| [X] | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|-----|--------------------------------------------------------------------------------------|

| [  ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|-----------|------------------------------------------------------------------------------------------|

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

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

| Large accelerated filer [  ] |   | Accelerated Filer [  ] |   |
|----------------------------------------|--------|----------------------------------|--------|
| Non-accelerated filer [  ]   |   | Smaller reporting company [X]    |   |

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|                |   | Class A Units    |   | Class A-2 Units  |   | Class B Units    |   | Class B-2 Units  |
|---------------------|--------|------------------|--------|------------------|--------|------------------|--------|------------------|
|                |   |             |   |             |   |             |   |             |
| Date of Redemption: |   | Amount Redeemed: |   | Amount Redeemed: |   | Amount Redeemed: |   | Amount Redeemed: |
| October 31, 2010    |   | $4,794,177       |   | $869,936         |   | $491,764         |   | $37,830          |
|                |   |             |   |             |   |             |   |             |
| November 30, 2010   |   | $1,711,899       |   | $1,080,183       |   | $1,181,466       |   | $152,196         |
|                |   |             |   |             |   |             |   |             |
| December 31, 2010   |   | $4,428,441       |   | $1,615,184       |   | $414,936         |   | $85,084          |
| TOTAL               |   | $10,934,517      |   | $3,565,303       |   | $2,088,166       |   | $275,110         |

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|          |   | 2010       |                                 |   | 2009       |   |
|---------------|--------|------------|--------------------------------------|--------|------------|--------|
|          |   |       |                                 |   |       |   |
|          |   | 31-Dec -10 |                                 |   | 31-Dec -09 |   |
| Ending Equity |   |       | $456,218,363     |   |       |   | $334,508,316     |   |

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|   | 13.1  | Report of Independent Registered Public Accounting Firm |
|--------|------------|---------------------------------------------------------|

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

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

|   | 32.1  | Section 1350 Certification of Principal Executive Officer |
|--------|------------|-----------------------------------------------------------|

|   | 32.2  | Section 1350 Certification of Principal Financial Officer |
|--------|------------|-----------------------------------------------------------|

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

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

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

|   | 10.3 | Form of Selling Agreement between Man Investments (USA) Corp. and Man Investments Inc. |
|--------|------|----------------------------------------------------------------------------------------|

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

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|   | Man-AHL Diversified I L.P.(Registrant)         |                                                                                                    |
|--------|------------------------------------------------|---------------------------------------------------------------------------------------------------------|
|   |                                           |                                                                                                    |
|   | By: Man Investments (USA) Corp.General Partner |                                                                                                    |
|   |                                           |                                                                                                    |   |
|   | By:                                            |  /s/ John Barbo                                                                                    |   |
|   |                                           |                                                                                                    |   |
|   |                                           | President and Chief Executive Officer(Principal Executive Officer)                                      |   |
|   |                                           |                                                                                                    |   |
|   | By:                                            | /s/ Alicia Derrah                                                                                       |   |
|   |                                           |                                                                                                    |   |
|   |                                           | Vice President, Chief Financial Officer and Secretary(Principal Financial and Chief Accounting Officer) |   |

|                                                                             | Title with                                         |           |
|----------------------------------------------------------------------------------|----------------------------------------------------|----------------|
| Signature                                                                        | General Partner                                    | Date           |
|                                                                             |                                               |           |
|                                                                             |                                               |           |
| /s/ John Barbo            | President and Chief Executive Officer              | March 31, 2011 |
|      John Barbo                                              | (Principal Executive Officer)                      |           |
|                                                                             |                                               |           |
|                                                                             |                                               |           |
| /s/ Alicia Derrah                                       | Vice President, Chief Financial Officer            |           |
|       Alicia Derrah                                | and Secretary                                      | March 31, 2011 |
|                                                                             | (Principal Financial and Chief Accounting Officer) |           |

----

| Man-AHL Diversified I L.P.                                              |   |
|-------------------------------------------------------------------------|--------|
| Financial Statements                                                    |   |
|                                                                    |   |
| Report of Independent Registered Public Accounting Firm                 | F-2    |
| Statements of Financial Condition as of December 31, 2010 and 2009      | F-3    |
| Statements of Operations For the Years Ended December 31, 2010 and 2009 | F-5    |
| Statements of Changes in Partner’s Capital                        |   |
| For the Years Ended December 31, 2010 and 2009                          | F-6    |
| Statements of Cash Flows For the Years Ended December 31, 2010 and 2009 | F-7    |
| Notes to Financial Statements                                           | F-8    |
|                                                                    |   |
|                                                                    |   |
| Man-AHL Diversified Trading Company L.P.                                |   |
| Financial Statements                                                    |   |
|                                                                    |   |
| Report of Independent Registered Public Accounting Firm                 | F-14   |
| Statements of Financial Condition as of December 31, 2010 and 2009      | F-15   |
| Condensed Schedules of Investments as of December 31, 2010 and 2009     | F-16   |
| Statements of Operations For the Years Ended December 31, 2010 and 2009 | F-17   |
| Statements of Changes in Partner’s Capital                        |   |
| For the Years Ended December 31, 2010 and 2009                          | F-18   |
| Statements of Cash Flows For the Years Ended December 31, 2010 and 2009 | F-19   |
| Notes to Financial Statements                                           | F- 20  |

----

|   |                                                                                                                                                                              |   |   |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|
|   |                                                                                                                                                                              |   |   |
|   | Man-AHLDiversified I L.P.(A Delaware Limited Partnership)Financial Statements as of and for theYears Ended December 31, 2010 and 2009, andIndependent Auditors’ Report |   |

----

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| MAN-AHL DIVERSIFIED I L.P.                                                                      |   |   |        |   |   |        |
|-------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|-------------|
| (A Delaware Limited Partnership)                                                                |   |   |        |   |   |        |
|                                                                                            |   |   |        |   |   |        |
| STATEMENTS OF FINANCIAL CONDITION                                                               |   |   |        |   |   |        |
| AS OF DECEMBER 31, 2010 AND 2009                                                                |   |   |        |   |   |        |
|                                                                                            |   |   |        |   |   |        |
|                                                                                            |   |   |        |   |   |        |
|                                                                                            |   | 2010   |        |   | 2009   |        |
| ASSETS                                                                                          |   |   |        |   |   |        |
|                                                                                            |   |   |        |   |   |        |
| CASH AND CASH EQUIVALENTS                                                                       |   | $      | 17,978,871  |   |   | $           | 8,321,635 |   |
|                                                                                            |   |   |        |   |   |        |   |   |
| INVESTMENT IN MAN-AHL DIVERSIFIED                                                               |   |   |        |   |   |        |   |   |
|   TRADING COMPANY L.P.                                                                |   |   | 456,318,413 |   |   |        | 334,568,212 |   |
|                                                                                            |   |   |        |   |   |        |   |   |
| DUE FROM MAN-AHL DIVERSIFIED                                                                    |   |   |        |   |   |        |   |   |
|   TRADING COMPANY L.P.                                                                |   |   | 8,322,471   |   |   |        | 9,251,843 |   |
|                                                                                            |   |   |        |   |   |        |   |   |
| OTHER ASSETS                                                                                    |   |   | -           |   |   |        | 295 |   |
|                                                                                            |   |   |        |   |   |        |   |   |
| TOTAL                                                                                           |   | $      | 482,619,755 |   |   | $           | 352,141,985 |   |
|                                                                                            |   |   |        |   |   |        |   |   |
|                                                                                            |   |   |        |   |   |        |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL                                                         |   |   |        |   |   |        |   |   |
|                                                                                            |   |   |        |   |   |        |   |   |
| LIABILITIES:                                                                                    |   |   |        |   |   |        |   |   |
|   Redemptions payable                                                                 |   | $      | 6,443,299   |   |   | $           | 7,829,165 |   |
|   Subscriptions received in advance                                                   |   |   | 17,828,921  |   |   |        | 8,381,824 |   |
|   Management fees payable                                                             |   |   | 1,105,525   |   |   |        | 842,617 |   |
|   Servicing fees payable                                                              |   |   | 566,652     |   |   |        | 425,445 |   |
|   Accrued expenses                                                                    |   |   | 206,995     |   |   |        | 154,618 |   |
|   Payable to Man-AHL Diversified II L.P.                                              |   |   | 250,000     |   |   |        | - |   |
|                                                                                            |   |   |        |   |   |        |   |   |
|            Total liabilities             |   |   | 26,401,392  |   |   |        | 17,633,669 |   |
|                                                                                            |   |   |        |   |   |        |   |   |
| PARTNERS’ CAPITAL:                                                                        |   |   |        |   |   |        |   |   |
|   General Partner - Class A (186 unit equivalents outstanding                         |   |   |        |   |   |        |   |   |
|     at December 31, 2010 and 2009, respectively)                            |   |   | 646,951     |   |   |        | 569,005 |   |
|   Limited Partners - Class A (89,273.39 and 82,984.62                                 |   |   |        |   |   |        |   |   |
|     units outstanding at December 31, 2010 and 2009, respectively)          |   |   | 309,889,356 |   |   |        | 253,353,412 |   |
|   Limited Partners - Class A Series 2 (14,736.53 and 4,857.29                         |   |   |        |   |   |        |   |   |
|     units outstanding at December 31, 2010 and 2009, respectively)          |   |   | 52,289,913  |   |   |        | 14,969,780 |   |
|   Limited Partners - Class B (23,302.68 and 20,210.95                                 |   |   |        |   |   |        |   |   |
|     units outstanding at December 31, 2010 and 2009, respectively)          |   |   | 80,889,762  |   |   |        | 61,704,853 |   |
|   Limited Partners - Class B Series 2 (3,523.45 and 1,269.10                          |   |   |        |   |   |        |   |   |
|     units outstanding at December 31, 2010 and 2009, respectively)          |   |   | 12,502,381  |   |   |        | 3,911,266 |   |
|                                                                                            |   |   |        |   |   |        |   |   |
|            Total partners’ capital |   |   | 456,218,363 |   |   |        | 334,508,316 |   |
|                                                                                            |   |   |        |   |   |        |   |   |
| TOTAL                                                                                           |   | $      | 482,619,755 |   |   | $           | 352,141,985 |   |
|                                                                                            |   |   |        |   |   |        |   |   |
|                                                                                            |   |   |        |   |   | (continued) |   |

----

| MAN-AHL DIVERSIFIED I L.P.                               |   |   |     |   |   |   |
|----------------------------------------------------------|--------|--------|----------|--------|--------|--------|
| (A Delaware Limited Partnership)                         |   |   |     |   |   |   |
|                                                     |   |   |     |   |   |   |
| STATEMENTS OF FINANCIAL CONDITION                        |   |   |     |   |   |   |
| AS OF DECEMBER 31, 2010 AND 2009 (CONTINUED)             |   | 2010   |     |   | 2009   |   |
|                                                     |   |   |     |   |   |   |
|                                                     |   |   |     |   |   |   |
| NET ASSET VALUE PER OUTSTANDING UNIT OF                  |   |   |     |   |   |   |
|   PARTNERSHIP INTEREST - CLASS A               |   | $      | 3,471.25 |   |   | $      | 3,053.03 |   |
|                                                     |   |   |     |   |   |   |   |   |
| NET ASSET VALUE PER OUTSTANDING UNIT OF                  |   |   |     |   |   |   |   |   |
|   PARTNERSHIP INTEREST - CLASS A Series 2      |   | $      | 3,548.32 |   |   | $      | 3,081.92 |   |
|                                                     |   |   |     |   |   |   |   |   |
| NET ASSET VALUE PER OUTSTANDING UNIT OF                  |   |   |     |   |   |   |   |   |
|   PARTNERSHIP INTEREST - CLASS B               |   | $      | 3,471.26 |   |   | $      | 3,053.04 |   |
|                                                     |   |   |     |   |   |   |   |   |
| NET ASSET VALUE PER OUTSTANDING UNIT OF                  |   |   |     |   |   |   |   |   |
|   PARTNERSHIP INTEREST - CLASS B Series 2      |   | $      | 3,548.33 |   |   | $      | 3,081.93 |   |
|                                                     |   |   |     |   |   |   |   |   |
| See accompanying notes and attached financial statements |   |   |     |   |   |   |   |   |
|   of Man-AHL Diversified Trading Company L.P.       |   |   |     |   |   |   |   |   |

----

| MAN-AHL DIVERSIFIED I L.P.                                                            |   |   |        |   |   |   |
|---------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|
| (A Delaware Limited Partnership)                                                      |   |   |        |   |   |   |
|                                                                                  |   |   |        |   |   |   |
| STATEMENTS OF OPERATIONS                                                              |   |   |        |   |   |   |
| FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009                                        |   |
|                                                                                  |   |   |        |   |   |   |
|                                                                                  |   | 2010   |        |   | 2009   |   |
| NET INVESTMENT INCOME (LOSS)                                                          |   |   |        |   |   |   |
|   ALLOCATED FROM MAN-AHL                                                    |   |   |        |   |   |   |
|    DIVERSIFIED TRADING COMPANY L.P.:                                   |   |   |        |   |   |   |
|   Interest income                                                           |   | $      | 423,755     |   |   | $      | 524,175 |   |
|   Other expenses                                                            |   |   | (125,622    | )      |   |   | - |   |
|   Brokerage commissions                                                     |   |   | (1,680,903  | )      |   |   | - |   |
|                                                                                  |   |   |        |   |   |   |   |   |
|      Net investment (loss) income allocated from             |   |   |        |   |   |   |   |   |
|       Man-AHL Diversified Trading Company L.P.          |   |   | (1,382,770  | )      |   |   | 524,175 |   |
|                                                                                  |   |   |        |   |   |   |   |   |
| PARTNERSHIP EXPENSES:                                                                 |   |   |        |   |   |   |   |   |
|   Brokerage commissions                                                     |   |   | -           |   |   |   | 905,474 |   |
|   Management fees                                                           |   |   | 11,764,805  |   |   |   | 8,632,961 |   |
|   Servicing fees                                                            |   |   | 6,045,761   |   |   |   | 4,338,823 |   |
|   Other expenses                                                            |   |   | 406,528     |   |   |   | 467,483 |   |
|                                                                                  |   |   |        |   |   |   |   |   |
|            Total expenses      |   |   | 18,217,094  |   |   |   | 14,344,741 |   |
|                                                                                  |   |   |        |   |   |   |   |   |
|            Net investment loss |   |   | (19,599,864 | )      |   |   | (13,820,566 | ) |
|                                                                                  |   |   |        |   |   |   |   |   |
| REALIZED AND UNREALIZED GAINS                                                         |   |   |        |   |   |   |   |   |
|   (LOSSES) ON TRADING ACTIVITIES                                            |   |   |        |   |   |   |   |   |
|    ALLOCATED FROM MAN-AHL                                              |   |   |        |   |   |   |   |   |
|     DIVERSIFIED TRADING COMPANY L.P.:                             |   |   |        |   |   |   |   |   |
|   Net realized trading gains (losses)                                       |   |   |        |   |   |   |   |   |
|    on closed contracts                                                 |   |   | 52,599,805  |   |   |   | (27,527,879 | ) |
|   Net change in unrealized trading gains (losses)                           |   |   |        |   |   |   |   |   |
|    on open contracts                                                   |   |   | 22,294,520  |   |   |   | (8,936,637 | ) |
|                                                                                  |   |   |        |   |   |   |   |   |
| Net gains (losses) on trading activities allocated                                    |   |   |        |   |   |
|       from Man-AHL Diversified Trading Company L.P.     |   |   | 74,894,325  |   |   |   | (36,464,516 | ) |
|                                                                                  |   |   |        |   |   |   |   |   |
| NET INCOME (LOSS)                                                                     |   | $      | 55,294,461  |   |   | $      | (50,285,082 | ) |
|                                                                                  |   |   |        |   |   |   |   |   |
|                                                                                  |   |   |        |   |   |   |   |   |
| NET INCOME (LOSS) PER UNIT OF                                                         |   |   |        |   |   |   |   |   |
|   PARTNERSHIP INTEREST - CLASS A                                            |   | $      | 418.22      |   |   | $      | (612.18 | ) |
|                                                                                  |   |   |        |   |   |   |   |   |
| NET INCOME (LOSS) PER UNIT OF                                                         |   |   |        |   |   |   |   |   |
|   PARTNERSHIP INTEREST - CLASS A Series 2                                   |   | $      | 466.40      |   |   | $      | (310.71 | ) |
|                                                                                  |   |   |        |   |   |   |   |   |
| NET INCOME (LOSS) PER UNIT OF                                                         |   |   |        |   |   |   |   |   |
|   PARTNERSHIP INTEREST - CLASS B                                            |   | $      | 418.22      |   |   | $      | (612.18 | ) |
|                                                                                  |   |   |        |   |   |   |   |   |
| NET INCOME (LOSS) PER UNIT OF                                                         |   |   |        |   |   |   |   |   |
|   PARTNERSHIP INTEREST - CLASS B Series 2                                   |   | $      | 466.40      |   |   | $      | (310.71 | ) |
|                                                                                  |   |   |        |   |   |   |   |   |
| See accompanying notes and attached financial statements                              |   |   |        |   |   |
|  of Man-AHL Diversified Trading Company L.P.                                     |   |   |        |   |   |   |   |   |

----

| MAN-AHL DIVERSIFIED I L.P.                               |   |     |        |   |             |   |    |     |   |   |             |   |   |     |   |   |   |   |        |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |
|----------------------------------------------------------|--------|----------|-------------|--------|------------------|--------|---------|----------|--------|--------|------------------|--------|--------|----------|--------|--------|--------|--------|-------------|--------|--------|--------|--------|--------|--------|--------|------------|--------|--------|--------|--------|--------|--------|--------|
| (A Delaware Limited Partnership)                         |   |     |        |   |             |   |    |     |   |   |             |   |   |     |   |   |   |   |        |   |   |   |
|                                                     |   |     |        |   |             |   |    |     |   |   |             |   |   |     |   |   |   |   |        |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |
| STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL         |   |     |        |   |             |   |    |     |   |   |             |   |   |     |   |   |   |   |        |
| FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009           |   |     |        |   |             |   |    |     |   |   |             |   |   |     |   |   |   |   |        |
|                                                     |   |     |        |   |             |   |    |     |   |   |             |   |   |     |   |   |   |   |        |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |
|                                                     |   |     |        |   |             |   |    |     |   |   |             |   |   |     |   |   |   |   |        |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |
|                                                     |   | CLASS A  |        |   | CLASS A Series 2 |   |    | CLASS B  |   |   | CLASS B Series 2 |   |   | TOTAL    |   |
|                                                     |   |     |        |   |             |   |    |     |   |   |             |   |   |     |   |   |   |   |        |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |
|                                                     |   | Limited  |        |   | General          |   |    | Limited  |   |   | Limited          |   |   | Limited  |   |   |   |   |        |   |   |
|                                                     |   | Partners |        |   | Partner          |   |    | Partners |   |   | Partners         |   |   | Partners |   |   |   |   |        |   |   |
|                                                     |   |     |        |   |             |   |    |     |   |   |             |   |   |     |   |   |   |   |        |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |
|                                                     |   | Amount   |        |   | Units            |   |    | Amount   |   |   | Units            |   |   | Amount   |   |   | Units  |   |        | Amount |   |   | Units  |   |   | Amount |       |   | Units  |   |   | Amount |   |   | Units |   |
| PARTNERS’ CAPITAL                                  |   |     |        |   |             |   |    |     |   |   |             |   |   |     |   |   |   |   |        |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |
| January 1, 2010                                          |   | $        | 253,353,412 |   |             |   | 82,985  |     |   | $      | 569,005          |   |   |     | 186    |   |   | $      | 14,969,780  |   |   |   | 4,857  |   |   | $      | 61,704,853 |   |   |   | 20,211 |   |   | $      | 3,911,266 |   |   |   | 1,269 |   |   | $ | 334,508,316 |   |   |   | 109,508 |   |
|                                                     |   |     |        |   |             |   |    |     |   |   |             |   |   |     |   |   |   |   |        |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Subscriptions                                |   |     | 68,286,137  |   |             |   | 21,518  |     |   |   | -                |   |   |     | -      |   |   |   | 47,186,805  |   |   |   | 15,246 |   |   |   | 18,601,451 |   |   |   | 5,860  |   |   |   | 9,143,488 |   |   |   | 2,953 |   |   |   | 143,217,881 |   |   |   | 45,577 |   |
|   Redemptions                                  |   |     | (48,584,783 | )      |             |   | (15,230 | )        |   |   | -                |   |   |     | -      |   |   |   | (17,252,455 | )      |   |   | (5,366 | )      |   |   | (8,795,578 | )      |   |   | (2,768 | )      |   |   | (2,169,479 | ) |   |   | (699 | ) |   |   | (76,802,295 | ) |   |   | (24,063 | ) |
|   Net income                                   |   |     | 36,834,590  |   |             |   | -       |     |   |   | 77,946           |   |   |     | -      |   |   |   | 7,385,783   |   |   |   | -      |   |   |   | 9,379,036  |   |   |   | -      |   |   |   | 1,617,106 |   |   |   | - |   |   |   | 55,294,461 |   |   |   | - |   |
|                                                     |   |     |        |   |             |   |    |     |   |   |             |   |   |     |   |   |   |   |        |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| PARTNERS’ CAPITAL                                  |   |     |        |   |             |   |    |     |   |   |             |   |   |     |   |   |   |   |        |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December 31, 2010                                        |   | $        | 309,889,356 |   |             |   | 89,273  |     |   | $      | 646,951          |   |   |     | 186    |   |   | $      | 52,289,913  |   |   |   | 14,737 |   |   | $      | 80,889,762 |   |   |   | 23,303 |   |   | $      | 12,502,381 |   |   |   | 3,523 |   |   | $ | 456,218,363 |   |   |   | 131,022 |   |
|                                                     |   |     |        |   |             |   |    |     |   |   |             |   |   |     |   |   |   |   |        |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| PARTNERS’ CAPITAL                                  |   |     |        |   |             |   |    |     |   |   |             |   |   |     |   |   |   |   |        |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| January 1, 2009                                          |   | $        | 190,432,028 |   |             |   | 51,957  |     |   | $      | 683,098          |   |   |     | 186    |   |   | $      | -           |   |   |   | -      |   |   | $      | 28,126,634 |   |   |   | 7,674  |   |   | $      | - |   |   |   | - |   |   | $ | 219,241,760 |   |   |   | 59,817 |   |
|                                                     |   |     |        |   |             |   |    |     |   |   |             |   |   |     |   |   |   |   |        |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Subscriptions                                |   |     | 155,087,978 |   |             |   | 46,690  |     |   |   | -                |   |   |     | -      |   |   |   | 16,360,659  |   |   |   | 5,049  |   |   |   | 49,088,551 |   |   |   | 14,889 |   |   |   | 4,670,500 |   |   |   | 1,430 |   |   |   | 225,207,688 |   |   |   | 68,058 |   |
|   Redemptions                                  |   |     | (50,828,042 | )      |             |   | (15,662 | )        |   |   | -                |   |   |     | -      |   |   |   | (599,492    | )      |   |   | (192   | )      |   |   | (7,731,891 | )      |   |   | (2,352 | )      |   |   | (496,625 | ) |   |   | (161 | ) |   |   | (59,656,050 | ) |   |   | (18,367 | ) |
|   Net loss                                     |   |     | (41,338,552 | )      |             |   | -       |     |   |   | (114,093         | )      |   |     | -      |   |   |   | (791,387    | )      |   |   | -      |   |   |   | (7,778,441 | )      |   |   | -      |   |   |   | (262,609 | ) |   |   | - |   |   |   | (50,285,082 | ) |   |   | - |   |
|                                                     |   |     |        |   |             |   |    |     |   |   |             |   |   |     |   |   |   |   |        |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| PARTNERS’ CAPITAL                                  |   |     |        |   |             |   |    |     |   |   |             |   |   |     |   |   |   |   |        |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December 31, 2009                                        |   | $        | 253,353,412 |   |             |   | 82,985  |     |   | $      | 569,005          |   |   |     | 186    |   |   | $      | 14,969,780  |   |   |   | 4,857  |   |   | $      | 61,704,853 |   |   |   | 20,211 |   |   | $      | 3,911,266 |   |   |   | 1,269 |   |   | $ | 334,508,316 |   |   |   | 109,508 |   |
|                                                     |   |     |        |   |             |   |    |     |   |   |             |   |   |     |   |   |   |   |        |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                     |   |     |        |   |             |   |    |     |   |   |             |   |   |     |   |   |   |   |        |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See accompanying notes and attached financial statements |   |     |        |   |             |   |    |     |   |   |             |   |   |     |   |   |   |   |        |   |   |   |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |
| of Man-AHL Diversified Trading Company L.P.              |   |     |        |   |             |   |    |     |   |   |             |   |   |     |   |   |   |   |        |   |   |   |   |   |   |   |       |   |   |   |   |   |   |

----

| MAN-AHL DIVERSIFIED I L.P.                                                                              |   |   |         |   |   |   |
|---------------------------------------------------------------------------------------------------------|--------|--------|--------------|--------|--------|--------|
| (A Delaware Limited Partnership)                                                                        |   |   |         |   |   |   |
|                                                                                                    |   |   |         |   |   |   |
| STATEMENTS OF CASH FLOWS                                                                                |   |   |         |   |   |   |
| FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009                                                          |   |   |         |   |
|                                                                                                    |   |   |         |   |   |   |
|                                                                                                    |   |   |         |   |   |   |
|                                                                                                    |   | 2010   |         |   | 2009   |   |
|                                                                                                    |   |   |         |   |   |   |
| CASH FLOWS FROM OPERATING                                                                               |   |   |         |   |   |   |
|   ACTIVITIES:                                                                                 |   |   |         |   |   |   |
|   Net income (loss)                                                                           |   | $      | 55,294,461   |   |   | $      | (50,285,082 | ) |
| Adjustments to reconcile net income (loss) to net cash used in operating activities:               |   |
|       Purchases of investment in Man-AHL Diversified Trading Company L.P. |   |   | (143,112,910 | )      |   |   | (225,207,688 | ) |
|       Sales of investment in Man-AHL Diversified Trading Company L.P.     |   |   | 95,803,636   |   |   |   | 72,264,333 |   |
| Net change in (appreciation) depreciation of investment in                                              |   |   |         |   |   |
|         Man-AHL Diversified Trading Company L.P.                |   |   | (73,511,555  | )      |   |   | 35,940,341 |   |
|     Changes in assets and liabilities:                                              |   |   |         |   |   |   |   |   |
|       Other assets                                                        |   |   | 295          |   |   |   | - |   |
|       Management fees payable                                             |   |   | 262,908      |   |   |   | 275,897 |   |
|       Incentive fees payable                                              |   |   | -            |   |   |   | (2,079,483 | ) |
|       Servicing fees payable                                              |   |   | 141,207      |   |   |   | 142,085 |   |
|       Accrued expenses                                                    |   |   | 52,377       |   |   |   | 25,345 |   |
|       Payable to Man AHL Diversified II L.P.                              |   |   | 250,000      |   |   |   | - |   |
|                                                                                                    |   |   |         |   |   |   |   |   |
|            Net cash used in operating activities |   |   | (64,819,581  | )      |   |   | (168,924,252 | ) |
|                                                                                                    |   |   |         |   |   |   |   |   |
| CASH FLOWS FROM FINANCING                                                                               |   |   |         |   |   |   |   |   |
|   ACTIVITIES:                                                                                 |   |   |         |   |   |   |   |   |
|   Proceeds from subscriptions                                                                 |   |   | 152,664,978  |   |   |   | 224,859,972 |   |
|   Payments on redemptions                                                                     |   |   | (78,188,161  | )      |   |   | (56,343,625 | ) |
|                                                                                                    |   |   |         |   |   |   |   |   |
|           Net cash provided by financing activities   |   |   | 74,476,817   |   |   |   | 168,516,347 |   |
|                                                                                                    |   |   |         |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH                                                                         |   |   | 9,657,236    |   |   |   | (407,905 | ) |
|                                                                                                    |   |   |         |   |   |   |   |   |
| CASH AND CASH EQUIVALENTS - Beginning of year                                                           |   |   | 8,321,635    |   |   |   | 8,729,540 |   |
|                                                                                                    |   |   |         |   |   |   |   |   |
| CASH AND CASH EQUIVALENTS - End of year                                                                 |   | $      | 17,978,871   |   |   | $      | 8,321,635 |   |
|                                                                                                    |   |   |         |   |   |   |   |   |
| SUPPLEMENTAL DISCLOSURE OF                                                                              |   |   |         |   |   |   |   |   |
|   NON-CASH TRANSACTIONS:                                                                      |   |   |         |   |   |   |   |   |
|   Non-cash transfers between sub-classes                                                      |   | $      | 44,782       |   |   | $      | - |   |
|                                                                                                    |   |   |         |   |   |   |   |   |
|   Non-cash transfers between sub-classes                                                      |   | $      | 145,127      |   |   | $      | - |   |
|                                                                                                    |   |   |         |   |   |   |   |   |
|                                                                                                    |   |   |         |   |   |   |   |   |
| See accompanying notes and attached financial                                                           |   |   |         |   |   |   |   |   |
| statements of Man-AHL Diversified Trading Company L.P.                                                  |   |   |         |   |   |

----

----

| 1. | ORGANIZATION OF THE PARTNERSHIP |
|----|---------------------------------|

| 2. | SIGNIFICANT ACCOUNTING POLICIES |
|----|---------------------------------|

----

----

| 3. | RECENT ACCOUNTING PRONOUNCEMENTS |
|----|----------------------------------|

| 4. | LIMITED PARTNERSHIP AGREEMENT |
|----|-------------------------------|

----

| 5. | FINANCIAL GUARANTEES |
|----|----------------------|

| 6. | FINANCIAL HIGHLIGHTS |
|----|----------------------|

|                                                                                                             |   | Class A |     |   | Class A-2 |   |     | Class B |   |   | Class B-2 |   |   | Class A |     |   | *** Class A-2 |   |     | Class B |   |   | *** Class B-2 |   |
|------------------------------------------------------------------------------------------------------------------|--------|---------|----------|--------|-----------|--------|----------|---------|--------|--------|-----------|--------|--------|---------|----------|--------|---------------|--------|----------|---------|--------|--------|---------------|--------|
|                                                                                                             |   | 2010    |     |   | 2010      |   |     | 2010    |   |   | 2010      |   |   | 2009    |     |   | 2009          |   |     | 2009    |   |   | 2009          |   |
|                                                                                                             |   |    |     |   |      |   |     |    |   |   |      |   |   |    |     |   |          |   |     |    |   |   |          |   |
| Per unit operating performance:                                                                                  |   |    |     |   |      |   |     |    |   |   |      |   |   |    |     |   |          |   |     |    |   |   |          |   |
|   Beginning net asset value                                                                            |   | $       | 3,053.03 |   |      | $      | 3,081.92 |    |   | $      | 3,053.04  |   |   | $       | 3,081.93 |   |          | $      | 3,665.21 |    |   | $      | 3,392.63      |   |   | $ | 3,665.22 |   |   | $ | 3,392.64 |   |
|                                                                                                             |   |    |     |   |      |   |     |    |   |   |      |   |   |    |     |   |          |   |     |    |   |   |          |   |   |   |   |   |   |   |   |   |
| Income (loss) from investment operations:                                                                        |   |    |     |   |      |   |     |    |   |   |      |   |   |    |     |   |          |   |     |    |   |   |          |   |   |   |   |   |   |
|     Net investment loss                                                                      |   |    | (161.77  | )      |      |   | (130.52  | )       |   |   | (161.85   | )      |   |    | (128.94  | )      |          |   | (162.93  | )       |   |   | (86.13        | )      |   |   | (163.96 | ) |   |   | (87.18 | ) |
| Net realized and unrealized gains (losses)                                                                       |   |    |     |   |      |   |     |    |   |   |      |   |   |    |     |   |          |   |     |    |   |   |          |   |   |   |   |   |   |
|      on trading activities                                                              |   |    | 579.99   |   |      |   | 596.92   |    |   |   | 580.07    |   |   |    | 595.34   |   |          |   | (449.25  | )       |   |   | (224.58       | )      |   |   | (448.22 | ) |   |   | (223.53 | ) |
|                                                                                                             |   |    |     |   |      |   |     |    |   |   |      |   |   |    |     |   |          |   |     |    |   |   |          |   |   |   |   |   |   |   |   |   |
|            Total income (loss) from investment operations |   |    | 418.22   |   |      |   | 466.40   |    |   |   | 418.22    |   |   |    | 466.40   |   |          |   | (612.18  | )       |   |   | (310.71       | )      |   |   | (612.18 | ) |   |   | (310.71 | ) |
|                                                                                                             |   |    |     |   |      |   |     |    |   |   |      |   |   |    |     |   |          |   |     |    |   |   |          |   |   |   |   |   |   |   |   |   |
| Ending net asset value                                                                                           |   | $       | 3,471.25 |   |      | $      | 3,548.32 |    |   | $      | 3,471.26  |   |   | $       | 3,548.33 |   |          | $      | 3,053.03 |    |   | $      | 3,081.92      |   |   | $ | 3,053.04 |   |   | $ | 3,081.93 |   |
|                                                                                                             |   |    |     |   |      |   |     |    |   |   |      |   |   |    |     |   |          |   |     |    |   |   |          |   |   |   |   |   |   |   |   |   |
| Ratios to average partners' capital:  1                                                                |   |    |     |   |      |   |     |    |   |   |      |   |   |    |     |   |          |   |     |    |   |   |          |   |   |   |   |   |   |   |   |   |
|   Expenses other than incentive fees                                                                   |   |    | 5.16     | %      |      |   | 4.12     | %       |   |   | 5.15      | %      |   |    | 4.06     | %      |          |   | 5.15     | %       |   |   | 3.77          | % **   |   |   | 5.22 | % |   |   | 3.80 | % ** |
|                                                                                                             |   |    |     |   |      |   |     |    |   |   |      |   |   |    |     |   |          |   |     |    |   |   |          |   |   |   |   |   |   |   |   |   |
| Total expenses                                                                                                   |   |    | 5.16     | %      |      |   | 4.12     | %       |   |   | 5.15      | %      |   |    | 4.06     | %      |          |   | 5.15     | %       |   |   | 3.77          | %      |   |   | 5.22 | % |   |   | 3.80 | % |
|                                                                                                             |   |    |     |   |      |   |     |    |   |   |      |   |   |    |     |   |          |   |     |    |   |   |          |   |   |   |   |   |   |   |   |   |
| Net investment loss                                                                                              |   |    | (5.05    | )%     |      |   | (4.01    | )%      |   |   | (5.05     | )%     |   |    | (3.95    | )%     |          |   | (4.96    | )%      |   |   | (2.70         | )%     |   |   | (5.03 | )% |   |   | (3.62 | )% |
|                                                                                                             |   |    |     |   |      |   |     |    |   |   |      |   |   |    |     |   |          |   |     |    |   |   |          |   |   |   |   |   |   |   |   |   |
| Total return:                                                                                                    |   |    |     |   |      |   |     |    |   |   |      |   |   |    |     |   |          |   |     |    |   |   |          |   |   |   |   |   |   |   |   |   |
|   Total return before incentive fees                                                                   |   |    | 13.70    | %      |      |   | 15.13    | %       |   |   | 13.70     | %      |   |    | 15.13    | %      |          |   | (16.70   | )%      |   |   | (9.16         | )%     |   |   | (16.70 | )% |   |   | (9.16 | )% |
|                                                                                                             |   |    |     |   |      |   |     |    |   |   |      |   |   |    |     |   |          |   |     |    |   |   |          |   |   |   |   |   |   |   |   |   |
| Total return after incentive fees                                                                                |   |    | 13.70    | %      |      |   | 15.13    | %       |   |   | 13.70     | %      |   |    | 15.13    | %      |          |   | (16.70   | )%      |   |   | (9.16         | )%     |   |   | (16.70 | )% |   |   | (9.16 | )% |
|                                                                                                             |   |    |     |   |      |   |     |    |   |   |      |   |   |    |     |   |          |   |     |    |   |   |          |   |   |   |   |   |   |   |   |   |
| ** Annualized (other than incentive fee)                                                                         |   |    |     |   |      |   |     |    |   |   |      |   |   |    |     |   |          |   |     |    |   |   |          |   |   |   |   |   |   |   |   |   |
| *** April 1, 2009 Inception Date                                                                                 |   |    |     |   |      |   |     |    |   |   |      |   |   |    |     |   |          |   |     |    |   |   |          |   |   |   |   |   |   |   |   |   |
| 1 Includes amounts allocated from the Trading Company                                                            |   |    |     |   |      |   |     |    |   |   |      |   |   |    |     |   |          |   |     |    |   |   |          |   |   |

----

| 7. | SUBSEQUENT EVENTS |
|----|-------------------|

----

|   | Man-AHL Diversified Trading Company L.P.(A Delaware Limited Partnership)Financial Statements as of and for theYears Ended December 31, 2010 and 2009, andIndependent Auditors’ Report |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| MAN-AHL DIVERSIFIED TRADING COMPANY L.P.                                                        |   |   |        |   |   |   |
|-------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|
| (A Delaware Limited Partnership)                                                                |   |   |        |   |   |   |
|                                                                                            |   |   |        |   |   |   |
| STATEMENTS OF FINANCIAL CONDITION                                                               |   |   |        |   |   |   |
| AS OF DECEMBER 31, 2010 AND 2009                                                                |   |   |        |   |   |   |
|                                                                                            |   |   |        |   |   |   |
|                                                                                            |   |   |        |   |   |   |
|                                                                                            |   | 2010   |        |   | 2009   |   |
| ASSETS                                                                                          |   |   |        |   |   |   |
|                                                                                            |   |   |        |   |   |   |
| Equity in futures and forwards                                                                  |   |   |        |   |   |   |
|  trading accounts:                                                                         |   |   |        |   |   |   |
|    Net unrealized trading gains on open futures contracts                        |   | $      | 9,571,147   |   |   | $      | 7,542,562 |   |
|    Net unrealized trading gains on open forward contracts                        |   |   | 21,364,480  |   |   |   | 247,019 |   |
|    Due from brokers                                                              |   |   | 58,686,001  |   |   |   | 80,534,233 |   |
|                                                                                            |   |   | 89,621,628  |   |   |   | 88,323,814 |   |
|                                                                                            |   |   |        |   |   |   |   |   |
| Cash and cash equivalents                                                                       |   |   | 540,475,018 |   |   |   | 497,103,543 |   |
|                                                                                            |   |   |        |   |   |   |   |   |
| Interest receivable                                                                             |   |   | 36,230      |   |   |   | 16,750 |   |
|                                                                                            |   |   |        |   |   |   |   |   |
| TOTAL                                                                                           |   | $      | 630,132,876 |   |   | $      | 585,444,107 |   |
|                                                                                            |   |   |        |   |   |   |   |   |
|                                                                                            |   |   |        |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ CAPITAL                                                         |   |   |        |   |   |   |   |   |
|                                                                                            |   |   |        |   |   |   |   |   |
| LIABILITIES —                                                                             |   |   |        |   |   |   |   |   |
|   Redemptions payable                                                                 |   | $      | 14,543,323  |   |   | $      | 85,988,365 |   |
|   Accrued expenses                                                                    |   |   | 177,744     |   |   |   | - |   |
|   Net unrealized trading losses on open forward contracts                             |   |   | -           |   |   |   | 8,180,762 |   |
|   Net unrealized trading losses on open future contracts                              |   |   | 689,356     |   |   |   | - |   |
|                                                                                            |   |   |        |   |   |   |   |   |
|            Total liabilities             |   | $      | 15,410,423  |   |   | $      | 94,169,127 |   |
|                                                                                            |   |   |        |   |   |   |   |   |
| PARTNERS’ CAPITAL:                                                                        |   |   |        |   |   |   |   |   |
| Limited Partners (56,391.50 and 53,661.82 units outstanding at                                  |   |   |        |   |   |
|     December 31, 2010 and 2009, respectively)                               |   |   | 614,722,453 |   |   |   | 491,274,980 |   |
|                                                                                            |   |   |        |   |   |   |   |   |
|            Total partners’ capital |   |   | 614,722,453 |   |   |   | 491,274,980 |   |
|                                                                                            |   |   |        |   |   |   |   |   |
| TOTAL                                                                                           |   | $      | 630,132,876 |   |   | $      | 585,444,107 |   |
|                                                                                            |   |   |        |   |   |   |   |   |
| NET ASSET VALUE PER OUTSTANDING UNIT OF                                                         |   |   |        |   |   |   |   |   |
|   PARTNERSHIP INTEREST                                                                |   | $      | 10,900.98   |   |   | $      | 9,155.02 |   |
|                                                                                            |   |   |        |   |   |   |   |   |
|                                                                                            |   |   |        |   |   |   |   |   |
| See notes to financial statements.                                                              |   |   |        |   |   |   |   |   |

----

| MAN-AHL DIVERSIFIED TRADING COMPANY L.P.                                        |   |       |        |   |
|---------------------------------------------------------------------------------|--------|------------|-------------|--------|
| (A Delaware Limited Partnership)                                                |   |       |        |   |
|                                                                            |   |       |        |   |   |   |   |   |   |   |   |   |
| CONDENSED SCHEDULES OF INVESTMENTS                                              |   |
| AS OF DECEMBER 31, 2010 AND 2009                                                |   |       |        |   |
|                                                                            |   |       |        |   |   |   |   |   |   |   |   |   |
|                                                                            |   | 2010       |        |   | 2009 |   |
|                                                                            |   | Fair Value |        |   | Percent of Partners' Capital |   |   | Fair Value |   |   | Percent of Partners' Capital |   |
| FUTURES CONTRACTS - Long:                                                       |   |       |        |   |   |   |   |   |   |   |
|  Agricultural                                                              |   | $          | 5,626,475   |   |   |   | 0.9 | % |   | $ | 518,842 |   |   |   | 0.1 | % |
|  Currencies                                                                |   |       | 638,070     |   |   |   | 0.1 |   |   |   | 133,337 |   |   |   | 0.0 |   |
|  Energy                                                                    |   |       | 1,699,258   |   |   |   | 0.3 |   |   |   | 1,422,218 |   |   |   | 0.3 |   |
|  Indices                                                                   |   |       | 95,256      |   |   |   | - |   |   |   | 5,899,617 |   |   |   | 1.2 |   |
|  Interest rates                                                            |   |       | 1,236,385   |   |   |   | 0.2 |   |   |   | (2,356,137 | ) |   |   | (0.5 | ) |
|  Metals                                                                    |   |       | 5,808,889   |   |   |   | 0.9 |   |   |   | 1,509,514 |   |   |   | 0.3 |   |
|         Total futures contracts - long  |   |       | 15,104,333  |   |   |   | 2.4 |   |   |   | 7,127,391 |   |   |   | 1.4 |   |
|                                                                            |   |       |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| FUTURES CONTRACTS - Short:                                                      |   |       |        |   |   |   |   |   |   |
|  Agricultural                                                              |   |       | (932,741    | )      |   |   | (0.2 | ) |   |   | (363,107 | ) |   |   | (0.1 | ) |
|  Currencies                                                                |   |       | (379,596    | )      |   |   | (0.1 | ) |   |   | 207,712 |   |   |   | - |   |
|  Energy                                                                    |   |       | (2,084,102  | )      |   |   | (0.3 | ) |   |   | 6,674 |   |   |   | - |   |
|  Indices                                                                   |   |       | 11,028      |   |   |   | - |   |   |   | (60,534 | ) |   |   | - |   |
|  Interest rates                                                            |   |       | (1,523,235  | )      |   |   | (0.2 | ) |   |   | 810,858 |   |   |   | 0.2 |   |
|  Metals                                                                    |   |       | (1,313,896  | )      |   |   | (0.2 | ) |   |   | (186,432 | ) |   |   | - |   |
|         Total futures contracts - short |   |       | (6,222,542  | )      |   |   | (1.0 | ) |   |   | 415,171 |   |   |   | 0.1 |   |
|                                                                            |   |       |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NET UNREALIZED TRADING GAINS                                                    |   |       |        |   |   |   |   |   |   |
|   ON OPEN FUTURES CONTRACTS                                           |   | $          | 8,881,791   |   |   |   | 1.4 | % |   | $ | 7,542,562 |   |   |   | 1.5 | % |
|                                                                            |   |       |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| FORWARD CONTRACTS - Long:                                                       |   |       |        |   |   |   |   |   |   |
|  Australian dollars                                                        |   | $          | 10,399,197  |   |   |   | 1.7 | % |   | $ | (2,205,340 | ) |   |   | (0.4 | ) % |
|  British pounds                                                            |   |       | (2,320,050  | )      |   |   | (0.4 | ) |   |   | (63,197 | ) |   |   | - |   |
|  Euro                                                                      |   |       | (2,149,012  | )      |   |   | (0.3 | ) |   |   | 768,737 |   |   |   | 0.2 |   |
|  Japanese yen                                                              |   |       | 5,081,396   |   |   |   | 0.8 |   |   |   | (51,963 | ) |   |   | - |   |
|  U.S. dollars                                                              |   |       | -           |   |   |   | - |   |   |   | 957,592 |   |   |   | 0.2 |   |
|  Gold bullion                                                              |   |       | 696,099     |   |   |   | 0.1 |   |   |   | (1,352,669 | ) |   |   | (0.3 | ) |
|  Other                                                                     |   |       | 19,196,259  |   |   |   | 3.1 |   |   |   | (306,665 | ) |   |   | (0.1 | ) |
|         Total forward contracts - long  |   |       | 30,903,889  |   |   |   | 5.0 |   |   |   | (2,253,505 | ) |   |   | (0.4 | ) |
|                                                                            |   |       |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| FORWARD CONTRACTS - Short:                                                      |   |       |        |   |   |   |   |   |   |
|  Australian dollars                                                        |   |       | (6,271,270  | )      |   |   | (1.0 | ) |   |   | 566,214 |   |   |   | 0.1 |   |
|  British pounds                                                            |   |       | 4,960,113   |   |   |   | 0.8 |   |   |   | (734,855 | ) |   |   | (0.1 | ) |
|  Euro                                                                      |   |       | 7,075,561   |   |   |   | 1.2 |   |   |   | (283,926 | ) |   |   | (0.1 | ) |
|  Japanese yen                                                              |   |       | (4,104,581  | )      |   |   | (0.7 | ) |   |   | 186,231 |   |   |   | - |   |
|  New Zealand dollars                                                       |   |       | (722,218    | )      |   |   | (0.1 | ) |   |   | (116,860 | ) |   |   | - |   |
|  U.S. dollars                                                              |   |       | -           |   |   |   | - |   |   |   | (5,266,747 | ) |   |   | (1.1 | ) |
|  Other                                                                     |   |       | (10,477,014 | )      |   |   | (1.7 | ) |   |   | (30,295 | ) |   |   | - |   |
|         Total forward contracts - short |   |       | (9,539,409  | )      |   |   | (1.5 | ) |   |   | (5,680,238 | ) |   |   | (1.2 | ) |
|                                                                            |   |       |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NET UNREALIZED TRADING GAINS (LOSSES)                                           |   |       |        |   |   |
|   ON OPEN FORWARD CONTRACTS                                           |   | $          | 21,364,480  |   |   |   | 3.5 | % |   | $ | (7,933,743 | ) |   |   | (1.6 | ) % |
|                                                                            |   |       |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NET UNREALIZED TRADING GAINS (LOSSES)                                           |   |       |        |   |   |
|   ON OPEN CONTRACTS                                                   |   | $          | 30,246,271  |   |   |   | 4.9 | % |   | $ | (391,181 | ) |   |   | (0.01 | ) % |
|                                                                            |   |       |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See notes to financial statements.                                              |   |       |        |   |   |   |   |   |   |

----

| MAN-AHL DIVERSIFIED TRADING COMPANY L.P.           |   |   |        |   |
|----------------------------------------------------|--------|--------|-------------|--------|
| (A Delaware Limited Partnership)                   |   |   |        |   |   |   |
|                                               |   |   |        |   |   |   |
| STATEMENTS OF OPERATIONS                           |   |   |        |   |   |   |
| FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009     |   |   |        |   |
|                                               |   |   |        |   |   |   |
|                                               |   |   |        |   |   |   |
|                                               |   | 2010   |        |   | 2009 |   |
|                                               |   |   |        |   |   |   |
| NET INVESTMENT INCOME:                             |   |   |        |   |   |   |
|   Interest income                        |   | $      | 583,771     |   |   | $ | 999,293 |   |
|                                               |   |   |        |   |   |   |   |   |
| TOTAL INVESTMENT INCOME                            |   |   | 583,771     |   |   |   | 999,293 |   |
|                                               |   |   |        |   |   |   |   |   |
| EXPENSES                                           |   |   |        |   |   |   |   |   |
|   Brokerage commissions                  |   |   | 2,312,011   |   |   |   | - |   |
|   Other expenses                         |   |   | 177,744     |   |   |   | - |   |
|       Total expenses |   |   | 2,489,755   |   |   |   | - |   |
|                                               |   |   |        |   |   |   |   |   |
| NET INVESTMENT (LOSS) INCOME                       |   |   | (1,905,984  | )      |   |   | 999,293 |   |
|                                               |   |   |        |   |   |   |   |   |
| NET REALIZED AND UNREALIZED                        |   |   |        |   |   |   |   |   |
|   GAINS (LOSSES) ON TRADING              |   |   |        |   |   |   |   |   |
|    ACTIVITIES:                      |   |   |        |   |   |   |   |   |
|   Net realized trading gains (losses) on |   |   |        |   |   |   |   |   |
|    closed contracts                 |   |   | 71,805,742  |   |   |   | (54,287,511 | ) |
|   Net change in unrealized trading gains |   |   |        |   |   |   |   |   |
|     (losses) on open contracts |   |   | 30,637,452  |   |   |   | (17,806,092 | ) |
|                                               |   |   |        |   |   |   |   |   |
| NET GAIN (LOSS) ON TRADING                         |   |   |        |   |   |   |   |   |
|   ACTIVITIES                             |   |   | 102,443,194 |   |   |   | (72,093,603 | ) |
|                                               |   |   |        |   |   |   |   |   |
| NET INCOME (LOSS)                                  |   | $      | 100,537,210 |   |   | $ | (71,094,310 | ) |
|                                               |   |   |        |   |   |   |   |   |
|                                               |   |   |        |   |   |   |   |   |
| NET INCOME (LOSS) FOR A UNIT                       |   |   |        |   |   |   |   |   |
|  OF PARTNERSHIP INTEREST                      |   | $      | 1,745.96    |   |   | $ | (1,301.99 | ) |
|                                               |   |   |        |   |   |   |   |   |
| See notes to financial statements.                 |   |   |        |   |   |   |   |   |

----

| MAN-AHL DIVERSIFIED TRADING COMPANY L.P.          |   |     |         |   |    |   |   |
|---------------------------------------------------|--------|----------|--------------|--------|---------|--------|--------|
| (A Delaware Limited Partnership)                  |   |     |         |   |    |   |   |
|                                              |   |     |         |   |    |   |   |   |   |
| STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL  |   |     |         |   |
| FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009    |   |     |         |   |
|                                              |   |     |         |   |    |   |   |   |   |
|                                              |   |     |         |   |    |   |   |   |   |
|                                              |   | Limited  |         |   | General |   |   |   |   |
|                                              |   | Partners |         |   | Partner |   |   | Total |   |
|                                              |   |     |         |   |    |   |   |   |   |
| PARTNERS’ CAPITAL — January 1, 2010   |   | $        | 491,274,980  |   |    | $      | -      |   |   | $ | 491,274,980 |   |
|                                              |   |     |         |   |    |   |   |   |   |   |   |   |
|   Issuance of 15,851 units of limited   |   |     |         |   |    |   |   |   |   |   |   |   |
|     partnership interest      |   |     | 151,020,912  |   |    |   | -      |   |   |   | 151,020,912 |   |
|   Redemption of 13,121 units of limited |   |     |         |   |    |   |   |   |   |   |   |   |
|     partnership interest      |   |     | (128,110,649 | )      |    |   | -      |   |   |   | (128,110,649 | ) |
|   Net income                            |   |     | 100,537,210  |   |    |   | -      |   |   |   | 100,537,210 |   |
|                                              |   |     |         |   |    |   |   |   |   |   |   |   |
| PARTNERS’ CAPITAL — December 31, 2010 |   | $        | 614,722,453  |   |    | $      | -      |   |   | $ | 614,722,453 |   |
|                                              |   |     |         |   |    |   |   |   |   |   |   |   |
| PARTNERS’ CAPITAL — January 1, 2009   |   | $        | 503,016,088  |   |    | $      | -      |   |   | $ | 503,016,088 |   |
|                                              |   |     |         |   |    |   |   |   |   |   |   |   |
|   Issuance of 29,577 units of limited   |   |     |         |   |    |   |   |   |   |   |   |   |
|     partnership interest      |   |     | 285,815,871  |   |    |   | -      |   |   |   | 285,815,871 |   |
|   Redemption of 23,958 units of limited |   |     |         |   |    |   |   |   |   |   |   |   |
|     partnership interest      |   |     | (226,462,669 | )      |    |   | -      |   |   |   | (226,462,669 | ) |
|   Net loss                              |   |     | (71,094,310  | )      |    |   | -      |   |   |   | (71,094,310 | ) |
|                                              |   |     |         |   |    |   |   |   |   |   |   |   |
| PARTNERS’ CAPITAL — December 31, 2009 |   | $        | 491,274,980  |   |    | $      | -      |   |   | $ | 491,274,980 |   |
|                                              |   |     |         |   |    |   |   |   |   |   |   |   |
| See notes to financial statements.                |   |     |         |   |    |   |   |   |   |   |   |   |

----

| MAN-AHL DIVERSIFIED TRADING COMPANY L.P.                                                         |   |
|--------------------------------------------------------------------------------------------------|--------|
| (A Delaware Limited Partnership)                                                                 |   |   |   |   |   |   |
|                                                                                             |   |   |   |   |   |   |
| STATEMENTS OF CASH FLOWS                                                                         |   |   |   |   |   |   |
| FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009                                                   |   |
|                                                                                             |   |   |   |   |   |   |
|                                                                                             |   |   |   |   |   |   |
|                                                                                             |   | 2010 |   |   | 2009 |   |
| CASH FLOWS FROM OPERATING                                                                        |   |   |   |   |   |   |
|  ACTIVITIES:                                                                                |   |   |   |   |   |   |
|   Net income (loss)                                                                    |   | $ | 100,537,210 |   |   | $ | (71,094,310 | ) |
|   Adjustments to reconcile net income (loss)                                           |   |   |   |   |   |   |   |   |
|     to net cash provided by (used in) operating activities:                  |   |   |   |   |   |   |   |   |
|     Net change in unrealized trading (losses) gains on open contracts        |   |   | (30,637,452 | ) |   |   | 17,806,092 |   |
|     Changes in assets and liabilities:                                       |   |   |   |   |   |   |   |   |
|      Due from brokers                                                   |   |   | 21,848,232 |   |   |   | (54,833,511 | ) |
|      Interest receivable                                                |   |   | (19,480 | ) |   |   | 73,741 |   |
|      Accrued expenses                                                   |   |   | 177,744 |   |   |   | - |   |
|                                                                                             |   |   |   |   |   |   |   |   |
|            Net cash provided by (used in) |   |   |   |   |   |   |   |   |
|            operating activities           |   |   | 91,906,254 |   |   |   | (108,047,988 | ) |
|                                                                                             |   |   |   |   |   |   |   |   |
| CASH FLOWS FROM FINANCING                                                                        |   |   |   |   |   |   |   |   |
|  ACTIVITIES:                                                                                |   |   |   |   |   |   |   |   |
|   Proceeds from subscriptions                                                          |   |   | 151,020,912 |   |   |   | 285,815,871 |   |
|   Payments on redemptions                                                              |   |   | (199,555,691 | ) |   |   | (165,257,971 | ) |
|                                                                                             |   |   |   |   |   |   |   |   |
|            Net cash (used in) provided by |   |   |   |   |   |   |   |   |
|             financing activities     |   |   | (48,534,779 | ) |   |   | 120,557,900 |   |
|                                                                                             |   |   |   |   |   |   |   |   |
| NET INCREASE IN CASH                                                                             |   |   |   |   |   |   |   |   |
|  AND CASH EQUIVALENTS                                                                       |   |   | 43,371,475 |   |   |   | 12,509,912 |   |
|                                                                                             |   |   |   |   |   |   |   |   |
| CASH AND CASH EQUIVALENTS - Beginning of year                                                    |   |   | 497,103,543 |   |   |   | 484,593,631 |   |
|                                                                                             |   |   |   |   |   |   |   |   |
| CASH AND CASH EQUIVALENTS - End of year                                                          |   | $ | 540,475,018 |   |   | $ | 497,103,543 |   |
|                                                                                             |   |   |   |   |   |   |   |   |
| See notes to financial statements.                                                               |   |   |   |   |   |   |   |   |

----

----

| 1.   | ORGANIZATION OF THE TRADING COMPANY |
|----------------|-------------------------------------|

| 2. | SIGNIFICANT ACCOUNTING POLICIES |
|----|---------------------------------|

----

| 3. | PARTNERSHIP AGREEMENT |
|----|-----------------------|

----

| 4. | FAIR VALUE MEASUREMENTS |
|----|-------------------------|

----

|                                                    |   |              |       |   | Fair Value Measurments |   |
|---------------------------------------------------------|--------|-------------------|------------|--------|------------------------|--------|
|                                                    |   |              |       |   |                   |   |   |   |   |   |   |   |
|                                                    |   |              |       |   | Quoted Prices in       |   |   | Significant Other |   |   | Significant Other |   |
|                                                    |   | Fair Value        |       |   | Active Markets for     |   |   | Observable |   |   | Unobservable |   |
|                                                    |   | as of             |       |   | Identical Assets       |   |   | Inputs |   |   | Inputs |   |
| Description                                             |   | December 31, 2010 |       |   | (Level 1)              |   |   | (Level 2) |   |   | (Level 3) |   |
|                                                    |   |              |       |   |                   |   |   |   |   |   |   |   |
| Net unrealized trading gains on open futures contracts  |   | $                 | 9,571,147  |   |                   | $      | 9,571,147 |   |   | $ | - |   |   | $ | - |   |
|                                                    |   |              |       |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Net unrealized trading losses on open futures contracts |   |              | (689,356   | )      |                   |   | (689,356 | ) |   |   | - |   |   |   | - |   |
|                                                    |   |              |       |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Net unrealized trading gains on open forward contracts  |   |              | 21,364,480 |   |                   |   | - |   |   |   | 21,364,480 |   |   |   | - |   |
|                                                    |   |              |       |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                                   |   | $                 | 30,246,271 |   |                   | $      | 8,881,791 |   |   | $ | 21,364,480 |   |   | $ | - |   |

|                                                    |   |              |       |   | Fair Value Measurments |   |
|---------------------------------------------------------|--------|-------------------|------------|--------|------------------------|--------|
|                                                    |   |              |       |   |                   |   |   |   |   |   |   |   |
|                                                    |   |              |       |   | Quoted Prices in       |   |   | Significant Other |   |   | Significant Other |   |
|                                                    |   | Fair Value        |       |   | Active Markets for     |   |   | Observable |   |   | Unobservable |   |
|                                                    |   | as of             |       |   | Identical Assets       |   |   | Inputs |   |   | Inputs |   |
| Description                                             |   | December 31, 2009 |       |   | (Level 1)              |   |   | (Level 2) |   |   | (Level 3) |   |
|                                                    |   |              |       |   |                   |   |   |   |   |   |   |   |
| Net unrealized trading gains on open futures contracts  |   | $                 | 7,542,562  |   |                   | $      | 7,542,562 |   |   | $ | - |   |   | $ | - |   |
|                                                    |   |              |       |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Net unrealized trading losses on open forward contracts |   |              | (7,933,743 | )      |                   |   | - |   |   |   | (7,933,743 | ) |   |   | - |   |
|                                                    |   |              |       |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Total                                                   |   | $                 | (391,181   | )      |                   | $      | 7,542,562 |   |   | $ | (7,933,743 | ) |   | $ | - |   |

| 5. | DERIVATIVE TRANSACTIONS |
|----|-------------------------|

----

----

| Derivatives not designated as hedging instruments | Asset Derivatives                                      |   | Liability Derivatives |                             |
|---------------------------------------------------|--------------------------------------------------------|--------|-----------------------|----------------------------------|
|                                              | December 31, 2010                                      |   | December 31, 2010     |                             |
|                                              | Statement of Financial Condition                       |   | Fair Value **         | Statement of Financial Condition |   | Fair Value ** |   |
| Open forward contracts                            | Net unrealized trading gains on open forward contracts |   | $                     | 62,605,106                       |   | Net unrealized trading losses on open forward contracts |   | $ | (41,240,626 | ) |
| Open futures contracts                            | Net unrealized trading gains on open futures contracts |   |                  | 17,407,051                       |   | Net unrealized trading losses on open futures contracts |   |   | (8,525,260 | ) |
| Total Derivatives                                 |                                                   |   | $                     | 80,012,157                       |   |   |   | $ | (49,765,886 | ) |

| Derivatives not designated as hedging instruments | Asset Derivatives                |   | Liability Derivatives |   |
|---------------------------------------------------|----------------------------------|--------|-----------------------|--------|
|                                              | December 31, 2009                |   | December 31, 2009     |   |
|                                              | Statement of Financial Condition |   |   Fair Value **  |   | Statement of Financial Condition |   | Fair Value ** |   |

| Open forward contracts | Net unrealized trading gains on open forward contracts |   |   | $      | 13,990,855 |   | Net unrealized trading losses on open forward contracts |   | $      | (21,924,598 | ) |
|------------------------|--------------------------------------------------------|--------|--------|--------|------------|--------|---------------------------------------------------------|--------|--------|-------------|---|
| Open futures contracts | Net unrealized trading gains on open futures contracts |   |   |   | 13,469,655 |   | Net unrealized trading losses on open futures contracts |   |   | (5,927,093  | ) |
| Total Derivatives      |                                                   |   |   | $      | 27,460,510 |   |                                                    |   | $      | (27,851,691 | ) |

----

|                                              |                                                     | For the Year Ended December 31, 2010 |                |
|---------------------------------------------------|----------------------------------------------------------|-------------------------------------------|---------------------|
| Derivatives not designated as hedging instruments | Location of gain recognized in income on Derivatives     |                                      | Gain on Derivatives |   |
|                                              |                                                     |                                      |                |   |
| Forward contracts                                 | Net realized trading gains on closed contracts           |                                      | $                   | 32,402,097 |   |
|                                              | Net change in unrealized trading gains on open contracts |                                      |                | 29,298,223 |   |
|                                              |                                                     |                                      |                |   |   |
| Futures contracts                                 | Net realized trading gains on closed contracts           |                                      |                | 39,403,645 |   |
|                                              | Net change in unrealized trading gains on open contracts |                                      |                | 1,339,229 |   |
| Net Gain on Derivatives                           |                                                     | $                                         | 102,443,194         |   |

|                                              |                                                      | For the Year Ended December 31, 2009 |                |
|---------------------------------------------------|-----------------------------------------------------------|-------------------------------------------|---------------------|
| Derivatives not designated as hedging instruments | Location of loss recognized in income on Derivatives      |                                      | Loss on Derivatives |   |
|                                              |                                                      |                                      |                |   |
| Forward contracts                                 | Net realized trading losses on closed contracts           |                                      | $                   | (14,195,777 | ) |
|                                              | Net change in unrealized trading losses on open contracts |                                      |                | (9,461,635 | ) |
|                                              |                                                      |                                      |                |   |   |
| Futures contracts                                 | Net realized trading losses on closed contracts           |                                      |                | (40,091,734 | ) |
|                                              | Net change in unrealized trading losses on open contracts |                                      |                | (8,344,457 | ) |
| Net Loss on Derivatives                           |                                                      | $                                         | (72,093,603         | ) |

| 6. | FINANCIAL GUARANTEES |
|----|----------------------|

----

| 7. | FINANCIAL HIGHLIGHTS |
|----|----------------------|

|                                                                                                             |   | 2010   |      |   | 2009   |   |
|------------------------------------------------------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
|                                                                                                             |   |   |      |   |   |   |
| Per unit operating performance:                                                                                  |   |   |      |   |   |   |
|   Beginning net asset value                                                                            |   | $      | 9,155.02  |   |   | $      | 10,457.01 |   |
|                                                                                                             |   |   |      |   |   |   |   |   |
|   Income from investment operations:                                                                   |   |   |      |   |   |   |   |   |
|     Net investment income (loss)                                                             |   |   | (33.83    | )      |   |   | 18.26 |   |
|     Net realized and unrealized gains (losses) on trading activities                         |   |   | 1,779.79  |   |   |   | (1,320.25 | ) |
|                                                                                                             |   |   |      |   |   |   |   |   |
|            Total income (loss) from investment operations |   |   | 1,745.96  |   |   |   | (1,301.99 | ) |
|                                                                                                             |   |   |      |   |   |   |   |   |
| Ending net asset value                                                                                           |   | $      | 10,900.98 |   |   | $      | 9,155.02 |   |
|                                                                                                             |   |   |      |   |   |   |   |   |
| Ratios to average partners’ capital:                                                                       |   |   |      |   |   |   |   |   |
|   Expenses                                                                                             |   |   | (0.45     | )%     |   |   | - | % |
|   Net investment income (loss)                                                                         |   |   | (0.34     | )%     |   |   | 0.19 | % |
|                                                                                                             |   |   |      |   |   |   |   |   |
| Total return                                                                                                     |   |   | 19.07     | %      |   |   | (12.45 | )% |

| 8. | SUBSEQUENT EVENTS |
|----|-------------------|

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