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

efc9-0612_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 March 31, 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 (b)

STATEMENTS OF CASH FLOWS (b)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)

(a)	At March 31, 2009 (unaudited) and December 31, 2008

(b)	For the three months ended March 31, 2009 and 2008 (unaudited)

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

STATEMENTS OF FINANCIAL CONDITION

	March 31, 2009 (unaudited)		December 31, 2008
ASSETS

CASH AND CASH EQUIVALENTS	$	18,917,122	$	8,729,540

INVESTMENT IN MAN-AHL DIVERSIFIED
TRADING COMPANY L.P.		232,322,313		219,241,465

DUE FROM MAN-AHL DIVERSIFIED
TRADING COMPANY L.P.		5,184,447		7,575,576

OTHER ASSETS		295		295

TOTAL	$	256,424,177	$	235,546,876


LIABILITIES AND PARTNERS’ CAPITAL

LIABILITIES:
Redemptions payable	$	4,211,937	$	4,516,740
Subscriptions received in advance		18,917,122		8,729,540
Management fees payable		593,562		566,720
Incentive fees payable		-		2,079,483
Servicing fees payable		296,781		283,360
Accrued expenses		82,167		129,273

Total liabilities		24,101,569		16,305,116

PARTNERS’ CAPITAL:
General Partner - Class A (186 unit equivalents outstanding
at March 31, 2009 and December 31, 2008, respectively)		632,297		683,098
Limited Partners - Class A (59,089 and 51,957 units outstanding
at March 31, 2009 and December 31, 2008, respectively)		200,465,156		190,432,028
Limited Partners - Class B (9,203 and 7,674 units outstanding
at March 31, 2009 and December 31, 2008, respectively)		31,225,155		28,126,634

Total partners’ capital		232,322,608		219,241,760

TOTAL	$	256,424,177	$	235,546,876

NET ASSET VALUE PER OUTSTANDING UNIT OF
PARTNERSHIP INTEREST - CLASS A	$	3,392.63	$	3,665.21

NET ASSET VALUE PER OUTSTANDING UNIT OF
PARTNERSHIP INTEREST - CLASS B	$	3,392.64	$	3,665.22


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
	months ended			months ended
	March 31, 2009			March 31, 2008

NET INVESTMENT INCOME
ALLOCATED FROM MAN-AHL
DIVERSIFIED TRADING COMPANY L.P. -
Interest income	$	131,827		$	513,973

PARTNERSHIP EXPENSES:
Brokerage commissions		127,165			396,600
Management fees		1,738,015			596,113
Incentive fees		-			2,268,024
Servicing Fees		869,007			-
Other expenses		170,954			34,312

Total expenses		2,905,141			3,295,049

Net investment loss		(2,773,314	)		(2,781,076	)

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		(5,417,626	)		13,278,593
Net change in unrealized trading losses
on open contracts		(10,237,272	)		(1,399,924	)

Net gains (losses) on trading activities allocated
from Man-AHL Diversified
Trading Company L.P.		(15,654,898	)		11,878,669

NET INCOME (LOSS)	$	(18,428,212	)	$	9,097,593


NET INCOME (LOSS) PER UNIT OF
PARTNERSHIP INTEREST - CLASS A	$	(272.58	)	$	387.48

NET LOSS PER UNIT OF
PARTNERSHIP INTEREST - CLASS B	$	(272.58	)	$	-

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, 2009 AND 2008


	CLASS A											CLASS B						TOTAL

	Limited						General					Limited
	Partners						Partner					Partners

	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		22,556,902			7,249			-			-		-			-			22,556,902			7,249
Redemptions		(1,848,641	)		(595	)		-			-		-			-			(1,848,641	)		(595	)
Net income		9,025,378			-			72,215			-		-			-			9,097,593			-

PARTNERS’ CAPITAL — March 31, 2008	$	88,749,676			27,047		$	611,568			186	$	-			-		$	89,361,244			27,233

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

Subscriptions		37,110,315			10,311			-			-		8,001,470			2,214			45,111,785			12,525
Redemptions		(11,178,956	)		(3,179	)		-			-		(2,423,769	)		(685	)		(13,602,725	)		(3,864	)
Net loss		(15,898,231	)		-			(50,801	)		-		(2,479,180	)		-			(18,428,212	)		-

PARTNERS’ CAPITAL — March 31, 2009	$	200,465,156			59,089		$	632,297			186	$	31,225,155			9,203		$	232,322,608			68,478


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			For the three
	months ended			months ended
	March 31, 2009			March 31, 2008

CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income (loss)	$	(18,428,212	)	$	9,097,593
Adjustments to reconcile net income (loss)
to net cash used in operating activities:
Purchases of investment in Man-AHL
Diversified Trading Company L.P.		(45,111,785	)		(21,697,081	)
Sales of investment in Man-AHL
Diversified Trading Company L.P.		18,898,995			4,067,084
Net change in appreciation (depreciation)
of investment in Man-AHL
Diversified Trading Company L.P.		15,523,071			(12,392,642	)
Changes in assets and liabilities:
Other assets		-			476
Management fees payable		26,842			74,955
Incentive fees payable		(2,079,483	)		105,231
Servicing fees payable		13,421			-
Brokerage commissions payable		-			60,052
Accrued expenses		(47,106	)		(19,838	)

Net cash used in operating activities		(31,204,257	)		(20,704,170	)

CASH FLOWS FROM FINANCING
ACTIVITIES:
Proceeds from subscriptions		55,299,367			26,428,181
Payments on redemptions		(13,907,528	)		(992,911	)

Net cash provided by financing activities		41,391,839			25,435,270

NET INCREASE IN CASH		10,187,582			4,731,100

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

CASH AND CASH EQUIVALENTS
End of Period	$	18,917,122		$	8,956,771

SUPLEMENTAL DISCLOSURE OF
NON-CASH TRANSACTIONS:
Non-cash contributions of partners' capital	$	-		$	859,821

Non-cash redemptions of partners' capital	$	-		$	(859,821	)


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 March 31, 2009 and the results of its operations for the three months ended March 31, 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 share class, Class B. Class B was created solely for retirement plan investors. The fee structure is identical to Class A.

The Partnership’s interests 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.

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 March 31, 2009 and 2008, the Partnership owned 20,516 and 10,211 Class A units, respectively, of the Trading Company. The Partnership also owned 3,186 Class B units at March 31, 2009. The Partnership’s aggregate ownership percentage of the Trading Company (both Class A and B units) at March 31, 2009 and 2008, was 47.26% and 27.05%, 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 March 31, 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 or Class B 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

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.

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 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 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. 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 business. The Trading Company utilizes Royal Bank of Scotland (“RBS”) to clear its forward business.

See the notes to the financial statements of the Trading Company for FAS 161 disclosures.

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.	SUBSEQUENT EVENTS

At April 1, 2009, the Partnership added two new share classes (A-2 and B-2).

Man-AHL Diversified Trading Company L.P.

Financial Statements

STATEMENTS OF FINANCIAL CONDITION (a)

STATEMENTS OF OPERATIONS (b)

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (b)

STATEMENTS OF CASH FLOWS (b)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)

(a) At March 31, 2009 (unaudited) and December 31, 2008

(b) For the three months ended March 31, 2009 and 2008 (unaudited)

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

STATEMENTS OF FINANCIAL CONDITION

	March 31, 2009 (unaudited)		December 31, 2008
ASSETS

Equity in commodity futures and forwards
trading accounts:
Net unrealized trading gains on open futures contracts	$	619,184	$	15,887,019
Net unrealized trading gains on open forward contracts		-		1,527,892
Due from brokers		50,402,619		25,700,722
		51,021,803		43,115,633

Cash and cash equivalents		465,493,186		484,593,631

Interest receivable		12,480		90,491

TOTAL	$	516,527,469	$	527,799,755


LIABILITIES AND PARTNERS’ CAPITAL

LIABILITIES —
Redemptions payable	$	19,226,752	$	24,783,667
Net unrealized trading losses on open forward contracts		5,824,546		-

Total liabilities		25,051,298		24,783,667

PARTNERS’ CAPITAL:
General Partner		-		-
Limited Partners (50,142 and 48,103 units outstanding at
March 31, 2009 and December 31, 2008, respectively)		491,476,171		503,016,088

Total partners’ capital		491,476,171		503,016,088

TOTAL	$	516,527,469	$	527,799,755

NET ASSET VALUE PER OUTSTANDING UNIT OF
PARTNERSHIP INTEREST	$	9,801.53	$	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
	months ended			months ended
	March 31, 2009			March 31, 2008

NET INVESTMENT INCOME:
Interest income	$	292,480		$	2,052,217

NET REALIZED AND UNREALIZED
GAINS (LOSSES) ON TRADING
ACTIVITIES:
Net realized trading gains (losses) on
closed contracts		(11,418,591	)		51,511,237
Net change in unrealized trading
losses on open contracts		(22,620,273	)		(3,158,064	)

NET GAIN (LOSS) ON TRADING
ACTIVITIES		(34,038,864	)		48,353,173

NET INCOME (LOSS)	$	(33,746,384	)	$	50,405,390


NET INCOME (LOSS) FOR A UNIT
OF PARTNERSHIP INTEREST	$	(655.48	)	$	1,358.07

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, 2009 AND 2008


	Limited			General
	Partners			Partner		Total

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

Issuance of 5,248 units of limited
partnership interest		42,327,581			-		42,327,581
Redemption of 2,695 units of limited
partnership interest		(22,594,426	)		-		(22,594,426	)
Net income		50,405,390			-		50,405,390

PARTNERS’ CAPITAL — March 31, 2008	$	330,348,366		$	-	$	330,348,366

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

Issuance of 6,334 units of limited partnership interest		65,463,059			-		65,463,059
Redemption of 4,295 units of limited
partnership interest		(43,256,592	)		-		(43,256,592	)
Net loss		(33,746,384	)		-		(33,746,384	)

PARTNERS’ CAPITAL — March 31, 2009	$	491,476,171		$	-	$	491,476,171


See notes to financial statements.

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

STATEMENTS OF CASH FLOWS (UNAUDITED)

	For the three			For the three
	months ended			months ended
	March 31, 2009			March 31, 2008

CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income (loss)	$	(33,746,384	)	$	50,405,390
Adjustments to reconcile net income (loss)
to net cash provided by (used in)
operating activities:
Net change in unrealized trading
gains on open contracts		22,620,273			3,158,064
Changes in assets and liabilities:
Due from brokers		(24,701,897	)		72,343,582
Interest receivable		78,011			1,626

Net cash provided by (used in)
operating activities		(35,749,997	)		125,908,662

CASH FLOWS FROM FINANCING
ACTIVITIES:
Proceeds from subscriptions		65,463,059			42,327,581
Payments on redemptions		(48,813,507	)		(18,147,956	)

Net cash provided by
financing activities		16,649,552			24,179,625

NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS		(19,100,445	)		150,088,287

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

CASH AND CASH EQUIVALENTS
End of period	$	465,493,186		$	308,821,869


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 March 31, 2009 and the results of its operations for the three months ended March 31, 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. (Man), Credit Suisse, 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, Credit Suisse 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 statement of assets and liabilities is $9,610,708 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 March 31, 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 March 31, 2009:

				Fair Value Measurements
Description	Fair Value as of March 31, 2009			Quoted Prices in Active Markets for Identifical Assets (Level 1)		Significant Other Observables Inputs (Level 2)			Significant Other Unobservables Inputs (Level 3)
Net unrealized trading gains on Open futures contracts	$	619,184		$	619,184	$	-		$	-
Net unrealized trading losses on Open forward contracts		(5,824,546	)		-		(5,824,546	)		-
Total	$	(5,205,362	)	$	619,184		(5.824.546	)	$	-

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 three month periods ended March 31, 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 March 31, 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, Credit Suisse 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. During the quarter ended March 31, 2009, the Partnership traded 51,914 exchange traded future contracts and settled 11,044 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
	March 31, 2009			March 31, 2009
	Statement of Financial Condition	Fair Value **		Statement of Financial Condition	Fair Value **
Open forward contracts	Net unrealized trading gains on open forward contracts	$	3,574,456	Net unrealized trading losses on open forward contracts	$	(9,399,002	)
Open futures contracts	Net unrealized trading gains on open futures contracts		6,236,833	Net unrealized trading losses on open futures contracts		(5,617,649	)
Total Derivatives		$	9,811,289		$	(15,016,651	)

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

The following table presents the impact of derivative instruments on the statement of operations. The Partnership did not designate any derivatives as hedging instruments for the three months ended March 31, 2009.

Derivatives not designated as hedging instruments under SFAS 133		For the Three Months Ended March 31, 2009
	Location of loss recognized in Income on Derivatives	Loss on Derivative

Forward contracts	Net realized trading losses on closed contracts	$	(1,918,926	)

	Net change in unrealized trading losses on open contracts		(7,352,438	)

Futures contracts	Net realized trading losses on closed contracts		(9,499,665	)

	Net change in unrealized trading losses on open contracts		(15,267,835	)
Total		$	(34,038,864	)

5.	FINANCIAL GUARANTEES

6.	SUBSEQUENT EVENT

Effective April 15, 2009, the Partnership began utilizing JPMorgan Chase, N.A. to clear a portion of its forward contracts.

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 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.

Three months Ended March 31, 2009:

	31-Mar -09
Ending Equity	$232,322,608

Three months ended March 31, 2009:

Net assets increased $13,080,848 for the three months ended March 31, 2009. This increase was attributable to subscriptions in the amount of $45,111,785, redemptions in the amount of $13,602,725 and a net loss from operations of $18,428,212.

Management Fees of $1,738,015, brokerage commissions of $127,165 and servicing fees of $869,007 were paid or accrued, and interest of $131,827 was earned or accrued on the Partnership’s cash and cash equivalent investments, for the three months ended March 31, 2009.

The Partnership’s other expenses paid or accrued for the three months ended March 31, 2009 were $170,954.

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 soya 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 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 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.

Three months ended March 31, 2008:

	31-Mar -08
Ending Equity	$89,361,244

Net assets increased $29,805,854 for the three months ended March 31, 2008. This increase was attributable to subscriptions in the amount of $21,697,081, redemptions in the amount of $988,820 and a net gain from operations of $9,097,593.

Management Fees of $596,113, Incentive Fees of $2,268,024 and brokerage commissions of $396,600 were paid or accrued, and interest of $513,973 was earned or accrued on the Partnership’s cash and cash equivalent investments, for the three months ended March 31, 2008.

The Partnership’s other expenses paid or accrued for the three months ended March 31, 2008 were $34,312.

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.

During the year ended December 31, 2008, a material weakness related to the design of the controls surrounding price verification for investments was detected. During the fiscal quarter ended March 31, 2009, the Partnership implemented additional controls and procedures to remediate the material weakness related to the price verification for investments.

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 March 31, 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 March 31, 2009.

Other than as described above, there were no significant changes in the General Partner’s internal controls with respect to the Partnership or in other factors applicable to the Partnership that could significantly affect these controls subsequent to the date of their evaluation.

Changes in Internal Control over Financial Reporting

Other than as described above, there were no changes in the Partnership’s internal control over financial reporting during the quarter ended March 31, 2009 that have materially affected, or are reasonably likely to affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

None.

Item 1A. Risk Factors.

Not applicable.

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 January 31, 2009, February 28, 2009 and March 31, 2009, the Partnership sold Class A Units, exclusive of non-cash transfers, to existing and new Limited Partners in the amount of $6,649,750, $7,454,265 and $23,006,300, respectively. On January 31, 2009, February 28, 2009 and March 31, 2009, the Partnership sold Class B Units, exclusive of non-cash transfers, to existing and new Limited Partners in the amount of $2,275,900, $2,316,400 and $3,409,170, 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 March 31, 2009:

	Class A Units	Class B Units
Date of Redemption:	Amount Redeemed:	Amount Redeemed:
March 31, 2009	$3,708,664	$503,273
February 28, 2009	$6,225,656	$1,569,569
January 31, 2009	$1,244,636	$350,927
TOTAL	$11,178,956	$2,423,769

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 May 15, 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