INDEX TO
FINANCIAL STATEMENTS
  
 
 Man-AHL
      Diversified I L.P.Financial
      StatementsReport
      of Independent Registered Public Accounting Firm
                        F-2Statements
      of Financial Condition as of December 31, 2008 and 2007
                        F-3Statements
      of Operations For the Years Ended December 31, 2008 and
    2007
                        F-4Statements
      of Changes in Partner’s CapitalFor
      the Years Ended December 31, 2008 and 2007
                        F-5Statements
      of Cash Flows For the Years Ended December 31, 2008 and
    2007
                        F-6Notes
      to Financial Statements
                        F-7Man-AHL
      Diversified Trading Company L.P.Financial
      StatementsReport
      of Independent Registered Public Accounting Firm
                        F-12Statements
      of Financial Condition as of December 31, 2008 and 2007
                        F-13Statements
      of Operations For the Years Ended December 31, 2008 and
    2007
                        F-15Statements
      of Changes in Partner’s CapitalFor
      the Years Ended December 31, 2008 and 2007
                        F-16Statements
      of Cash Flows For the Years Ended December 31, 2008 and
    2007
                        F-17Notes
      to Financial Statements
                        F-18
 
 
 
  Man-AHL
 Diversified
I L.P.
 (A
Delaware Limited Partnership)
  Financial
Statements as of and for the
 Years
Ended December 31, 2008 and 2007,
 and
 Independent
Auditors’ Report
  REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
  To the
Partners of
 Man-AHL
Diversified I L.P.:
  We have
audited the accompanying statements of financial condition of Man-AHL
Diversified I L.P. (a Delaware Limited Partnership) (the “Partnership”) as
of December 31, 2008 and 2007, and the related statements of operations,
changes in partners’ capital, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership’s management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
  We
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. The Partnership is not required to
have, nor were we engaged to perform, an audit of its internal control over
financial reporting. Our audits included consideration of internal controls over
financial reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Partnership’s internal control over
financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
  In our
opinion, such financial statements present fairly, in all material respects, the
financial position of Man-AHL Diversified I L.P. as of December 31, 2008
and 2007, and the results of its operations, changes in its partners’ capital,
and its cash flows for the years then ended, in conformity with accounting
principles generally accepted in the United States of America.
   
   /s/ Deloitte & Touche
LLP
  February
20, 2009
  
 F-2
   MAN-AHL
DIVERSIFIED I L.P.
 (A Delaware
Limited Partnership)
  STATEMENTS
OF FINANCIAL CONDITION
 AS
OF DECEMBER 31, 2008 AND
2007
 ASSETS
                                        
                                        2008
                                        
                                        
                                        2007CASH
      AND CASH EQUIVALENTS
                                        
                                        $
                                        8,729,540
                                        
                                        
                                        $
                                        4,225,671INVESTMENT
      IN MAN-AHL DIVERSIFIEDTRADING
      COMPANY L.P.
                                        
                                        
                                        219,241,465
                                        
                                        
                                        
                                        59,555,095DUE
      FROM MAN-AHL DIVERSIFIEDTRADING
      COMPANY L.P.
                                        
                                        
                                        7,575,576
                                        
                                        
                                        
                                        889,224OTHER
      ASSETS
                                        
                                        
                                        295
                                        
                                        
                                        
                                        771TOTAL
                                        
                                        $
                                        235,546,876
                                        
                                        
                                        $
                                        64,670,761LIABILITIES
      AND PARTNERS’ CAPITALLIABILITIES:Redemptions
      payable
                                        
                                        $
                                        4,516,740
                                        
                                        
                                        $
                                        605,316Subscriptions
      received in advance
                                        
                                        
                                        8,729,540
                                        
                                        
                                        
                                        4,225,671Management
      fees payable
                                        
                                        
                                        566,720
                                        
                                        
                                        
                                        150,779Incentive
      fees payable
                                        
                                        
                                        2,079,483
                                        
                                        
                                        
                                        -Servicing
      fees payable
                                        
                                        
                                        283,360
                                        
                                        
                                        
                                        -Brokerage
      commissions payable
                                        
                                        
                                        -
                                        
                                        
                                        
                                        67,505Accrued
      expenses
                                        
                                        
                                        129,273
                                        
                                        
                                        
                                        66,100Total
      liabilities
                                        
                                        
                                        16,305,116
                                        
                                        
                                        
                                        5,115,371PARTNERS’
      CAPITAL:General
      Partner - Class A (186 unit equivalents outstandingat
      December 31, 2008 and 2007, respectively)
                                        
                                        
                                        683,098
                                        
                                        
                                        
                                        539,353Limited
      Partners - Class A (51,957 and 20,393 units outstandingat
      December 31, 2008 and 2007, respectively)
                                        
                                        
                                        190,432,028
                                        
                                        
                                        
                                        59,016,037Limited
      Partners - Class B (7,674 and 0 units outstandingat
      December 31, 2008 and 2007, respectively)
                                        
                                        
                                        28,126,634
                                        
                                        
                                        
                                        -Total
      partners’ capital
                                        
                                        
                                        219,241,760
                                        
                                        
                                        
                                        59,555,390TOTAL
                                        
                                        $
                                        235,546,876
                                        
                                        
                                        $
                                        64,670,761NET
      ASSET VALUE PER OUTSTANDING UNIT OFPARTNERSHIP
      INTEREST - CLASS A
                                        
                                        $
                                        3,665.21
                                        
                                        
                                        $
                                        2,893.93NET
      ASSET VALUE PER OUTSTANDING UNIT OFPARTNERSHIP
      INTEREST - CLASS B
                                        
                                        $
                                        3,665.22
                                        
                                        
                                        $
                                        -See
      accompanying notes and attached financial statementsof
      Man-AHL Diversified Trading Company L.P.
 
 F-3
   MAN-AHL
DIVERSIFIED I L.P.
 (A Delaware
Limited Partnership)
  STATEMENTS
OF OPERATIONS
 FOR
THE YEARS ENDED DECEMBER 31, 2008 AND 2007
 2008
                                    
                                    
                                    2007NET
      INVESTMENT INCOMEALLOCATED
      FROM MAN-AHLDIVERSIFIED
      TRADING COMPANY L.P.:Interest
      income
                                    
                                    $
                                    2,492,000
                                    
                                    
                                    $
                                    1,765,730PARTNERSHIP
      EXPENSES:Brokerage
      commissions
                                    
                                    
                                    948,403
                                    
                                    
                                    
                                    1,360,742Management
      fees
                                    
                                    
                                    4,126,825
                                    
                                    
                                    
                                    1,383,412Incentive
      fees
                                    
                                    
                                    8,391,295
                                    
                                    
                                    
                                    1,521,277Servicing
      fees
                                    
                                    
                                    1,184,322
                                    
                                    
                                    
                                    -Other
      expenses
                                    
                                    
                                    297,763
                                    
                                    
                                    
                                    88,026Total
      expenses
                                    
                                    
                                    14,948,608
                                    
                                    
                                    
                                    4,353,457Net
      investment loss
                                    
                                    
                                    (12,456,608
                                    )
                                    
                                    
                                    (2,587,727
                                    )REALIZED
      AND UNREALIZED GAINSON
      TRADING ACTIVITIESALLOCATED
      FROM MAN-AHLDIVERSIFIED
      TRADING COMPANY L.P.:Net
      realized trading gainson
      closed contracts
                                    
                                    
                                    42,015,371
                                    
                                    
                                    
                                    8,575,935Net
      change in unrealized trading gainson
      open contracts
                                    
                                    
                                    4,031,911
                                    
                                    
                                    
                                    220,673Net
      gains on trading activities allocatedfrom
      Man-AHL DiversifiedTrading
      Company L.P.
                                    
                                    
                                    46,047,282
                                    
                                    
                                    
                                    8,796,608NET
      INCOME
                                    
                                    $
                                    33,590,674
                                    
                                    
                                    $
                                    6,208,881NET
      INCOME PER UNIT OFPARTNERSHIP
      INTEREST - CLASS A
                                    
                                    $
                                    771.28
                                    
                                    
                                    $
                                    338.26NET
      INCOME PER UNIT OFPARTNERSHIP
      INTEREST - CLASS B
                                    
                                    $
                                    274.31
                                    
                                    
                                    $
                                    -See
      accompanying notes and attached financial statementsof
      Man-AHL Diversified Trading Company L.P.
 
 F-4
 
 MAN-AHL
DIVERSIFIED I L.P.
 (A Delaware
Limited Partnership)
  STATEMENTS
OF CHANGES IN PARTNERS’ CAPITAL
 FOR
THE YEARS ENDED DECEMBER 31, 2008 AND 2007
  CLASS
      A
                                                  
                                                  CLASS
      B
                                                  
                                                  TOTALLimited
                                                    Partners
                                                  
                                                  General

                                                      Partner
                                                  
                                                  Limited
                                                    PartnersAmount
                                                  
                                                  Units
                                                  
                                                  Amount
                                                  
                                                  Units
                                                  
                                                  Amount
                                                  
                                                  Units
                                                  
                                                  Amount
                                                  
                                                  UnitsPARTNERS’
      CAPITAL — December 31, 2006
                                                  $    28,997,055
                                                  
                                                  11,346
                                                  
                                                  $    476,310
                                                  
                                                  186
                                                  
                                                  $                    -
                                                  
                                                  -
                                                  
                                                  $     29,473,365
                                                  
                                                  11,532-Subscriptions
                                                  29,283,185
                                                  
                                                  11,063
                                                  
                                                  -
                                                  
                                                  -
                                                  
                                                  -
                                                  
                                                  -
                                                  
                                                  29,283,185
                                                  
                                                  11,063Redemptions
                                                  (5,410,041)
                                                  
                                                  (2,016)
                                                  
                                                  -
                                                  
                                                  -
                                                  
                                                  -
                                                  
                                                  -
                                                  
                                                  (5,410,041)
                                                  
                                                  (2,016)Net
      income
                                                  6,145,838
                                                  
                                                  -
                                                  
                                                  63,043
                                                  
                                                  -
                                                  
                                                  -
                                                  
                                                  -
                                                  
                                                  6,208,881
                                                  
                                                  -PARTNERS’
      CAPITAL — December 31, 2007
                                                  $    59,016,037
                                                  
                                                  20,393
                                                  
                                                  $    539,353
                                                  
                                                  186
                                                  
                                                  $                    -
                                                  
                                                  -
                                                  
                                                  $     59,555,390
                                                  
                                                  20,579Subscriptions
                                                  118,611,424
                                                  
                                                  36,802
                                                  
                                                  -
                                                  
                                                  -
                                                  
                                                  25,952,784
                                                  
                                                  7,921
                                                  
                                                  144,564,208
                                                  
                                                  44,723Redemptions
                                                  (17,620,992)
                                                  
                                                  (5,238)
                                                  
                                                  -
                                                  
                                                  -
                                                  
                                                  (847,520)
                                                  
                                                  (247)
                                                  
                                                  (18,468,512)
                                                  
                                                  (5,485)Net
      income
                                                  30,425,559
                                                  
                                                  -
                                                  
                                                  143,745
                                                  
                                                  -
                                                  
                                                  3,021,370
                                                  
                                                  -
                                                  
                                                  33,590,674
                                                  
                                                  -PARTNERS’
      CAPITAL — December 31, 2008
                                                  $  190,432,028
                                                  
                                                  51,957
                                                  
                                                  $    683,098
                                                  
                                                  186
                                                  
                                                  $   28,126,634
                                                  
                                                  7,674
                                                  
                                                  $   219,241,760
                                                  
                                                  59,817See
      accompanying notes and attached financial statementsof
      Man-AHL Diversified Trading Company L.P.
   F-5
 MAN-AHL
DIVERSIFIED I L.P.
 (A Delaware
Limited Partnership)
  STATEMENTS
OF CASH FLOWS
   2008
                                
                                
                                2007CASH
      FLOWS FROM OPERATINGACTIVITIES:Net
      income
                                
                                $
                                33,590,674
                                
                                
                                $
                                6,208,881Adjustments
      to reconcile net incometo
      net cash used in operating activities:Purchases
      of investment in Man-AHLDiversified
      Trading Company L.P.
                                
                                
                                (140,764,875
                                )
                                
                                
                                (29,126,711
                                )Sales
      of investment in Man-AHLDiversified
      Trading Company L.P.
                                
                                
                                22,931,435
                                
                                
                                
                                9,194,525Net
      change in appreciationof
      investment in Man-AHLDiversified
      Trading Company L.P.
                                
                                
                                (48,539,282
                                )
                                
                                
                                (10,562,338
                                )Changes
      in assets and liabilities:Other
      assets
                                
                                
                                476
                                
                                
                                
                                (476
                                )Management
      fees payable
                                
                                
                                415,941
                                
                                
                                
                                76,159Incentive
      fees payable
                                
                                
                                2,079,483
                                
                                
                                
                                -Servicing
      fees payable
                                
                                
                                283,360
                                
                                
                                
                                -Brokerage
      commissions payable
                                
                                
                                (67,505
                                )
                                
                                
                                4,376Accrued
      expenses
                                
                                
                                63,173
                                
                                
                                
                                16,638Net
      cash used in operating activities
                                
                                
                                (130,007,120
                                )
                                
                                
                                (24,188,946
                                )CASH
      FLOWS FROM FINANCINGACTIVITIES:Proceeds
      from subscriptions
                                
                                
                                145,268,746
                                
                                
                                
                                31,650,150Payments
      on redemptions
                                
                                
                                (10,757,757
                                )
                                
                                
                                (4,948,165
                                )Net
      cash provided by financing activities
                                
                                
                                134,510,989
                                
                                
                                
                                26,701,985NET
      INCREASE IN CASH
                                
                                
                                4,503,869
                                
                                
                                
                                2,513,039CASH
      AND CASH EQUIVALENTSBeginning
      of Year
                                
                                
                                4,225,671
                                
                                
                                
                                1,712,632CASH
      AND CASH EQUIVALENTSEnd
      of Year
                                
                                $
                                8,729,540
                                
                                
                                $
                                4,225,671SUPLEMENTAL
      DISCLOSURE OFNON-CASH
      TRANSACTIONS:Non-cash
      contributions of partners' capital
                                
                                $
                                3,799,331
                                
                                
                                $
                                156,474Non-cash
      redemptions of partners' capital
                                
                                $
                                (3,799,331
                                )
                                
                                $
                                (156,474
                                )See
      accompanying notes and attached financialstatements
      of Man-AHL Diversified Trading Company L.P.
 
 F-6
   MAN-AHL
DIVERSIFIED I L.P.
 (A Delaware
Limited Partnership)
 NOTES
TO FINANCIAL STATEMENTS
 AS
OF AND FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2007
 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.
  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 December 31, 2008 and 2007, Class A of the Partnership owned 18,276
and 8,055, respectively, of the Trading Company.  Class B of the
Partnership owned 2,689 units at December 31, 2008. The Partnership’s aggregate
ownership percentage of the Trading Company at December 31, 2008 and 2007, was
43.58% and 22.89%, respectively.
    F-7
   Effective
January 1, 2008, the Partnership has adopted the provisions of the Statement of
Financial Accounting Standards No. 157 (“SFAS 157”), Fair Value
Measurements.  SFAS 157 defines fair value, establishes a
framework for measuring fair value and expands disclosures about fair value
measurements.  The adoption of SFAS 157 had no impact on the net
assets of the Partnership.
 
 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 December 31, 2008, 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.
  In July
2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation
No. 48 (“FIN 48”) entitled, Accounting for Uncertainty in Income
Taxes — an interpretation of FASB Statement No. 109. FIN 48
prescribes the minimum recognition threshold a tax position must meet in
connection with accounting for uncertainties in income tax positions taken or
expected to be taken by an entity before being measured and recognized in the
financial statements. The Partnership adopted FIN 48 effective January 1,
2007.  The implementation of FIN 48 had no impact on the
Partnership’s financial statements. Tax years 2006, 2007, and 2008 remain
subject to examination by federal and state jurisdictions, including those
states where investors reside or states where the Partnership is subject to
other filing requirements.
  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 year to the end of the year. 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.
  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.
   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 .
    F-8
   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.
   4.
                    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 Partnership did
not have a loss carryforward at December 31, 2008.
  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”) and Credit Suisse to clear its
futures business.  The Trading Company utilizes Royal Bank of Scotland
(“RBS”) to clear its forward business.
    F-9
 
  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.
                    FINANCIAL
      HIGHLIGHTS
  The
following represents the ratios to average partners’ capital and other
supplemental information for the years ended December 31, 2008 and
2007:
 Class
      A
                                      
                                      *
      Class B
                                      
                                      Class
      A2008
                                      
                                      2008
                                      
                                      2007Per
      unit operating performance:Beginning
      net asset value
                                      $     2,893.93
                                      
                                      $      3,390.91
                                      
                                      $        2,555.67Income
      (loss) from investment operations:Net
      investment loss
                                      (313.15)
                                      
                                      (166.22)
                                      
                                      (157.20)Net
      realized and unrealized gainson
      trading activities
                                      1,084.43
                                      
                                      440.53
                                      
                                      495.46Total
      income from investment operations
                                      771.28
                                      
                                      274.31
                                      
                                      338.26Ending
      net asset value
                                      $      3,665.21
                                      
                                      $     3,665.22
                                      
                                      $        2,893.93Ratios
      to average partners' capital:  1Expenses
      other than incentive fees
                                      5.05
      %
                                      
                                      5.22
      %
                                      **
                                      6.41
      %Incentive
      fees
                                      6.44
                                      
                                      3.48
                                      
                                      3.44Total
      expenses
                                      11.49
      %
                                      
                                      8.70
      %
                                      
                                      9.85
      %Net
      investment loss
                                      (9.54)%
                                      
                                      (7.11)%
                                      **
                                      (5.85)%Total
      return:Total
      return before incentive fees
                                      33.96
      %
                                      
                                      11.30
      %
                                      
                                      16.86
      %Incentive
      fees
                                      (7.31)
                                      
                                      (3.21)
                                      
                                      (3.62)Total
      return after incentive fees
                                      26.65
      %
                                      
                                      8.09
      %
                                      
                                      13.24
      %*
      07/01/08 Inception Date**
      Annualized (other than incentive fee)1Includes amounts allocated from the Trading Company
  Financial
highlights are calculated for limited partners taken as a whole for each class.
An individual partner’s return and ratios may vary from these returns and ratios
based on the timing of capital transactions.
  1.
                  SUBSEQUENT
      EVENTS
  Subsequent
to year end through February 20, 2009, the Partnership recorded subscriptions
totaling $18,696,315, of which $8,729,540 was received prior to
December 31, 2008, and redemptions totaling $1,595,563.
  
  *****
 
  
 F-10
 
 
 
 Man-AHL Diversified
 Trading Company
L.P.  (A
Delaware Limited Partnership)
  Financial
Statements as of and for the
 Years Ended
December 31, 2008 and 2007, and
 Independent
Auditors’ Report
 F-11
 
 
  REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
  To the
Partners of
  Man-AHL
Diversified Trading Company L.P.:
  We have
audited the accompanying statements of financial condition, including the
condensed schedules of investments, of Man-AHL Diversified Trading Company L.P.
(a Delaware Limited Partnership) (the “Partnership”) as of December 31,
2008 and 2007, and the related statements of operations, changes in partners’
capital, and cash flows for the years then ended. These financial statements are
the responsibility of the Partnership’s management. Our responsibility is to
express an opinion on these financial statements based on our
audits.
  We
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. The Partnership is not required to
have, nor were we engaged to perform, an audit of its internal control over
financial reporting. Our audits included consideration of internal controls over
financial reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Partnership’s internal control over
financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
  In our
opinion, such financial statements present fairly, in all material respects, the
financial position of Man-AHL Diversified Trading Company L.P. as of
December 31, 2008 and 2007, and the results of its operations, changes in
its partners’ capital, and its cash flows for the years then ended, in
conformity with accounting principles generally accepted in the United States of
America.
   
  /s/ Deloitte & Touche
LLP
 
  February 20,
2009
  
 F-12
  MAN-AHL
DIVERSIFIED TRADING COMPANY L.P.
 (A
Delaware Limited Partnership)
  STATEMENTS
OF FINANCIAL CONDITION
 AS
OF DECEMBER 31, 2008 AND 2007
 2008
                                                      
                                                      2007ASSETSEquity
      in commodity futures and forwardstrading
      accounts:Net
      unrealized trading gains on open futures contracts
                                                      $       15,887,019
                                                      
                                                      $          5,247,868Net
      unrealized trading gains on open forward contracts
                                                      1,527,892
                                                      
                                                      2,411,929Due
      from brokers
                                                      25,700,722
                                                      
                                                      96,297,51343,115,633
                                                      
                                                      103,957,310Cash
      and cash equivalents
                                                      484,593,631
                                                      
                                                      158,733,582Interest
      receivable
                                                      90,491
                                                      
                                                      148,527TOTAL
                                                      $        527,799,755
                                                      
                                                      $         262,839,419LIABILITIES
      AND PARTNERS’ CAPITALLIABILITIES
      — Redemptions payable
                                                      $       24,783,667
                                                      
                                                      $          2,629,598PARTNERS’
      CAPITAL:General
      Partner
                                                      -
                                                      
                                                      -Limited
      Partners (48,103 and 35,195 units outstanding atDecember
      31, 2008 and 2007, respectively)
                                                      503,016,088
                                                      
                                                      260,209,821Total
      partners’ capital
                                                      503,016,088
                                                      
                                                      260,209,821TOTAL
                                                      $     527,799,755
                                                      
                                                      $      262,839,419NET
      ASSET VALUE PER OUTSTANDING UNIT OFPARTNERSHIP
      INTEREST
                                                      $         10,457.01
                                                      
                                                      $            7,393.28See
      notes to financial statements.
   F-13
  MAN-AHL
DIVERSIFIED TRADING COMPANY L.P.
 (A
Delaware Limited Partnership)
  CONDENSED
SCHEDULES OF INVESTMENTS
 AS
OF DECEMBER 31, 2008 AND 2007
 
 2008
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          2007Fair
      Value
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          Percent
      of
                                                                                                                                                                                                            Partners’
                                                                                                                                                                                                            Capital
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          Fair
      Value
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          Percent
      of
                                                                                                                                                                                                            Partners’
                                                                                                                                                                                                            CapitalFUTURES
      CONTRACTS - Long:Agricultural
                                                                                                                                                                                                          
                                                                                                                                                                                                          $
                                                                                                                                                                                                          394,371
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          0.1
                                                                                                                                                                                                          %
                                                                                                                                                                                                          
                                                                                                                                                                                                          $
                                                                                                                                                                                                          2,923,472
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          1.1
                                                                                                                                                                                                          %Currency
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          3,273,696
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          0.7
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          896,641
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          0.3Energy
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          -
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          -
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          1,504,296
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          0.6Index
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          (66,368
                                                                                                                                                                                                          )
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          -
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          49,562
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          -Interest
      rate
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          12,306,087
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          2.5
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          696,690
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          0.3Metals
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          149,745
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          -
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          (650,962
                                                                                                                                                                                                          )
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          (0.3
                                                                                                                                                                                                          )Total
      futures contracts - long
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          16,057,531
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          3.3
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          5,419,699
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          2.0FUTURES
      CONTRACTS - Short:Agricultural
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          (858,418
                                                                                                                                                                                                          )
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          (0.2
                                                                                                                                                                                                          )
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          36,776
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          -Currency
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          (98,502
                                                                                                                                                                                                          )
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          -
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          8,800
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          -Energy
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          179,796
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          -
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          (832,760
                                                                                                                                                                                                          )
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          (0.3
                                                                                                                                                                                                          )Index
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          (581,974
                                                                                                                                                                                                          )
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          (0.1
                                                                                                                                                                                                          )
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          126,485
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          -Interest
      rate
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          (57,943
                                                                                                                                                                                                          )
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          -
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          171,682
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          0.1Metals
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          1,246,529
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          0.2
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          317,186
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          0.1Total
      futures contracts - long
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          (170,512
                                                                                                                                                                                                          )
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          (0.1
                                                                                                                                                                                                          )
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          (171,831
                                                                                                                                                                                                          )
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          (0.1
                                                                                                                                                                                                          )NET
      UNREALIZED TRADING GAINS ON OPEN FUTURES CONTRACTS
                                                                                                                                                                                                          
                                                                                                                                                                                                          $
                                                                                                                                                                                                          15,887,019
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          3.2
                                                                                                                                                                                                          %
                                                                                                                                                                                                          
                                                                                                                                                                                                          $
                                                                                                                                                                                                          5,247,868
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          1.9
                                                                                                                                                                                                          %FUTURES
      CONTRACTS - Long:Australian
      dollars
                                                                                                                                                                                                          
                                                                                                                                                                                                          $
                                                                                                                                                                                                          643,714
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          0.1
                                                                                                                                                                                                          %
                                                                                                                                                                                                          
                                                                                                                                                                                                          $
                                                                                                                                                                                                          -
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          -
                                                                                                                                                                                                          %British
      pounds
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          (1,457,288
                                                                                                                                                                                                          )
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          (0.3
                                                                                                                                                                                                          )
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          (314,349
                                                                                                                                                                                                          )
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          (0.1
                                                                                                                                                                                                          )Euro
      dollars
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          2,937,599
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          0.6
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          -
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          -Japanese
      yen
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          (66,138
                                                                                                                                                                                                          )
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          -
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          564,304
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          0.2U.S.
      dollars
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          (3,699,170
                                                                                                                                                                                                          )
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          (0.7
                                                                                                                                                                                                          )
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          1,254,582
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          0.5Other
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          35,736
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          -
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          121,354
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          -Total
      futures contracts - long
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          (1,605,547
                                                                                                                                                                                                          )
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          (0.3
                                                                                                                                                                                                          )
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          1,625,891
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          0.6FUTURES
      CONTRACTS - Short:Australian
      dollars
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          (792,028
                                                                                                                                                                                                          )
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          (0.2
                                                                                                                                                                                                          )
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          -
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          -British
      pounds
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          3,586,216
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          0.7
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          933,053
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          0.4Euro
      dollars
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          (2,330,060
                                                                                                                                                                                                          )
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          (0.4
                                                                                                                                                                                                          )
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          -
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          -Japanese
      yen
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          18,208
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          -
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          (387,769
                                                                                                                                                                                                          )
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          (0.1
                                                                                                                                                                                                          )New
      Zealand dollars
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          (298,464
                                                                                                                                                                                                          )
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          (0.1
                                                                                                                                                                                                          )
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          -
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          -U.S.
      dollars
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          3,028,633
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          0.6
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          758,152
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          0.3Other
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          (79,066
                                                                                                                                                                                                          )
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          -
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          (517,398
                                                                                                                                                                                                          )
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          (0.2
                                                                                                                                                                                                          )Total
      futures contracts - short
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          3,133,439
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          0.6
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          786,038
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          0.4NET
      UNREALIZED TRADING GAINS ON OPEN FORWARD CONTRACTS
                                                                                                                                                                                                          
                                                                                                                                                                                                          $
                                                                                                                                                                                                          1,527,892
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          0.3
                                                                                                                                                                                                          %
                                                                                                                                                                                                          
                                                                                                                                                                                                          $
                                                                                                                                                                                                          2,411,929
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          1.0
                                                                                                                                                                                                          %NET
      UNREALIZED TRADING GAINS ON OPEN CONTRACTS
                                                                                                                                                                                                          
                                                                                                                                                                                                          $
                                                                                                                                                                                                          17,414,911
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          3.5
                                                                                                                                                                                                          %
                                                                                                                                                                                                          
                                                                                                                                                                                                          $
                                                                                                                                                                                                          7,659,797
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          
                                                                                                                                                                                                          2.9
                                                                                                                                                                                                          %See
      notes to financial statements
 
 F-14
 MAN-AHL
DIVERSIFIED TRADING COMPANY L.P.
 (A
Delaware Limited Partnership)
  STATEMENTS
OF OPERATIONS
 FOR
THE YEARS ENDED DECEMBER 31, 2008 AND 2007
 
 2008
                      
                      
                      2007NET
      INVESTMENT INCOMEInterest
      income
                      
                      $
                      7,567,829
                      
                      
                      $
                      8,921,787NET
      REALIZED AND UNREALIZED
                        GAINS (LOSSES) ON TRADING
                        ACTIVITIES:Net
      realized trading gains on closed contracts
                      
                      
                      118,623,560
                      
                      
                      
                      43,083,500Net
      change in unrealized trading gains (losses) on open
    contracts
                      
                      
                      9,755,114
                      
                      
                      
                      (536,242
                      )NET
      GAIN ON TRADING ACTIVITIES
                      
                      
                      128,378,674
                      
                      
                      
                      42,547,258NET
      INCOME
                      
                      $
                      135,946,503
                      
                      
                      $
                      51,469,045NET
      INCOME FOR A UNIT
                        OFPARTNERSHIP
      INTEREST
                      
                      $
                      3,063.73
                      
                      
                      $
                      1,449.82See
      notes to financial statements.
 
 
 F-15
 MAN-AHL
DIVERSIFIED TRADING COMPANY L.P.
 (A
Delaware Limited Partnership)
 STATEMENTS
OF CHANGES IN PARTNERS’ CAPITAL
 FOR
THE YEARS ENDED DECEMBER 31, 2008 AND 2007
 Limited
                                          Partners
                                        
                                        
                                        General
                                          Partner
                                        
                                        
                                        TotalPARTNERS’
      CAPITAL — December 31, 2006
                                        
                                        $
                                        203,710,443
                                        
                                        
                                        $
                                        -
                                        
                                        
                                        $
                                        203,710,443Issuance
      of 9,840 units of limitedpartnership
      interest
                                        
                                        
                                        63,439,413
                                        
                                        
                                        
                                        -
                                        
                                        
                                        
                                        63,439,413Redemption
      of 8,920 units of limitedpartnership
      interest
                                        
                                        
                                        (58,409,080
                                        )
                                        
                                        
                                        -
                                        
                                        
                                        
                                        (58,409,080
                                        )Net
      income
                                        
                                        
                                        51,469,045
                                        
                                        
                                        
                                        -
                                        
                                        
                                        
                                        51,469,045PARTNERS’
      CAPITAL — December 31, 2007
                                        
                                        $
                                        260,209,821
                                        
                                        
                                        $
                                        -
                                        
                                        
                                        $
                                        260,209,821Issuance
      of 26,188 units of limited partnership interest
                                        
                                        
                                        227,848,129
                                        
                                        
                                        
                                        -
                                        
                                        
                                        
                                        227,848,129Redemption
      of 13,280 units of limitedpartnership
      interest
                                        
                                        
                                        (120,988,365
                                        )
                                        
                                        
                                        -
                                        
                                        
                                        
                                        (120,988,365
                                        )Net
      income
                                        
                                        
                                        135,946,503
                                        
                                        
                                        
                                        -
                                        
                                        
                                        
                                        135,946,503PARTNERS’
      CAPITAL — December 31, 2008
                                        
                                        $
                                        503,016,088
                                        
                                        
                                        $
                                        -
                                        
                                        
                                        $
                                        503,016,088See
      notes to financial statements.
 
 F-16
  MAN-AHL
DIVERSIFIED TRADING COMPANY L.P.
 (A
Delaware Limited Partnership)
  STATEMENTS
OF CASH FLOWS
 FOR
THE YEARS ENDED DECEMBER 31, 2008 AND 2007
  2008
                                  
                                  
                                  2007CASH
      FLOWS FROM OPERATINGACTIVITIES:Net
      income
                                  
                                  $
                                  135,946,503
                                  
                                  
                                  $
                                  51,469,045Adjustments
      to reconcile net income tonet
      cash provided by operating activities:Net
      change in unrealized tradinggains
      (losses) on open contracts
                                  
                                  
                                  (9,755,114
                                  )
                                  
                                  
                                  536,242Changes
      in assets and liabilities:Due
      from brokers
                                  
                                  
                                  70,596,791
                                  
                                  
                                  
                                  (48,956,206
                                  )Interest
      receivable
                                  
                                  
                                  58,036
                                  
                                  
                                  
                                  (148,527
                                  )Net
      cash provided byoperating
      activities
                                  
                                  
                                  196,846,216
                                  
                                  
                                  
                                  2,900,554CASH
      FLOWS FROM FINANCINGACTIVITIES:Proceeds
      from subscriptions
                                  
                                  
                                  227,848,129
                                  
                                  
                                  
                                  63,439,413Payments
      on redemptions
                                  
                                  
                                  (98,834,296
                                  )
                                  
                                  
                                  (58,524,850
                                  )Net
      cash provided byfinancing
      activities
                                  
                                  
                                  129,013,833
                                  
                                  
                                  
                                  4,914,563NET
      INCREASE IN CASHAND
      CASH EQUIVALENTS
                                  
                                  
                                  325,860,049
                                  
                                  
                                  
                                  7,815,117CASH
      AND CASH EQUIVALENTSBeginning
      of year
                                  
                                  
                                  158,733,582
                                  
                                  
                                  
                                  150,918,465CASH
      AND CASH EQUIVALENTSEnd
      of year
                                  
                                  $
                                  484,593,631
                                  
                                  
                                  $
                                  158,733,582See
      notes to financial statements.
 
 F-17
 MAN-AHL
DIVERSIFIED TRADING COMPANY L.P.
 (A
Delaware Limited Partnership)
  NOTES
TO FINANCIAL STATEMENTS
 AS
OF AND FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2007
 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
  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.
 
 Due From Brokers — Due from
brokers consists of balances due from MF Global, Inc. (“MFG”), 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.
  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.
  Effective
January 1, 2008, the Partnership adopted the provisions of the Statement of
Financial Accounting Standards No. 157 (“SFAS 157”), Fair Value
Measurements.  SFAS 157 defines fair value, establishes a
framework for measuring fair value and expands disclosures about fair value
measurements.  The adoption of SFAS 157 had no impact on the net
assets of the Partnership. 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
    F-18
  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 December 31, 2008, 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:
   Fair
      Value MeasurementsQuoted
      Prices in
                                                                                            
                                                                                            
                                                                                            Significant
      Other
                                                                                            
                                                                                            
                                                                                            Significant
      OtherFair
      Value
                                                                                            
                                                                                            
                                                                                            Active
      Markets for
                                                                                            
                                                                                            
                                                                                            Observable
                                                                                            
                                                                                            
                                                                                            Unobservableas
      of
                                                                                            
                                                                                            
                                                                                            Identical
      Assets
                                                                                            
                                                                                            
                                                                                            Inputs
                                                                                            
                                                                                            
                                                                                            InputsDescription
                                                                                            
                                                                                            December
      31, 2008
                                                                                            
                                                                                            
                                                                                            (Level
      1)
                                                                                            
                                                                                            
                                                                                            (Level
      2)
                                                                                            
                                                                                            
                                                                                            (Level
      3)Money
      market
                                                                                            
                                                                                            $
                                                                                            484,593,631
                                                                                            
                                                                                            
                                                                                            $
                                                                                            -
                                                                                            
                                                                                            
                                                                                            $
                                                                                            484,593,631
                                                                                            
                                                                                            
                                                                                            $
                                                                                            -Net
      unrealized trading gains on open futures contracts
                                                                                            
                                                                                            
                                                                                            15,887,019
                                                                                            
                                                                                            
                                                                                            
                                                                                            15,887,019
                                                                                            
                                                                                            
                                                                                            
                                                                                            -
                                                                                            
                                                                                            
                                                                                            
                                                                                            -Net
      unrealized trading gains on open forward contracts
                                                                                            
                                                                                            
                                                                                            1,527,892
                                                                                            
                                                                                            
                                                                                            
                                                                                            -
                                                                                            
                                                                                            
                                                                                            
                                                                                            1,527,892
                                                                                            
                                                                                            
                                                                                            
                                                                                            -Total
                                                                                            
                                                                                            $
                                                                                            502,008,542
                                                                                            
                                                                                            
                                                                                            $
                                                                                            15,887,019
                                                                                            
                                                                                            
                                                                                            $
                                                                                            486,121,523
                                                                                            
                                                                                            
                                                                                            $
                                                                                            -
  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 currently 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.
  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.
  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.
  In July
2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation
No. 48 (“FIN 48”) entitled, Accounting for Uncertainty in Income
Taxes — an interpretation of FASB Statement No. 109. FIN 48
prescribes the minimum recognition threshold a tax position must meet in
connection with accounting for uncertainties in income tax positions taken or
expected to be taken by an entity before being measured and recognized in the
financial statements. The Partnership adopted FIN 48 effective January 1,
2007.  The implementation of FIN 48 had no impact on the
Partnership’s financial statements. Tax years 2006, 2007 and 2008 remain subject
to examination by federal and state jurisdictions, including those states where
investors reside or states where the Partnership is subject to other filing
requirements.
  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 year to the end of the year. Unit
amounts are rounded to whole numbers for financial statement
presentation.
    F-19
   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.
  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
years ended December 31, 2008 and 2007.
  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
nonperformance associated with these instruments is the net unrealized gain, if
any, included in the statements of financial condition. Forward contracts are
entered into on an arm’s-length basis with RBS.  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 December 31, 2008 and 2007, estimated credit risk
with regard to forward contracts was $1,527,892 and $2,411,929,
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 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.
   F-20
   5.
                                                                                          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.
  6.
                                                                                            FINANCIAL
      HIGHLIGHTS
  The
following represents the ratios to average partners’ capital and other
supplemental information for the years ended December 31, 2008 and
2007:
  2008
                                                                                            
                                                                                            
                                                                                            2007Per
      unit operating performance:Beginning net asset value
                                                                                            
                                                                                            $
                                                                                            7,393.28
                                                                                            
                                                                                            
                                                                                            $
                                                                                            5,943.46Income
      from investment operations:Net
      investment income
                                                                                            
                                                                                            
                                                                                            178.01
                                                                                            
                                                                                            
                                                                                            
                                                                                            257.21Net
      realized and unrealized gains on trading activities
                                                                                            
                                                                                            
                                                                                            2,885.72
                                                                                            
                                                                                            
                                                                                            
                                                                                            1,192.61Total
      income from investment operations
                                                                                            
                                                                                            
                                                                                            3,063.73
                                                                                            
                                                                                            
                                                                                            
                                                                                            1,449.82Ending
      net asset value
                                                                                            
                                                                                            $
                                                                                            10,457.01
                                                                                            
                                                                                            
                                                                                            $
                                                                                            7,393.28Ratios
      to average partners’ capital:Expenses
                                                                                            
                                                                                            
                                                                                            -
                                                                                            %
                                                                                            
                                                                                            
                                                                                            -
                                                                                            %Net
      investment income
                                                                                            
                                                                                            
                                                                                            2.01
                                                                                            %
                                                                                            
                                                                                            
                                                                                            3.95
                                                                                            %Total
      return
                                                                                            
                                                                                            
                                                                                            41.44
                                                                                            %
                                                                                            
                                                                                            
                                                                                            24.39
                                                                                            %
  Financial
highlights are calculated for all partners taken as a whole.  An individual
partner's return and ratios may vary from these returns and ratios based on the
timing of capital transactions
  7.    SUBSEQUENT
EVENTS
  Subsequent
to year end through February 20, 2009, the Partnership recorded subscriptions
totaling $27,458,948 and redemptions totaling $4,673,647.
  8.    RECENT
ACCOUNTING PRONOUNCEMENTS
  Statement
of Financial Accounting Standards No. 161(“SFAS 161”),Disclosures about Derivative
Instruments and Hedging Activitieswas issued on March 19,
2008.  SFAS 161 expands the disclosures required by Statement of
Financial Accounting Standards No. 133, Accounting for Derivatives and
Hedging Activitiesabout an entity’s derivative instruments and hedging
activities.  SFAS 161 is effective for fiscal years and interim
periods beginning after November 15, 2008. The Partnership is currently
evaluating the provisions of SFAS 161 and their impact on the Partnership’s
financial statements.
  F-21
    
  Man
Investments (USA) Corp.
 Consolidated
Statement of Financial Condition
 March
31, 2008
 
  
 
  Man
Investments (USA) Corp.
 Index
 March 31,
2008
 
  Page(s)
 
 Report
      of Independent Auditors
                        B-1Financial
      StatementsConsolidated
      Statement of Financial Condition
                        B-2Condensed
      Schedule of Investments
                        B-3Notes
      to Consolidated Statement of Financial Condition
                        B-4-9
 
 
 
 Report
of Independent Auditors
 
  To the
Board of Directors and Shareholder of
 Man
Investments (USA) Corp.
 
 In our
opinion, the accompanying consolidated statement of financial condition,
including the condensed schedule of investments, presents fairly, in all
material respects, the financial position of Man Investments (USA) Corp. (the
“Company”) at March 31, 2008, in conformity with accounting principles generally
accepted in the United States of America.  This financial statement is
the responsibility of the Company’s management.  Our responsibility is
to express an opinion on this financial statement based on our
audit.  We conducted our audit of this statement in accordance with
auditing standards generally accepted in the United States of
America.  Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statement is free of
material misstatement.  An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statement,
assessing the accounting principles used and significant estimates made by
management, and evaluating the overall financial statement
presentation.  We believe that our audit of the consolidated statement
of financial condition provides a reasonable basis for our opinion.
 
 
 
 
 /s/
PricewaterhouseCoopers LLP
 
 June 17,
2008
    B-1
  Man
Investments ( USA ) Corp.
 Consolidated
Statement of Financial Condition
 March
31, 2008
 AssetsCash
      and cash equivalentsCash
                                                                            
                                                                            $
                                                                            14,111,463Deposite
      with affiliate
                                                                            
                                                                            
                                                                            9,419,450Due
      from broker
                                                                            
                                                                            
                                                                            944,647Net
      unrealized appreciation on open forward contracts
                                                                            
                                                                            
                                                                            690,821Net
      unrealized appreciation on open futures contracts
                                                                            
                                                                            
                                                                            68,976Management
      and incentive fees receivable
                                                                            
                                                                            
                                                                            828,354Investment
      in limited partnerships
                                                                            
                                                                            
                                                                            7,124,783Subscriptions
      made in advance
                                                                            
                                                                            
                                                                            238,357Receivables
      from affiliates
                                                                            
                                                                            
                                                                            297,160Other
      assets
                                                                            
                                                                            
                                                                            1,444,051Total
      assets
                                                                            
                                                                            $
                                                                            35,168,062Liabilities
      and Shareholder's EquitySubscriptions
      received in advance
                                                                            
                                                                            $
                                                                            290,416Management
      fees payable
                                                                            
                                                                            
                                                                            99,286Incentive
      fees payable
                                                                            
                                                                            
                                                                            598,101Brokerage
      commission payable
                                                                            
                                                                            
                                                                            98,589Professional
      fees payable
                                                                            
                                                                            
                                                                            175,009Administrative
      and other fees payable
                                                                            
                                                                            
                                                                            99,915Payables
      to affiliates
                                                                            
                                                                            
                                                                            539,710Accrued
      expenses and other liabilities
                                                                            
                                                                            
                                                                            913,816Income
      taxes payable
                                                                            
                                                                            
                                                                            4,768,471Total
      liabilities
                                                                            
                                                                            
                                                                            7,583,313Minority
      interest in AHL-130
                                                                            
                                                                            
                                                                            461,735Common
      shares
                                                                            
                                                                            
                                                                            6Additional
      paid in capital
                                                                            
                                                                            
                                                                            21,250,994Retained
      earnings
                                                                            
                                                                            
                                                                            5,872,014Total
      stockholder's equity
                                                                            
                                                                            
                                                                            27,123,014Total
      liabilities and stockholder's equity
                                                                            
                                                                            $
                                                                            35,168,062
 B-2
  Man
Investments ( USA ) Corp.
 Condensed
Schedule of  Investments of AHL-130
 March
31, 2008
 Fair
                                                                                                                    Value
                                                                                                                  
                                                                                                                  
                                                                                                                  %
      of Members' Equity*Futures
      Contracts — Long:Currency
                                                                                                                  
                                                                                                                  $
                                                                                                                  153,351
                                                                                                                  
                                                                                                                  
                                                                                                                  
                                                                                                                  0.56
                                                                                                                  %Energy
                                                                                                                  
                                                                                                                  
                                                                                                                  83,205
                                                                                                                  
                                                                                                                  
                                                                                                                  
                                                                                                                  0.30
                                                                                                                  %United
      States Bonds
                                                                                                                  
                                                                                                                  
                                                                                                                  189,722
                                                                                                                  
                                                                                                                  
                                                                                                                  
                                                                                                                  0.69
                                                                                                                  %Non-United
      States Bonds
                                                                                                                  
                                                                                                                  
                                                                                                                  241,290
                                                                                                                  
                                                                                                                  
                                                                                                                  
                                                                                                                  0.87
                                                                                                                  %Other
                                                                                                                  
                                                                                                                  
                                                                                                                  1,910
                                                                                                                  
                                                                                                                  
                                                                                                                  
                                                                                                                  0.01
                                                                                                                  %Total
      Futures Contracts — Long
                                                                                                                  
                                                                                                                  
                                                                                                                  669,478
                                                                                                                  
                                                                                                                  
                                                                                                                  
                                                                                                                  2.43
                                                                                                                  %Futures
      Contracts — Short:Agricultural
                                                                                                                  
                                                                                                                  
                                                                                                                  39,623
                                                                                                                  
                                                                                                                  
                                                                                                                  
                                                                                                                  0.14
                                                                                                                  %Metals
                                                                                                                  
                                                                                                                  
                                                                                                                  (23,940
                                                                                                                  )
                                                                                                                  
                                                                                                                  
                                                                                                                  (0.09
                                                                                                                  )%Non-United
      States Bonds
                                                                                                                  
                                                                                                                  
                                                                                                                  5,656
                                                                                                                  
                                                                                                                  
                                                                                                                  
                                                                                                                  0.02
                                                                                                                  %Other
                                                                                                                  
                                                                                                                  
                                                                                                                  4
                                                                                                                  
                                                                                                                  
                                                                                                                  
                                                                                                                  0.00
                                                                                                                  %Total
      Futures Contracts — Short
                                                                                                                  
                                                                                                                  
                                                                                                                  21,343
                                                                                                                  
                                                                                                                  
                                                                                                                  
                                                                                                                  0.08
                                                                                                                  %Forward
      Contracts — Long:Australian
      Dollar
                                                                                                                  
                                                                                                                  
                                                                                                                  (13,044
                                                                                                                  )
                                                                                                                  
                                                                                                                  
                                                                                                                  (0.05
                                                                                                                  )%Brazilian
      Real
                                                                                                                  
                                                                                                                  
                                                                                                                  (26,632
                                                                                                                  )
                                                                                                                  
                                                                                                                  
                                                                                                                  (0.10
                                                                                                                  )%British
      Pound
                                                                                                                  
                                                                                                                  
                                                                                                                  (22,509
                                                                                                                  )
                                                                                                                  
                                                                                                                  
                                                                                                                  (0.08
                                                                                                                  )%Canadian
      Dollar
                                                                                                                  
                                                                                                                  
                                                                                                                  (14,614
                                                                                                                  )
                                                                                                                  
                                                                                                                  
                                                                                                                  (0.05
                                                                                                                  )%Czech
      Koruna
                                                                                                                  
                                                                                                                  
                                                                                                                  8,545
                                                                                                                  
                                                                                                                  
                                                                                                                  
                                                                                                                  0.03
                                                                                                                  %European
      Euro
                                                                                                                  
                                                                                                                  
                                                                                                                  29,520
                                                                                                                  
                                                                                                                  
                                                                                                                  
                                                                                                                  0.11
                                                                                                                  %Mexican
      Peso
                                                                                                                  
                                                                                                                  
                                                                                                                  11,766
                                                                                                                  
                                                                                                                  
                                                                                                                  
                                                                                                                  0.04
                                                                                                                  %New
      Zealand Dollar
                                                                                                                  
                                                                                                                  
                                                                                                                  (16,287
                                                                                                                  )
                                                                                                                  
                                                                                                                  
                                                                                                                  (0.06
                                                                                                                  )%Polish
      Zloty
                                                                                                                  
                                                                                                                  
                                                                                                                  14,210
                                                                                                                  
                                                                                                                  
                                                                                                                  
                                                                                                                  0.05
                                                                                                                  %Singapore
      Dollar
                                                                                                                  
                                                                                                                  
                                                                                                                  6,843
                                                                                                                  
                                                                                                                  
                                                                                                                  
                                                                                                                  0.02
                                                                                                                  %Swiss
      Franc
                                                                                                                  
                                                                                                                  
                                                                                                                  96,697
                                                                                                                  
                                                                                                                  
                                                                                                                  
                                                                                                                  0.35
                                                                                                                  %Other
                                                                                                                  
                                                                                                                  
                                                                                                                  (4,074
                                                                                                                  )
                                                                                                                  
                                                                                                                  
                                                                                                                  (0.01
                                                                                                                  )%Total
      Forward Contracts — Long
                                                                                                                  
                                                                                                                  
                                                                                                                  70,421
                                                                                                                  
                                                                                                                  
                                                                                                                  
                                                                                                                  0.26
                                                                                                                  %
    
 
  B-3
  Man
Investments ( USA ) Corp.
 Condensed
Schedule of  Investments of AHL-130 (continued)
 March
31, 2008
 Forward
      Contracts —
      ShortAustralian
      Dollar
                                                                            
                                                                            $
                                                                            7,881
                                                                            
                                                                            
                                                                            
                                                                            0.03
                                                                            %Brazilian
      Real
                                                                            
                                                                            
                                                                            16,317
                                                                            
                                                                            
                                                                            
                                                                            0.06
                                                                            %British
      Pound
                                                                            
                                                                            
                                                                            6,742
                                                                            
                                                                            
                                                                            
                                                                            0.02
                                                                            %Canadian
      Dollar
                                                                            
                                                                            
                                                                            7,362
                                                                            
                                                                            
                                                                            
                                                                            0.03
                                                                            %Mexican
      Peso
                                                                            
                                                                            
                                                                            (7,515
                                                                            )
                                                                            
                                                                            
                                                                            (0.03
                                                                            )%New
      Zealand Dollar
                                                                            
                                                                            
                                                                            7,537
                                                                            
                                                                            
                                                                            
                                                                            0.03
                                                                            %Norwegian
      Krone
                                                                            
                                                                            
                                                                            1,129
                                                                            
                                                                            
                                                                            
                                                                            0.00
                                                                            %Polish
      Zloty
                                                                            
                                                                            
                                                                            (5,954
                                                                            )
                                                                            
                                                                            
                                                                            (0.02
                                                                            )%Singapore
      Dollar
                                                                            
                                                                            
                                                                            (4,912
                                                                            )
                                                                            
                                                                            
                                                                            (0.02
                                                                            )%South
      African Rand
                                                                            
                                                                            
                                                                            3,286
                                                                            
                                                                            
                                                                            
                                                                            0.01
                                                                            %Swiss
      Franc
                                                                            
                                                                            
                                                                            (33,909
                                                                            )
                                                                            
                                                                            
                                                                            (0.12
                                                                            )%Other
                                                                            
                                                                            
                                                                            591
                                                                            
                                                                            
                                                                            
                                                                            0.00
                                                                            %Total
      Forward Contracts — Short
                                                                            
                                                                            
                                                                            (1,445
                                                                            )
                                                                            
                                                                            
                                                                            (0.01
                                                                            )%Net
      unrealized trading gainson
      open derivative contracts
                                                                            
                                                                            $
                                                                            759,797
                                                                            
                                                                            
                                                                            
                                                                            2.75
                                                                            %*Percentages
      are based on Members' Equity of $27,123,014.
   
 
   B-4
   Man
Investments ( USA ) Corp.
 Notes
to Consolidated Statement of Financial Condition
 March
31, 2008
 1.Organization
 
 Man
Investments (USA) Corp. (the "Company"), a Delaware corporation, was formed on
February 8, 2002 and is a wholly owned subsidiary of Man Investments Holdings
Inc. (the “Parent”).  The ultimate parent of Man Investments Holdings
Inc. is Man Group plc, a United Kingdom public limited company.  The
Company is registered as a commodity pool operator and commodity trading advisor
with the Commodity Futures Trading Commission and is a member of the National
Futures Association.  The Company is also registered as an investment
adviser with the Securities and Exchange Commission.
  2.
                      Summary
      of Significant Accounting Policies
  The
accompanying consolidated statement of financial condition has been prepared in
conformity with accounting principles generally accepted in the United States of
America. The following are significant accounting policies adopted by the
Company.
  Consolidation
  The
accounting method used for the Company’s equity investments is generally
dependent upon the influence the Company has over its investee. For investments
where the Company can exert control over the financial and operating policies of
the investee, which generally exists if there is a 50% or greater voting
interest, the investee is consolidated into the Company’s financial statements.
For certain investments where the risks and rewards of ownership are not
directly linked to voting interests (“variable interest entities” or “VIEs”), an
investee may be consolidated if the Company, with its related parties, is
considered the primary beneficiary of the investee. The primary beneficiary
determination will consider not only the Company’s equity interest, but the
benefits and risks associated with non-equity components of the Company’s
relationship with the investee, including debt, investment advisory and other
similar arrangements, in accordance with Financial Accounting Standards Board
(“FASB”) Interpretation (“FIN”) No. 46(R), Consolidation of Variable Interest
Entities.  When the Company no longer controls these investees
due to reduced ownership percentage or other reasons, the investees are
deconsolidated and accounted for under another accounting method.
  As of
March 31, 2008, the Company serves as the managing member of Man-AHL 130, LLC
(“AHL-130”) an investment partnership that engages primarily in speculative
trading in futures, options and forward markets, and which also invests a
portion of its assets in Man-Glenwood Lexington, LLC, a registered hedge fund of
funds which is advised by Glenwood Capital Investments, LLC, an affiliate of the
Company.  The Company also serves as the managing member of Man Global
Macro Growth & Income Fund (“Man Global”) and Man Dual Absolute Return Fund
(“Man Dual”).  Neither Man Global nor Man Dual have commenced trading
operations as of March 31, 2008.  At March 31, 2008, the Company has
an investment in AHL 130, Man Global and Man Dual of $19,946,897, $100,000 and
$10,000, respectively, which represents substantially all the members’ equity of
AHL-130, Man Global and Man Dual, respectively.  The Company has
determined that it is the primary beneficiary of each of these
entities.  Therefore, the financial information of AHL-130, Man Global
and Man Dual is consolidated into the statement of financial condition of the
Company.  All inter-company balances have been eliminated in
consolidation.
  Cash
and Cash Equivalents
 Cash and
cash equivalents includes interest-bearing deposits, short-term interest bearing
money market instruments with original maturities of 90 days or less, and cash
held at a bank.  Due from broker amounts represent cash held at MF
Global Ltd. (“MFG”), the clearing broker for AHL-130, required to meet margin
requirements and excess funds not required for margin.
    B-5
  Man
Investments ( USA ) Corp.
 Notes
to Consolidated Statement of Financial Condition (continued)
 March
31, 2008
 Derivative
Contracts
 AHL-130
enters into derivative contracts (“derivatives”) for trading
purposes.  Derivatives include futures contracts and forward
contracts.  AHL-130 records derivatives at fair value.  Fair
values of futures and forward contracts are reflected net by counterparty or
clearing broker in the consolidated statement of financial
condition.
  Foreign
currency
 All
assets and liabilities of AHL-130 denominated in foreign currencies are
translated into U.S. dollars at the mean between the bid and ask market rates
for such currencies on the date of valuation.  Net unrealized foreign
exchange gains and losses arise from changes in fair value of assets and
liabilities, resulting from changes in exchange rates.
  Investments
 The
Company serves as the general partner of Man-AHL Diversified Trading Company LP,
(“AHL Trading Co.”), Man-AHL Diversified LP (“Diversified”), Man-AHL Diversified
I LP (“Diversified I”), and Man-AHL Diversified II LP (“Diversified II”)
(collectively, the “AHL Limited Partnerships”).  Under the terms of
the limited partnership agreements of AHL Trading Co., Diversified I, and
Diversified II, the Company is required to maintain a capital account equal to
the lesser of (a) 1.01% of the aggregate net capital contributions made to the
partnership by all partners from time to time (including the general partner's
capital contributions) or (b) $500,000, or as advised by counsel.  The
Company values its investments in the AHL Limited Partnerships at the Company’s
pro rata interest in the net assets of these entities, as provided by the AHL
Limited Partnerships as well as annual audited financial
statements.  At March 31, 2008, the Company has investments in
Diversified I and Diversified II of $611,569 and $743,613, respectively. The
Company is required to maintain a minimum capital contribution in Diversified as
required by law.  At March 31, 2008, the Company has an investment in
Diversified of $67,929.
  The
Company serves as the manager of Man AB Strategies, LLC - Series 1, Man AB
Strategies, LLC-Series 2 (collectively, the “AB Strategies Series Funds”) and
Man AB Strategies AHL Trading, LLC (“AB Trading”).  Under the terms of
the AB Strategies Series Funds and the AB Trading operating agreements, the
Company shall make a contribution as determined under the Internal Revenue
Code.  At March 31, 2008, the Company had no direct investment in
either AB Trading or in AB Strategies Series Funds.
  The
Company also serves as managing member for Man IP 220 Private, LLC, Man IP 220
Private (Series 2), LLC, Man IP 220 Private (Series 3), LLC, Man IP 220 Private
(Series 4), LLC, Man IP 220 Private (Series 5), LLC (collectively, the “IP 220
Funds”) and Man AB Strategies (Series 1), LLC and Man AB Strategies (Series 2),
LLC (collectively the “AB Funds”).  Under the terms of the IP 220
Funds and AB Funds’ operating agreement, the Company is not required to maintain
a capital investment in each fund.
  The
Company or an affiliate is contractually obligated to bear the administrative
expenses of AHL-130 in excess of 0.50% of its month-end net asset value during
the first two fiscal years of AHL-130, which began on April 1,
2007.  Thereafter, expenses in excess of 0.50% of AHL-130’s month-end
net asset value will be paid by AHL-130, but may be paid by the Company or an
affiliate at the Company’s discretion.  The Company or an affiliate is
currently bearing administrative expenses of AB Trading and the AB Strategies
Series Funds in excess of 1.00% of each fund’s month-end net asset value but may
discontinue this at its discretion.
 
  B-6
  Man
Investments ( USA ) Corp.
 Notes
to Consolidated Statement of Financial Condition (continued)
 March 31, 2008
 The
condensed unaudited financial information of the funds in which the Company has
an investment in at March 31, 2008 is as follows:
   Diversified
                                            
                                            
                                            Diversified
      I
                                            
                                            
                                            Diversified
      IIAssets:Cash
      and cash equivalents
                                            
                                            
                                            3,975,000
                                            
                                            
                                            
                                            8,957,066
                                            
                                            
                                            
                                            7,645,718Trading
      portfolio
                                            
                                            
                                            39,332,387
                                            
                                            
                                            
                                            89,691,914
                                            
                                            
                                            
                                            202,428,822Other
      assets
                                            
                                            
                                            658,396
                                            
                                            
                                            
                                            601,225
                                            
                                            
                                            
                                            4,234,205Total
      Assets
                                            
                                            
                                            43,965,783
                                            
                                            
                                            
                                            99,250,205
                                            
                                            
                                            
                                            214,308,745Liabilities
                                            
                                            
                                            (4,756,245
                                            )
                                            
                                            
                                            (9,888,961
                                            )
                                            
                                            
                                            (12,529,065
                                            )Net
      assets
                                            
                                            
                                            39,209,538
                                            
                                            
                                            
                                            89,361,244
                                            
                                            
                                            
                                            201,779,680The
      Company’s Investment inFund
      at March 31, 2008
                                            
                                            
                                            67,929
                                            
                                            
                                            
                                            611,568
                                            
                                            
                                            
                                            743,613
  AHL-130
values its investment in Man-Glenwood Lexington, LLC (the “Fund) at its net
asset value, which approximates fair value, as provided by the
Fund.  At March 31, 2008, AHL-130 recorded an investment in the Fund
of $5,701,673.
  Management
and Incentive Fees
 The
Company earns a general partner fee equal to 1/12 of 1% on the net asset value
of Diversified I, determined as of the end of each month before the deduction of
that month’s management fee, incentive fee, and capital
withdrawals.  The management fee is paid monthly in
arrears.
  Diversified
and Diversified II pay a management fee equal to 1/12 of 2% on the net asset
values of each fund to Man-AHL (USA) Ltd., (the “Adviser”) an affiliate of the
Company, determined as of the end of each month before the deduction of that
month’s management fee, incentive fee and capital withdrawals.  The
management fee is paid monthly in arrears. The Adviser pays the Company 25 basis
points of the 2% management fees collected from Diversified and Diversified II,
monthly in arrears.
  The
Company earns a management fee equal to 1/12 of 1% on the net asset value of
each of the IP 220 Funds and the AB Funds, determined as of the end of each
month before the deduction of that month’s management fee and capital
withdrawals.  The management fee is paid quarterly in
arrears.
  AHL-130
pays a 2% p.a. management fee and a monthly incentive fee of 20% to the
Adviser.
  Brokerage
Commission Payable
 Brokerage
commission expense on futures contracts is recognized in the period of the
transaction and is reflected on the consolidated statement of financial
condition.  The futures commission rates charged to AHL-130 have not
been negotiated at arm’s length and other clients may be charged lower
rates.  Brokerage commissions represent the cost of the transactions
and are capped at 3% of AHL-130’s month-end net asset value per annum. Accrued
expenses and other liabilities consist primarily of legal expenses and bonus
expense.
  Payables
to Affiliates
 Payables
to affiliates represent reimbursements due for the Company’s share of expenses
incurred during the year.
    B-7
  Man
Investments ( USA ) Corp.
 Notes
to Consolidated Statement of Financial Condition (continued)
 Use
of Estimates
 The
preparation of the consolidated statement of financial condition in conformity
with accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the consolidated statement of financial
condition.  Actual results could differ from those
estimates.
  Contingencies
 In the
normal course of business, the Company enters into contracts that contain a
variety of representations and warranties and which provide general
indemnifications. The Company’s maximum exposure under these arrangements is
unknown, as this would involve future claims that may be made against the
Company that have not yet occurred. However, based on experience, management
expects the risk of loss to be remote.
  Related
Party Transactions
 Man-Glenwood
Inc. (“MGI”), an affiliate, provides the Company with technology support, legal
and compliance as well as finance and administration services.  In
addition, MGI leases the office space occupied by the Company and the equipment
used by the Company.
  3.
                      Income
      Taxes
  Income
taxes are provided under the provisions of Statement of Financial Accounting
Standards No. 109 Accounting
for Income Taxes.
  The
Company is included in the consolidated federal and state income tax returns
filed by Man Investments USA Holdings Inc.  Federal income taxes are
determined on a separate return basis pursuant to a tax sharing agreement
between the Company and Man Group USA Inc.  The Company accounts for
income taxes under the liability method.  Under this method, deferred
taxes are provided for the differences between financial reporting and tax bases
of assets and liabilities and are measured using the enacted tax rates and laws
that will be in effect when these differences are expected to
reverse.
  4.
                      Stock-Based
      Compensation Plans
  Certain
employees of the Company participate in stock-based incentive plans sponsored by
Man Group plc.  In December 2004, the Financial Accounting Standards
Board (“FASB”) issued Statement of Financial Accounting Standards  No.
123(R) (“SFAS No. 123(R)”).  SFAS No. 123(R) requires compensation
costs related to share-based transactions to be recognized in the financial
statements based on fair value.  SFAS No. 123(R) revises Statement of
Financial Accounting Standards No. 123, Accounting for Stock-Based
Compensation as amended,and supersedes APB No. 25, Accounting for Stock Issued to
Employees.
  Co-Investment
Plan
 The
Co-Investment Plan (the “Plan”) allows selected employees to use a portion of
their cash bonus to purchase Man Group stock for investment within the Plan.
Participants can also purchase shares by taking out a non-interest bearing loan
with Man Group to further invest in the Plan. Shares held as investment within
the Plan for at least three years are matched by four shares of Man Group stock.
Participants vest into the matching Man Group shares after one additional
year.
  For the
year ended March 31, 2008, shares were purchased by participants for additional
investment in the plan. For the year ended March 31, 2008, Man Group issued
10,221 matching share awards with a weighted-average grant date fair value of
$11.00.  The total fair value of matching awards distributed to
participants at March 31, 2008 was $112,431.
   B-8
  Man
Investments ( USA ) Corp.
 Notes
to Consolidated Statement of Financial Condition (continued)
 March
31, 2008
  A summary
of the activity of performance share awards and matching co-investment plan
shares as of March 31, 2008 and changes during the year then ended is
presented below:
  Co-investment
      PlanAwards
                                                
                                                
                                                Weighted-Average
      Grant Date Fair value (per award)(1)Nonvested
      shares as of April 1, 2007
                                                
                                                
                                                17,422
                                                
                                                
                                                £
                                                3.59Granted
                                                
                                                
                                                10,221
                                                
                                                
                                                £
                                                5.48Vested
                                                
                                                
                                                (916
                                                )
                                                
                                                £
                                                4.36Forfeited
                                                
                                                
                                                (1,088
                                                )
                                                
                                                £
                                                4.17Nonvested
      shares as of March 31, 2008
                                                
                                                
                                                25,639
                                                
                                                
                                                £
                                                4.48Total unrecognized
      compensation expense remaining
                                                
                                                
                                                $
      127,484Weighted-average
      years expected to be recognized over
                                                
                                                
                                                3.0
  (1) As
Man Group plc shares trade in Pound Sterling, all exercise price
information has been translated into U.S. dollars, using the relevant exchange
rate during the year.
  5.
                      Derivative
      Financial Instruments and Concentrations of Credit
  Risk
  AHL-130
trades derivative 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 market values of the instruments
underlying the contracts.
  Credit
risk arises from the potential inability of counterparties to perform in
accordance with the terms of the contract.   The credit risk from
counterparty nonperformance associated with these instruments is the net
unrealized gain included in the consolidated statement of financial
condition.
  For
exchange-traded contracts, the clearing organization acts 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
contracts.  AHL-130- trades in exchange traded futures contracts on
various underlying commodities, foreign currencies, and financial instruments,
as well as forward contracts on foreign currencies.  The fair value of
open futures and forward contracts at March 31, 2008 is reflected net by the
counterparty of clearing broker in the consolidated statement of financial
condition.
  AHL-130
may have indirect exposure to derivative financial instruments that arise from
its investment in the Fund, through positions held by other investment funds in
which the Fund invests.  However, as an investor with limited
liability, AHL-130’s risk is limited to the current value of its investment,
which is reflected in the consolidated statement of financial
condition.
  AHL-130’s
funds held by, and cleared through, MFG are required to be held in segregated
accounts under the rules of the CFTC.  These funds are used to meet
minimum requirements for all of AHL-130’s open futures positions as set by the
exchange where each contract is traded.  These requirements are
adjusted, as needed, due to daily fluctuation in the values of the underlying
positions.  Certain positions may be liquidated, if necessary, to
satisfy resulting changes in margin requirements.
  6.
                      Recent
      Accounting Pronouncements
  Statement
of Financial Accounting Standards No. 161, Disclosures about Derivative
Instruments and Hedging Activities(“SFAS No. 161”), was issued on March
19, 2008.  SFAS No. 161 expands the disclosures required by SFAS No.
133, Accounting for
Derivatives and Hedging Activities, about an
    B-9
  Man
Investments ( USA ) Corp.
 Notes
to Consolidated Statement of Financial Condition (continued)
 March
31, 2008
 entity’s
derivative instruments and hedging activities.  SFAS No. 161 is
effective for fiscal years and interim periods beginning after November 15,
2008.  The Company is currently evaluating the provisions of SFAS No.
161 and its impact on the Company’s financial statements.
  In
September 2006, the FASB issued Statement of Financial Accounting Standards No.
157 Fair Value Measurements(“SFAS No. 157”),. This standard establishes a single authoritative
definition of fair value, sets out a framework for measuring fair value and
requires additional disclosures about fair value measurements. SFAS No. 157
applies to fair value measurements already required or permitted by existing
standards. SFAS No. 157 is effective for financial statements issued for fiscal
years beginning after November 15, 2007, and interim periods within those fiscal
years. The changes to current generally accepted accounting principles from the
application of this standard relate to the definition of fair value, the methods
used to measure fair value, and the expanded disclosures about fair value
measurements. At March 31, 2008, management does not believe the adoption of
SFAS No. 157 will impact the financial statement amounts; however, additional
disclosures may be required.
 
 In July
2006, the FASB issued FASB Interpretation 48 Accounting for Uncertainty in Income
Taxes(“FIN 48”),. FIN 48 provides guidance for how uncertain tax
positions should be recognized, measured, presented and disclosed in the
financial statements.  FIN 48 requires the evaluation of tax positions
taken or expected to be taken in the course of preparing the Fund’s tax returns
to determine whether the tax positions are “more-likely-than-not” of being
sustained by the applicable tax authority.  Tax positions not deemed
to meet the more-likely-than-not threshold would be recorded as a tax benefit or
expense in the current year.  Adoption of FIN 48 is required for
fiscal years beginning after December 15, 2007 and is to be applied to all open
tax years as of the effective date.  At March 31, 2008, the Company
has not evaluated the impact that will result from adopting FIN 48.
  As
AHL-130 is a partnership for tax purposes and does not record tax provisions,
the application of FIN 48 has no impact on AHL-130.
   B-10