MAN AHL DIVERSIFIED I LP - Quarter Report: 2009 June (Form 10-Q)

efc9-0876_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

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

For the quarterly period ended June 30, 2009

[ ]	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 charter)

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

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

(312) 881-6800

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes [X] No [ ]

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

Yes [ ] No [ ]

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

Large Accelerated Filer [ ]		Accelerated Filer [ ]

Non-Accelerated Filer [ ]		Smaller reporting company [X]

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

Yes [ ] No [X]

PART I - FINANCIAL INFORMATION

ITEM 1. Financial Statements.

Man-AHL Diversified I L.P.

Financial Statements

STATEMENTS OF FINANCIAL CONDITION (a)

STATEMENTS OF OPERATIONS (b)

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (c)

STATEMENTS OF CASH FLOWS (c)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)

(a)	At June 30, 2009 (unaudited) and December 31, 2008

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

June 30, 2009 and 2008 (unaudited)

(c)	For the six months ended June 30, 2009 and 2008 (unaudited)

MAN-AHL DIVERSIFIED I L.P.
(A Delaware Limited Partnership)

STATEMENTS OF FINANCIAL CONDITION

	June 30, 2009
	(unaudited)		December 31, 2008
ASSETS

CASH AND CASH EQUIVALENTS	$	30,621,892	$	8,729,540

INVESTMENT IN MAN-AHL DIVERSIFIED
TRADING COMPANY L.P.		270,592,247		219,241,465

DUE FROM MAN-AHL DIVERSIFIED
TRADING COMPANY L.P.		9,628,580		7,575,576

OTHER ASSETS		295		295

TOTAL	$	310,843,014	$	235,546,876


LIABILITIES AND PARTNERS’ CAPITAL

LIABILITIES:
Redemptions payable	$	8,489,102	$	4,516,740
Subscriptions received in advance		30,621,892		8,729,540
Management fees payable		694,976		566,720
Incentive fees payable		-		2,079,483
Servicing fees payable		348,854		283,360
Accrued expenses		95,649		129,273

Total liabilities		40,250,473		16,305,116

PARTNERS’ CAPITAL:
General Partner - Class A (186 unit equivalents outstanding
at June 30, 2009 and December 31, 2008, respectively)		589,217		683,098
Limited Partners - Class A (69,759 and 51,957 units outstanding
at June 30, 2009 and December 31, 2008, respectively)		220,540,159		190,432,028
Limited Partners - Class A Series 2 (1,438 and 0 units outstanding
at June 30, 2009 and December 31, 2008, respectively)		4,560,220		-
Limited Partners - Class B (13,593 and 7,674 units outstanding
at June 30, 2009 and December 31, 2008, respectively)		42,975,013		28,126,634
Limited Partners - Class B Series 2 (608 and 0 units outstanding
at June 30, 2009 and December 31, 2008, respectively)		1,927,932		-

Total partners’ capital		270,592,541		219,241,760

TOTAL	$	310,843,014	$	235,546,876

MAN-AHL DIVERSIFIED I L.P.
(A Delaware Limited Partnership)

STATEMENTS OF FINANCIAL CONDITION (CONTINUED)


NET ASSET VALUE PER OUTSTANDING UNIT OF
PARTNERSHIP INTEREST - CLASS A	$	3,161.48	$	3,665.21

NET ASSET VALUE PER OUTSTANDING UNIT OF
PARTNERSHIP INTEREST - CLASS A Series 2	$	3,171.45	$	-

NET ASSET VALUE PER OUTSTANDING UNIT OF
PARTNERSHIP INTEREST - CLASS B	$	3,161.49	$	3,665.22

NET ASSET VALUE PER OUTSTANDING UNIT OF
PARTNERSHIP INTEREST - CLASS B Series 2	$	3,171.46	$	-

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			For the three			For the six			For the six
	months ended			months ended			months ended			months ended
	June 30, 2009			June 30, 2008			June 30, 2009			June 30, 2008

NET INVESTMENT INCOME
ALLOCATED FROM MAN-AHL
DIVERSIFIED TRADING COMPANY L.P. -
Interest income	$	98,540		$	574,809		$	230,367		$	1,088,781

PARTNERSHIP EXPENSES:
Brokerage commissions		163,458			228,214			290,623			624,814
Management fees		1,976,382			820,725			3,714,397			1,416,838
Incentive fees		-			943,253			-			-
Servicing Fees		990,802			-			1,859,809			3,211,277
Other expenses		99,333			90,382			270,287			124,695

Total expenses		3,229,975			2,082,574			6,135,116			5,377,624

Net investment loss		(3,131,435	)		(1,507,765	)		(5,904,749	)		(4,288,843	)

REALIZED AND UNREALIZED GAINS
(LOSSES) ON TRADING ACTIVITIES
ALLOCATED FROM MAN-AHL
DIVERSIFIED TRADING COMPANY L.P.:
Net realized trading gains (losses)
on closed contracts		(17,782,871	)		5,447,631			(23,200,497	)		18,726,225
Net change in unrealized trading gains (losses)
on open contracts		1,826,358			(166,855	)		(8,410,914	)		(1,566,779	)

Net gains (losses) on trading activities allocated
from Man-AHL Diversified
Trading Company L.P.		(15,956,513	)		5,280,776			(31,611,411	)		17,159,446

NET INCOME (LOSS)	$	(19,087,948	)	$	3,773,011		$	(37,516,160	)	$	12,870,603


NET INCOME (LOSS) PER UNIT OF
PARTNERSHIP INTEREST - CLASS A	$	(231.15	)	$	109.50		$	(503.73	)	$	496.98

NET INCOME (LOSS) PER UNIT OF
PARTNERSHIP INTEREST - CLASS A Series 2	$	(221.18	)	$	-		$	(221.18	)	$	-

NET INCOME (LOSS) PER UNIT OF
PARTNERSHIP INTEREST - CLASS B	$	(231.15	)	$	-		$	(503.73	)	$	-

NET LOSS PER UNIT OF
PARTNERSHIP INTEREST - CLASS B Series 2	$	(221.18	)	$	-		$	(221.18	)	$	-

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 SIX MONTHS ENDED JUNE 30, 2009 AND 2008


	CLASS A											CLASS A Series 2					CLASS B						CLASS B Series 2						TOTAL

	Limited						General					Limited					Limited						Limited
	Partners						Partner					Partners					Partners						Partners

	Amount			Units			Amount			Units		Amount			Units		Amount			Units			Amount			Units			Amount			Units
PARTNERS’ CAPITAL
December 31, 2007	$	59,016,037			20,393		$	539,353			186	$	-			-	$	-			-		$	-			-		$	59,555,390			20,579

Subscriptions		56,130,636			17,429			-			-		-			-		-			-			-			-			56,130,636			17,429
Redemptions		(7,651,461	)		(2,353	)		-			-		-			-		-			-			-			-			(7,651,461	)		(2,353	)
Net income		12,777,980			-			92,623			-		-			-		-			-			-			-			12,870,603			-

PARTNERS’ CAPITAL
June 30, 2008	$	120,273,192			35,469		$	631,976			186	$	-			-	$	-			-		$	-			-		$	120,905,168			35,655

PARTNERS’ CAPITAL
December 31, 2008	$	190,432,028			51,957		$	683,098			186	$	-			-	$	28,126,634			7,674		$	-			-		$	219,241,760			59,817

Subscriptions		87,597,562			25,511			-			-		4,757,000			1,438		23,633,887			6,906			2,090,000			624			118,078,449			34,479
Redemptions		(25,769,506	)		(7,709	)		-			-		-			-		(3,391,737	)		(987	)		(50,265	)		(16	)		(29,211,508	)		(8,712	)
Net loss		(31,719,925	)		-			(93,881	)		-		(196,780	)		-		(5,393,771	)		-			(111,803	)		-			(37,516,160	)		-

PARTNERS’ CAPITAL
June 30, 2009	$	220,540,159			69,759		$	589,217			186	$	4,560,220			1,438	$	42,975,013			13,593		$	1,927,932			608		$	270,592,541			85,584


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 six			For the six
	months ended			months ended
	June 30, 2009			June 30, 2008

CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income (loss)	$	(37,516,160	)	$	12,870,603
Adjustments to reconcile net income (loss)
to net cash used in operating activities:
Purchases of investment in Man-AHL
Diversified Trading Company L.P.		(118,078,449	)		(53,710,438	)
Sales of investment in Man-AHL
Diversified Trading Company L.P.		33,293,619			8,835,070
Net change in appreciation (depreciation)
of investment in Man-AHL
Diversified Trading Company L.P.		31,381,044			(18,248,227	)
Changes in assets and liabilities:
Other assets		-			476
Management fees payable		128,256			157,878
Incentive fees payable		(2,079,483	)		434,529
Servicing fees payable		65,494			-
Brokerage commissions payable		-			(46,834	)
Accrued expenses		(33,624	)		18,453

Net cash used in operating activities		(92,839,303	)		(49,688,490	)

CASH FLOWS FROM FINANCING
ACTIVITIES:
Proceeds from subscriptions		139,970,801			74,609,969
Payments on redemptions		(25,239,146	)		(4,021,948	)

Net cash provided by financing activities		114,731,655			70,588,021

NET INCREASE IN CASH		21,892,352			20,899,531

CASH AND CASH EQUIVALENTS
Beginning of Period		8,729,540			4,225,671

CASH AND CASH EQUIVALENTS
End of Period	$	30,621,892		$	25,125,202

SUPLEMENTAL DISCLOSURE OF
NON-CASH TRANSACTIONS:
Non-cash contributions of partners' capital	$	-		$	2,420,198

Non-cash redemptions of partners' capital	$	-		$	(2,420,198	)


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

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 June 30, 2009 and the results of its operations for the three months ended June 30, 2009 and 2008 and six months ended June 30, 2009 and 2008. These financial statements present the results of interim periods and do not include all the disclosures normally provided in annual financial statements. It is suggested that these financial statements be read in conjunction with the audited financial statements and notes included in the Partnership’s annual report on Form 10-K filed with the Securities and Exchange Commission on March 31, 2009. The December 31, 2008 information has been derived from the audited financial statements as of December 31, 2008.

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. 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-AHL (USA) Corp., a Delaware corporation, was the general partner and trading advisor of the Partnership and the Trading Company until April 1, 2005, when it transferred its trading advisory business to its affiliate, Man-AHL (USA) Ltd. (the “Advisor”), a United Kingdom company, and its commodity pool operations to its affiliate, Man Investments (USA) Corp. (the “General Partner”), a Delaware corporation and a registered investment adviser under the Investment Advisers Act of 1940. Man Investments Holdings Limited, a United Kingdom holding company that is part of Man Group plc, a United Kingdom public limited company, is the sole shareholder 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.

Effective July 1, 2008, the Partnership issued a new class of units, Class B. Class B was created solely for retirement plan investors. The fee structure is identical to Class A.

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”).

On January 28, 2008, the Partnership filed a registration statement with the Securities and Exchange Commission to allow over 500 investors in the Partnership.

On April 1, 2009, the Partnership added two new series: Class A Series 2 (“Class A-2”) and Class B Series 2 units (“Class B-2”). Except as described in Footnote 4 below, Class A-2 and Class B-2 units are identical to class A and B units, respectfully.

2.	SIGNIFICANT ACCOUNTING POLICIES

The Partnership prepares its financial statements in conformity with accounting principles generally accepted in the United States of America. 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 accounting principles generally accepted in the United States of America 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 fair value at the Partnership’s proportionate interest in the net assets of the Trading Company. Investment transactions are recorded on a trade date basis. The performance of

the Partnership is directly affected by the performance of the Trading Company. Attached are the financial statements of the Trading Company, which are an integral part of these financial statements. Valuation of investments held by the Trading Company is discussed in the notes to the Trading Company’s financial statements.

The Partnership can redeem any or all of its limited partnership interests in the Trading Company at any month-end at the net asset value per unit of the Trading Company. At June 30, 2009 and 2008, the Partnership owned 23,915 and 13,121 Class A units, respectively, of the Trading Company. The Partnership also owned 4,648 Class B units, 493 Class A-2 units and 209 Class B-2 units at June 30, 2009. The Partnership’s aggregate ownership percentage of the Trading Company (Class A, A-2, B and B-2 units) at June 30, 2009 and 2008, was 52.70% and 32.11%, respectively.

The Partnership segregates its investments into three levels based upon the inputs used to derive the fair value. “Level 1” investments use inputs from unadjusted quoted prices from active markets. “Level 2” investments reflect inputs other than quoted prices, but use observable market data. “Level 3” investments are valued using mainly unobservable inputs. These unobservable inputs for “Level 3” investments reflect the Partnership’s assumption about the assumptions market participants would use in pricing the investments. As of June 30, 2009, all of the Partnership’s investments are “Level 3”. See the notes to the financial statements of the Trading Company L.P. for expanded SFAS 157 disclosures.

Cash and Cash Equivalents — Cash and cash equivalents include cash and short-term interest bearing money market instruments with original maturities of 90 days or less, held with JPMorgan Chase, N.A.

Brokerage Commissions Expense — Brokerage commission expense on futures and forward contracts traded in the Trading Company is charged at institutional rates based on trading volume.

Income Taxes — Income taxes are not provided for by the Partnership because taxable income or loss of the Partnership is includable in the income tax returns of the individual partners.

Net Income (Loss) Per Unit — Net income (loss) per unit of Class A, Class A-2, Class B or Class B-2 partnership interest is equal to the change in net asset value per unit of the respective classes, from the beginning of the period to the end of the period. Unit amounts are rounded to whole numbers for financial statement presentation.

Subscriptions Received in Advance — Subscriptions received in advance are comprised of cash received prior to the statement of financial condition date for which units were issued on the first day of the following month. Subscriptions received in advance do not participate in the earnings of the Partnership until the related units are issued.

3.	LIMITED PARTNERSHIP AGREEMENT

The General Partner and each limited partner share in the profits and losses of the Partnership in proportion to the number of units or unit equivalents 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 Limited Partnership Agreement (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.

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 the execution of the Partnership’s investments strategy, such as, brokerage commissions, management and incentive fees and other operating expenses, such as legal, audit, and tax return preparation fees.

EXPENSES

For all classes of units, 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 Agreement. With the exception of Series 2 of Class A and B, the General Partner earns a monthly General Partner fee in an amount equal to 0.0833% (1% annually) of the Partnership’s month-end net asset value, as defined in the Agreement. 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. 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.

The Partnership pays a monthly servicing fee to the Placement Agent in an amount equal to 0.1250% (1.5% annually) of the Partnership’s month-end net asset value, as defined in the supplement to the Agreement, dated July 15, 2008. For classes A-2 and B-2, the Partnership pays a monthly servicing fee to the placement agent in an amount equal to 0.1042% (1.25% annually) of the Partnership’s month-end net asset value, as defined in the supplement to the Agreement, dated January 2, 2009. For all classes of units, MII serves as the placement agent for the Partnership.

5.	DERIVATIVE FINANCIAL INSTRUMENTS

The Partnership’s operating activities involve trading, indirectly through its investment in the Trading Company, in derivative financial instruments 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.

The Trading Company utilizes MF Global, Inc. (“MFG”), formerly known as Man Financial Inc. (Man) and Credit Suisse to clear its futures trading activity. The Trading Company utilizes Royal Bank of Scotland (“RBS”) and JPMorgan Chase to clear its forward trading activity.

6.	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.

7.	RECENT ACCOUNTING PRONOUNCEMENTS

In June 2009, the FASB issued SFAS No. 168, “The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles-a replacement of FAS No. 162” (“SFAS

168”), which establishes the FASB Accounting Standards Codification (the “Codification”) as the source of authoritative U.S. generally accepted accounting principles recognized by the FASB to be applied by nongovernmental entities. This statement is effective for financial statements issued for interim and annual periods ending after September 15, 2009. On the effective date of this Statement, the Codification will supersede all then-existing non-SEC accounting and reporting standards. All other non-grandfathered non-SEC accounting literature not included in the Codification will become non-authoritative. The adoption of SFAS 168 will require the Fund to adjust references to authoritative accounting literature in the financial statements, but will not affect the Fund’s financial position or results of operations.

8.	SUBSEQUENT EVENTS

Effective for interim and annual periods ending after June 15, 2009, the Partnership adopted the provisions in Financial Accounting Standard No. 165 and has evaluated subsequent events through August 14, 2009, the date the financial statements were issued.

Man-AHL Diversified Trading Company L.P.

Financial Statements

STATEMENTS OF FINANCIAL CONDITION (a)

STATEMENTS OF OPERATIONS (b)

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (c)

STATEMENTS OF CASH FLOWS (c)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)

(a)	At June 30, 2009 (unaudited) and December 31, 2008

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

(c)	For the six months ended June 30, 2009 and 2008 (unaudited)

MAN-AHL DIVERSIFIED TRADING COMPANY L.P.
(A Delaware Limited Partnership)

STATEMENTS OF FINANCIAL CONDITION

	June 30, 2009
	(unaudited)		December 31, 2008
ASSETS

Equity in commodity futures and forwards
trading accounts:
Net unrealized trading gains on open futures contracts	$	2,159,609	$	15,887,019
Net unrealized trading gains on open forward contracts		-		1,527,892
Due from brokers		45,691,041		25,700,722
		47,850,650		43,115,633

Cash and cash equivalents		480,767,830		484,593,631

Interest receivable		7,650		90,491

TOTAL	$	528,626,130	$	527,799,755


LIABILITIES AND PARTNERS’ CAPITAL

LIABILITIES —
Redemptions payable	$	12,442,855	$	24,783,667
Net unrealized trading losses on open forward contracts		2,754,572		-

Total liabilities	$	15,197,427	$	24,783,667

PARTNERS’ CAPITAL:
Limited Partners (55,528 and 48,103 units outstanding at
June 30, 2009 and December 31, 2008, respectively)		513,428,703		503,016,088

Total partners’ capital		513,428,703		503,016,088

TOTAL	$	528,626,130	$	527,799,755

NET ASSET VALUE PER OUTSTANDING UNIT OF
PARTNERSHIP INTEREST	$	9,246.38	$	10,457.01


See notes to financial statements.

MAN-AHL DIVERSIFIED TRADING COMPANY L.P.
(A Delaware Limited Partnership)

STATEMENTS OF OPERATIONS (UNAUDITED)

	For the three			For the three			For the six			For the six
	months ended			months ended			months ended			months ended
	June 30, 2009			June 30, 2008			June 30, 2009			June 30, 2008

NET INVESTMENT INCOME:
Interest income	$	192,901		$	1,921,985		$	485,381		$	3,974,202

NET REALIZED AND UNREALIZED
GAINS (LOSSES) ON TRADING
ACTIVITIES:
Net realized trading gains (losses) on
closed contracts		(35,599,982	)		17,480,365			(47,018,573	)		68,991,602
Net change in unrealized trading
losses on open contracts		4,610,399			(299,587	)		(18,009,874	)		(3,457,651	)

NET GAIN (LOSS) ON TRADING
ACTIVITIES		(30,989,583	)		17,180,778			(65,028,447	)		65,533,951

NET INCOME (LOSS)	$	(30,796,682	)	$	19,102,763		$	(64,543,066	)	$	69,508,153


NET INCOME (LOSS) FOR A UNIT
OF PARTNERSHIP INTEREST	$	(555.15	)	$	463.27		$	(1,210.63	)	$	1,821.34

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 SIX MONTHS ENDED JUNE 30, 2009 AND 2008


	Limited			General
	Partners			Partner		Total

PARTNERS’ CAPITAL — December 31, 2007	$	260,209,821		$	-	$	260,209,821

Issuance of 11,972 units of limited
partnership interest		101,649,918			-		101,649,918
Redemption of 6,310 units of limited
partnership interest		(54,889,323	)		-		(54,889,323	)
Net income		69,508,153			-		69,508,153

PARTNERS’ CAPITAL — June 30, 2008	$	376,478,569		$	-	$	376,478,569

PARTNERS’ CAPITAL — December 31, 2008	$	503,016,088		$	-	$	503,016,088

Issuance of 16,059 units of limited
partnership interest		159,304,103			-		159,304,103
Redemption of 8,634 units of limited
partnership interest		(84,348,422	)		-		(84,348,422	)
Net loss		(64,543,066	)		-		(64,543,066	)

PARTNERS’ CAPITAL — June 30, 2009	$	513,428,703		$	-	$	513,428,703

See notes to financial statements.

MAN-AHL DIVERSIFIED TRADING COMPANY L.P.
(A Delaware Limited Partnership)

STATEMENTS OF CASH FLOWS (UNAUDITED)

	For the six			For the six
	months ended			months ended
	June 30, 2009			June 30, 2008

CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income (loss)	$	(64,543,066	)	$	69,508,153
Adjustments to reconcile net income (loss)
to net cash provided by (used in)
operating activities:
Net change in unrealized trading
gains on open contracts		18,009,874			3,457,651
Changes in assets and liabilities:
Due from brokers		(19,990,319	)		54,562,544
Interest receivable		82,841			64,015

Net cash provided by (used in)
operating activities		(66,440,670	)		127,592,363

CASH FLOWS FROM FINANCING
ACTIVITIES:
Proceeds from subscriptions		159,304,103			101,649,918
Payments on redemptions		(96,689,234	)		(51,161,853	)

Net cash provided by
financing activities		62,614,869			50,488,065

NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS		(3,825,801	)		178,080,428

CASH AND CASH EQUIVALENTS
Beginning of period		484,593,631			158,733,582

CASH AND CASH EQUIVALENTS
End of period	$	480,767,830		$	336,814,010


See notes to financial statements.

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 “Partnership”) financial condition at June 30, 2009 and the results of its operations for the three months ended June 30, 2009 and 2008 and six months ended June 30, 2009 and 2008. These financial statements present the results of interim periods and do not include all the disclosures normally provided in annual financial statements. It is suggested that these financial statements be read in conjunction with the audited financial statements and notes included in Man-AHL Diversified I L.P.’s annual report on Form 10-K filed with the Securities and Exchange Commission on March 31, 2009. The December 31, 2008 information has been derived from the audited financial statements as of December 31, 2008.

1.	ORGANIZATION OF THE PARTNERSHIP

Man-AHL Diversified Trading Company L.P. (a Delaware Limited Partnership) (the “Partnership”) 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. Man Investments (USA) Corp. (the “General Partner”), a Delaware corporation and a registered investment adviser under the Investment Advisers Act of 1940, serves as the Partnership’s general partner. The General Partner is a subsidiary of Man Group plc, a United Kingdom public limited company that is listed on the London Stock Exchange. The General Partner oversees the operations and management of the Partnership. The General Partner is registered with the Commodity Futures Trading Commission (“CFTC”) as a commodity pool operator and commodity trading adviser and is a member of the National Futures Association (“NFA”).

The Partnership 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., Man-AHL Diversified II L.P., and Man-AHL Diversified L.P., are limited partnerships whose general partner is the General Partner.

Man-AHL (USA) Ltd. (the “Advisor”), a limited liability company incorporated in the United Kingdom, 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 CFTC as a commodity pool operator and commodity trading advisor, and is a member of the NFA, in addition to registration with the Financial Services Authority in the United Kingdom.

2.	SIGNIFICANT ACCOUNTING POLICIES

Due From Brokers — Due from brokers consists of balances due from MF Global, Inc. (“MFG”), formerly known as Man Financial Inc., Credit Suisse (“CS”), JPMorgan Chase Bank, N.A. (“JPM”) and Royal Bank of Scotland (“RBS”). In general, the brokers pay the Partnership interest monthly, based on agreed upon rates, on the Partnership’s average daily balance.

MFG, CS, JPM and RBS are registered with the CFTC as futures commission merchants and are members of the NFA.

Amounts due from brokers include cash held at brokers and cash posted as collateral. Included in due from broker on the statements of assets and liabilities is $11,591,040 of cash restricted as collateral held.

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

The Partnership segregates its investments into three levels based upon the inputs used to derive the fair value. “Level 1” investments use inputs from unadjusted quoted prices from active markets. “Level 2” investments reflect inputs other than quoted prices, but use observable market data. “Level 3” investments are valued using unobservable inputs. These unobservable inputs for “Level 3” investments reflect the Partnership’s assumption about the assumptions market participants would use in pricing the investments. As of June 30, 2009, the Partnership did not have any positions in “Level 3”.

The following is a summary of the inputs used in valuing the Partnership’s assets and liabilities at fair value at June 30, 2009:

				Fair Value Measurments

				Quoted Prices in
				Active Markets for		Significant Other			Significant Other
	Fair Value as of			Identical Assets		Observable Inputs			Unobservable Inputs
Description	June 30, 2009			(Level 1)		(Level 2)			(Level 3)

Net unrealized trading gains on open futures contracts	$	2,159,609		$	2,159,609	$	-		$	-

Net unrealized trading losses on open forward contracts	$	(2,754,572	)	$	-	$	(2,754,572	)		-

Total	$	(594,963	)	$	2,159,609	$	(2,754,572	)	$	-

Income Recognition — Realized and unrealized trading gains and losses on futures and forward contracts, which represent the difference between cost and selling price or fair value, are recognized in the statements of operations. All trading activities are accounted for on a trade-date basis. Interest income is recorded on an accrual basis.

Foreign Currency Translation — Assets, liabilities, gains, and losses denominated in foreign currencies are translated at exchange rates at the date of valuation. The resulting net realized and unrealized foreign exchange gains and losses are recorded in net realized and unrealized gains (losses) on trading activities in the statements of operations.

Income Taxes — Income taxes are not provided for by the Partnership because taxable income or loss of the Partnership is includable in the income tax returns of the partners.

Net Income (Loss) Per Unit — Net income (loss) per unit of partnership interest is equal to the change in net asset value per unit from the beginning of the period to the end of the period. Unit amounts are rounded to whole numbers for financial statement presentation.

3.	ADVISORY AGREEMENT AND PARTNERSHIP AGREEMENT

The Advisor is the sole trading advisor to the Partnership.

The General Partner and limited partners share in the profits and losses of the Partnership in proportion to the number of units or unit equivalents held by each partner. However, no limited partner is liable for obligations of the Partnership in excess of its capital contribution and net profits or losses, if any. The General Partner owned no direct interest in the Partnership during the six month periods ended June 30, 2009 and 2008.

Distributions (other than redemption of units), if any, are made on a pro rata basis at the sole discretion of the General Partner.

The Partnership incurs no expenses. The limited partners are responsible for expenses incurred in connection with the Partnership’s activities. These expenses include, but are not limited to, all costs relating to trading activity, such as brokerage commissions, management and incentive fees, continuing offering expenses and legal, audit, and tax return preparation fees.

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 net asset value per unit on 10 days prior written notice to the General Partner. The General Partner may suspend redemptions of units of the Partnership’s investments that are illiquid only if the Partnership’s ability to withdraw capital from any investment is restricted. The Partnership will be dissolved on December 31, 2037, or upon the occurrence of certain events, as specified in the Limited Partnership Agreement (the “Agreement”).

4.	DERIVATIVE FINANCIAL INSTRUMENTS

The Partnership 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 change in net unrealized trading gains (losses) on open contracts in the statements of operations.

Credit risk arises from the potential inability of counterparties to perform in accordance with the terms of the contract. The credit risk from counterparty non-performance associated with these instruments is the net unrealized trading gain, if any, included in the statements of financial condition. Forward contracts are entered into on an arm’s-length basis with RBS. In applying Financial Accounting Standards Board (“FASB”) Interpretation No. 39, “Offsetting of Amounts Related to Certain Contracts” (“FIN No. 39”), the Partnership’s accounting policy is such that open contracts with the same counterparty are netted at the account level, in accordance with master netting arrangements in place with each party, as applicable. Netting is effective across products and cash collateral when so specified in the applicable netting agreement.

For exchange-traded contracts, the clearing organization functions as the counterparty of specific transactions and, therefore, bears the risk of delivery to and from counterparties to specific positions, which mitigates the credit risk of these instruments. At June 30, 2009 and December 31, 2008, estimated credit risk with regard to forward contracts was $0 and $1,527,892, respectively.

The Partnership trades in exchange-traded futures contracts on various underlying commodities, foreign currencies, and financial instruments, as well as forward contracts on foreign currencies. Fair

values of futures and forward contracts are reflected net by counterparty or clearing broker in the statements of financial condition.

The Partnership’s funds held by, and cleared through, MFG, CS, JPM and RBS are required to be held in segregated accounts under rules of the CFTC. These funds are used to meet minimum maintenance margin requirements for all of the Partnership’s open futures positions as set by the exchange where each contract is traded. These requirements are adjusted, as needed, due to daily fluctuations in the values of the underlying positions. Certain positions may be liquidated, if necessary, to satisfy resulting changes in margin requirements.

Effective January 1, 2009, the Partnership has adopted the provisions of Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities, an amendment of FASB Statement No. 133” (“SFAS No. 161”). SFAS No. 161 amends and expands the disclosure requirements of SFAS No. 133 “Accounting for Derivative Instruments and Hedging Activities”(“SFAS No. 133”) with the intent to provide users of financial statements with an enhanced understanding of: (i) how and why an entity uses derivative instruments; (ii) how derivative instruments and related hedged items are accounted for under SFAS No. 133 and its related interpretations; and (iii) how derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows. Adoption of SFAS 161 impacted disclosures only and, had no impact on the Partnership’s financial condition, results of operations or cash flows.

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

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

During the quarter ended June 30, 2009, the Partnership traded 65,567 exchange traded future contracts and settled 24,950 OTC forward contracts. During the six month period ended June 30, 2009, the Partnership traded 117,481 exchange traded future contracts and settled 35,994 OTC forward contracts.

The following table presents the fair value of the Partnership’s derivative instruments and statement of financial condition location.

Derivatives not designated as hedging instruments under SFAS 133	Asset Derivatives			Liability Derivatives
	June 30, 2009			June 30, 2009
	Statement of Financial Condition	Fair Value **		Statement of Financial Condition	Fair Value **
Op`en forward contracts	Net unrealized trading gains on open forward contracts	$	4,953,912	Net unrealized trading losses on open forward contracts	$	(7,708,484	)
Open futures contracts	Net unrealized trading gains on open futures contracts		6,769,716	Net unrealized trading losses on open futures contracts		(4,610,107	)
Total Derivatives		$	11,723,628		$	(12,318,591	)

** Open forward and future contracts are presented on the gross basis for SFAS 161 purposes. Net unrealized trading gains and losses are netted by counterparty in the Statements of Financial Condition in accordance with FIN 39.

The following table presents the impact of derivative instruments on the statements of operations. The Partnership did not designate any derivatives as hedging instruments for the three months ended June 30, 2009.

Derivatives not designated as		For the Three Months Ended June 30, 2009			For the Six Months Ended June 30, 2009
hedging instruments under SFAS 133	Location of loss recognized in Income on Derivatives	Gain/(Loss) on Derivatives			(Loss) on Derivatives

Forward contracts	Net realized trading losses on closed contracts	$	(14,089,833	)	$	(16,008,759	)
	Net change in unrealized trading gains on open contracts		3,069,974			(4,282,464	)

Futures contracts	Net realized trading losses on closed contracts		(21,510,149	)		(31,009,814	)
	Net change in unrealized trading gains on open contracts		1,540,425			(13,727,410	)
Total		$	(30,989,583	)	$	(65,028,447	)

5.	FINANCIAL GUARANTEES

6.	RECENT ACCOUNTING PRONOUNCEMENTS

In June 2009, the FASB issued SFAS No. 168, “The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles-a replacement of FAS No. 162” (“SFAS 168”), which establishes the FASB Accounting Standards Codification (the “Codification”) as the

source of authoritative U.S. generally accepted accounting principles recognized by the FASB to be applied by nongovernmental entities. This statement is effective for financial statements issued for interim and annual periods ending after September 15, 2009. On the effective date of this Statement, the Codification will supersede all then-existing non-SEC accounting and reporting standards. All other non-grandfathered non-SEC accounting literature not included in the Codification will become non-authoritative. The adoption of SFAS 168 will require the Fund to adjust references to authoritative accounting literature in the financial statements, but will not affect the Fund’s financial position or results of operations.

7.	SUBSEQUENT EVENTS

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 speculative managed futures fund which trades 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 Partnership by Man-AHL (USA) Limited. The AHL Diversified Program is a futures and forward price trend-following trading system, entirely quantitative in nature, and implements trading positions on the basis of statistical analyses of past price histories. The 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. Past performance is not necessarily indicative of its futures 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 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 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 JPMorgan Chase Bank, N.A. (the “Broker”) 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 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 31, 2009.

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 June 30, 2009:

	30-Jun -09	31-Mar -09
Ending Equity	$270,592,541	$232,322,608

Three months ended June 30, 2009:

Net assets increased $38,269,933 for the three months ended June 30, 2009. This increase was attributable to subscriptions in the amount of $72,966,664, redemptions in the amount of $15,608,783 and a net loss from operations of $19,087,948.

Management Fees of $1,976,382, brokerage commissions of $163,458 and servicing fees of $990,802 were paid or accrued, and interest of $98,540 was earned or accrued on the Partnership’s cash and cash equivalent investments, for the three months ended June 30, 2009.

The Partnership’s other expenses paid or accrued for the three months ended June 30, 2009 were $99,333.

Six months ended June 30, 2009:

Net assets increased $51,350,781 for the six months ended June 30, 2009. This increase was attributable to subscriptions in the amount of $118,078,449, redemptions in the amount of $29,211,508 and a net loss from operations of $37,516,160.

Management Fees of $3,714,397, brokerage commissions of $290,623 and servicing fees of $1,859,809 were paid or accrued, and interest of $230,367 was earned or accrued on the Partnership’s cash and cash equivalent investments, for the six months ended June 30, 2009.

The Partnership’s other expenses paid or accrued for the six months ended June 30, 2009 were $270,287.

Three months ended June 30, 2009:

Agriculture produced significant losses during the quarter, primarily driven by cotton, wheat, coffee and cocoa positions. Cotton reached a six month high in early May, although the AHL Diversified Program did not lock-in any profits due to volatile trading. Short positions in wheat for April and May resulted in losses, as prices rose. Losses were partially recovered in late June as short positions profited from declining prices. Switching in mid-May to a long position in coffee proved profitable in the short term, as wholesale coffee prices rose due to continued demand despite the economic downturn. However, all gains were reversed as prices fell sharply in June. Cocoa prices were highly volatile again this quarter, as market sentiment over long term demand whipsawed, preventing any profits from emerging. Sugar produced the greatest return as long positions gained from a sustained rally.

The bond sector experienced a loss over the quarter, dragged particularly by April’s negative performance. The AHL Diversified Program’s long positions in US and European government bonds proved particularly damaging to performance after prices generally fell as risk appetite rose.

Renewed concerns over a dramatic increase in US government bond issuance over the coming months weighed heavily on US Treasuries. Prices fell further after a report on home prices supported the view that the US housing market was stabilizing. In Europe, bond prices slumped after the European Central Bank cut rates by a smaller-than-expected amount. Elsewhere, long positions in UK Gilts also proved

damaging over April and May as prices fell amid increasing alarm over UK’s rising debt levels and fears that it could lose its triple A credit status.

Elsewhere, long positions in Japanese government bonds were impacted by significant fluctuations in May price movements. A switch to short positions in early June also proved unfavorable as prices rallied strongly throughout June. Poor economic data, which suggested a slow economic recovery, was the main driver of demand for the safe haven asset. Profits generated from exposure to Australian bonds over May and June managed to trim losses. As Australian bond prices trended lower, the AHL Diversified Program’s short positions benefited.

Currency market trading incurred a loss for the quarter as a large degree of choppy movements negatively impacted performance and offset gains elsewhere.

At the beginning of the period, world equity markets had enjoyed a month of strong rising markets as investors responded to an improvement in news flow by increasing risk levels. This rally in riskier assets continued in April and May as signs of life in the banking system grew larger and China’s huge stimulus plan began to filter through to official statistics. The latter played a key role in the advance of commodity-linked currencies such as AUD, ZAR, BRL and NZD in which the AHL Diversified Program held long positions against USD. All contributed strongly to returns over the period, although the month of June was less beneficial than the previous two, as trends eased to trade largely within a band.

For many currencies, volatility in June was merely a continuation of choppy movements experienced in the previous two months. For currency pairs, EUR/GBP and JPY/USD, the quarter was significantly volatile with little observable trends developing. This led to a significant fluctuation of positions which ultimately caused losses for the AHL Diversified Program. The same was apparent with trading in EUR/CHF although losses here were extended further due to a sharp snapback in late June. Finally, the largest loss to the AHL Diversified Program came from short positions in GBP/USD as the British pound advanced on the back of the rise in risk appetite seen over April and May. In June, the currency traded within a band with no notable trend, negatively impacting returns again.

The energy sector produced the largest contribution to overall returns during the quarter. Switching in early May to a long position in Crude Oil proved profitable as it rallied to an eight month high of over USD 73 per barrel in June. However, profits tailed off slightly toward the end of the month on news of weaker-than-expected US consumer confidence. Gains also came from long positions in Gasoline which closely followed the performance of crude. Natural gas detracted from profits as prices significantly fluctuated due to conflicting economic data and concerns over a “supply crunch” after Gazprom announced investment cuts and production delays.

Interest rate trading was the principal source of losses for the quarter. Primarily long positions in Eurodollar, Euribor and Short Sterling were responsible for the losses as the previously profitable trend reversed in the second half of May and in early June. Eurodollar prices plummeted over the period as positive economic data, better than expected US unemployment figures being the main trigger, sparked speculation of a rise in the US interest rates and a significant increase in LIBOR rates towards the back end of the year. However, losses were limited by gains secured in May especially from long positions in Eurodollar, Euribor and Short Sterling.

Metals positions suffered losses over the quarter. Base metals produced the worst return with short positions in Nickel, Aluminum and Copper losing heavily as these commodities climbed on positive manufacturing surveys in the US, Europe and China and a weak US dollar. Long positions in the precious metals all incurred small losses as prices fell sharply mid-way through June. Long positions in Gold made steady profits during May, but again were quickly reversed in June as the dollar strengthened.

Trading in stock indices for the quarter finished negative despite accumulating gains in April. Highly volatile markets since mid May meant the AHL Diversified Program could not benefit from any sustained trends and duly surrendered all earlier profits. The biggest losses were from exposure to the S&P 500.

Despite the index having its best quarter since 1998, choppy trading meant the AHL Diversified Program was unable to lock-in these gains. Other detractors came from European markets with the Euro-Stoxx and Dax Index also lacking any consistent trends. Long positions in the Hang Seng generated profits for the quarter as Asian stocks surged upwards encouraged by signs of a global economic recovery.

Three months ended March 31, 2009:

Equity markets continued on their downward trend in early 2009, before rallying strongly in March. Concerns over the severity of the worldwide recession and lingering fears of bank nationalization drove equity values lower in January and February. However, optimism returned to the market in March as economic data improved and market commentators started to talk of a market bottom being reached.

Amid this environment, the AHL Diversified Program failed to build on its strong performance from last quarter. Numerous long standing trends, from which the AHL Diversified Program had profited in the past, became volatile or reversed direction. This was the case for the majority of sectors, but currency and bond markets in particular. Currency trading posted a loss over the quarter, with the majority of losses coming in the last three weeks of March. Long Japanese yen positions against the US dollar proved to be the largest detractor to performance. Demand for the yen fell over the period as its appeal as a “safe haven” asset came under threat. Poor export data and GDP figures painted a bleak picture of the Japanese economy, while an uptick in risk appetite also reduced demand for the yen. Within bond markets, primarily long positions in almost all markets (US Treasuries and Japanese bond position in particular) were responsible for losses as previously profitable trends became volatile and choppy, with many positions impacted by a whipsawing in prices.

On the positive side, exposure to equity and short-term interest rate markets posted gains. A number of short equity positions capitalized on the slide in equity values around the world, with short S&P 500 contracts providing the greatest gains. On the short-term interest rate market side, long Euribor positions were solely responsible for the positive returns seen within the sector.

The agriculturals sector had mixed performance after small gains from wheat positions were offset by slight losses from exposure to soymeal, soybeans and corn. Short positions in wheat posted gains as prices continued to edge lower due to demand concerns fuelled by the weakening economy. However, short positions in soy and corn proved detrimental, especially in March, after prices rose as Argentine farmers halted grain sales after the government rejected demands to cut a 35% export tariff on soya.

Trading in government bond markets posted a loss over the quarter. Primarily long positions in almost all markets were responsible for the losses as previously profitable trends became volatile and choppy, with many positions impacted by a whipsawing in prices. Falling equity prices in January and February drove more investors into bond markets. However, March saw a large rally in equities as risk appetite improved, removing some demand for government securities.

Currency trading posted a loss over the quarter, with the majority of losses coming in the last three weeks of March. Long Japanese yen positions against the US dollar proved to be the largest detractor to performance. Demand for the yen fell over the period. Short British pound positions versus the US dollar posted losses, mainly due to volatility in this currency pair as the FX rate finished the quarter relatively unchanged. The Swiss National Bank’s (SNB) decision to intervene and devalue its currency produced negative performance for the AHL Diversified Program’s long positions in the Swiss franc against the US dollar. The SNB narrowed its target interest rate range, sold francs and bought bonds in an attempt to provide stimulus to the countries export-driven economy and to avoid deflation. Short Euro versus US dollar positions also weighed on performance, particularly over the latter half of the quarter. The US currency weakened as the Federal Reserve announced it was set to implement a quantitative approach to monetary policy. The Fed stated it would buy $300bn of long-term US Treasuries in an effort to boost market liquidity, surprising most investors.

Energy trading had an overall negative quarter as the previous year’s trend in the oil market came to an end. The AHL Diversified Program struggled with whipsawing trends in oil markets as prices became largely range bound as market forces in both directions bought against each other. Global recession pushed oil prices down while OPEC agreed to cut production and some positive economic data helped rally commodities. Losses were improved by gains in short natural gas trades.

Interest rate trading posted gains for the quarter. Long Euribor positions were responsible for almost all of the sector’s positive performance. Fears of deflation, expectations of interest rates cuts and actual ECB moves in the Eurozone area boosted prices throughout the period. Holding back further gains were losses from Eurodollar positions held in February.

Trading in base metals made a slight loss over the period. Short positions in copper were the largest detractor from performance as the commodity experienced a rally towards the end of the period amidst improving US economic data and a more optimistic outlook for the Chinese economy. Short positions in aluminum proved to be the best performer as prices declined sharply over January as the outlook for future demand deteriorated and stock levels increased, pushing prices lower. Trading in precious metals posted a loss over the quarter. Short positions in silver proved to be misplaced as prices rose during the first of the period on safe haven buying. Long gold trades benefited from this safe haven buying over the first half of the period. However, prices failed to break through the all important $1000 mark, falling back quickly and becoming largely range bound, leading to losses over the second half of the quarter.

Periods Ended June 30, 2008:

	30-Jun-08	31-Mar -08
Ending Equity	$120,905,168	$89,361,244

Three months ended June 30, 2008:

Net assets increased $31,543,924 for the three months ended June 30, 2008. This increase was attributable to subscriptions in the amount of $33,573,732, redemptions in the amount of $5,802,819 and a net gain from operations of $3,773,011.

Management Fees of $820,725, Incentive Fees of $943,253 and brokerage commissions of $228,214 were paid or accrued, and interest of $574,809 was earned or accrued on the Partnership’s cash and cash equivalent investments, for the three months ended June 30, 2008.

The Partnership’s other expenses paid or accrued for the three months ended June 30, 2008 were $90,382.

Six months ended June 30, 2008:

Net assets increased $61,349,778 for the six months ended June 30, 2008. This amount represents subscriptions in the amount of $56,130,636, redemptions in the amount of $7,651,461 and a net gain from operations of $12,870,603.

Management Fees of $1,416,838, Incentive Fees of $3,211,277 and brokerage commissions of $624,814 were paid or accrued, and interest of $1,088,781 was earned or accrued on the Partnership’s cash and cash equivalent investments, for the six months ended June 30, 2008.

The Partnership’s other expenses paid or accrued for the six months ended June 30, 2008 were $124,695.

Three months ended June 30, 2008:

Trading in oil and gas markets proved particularly profitable over the period, where long positions in crude oil and natural gas drove gains. Crude oil surged to new highs during the period and natural gas prices rose sharply amid increased demand from the power sector.

Long crude oil positions registered strong gains as West Texas Intermediate (“WTI”) rose 11.7% in April. A record high of US $119.70 per barrel was reached on April 25, as a weakening US dollar, unexpected falls in US inventories and production difficulties drove prices higher. Long positions in products derived from crude oil, such as RBOB gasoline, heating oil and gas oil, also made gains as prices rose sharply. WTI sustained its rise in May. A new closing high above US $132 per barrel was reached amid worries that demand would outstrip supply within the next few years and on the back of robust demand from China ahead of the Olympics. Meanwhile, OPEC continued to insist that there was no shortage of supply in the market and that elevated prices were a consequence of US dollar weakness and investor speculation. WTI hit fresh highs again in June as geopolitical tensions and concerns about disruptions to output in Nigeria intensified, overshadowing Saudi Arabia's pledge to provide more crude supplies.

Increasing inflationary pressures and changing interest rate expectations proved beneficial for bond and interest rate trading during the period as short positions in Eurobonds and Euribor contributed to performance. Prices fell in June on heightened speculation that the European Central Bank would lift interest rates after eurozone inflation continued to rise. Profits were slightly offset, however, by long positions in Asian equities and various equity indices as markets came under pressure on fears over stagflation and falling confidence in the financial and housing sectors.

The period highlighted the increasingly difficult task facing the world's central banks. The need to balance the risks to growth and the risks of accelerating inflation saw a continued divergence in monetary policy over the month. In April, the Bank of England and Federal Reserve took action to protect growth, both lowering interest rates by 0.25%, while the European Central Bank focused on controlling inflation and left base rates unchanged at 4%. Both the Bank of England and European Central Bank left interest rates unchanged over the months of May and June.

In currency markets, the US dollar regained some ground early in the period as investors speculated that the latest decrease in US interest rates may mark the end of the current loosening cycle. The general improvement in sentiment witnessed during April gave strength to the US dollar, which rallied against the euro and Japanese yen towards the end of April, negatively affecting our currency positions. May and June witnessed US dollar weakness and investor speculation. In May, the Australian dollar hit a 24-year high against the US dollar on the back of surging commodity prices and disappointing US consumer confidence figures, which resulted in gains from long Australian dollar positions.

Equity markets began to recover in April from the heavy declines they registered in the first quarter with the S&P 500, FTSE 100 and Nikkei 225 ending up over 4%, 6% and 10%, respectively. Global equity markets continued to trend higher in May as encouraging economic data releases in the US bolstered investor sentiment and dampened talks of a recession. Global equities suffered a sharp sell-off in June, however, with the financial sector driving losses, after persistent speculation that further sub-prime related writedowns were imminent. The FTSE 100 and S&P 500 lost around 7% and 9%, respectively, while the MSCI Asia Pacific fell 8.8%. The slide in equities and gains in commodities increased gold's appeal, the precious metal rose 4.3% over the month June.

Three months ended March 31, 2008:

Equity markets suffered heavy losses during the quarter as concerns over the health of the financial system intensified and the outlook for the US economy deteriorated. January saw the largest declines with a number of European and Asian indices registering double-digit monthly losses. Conditions improved in February and March but equities continued to trend lower and markets remained highly volatile. The sharp sell-off in equity markets came despite the Federal Reserve slashing its target funds rate from 4.25% to 2.25% and central banks throughout the world injecting additional funds into money markets to increase liquidity. The Federal Reserve’s decision to cut rates aggressively put further downward pressure on the dollar. The US currency slumped to lifetime lows against the euro and Swiss franc and sank to a multi-year low against the Japanese yen. The weakness of the US dollar sent

commodity prices sharply higher. Oil rose to a series of lifetime highs, spending most of the second half of the quarter above US $100 per barrel, while gold, base metal and agricultural prices also climbed to record highs.

Trading within agricultural markets made gains across the majority of contracts, with corn trading providing the largest contribution. Soy-based products rose to record highs during February on speculation that increased Chinese demand would cut into US inventories, although March saw a retraction in prices, paring earlier gains from long positions. Prices in soybean oil declined as Chinese importers surprisingly cancelled an order and US farmers stated that a greater proportion of land would be allocated to soy products in the near-term.

Bond trading accrued profits as Japanese bonds and US Treasuries led the way. Disappointing US economic data saw investors switching out of riskier asset classes and into government paper; sending the 2-year US Treasury yield from 3.05% on December 31, 2007 to 1.34% by mid-March. Long positions in Japanese bonds also proved beneficial on increased speculation that the Bank of Japan would cut interest rates to boost economic growth. However, gains were slightly offset by short positions in Australian bonds as investors became concerned over the impact of the credit crunch on economic growth.

Currency trading contributed excellently during the period. The quarter saw the US dollar continue to weaken against most major currencies due to ongoing concerns regarding the credit crisis and the US housing market. As a result, long positions in various currencies, in particular the Swiss franc, against the US dollar proved highly beneficial. March witnessed the euro hitting a record high of US $1.5846, as the European Central Bank (“ECB”) showed no indication of cutting interest rates in the near future.

Energy delivered a solid profit for the quarter as a weakening US dollar and increased demand supported price rises. Long positions in crude oil were beneficial despite the commodity sliding below US $90 at the beginning of the period. However, concerns that OPEC may cut production levels and a disruption to oil production in Nigeria sent prices higher, closing at a record high of US $110.33 per barrel on March 13. Distillate products such as gas oil and heating oil followed the upward trend of crude, accruing strong profits via our long positions.

Precious metals trading made a solid profit as long positions in gold, silver and platinum made gains. Gold rocketed upwards during the start of the period, eventually climbing above the US $1000 mark in mid-March. Elevated global inflation, a deteriorating US economy and a weak US dollar all supported the rise in gold, silver and platinum. In the base metals component, positive trading in copper offset losses from aluminum.

Trading in short-term interest rates posted a firm gain over the first quarter despite market volatility. Long positions in Eurodollar and Euribor contracts posted the largest part of gains as investors bet on rate reductions in the US and Europe as turmoil swept through global markets. However, these earlier gains were reduced as hawkish rhetoric from the ECB indicated that interest rates for the eurozone would remain stable in the near-term.

Stock market trading posted a gain over the quarter, with short positions in the Nikkei, TOPIX and S&P 500 proving particularly fruitful. Serious concerns over the US economy prompted a large scale investor switch out of equities, with rapidly falling Asian markets reversing some of the gains accrued in 2007. Short exposure to European markets such as the Euro Stoxx, CAC40 and Dax also contributed to gains. However, some profits were reversed as the Federal Reserve intervened to calm markets with a 75bps federal funds rate cut, sending indices higher at the end of March.

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk.

Not required.

ITEM 4T.

Controls and Procedures.

The General Partner, with the participation of the General Partner's Chief Executive Officer and Chief 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 June 30, 2009. Based on such evaluation, the Partnership’s Chief Executive Officer and Chief Financial Officer have concluded that the Partnership’s disclosure controls and procedures were effective as of the fiscal quarter ended June 30, 2009.

Changes in Internal Control over Financial Reporting

There were no changes in the Partnership’s internal control over financial reporting during the quarter ended June 30, 2009 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings.

None.

Item 1A.

Risk Factors.

Not required.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds.

(a) Pursuant to the Partnership’s Limited Partnership Agreement, the Partnership may sell Units of Limited Partnership Interests (“Units”) as of the last business day of any calendar month or at such other times as the General Partner may determine. On April 30, 2009, May 31, 2009 and June 30, 2009, the Partnership sold Class A Units, exclusive of non-cash transfers, to existing and new Limited Partners in the amount of $15,398,190.75, $17,409,607.50 and $17,679,449.00, respectively. On April 30, 2009, May 31, 2009 and June 30, 2009, the Partnership sold Class A-2 Units, exclusive of non-cash transfers, to existing and new Limited Partners in the amount of $686,000.00, $2,104,000.00 and $1,967,000.00, respectively. On April 30, 2009, May 31, 2009 and June 30, 2009, the Partnership sold Class B Units, exclusive of non-cash transfers, to existing and new Limited Partners in the amount of $4,215,181.00, $3,360,833.00 and $8,056,403.00, respectively. On April 30, 2009, May 31, 2009 and June 30, 2009, the Partnership sold Class B-2 Units, exclusive of non-cash transfers, to existing and new Limited Partners in the amount of $1,066,000.00, $382,000.00 and $642,000.00, respectively. There were no underwriting discounts or commissions in connection with the sales of the Units described above.

(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 June 30, 2009:

	Class A Units	Class A-2 Units	Class B Units	Class B-2 Units

Date of Redemption:	Amount Redeemed:	Amount Redeemed:	Amount Redeemed:	Amount Redeemed:
June 30, 2009	$7,784,318.97	$0.00	$704,782.87	$0.00
May 31, 2009	$3,456,129.06	$0.00	$168,400.66	$0.00
April 30, 2009	$3,350,101.99	$0.00	$94,784.35	$0.00
TOTAL	$14,590,550.02	$0.00	$967,967.88	$0.00

Item 3.

Defaults upon Senior Securities.

None.

Item 4.

Submissions of Matters to a Vote of Security Holders.

None.

Item 5.

Other Information.

None

Item 6.

Exhibits.

The following exhibits are included herewith:

Designation Description

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

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

32.1 Section 1350 Certification of Principal Executive Officer

32.2 Section 1350 Certification of Principal Financial Officer

The following exhibit is incorporated by reference herein from the exhibit of the same description and number filed on March 31, 2009 with the Partnership's Annual Report on Form 10-K (Reg. No. 000-53043).

4.2	Fifth Amended Limited Partnership Agreement of Man-AHL Diversified I L.P.

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.

10.1	Form of Customer Agreement between E D & F Man International Inc. and Man-AHL Diversified Trading Company L.P.

10.2	Form of Trading Advisor Agreement between Man-AHL Diversified I L.P., Man Investments (USA) Corp. and Man-AHL (USA) Limited.

10.3	Form of 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 August 14, 2009.

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

	By: Man Investments (USA) Corp. General Partner

	By: /s/	Andrew Stewart

		President and Chief Executive Officer
		(Principal Executive Officer)

	By: /s/	Alicia Borst Derrah

		Vice President, Chief Financial Officer and Secretary
		(Principal Financial and Chief Accounting Officer)

EXHIBIT INDEX

Exhibit Number	Description of Document

31.1	Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer
31.2	Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer
32.1	Section 1350 Certification of Principal Executive Officer
32.2	Section 1350 Certification of Principal Financial Officer

E-1