rated counterparties with

a priority placed on preservation of capital and reputation (i.e., appropriate level of credit risk, market risk and reputation risk) and liquidity (i.e., appropriate level of liquidity risk).

Qualitative Disclosures Regarding Primary Trading Risk Exposures

The following qualitative disclosures regarding the Partnership’s market risk exposures — except for (i) those disclosures that are statements of historical fact and (ii) the descriptions of how the General Partner manages the Partnership’s primary market risk exposures — constitute forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. The Partnership’s primary market risk exposures as well as the strategies used and to be used by the General Partner for managing such exposures are subject to numerous uncertainties, contingencies and risks, any one of which could cause the actual results of the Partnership’s risk controls to differ materially from the objectives of such strategies. Government interventions, defaults and expropriations, illiquid markets, the emergence of dominant fundamental factors, political upheavals, changes in historical price relationships, an influx of new market participants, increased regulation and many other factors could result in material losses as well as in material changes to the risk exposures and the risk management strategies of the Partnership. There can be no assurance that the Partnership’s current market exposure and/or risk management strategies will not change materially or that any such strategies will be effective in either the short- or long-term. Investors must be prepared to lose all or substantially all of their investment in the Partnership.

The following were the primary trading risk exposures of the Partnership as of March 31, 2025, by market sector.

Fixed Income. Interest rate movements directly affect the price of the sovereign bond futures positions held by the Partnership and indirectly the value of its stock index and currency positions. Interest rate movements in one country as well as relative interest rate movements between countries may materially impact the Partnership’s profitability. The Partnership’s primary interest rate exposure is to interest rate fluctuations in Germany, Japan, France, the United Kingdom, and Italy. However, the Partnership also may take positions in futures contracts on the government debt of smaller nations. The General Partner anticipates that G-7 interest rates, both long-term and short-term, will remain the primary market exposure of the Partnership for the foreseeable future.

Currencies. Exchange rate risk is the principal market exposure of the Partnership. The Partnership’s currency exposure is to exchange rate fluctuations, primarily fluctuations which disrupt the historical pricing relationships between different currencies and currency pairs. These fluctuations are influenced by interest rate changes as well as political and general economic conditions. The Partnership trades in a large number of currencies, including cross-rates — i.e., positions between two currencies other than the U.S. dollar. As of March 31, 2025 the Partnership’s primary currency exposures were in the U.S. Dollar versus the South Korean Won, British Pound Sterling, Norwegian Krone, Brazilian Real and Canadian Dollar.

Stock Indices. The Partnership’s primary equity exposure, through stock index futures, is to equity price risk in the G-20 countries. As of March 31, 2025, the Partnership’s primary exposures were in the Hang Seng index, H-Shares index, Swiss market index, FTSE Italia All Share index and DAX index. The Partnership is primarily exposed to the risk of adverse price trends or static markets in the major North American, European and Asian indices. (Static markets would not cause major market changes but could make it difficult for the Partnership to avoid numerous small losses.)

Metals. The AHL Diversified Program used for the Partnership trades precious and base metals. As of March 31, 2025, the Partnership’s primary metals market exposures were in Gold, Silver, Copper and Palladium.

Agricultural. The Partnership’s has exposure to agricultural price movements, which are often directly affected by severe or unexpected weather conditions. Wheat, Coffee, Live Cattle and Soybeans accounted for the substantial bulk of the Partnership’s commodities exposure as of March 31, 2025.

Energy. The Partnership’s primary energy market exposure is to gas and oil price movements, often resulting from political developments in the Middle East and economic conditions worldwide. Energy prices are volatile and substantial profits and losses have been and are expected to continue to be experienced in this market. As of March 31, 2025, the main exposures were in US Natural Gas, Crude Oil, Gasoline and Gas Oil.

Qualitative Disclosures Regarding Non-Trading Risk Exposure

The following were the only non-trading risk exposures of the Partnership as of March 31, 2025.

Foreign Currency Balances. The Partnership’s primary foreign currency balance is in the British Pound. The Partnership controls the non-trading risk of these balances by regularly converting these balances back into U.S. dollars (no less frequently than twice a month).

Cash Positions and Investments in Treasury Bills. The Partnership’s only market exposure in instruments held other than for trading is in its cash portfolio and investment in Treasury Bills. The Partnership holds only investments in interest-bearing bank accounts and U.S. Treasury Bills. This cash is placed with highly rated counterparties with a priority placed on preservation of capital and reputation (i.e., appropriate level of credit risk, market risk and reputation risk) and liquidity (i.e., appropriate level of liquidity risk) with durations no longer than 1 year.

Qualitative Disclosures Regarding Means of Managing Risk Exposure

Risk management is an essential component of AHL’s investment management process. AHL has put in place a risk management framework which is designed to identify, monitor and mitigate the portfolio, operational and outsourcing risks relevant to its operations. AHL’s risk management framework is part of, and is supported by, the overarching risk management framework of its parent company, Man Group plc. Key principles of AHL’s risk management framework include the segregation of functions and duties where material conflicts of interest may arise and having an appropriate degree of independent and senior management oversight of business activities. As part of this independent oversight, AHL’s activities are subject to regular review by an internal audit function.

The AHL Diversified Program employs a systematic, statistically based investment strategy that is designed to identify and capitalize on trends and other inefficiencies in markets around the world. Trading signals are generated and executed via a finely tuned trading and implementation infrastructure. This process is quantitative, meaning that investment decisions are entirely driven by mathematical models based on quantitative analysis of historical relationships. It is underpinned by rigorous risk control, ongoing research, diversification and the constant quest for efficiency. Portfolio risk management consists primarily of monitoring risk measures and ensuring the systems remain within prescribed limits. The major risk monitoring measures and focus areas include value-at-risk, stress testing, implied volatility, leverage, margin-to-equity ratios and net exposures to sectors and different currencies.

Diversification is also a key feature of AHL’s risk management, as well as its investment, process. As well as emphasizing sector and market diversification, the AHL Diversified Program has been constructed to achieve diversification by combining various investment strategies. The AHL Diversified Program trades approximately 250 markets and these markets may be accessed directly or indirectly and include, without limitation, stock indices, bonds, currencies, short-term interest rates, energies, credits, metals, agricultural and volatility. Another important aspect of diversification is the fact that the models generate signals across different timeframes, ranging from two to three days to several months. In line with the principle of diversification, the approach to portfolio construction and asset allocation is premised on the importance of deploying investment capital across the full range of sectors and markets. Particular attention is paid to correlation of markets and sectors, expected returns, trading costs and market liquidity. Portfolios are regularly reviewed and, when necessary, adjusted to reflect changes in these factors. AHL also has a systematic process for adjusting its market risk exposure in real time to reflect changes in the volatility, a measure of risk, of individual markets.

ITEM 4. Controls and Procedures.

The General Partner, with the participation of the General Partner’s Principal Executive Officer and Principal Financial Officer, has evaluated the effectiveness of the design and operation of the Partnership’s disclosure controls and procedures as of the end of the fiscal quarter ended March 31, 2025. Based on such evaluation, the General Partner’s Principal Executive Officer and Principal Financial Officer have concluded that the Partnership’s disclosure controls and procedures were effective as of the fiscal quarter ended March 31, 2025.

Changes in Internal Control over Financial Reporting

There were no significant changes in the Partnership’s internal control over financial reporting during the quarter ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, the Partnership’s internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

None.

Item 1A. Risk Factors.

Risk of Loss. Investing in the Partnership is speculative and involves substantial risks. You should not invest unless you can afford to lose your entire investment.

General. The transactions in which the Trading Advisor generally will engage on behalf of the Partnership involve significant risks. Growing competition may limit the Trading Advisor’s ability to take advantage of trading opportunities in rapidly changing markets. No assurance can be given that investors will realize a profit on their investment. Moreover, investors may lose all or some of their investment. Because of the nature of the trading activities, the results of the Partnership’s operations may fluctuate from month to month and from period to period. Accordingly, investors should understand that the results of a particular period will not necessarily be indicative of results in future periods.

Markets Are Volatile and Difficult to Predict. Trading in futures is a speculative activity. Futures prices may be highly volatile. Market prices are difficult to predict and are influenced by many factors, including: changes in interest rates; governmental, agricultural, trade, fiscal, monetary and exchange control programs and policies; weather and climate conditions; changing supply and demand relationships; national and international political and economic events; and the changing philosophies and emotions of market participants. In addition, governments intervene in particular markets from time to time, both directly and by regulation, often with the intent to influence prices. The effects of government intervention may be particularly significant in the financial instrument and currency markets, and may cause such markets to move rapidly.

Trading Is Highly Leveraged. The low margin deposits normally required in futures trading permit an extremely high degree of leverage. A relatively small movement in the price of a futures contract may result in immediate and substantial loss or gain to a trader holding a position in such contract. For example, if at the time of purchase 10% of the price of a futures contract is deposited as margin, a 10% decrease in the price of the futures contract would, if the contract were then closed out, result in a total loss of the margin deposit before any deduction for brokerage commissions. Consequently, like other leveraged investments, a futures trade may result in losses in excess of the amount invested. Forward contracts involve similar leverage and also may require deposits of margin as collateral. Swaps and OTC derivative instruments are also highly leveraged transactions.

Markets May Be Illiquid. At times, it may not be possible for the Trading Advisor to obtain execution of a buy or sell order at the desired price or to liquidate an open position, either due to market conditions on exchanges or due to the operation of “daily price fluctuation limits” or “circuit breakers.” For example, most U.S. commodity exchanges limit fluctuations in most futures contract prices during a single day by regulations referred to as “daily price fluctuation limits” or “daily limits.” During a single trading day, no trades may be executed at prices beyond the daily limit. Futures contract prices occasionally have moved to the daily limit for several consecutive days with little or no trading.

Even when futures prices have not moved to the daily limit, the Trading Advisor might not be able to obtain execution of trades at favorable prices if little trading in the contracts which the Trading Advisor wishes to trade is taking place. Also, an exchange or governmental authority may suspend or restrict trading on an exchange (or in particular futures traded on an exchange) or order the immediate settlement of a particular instrument.

Options trading may be restricted in the event that trading in the underlying instrument becomes restricted. Options trading also may be illiquid at times regardless of the condition of the market in the underlying instrument. In either event, it will be difficult for the Trading Advisor to realize gains or limit losses on option positions by offsetting them or to change positions in the market.

Trading in OTC derivative instruments is conducted with individual counterparties rather than on organized exchanges. There have been periods during which forward and swap contract dealers have refused to quote prices for forward and swap contracts or have quoted prices with an unusually wide spread between the bid and asked price.

Speculative Position Limits May Restrict Futures Trading. Speculative position limits prescribe the maximum net long or short futures contract and options positions which any person or group may hold or control in particular futures contracts. All futures contracts and options on futures contracts traded on commodity exchanges located in the United States, with the exception of contracts on certain major non-U.S. currencies, are subject to speculative position limits established either by the Commodity Futures Trading Commission (the “CFTC”) or the relevant exchange.

All trading accounts owned or managed by the Trading Advisor and its principals will be combined for the purposes of speculative position limits. Such limits could adversely affect the profitability of the Trading Company and, consequently, of the Partnership. For example, the Trading Advisor could be required to liquidate futures positions at an unfavorable time in order to comply with such limits. However, the Trading Advisor does not believe that existing speculative position limits will materially adversely affect its ability to manage the Trading Company’s account.

Cash Flow. Futures contract gains and losses are marked-to-market daily for purposes of determining margin requirements. Option positions generally are not, although short option positions will require additional margin if the market moves against the position. Due to these differences in margin treatment between futures and options, there may be periods in which positions on both sides must be closed down prematurely due to short term cash flow needs. If this were to occur during an adverse move in a spread or straddle relationship, a substantial loss could occur.

Decisions Based on Trends and Technical Analysis. The trading decisions of the Trading Advisor will be based in part on trading strategies which utilize mathematical analyses of technical factors relating to past market performance. The buy and sell signals generated by a technical, trend-following trading strategy are based upon a study of actual daily, weekly and monthly price fluctuations, volume variations and changes in open interest in the markets. The profitability of any technical, trend-following trading strategy depends upon the occurrence in the future of significant, sustained price moves in some of the markets traded. The Trading Company and, consequently, the Partnership may incur substantial trading losses:

•

during periods when markets are dominated by fundamental factors that are not reflected in the technical data analyzed by the program;

•

during prolonged periods without sustained moves in one or more of the markets traded; or

•

during “whip-saw” markets, in which potential price trends start to develop but reverse before actual trends are realized.

In the past there have been prolonged periods without sustained price moves in various markets. Presumably, such periods will recur. A series of volatile reverses in price trends may generate repeated entry and exit signals in trend-following systems, resulting in unprofitable transactions and increased brokerage commission expenses. Technical, trend-following trading systems are used by many other traders. At times, the use of such systems may:

•

result in traders attempting to initiate or liquidate substantial positions in a market at or about the same time;

•

alter historical trading patterns;

•

obscure developing price trends; or

•

affect the execution of trades.

Model and Data Risk. The Trading Advisor relies heavily on proprietary mathematical quantitative models (each a “Model” and collectively, “Models”) and data developed both by the Trading Advisor and those supplied by third parties (collectively, “Data”) rather than granting trade-by-trade discretion to the Trading Advisor’s investment professionals. In combination, Models and Data are used to construct investment decisions, to value both current and potential investments (including, without limitation, for trading purposes, and for the purposes of determining the Net Asset Value of the Partnership), to provide risk management insights and to assist in hedging the Partnership’s positions and investments. Models and Data are known to have errors, omissions, imperfections and malfunctions (collectively, “System Events”).

The Trading Advisor seeks to reduce the incidence and impact of System Events, to the extent feasible, through a combination of internal testing, simulation, real-time monitoring and the use of independent safeguards in the overall portfolio management process, often in the software code itself. Despite such testing, monitoring and independent safeguards, System Events will result in, among other things, the execution of unanticipated trades, the failure to execute anticipated trades, delays in the execution of anticipated trades, the failure to properly allocate trades, the failure to properly gather and organize available data, the failure to take certain hedging or risk reducing actions and/or the taking of actions which increase certain risk(s)—all of which may have materially adverse effects on the Partnership. System Events in third-party provided Data is generally entirely outside of the control of the Trading Advisor.

The research and modeling processes engaged in by the Trading Advisor on behalf of its managed funds is extremely complex and involves the use of financial, economic, econometric and statistical theories, research and modeling; the results of this investment approach must then be translated into computer code. Although the Trading Advisor seeks to hire individuals skilled in each of these functions and to provide appropriate levels of oversight and employ other mitigating measures and processes, the complexity of the individual tasks, the difficulty of integrating such tasks, and the limited ability to perform “real world” testing of the end product, even with simulations and similar methodologies, raise the chances that Model code may contain one or more coding errors, thus potentially resulting in a System Event and further, one or more of such coding errors could adversely affect the Partnership’s investment performance.

The investment strategies of the Trading Advisor are highly reliant on the gathering, cleaning, culling and performing of analysis of large amounts of Data. Accordingly, Models rely heavily on appropriate Data inputs. However, it is impossible and impracticable to factor all relevant, available Data into forecasts, investment decisions and other parameters of the Models. The Trading Advisor will use its discretion to determine what Data to gather with respect to each investment strategy and what subset of that Data the Models take into account to produce forecasts which may have an impact on ultimate investment decisions. In addition, due to the automated nature of Data gathering, the volume and depth of Data available, the complexity and often manual nature of Data cleaning, and the fact that the substantial majority of Data comes from third-party sources, it is inevitable that not all desired and/or relevant Data will be available to, or processed by, the Trading Advisor at all times. Irrespective of the merit, value and/or strength of a particular Model, it will not perform as designed if incorrect Data is fed into it which may lead to a System Event potentially subjecting the Partnership to a loss. Further, even if Data is input correctly, “model prices” anticipated by the Data through the Models may differ substantially from market prices, especially for financial instruments with complex characteristics, such as derivatives, in which the Partnership may invest.

Where incorrect or incomplete Data is available, the Trading Advisor may, and often will, continue to generate forecasts and make investment decisions based on the Data available to it. Additionally, the Trading Advisor may determine that certain available Data, while potentially useful in generating forecasts and/or making investment decisions, is not cost effective to gather due to, among other factors, the technology costs or third-party vendor costs and, in such cases, the Trading Advisor will not utilize such Data. The Trading Advisor has full discretion to select the Data it utilizes. The Trading Advisor may elect to use or may refrain from using any specific Data or type of Data in generating forecasts or making trading decisions with respect to the Models. The Data utilized in generating forecasts or making trading decisions underlying the Models may not be (i) the most accurate data available or (ii) free of errors. The Data set used in connection with the Models is limited. The foregoing risks associated with gathering, cleaning, culling and analysis of large amounts of Data are an inherent part of investing with a quantitative, process-driven, systematic adviser such as the Trading Advisor.

When Models and Data prove to be incorrect, misleading or incomplete, any decisions made in reliance thereon expose the Partnership to potential losses and such losses may be compounded over time. For example, by relying on Models and Data, the Trading Advisor may be induced to buy certain investments at prices that are too high, to sell certain other investments at prices that are too low, or to miss favorable opportunities altogether. Similarly, any hedging based on faulty Models and Data may prove to be unsuccessful and when determining the Net Asset Value of the Partnership, any valuations of the Partnership’s investments that are based on valuation Models may prove to be incorrect. In addition, Models may incorrectly forecast future behavior, leading to potential losses on a cash flow and/or a mark-to-market basis. Furthermore, in unforeseen or certain low-probability scenarios (often involving a market event or disruption of some kind), Models may produce unexpected results which may or may not be System Events.

Errors in Models and Data are often extremely difficult to detect, and, in the case of Models, the difficulty of detecting System Events may be exacerbated by the lack of design documents or specifications. Regardless of how difficult their detection appears in retrospect, some System Events may go undetected for long periods of time and some may never be detected. When a System Event is detected, a review and analysis of the circumstances that may have caused a reported System Event will be completed and is overseen by an escalation committee made up of appropriate senior personnel. Following this review, the Trading Advisor, in its sole discretion, may choose not to address or fix such System Event, and the third party software will lead to System Events known to the Trading Advisor that it chooses, in its sole discretion, not to address or fix. The degradation or impact caused by these System Events can compound over time. When a System Event is detected, the Trading Advisor generally will not, as part of the review of circumstances leading to the System Event, perform a materiality analysis on the potential impact of a System Event. The Trading Advisor believes that the testing and monitoring performed on Models and the controls adopted to ensure processes are undertaken with care, will enable the Trading Advisor to identify and address those System Events that a prudent person managing a quantitative, systematic and computerized investment program would identify and address by correcting the underlying issue(s) giving rise to the System Events, but there is no guarantee of the success of such processes. Investors should assume that System Events and their ensuing risks and impact are an inherent part of investing with a process-driven, systematic investment manager such as the Trading Advisor.

Accordingly, the Trading Advisor does not expect to disclose discovered System Events to the Partnership or to its investors.

The Partnership will bear the risks associated with the reliance on Models and Data including bearing all losses related to System Events other than in relation to losses arising from the Trading Advisor’s willful misconduct, negligence or breach of fiduciary obligations.

Trade Systems and Execution of Orders. The Trading Advisor relies extensively on computer programs, systems, technology, Data and Models to implement its execution strategies and algorithms. The Trading Advisor’s investment strategies, trading strategies and algorithms depend on its ability to establish and maintain an overall market position in a combination of financial instruments selected by the Trading Advisor. There is a risk that the Trading Advisor’s proprietary algorithmic trading systems may not be able to adequately react to a market event without serious disruption. Further, trading strategies and algorithms may malfunction causing

severe losses. While the Trading Advisor has employed tools to allow for human intervention to respond to significant system malfunctions, it cannot be guaranteed that losses will not occur in such circumstances as unforeseen market events and disruptions and execution system issues.

Orders may not be executed in a timely and efficient manner due to various circumstances, including, without limitation, trading volume surges or systems failures attributable to the Trading Advisor, the Trading Advisor’s counterparties, brokers, dealers, agents or other service providers. In such event, the Trading Advisor might only be able to acquire or dispose of some, but not all, of the components of such position, or if the overall position were to need adjustment, the Trading Advisor might not be able to make such adjustment. As a result, the Partnership would not be able to achieve the market position selected by the Trading Advisor, which may result in a loss.

Trade Error Risk. The complex execution modalities operated by the Trading Advisor and the speed and volume of trading invariably result in occasional trades being executed which, with the benefit of hindsight, were not required or intended by the execution strategy or occasional trades not being executed when they should have been. To the extent a trade error is caused by counterparty, such as a broker, the Trading Advisor generally, to the extent reasonable and practical, attempts to recover any loss associated with such trade error from such counterparty. To the extent a trade error is caused by the Trading Advisor, a formalized process is in place for the documentation and resolution of such trade errors. Given the volume, diversity and complexity of transactions executed by the Trading Advisor on behalf of the Partnership, investors should assume that trade errors will occur on occasion. If such trade errors result in gains to the Partnership, such gains will generally be retained by the Partnership. However, if a trade error result in losses, they will be borne by the Trading Advisor in accordance with its internal policies unless otherwise determined by the General Partner.

Trading in OTC Markets Will Expose the Partnership to Risks Not Applicable to Trading on Organized Exchanges. The Partnership, through the Trading Company, may engage in OTC derivative transactions, such as: currency forward contracts traded in the interbank market; options on currency forward contracts; and swap transactions.

In general, there is much less governmental regulation and supervision of transactions in the OTC markets than of transactions entered into on organized exchanges. Most of the protections afforded to participants on U.S. and certain non-U.S. exchanges, such as daily price fluctuation limits and the performance guarantee of an exchange clearinghouse, will not be available in connection with OTC transactions.

Consequently, the Partnership will be exposed to greater risk of loss through default than if it confined its trading to organized exchanges.

A portion of the Partnership’s assets may be traded in forward contracts. Such forward contracts are generally not traded on exchanges and are executed directly through forward contract dealers. However, certain forward currency exchange contracts are regulated as swaps by the CFTC and have begun being voluntarily traded on swap execution facilities. Some of these contracts may be required to be centrally cleared by a regulated U.S. clearinghouse, and may be required to be traded on a regulated exchange in the future. There is no limitation on the daily price moves of forward contracts, and a dealer is not required to continue to make markets in such contracts. There have been periods during which forward contract dealers have refused to quote prices for forward contracts or have quoted prices with an unusually wide spread between the bid and asked price. Arrangements to trade forward contracts may therefore experience liquidity problems. The Partnership therefore will be subject to the risk of credit failure or the inability of or refusal of a forward contract dealer to perform with respect to its forward contracts.

When trading currency forward contracts, the Trading Company may hedge the foreign currencies in order to limit the Trading Company’s exposure to fluctuations in exchange rates. However, there is no guarantee that such hedging will be successful.

Enhanced Regulation of the OTC Derivatives Markets. The European Market Infrastructure Regulation (“EMIR”) seeks comprehensively to regulate the OTC derivatives market in Europe including, in particular, imposing mandatory central clearing, trade reporting and, for non-centrally cleared trades, risk management obligations on counterparties. Similarly, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Reform Act”), enacted in July 2010, includes provisions that substantially increase the regulation of the OTC derivatives markets. The Reform Act requires that a substantial portion of OTC derivatives must be executed in regulated markets and be submitted for clearing to regulated clearinghouses. For example, certain interest rate swaps, including certain foreign exchange forwards defined as swaps by the CFTC, and credit default index swaps are required by the CFTC to be submitted for clearing if traded by U.S. persons. These OTC trades submitted for clearing are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin requirements mandated by the CFTC, the Securities and Exchange Commission (the “SEC”) and/or federal prudential regulators. OTC derivative dealers are also required to post margin to the clearinghouses through which they clear their customers’ trades instead of using such margin in their operations, as they are allowed to do for uncleared OTC trades. This has further increases the dealers’ costs, and these increased costs are generally passed

through to other market participants in the form of higher upfront and mark-to-market margin, less favorable trade pricing, and the imposition of new or increased fees, including clearing account maintenance fees.

The CFTC also requires certain derivatives transactions that were previously executed on a bilateral basis in the OTC markets to be executed through a regulated futures exchange or swap execution facility. Similarly, under EMIR, European regulators may require a substantial proportion of such derivatives transactions to be bought on exchange and/or centrally cleared. The SEC is also expected to impose similar requirements on certain security-based derivatives in the near future, though it is not yet clear when these parallel SEC requirements will go into effect. Such requirements may make it more difficult and costly for investment funds, including the Partnership and/or the Trading Company, to enter into highly tailored or customized transactions. The overall impact of EMIR and the Reform Act on the Partnership is highly uncertain and it is unclear how the OTC derivatives markets will adapt to these new regulatory regimes.

Exchanges for Physicals/Swaps/Risk. While not a regular practice for the Trading Company, it may in rare instances engage in transactions known as exchanges for physicals (“EFP”), exchanges for swaps (“EFS”), or exchanges for risk/OTC derivatives (“EFR”). An EFP/EFS/EFR is a purchase or sale of a spot commodity/swap/derivative, as applicable, in conjunction with an offsetting sale or purchase of a corresponding futures contract involving the same or equivalent underlying commodity or instrument, without making an open and competitive trade for the futures contract on the exchange. EFPs, EFSs and EFRs are a permitted exception to the general requirement of the Commodity Exchange Act, as amended, that all futures contracts must be competitively executed on an exchange. They are permitted pursuant to the rules of the relevant exchanges, which vary from exchange to exchange. If the EFP, EFS or EFR does not comply with specific exchange requirements, particularly regarding possessing documentation evidencing possession of the underlying commodity or instrument, then the CFTC or the exchange may deem the transaction to be an illegal off-exchange futures contract. In addition, every EFP, EFS or EFR involves the transfer of an underlying commodity or entry into a swap or derivative on a bilateral basis, as applicable, with a counterparty in exchange for a related cleared futures contract. There is, therefore, counterparty credit risk if the counterparty or its clearing member on the futures leg fails to perform. Unlike other futures contracts that are deemed cleared by the clearinghouse upon trade matching or at the end of the business day, futures contracts arising out of EFPs, EFSs or EFRs may, under various clearinghouse rules, not be deemed accepted by the clearinghouse until the next business day.

Options on Futures Contracts May Be More Volatile Than Futures Contracts. The Trading Advisor may trade options on futures contracts. Options are speculative in nature and are highly leveraged. The purchaser of an option risks losing the entire purchase price of the option. The seller (writer) of an option risks losing the difference between the premium received for the option and the price of the underlying futures contract that the writer must purchase upon exercise of the option. Additionally, the seller and writer of the options lose any commissions and fees associated with such transactions. This could subject the writer to unlimited risk in the event of an increase in the price of the contract to be purchased or delivered. Successful trading of options on futures contracts requires a trader to accurately determine near-term market volatility because it often has an immediate impact on the price of outstanding options. Accurate determination of near-term volatility is more important to successful options trading than it is to long-term futures contract trading strategies because such volatility generally does not have as significant an effect on the prices of futures contracts.

Trading on Non-U.S. Exchanges and Markets Will Expose the Partnership to Risks Not Applicable to Trading on U.S. Exchanges and Markets. The Partnership, through the Trading Company, may engage in trading on non-U.S. exchanges and markets. The Partnership will be subject to the risk of fluctuations in the currency exchange rate between the local currency and the U.S. dollar and to the possibility of exchange controls. Trading on such exchanges and markets generally involves other risks not applicable to trading on U.S. exchanges and markets.

For example, such exchanges and markets:

•

may not provide the same assurances of the integrity (financial and otherwise) of the marketplace and its participants as do U.S. exchanges and markets;

•

may exercise less regulatory oversight and supervision over transactions and participants in transactions;

•

may not afford all participants an equal opportunity to execute trades;

•

may be subject to a variety of political influences and the possibility of direct governmental intervention;

•

may have different clearance and settlement procedures for transactions than U.S. exchanges and markets. There have been times when settlement procedures have been unable to keep pace with the volume of transactions on certain exchanges and markets, making it difficult to conduct trades; and

•

may be “principals’ markets” in which performance is the responsibility only of the member with whom the trader has dealt (the counterparty) rather than the responsibility of an exchange or clearing association. Each transaction on such an exchange or market may subject the Partnership to the risk of the counterparty’s credit failure or inability or refusal to perform its obligations.

Institutional Risks. Institutions, such as the banks and brokers, will have custody of the assets of the Partnership. These firms may encounter financial difficulties that impair the operating capabilities or the capital position of the Partnership, the Trading Company or the General Partner.

Counterparty Risk. The Partnership will be subject to the risk of the inability of counterparties to perform with respect to transactions, particularly uncleared swap and currency forward transactions, whether due to insolvency, bankruptcy or other causes, which could subject the Partnership to substantial losses. In an effort to mitigate such risks, the General Partner and Trading Advisor will attempt to limit transactions to counterparties, which are established, well-capitalized and creditworthy.

Affiliated Parties — Conflicts of Interest. Under the terms of the Partnership’s Limited Partnership Agreement, the General Partner has the authority to engage trading advisors to make trading decisions for the Partnership. Since the Trading Advisor is an affiliate of the General Partner, the General Partner has a conflict of interest with respect to its responsibilities to manage the Partnership for the benefit of the Limited Partners, and to prevent violations of the Partnership’s trading policies and to monitor for excessive trading by the Trading Advisor. In addition, the General Partner has a conflict of interest with respect to its responsibility to review the trading performance of the Partnership and a disincentive to terminate the advisory relationship between the Trading Advisor and the Partnership. There have been no arm’s-length negotiations with respect to the management and incentive fees that the Trading Advisor will charge the Trading Company or with respect to the other terms of the advisory agreement entered into with the Trading Advisor.

MiFID II. Each of the European Union’s re-cast Markets in Financial Instruments Directive (2014/65/EU) (the “MiFID II Directive”), the delegated and implementing European Union (“EU”) regulations made thereunder, the laws and regulations introduced by Member States of the EU to implement the MiFID II Directive and the EU’s Markets in Financial Instruments Regulation (600/2014) (“MiFIR” and, together with the MiFID II Directive, “MiFID II”) impose new regulatory obligations on the Trading Advisor. These regulatory obligations may impact on, and constrain the implementation of, the investment strategy of the Partnership and lead to increased compliance obligations upon and accrued expenses for the Trading Advisor and/or the Partnership.

Effects of Health Crises and Other Catastrophic Events. Health crises, such as pandemic and epidemic diseases, as well as other catastrophes such as natural disasters, war or civil disturbance, acts of terrorism, power outages and other unforeseeable and external events, that result in disrupted markets and/or interrupt the expected course of events, and public response to or fear of such crises or events, may have an adverse effect on the operations of and, where applicable, investments made by the Partnership and the Trading Company. For example, any preventative or protective actions taken by governments in response to such crises or events may result in periods of regional, national or international business disruption. Such actions may significantly disrupt the operations of the Partnership, the Trading Company, the General Partner and the other service providers to the Partnership. Further, the occurrence and duration of such crises or events could adversely affect economies and financial markets either in specific countries or worldwide. The impact of such crises or events could lead to negative consequences for the Partnership, including, without limitation, significant reduction in the Net Asset Value of the Partnership, reduced liquidity of the Partnership’s investments, restrictions on the ability of the Partnership to value its investments and the potential suspension of the calculation of Net Asset Value and the suspension of issues and/or redemptions of Interests.

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

(a)

The Partnership may sell Units of Limited Partnership Interests (“Units”) as of the first business day of any calendar month or at such other times as the General Partner may determine. The following table summarizes the amount of Units subscribed, exclusive of non-cash transfers, during the three months ended March 31, 2025:


	Class A-1 Units		Class A-2 Units		Class B-1 Units
Date of Subscription (first business day)	Amount Subscribed:		Amount Subscribed:		Amount Subscribed:
January 2025	$	—	$	—	$	—
February 2025	$	—	$	—	$	—
March 2025	$	—	$	—	$	—
TOTAL	$	—	$	—	$	—

(b)

Not applicable.

(c)

Pursuant to the Partnership’s Limited Partnership Agreement, a Limited Partner may redeem some or all of its Units as of the last business day of each calendar month at the then current month-end Net Asset Value. The redemption of Units has no impact on the value of Units that remain outstanding, and Units are not reissued once redeemed. The following table summarizes the amount of Units redeemed, exclusive of non-cash transfers, during the three months ended March 31, 2025:


	Class A-1 Units		Class A-2 Units		Class B-1 Units
Date of Redemption: (last business day)	Amount Redeemed:		Amount Redeemed:		Amount Redeemed:
January 2025	$	596,290	$	—	$	—
February 2025	$	2,330,967	$	—	$	114,811
March 2025	$	403,972	$	—	$	933,373
TOTAL	$	3,331,229	$	—	$	1,048,184

Item 3. Defaults upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not Applicable.

Item 5. Other Information.

During the three months ended March 31, 2025, the neither the General Partner nor its directors or officers adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933, as amended).

Item 6. Exhibits.

The following exhibits are included herewith:


Designation	Description

31.1	Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer

31.2	Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer

32.1	Section 1350 Certification of Principal Executive Officer

32.2	Section 1350 Certification of Principal Financial Officer

101.INS	Inline XBRL Instance Document-the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document

101.SCH	Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents

104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

The following exhibits are incorporated by reference herein from the exhibits of the same description and number filed on January 28, 2008 with the Partnership’s Registration Statement on Form 10 (Reg. No. 000-53043).


3.1	Certificate of Limited Partnership of Man-AHL Diversified I L.P.

The following exhibit is incorporated by reference herein from the exhibit of the same description and number filed on August 13, 2014, for the quarterly period ended June 30, 2014, with the Partnership’s Quarterly Report on Form 10-Q.


10.1	Form of Trading Advisor Agreement between Man-AHL Diversified Trading Company L.P., Man Investments (USA) Corp. and AHL Partners LLP

The following exhibit is incorporated by reference herein from the exhibit of the same description and number filed on August 14, 2018, for the quarterly period ended June 30, 2018, with the Partnership’s Quarterly Report on Form 10-Q.


4.1	Seventh Amended Limited Partnership Agreement of Man-AHL Diversified I L.P.

The following exhibit is incorporated by reference herein from the exhibit of the same description and number filed on May 17, 2021, for the quarterly period ended March 31, 2021, with the Partnership’s Quarterly Report on Form 10-Q.


10.4	Form of Omnibus US Selling Agreement between Man Investments (USA) Corp. and Man Investments Inc.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on May 12, 2025.


	Man-AHL Diversified I L.P.
	(Registrant)

	By:	Man Investments (USA) Corp.
	General Partner


	By:	/s/ Gregory Bond

	President and Principal Executive Officer


	By:	/s/ Mark Bilancieri

	Principal Financial Officer