# EDGAR Filing Document

**Accession Number:** 0001052354
**File Stem:** 0001193125-26-224276
**Filing Date:** 2026-5
**Character Count:** 286697
**Document Hash:** 61a005aa0f87ec77a22b080154ee2e0c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-224276.hdr.sgml**: 20260514

**ACCESSION NUMBER**: 0001193125-26-224276

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 55

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260514

**DATE AS OF CHANGE**: 20260514

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MAN AHL DIVERSIFIED I LP
- **CENTRAL INDEX KEY:** 0001052354
- **STANDARD INDUSTRIAL CLASSIFICATION:** [6221]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-53043
- **FILM NUMBER:** 26980194

**BUSINESS ADDRESS:**
- **STREET 1:** 123 NORTH WACKER DRIVE
- **STREET 2:** SUITE 2800
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312-881-6800

**MAIL ADDRESS:**
- **STREET 1:** 123 NORTH WACKER DRIVE
- **STREET 2:** SUITE 2800
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

?xml version='1.0' encoding='ASCII'? 10-Q

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

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**FORM** 10-Q

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

**For the quarterly period ended** **March 31,** 2026

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from _______ to _______**

**Commission File Number:** 000-53043

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Man-AHL Diversified I L.P.

**(Exact Name of Registrant as Specified in its Charter)**

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| | |
|:---|:---|
| Delaware | 06-1496634 |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(I.R.S. Employer<br>Identification No.)** |
| **c/o Man Investments (USA) Corp.**<br>1345 Avenue of the Americas**,** Floor 21<br>New York**,** NY | 10105 |
| **(Address of principal executive offices)** | **(Zip Code)** |

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**(**212**)** 649-6600

**(Registrant's telephone number, including area code)**

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

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange on which registered** |

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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

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

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

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

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

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

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![img176342453_0.jpg](img176342453_0.jpg)

Man-AHL Diversified I L.P.

Financial Statements

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| | |
|:---|:---|
| [<u>Statements of Financial Condition (a)</u>](#stmt_of_financial_condition_div_i_lp) | 2 |
| [<u>Statements of Operations (b)</u>](#statements_of_operations) | 3 |
| [<u>Statements of Changes in Partners' Capital (b)</u>](#stmt_changes_partners_capital_unaudited) | 4 |
| [<u>Statements of Cash Flows (b)</u>](#statements_of_cash_flows) | 5 |
| [<u>Notes to Financial Statements (unaudited)</u>](#notes_to_financial_statements_unaudited) | 6 |

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(a)At March 31, 2026 (unaudited) and December 31, 2025

(b)For the three-month periods ended March 31, 2026 and 2025 (unaudited)

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![img176342453_0.jpg](img176342453_0.jpg)

MAN-AHL DIVERSIFIED I L.P.

(A Delaware Limited Partnership)

STATEMENTS OF FINANCIAL CONDITION

AS AT March 31, 2026 AND December 31, 2025

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| | | |
|:---|:---|:---|
|  | March 31, 2026 |  |
|  | (Unaudited) | December 31, 2025 |
| **ASSETS** |  |  |
| Investment in Man-AHL Diversified Trading Company L.P. | $65886900 | $63198317 |
| Due from Man-AHL Diversified Trading Company L.P. | 2525560 | 820090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $68412460 | $64018407 |
| **LIABILITIES AND PARTNERS' CAPITAL** |  |  |
| LIABILITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions payable | $2525560 | $820090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees payable | 168028 | 157392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Servicing fees payable | 56175 | 52621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 407130 | 305736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 3156893 | 1335839 |
| PARTNERS' CAPITAL: |  |  |
| &nbsp;&nbsp;&nbsp;General Partner - Class A Series 1 (186.37 units outstanding as at March 31, 2026 and<br> December 31, 2025) | 1037117 | 956854 |
| &nbsp;&nbsp;&nbsp;Limited Partners - Class A Series 1 (7,576.42 and 7,997.79 units outstanding as at <br> March 31, 2026 and December 31, 2025, respectively) | 42160554 | 41061106 |
| &nbsp;&nbsp;&nbsp;Limited Partners - Class A Series 2 (345.12 and 357.30 units outstanding as at <br> March 31, 2026 and December 31, 2025, respectively) | 2376720 | 2263038 |
| &nbsp;&nbsp;&nbsp;Limited Partners - Class B Series 1 (3,536.94 and 3,584.38 units outstanding as at <br> March 31, 2026 and December 31, 2025, respectively) | 19681176 | 18401570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total partners' capital | 65255567 | 62682568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and partners' capital | $68412460 | $64018407 |
| NET ASSET VALUE PER OUTSTANDING UNIT OF PARTNERSHIP INTEREST -<br> CLASS A Series 1 | $5564.71<br> \* | $5134.05<br> \* |
| NET ASSET VALUE PER OUTSTANDING UNIT OF PARTNERSHIP INTEREST -<br> CLASS A Series 2 | $6886.57<br> \* | $6333.74<br> \* |
| NET ASSET VALUE PER OUTSTANDING UNIT OF PARTNERSHIP INTEREST -<br> CLASS B Series 1 | $5564.46<br> \* | $5133.83<br> \* |

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

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

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![img176342453_0.jpg](img176342453_0.jpg)

MAN-AHL DIVERSIFIED I L.P.

(A Delaware Limited Partnership)

STATEMENTS OF OPERATIONS (UNAUDITED)

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| | | |
|:---|:---|:---|
|  | For the three months ended<br> March 31, | For the three months ended<br> March 31, |
|  | 2026 | 2025 |
| NET INVESTMENT INCOME/(LOSS) ALLOCATED FROM MAN-AHL<br> DIVERSIFIED TRADING COMPANY L.P.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $593756 | $709141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 6724 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Brokerage commissions | (31779) | (36592) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense - brokers | (31802) | (41685) |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fees | (6454) | (13417) |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | (16181) | (22337) |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder expenses | (12997) | (14814) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | (20160) | (23275) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss) allocated from Man-AHL Diversified Trading Company L.P. | 481107 | 557021 |
| PARTNERSHIP EXPENSES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | 510562 | 528374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Servicing fees | 170695 | 176568 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 114557 | 34024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 58961 | 104500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total partnership expenses | 854775 | 843466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss) | (373668) | (286445) |
| REALIZED GAINS/(LOSSES) AND CHANGE IN UNREALIZED APPRECIATION/<br> (DEPRECIATION) ON TRADING ACTIVITIES ALLOCATED FROM MAN-AHL<br> DIVERSIFIED TRADING COMPANY L.P.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized trading gains/(losses) on closed contracts/agreements and foreign currency<br> transactions | 8087055 | 165565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized trading appreciation/(depreciation) on investments<br> in securities | (22463) | (36085) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized trading appreciation/(depreciation) on open contracts/<br> agreements | (2357411) | (6929824) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on translation of foreign<br> currency | (65122) | 226593 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains/(losses) and change in unrealized appreciation/(depreciation) on trading<br> activities allocated from Man-AHL Diversified Trading Company L.P. | 5642059 | (6573751) |
| NET INCOME/(LOSS) | $5268391 | $(6860196) |
| NET INCOME/(LOSS) PER UNIT OF PARTNERSHIP INTEREST<br> (based on weighted average number of units outstanding during the period): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CLASS A Series 1 | $431.62 | $(446.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;CLASS A Series 2 | $563.57 | $(526.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;CLASS B Series 1 | $430.69 | $(446.16) |
| WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING DURING THE PERIOD: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CLASS A Series 1 | 8174.16 | 10434.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;CLASS A Series 2 | 349.04 | 378.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;CLASS B Series 1 | 3583.85 | 4491.15 |

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

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![img176342453_0.jpg](img176342453_0.jpg)

MAN-AHL DIVERSIFIED I L.P.

(A Delaware Limited Partnership)

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Class A Series 1 | Class A Series 1 | Class A Series 1 | Class A Series 1 | Class A Series 2 | Class A Series 2 | Class B Series 1 | Class B Series 1 |  |  |
|  | General Partner | General Partner | Limited Partners | Limited Partners | Limited Partners | Limited Partners | Limited Partners | Limited Partners | Total | Total |
|  | Amounts | Units | Amounts | Units | Amounts | Units | Amounts | Units | Amounts | Units |
| PARTNERS' CAPITAL<br> January 1, 2026 | $956854 | 186.37 | $41061106 | 7997.79 | $2263038 | 357.30 | $18401570 | 3584.38 | $62682568 | 12125.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | - | - | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | - | - | (2348427) | (421.37) | (83026) | (12.18) | (263939) | (47.44) | (2695392) | (480.99) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income/(loss) | 80263 | - | 3447875 | - | 196708 | - | 1543545 | - | 5268391 | - |
| PARTNERS' CAPITAL<br> March 31, 2026 | $1037117 | 186.37 | $42160554 | 7576.42 | $2376720 | 345.12 | $19681176 | 3536.94 | $65255567 | 11644.85 |
| PARTNERS' CAPITAL<br> January 1, 2025 | $907432 | 186.37 | $51190365 | 10513.79 | $2242615 | 378.07 | $21921079 | 4502.48 | $76261491 | 15580.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | - | - | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | - | - | (3331229) | (727.87) | - | - | (1048184) | (236.32) | (4379413) | (964.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income/(loss) | (83070) | - | (4574436) | - | (198904) | - | (2003786) | - | (6860196) | - |
| PARTNERS' CAPITAL<br> March 31, 2025 | $824362 | 186.37 | $43284700 | 9785.92 | $2043711 | 378.07 | $18869109 | 4266.16 | $65021882 | 14616.52 |

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

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![img176342453_0.jpg](img176342453_0.jpg)

MAN-AHL DIVERSIFIED I L.P.

(A Delaware Limited Partnership)

STATEMENTS OF CASH FLOWS (UNAUDITED)

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| | | |
|:---|:---|:---|
|  | For the three months ended March 31, | For the three months ended March 31, |
|  | 2026 | 2025 |
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income/(loss) | $5268391 | $(6860196) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating<br> activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales of investments in Man-AHL Diversified Trading Company L.P. | 1729113 | 4758045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gains)/losses and change in unrealized (appreciation)/depreciation on<br> trading activities and net investment income/(loss) allocated from investment in<br> Man-AHL Diversified Trading Company L.P. | (6123166) | 6016730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase/(decrease) in management fees payable | 10636 | (26914) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase/(decrease) in servicing fees payable | 3554 | (8985) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase/(decrease) in accrued expenses and other liabilities | 101394 | 57335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by/(used in) operating activities | 989922 | 3936015 |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on redemptions (net of change in redemptions payable) | (989922) | (3936015) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by/(used in) financing activities | (989922) | (3936015) |
| NET INCREASE/(DECREASE) IN CASH | - | - |
| CASH - Beginning of period | - | - |
| CASH - End of period | $**-** | $**-** |

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

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![img176342453_0.jpg](img176342453_0.jpg)

MAN-AHL DIVERSIFIED I L.P.

(A Delaware Limited Partnership)

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

The accompanying unaudited financial statements, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of Man-AHL Diversified I L.P.'s (a Delaware Limited Partnership) (the "Partnership") financial condition at March 31, 2026, and the results of its operations for the three month periods ended March 31, 2026 and 2025. These financial statements present the results of interim periods. These financial statements should be read in conjunction with the audited financial statements and notes included in the Partnership's annual report on Form 10-K filed with the Securities and Exchange Commission ("SEC") for the year ended December 31, 2025. The December 31, 2025, information has been derived from the audited financial statements as of December 31, 2025.

1. ORGANIZATION OF THE PARTNERSHIP

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

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

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

The Partnership's units are distributed through the Partnership or other selling agents, including Man Investments Inc. ("MII"), an affiliate of the Advisor and General Partner. MII is a registered broker-dealer and a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). MII serves as the placement agent for all classes of units of the Partnership.

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

The Partnership offers two classes of units of limited partnership interests; Class A units are generally offered and Class B units are offered to employee benefit plans, individual retirement accounts and other retirement plans and accounts. The two classes of units are identical to each other except that Class B units may be purchased, transferred, held and redeemed at a minimum amount of $10,000. Within Class A and Class B, units are issued in two separate series. They are Class A Series 1, Class A Series 2, Class B Series 1 and Class B Series 2. No Class B Series 2 units were in issue as at March 31, 2026 and 2025.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

*Use of estimates —* The preparation of financial statements in conformity with U.S. GAAP requires the General Partner to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

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

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As at March 31, 2026 and December 31, 2025, the Partnership owned 1,884.66 and 1,984.83 units, respectively, of the Trading Company. The Partnership's aggregate ownership percentage of the Trading Company as at March 31, 2026 and December 31, 2025 was 45.42% and 45.32%, respectively.

The Partnership is able to redeem its investment from the Trading Company on a monthly basis. As at March 31, 2026 and December 31, 2025, the Partnership could redeem its investment without restriction at the month-end net asset value of the Trading Company.

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

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

The Advisor also earns a monthly incentive fee equal to 20% of any Net New Appreciation, as defined in the Agreement, achieved by the Partnership, with new appreciation generally tracked on a class-by-class basis. The incentive fee is retained by the Advisor even if subsequent losses are incurred; however, no subsequent incentive fees will be paid to the Advisor until any such trading losses are recouped by the Partnership. Because the incentive fees are paid on the Net New Appreciation of the Partnership as a whole, it is possible that certain Limited Partners may experience increases in the Net Asset Value of their units while paying no incentive fees on such increases in the Net Asset Value of such units as a result of the timing of the purchase of units. During the three-month periods ended March 31, 2026 and 2025, no incentive fees were earned by the Advisor.

The Partnership pays a monthly servicing fee to MII in an amount equal to 0.0833% (1.00% annually) of the month-end Net Asset Value of Class A Series 1 and Class B Series 1 units and 0.0625% (0.75% annually) of the month-end Net Asset Value of Class A Series 2 and Class B Series 2 units.

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

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

*Net income/(loss) per unit —* Net income/(loss) per unit of Class A Series 1, Class A Series 2, or Class B Series 1, partnership interest is equal to the net income/(loss) per class divided by the weighted average number of units outstanding per class. Weighted average number of units outstanding is the average of the units outstanding for each day during the period ended March 31, 2026 and 2025.

*Income taxes —* The Partnership is not subject to federal, state, or local income tax. Such taxes are the liabilities of the individual partners and the amounts thereof will vary depending on the individual situation of each partner. Accordingly, there is no provision for income taxes in the accompanying financial statements. ASC 740, *Income Taxes*, defines how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements and is applied to all open tax years. The Partnership has evaluated tax positions taken or expected to be taken in the course of preparing the Partnership's tax returns to determine whether the tax positions are more-likely-than-not to be sustained by the applicable tax authority. Based on this analysis of all tax jurisdictions and all open tax years subject to examination, there were no material tax positions not deemed to meet a more-likely-than-not-threshold. Therefore, no tax expense, including interest or penalties, was recorded for the three month periods ended March 31, 2026 and 2025. To the extent that the Partnership records interest and penalties, they would be included in interest expense and other expenses, respectively, in the Statements of Operations. The following is the major tax jurisdiction for the Trading Company and the earliest tax year subject to examination: United States – 2022.

*Other income* — Other income included in the Statements of Operations includes the proceeds received by the Trading Company relating to a class action award for the three months ended March 31, 2026.

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

3. LIMITED PARTNERSHIP AGREEMENT

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

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

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

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Distributions (other than redemptions of units), if any, are made on a pro-rata basis at the sole discretion of the General Partner. No distributions were declared or paid during the three month periods ended March 31, 2026 and 2025.

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

4. FINANCIAL GUARANTEES

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

5. FINANCIAL HIGHLIGHTS

The following represents the ratios to average limited partners' capital and other information for the three-month periods ended March 31, 2026 and 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the three months ended March 31, 2026 | For the three months ended March 31, 2026 | For the three months ended March 31, 2026 | For the three months ended March 31, 2025 | For the three months ended March 31, 2025 | For the three months ended March 31, 2025 |
|  | Class A | Class A | Class B | Class A | Class A | Class B |
|  | Series 1 | Series 2 | Series 1 | Series 1 | Series 2 | Series 1 |
| Per unit operating performance: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning net asset value | $5134.05 | $6333.74 | $5133.83 | $4868.88 | $5931.78 | $4868.67 |
| Income/(loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss) | (31.66) | (16.77) | (31.37) | (18.92) | (5.70) | (19.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains/(losses) and change in unrealized appreciation/(depreciation) on trading activities | 462.32 | 569.60 | 462.00 | (426.80) | (520.41) | (426.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | 430.66 | 552.83 | 430.63 | (445.72) | (526.11) | (445.70) |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending net asset value | $5564.71 | $6886.57 | $5564.46 | $4423.16 | $5405.67 | $4422.97 |
| Ratios to average limited partners' capital<sup>1</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses excluding incentive fees | 5.92% | 4.54% | 5.87% | 5.54% | 4.34% | 5.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fees | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses including incentive fees | 5.92% | 4.54% | 5.87% | 5.54% | 4.34% | 5.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss) | (2.30)% | (0.99)% | (2.28)% | (1.62)% | (0.40)% | (1.65)% |
| Total return<sup>2</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total return before incentive fees | 8.39% | 8.73% | 8.39% | (9.15)% | (8.87)% | (9.15)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fees | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Total return after incentive fees | 8.39% | 8.73% | 8.39% | (9.15)% | (8.87)% | (9.15)% |

---

<sup>1</sup> Includes amounts allocated from the Trading Company. Ratios have been annualized.

<sup>2</sup> Total return is for the period indicated and has not been annualized.

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

6. SEGMENT REPORTING

In accordance with ASC Topic 280 - Segment Reporting ("ASC 280"), the Partnership has determined that it has a single operating and reporting segment with an investment objective to generate both current income and capital appreciation through investments in securities and open contracts/agreements; the Partnership realizes its strategy through investments in the Trading Company. As a result, the Partnership does not have any intra-segment sales and transfers of assets. The chief operating decision maker ("CODM") is comprised of the president and vice president of the General Partner which assesses the performance and makes operating decisions of the Partnership primarily based on the Partnership's net investment income/(loss) ("NII") and net income/(loss). As the Partnership's operations comprise of a single reporting segment, the segment assets are reflected on the accompanying Statements of Financial Condition as "total assets" and the significant segment expenses are listed on the accompanying Statements of Operations.

7. SUBSEQUENT EVENTS

For the period subsequent to March 31, 2026, through the date the financial statements were issued, the Partnership recorded limited partner subscriptions of US$Nil and limited partner redemptions of US$1,463,650.

------

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

------

![img176342453_0.jpg](img176342453_0.jpg)

Man-AHL Diversified Trading Company L.P.

Financial Statements

---

| | |
|:---|:---|
| [<u>Statements of Financial Condition (a)</u>](#statements_of_financial_condition) | &nbsp;&nbsp;&nbsp;11 |
| [<u>Condensed Schedules of Investments (a)</u>](#co_condensed_schedules_of_investments) | &nbsp;&nbsp;&nbsp;12 |
| [<u>Statements of Operations (b)</u>](#co_statements_of_operations) | &nbsp;&nbsp;&nbsp;14 |
| [<u>Statements of Changes in Partners' Capital (b)</u>](#co_stmt_of_changes_in_partners) | &nbsp;&nbsp;&nbsp;15 |
| [<u>Statements of Cash Flows (b)</u>](#co_statements_of_cash_flows) | &nbsp;&nbsp;&nbsp;16 |
| [<u>Notes to the Financial Statements (unaudited)</u>](#co_notes_to_financial_statements) | &nbsp;&nbsp;&nbsp;17 |

---

(a)At March 31, 2026 (unaudited) and December 31, 2025

(b)For the three-month periods ended March 31, 2026 and 2025 (unaudited)

------

![img176342453_0.jpg](img176342453_0.jpg)

MAN-AHL DIVERSIFIED TRADING COMPANY L.P.

(A Delaware Limited Partnership)

STATEMENTS OF FINANCIAL CONDITION

AS AT MARCH 31, 2026 AND DECEMBER 31, 2025

---

| | | |
|:---|:---|:---|
|  | March 31, 2026 |  |
|  | (Unaudited) | December 31, 2025 |
| **ASSETS** |  |  |
| Equity in trading accounts: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized trading appreciation on open futures contracts | $3395066 | $3822816 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized trading appreciation on open forward contracts | 1707981 | 4898573 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized trading appreciation on open swap agreements | 14213 | 348240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net premiums paid on credit default swap agreements | 231109 | 11589651 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from brokers | 4896 | 21695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 15945608 | 30258275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity in trading accounts | 21298873 | 50939250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 9010063 | 13134376 |
| &nbsp;&nbsp;&nbsp;Investments in securities, at fair value (cost: $121,189,488 and $89,559,842 as at <br> March 31, 2026 and December 31, 2025, respectively) | 121183159 | 89597699 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 35764 | 47797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $151527859 | $153719122 |
| **LIABILITIES AND PARTNERS' CAPITAL** |  |  |
| LIABILITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized trading depreciation on open forward contracts | $1032041 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized trading depreciation on open swap agreements | 34601 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Net premiums received on credit default swap agreements | 885399 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateral balances – due to broker | 638690 | 7180956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions payable to Man-AHL Diversified I L.P. | 2525560 | 820090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions payable to Man-AHL Diversified II L.P. | 1078683 | 6007615 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 271508 | 248860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $6466482 | $14257521 |
| PARTNERS' CAPITAL: |  |  |
| Limited Partners (4,152.21 and 4,379.60 units outstanding as at March 31, 2026 and<br> December 31, 2025, respectively) | 145061377 | 139461601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total partners' capital | 145061377 | 139461601 |
| Total liabilities and partners' capital | $151527859 | $153719122 |
| NET ASSET VALUE PER OUTSTANDING UNIT OF PARTNERSHIP INTEREST | $34935.94<br> \* | $31843.46<br> \* |

---

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

*See notes to financial statements.*

------

![img176342453_0.jpg](img176342453_0.jpg)

MAN-AHL DIVERSIFIED TRADING COMPANY L.P.

(A Delaware Limited Partnership)

CONDENSED SCHEDULE OF INVESTMENTS

AS AT MARCH 31, 2026 AND DECEMBER 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | March 31, 2026 (Unaudited) | March 31, 2026 (Unaudited) | December 31, 2025 | December 31, 2025 |
|  | Fair Value | Percent of<br>Partners'<br>Capital | Fair Value | Percent of<br>Partners'<br>Capital |
| FUTURES CONTRACTS - Long: |  |  |  |  |
| Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agricultural | $874121 | 0.6 | $85606 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Currencies | 40803 | 0.0<br> \* | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 705729 | 0.5 | 313037 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indices | 24574 | 0.0<br> \* | 1160916 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rates | 29 | 0.0<br> \* | 47653 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metals | 89735 | 0.1 | 1443756 | 1.0 |
| Depreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agricultural | (88267) | (0.1) | (497032) | (0.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | (197735) | (0.1) | (1999) | (0.0) \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Indices | (510656) | (0.4) | (317730) | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rates | - | - | (244873) | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Metals | (98193) | (0.1) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total futures contracts - long | 840140 | 0.5 | 1989334 | 1.4 |
| FUTURES CONTRACTS - Short: |  |  |  |  |
| Appreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agricultural | 527002 | 0.4 | 1124576 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 183084 | 0.1 | 149828 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indices | 134418 | 0.1 | 211668 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rates | 2199934 | 1.5 | 871757 | 0.6 |
| Depreciation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agricultural | (293637) | (0.2) | (142842) | (0.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Currencies | - | - | (6157) | (0.0) \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | (53043) | (0.0) \* | (255484) | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Indices | (14951) | (0.0) \* | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rates | (127881) | (0.1) | (119864) | (0.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total futures contracts - short | 2554926 | 1.8 | 1833482 | 1.3 |
| NET UNREALIZED TRADING APPRECIATION/ (DEPRECIATION) ON OPEN FUTURES CONTRACTS | $3395066 | 2.3 | $3822816 | 2.7 |
| FORWARD CONTRACTS - Long: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Australian dollar | $48626 | 0.0<br> \* | $23134 | 0.0<br> \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazilian real | 664702 | 0.5 | (266228) | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican peso | (272201) | (0.2) | 816494 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;New Zealand dollar | (495931) | (0.3) | (40273) | (0.0) \* |
| &nbsp;&nbsp;&nbsp;&nbsp;South African rand | (397117) | (0.3) | 938521 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;South Korean won | 13845 | 0.0<br> \* | 173591 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.K. pound | (687569) | (0.5) | 15838 | 0.0<br> \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (3489300) | (2.4) | 2213486 | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long forward contracts vs US Dollar | (4614945) | (3.2) | 3874563 | 2.8 |
| FORWARD CONTRACTS - Short: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Australian dollar | $312450 | 0.2 | (7874) | (0.0) \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazilian real | (257613) | (0.2) | 64994 | 0.0<br> \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican peso | 172132 | 0.1 | (135595) | (0.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;New Zealand dollar | 230854 | 0.2 | (141193) | (0.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;South African rand | 186965 | 0.1 | (50886) | (0.0) \* |
| &nbsp;&nbsp;&nbsp;&nbsp;South Korean won | 171395 | 0.1 | (524329) | (0.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.K. pound | 248046 | 0.2 | (28071) | (0.0) \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 3660368 | 2.5 | (106964) | (0.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total short forward contracts vs US Dollar | 4724597 | 3.2 | (929918) | (0.7) |

---

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

*See notes to financial statements.*

------

![img176342453_0.jpg](img176342453_0.jpg)

MAN-AHL DIVERSIFIED TRADING COMPANY L.P.

(A Delaware Limited Partnership)

CONDENSED SCHEDULES OF INVESTMENTS (CONTINUED)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | March 31, 2026 (Unaudited) | March 31, 2026 (Unaudited) | December 31, 2025 | December 31, 2025 |
|  | Principal | Fair Value | Percent of<br>Partners'<br>Capital | Fair Value | Percent of<br>Partners'<br>Capital |
| Forward contracts - Cross currencies - appreciation |  | 1165477 | 0.8 | 961828 | 0.7 |
| Forward contracts - Cross currencies - depreciation |  | (1257062) | (0.9) | (484972) | (0.3) |
| Forward contracts - Metal non US Dollar |  | 657873 | 0.6 | 1477072 | 1.0 |
| NET UNREALIZED TRADING APPRECIATION/ (DEPRECIATION) ON OPEN FORWARD CONTRACTS |  | $675940 | 0.5 | $4898573 | 3.5 |
| SWAP AGREEMENTS - Long:\*\* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Credit default swaps - Buy protection centrally cleared (upfront premiums paid $nil and $nil, and upfront premiums received $885,399 and $nil, as of March 31, 2026 and December 31, 2025, respectively) |  | $(58424) | (0.0) \* | $- | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total swap agreements - long |  | (58424) | (0.0) \* | - | - |
| SWAP AGREEMENTS - Short:\*\* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Credit default swaps - Sell protection centrally cleared (upfront premiums paid $231,109 and $11,589,651, and upfront premiums received $nil and $nil, as at March 31, 2026 and December 31, 2025, respectively) |  | 38036 | 0.0<br> \* | 348240 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total swap agreements - short |  | 38036 | 0.0<br> \* | 348240 | 0.3 |
| NET UNREALIZED TRADING APPRECIATION/ (DEPRECIATION) ON OPEN SWAP AGREEMENTS |  | $(20388) | (0.0)<br> \* | $348240 | 0.3 |
| NET UNREALIZED TRADING APPRECIATION/ (DEPRECIATION) ON OPEN CONTRACTS/AGREEMENTS |  | $4050618 | 2.8 | $9069629 | 6.5 |
| INVESTMENTS IN SECURITIES: |  |  |  |  |  |
| U.S. GOVERNMENT SECURITIES - Long: ~ |  |  |  |  |  |
| United States Treasury Bill 3.65% 01/22/26 | 10000000 | $- | - | $9980215 | 7.2 |
| United States Treasury Bill 3.58% 02/05/26 | 25000000 | - | - | 24916564 | 17.8 |
| United States Treasury Bill 3.56% 02/19/26 | 25000000 | - | - | 24881865 | 17.8 |
| United States Treasury Bill 3.59% 02/26/26 | 25000000 | - | - | 24863450 | 17.8 |
| United States Treasury Bill 3.57% 04/02/26 | 5000000 | 4999499 | 3.4 | 4955605 | 3.6 |
| United States Treasury Bill 3.64% 04/02/26 | 10000000 | 9998997 | 6.9 | - | - |
| United States Treasury Bill 3.64% 04/09/26 | 20000000 | 19983980 | 13.8 | - | - |
| United States Treasury Bill 3.61% 06/04/26 | 25000000 | 24839543 | 17.1 | - | - |
| United States Treasury Bill 3.61% 06/18/26 | 25000000 | 24805325 | 17.1 | - | - |
| United States Treasury Bill 3.52% 07/23/26 | 27000000 | 26696071 | 18.4 | - | - |
| United States Treasury Bill 3.50% 08/20/26 | 10000000 | 9859744 | 6.8 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total U.S. government securities - long |  | 121183159 | 83.5 | 89597699 | 64.2 |
| TOTAL INVESTMENT IN SECURITIES (COST $121,189,488 and $89,559,842 as at March 31, 2026 and December 31, 2025, respectively) |  | $121183159 | 83.5 | $89597699 | 64.2 |

---

~ Rate shown represents discount rate.

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

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

*See notes to financial statements.*

------

![img176342453_0.jpg](img176342453_0.jpg)

MAN-AHL DIVERSIFIED TRADING COMPANY L.P.

(A Delaware Limited Partnership)

STATEMENTS OF OPERATIONS (UNAUDITED)

---

| | | |
|:---|:---|:---|
|  | For the three months ended March 31, | For the three months ended March 31, |
|  | 2026 | 2025 |
| INVESTMENT INCOME: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $1304220 | $1595184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 14807 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $1319027 | $1595184 |
| EXPENSES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Brokerage commissions | 69750 | 82266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense - brokers | 70119 | 93604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 14174 | 30170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 35560 | 50250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder expenses | 28562 | 33325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 44320 | 52631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 262485 | 342246 |
| Net investment income/(loss) | $1056542 | $1252938 |
| NET REALIZED GAINS/(LOSSES) AND CHANGE IN UNREALIZED<br> APPRECIATION/(DEPRECIATION) ON TRADING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized trading gains/(losses) on closed contracts/agreements and foreign currency<br> transactions | 17784482 | 266246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized trading appreciation/(depreciation) on investments in securities | (44186) | (67144) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized trading appreciation/(depreciation) on open contracts/agreements | (5019011) | (15497227) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on translation<br> of foreign currency | (143094) | 508607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains/(losses) and change in unrealized appreciation/ (depreciation) on trading<br> activities | 12578191 | (14789518) |
| NET INCOME/(LOSS) | $13634733 | $(13536580) |
| &nbsp;&nbsp;&nbsp;&nbsp;NET INCOME/(LOSS) PER UNIT OF PARTNERSHIP INTEREST (based on<br> weighted average number of units outstanding during the period) | $3146.41 | $(2295.26) |
| WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING DURING THE PERIOD | 4333.43 | 5897.62 |

---

*See notes to financial statements.*

------

![img176342453_0.jpg](img176342453_0.jpg)

MAN-AHL DIVERSIFIED TRADING COMPANY L.P.

(A Delaware Limited Partnership)

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Limited Partners | Limited Partners | General Partner | General Partner | Total | Total |
|  | Amounts | Units | Amounts | Units | Amounts | Units |
| PARTNERS' CAPITAL - January 1, 2026 | $139461601 | 4379.60 | $- |  | $139461601 | 4379.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | 599999 | 18.61 | - |  | 599999 | 18.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (8634956) | (246.00) | - |  | (8634956) | (246.00) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income/(loss) | 13634733 | - | - |  | 13634733 | - |
| PARTNERS' CAPITAL - March 31, 2026 | $145061377 | 4152.21 | $- |  | $145061377 | 4152.21 |
| PARTNERS' CAPITAL - January 1, 2025 | $170953454 | 5962.61 | $- |  | $170953454 | 5962.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | 530000 | 19.12 | - |  | 530000 | 19.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (7392812) | (273.95) | - |  | (7392812) | (273.95) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income/(loss) | (13536580) | - | - |  | (13536580) | - |
| PARTNERS' CAPITAL - March 31, 2025 | $150554062 | 5707.78 | $- |  | $150554062 | 5707.78 |

---

*See notes to financial statements.*

------

![img176342453_0.jpg](img176342453_0.jpg)

MAN-AHL DIVERSIFIED TRADING COMPANY L.P.

(A Delaware Limited Partnership)

STATEMENTS OF CASH FLOWS (UNAUDITED)

---

| | | |
|:---|:---|:---|
|  | For the three months ended March 31, | For the three months ended March 31, |
|  | 2026 | 2025 |
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income/(loss) | $13634733 | $(13536580) |
| &nbsp;&nbsp;&nbsp;&nbsp;*Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments in securities | (115644756) | (91231656) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of premiums/accretion of discount on securities and net realized (gain)/loss on<br> securities | (984890) | (1236359) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales/maturities of investments in securities | 85000000 | 92945649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized trading (appreciation)/depreciation on investments in securities | 44186 | 67144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized trading (appreciation)/depreciation on open contracts/agreements | 5019011 | 15497227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase)/decrease in due from brokers | 16799 | (426517) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase)/decrease in interest receivable | 12033 | 13125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase)/decrease in net premiums paid on credit default swap agreements | 11358542 | 5806402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase/(decrease) in net premiums received on credit default swap agreements | 885399 | (881742) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase/(decrease) in collateral balances – due to broker | (6542266) | 1608418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase/(decrease) in accrued expenses and other liabilities | 22648 | 103204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by/(used in) operating activities | (7178561) | 8728315 |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from subscriptions | 599999 | 530000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on redemptions (net of change in redemptions payable) | (11858418) | (6440196) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by/(used in) financing activities | (11258419) | (5910196) |
| NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | (18436980) | 2818119 |
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH - Beginning of the period | 43392651 | 36618643 |
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH - End of the period | $24955671 | $39436762 |
| SUPPLEMENTAL DISCLOSURE OF CASH ACTIVITY: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest during the period | $67199 | $93604 |

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*See notes to financial statements.*

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![img176342453_0.jpg](img176342453_0.jpg)

MAN-AHL DIVERSIFIED TRADING COMPANY L.P.

(A Delaware Limited Partnership)

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

The accompanying unaudited financial statements, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of Man-AHL Diversified Trading Company L.P.'s (a Delaware Limited Partnership) (the "Trading Company") financial condition at March 31, 2026, and the results of its operations for the three month periods ended March 31, 2026 and 2025. These financial statements present the results of interim periods. These financial statements should be read in conjunction with the audited financial statements and notes included in Man-AHL Diversified I L.P.'s annual report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2025. The December 31, 2025 information has been derived from the audited financial statements as of December 31, 2025.

1. ORGANIZATION OF THE TRADING COMPANY

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

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

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

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

*Use of estimates* — The preparation of financial statements in conformity with U.S. GAAP requires the General Partner to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

*Due from brokers* — Due from brokers may consist of balances due from BNP Paribas ("BNP"), Citigroup, N.A. ("Citi"), Credit Suisse Securities (USA) ("CS"), J.P. Morgan Chase Bank, N.A. and J.P. Morgan Securities LLC ("JPM"), Natwest f/k/a Royal Bank of Scotland ("RBS"), Deutsche Bank AG, London Branch ("DB"), Merrill Lynch, Pierce, Fenner & Smith Incorporated ("ML"), HSBC ("HSBC") and Goldman Sachs ("GS") (the "Brokers"). Due from brokers may consist of balances receivable from its Brokers, as well as The Bank of New York Mellon relating to securities or contracts, the Trading Company has sold or entered into, but have not yet settled as at March 31, 2026. In general, the brokers pay the Trading Company interest monthly, based on agreed upon rates, on the Trading Company's average daily balance.

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

The amount of cash and cash equivalents and restricted cash is described in the table below:

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| | | | |
|:---|:---|:---|:---|
|  | March 31, 2026 | December 31, 2025 | March 31, 2025 |
| As at March 31, 2026, December 31, 2025 and March 31, 2025, the amounts included in cash and cash equivalents and restricted cash include the following: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $9010063 | $13134376 | $5631030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 15945608 | 30258275 | 33805732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash and cash equivalents and restricted cash | $24955671 | $43392651 | $39436762 |

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*Due to brokers —* Due to brokers may consist of balances owed to its Brokers, as well as balances due to The Bank of New York Mellon relating to securities or contracts, the Trading Company has purchased or entered into, but have not yet settled as at March 31, 2026. The amount included in due to brokers in the Statements of Financial Condition is $Nil and $Nil as at March 31, 2026 and December 31, 2025, respectively.

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

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

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

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

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

*Cash and cash equivalents* — Cash and cash equivalents include unrestricted cash, short-term interest-bearing money market accounts and U.S. government securities with original maturities of 90 days or less, held with The Bank of New York Mellon. As at March 31, 2026 and December 31, 2025, the Trading Company maintains cash balances with The Bank of New York Mellon. As at March 31, 2026 and December 31, 2025, the Trading Company held foreign cash balances of $15,094 and $14 with a cost of $13,059 and $12, respectively, which are included in cash and cash equivalents. As at March 31, 2026 and December 31, 2025, the Trading Company did not hold any U.S. Treasury Bills in cash and cash equivalents.

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

*Income Taxes* — The Trading Company is treated as a partnership for tax purposes and therefore is not subject to federal, state, or local income tax. Such taxes are the liabilities of the individual partners and the amounts thereof will vary depending on the individual situation of each partner. Accordingly, there is no provision for income taxes in the accompanying financial statements. ASC 740, *Income Taxes*, defines how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements and is applied to all open tax years. The Trading Company has evaluated tax positions taken or expected to be taken in the course of preparing the Trading Company's tax returns to determine whether the tax positions are more likely than not to be sustained by the applicable tax authority. Based on this analysis of all tax jurisdictions and all open tax years subject to examination, there were no material tax positions not deemed to meet a more-likely-than-not-threshold. Therefore, no tax expense, including interest or penalties, was recorded for the three month periods ended March 31, 2026 and 2025. To the extent that the Trading Company records interest and penalties, they would be included in interest expense and other expenses, respectively, in the Statements of Operations. The following is the major tax jurisdiction for the Trading Company and the earliest tax year subject to examination: United States – 2022.

*Net income/(loss) per unit* — Net income/(loss) per unit of partnership interest is equal to the net income/(loss) divided by the weighted average number of units outstanding. Weighted average number of units outstanding is the average of the units outstanding for each day during the periods ended March 31, 2026 and 2025.

*Other Income* — Other income included in the Statements of Operations includes the proceeds received by the Trading Company relating to a class action award for the period ended March 31, 2026.

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

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3. LIMITED PARTNERSHIP AGREEMENT

The General Partner and limited partners share in the profits and losses of the Trading Company in proportion to the amount of capital held by each partner. However, no limited partner is liable for obligations of the Trading Company in excess of its capital contribution and net profits or losses, if any. The General Partner owned no direct interest in the Trading Company during the periods ended March 31, 2026 and December 31, 2025.

Distributions (other than redemption of units), if any, are made on a pro-rata basis at the sole discretion of the General Partner. No distributions were declared or paid during the three month periods ended March 31, 2026 and 2025.

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

4. FAIR VALUE MEASUREMENTS

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

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

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

• Level 2 — investments with significant market observable inputs

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

Futures contracts are valued based on end of day quoted prices from the exchange and are categorized as Level 1 investments in the fair value hierarchy. Treasury bills, forward contracts and swap agreements are valued at fair value using independent pricing services, which use market observable inputs in their valuations, and are categorized as Level 2 investments in the fair value hierarchy. As at March 31, 2026 and December 31, 2025, the Trading Company did not have any positions categorized as Level 3 investments in the fair value hierarchy. The following is a summary categorization as at March 31, 2026 and December 31, 2025, of the Trading Company's investments based on the level of inputs utilized in determining the value of such investments:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Fair Value Measurements \* | Fair Value Measurements \* | Fair Value Measurements \* | Fair Value Measurements \* |
| Investments | As at<br>March 31, 2026 | Level 1 | Level 2 | Level 3 |
| <u>Assets</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury bills | $121183159 | $- | $121183159 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | 4779429 | 4779429 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward contracts | 9333817 | - | 9333817 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap agreements\*\* | 62607 | - | 62607 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 135359012 | 4779429 | 130579583 | - |
| <u>Liabilities</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | (1384363) | (1384363) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward contracts | (8657877) | - | (8657877) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap agreements\*\* | (82995) | - | (82995) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | (10125235) | (1384363) | (8740872) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Fair Value | $125233777 | $3395066 | $121838711 | $- |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Fair Value Measurements \* | Fair Value Measurements \* | Fair Value Measurements \* | Fair Value Measurements \* |
| Investments | As at<br>December 31, 2025 | Level 1 | Level 2 | Level 3 |
| <u>Assets</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury bills | $89597699 | $- | $89597699 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | 5408798 | 5408798 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward contracts | 8468234 | - | 8468234 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap agreements\*\* | 348240 | - | 348240 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 103822971 | 5408798 | 98414173 | - |
| <u>Liabilities</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | (1585982) | (1585982) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward contracts | (3569661) | - | (3569661) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | (5155643) | (1585982) | (3569661) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Fair Value | $98667328 | $3822816 | $94844512 | $- |

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

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

The Trading Company discloses the amounts of transfers and reasons for those transfers between levels of the fair value hierarchy, based on the levels assigned under the hierarchy at the reporting period end. There were no transfers between levels as at March 31, 2026 or 2025 based on the levels assigned at December 31, 2025 or 2024.

5. DERIVATIVE FINANCIAL INSTRUMENTS AND CONCENTRATIONS OF CREDIT RISK

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

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

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

Interest rate swaps relate to agreements taken out by the Trading Company with major brokers in which the Trading Company either receives or pays a floating rate of interest in return for paying or receiving, respectively, a fixed rate of interest, on the same notional amount for a specified period of time. In the normal course of business, the payment flows are netted against each other, with the difference being paid by one party to the other. Changes in the value of the interest rate swap agreements and amounts received or paid in connection with those changes, are recognized as realized trading gains/(losses) on closed contracts/agreements in the Statements of Operations. The risks related to trading in interest rate swaps include changes in market value and the possible inability of the counterparty to fulfill its obligations under the agreement. As at March 31, 2026, the Trading Company does not hold any open interest rate swap agreements.

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

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

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

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

As at March 31, 2026 and December 31, 2025, the total fair value and notional amounts of credit default swaps on indices where the Trading Company is the seller is presented in the following table by contract terms:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Fair Value and Notional Amounts by Contract Term | Fair Value and Notional Amounts by Contract Term | Fair Value and Notional Amounts by Contract Term | Fair Value and Notional Amounts by Contract Term |
|  | March 31, 2026 | March 31, 2026 | December 31, 2025 | December 31, 2025 |
|  | 1-5 years | 1-5 years | 1-5 years | 1-5 years |
| Credit spread (in basis points) | Fair Value | Notional<br>Amount | Fair Value | Notional<br>Amount |
| 0-100 | $- | $- | $138199 | $244272000 |
| 101-250 | - | - | 144195 | 35256000 |
| 251-350 | - | - | 65846 | 30000000 |
| 351-450 | 38036 | 5000000 | - | - |
| 451+ | - | - | - | - |
| Total | $38036 | $5000000 | $348240 | $309528000 |

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The notional amount represents the maximum potential pay out that the Trading Company could be required to make if a credit event were to occur under each agreement. The maximum payout amount may be offset by the subsequent sale, if any, of assets obtained via the execution of a payout event, upfront fees received upon entering into the contracts, or net amounts received from the settlement of offsetting purchased protection in credit default swap contracts entered into by the Trading Company for the same reference entity or entities. As at March 31, 2026 and December 31, 2025, all credit default swap contracts entered into by the Trading Company are on indices. The credit spread is generally indicative of the status of the underlying risk of default by the applicable reference entity or index and is likely to be different than the contractual spread on the credit default swap. Higher credit spreads are indicative of a higher likelihood of non-performance by the underlying reference entity.

During the three months ended March 31, 2026 and 2025, the Trading Company traded the following derivative contracts:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | For the three months ended March 31, | For the three months ended March 31, | For the three months ended March 31, | For the three months ended March 31, |
| Number of contracts traded/settled | 2026 | 2026 | 2025 | 2025 |
| Exchange-traded futures contracts |  | 24,687 |  | 28,553 |
| Forward contracts |  | 23,719 |  | 26,197 |
| Swap agreements |  | 216 |  | 339 |

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As at March 31, 2026 and December 31, 2025, the gross notional value of open derivatives contracts is as follows:

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| | | |
|:---|:---|:---|
| Gross notional value of open contracts | March 31, 2026 | December 31, 2025 |
| Exchange-traded futures contracts | $1010343605 | $1972977407 |
| Commodity forwards | $103 | $225 |
| Forward contracts | $1034209961 | $892459991 |
| Swap agreements | $41558500 | $309528000 |

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The trading activity of open future, forward and swap contracts as of March 31, 2026, December 31, 2025 and March 31, 2025 is indicative of the trading activity throughout the periods.

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The Trading Company trades derivative financial instruments that involve varying degrees of market and credit risk. Market risks may arise from unfavorable changes in interest rates, foreign exchange rates, or the fair values of the instruments underlying the contracts. All contracts are stated at fair value, and changes in those values are reflected in the net change in unrealized trading appreciation/(depreciation) on open contracts/agreements in the Statements of Operations. Credit risk arises from the potential inability of counterparties to perform in accordance with the terms of a contract. The credit risk for OTC derivative contracts is limited to the net unrealized gain plus any collateral posted net of unrealized losses or upfront fees posted, if any, for each counterparty for which a netting agreement exists and is included in the Statements of Financial Condition. Upfront fees are listed in the Statements of Financial Condition as net premiums paid/received on credit default swap agreements and are shown net by counterparty for which a netting agreement exists. Counterparty relationships are governed by various contracts. These contracts can be based on industry standard agreements, such as International Swap and Derivatives Association agreements for OTC contracts. These agreements set forth each party's basic rights, responsibilities, and duties. These agreements also contain information regarding financial terms and conditions, as well as termination and events of default provisions. Certain agreements contain provisions that require the Trading Company to post additional collateral upon the occurrence of specific credit risk related events or upon notice from the counterparty. As the Trading Company's trading strategies are dependent upon the existence of these agreements, the Trading Company's counterparties usually have multiple specified events under which they can terminate individual transactions or the entire agreement. These are most commonly related to declines in assets under management and performance below certain thresholds during a specified period. It is not guaranteed that counterparties will move to terminate individual transactions or entire agreements if a "trigger event" were to occur; however, it is their right to do so, and such a move could severely impact the Trading Company's portfolio. As at March 31, 2026 and December 31, 2025, the OTC contracts subject to such trigger events in a net liability position were the foreign currency forward contracts. The details of the net liability positions by counterparty are disclosed later in this note on the additional disclosures regarding the offsetting of derivative liabilities table. The ultimate amounts that may be required as payment to settle the derivative instruments in connection with the triggering of such credit contingency features as at March 31, 2026 and December 31, 2025, may differ from the net liability amounts recorded as at March 31, 2026 and December 31, 2025, and such differences can be material.

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

As at March 31, 2026 and December 31, 2025, all credit default swaps held by the Trading Company are centrally cleared swaps.

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | March 31, 2026 | March 31, 2026 | March 31, 2026 | March 31, 2026 |
|  | Asset Derivatives | Asset Derivatives | Liability Derivatives | Liability Derivatives |
| Primary Risk Exposure | Statements of Financial Condition\* | Fair Value | Statements of Financial Condition\* | Fair Value |
| Open forward contracts<br> Currencies | Gross unrealized trading appreciation on open forward contracts | $8433441 | Gross unrealized trading depreciation on open forward contracts | $(8415374) |
| &nbsp;&nbsp;&nbsp;&nbsp;Metals |  | 900376 |  | (242503) |
| Total open forward <br> contracts |  | 9333817 |  | (8657877) |
| Open futures contracts<br> Agricultural | Gross unrealized trading appreciation on open futures contracts | 1401123 | Gross unrealized trading depreciation on open futures contracts | (381904) |
| &nbsp;&nbsp;&nbsp;&nbsp;Currencies |  | 40803 |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy |  | 888813 |  | (250778) |
| &nbsp;&nbsp;&nbsp;&nbsp;Indices |  | 158992 |  | (525607) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rates |  | 2199963 |  | (127881) |
| &nbsp;&nbsp;&nbsp;&nbsp;Metals |  | 89735 |  | (98193) |
| Total open futures contracts |  | 4779429 |  | (1384363) |
| Open swap agreements<br> Credit | Gross unrealized trading appreciation on open swap agreements | 62607 | Gross unrealized trading depreciation on open swap agreements | (82995) |
| Total open swap agreements |  | 62607 |  | (82995) |
| Total Derivatives |  | $14175853 |  | $(10125235) |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Asset Derivatives | Asset Derivatives | Liability Derivatives | Liability Derivatives |
| Primary Risk Exposure | Statements of Financial Condition\* | Fair Value | Statements of Financial Condition\* | Fair Value |
| Open forward contracts<br> Currencies | Gross unrealized trading appreciation on open forward contracts | $6911154 | Gross unrealized trading depreciation on open forward contracts | $(3489653) |
| &nbsp;&nbsp;&nbsp;&nbsp;Metals |  | 1557080 |  | (80008) |
| Total open forward <br> contracts |  | 8468234 |  | (3569661) |
| Open futures contracts<br> Agricultural | Gross unrealized trading appreciation on open futures contracts | 1210182 | Gross unrealized trading depreciation on open futures contracts | (639874) |
| &nbsp;&nbsp;&nbsp;&nbsp;Currencies |  | - |  | (6157) |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy |  | 462866 |  | (257484) |
| &nbsp;&nbsp;&nbsp;&nbsp;Indices |  | 1372584 |  | (317730) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rates |  | 919410 |  | (364737) |
| &nbsp;&nbsp;&nbsp;&nbsp;Metals |  | 1443756 |  | - |
| Total open futures contracts |  | 5408798 |  | (1585982) |
| Open swap agreements<br> Credit | Gross unrealized trading appreciation on open swap agreements | 348240 | Gross unrealized trading depreciation on open swap agreements | - |
| Total open swap agreements |  | 348240 |  | - |
| Total Derivatives |  | $14225272 |  | $(5155643) |

---

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

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

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| | | |
|:---|:---|:---|
|  | For the three months ended March 31, | For the three months ended March 31, |
|  | 2026 | 2025 |
|  | Gain/(Loss) on | Gain/(Loss) on |
| Location of gain or loss recognized in income on derivatives | derivatives\* | derivatives\* |
| Forward contracts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currencies | $7347490 | $4890792 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metals | 2147148 | (118115) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized trading gains/(losses) on closed contracts/agreements | $9494638 | $4772677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Currencies | $(3403434) | $(13164454) |
| &nbsp;&nbsp;&nbsp;&nbsp;Metals | (819199) | (706213) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized trading appreciation/(depreciation) on open<br> contracts/agreements | $(4222633) | $(13870667) |
| Futures contracts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agricultural | $(490952) | $54224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Currencies | (151455) | (87214) |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 5912486 | (1729796) |
| &nbsp;&nbsp;&nbsp;&nbsp;Indices | 2593809 | 1258556 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rates | (2240284) | (4464614) |
| &nbsp;&nbsp;&nbsp;&nbsp;Metals | 3360468 | 1478518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized trading gains/(losses) on closed contracts/agreements | $8984072 | $(3490326) |
| &nbsp;&nbsp;&nbsp;&nbsp;Agricultural | $448911 | $(950312) |
| &nbsp;&nbsp;&nbsp;&nbsp;Currencies | 46960 | (240598) |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 432653 | (643057) |
| &nbsp;&nbsp;&nbsp;&nbsp;Indices | (1421469) | (661972) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rates | 1517409 | (711405) |
| &nbsp;&nbsp;&nbsp;&nbsp;Metals | (1452214) | 1069885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized trading appreciation/(depreciation) on open<br> contracts/agreements | $(427750) | $(2137459) |
| Swap agreements |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit default swaps | $(741190) | $(843368) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized trading gains/(losses) on closed contracts/agreements | $(741190) | $(843368) |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit default swaps | $(368628) | $510899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized trading appreciation/(depreciation) on open<br> contracts/agreements | $(368628) | $510899 |

---

\*Amounts in the table above exclude foreign exchange spot contracts.

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As described above, the Trading Company may enter into netting agreements with its derivative contract counterparties whereby the Trading Company may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. As at March 31, 2026 and December 31, 2025, the Trading Company was subject to netting agreements that allowed for amounts owed between the Trading Company and its counterparty to be netted. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The netting agreements do not apply to amounts owed to or from different counterparties.

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Gross Amounts Not Offset in<br>the Statements of Financial<br>Condition | Gross Amounts Not Offset in<br>the Statements of Financial<br>Condition |  |
|  | Gross Amounts<br>of Recognized<br>Assets | Gross Amount<br>Offset in the<br>Statements of<br>Financial<br>Condition | Net Amounts of<br>Assets presented<br>in the<br>Statements of<br>Financial<br>Condition | Financial<br>Instruments | Cash<br>Collateral<br>Received | Net Amount |
| **As at March 31, 2026** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Open futures contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Merrill Lynch | $2137732 | $(720107) | $1417625 | $- | $- | $1417625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 833911 | (151551) | 682360 | - | (626208) | 56152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase | 1807786 | (512705) | 1295081 | - | (12483) | 1282598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Open futures contracts | $4779429 | $(1384363) | $3395066 | $- | $(638691) | $2756375 |
| &nbsp;&nbsp;&nbsp;&nbsp;Open forward contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas | $1123174 | $(73066) | $1050108 | $- | $- | $1050108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNY Mellon | 3570 | (3570) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup | 1634151 | (1634151) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC | 4796223 | (4796223) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase | 900376 | (242503) | 657873 | - | - | 657873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natwest <br> f/k/a Royal Bank of Scotland | 876323 | (876323) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Open forward contracts | $9333817 | $(7625836) | $1707981 | $- | $- | $1707981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Open swap agreements |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | $5927 | $(5927) | $- | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P.Morgan Chase | 56680 | (42467) | 14213 | - | - | 14213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Open swap agreements | $62607 | $(48394) | $14213 | $- | $- | $14213 |
| **As at December 31, 2025** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Open futures contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Merrill Lynch | $3046528 | $(784959) | $2261569 | $- | $- | $2261569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 1402398 | (68823) | 1333575 | - | (746752) | 586823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase | 959872 | (732200) | 227672 | - | (14701) | 212971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Open futures contracts | $5408798 | $(1585982) | $3822816 | $- | $(761453) | $3061363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Open forward contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas | $745598 | $(181299) | $564299 | $- | $- | $564299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNY Mellon | 1339 | - | 1339 | - | - | 1339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup | 1641721 | (778825) | 862896 | - | - | 862896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC | 2713002 | (1873431) | 839571 | - | - | 839571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase | 1557080 | (80008) | 1477072 | - | - | 1477072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natwest <br> f/k/a Royal Bank of Scotland | 1809494 | (656098) | 1153396 | - | - | 1153396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Open forward contracts | $8468234 | $(3569661) | $4898573 | $- | $- | $4898573 |
| &nbsp;&nbsp;&nbsp;&nbsp;Open swap agreements |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays | $44084 | $- | $44084 | $- | $- | $44084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | $238310 | - | 238310 | - | (238310) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P.Morgan Chase | 65846 | - | 65846 | - | (10009) | 55837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Open swap agreements | $348240 | $- | $348240 | $- | $(248319) | $99921 |

---

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Gross Amounts Not Offset in<br>the Statements of Financial<br>Condition | Gross Amounts Not Offset in<br>the Statements of Financial<br>Condition |  |
|  | Gross Amounts<br>of Recognized<br>Liabilities | Gross Amount<br>Offset in the<br>Statements of<br>Financial<br>Condition | Net Amounts of<br>Liabilities<br>Presented in the<br>Statements of<br>Financial<br>Condition | Financial<br>Instruments | Cash<br>Collateral<br>Pledged | Net Amount |
| **As at March 31, 2026** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Open futures contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Merrill Lynch | $720107 | $(720107) | $- | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 151551 | (151551) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase | 512705 | (512705) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Open futures contracts | $1384363 | $(1384363) | $- | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Open forward contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas | $73066 | $(73066) | $- | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNY Mellon | 7378 | (3570) | 3808 | - | 3808 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup | 1664609 | (1634151) | 30458 | - | 30458 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC | 5025411 | (4796223) | 229188 | - | 229188 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase | 242503 | (242503) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natwest <br> f/k/a Royal Bank of Scotland | 1644910 | (876323) | 768587 | - | 768587 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Open forward contracts | $8657877 | $(7625836) | $1032041 | $- | $1032041 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Open swap agreements |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays | $29024 | $- | $29024 | $- | $29024 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 11504 | (5927) | 5577 | - | 5577 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase | 42467 | (42467) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Open swap agreements | $82995 | $(48394) | $34601 | $- | $34601 | $- |
| **As at December 31, 2025** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Open futures contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Merrill Lynch | $784959 | $(784959) | $- | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs | 68823 | (68823) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase | 732200 | (732200) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Open futures contracts | $1585982 | $(1585982) | $- | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Open forward contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas | $181299 | $(181299) | $- | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup | 778825 | (778825) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC | 1873431 | (1873431) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Chase | 80008 | (80008) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natwest <br> f/k/a Royal Bank of Scotland | 656098 | (656098) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Open forward contracts | $3569661 | $(3569661) | $- | $- | $- | $- |

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

6. FINANCIAL GUARANTEES

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

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7. FINANCIAL HIGHLIGHTS

The following represents the ratios to average partners' capital and other information for the three month periods ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
|  | For the three months ended March 31, | For the three months ended March 31, |
|  | 2026 | 2025 |
| Per unit operating performance: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning net asset value | $31843.46 | $28670.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income/(loss) from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss) | 246.52 | 212.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains/(losses) and change in unrealized appreciation/(depreciation)<br> on trading activities and translation of foreign currency | 2845.96 | (2506.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | 3092.48 | (2293.92) |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending net asset value | $34935.94 | $26376.99 |
| Ratios to average partners' capital: <sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses | 0.71% | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss) | 2.87% | 3.08% |
| Total return <sup>(2)</sup> | 9.71% | (8.00)% |

---

<sup>(1)</sup> Ratios have been annualized.

<sup>(2)</sup> Total return is for the period indicated and has not been annualized.

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

8. SEGMENT REPORTING

In accordance with ASC Topic 280 - Segment Reporting ("ASC 280"), the Trading Company has determined that it has a single operating and reporting

segment with an investment objective to generate both current income and capital appreciation through investments in securities and open contracts/agreements. As a result, the Trading Company does not have any intra-segment sales and transfers of assets. The chief operating decision maker ("CODM") is comprised of the president and vice president of the General Partner which assesses the performance and makes operating decisions of the Trading Company primarily based on the Trading Company's net investment income/(loss) ("NII") and net income/(loss). As the Trading Company's operations comprise of a single reporting segment, the segment assets are reflected on the accompanying Statements of Financial Condition as "total assets" and the significant segment expenses are listed on the accompanying Statements of Operations.

9. SUBSEQUENT EVENTS

For the period subsequent to March 31, 2026, through the date the financial statements were issued, the Trading Company recorded limited partner subscriptions of US$125,000 and limited partner redemptions of US$3,256,541.

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

------

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

Introduction

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

Operational Overview

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

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

Capital Resources and Liquidity

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

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

Partnership assets not invested in the Trading Company are maintained in cash and cash equivalents in bank accounts or accounts with The Bank of New York Mellon and are readily available to the Partnership. The Partnership may redeem any part or all of its limited partnership interest in the Trading Company at any month-end at the net asset value per unit of the Trading Company. The Trading Company's assets are generally held as cash or cash equivalents which are used to margin futures and provide collateral for forward contracts and other over-the-counter ("OTC") contract positions and are withdrawn, as necessary, to pay redemptions (to the Partnership and other investors in the Trading Company). Other than potential market-imposed limitations on liquidity, due, for example, to limited open interest in certain futures markets or to daily price fluctuation limits, which are inherent in the Trading Company's futures trading, the Trading Company's assets are highly liquid and are expected to remain so.

There have been no material changes with respect to the Partnership's critical accounting policies, off-balance sheet arrangements or disclosure of contractual obligations as reported in the Partnership's Form 10-K filed March 30, 2026.

Allocations by Market Sector

The following table indicates the percentage of the Partnership's assets allocated to initial margin for the Partnership's open trading positions by market sector as of March 31, 2026. The Partnership's capitalization was $65,255,567 as of March 31, 2026. See also Item 3, "Quantitative and Qualitative Disclosures About Market Risk," below.

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| | | |
|:---|:---|:---|
| Quarter-End as of March 31st | Quarter-End as of March 31st | Quarter-End as of March 31st |
| Market Sector | Margin Allocation | % of Capitalization |
| Agricultural | $1102303.02 | 1.69% |
| Bonds | $1198518.55 | 1.84% |
| Credit | $279114.37 | 0.43% |
| Currencies | $3563355.20 | 5.46% |
| Energy | $687110.04 | 1.05% |
| Interest rates | $848234.05 | 1.30% |
| Metals | $394513.06 | 0.60% |
| Stock indices | $895626.22 | 1.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total\* | $8968774.52 | 13.74% |

---

\*Certain total amounts do not foot due to rounding.

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Results of Operations

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

<u>Periods Ended March 31, 2026</u>:

---

| | |
|:---|:---|
|  | 31-March-26 |
| Ending Equity | $65255567 |

---

Three months ended March 31, 2026:

Net assets increased $2,572,999 for the three months ended March 31, 2026. This increase was attributable to subscriptions in the amount of $0, redemptions in the amount of $2,695,392 and a net gain from operations of $5,268,391.

Management Fees of $510,562 and servicing fees of $170,695 were paid or accrued, and interest of $593,756 was earned or accrued on the Partnership's share of the Trading Company's cash and cash equivalent investments and broker balances, for the three months ended March 31, 2026.

The Partnership's other expenses paid or accrued for the three months ended March 31, 2026 were $292,891.

The Partnership ended January with positive returns, with gains from stocks, currencies, credit and commodities trading partially offset by bonds and rates trading. Stocks generated profits as broad-based long exposure across Asia-Pacific and emerging markets indices appreciated. The top performer was a long position in the Korean Kospi Index. Long positions in the FTSE Taiwan Index and the MSCI Emerging Markets Index further contributed to gains. Credit also added to performance, as long credit risk (short CDS positions) in U.S. high-yield and investment-grade issuers generated modest profits. FX trading gained as broad-based short U.S. dollar positioning benefited from a weakening U.S. dollar. Both developed and emerging markets currency pairs appreciated, led by the Mexican peso and Australian dollar. A short position in the Indian rupee was profitable, as the currency experienced its worst month since September 2022. Commodities finished in the black, though results were mixed. Metals and agricultural generated gains—particularly metals—despite precious metals declining toward the end of the month. Long gold and silver positions were the top contributors, while a short cocoa position led in agricultural. Energies proved less favorable, as short exposure to U.S. natural gas generated losses. Bonds and rates trading finished down for January due to short Euribor and long SONIA exposure. Positions further out the curve performed better, as gains from short 10-year Korean bonds partially offset losses from short 2-year German bonds.

The Partnership ended February positive, with gains from currencies, commodities, stocks and bonds and rates trading partially offset by credit trading. Broad-based long exposure across non-U.S. indices proved profitable, particularly in the FTSE 100 Index and Swiss Market Index in Europe. Positions in the Tokyo Stock Price Index and the Thai SET50 Index also generated gains in Asia-Pacific while a long position in the Nasdaq-100 Index generated losses. Credit trading also detracted from performance. Comparatively, all commodity sub-sleeves finished February in the black. Energies led gains, as a short U.S. natural gas position profited and a long crude oil position also generated gains coinciding with seven-month highs in Brent crude prices. Precious metals continued to rise, benefiting the Partnership's long exposure across the complex. Agricultural were more muted, with gains from a short cocoa position partially offset by a short wheat position, which was subsequently reversed to long. Short U.S. dollar positioning proved profitable as the U.S. dollar continued to weaken. Long positions in the Brazilian real and Chinese renminbi were profitable against the dollar, with a short Indian rupee position slightly offsetting gains. Fixed income trading was mixed, with gains from shorter tenors offsetting losses further out the curve. Long SONIA and SOFR positions generated profits in rates trading, while short positions in Euro-Bund Long-Term Futures (BUXL) and Korean 10-year bonds detracted in longer-dated maturities.

In March, performance was negative for the month, with gains in commodities trading outweighed by losses in currencies, credit, stocks, and bonds and rates trading. Stocks generated losses amid a decline in global risk appetite. Positions in the Swiss Market Index, FTSE 100 Index, and Australian 200 Share Price Index declined, while a short position in the NSE Nifty 50 Index partially offset losses. Credit trading marginally detracted, as long credit risk (short CDS) positions in the iTraxx Europe and iTraxx Crossover indices were adversely impacted by spread widening. Currencies trading was negative overall; however, short positions in Asian currencies—notably the Indian rupee and Japanese yen—proved profitable. These gains were outweighed by long emerging markets positions, which weakened against the U.S. dollar, with long South African rand, Mexican peso and Chilean peso positions representing the largest detractors. Fixed income trading proved challenging, as long bond positions detracted amid rising yields. Positions in Italian, Canadian, and French rates were among the worst performers, while short positions in German, Australian and Korean bonds partially offset losses. Energies trading proved highly accretive, with long positions across oil and distillates markets generating gains. Metals, however, detracted, as long gold and silver positions declined amid a broader sell-off, partially offset by gains from a long aluminum position. Agricultural also generated modest losses, with a short sugar position the largest detractor.

<u>Periods Ended March 31, 2025</u>:

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| | |
|:---|:---|
|  | 31-March-25 |
| Ending Equity | $65021882 |

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Three months ended March 31, 2025:

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

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

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

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

In February, the Partnership returned negative net of fees, with losses in commodities, FX and fixed income, overcoming small gains from equities and credit. Trading in risk assets finished the month in the black, but there was considerable dispersion. Technology stocks experienced another month of volatility, leading to losses from the Partnership's longs in both the S&P 500 and Nasdaq 100. Europe's equities proved far more resilient, where the Partnership's long position in the FTSE Italia All-Share Index performed positively. The Partnership experienced losses across all three commodity sub-sectors. The Partnership's long position in cocoa fell as Cocoa prices softened, reversing recent trends. The Partnership's long positions in US natural gas generated gains, but its metals trading generated losses, mainly resulting from longs in platinum and silver. The Partnership experienced losses in currency pairs such as the Swedish krona and Chilean peso, but the greatest loss was seen for the Japanese yen, which rose against the US dollar after a plethora of strong economic data. However, the Partnership generated a gain from a short position in the Taiwanese dollar. In credit trading, the Partnership had a loss from a long credit position in US high yield which was more than offset by a gain from similar positioning in European high yield. The Partnership experienced losses in fixed income trading from short positions in U.S. Treasuries across the maturity spectrum. However, a short position in Japanese bonds provided some marginal offsetting gains.

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

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk.

Introduction

*Past Results Are Not Necessarily Indicative of Future Performance*

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

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

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

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

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

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<u>Quantifying the Partnership's Trading Value at Risk</u>

*Quantitative Forward-Looking Statements*

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

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

For regulatory purposes, exchange initial margin requirements have been used by the Partnership as the measure of its Value at Risk. For trading and internal risk monitoring purposes, a different approach based on simulated market movements is used. Initial margin requirements include a credit risk factor and a maintenance margin factor and thus overstate the maximum one-day loss reflected by the maintenance margin requirement by the amount of the credit risk factor used in setting initial margin requirements. Maintenance margin requirements are set by dealers, exchanges and OTC counterparties to equal or exceed 95-99% of the maximum one-day losses in the fair value of any given contract incurred during the time period over which historical price fluctuations are researched for purposes of establishing margin levels. The maintenance margin levels are established by dealers, exchanges and OTC counterparties using historical price studies as well as an assessment of current market volatility (including the implied volatility of the options on a given futures contract) and economic fundamentals to provide a probabilistic estimate of the maximum expected near-term one-day price fluctuation.

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

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

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

*The Partnership's Trading Value at Risk in Different Market Sectors*

The following table indicates the average, highest and lowest amount of trading Value at Risk associated with the Partnership's open positions by market category as of the period ended March 31, 2026. As of March 31, 2026, the Partnership's average quarter-end capitalization was $65,255,567.

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| | | | | |
|:---|:---|:---|:---|:---|
| Quarter-Ended March 31, 2026 | Quarter-Ended March 31, 2026 | Quarter-Ended March 31, 2026 | Quarter-Ended March 31, 2026 | Quarter-Ended March 31, 2026 |
| Market Sector | Average Value at Risk | % of Average Capitalization | Highest Value at Risk | Lowest Value at Risk |
| Agricultural | $1102303.02 | 1.69% | $1102303.02 | $1102303.02 |
| Bonds | $1198518.55 | 1.84% | $1198518.55 | $1198518.55 |
| Credit | $279114.37 | 0.43% | $279114.37 | $279114.37 |
| Currencies | $3563355.20 | 5.46% | $3563355.20 | $3563355.20 |
| Energies | $687110.04 | 1.05% | $687110.04 | $687110.04 |
| Interest rates | $848234.05 | 1.30% | $848234.05 | $848234.05 |
| Metals | $394513.06 | 0.60% | $394513.06 | $394513.06 |
| Stock indices | $895626.22 | 1.37% | $895626.22 | $895626.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total\* | $**8968774.52** | **13.74%** | $**8968774.52** | $**8968774.52** |

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\*Certain total amounts do not foot due to rounding.

Average, highest and lowest Value at Risk amounts relate to the quarter-end amounts for the three months ended March 31, 2026. Average capitalization is the Partnership's average quarter-end capitalization for the three months ended March 31, 2026.

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

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

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*Non-Trading Risk*

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

The Partnership also has non-trading cash flow risk as a result of holding a substantial portion of its assets in U.S. government securities (U.S Treasury Bills) and interest-bearing bank accounts. These investments are placed with highly rated counterparties with a priority placed on preservation of capital and reputation (*i.e*., appropriate level of credit risk, market risk and reputation risk) and liquidity (*i.e*., appropriate level of liquidity risk).

*Qualitative Disclosures Regarding Primary Trading Risk Exposures*

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

The following were the primary trading risk exposures of the Partnership as of March 31, 2026, by market sector.

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

<u>Currencies</u>. Exchange rate risk is the principal market exposure of the Partnership. The Partnership's currency exposure is to exchange rate fluctuations, primarily fluctuations which disrupt the historical pricing relationships between different currencies and currency pairs. These fluctuations are influenced by interest rate changes as well as political and general economic conditions. The Partnership trades in a large number of currencies, including cross-rates — i.e., positions between two currencies other than the U.S. dollar. As of March 31, 2026 the Partnership's primary currency exposures were in the U.S. Dollar versus the Japanese Yen, Indian Rupee, Brazilian Real, South Korean Won and Norwegian Krone.

<u>Stock Indices</u>. The Partnership's primary equity exposure, through stock index futures, is to equity price risk in the G-20 countries. As of March 31, 2026, the Partnership's primary exposures were in the Nifty index, Korean Kopsi index, Taiwan MSCI index, MSCI Emerging Markets index, and MSCI EAFE index. The Partnership is primarily exposed to the risk of adverse price trends or static markets in the major North American, European and Asian indices. (Static markets would not cause major market changes but could make it difficult for the Partnership to avoid numerous small losses.)

<u>Metals</u>. The AHL Diversified Program used for the Partnership trades precious and base metals. As of March 31, 2026, the Partnership's primary metals market exposures were in Aluminum, gold, Platinum and Silver.

<u>Agricultural</u>. The Partnership's has exposure to agricultural price movements, which are often directly affected by severe or unexpected weather conditions. Soybeans, Coffee, Wheat and Cocoa accounted for the substantial bulk of the Partnership's commodities exposure as of March 31, 2026.

<u>Energy.</u> The Partnership's primary energy market exposure is to gas and oil price movements, often resulting from political developments in the Middle East and economic conditions worldwide. Energy prices are volatile and substantial profits and losses have been and are expected to continue to be experienced in this market. As of March 31, 2026, the main exposures were in Crude Oil, US Natural Gas, Heating Oil and Gasoline.

*Qualitative Disclosures Regarding Non-Trading Risk Exposure*

The following were the only non-trading risk exposures of the Partnership as of March 31, 2026.

<u>Foreign Currency Balances</u>. The Partnership's primary foreign currency balance is in the Japanese Yen. The Partnership controls the non-trading risk of these balances by regularly converting these balances back into U.S. dollars (no less frequently than twice a month).

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

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*Qualitative Disclosures Regarding Means of Managing Risk Exposure*

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

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

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

ITEM 4. Controls and Procedures.

The General Partner, with the participation of the General Partner's Principal Executive Officer and Principal Financial Officer, has evaluated the effectiveness of the design and operation of the Partnership's disclosure controls and procedures as of the end of the fiscal quarter ended March 31, 2026. Based on such evaluation, the General Partner's Principal Executive Officer and Principal Financial Officer have concluded that the Partnership's disclosure controls and procedures were effective as of the fiscal quarter ended March 31, 2026.

<u>Changes in Internal Control over Financial Reporting</u>

There were no significant changes in the Partnership's internal control over financial reporting during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, the Partnership's internal control over financial reporting.

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<u>PART II - OTHER INFORMATION</u>

Item 1. Legal Proceedings.

None.

Item 1A. Risk Factors.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

• alter historical trading patterns;

• obscure developing price trends; or

• affect the execution of trades.

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

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

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

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

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

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

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

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

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

**Trade Systems and Execution of Orders.** The Trading Advisor relies extensively on computer programs, systems, technology, Data and Models to implement its execution strategies and algorithms. The Trading Advisor's investment strategies, trading strategies and algorithms depend on its ability to establish and maintain an overall market position in a combination of financial instruments selected by the Trading Advisor. There is a risk that the Trading Advisor's proprietary algorithmic trading systems may not be able to adequately react to a market event without serious disruption. Further, trading strategies and algorithms may malfunction causing severe losses. While the Trading Advisor has employed tools to allow for human intervention to respond to significant system malfunctions, it cannot be guaranteed that losses will not occur in such circumstances as unforeseen market events and disruptions and execution system issues.

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

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

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

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

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

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

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

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

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

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

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

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

For example, such exchanges and markets:

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

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

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

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

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

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

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

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

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

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

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

**Risks Associated with Use of AI.** In line with advances in computing technology and data analytics, there has been an increasing trend towards utilizing artificial generative intelligence, large language models, machine learning, artificial neural networks, artificial narrow intelligence, or similar tools, models and systems generally referred to as "alternative intelligence" (collectively, "AI Tools") as part of portfolio management, trading, portfolio risk management and other applications in the investment management processes used by various market participants. The Trading Advisor may utilize AI Tools in connection with managing the Partnership and certain vendors and counterparties of the Partnership, including third-party research providers, may use AI Tools. Although AI Tools have certain advantages and benefits for various applications, there are also risks to the Partnership that derive from the usage of AI Tools. In particular, many AI Tools are relatively recent developments and may be subject to one or more undetected errors, defects or security vulnerabilities. Some errors may be discovered only after an AI Tool has been used by end customers or after substantial operations in the marketplace. Any exploitable errors or security vulnerabilities discovered after such AI Tools are in widespread operation could result in substantial loss of revenues or assets, or material liabilities or sanctions.

**Tariffs and "Trade Wars".** The imposition of substantial tariffs by the United States on other nations, along with retaliatory measures by such other nations, has created a period of increased economic volatility. The future of the trading relationships between the United States and such other nations is uncertain, and the failure of those countries to resolve their current disputes could have materially adverse effects on the global economy. This, and/or future downturns in the global economy, significant introductions of barriers to trade or even bilateral trade frictions between the United States and its trading partners or countries representing key export markets could adversely affect the financial performance of the Partnership.

**General Economic and Market Conditions.** The success of the Partnership's activities will be affected by general economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, market disruptions and recessionary concerns. These factors may affect the level and volatility of the prices and liquidity of the Partnership's investments.

Volatility or illiquidity could impair the Partnership's profitability or result in losses. The Partnership may maintain substantial trading positions that can be adversely affected by the level of volatility in the financial markets; the larger the positions, the greater the potential for loss. It is important to understand that the Partnership can incur material losses even if it reacts quickly to difficult market conditions and there can be no assurance that the Partnership will not suffer material adverse effects from broad and rapid changes in market conditions.

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

(a)The Partnership may sell Units of Limited Partnership Interests ("Units") as of the first business day of any calendar month or at such other times as the General Partner may determine. The following table summarizes the amount of Units subscribed, exclusive of non-cash transfers, during the three months ended March 31, 2026:

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| | | | |
|:---|:---|:---|:---|
| Date of Subscription:<br>(first business day) | Class A-1 Units<br>Amount Subscribed: | Class A-2 Units<br>Amount Subscribed: | Class B-1 Units<br>Amount Subscribed: |
| January 2026 | $— | $— | $— |
| February 2026 | $— | $— | $— |
| March 2026 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL | $— | $— | $— |

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(b)Not applicable.

(c)Pursuant to the Partnership's Limited Partnership Agreement, a Limited Partner may redeem some or all of its Units as of the last business day of each calendar month at the then current month-end Net Asset Value. The redemption of Units has no impact on the value of Units that remain outstanding, and Units are not reissued once redeemed. The following table summarizes the amount of Units redeemed, exclusive of non-cash transfers, during the three months ended March 31, 2026:

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| | | | |
|:---|:---|:---|:---|
| Date of Redemption:<br>(last business day) | Class A-1 Units<br>Amount Redeemed: | Class A-2 Units<br>Amount Redeemed: | Class B-1 Units<br>Amount Redeemed: |
| January 2026 | $— | $83026 | $— |
| February 2026 | $86806 | $— | $— |
| March 2026 | $2261621 | $— | $263939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL | $2348427 | $83026 | $263939 |

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Item 3. Defaults upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not Applicable.

Item 5. Other Information.

During the three months ended March 31, 2026, the neither the General Partner nor its directors or officers adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933, as amended).

Effective as of May 13, 2026, the General Partner caused Section 7.6 of the Seventh Amended Limited Partnership Agreement to be amended in accordance with Section 10.2(a) of the Limited Partnership Agreement to update the method by which the Partnership makes distribution payments from checks to wire transfers. An executed copy of the Eighth Amended Limited Partnership Agreement in its entirety is filed under Item 6 of this report and is incorporated herein by reference.

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Item 6. Exhibits.

The following exhibits are included herewith:

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| | |
|:---|:---|
| Designation | Description |
| 4.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Eighth Amended Limited Partnership Agreement of Man-AHL Diversified I L.P.</u>](ck0001052354-ex4_1.htm) |
| 31.1 | [<u>Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer</u>](ck0001052354-ex31_1.htm) |
| 31.2 | [<u>Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer</u>](ck0001052354-ex31_2.htm) |
| 32.1 | [<u>Section 1350 Certification of Principal Executive Officer</u>](ck0001052354-ex32_1.htm) |
| 32.2 | [<u>Section 1350 Certification of Principal Financial Officer</u>](ck0001052354-ex32_2.htm) |
| 101.INS | Inline XBRL Instance Document-the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document  |
| 101.SCH | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
| The following exhibits are incorporated by reference herein from the exhibits of the same description and number filed on January 28, 2008 with the Partnership's Registration Statement on Form 10 (Reg. No. 000-53043). | The following exhibits are incorporated by reference herein from the exhibits of the same description and number filed on January 28, 2008 with the Partnership's Registration Statement on Form 10 (Reg. No. 000-53043). |
| 3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Certificate of Limited Partnership of Man-AHL Diversified I L.P.</u>](https://www.sec.gov/Archives/edgar/data/1052354/000090514808000450/efc8-0166_emailex31.txt) |
| The following exhibit is incorporated by reference herein from the exhibit of the same description and number filed on August 13, 2014, for the quarterly period ended June 30, 2014, with the Partnership's Quarterly Report on Form 10-Q. | The following exhibit is incorporated by reference herein from the exhibit of the same description and number filed on August 13, 2014, for the quarterly period ended June 30, 2014, with the Partnership's Quarterly Report on Form 10-Q. |
| 10.1 | [<u>Form of Trading Advisor Agreement between Man-AHL Diversified Trading Company L.P., Man Investments (USA) Corp. and AHL Partners LLP</u>](https://www.sec.gov/Archives/edgar/data/1052354/000119312514308069/d764274dex101.htm) |
| The following exhibit is incorporated by reference herein from the exhibit of the same description and number filed on May 17, 2021, for the quarterly period ended March 31, 2021, with the Partnership's Quarterly Report on Form 10-Q. | The following exhibit is incorporated by reference herein from the exhibit of the same description and number filed on May 17, 2021, for the quarterly period ended March 31, 2021, with the Partnership's Quarterly Report on Form 10-Q. |
| 10.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Form of Omnibus US Selling Agreement between Man Investments (USA) Corp. and Man Investments Inc.</u>](https://www.sec.gov/Archives/edgar/data/1052354/000119312521162345/d442122dex104.htm) |

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on May 14, 2026.

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| | |
|:---|:---|
| Man-AHL Diversified I L.P. | Man-AHL Diversified I L.P. |
| (Registrant) | (Registrant) |
| By: | Man Investments (USA) Corp. |
| General Partner | General Partner |
| By:  | /s/ Gregory Bond |
|  | President and Principal Executive Officer |
| By:  | /s/ Mark Bilancieri |
|  | Principal Financial Officer |

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## Exhibit 4.1

**<u>Exhibit 4.1</u>**

# MAN-AHL DIVERSIFIED I L.P.
EIGHTH AMENDED LIMITED PARTNERSHIP AGREEMENT

DATED AS OF MAY 13, 2026

THE SECURITIES REPRESENTED BY AND ISSUED PURSUANT TO THIS LIMITED PARTNERSHIP AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE. THE SECURITIES MAY NOT BE TRANSFERRED WITHOUT REGISTRATION UNDER SUCH LAWS OR THE AVAILABILITY OF AN EXEMPTION FROM REGISTRATION UNDER SUCH LAWS.

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**Table of Contents**

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE I ORGANIZATION | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE II GENERAL PARTNER | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE III LIMITS OF LIABILITY OF GENERAL PARTNER | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE IV LIMITED PARTNERS | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE V ACCOUNTING | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE VI PROFIT AND LOSS | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE VII DISTRIBUTIONS OF PARTNERSHIP INCOME; REDEMPTIONS; WITHDRAWALS BY PARTNERS | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE VIII INDEMNIFICATION | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE IX TERMINATION | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARTICLE X MISCELLANEOUS | 17 |

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i

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MAN-AHL DIVERSIFIED I L.P.

EIGHTH AMENDED LIMITED PARTNERSHIP AGREEMENT

THIS EIGHTH AMENDED LIMITED PARTNERSHIP AGREEMENT (the 'Agreement'), is made and entered into effective as of the 13th day of May 2026. Each party who executes this Agreement as a general partner is hereinafter referred to as a 'General Partner,' including Man Investments (USA) Corp., a Delaware corporation and the general partner of the Partnership (the 'General Partner'); and all other parties which hereafter execute this Agreement whether in counterpart, pursuant to power of attorney or otherwise, or which otherwise agree to be bound hereto by separate instrument, as limited partners are hereinafter referred to as 'Limited Partners.' The General Partner and the Limited Partners are hereinafter sometimes collectively referred to as 'Partners.'

# ARTICLE I

## ORGANIZATION

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| | |
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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.1 | **Continuation and Name**. The parties hereto do hereby continue a limited partnership under the name Man-AHL Diversified I L.P. (the 'Partnership'), under the provisions of the Delaware Revised Uniform Limited Partnership Act, as amended (the 'Partnership Act'). |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.2 | **Purpose**. The Partnership's business and purpose is to seek capital appreciation through trading, directly and indirectly, in commodities, futures contracts, forward contracts, security futures contracts, swap transactions, options on the foregoing, other derivative instruments and hybrid instruments, and other instruments and investments, in each case of every kind and character, traded on United States and non-United States exchanges and markets (including the over-the-counter markets), and securities including, but not limited to, equity securities, limited partnership interests, general partnership interests, membership interests, fixed-income securities, notes, debentures, convertible securities, depositary receipts, options (including without limitation, listed and over-the-counter options and the writing of options, whether or not covered), rights, warrants, mutual fund shares and other securities (sometime collectively referred to as 'securities'); to engage in such other futures and securities related activities or transactions as determined in good faith by the General Partner from time to time; to lend or borrow funds and securities (in each case, on a secured or unsecured basis and in such amounts and on such terms as determined in good faith by the General Partner from time to time); to establish subsidiaries and to invest in other investment vehicles, including investment vehicles affiliated with the General Partner, in each case as the General Partner may determine in its sole discretion; to open and close accounts with banks, brokers and dealers, including futures commission merchants, introducing brokers, floor brokers and executing brokers; and to conduct such other activities and retain such agents, independent contractors, attorneys, accountants and commodity trading advisors as determined by the General Partner to be necessary, in the best interests of the Partnership, advisable, desirable or incidental to carrying out the purposes of the Partnership. Without limitation of the foregoing, the General Partner has appointed AHL Partners LLP (the 'Trading Advisor') as the trading advisor to the Partnership. |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.3 | **Term**. The Partnership came into existence on September 29, 1997, the date that the certificate of limited partnership of the Partnership (the 'Certificate of Limited Partnership') was filed as provided under the Partnership Act, and shall terminate on December 31, 2037, unless earlier terminated as hereinafter provided or by operation of law. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.4 | **Principal Office**. The principal place of business of the Partnership is located at 1345 Avenue of the Americas, Floor 21, New York, New York 10105, or at such other location as may from time to time be determined by the General Partner. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.5 | **Partnership Administrative Powers**. The General Partner is hereby authorized to admit additional limited partners and general partners to the Partnership, to file, prosecute, defend, settle or compromise any and all actions at law or suits in equity for or on behalf of the Partnership with respect to any claim, demand or liability asserted or threatened by or against the Partnership, and to execute, acknowledge, deliver, file and record on behalf of the Partnership in the appropriate public offices: (a) all statements, certificates and other instruments (including, without limitation, all counterparts of this Agreement, all amendments hereto, the Certificate of Limited Partnership and all amendments thereto) which the General Partner deems appropriate to qualify or continue the Partnership as a limited partnership in the jurisdictions in which the Partnership may conduct business or which may be required to be filed by the Partnership under the laws of any jurisdiction; (b) all instruments which the General Partner deems appropriate to reflect a change in or modification or amendment of the Partnership or this Agreement adopted or effected in accordance with the terms of this Agreement; (c) all conveyances and other instruments which the General Partner deems appropriate to reflect the dissolution and termination of the Partnership; (d) certificates of assumed name; and (e) any trading advisor, brokerage, administrative, selling, cash management, custodial, advisory, subscription and other agreements which the General Partner deems necessary or desirable in connection with the Partnership's business. Each Limited Partner hereby agrees to be bound by any representation made by the General Partner and by any successor thereto acting in good faith, and each Limited Partner hereby waives any and all defenses which may be available to contest, negate or disaffirm the action of the General Partner and any successor thereto taken in good faith. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.6 | **Units**. As used in this Agreement, the term 'Unit' is defined as an interest in the Partnership acquired upon the making of a capital contribution by the General Partner or a Limited Partner. The General Partner's capital contribution shall be represented by Units of General Partnership Interest, and a Limited Partner's capital contributions shall be represented by Limited Partnership Units. The purchase price of each Limited Partnership Unit shall be the then prevailing Net Asset Value per Limited Partnership Unit (exclusive of upfront selling commissions, if any). When used in this Agreement without qualification, the term 'Unit' shall include both Limited Partnership Units and General Partnership Units, pari passu. The Units may, but need not, be evidenced by certificates. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.7 | **Offerings of Limited Partnership Units**. The General Partner shall have the authority to cause the Partnership from time to time, at the expense of the Partnership or otherwise, to offer Limited Partnership Units, including in separate series and classes, for sale by means of public or private offerings on a continuous basis or otherwise and, in connection therewith, to cause the Partnership to prepare and file such registration statements, disclosure documents, amendments, selling agreements and other documents and agreements as the General Partner shall deem advisable to offer and qualify the Limited Partnership Units for sale under the securities, commodities or other applicable laws of  |

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|  | the United States and such states of the United States and such non-U.S. countries and jurisdictions as the General Partner shall deem appropriate. The General Partner, its affiliates or third parties may advance funds or incur expenses in connection with any such offering of Limited Partnership Units for which it, its affiliates and such other persons shall be reimbursed by the Partnership, subject to any restrictions to which they may agree or which may be imposed by any applicable law or administrative regulation. In connection with any offering of Limited Partnership Units, the General Partner shall have the unilateral right and the authority, exercisable in its sole discretion upon written notice to the Limited Partners, to amend the provisions of this Agreement in order to amend, modify, liberalize or restrict the terms and conditions upon which existing or additional Limited Partners may make additional capital contributions to the Partnership or may be admitted to the Partnership and the terms and conditions upon which Limited Partners may redeem Limited Partnership Units. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.8 | **Net Asset Value**. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | The 'Net Asset Value' of the Partnership shall mean the total assets of the Partnership including all cash, cash equivalents and other securities (each valued at fair market value), less the total liabilities of the Partnership, determined in accordance with U.S. generally accepted accounting principles, consistently applied under the accrual method of accounting. Unless generally accepted accounting principles require otherwise: (i) Net Asset Value shall include any unrealized profit or loss on open futures and securities positions; (ii) all open futures and securities positions and options thereon shall be calculated at their then-market value which means, with respect to open futures positions, the settlement price as determined by the exchange on which the transaction is effected or the most recent appropriate quotation as supplied by the Broker (as hereinafter defined) through which the transaction is effected, except that any United States treasury Bills (not futures contracts therefor) shall be carried at cost plus accrued interest, and means with respect to option contracts the liquidation value thereof. If there are no trades on the date of the calculation due to the operation of the daily price fluctuation limits or due to a closing of the exchange on which the transaction is executed, the contract will be valued at fair market value as determined by the General Partner; (iii) in the case of forward contracts and options thereon traded on the interbank market, forward contracts shall be valued at their settlement price, which shall mean the 'bid' price in the case of a long position and the 'asked' price in the case of a short position at the close of business on the day on which the Net Asset Value is determined as quoted by the Brokers through which such contracts were acquired, or, otherwise, at fair value on the basis of prices provided by an independent price reporting service, and option contracts shall be valued at their liquidation value; (iv) swap agreements shall be valued at fair market value as determined by the swap dealer counterparty; (v) any investment in another investment fund or vehicle shall be valued as reported by such investment fund or vehicle; (vi) all other investments, assets and liabilities and those investments, assets and liabilities the fair market value of which the General Partner determines can not be accurately determined pursuant to any other provisions of this Section 1.8, shall be assigned such fair value as the General Partner may determine in its sole discretion; (vii) brokerage commissions shall be charged on a 'half-turn' basis (that is, in part upon opening a position and in part upon closing the position). Management fees, incentive fees, profit allocations, other fees and expenses shall be accrued at least monthly; (viii) the amount of any distribution made shall be a liability of the Partnership from the day when the distribution is declared until paid; (ix) interest income shall be accrued at least monthly; and (x) any value otherwise than in  |

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|  | U.S. dollars shall be converted into U.S. dollars at a prevailing rate (whether official or otherwise) which the General Partner shall in good faith deem appropriate having regard to any premium or discount which it considers may be relevant and to costs of exchange. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | The Net Asset Value per Limited Partnership Unit shall be equal to the Net Asset Value of the Partnership attributable to Limited Partnership Units divided by the number of Limited Partnership Units outstanding. |

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# ARTICLE II

## GENERAL PARTNER

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.1 | **Management**. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Subject to the limitations of this Agreement, the General Partner shall have full, exclusive and complete control of the management, operations and policies of the Partnership and the Partnership's affairs for the purposes herein stated, and shall make all decisions affecting Partnership affairs including, without limitation, the power to enter into contracts with third parties, including 'affiliates' (as defined in subsection 8.1(c), below) of the General Partner for trading advisory, brokerage, cash management, custodial, banking, accounting, legal, administrative, clearing and consulting services. Subject to the General Partner's fiduciary obligations, such services also may be performed by the General Partner or its affiliates at rates which may exceed the lowest rates that might otherwise be available to the Partnership. The General Partner may take such other actions as it deems in the best interests of the Partnership or necessary or desirable to manage or promote the business of the Partnership, including, but not limited to, the following: (i) to purchase, repurchase, hold, sell (including short selling), loan, possess, transfer, mortgage, borrow, pledge, repledge, acquire, dispose of, and exercise all rights, powers, privileges and other incidents of ownership or possession with respect to, futures and securities; (ii) to enter into swap agreements on behalf of the Partnership; (iii) to borrow money on a secured or unsecured basis from banks, brokers, financial institutions and other persons and to loan cash, securities and other property on a secured or unsecured basis; (iv) to conduct margin accounts with brokers; (v) to open, maintain and close bank, brokerage and custodial accounts; (vi) to sign checks; (vii) to pay or authorize the payment of distributions to the Partners and of the liabilities of the Partnership (including tax liabilities and withholdings); (viii) to apply for, maintain and renew such registrations (governmental or otherwise) as the General Partner may deem necessary or advisable in connection with the conduct of the Partnership's business including, without limitation, registrations under the Securities Exchange Act of 1934, as amended ('1934 Act'); (ix) generally, to act for the Partnership in all matters incidental to the foregoing, including the preparation and filing of all Partnership tax returns and the making of such tax elections and determinations as appear to it appropriate; and (x) to select from time to time one or more partnerships, limited liabilities companies or other trading vehicles for the investment of the Partnership's assets, to cause the Partnership from time to time to become a partner in such partnerships, a member in such limited liability companies or otherwise acquire an interest in such other trading vehicles, and to purchase interests in such partnerships, limited liability companies or other trading vehicles, including partnerships, limited liability companies and other trading vehicles affiliated with the General Partner, as the General Partner may deem necessary or advisable from time to time, and to establish or invest from time to time in such affiliates for the conduct of the  |

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|  | business of the Partnership as the General Partner may deem necessary or advisable from time to time. With respect to taxable years of the Partnership beginning before January 1, 2018, the General Partner shall be the 'tax matters partner' of the Partnership as defined in Section 6231 of the U.S. Internal Revenue Code of 1986, as amended (the 'Code', as in effect prior to January 1, 2018). With respect to taxable years beginning after December 31, 2017, the General Partner (or its designee) is hereby designated as the 'partnership representative' of the Partnership (the 'Partnership Representative') within the meaning of Section 6223 of the Code (and partnership audit procedures and provisions of state, local or foreign law). The Partnership Representative may appoint another person or entity to be designated as the Partnership Representative. All Partners hereby consent to such designations and agree to take any further action as may be required by regulation or otherwise to effectuate such designations. The General Partner, in its sole discretion, may cause the Partnership to make, refrain from making and, once having made, revoke the election referred to in Section 754 of the Code or any other election affecting the computation of partnership income required to be made by the Partnership pursuant to Section 703(b) of the Code, and any similar or different elections provided by U.S. federal, state or local law or any similar provision enacted in lieu thereof. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | To the full extent permitted under the Partnership Act, the General Partner shall have full power to delegate to agents and contracting parties any or all of its management duties, rights and responsibilities with respect to the Partnership under the terms of this Agreement on such terms and conditions as the General Partner may determine in its sole discretion. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.2 | **Other Business**. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Nothing contained in this Agreement shall be deemed to preclude the General Partner, its principals, officers, directors, managers, members, shareholders and employees or their respective affiliates, from directly or indirectly purchasing, selling or holding futures and securities, whether as principal, agent, broker or dealer, or engaging in any other futures or securities activities or transactions for the account of any other person or enterprise or for its own account, regardless of whether the Partnership also has purchased or sold such futures or securities or has engaged in similar transactions in futures or securities. The Limited Partners shall not have the right, by reason of their status as such, to participate in any manner in any profits or income earned or derived by or accruing to the General Partner, its principals, officers, directors, managers, members, shareholders and employees or their respective affiliates, from any transaction effected by any such person or from the conduct of any business other than that of the Partnership.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | The activities and services of the General Partner under this Agreement are not exclusive, and nothing contained in this Agreement shall be deemed or construed to preclude the General Partner or any of its principals, employees or affiliates from engaging in any other business activities or in any way limit or circumscribe their respective abilities to engage in such other business activities, except as provided by the Partnership Act. |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.3 | **Sharing in Profits and Losses**. The General Partner shall share in all Partnership income, gains, losses, deductions and credits to the extent of its Units. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.4 | **General Partner's Capital Contributions**. Unless the General Partner is otherwise notified by counsel to the Partnership, the General Partner shall make and maintain a capital contribution to the Partnership in an aggregate amount equal to the lesser of (a) 1.01% of the aggregate net capital contributions made to the Partnership by all Partners from time to time (including the General Partner's capital contributions) or (b) $500,000. The General Partner may not make any transfer or withdrawal of its contribution to the Partnership or receive any distribution of any portion of its Units while it is a general partner which would reduce its Book Capital Account to less than its required interest. The General Partner may contribute any greater amount to the Partnership. The General Partner may redeem, or receive a distribution on, any Units which represent capital in excess of its required interest without notice to the Limited Partners. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.5 | **No Personal Liability for Return of Capital**. The General Partner shall not be personally liable for the return or repayment of all or any portion of the capital contributions or profits of any Partner (or assignee), it being expressly agreed that any such return or repayment of capital or profits made pursuant to this Agreement shall be made solely from the assets of the Partnership (which shall not include any right of contribution from the General Partner). |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.6 | **Fees and Expenses**. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Except as otherwise expressly agreed by the General Partner and subject to the provisions of Section 1.6 and Section 1.7 of this Agreement, the Partnership shall be responsible for all costs, liabilities and expenses incurred in connection with the operation of its business, including, without limitation, expenses related to general communication costs, security systems, record keeping, equipment, cash management fees, continuing offering fees and expenses, computer time-sharing costs, the costs of dedicated communication facilities, transactional, risk, market, consumer and industry data and information and other alternative data (e.g. news and quotation equipment and services (including fees due to data and software providers, exchanges and other third party data and information vendors and other non-traditional data and information sources)), all fees for academic research data, legal, accounting and auditing fees, tax filing preparation costs, tax audit costs, including the fees and expenses of the Partnership's tax matters partner and Partnership Representative, evaluation, accounting and administrative support services, taxes and assessments, costs related to the preparation, reproduction and mailing of reports to Limited Partners, expenses associated with compliance with applicable laws and regulations, including the preparation and filing of periodic and current reports under the 1934 Act, custodial fees and insurance costs. The Partnership also will be obligated to pay all its extraordinary expenses, if any. To the extent that the Partnership establishes or invests in an investment vehicle to implement the Trading Advisor's trading strategies, the Partnership also shall be obligated to pay its pro-rata share of such investment vehicle's organizational, operating and other expenses. The General Partner and/or the Trading Advisor shall be entitled to be reimbursed by the Partnership in respect of any such expenses borne by it or them. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Upon the close of business on the last business day of every calendar month, the Trading Advisor shall be paid a monthly management fee, payable in arrears, in an amount equal to 1/6th of 1% of the Net Asset Value of the Partnership whether or not the Partnership is profitable (approximately 2% annually). The General Partner shall be paid a monthly administrative fee in an amount equal to  |

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|  | 1/12th of 1% of the month-end Net Asset Value of the Partnership whether or not the Partnership is profitable (approximately 1% annually). For purposes of calculating the management fee and the administrative fee, Net Asset Value of the Partnership is determined before reduction for the management fee, administrative fee or incentive fee accrued or paid as of such calendar month-end and before giving effect to any subscriptions, distributions or redemptions accrued or paid as of such calendar month-end. In the event that a Limited Partner redeems some or all of its Units or the Partnership is dissolved or terminated as of any date other than the last business day of a calendar month, the management fee and the administrative fee shall be pro-rated based on the ratio that the number of days in the calendar month through the date of such event bears to the total number of days in the calendar month. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | (i) Upon the close of business on the last business day of every calendar month, the Partnership shall pay the Trading Advisor an incentive fee equal to 20% of the Net New Appreciation (as that term is defined in subsection 2.6(c)(ii), below), if any, achieved by the Partnership as of the end of such calendar month. The Trading Advisor shall be entitled to retain all incentive fees previously paid to it even if subsequent losses are incurred. However, no subsequent incentive fees shall be paid to the Trading Advisor until the Trading Advisor has again achieved Net New Appreciation for the Partnership.<br>(ii) Net New Appreciation achieved during a calendar month shall mean the excess, if any, of (A) the Net Asset Value of the Partnership as of the end of the calendar month (without reduction for any incentive fees accrued or paid to the Trading Advisor for the calendar month or for any redemptions or distributions effected during or as of the end of such calendar month and without increase for any additional capital contributions effected during or as of the end of such calendar month) over (B) the Net Asset Value of the Partnership as of the end of the most recent prior calendar month for which an incentive fee was accrued or paid with clause (B) reduced by the amount of the incentive fees accrued or paid for such prior calendar month and also reduced by any redemptions or distributions, and increased by any contributions, effected as of or subsequent to the end of such prior calendar month through the first day of the calendar month referred to in clause (A), above. For purposes of calculating the first incentive fee payable to the Trading Advisor, clause (B) means the initial Net Asset Value of the Partnership on the day the Partnership commences trading activities. For purposes of calculating Net New Appreciation, taxes and extraordinary expenses shall be excluded.<br>(iii) In the event that a Limited Partner redeems some or all of its Units as of any date other than the end of a calendar month, such Limited Partner shall pay an incentive fee, if earned, to the Trading Advisor, on the amount of the redemption as though the date of such redemption were the end of the then current calendar month even though the Trading Advisor may not be entitled to an incentive fee had the Units been held through the end of the calendar month on account of losses incurred subsequent to the redemption. If for any reason the Partnership is dissolved as of a date other than the last day of a calendar month, the incentive fee shall be calculated and paid to the Trading Advisor as if such date were the last day of the then current calendar month. |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.7 | **Appointment of Brokers**. Subject to applicable law, the General Partner may designate from time to time one or more banks, brokers, dealers, clearing associations, depositories, futures commission merchants, introducing brokers, executing brokers, floor brokers, swap dealers or other financial institutions or persons (each a 'Broker' and collectively the 'Brokers'), including Brokers affiliated with the General Partner, to execute transactions with or on behalf of the Partnership and to perform such other services for the Partnership as such Broker and the General Partner may agree upon from time to time. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.8 | **Withdrawal**. Except as provided in Section 7.2, below, the General Partner may not withdraw from the Partnership except upon 30 days' prior written notice to the Limited Partners. |

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# ARTICLE III

## LIMITS OF LIABILITY OF GENERAL PARTNER

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.1 | **Limits of Liability**. Neither the General Partner nor the Trading Advisor shall be liable to the Partnership or to any of its Partners or their successors or assigns for any act or failure to act taken or omitted by it in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Partnership if such act or failure to act did not constitute negligence, willful misconduct or a breach of fiduciary obligations. Nothing herein shall in any way constitute a waiver or limitation of any rights which the Partnership or its Partners may have under U.S. Federal or state securities laws or other applicable law. |

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# ARTICLE IV

## LIMITED PARTNERS

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.1 | **Rights and Obligations**. The rights and obligations of the Limited Partners are governed by the provisions of the Partnership Act and by this Agreement. Except as otherwise provided herein, no Limited Partner shall be personally liable for any of the debts of the Partnership or any losses thereof beyond the amount of its capital contribution and profits attributable thereto (if any), whether or not distributed, together with interest thereon, except to the extent expressly provided in the provisions of the Partnership Act. No Limited Partner shall take part in the management of the business of or transact any business for the Partnership, and no Limited Partner shall have power to sign for or to bind the Partnership. No Limited Partner shall be entitled to the return of its contribution except (a) to the extent, if any, that distributions made, or deemed to be made, pursuant to this Agreement, may be considered as such by law, (b) upon dissolution of the Partnership, or (c) upon withdrawal or redemption and then only to the extent provided for in this Agreement. No Limited Partner shall have priority over any other Limited Partner either as to the return of capital contributions or as to profits, losses or distributions. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.2 | **Admission of Additional Limited Partners**. Subject to the rights reserved to the General Partner in Section 1.6 and Section 1.7, above, and compliance with applicable laws, the General Partner may, at its option, admit additional Limited Partners to the Partnership and permit additional capital contributions to be made to the Partnership as of the last business day of any calendar month or at such other times as the General Partner may determine. |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.3 | **Capital**. Subject to the rights reserved to the General Partner in Section 1.6 and Section 1.7, above, and compliance with applicable laws, each Limited Partner shall be required to make a minimum initial capital contribution to the Partnership equal to $50,000 (exclusive of upfront selling commissions, if any). The General Partner shall have the right to refuse any initial or additional capital contribution in whole or in part for any reason and may, in its sole discretion, waive or increase the amount of such minimum initial capital contribution from time to time. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.4 | **Reinvestment of Profits**. The Partners recognize that the profitability of the Partnership depends upon long-term, uninterrupted investment of capital. It is agreed, therefore, that Partnership profits may be automatically reinvested and that distributions of capital and gains, if any, to the Partners will be on a limited basis. Nevertheless, the Limited Partners contemplate the possibility that one or more of their number may elect to realize and withdraw gain, if any, or may desire to withdraw capital, prior to the dissolution of the Partnership pursuant to the redemption provisions of this Agreement. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.5 | **No Transfer Without Notice**. Each Limited Partner expressly agrees that it will not assign, transfer or dispose of, by gift or otherwise, any of its Units or any part or all of its right, title and interest in the capital or profits of the Partnership in violation of any applicable federal or state securities laws or without giving written notice to the General Partner. No assignment, transfer or disposition by an assignee of Units or of any part of its right, title and interest in the capital or profits of the Partnership shall be effective against the Partnership or the General Partner until the General Partner receives the written notice of the assignment; the General Partner shall not be required to give any assignee any rights hereunder prior to receipt of such notice. The General Partner may, in its sole discretion, waive any such notice. No such assignee, except with the consent of the General Partner, may become a substituted Limited Partner, nor will the estate or any beneficiary of a deceased Limited Partner or assignee have any right to redeem Units from the Partnership except by redemption as provided herein. Each Limited Partner agrees that with the consent of the General Partner any assignee may become a substituted Limited Partner without need of the further act or approval of any Limited Partner. If the General Partner withholds consent, an assignee shall not become a substituted Limited Partner, and shall not have any of the rights of a Limited Partner, except that the assignee shall be entitled to receive that share of capital and profits and other economic benefits and shall have that right of redemption to which his or her assignor would otherwise have been entitled. No assignment, transfer or disposition of Units shall be effective against the Partnership or the General Partner until the first business day of the calendar month following the month in which the General Partner receives notice of such assignment, transfer or disposition. The General Partner will send written confirmation to both the transferors and transferees of Units that the transfers in question have been duly recorded on the Partnership's books and records. The General Partner will not permit the assignment, transfer or disposition of Units where, after the assignment, transfer or disposition, either the Limited Partner or the assignee would hold less than the minimum number of Units equivalent to an initial minimum purchase for the relevant Class of Units (as stated in the then-current confidential private offering memorandum in respect of the Units), except for assignments, transfers or dispositions by gift, inheritance, intrafamily transfers, family dissolutions or transfers to affiliates of the Limited Partner. |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.6 | **Tax Cooperation**. Each Limited Partner hereby agrees, upon request by the Partnership, the General Partner or the Partnership Representative, to timely provide any information and comply with any requirements (including the filing of any tax returns and the payment of any taxes) that the Partnership Representative determines is or are necessary or advisable to reduce the amount of any tax (including an 'imputed underpayment' within the meaning of section 6225 of the Code or similar provisions of state, local or non-U.S. law), interest, penalties or similar amounts the cost of which is (or would otherwise be) borne by the Partnership (directly or indirectly) or to make any election permitted by the Code. |

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# ARTICLE V

## ACCOUNTING

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.1 | **Books of Account; Fiscal Year**. Proper books of account shall be kept under the accrual method of accounting, and there shall be entered therein all transactions relating to the Partnership's business in accordance with U.S. generally accepted accounting principles, except as otherwise expressly provided in this Agreement. Each Partner shall have access at reasonable times and at reasonable intervals to all books, records and accounts of the Partnership during normal business hours at the offices of the General Partner. The fiscal year of the Partnership shall end on December 31 of each year unless otherwise required by Section 706(b) of the Code and the Treasury Regulations promulgated thereunder. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.2 | **Valuation**. Except as otherwise expressly provided in this Agreement, in determining the accounts of the Partnership for all purposes, the assets and liabilities of the Partnership shall be valued at fair market value in accordance with U.S. generally accepted accounting principles, consistently applied under the accrual method of accounting, and the Partnership may, but shall not be required to, set up reserves against doubtful accounts and contingent, undetermined and unliquidated liabilities. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.3 | **Effect of Accounting Determination**. Except with respect to the distributive interest of Partners determined in accordance with the provisions of this Agreement, the accounts of the Partnership, as ascertained and determined at the end of each fiscal year, shall be conclusive upon each Limited Partner, unless it shall make objection to the same in writing, delivered to the Partnership within 20 days after receipt by the Limited Partner of a statement of its account as sent to each Limited Partner at the end of each fiscal year. In the absence of such written objection, the accuracy of each account shall not thereafter be questioned by any Limited Partner or by its legal representatives. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.4 | **Annual Reports and Monthly Statements**. Each Limited Partner shall be furnished with unaudited monthly financial statements which are expected to be delivered not later than 30 days following the end of the calendar month, audited annual financial statements relating to the operations of the Partnership which are expected to be delivered not later than 90 days following the end of the Partnership's fiscal year and such other reports as are required to be given to Limited Partners by any governmental authority which has jurisdiction over the activities of the Partnership. Limited Partners also may be furnished with any other reports or information which the General Partner, in its discretion, determines to be necessary or appropriate. Appropriate tax information adequate to enable each Limited Partner to complete and file its U.S. federal income tax return with respect to its Units, if applicable, is expected to be delivered to each Limited Partner no later than 90 days following the end of each fiscal year. |

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# ARTICLE VI

## PROFIT AND LOSS

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.1 | **Capital Accounts**. The Partnership shall establish for each Partner a capital account for income tax Purposes ('Tax Capital Account') and a capital account for financial accounting purposes ('Book Capital Account'). The initial balance of the Tax Capital Account and the Book Capital Account for each Partner shall be the initial capital contribution made to the Partnership by such Partner and shall be adjusted as provided in this Article VI. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.2 | **Adjustments to Tax Capital Accounts**. The initial balance of the Tax Capital Account of each Partner shall be: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | increased by: (i) any cash and the fair market value of other property contributed to the Partnership by such Partner in addition to such Partner's original capital contribution; (ii) the distributive share of the Partnership's taxable income of such Partner; and (iii) the distributive share of the Partnership's income of such Partner exempt from U.S. federal income taxation; and |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | decreased by: (i) the amount of cash and the adjusted basis of other property distributed to such Partner by the Partnership; (ii) the distributive share of the Partnership's taxable losses of such Partner (including capital losses); and (iii) the distributive share of the Partnership's expenditures of such Partner (including expenditures described in Section 705(a)(2)(B) of the Code). |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.3 | **Adjustments to Book Capital Accounts**. The initial balance of the Book Capital Account of each Partner shall be: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | increased by: (i) any cash and the fair market value of other property contributed to the Partnership by such Partner in addition to such Partner's original capital contribution; and (ii) positive adjustments made to such Partner's Book Capital Account in accordance with Section 6.4, below; and |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | decreased by: (i) the amount of cash and the fair market value of other property distributed to such Partner by the Partnership (net of liabilities recorded on such property that such Partner is considered under Section 752 of the Code to assume or take subject to); and (ii) negative adjustments made to such Partner's Book Capital Account in accordance with Section 6.4, below. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.4 | **Additional Adjustments to Book Capital Accounts**. As of the close of business on (a) the last business day of each calendar month, (b) the first business day of each calendar month, (c) if other than the last business day of a calendar month, the day on which an actual or deemed distribution of any Partnership property is made in cash or in kind or by redemption of any Units or otherwise, and (d) if other than the first business day of a calendar month, the day on which any cash or other property is contributed to the Partnership, the Book Capital Account of each Partner shall be adjusted as follows:<br>(i) the Net Asset Value of the Partnership shall be determined in accordance with Section 1.8, above; and<br>(ii) each Partner's pro rata share of any increase or decrease in the Net Asset Value of the Partnership as compared to the last determination of the Net Asset Value of the Partnership for purposes of this Section 6.4 shall be determined (after adjusting the Partner's Book Capital Account under Section 1.8, above); and<br>(iii) each Partner's pro rata share of such increase or decrease in the Net Asset Value of the  |

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|  | Partnership as determined under subsection 6.4(ii), above (less the aggregate amount of the incentive fees charged against the Partner's Book Capital Account under Section 1.8, above), shall be charged or credited to the Book Capital Account of such Partner. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.5 | **Allocation of Tax Profit and Loss**. Subject to Sections 1.6 and 1.7, above, and Section 6.7, below, all items of income, gain, loss and deduction (including items of income or gain which are not subject to U.S. federal income taxation and expenditures described in Section 705(a)(2)(B) of the Code) shall be allocated among the Partners for each fiscal year of the Partnership as follows: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Ordinary Income and Ordinary Expense (as defined in Section 6.6, below) which properly relate to an Accounting Period (as defined in Section 6.6, below) under the Partnership's method of accounting shall be allocated among all Partners in proportion to the balance in each Partner's Book Capital Account as of the beginning of the Accounting Period in which earned or incurred; and |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | after all adjustments to Book Capital Accounts under Section 6.4, above, have been made for the fiscal year of the Partnership and after all the allocations under subsection 6.5(a), above, for the fiscal year of the Partnership have been made, the extent to which a Partner's Book Capital Account exceeds its Tax Capital Account ('Positive Disparity') or the extent to which a Partner's Tax Capital Account exceeds its Book Capital Account ('Negative Disparity') shall be determined. Capital Gain and Capital Loss (as defined in Section 6.6, below) shall then be allocated as follows:<br>(i) Capital Gain shall be allocated to each Partner who redeemed all of its Units during such fiscal year to the extent of the Positive Disparity of such Partner in the ratio that such Positive Disparity bears to the total Positive Disparity of all Partners who redeemed all of their Units during such fiscal year. Capital Gain remaining after such allocation shall be allocated to all other Partners to the extent of each such Partner's Positive Disparity in the ratio that such Positive Disparity bears to the total remaining Positive Disparity of all Partners;<br>(ii) Capital Loss shall be allocated to each Partner who redeemed all of its Units during such fiscal year to the extent of the Negative Disparity of such Partner in the ratio that such Negative Disparity bears to the total Negative Disparity of all Partners who redeemed all of their Units during such fiscal year. Capital Loss remaining after such allocation shall be allocated to all other Partners to the extent of such Partner's Negative Disparity in the ratio that such Negative Disparity bears to the total remaining Negative Disparity of all such Partners; and<br>(iii) if after the foregoing allocations under subsections 6.5(b)(i) and 6.5(b)(ii), above, there remains Capital Gain or Capital Loss to be allocated, all remaining Net Capital Gain or Net Capital Loss, as the case may be, shall be allocated among all Partners with Units remaining in the ratio that each such Partner's Book Capital Account balance bears to the balance of the Book Capital Accounts of all Partners. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | Notwithstanding the foregoing provisions of this Article VI, if any allocation would produce a deficit in the Book Capital Account or Tax Capital Account of any Limited Partner, the portion of such allocation which would create such deficit shall instead be allocated to the Book Capital Account or Tax Capital Account, as applicable, of the General Partner. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.6 | **Definitions**. For purposes of this Agreement, the following terms shall have the following meanings: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Accounting Period shall mean a calendar month or any period of shorter duration from the last preceding Accounting Period until any of the dates specified in Section 6.4, above. |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Capital Gain or Capital Loss shall mean the gain or loss which would be recognizable by the Partnership under U.S. federal income tax principles attributable to a capital asset, including the gain or loss attributable to a 'section 1256 contract,' as defined by Section 1256 of the Code, and any other asset the recognition of gain or loss of which, under U.S. federal income tax principles, is not dependent upon the sale or other disposition thereof. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | Net Capital Gain shall mean the excess of Capital Gain over Capital Loss. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) | Net Capital Loss shall mean the excess of Capital Loss over Capital Gain. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) | Ordinary Income shall mean all items of Partnership income or gain other than Capital Gain. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) | Ordinary Expense shall mean all items of Partnership loss or expense other than Capital Loss. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.7 | **Equitable Allocations**. The General Partner may make such other or additional allocations of income, gain, loss and deduction among the Units or the Partners as are, in the General Partner's reasonable discretion, equitable in order to eliminate, to the extent possible, any disparities existing between the Book Capital Accounts and Tax Capital Accounts of the Partners and to allocate income, gain, loss and deduction in conformity with U.S. federal income tax principles among the Partners in accordance with their respective interests in the Partnership. |

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# ARTICLE VII

## DISTRIBUTIONS OF PARTNERSHIP INCOME; REDEMPTIONS; WITHDRAWALS BY PARTNERS

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.1 | **Distributions to Partners**. The General Partner shall have sole discretion in determining the amount and frequency of distributions (other than withdrawals or redemptions by Limited Partners) which the Partnership shall make. All distributions shall be made in cash pro rata to the respective Book Capital Accounts of the Partners which hold Units as of the last day of the Accounting Period to which the distribution relates. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.2 | **Redemptions**. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Subject to the provisions of this Section 7.2, the rights reserved to the General Partner in Sections 1.6 and 1.7, above, and compliance with applicable laws, a Limited Partner may redeem some or all of its Units as of the last business day of each calendar month. The General Partner must receive ten days' prior written notice (including by facsimile) of a request for redemption. A Limited Partner's redemption will become effective on the last business day of the calendar month during which such Limited Partner shall have given timely notice of redemption. The General Partner may, in its discretion, waive any or all of the foregoing restrictions. The right to redeem Units is contingent upon the Partnership having assets sufficient in the view of the General Partner to discharge its liabilities on the relevant redemption date. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | If there are any assets which cannot be properly valued on the redemption date, then each Partner's allocable share of any such assets may be retained in the Partnership until such time when the assets can be properly valued. If there is any pending transaction or claim by or against the Partnership involving or which may affect the Book Capital Account of a redeeming Partner or the obligations of a redeeming Partner which cannot, in the sole judgment and discretion of the General Partner, be then ascertained, the proportionate amount thereof or the proportionate probable loss therefrom may be retained in the Partnership until the same can be resolved or ascertained or until the liquidation of the Partnership, whichever occurs first. In this situation, no amount shall be paid or charged to any  |

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|  | such Partner or its legal representatives on account of any transaction or claim until its final liquidation or at such other time as the General Partner shall determine. In the meantime, however, the Partnership may retain from other sums due such Partner or its legal representative an amount which the General Partner reasonably estimates may be sufficient to cover the share of such Partner in any probable loss or liability on account of such transaction or claim. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | The Limited Partners hereby acknowledge that the net assets of the Partnership may increase or decrease during the period from the date a Limited Partner gives notice of its intention to redeem and the date on which such redemption is effective and that any such increase or decrease in net assets during such period may affect the balance of the Partners' Book Capital Accounts. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) | Subject to the provisions of this Article VII, each redeeming Limited Partner shall be paid the amount of its redemption as soon as practicable following the effective date of redemption; provided, however, that the General Partner shall have the right, exercisable from time to time, to postpone the payment and effective date of any redemption for up to three months if the General Partner determines in good faith that the liquidation of Partnership assets or investments required to fund the redemption would adversely affect the Partnership or the value of the Partners' Units in the Partnership. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) | The General Partner, acting in its sole discretion, may suspend redemptions of Units if the Partnership's investments are illiquid or if the Partnership's ability to withdraw its capital from any investment vehicle in which it has invested some or all of its assets is restricted due to the conditions of its investment in such vehicle or as necessary to comply with any applicable statute or rule of any governmental authority or self-regulatory organization. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.3 | **Withdrawal of a Limited Partner**. The withdrawal of a Limited Partner shall occur in the event of the death, expulsion, dissolution, legal incapacity or bankruptcy of the Limited Partner or upon its request for redemption of all of its Units or if for any other reason it ceases to be a Limited Partner (other than the termination of the Partnership). |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.4 | **Timing of Withdrawal**. The withdrawal of a Limited Partner shall not occur for purposes of computing the withdrawing Limited Partner's distributive interest pursuant to this Agreement until the last business day of the calendar month in which both (a) such event has taken place and (b) the General Partner has been appropriately informed in writing of such event. For all other purposes of this Agreement, such withdrawal shall be deemed to have occurred on the date upon which notice or knowledge thereof is received at the principal place of business of the Partnership. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.5 | **Distribution on Withdrawal**. Upon the withdrawal of a Limited Partner or upon the termination of the Partnership, all in accordance with the terms of this Agreement, each withdrawing Limited Partner, or each Partner, as the case may be, shall be paid its respective distributive interest in cash pro rata in accordance with the respective Book Capital Accounts of the withdrawing Partners. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.6 | **Time and Method of Payment**. The distributive interest of any Partner withdrawing pursuant to this Agreement shall be paid by wire transfer for the amount to an account designated by the Limited Partner in its request for redemption, which wire transfer shall be at the expense of the redeeming Limited Partner. Subject to certain restrictions, one hundred percent (100%) of the redemption amounts payable will be paid to the redeeming Limited Partner within 30 business days of the redemption date. |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.7 | **Continuance of Partnership**. Neither the complete withdrawal nor the partial withdrawal of a Limited Partner, in and of itself, shall terminate or dissolve the Partnership. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.8 | **Rights and Obligations Upon Withdrawal**. Upon the complete withdrawal of a Limited Partner, all of its rights in specific Partnership property of every kind whatsoever, including, all books of account, records, and papers of the Partnership, shall immediately and without further assignment, pass to and become vested in the remaining or surviving Partners. The withdrawing Limited Partner and its legal representatives shall have only the right to receive the distributions to withdrawn Limited Partners provided for under this Agreement. A withdrawn Limited Partner or its legal representatives shall have such access to the books and other data of the Partnership to the extent necessary to obtain full information with respect to its distributive interest, but this right continues only until its distributive interest has been determined as provided in this Agreement. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.9 | **Successor Obligations Upon Death or Legal Disability of a Limited Partner**. Upon the death or legal disability of a Limited Partner, its interest in the Partnership shall pass to its heirs or legal representatives. Each Limited Partner expressly agrees that in the event of its death it waives on behalf of itself and its estate, and it directs the legal representative of its estate and any person interested therein to waive, the furnishing of any inventory, accounting or appraisal of the assets of the Partnership and any right to an audit or examination of the books of the Partnership. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.10 | **Directed Withdrawal**. The General Partner, at any time and for any reason in its sole discretion, may give notice in writing to any Limited Partner requiring that such Limited Partner shall withdraw, in full or in such part as specified in such notice, from the Partnership upon the date specified in the notice. Upon the date specified as the withdrawal date in such notice, the Limited Partner designated in the notice, if required to withdraw in full, shall be deemed to have withdrawn from the Partnership without any further action either on the part of such Limited Partner or on the part of any other Partner. Thereafter, the interest of the Limited Partner so designated in the notice shall be treated in the same manner as the interest of a withdrawn Limited Partner, and it shall have only the rights of a withdrawn Limited Partner, as provided in this Agreement. |

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# ARTICLE VIII

## INDEMNIFICATION

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.1 | **Indemnification of the General Partner, the Trading Advisor and their Affiliates**. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | In any threatened, pending or completed action, arbitration, claim, demand, lawsuit or proceeding (each a 'Proceeding'), to which the General Partner, the Trading Advisor or any of their affiliates was or is a party or is threatened to be made a party by reason of the fact that it is or was the general partner of the Partnership, or is or was the trading advisor of the Partnership, or is or was affiliated with the General Partner or the Trading Advisor, the Partnership shall indemnify, defend and hold harmless the General Partner, the Trading Advisor and their affiliates from and against any loss, liability, damage, cost, expense (including, without limitation, attorneys' and accountants' fees and expenses), judgments and amounts paid in settlement (collectively, 'Losses'), incurred by them if the party claiming indemnification acted in good faith and in a manner it reasonably believed to be in, or not opposed to, the best interests of the Partnership and provided that the omission, act or conduct that was the basis for such Losses did not constitute willful misconduct, negligence or a breach of fiduciary obligations on the part of the General Partner or the Trading Advisor. The termination of  |

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|  | any Proceeding by judgment, order or settlement, in and of itself, shall not create a presumption that the General Partner, the Trading Advisor or their affiliates did not act in good faith and in a manner which they reasonably believed to be in or not opposed to the best interests of the Partnership. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | The Partnership shall make advances to the General Partner, the Trading Advisor and their affiliates hereunder in connection with a Proceeding only if (i) the Proceeding relates to the performance of duties or services by such persons to the Partnership and (ii) if the person receiving such advance agrees to repay the advance if such person ultimately is found by arbitration pursuant to Section 10.10, below of this Agreement not to be entitled to indemnification hereunder. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | As used in this Agreement, the term 'affiliate' of the General Partner or the Trading Advisor shall mean the following: (i) any natural person, partnership, corporation, limited liability company, association or other legal entity directly or indirectly owning, controlling or holding with power to vote 10% or more of the outstanding voting securities of the General Partner or the Trading Advisor; (ii) any partnership, corporation, limited liability company, association or other legal entity 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held with power to vote by the General Partner or the Trading Advisor; (iii) any natural person, partnership, corporation, limited liability company, association or other legal entity directly or indirectly controlling, controlled by, or under common control with, the General Partner or the Trading Advisor; or (iv) any officer, director, manager or member of the General Partner or the Trading Advisor. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.2 | **Indemnification by Partners**. In the event that the Partnership, the General Partner, the Trading Advisor or any of their affiliates is made a party to any Proceeding or otherwise incurs any Losses as a result of, or in connection with (a) any Partner's (or its assignee's) activities, obligations or liabilities unrelated to the Partnership's business or (b) any failure or alleged failure on the part of the Partnership or the General Partner to withhold from income or gains allocated or deemed to be allocated to any Partner (or its assignees), whether or not distributed, any amount with respect to which U.S. federal income tax withholding was required or alleged to have been required, such Partner (or its assignees cumulatively) shall indemnify, defend, hold harmless and reimburse the Partnership, the General Partner, the Trading Advisor and their affiliates for such Losses to which they shall become subject. |

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# ARTICLE IX

## TERMINATION

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.1 | **Dissolution**. The Partnership shall terminate and shall immediately be dissolved on December 31, 2037, or earlier: (a) upon the insolvency or bankruptcy of the Partnership; (b) upon the dissolution or other cessation to exist as a legal entity of the General Partner or upon the retirement, removal, adjudication of bankruptcy or insolvency, dissolution or withdrawal of the General Partner unless a successor general partner has been elected by the Limited Partners or admitted by the General Partner or an additional general partner or additional general partners have been admitted by the General Partner prior to the date of any such event and such additional general partner(s) or successor general partner elects to continue the business of the Partnership; (c) at the election of the General Partner, or of all general partners, if there is more than one, upon 60 days' notice to the Limited Partner; or (d) upon the vote of Limited Partners holding a majority-in interest of all outstanding Limited Partnership Units (not including any Limited Partnership Units held by the General Partner). The  |

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| | |
|:---|:---|
|  | death, legal disability, incapacity, insolvency, bankruptcy, dissolution or withdrawal of any Limited Partner shall not result in the dissolution or termination of the Partnership. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.2 | **Final Accounting**. Upon the dissolution of and failure to reconstitute the Partnership, an accounting shall be made of the accounts of the Partnership and of the Book Capital Account of each Partner, and of the Partnership's assets, liabilities and changes in financial condition from the date of the last previous accounting to the date of such dissolution. The General Partner, or such person or persons designated by it, shall act as liquidating trustee or trustees and immediately proceed to wind up and terminate the business and affairs of the Partnership and liquidate the property and assets of the Partnership. In the event the dissolution is caused by the death, legal disability, incapacity, dissolution, insolvency or bankruptcy of the sole remaining General Partner, the liquidating trustee or trustees shall be designated in accordance with the majority-in-interest of the Limited Partners. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.3 | **Distribution**. Upon the winding-up and termination of the business and affairs of the Partnership, its liabilities and obligations to creditors and all expenses incurred in liquidation shall be paid, and its remaining assets shall be distributed pro rata to the Partners in accordance with their respective Book Capital Accounts as determined under Article VI; provided, however, that, in the event of the dissolution or liquidation of the Partnership prior to such time as the Partnership's organizational expenses have been completely amortized, these amounts will be deducted from the Net Asset Value of the Partnership prior to the distribution of each Limited Partner's distributive interest. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.4 | **Use of Firm Name Upon Dissolution**. At no time during the operation of the Partnership or upon the termination and dissolution of the Partnership shall any value be placed upon the firm name, or the right to its use, or to the goodwill, if any, attached thereto, either between the Partners or for the purpose of determining any distributive interest of any Partner in accordance with this Agreement. The legal representatives of any deceased Partner shall not have any right to claim such value. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.5 | **Balance Owed by the General Partner**. In the event that there is a negative balance in the Book Capital Account of the General Partner upon liquidation after all adjustments to Book Capital Accounts have been made hereunder, whether by reason of losses in liquidating Partnership assets or otherwise, the negative balance shall represent an obligation from the General Partner to the Partnership to be paid in cash by the close of the taxable year in which such liquidation occurs or, if later, within 90 days after such liquidation, and the amount thereof shall be distributed to creditors of the Partnership or to the Partners with a positive balance in their Book Capital Accounts in accordance with Section 9.3, above. |

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# ARTICLE X

## MISCELLANEOUS

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.1 | **Notices**. All notices or other communications required or permitted to be given pursuant to this Agreement shall be effective only if in writing and shall be considered as properly given or made, if sent by facsimile, if personally delivered, if mailed, postage prepaid, or if telegraphed, by prepaid telegram, and addressed, if to the General Partner, to it at the address of the Partnership, and if to a Limited Partner, to the address of such Limited Partner as reflected in the books and records of the Partnership from time to time. Any Limited Partner may change its address by giving notice in writing to the General Partner stating its new address, and the General Partner may change its address by giving such notice to all Partners. Commencing on the tenth day after the giving of such notice, such  |

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| | |
|:---|:---|
|  | newly designated address shall be such Partner's address for the purpose of all notices or other communications required or permitted to be given pursuant to this Agreement. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.2 | **Amendments; Meetings**. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | The General Partner may amend this Agreement at any time, in its sole discretion, provided amendment does not, in the opinion of the General Partner, adversely affect the Limited Partners. The General Partner also may amend this Agreement as to any other matters with the negative consent of the holders of a majority-in-interest of all outstanding Units (not including any Units held by the General Partner). For purposes of obtaining a negative consent, the General Partner may require responses to be made within a specified time; provided, however, that no amendment shall cause the Partnership to become a general partnership, change the liability of the General Partner or the Limited Partners so as to materially, adversely affect any Partner, directly reduce the Book Capital Account of any Partner, extend the duration of the Partnership or change the provisions of this sentence. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Notwithstanding any provision to the contrary contained in this Agreement, this Agreement also may be amended by the General Partner at any time, in its sole discretion, as to the following matters: (i) to add to the representations, duties or obligations of the General Partner or surrender any right or power granted to the General Partner herein for the benefit of the Limited Partners; (ii) to cure any ambiguity or to correct or supplement any provision in this Agreement which may be inconsistent with any other provision; (iii) to delete from or add any provision to this Agreement required or deemed necessary to be so deleted or added by representatives of the U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission, any state securities commission or any other governmental authority, exchange or self-regulatory organization for the benefit or protection of the Limited Partners; (iv) to effect any amendment authorized by the provisions of Sections 1.6 and 1.7, above; and (v) to amend the provisions of Article VI of this Agreement regarding the allocations of profits and losses for U.S. federal income tax purposes for any tax year ending after the date of any such amendment or for which a Partnership tax return has not been filed in any manner which the General Partner, in its sole discretion, deems necessary or advisable to comply with the Code and to promote an equitable treatment of all Partners. However, no such amendment shall cause the Partnership to become a general partnership, change the liability of the General Partner or the Limited Partners so as to materially and adversely affect any Partner, change any Partner's share of the profits or losses of the Partnership without the consent of such Partner or extend the duration of the Partnership. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | Upon any amendment of this Agreement, the Certificate of Limited Partnership also shall be amended if necessary to reflect such amendment. |

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) | Meetings of the Partnership for purposes of taking any action permitted to be taken by the Limited Partners under this Agreement may be called by the General Partner or by the Limited Partners holding more than 10% of the then outstanding Units (not including any Units held by the General Partner) for any matters for which the Limited Partners may vote as set forth in this Agreement. Any such call shall state the nature of the business to be transacted at the meeting, and no other business shall be conducted at the meeting. The Limited Partners may vote in person or by proxy at any such meeting. In the event that the Partnership is required to comply with Regulation 14A under the 1934 Act or any successor regulation, the foregoing time periods may be altered. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.3 | **Sale or Pledge of Assets; Termination of the Partnership**. All or substantially all of the Partnership's assets may be sold or pledged or the Partnership may be dissolved by the affirmative vote of a majority-in-interest of all outstanding Units with the consent of the General Partner at a meeting called and conducted in accordance with Section 10.2, above. However, nothing contained in this Section 10.3, Sections 1.6 and 1.7, above, Section 10.4, below, or in any other section of this Agreement shall imply that the Limited Partners have any rights of management or control over the operations of the Partnership. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.4 | **Election or Removal of the General Partner**. The General Partner or any successor may be elected or removed from office by the affirmative vote of the holders of one hundred percent (100%) in interest of all outstanding Limited Partnership Units at a meeting called and conducted in accordance with Section 10.2, above. Subject to the rights reserved to the General Partner in Sections 1.6 and 1.7, above, and compliance with all applicable laws, the General Partner, in its sole and absolute discretion, may admit, at its option, one or more additional or substitute (for itself) general partners to the Partnership as of the last business day of any calendar month upon their execution of a counterpart of this Agreement upon 30 days' prior written notice to the Partners. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.5 | **Execution**. This Agreement may be executed in more than one counterpart with the same effect as if the Partners executing the several counterparts had all executed the same counterpart. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.6 | **Successors in Interest**. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Each of the Partners covenants for it, its heirs, executors, administrators, successors, assigns and legal representatives that it will, at any time on demand after its withdrawal from the Partnership, contribute to any of its former Partners its proportionate share of any liability, judgment or cost of any kind (including the reasonable cost of the defense of any suit or action and any sums which may be paid in settlement thereof) that may be incurred by any former Partners on account of any matters or transactions occurring during the time it was a Partner. The amount of such contribution shall not, in the case of a former Limited Partner, exceed the then balance of its Book Capital Account at the time it ceased to be a Limited Partner plus the amount of distributions theretofore made to it, if any, plus interest thereon. Such proportionate share of liability, judgment or cost of any kind shall be determined from this Agreement as it existed at the time such matter or transaction occurred. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | This Agreement and all of its terms and provisions shall be binding upon and shall inure to the benefit of the Partners and their respective legal representatives, heirs, successors and assigns. Any person subsequently admitted to the Partnership as a General Partner or Limited Partner shall be subject to all of the provisions of this Agreement as if an original signatory hereto. |

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.7 | **Governance**. Each of the Partners agrees that if any action shall be taken pursuant to this Agreement by the required percentage-in-interest of the Limited Partnership Units, it will execute any such writing or instrument as may be necessary to carry out and perfect such action notwithstanding that said party may not have assented thereto or may have objected thereto. Partnership action covered within the scope of this clause includes, but is not limited to, the adoption of any Certificate of Limited Partnership or any amendment thereto, any instrument effecting or evidencing the withdrawal of a Partner and any amendment or supplement to this Agreement. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.8 | **Ownership of Partnership Assets**. Any assets owned by the Partnership may be registered in the Partnership's name, or in the name of a nominee, or in a 'street name.' Any corporation, Broker, custodian, clearing association, depository or transfer agent called upon to transfer any assets to or from the name of the Partnership shall be entitled to rely upon instructions or assignments signed by the General Partner without inquiry as to the authority of the person signing such instructions or assignments or as to the validity of any transfer to or from the name of the Partnership; provided, however, that any corporation, Broker, custodian, clearing association, depository or transfer agent holding cash or assets of the Partnership shall be expected to comply with any special instructions concerning payment and delivery given to it in writing by the General Partner. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.9 | **Rights of Creditors**. A creditor who makes a nonrecourse loan to the Partnership shall not have or acquire at any time, solely as a result of making the loan, any direct or indirect interest in the profits, capital or property of the Partnership, other than as a creditor or secured creditor, as the case may be. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.10 | **Arbitration**. All controversies arising in connection with the Partnership's business and between or among the Partners, shall be settled by arbitration, to be held in the City of New York, State of New York, under the then prevailing rules of the National Futures Association, or if no such rules are then obtaining or if jurisdiction is declined, then in accordance with the rules then obtaining of the American Arbitration Association. In any such arbitration, each of the parties hereto agrees to request from the arbitrators that: (a) the authority of the arbitrators shall be limited to construing and enforcing the terms and conditions of the Agreement as expressly set forth herein; (b) the arbitrators shall state the reasons for their award in a written opinion; (c) the arbitrators shall not make any award which shall alter, change, cancel or rescind any provision of this Agreement; and (d) the arbitrators' award shall be consistent with the provisions of this Agreement. The award of the arbitrators shall be final and binding, and judgment may be confirmed and entered thereon in any court of competent jurisdiction. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.11 | **Investment Representations**. By executing this Agreement, each Limited Partner hereby represents and warrants to the General Partner as follows: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | it understands that its investment in the Partnership is a 'security' as defined in Section 2(1) of the Securities Act of 1933, as amended (the '1933 Act') which has not been registered under the 1933 Act or any securities law of any state of the United States and that its investment is being made in reliance upon the exemption contained in Section 4(2) of the 1933 Act; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | its participation in the Partnership is being made for its own account for investment purposes and with no present intention of reselling or distributing its interest in the Partnership; |

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | it is familiar with the types of transactions and activities in which the Partnership intends to engage and is fully aware that such transactions and activities involve volatility and risk of loss; and |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) | it is fully capable of evaluating the merits and risks associated with an investment in the Partnership, and its net worth is such that it can bear the economic risk of loss of its investment in the Partnership. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.12 | **Assignment**. The General Partner shall not assign this Agreement without the consent of each Limited Partner. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.13 | **Compliance with the Investment Advisers Act of 1940**. To the extent that any provision hereof may be construed in a manner inconsistent with the Investment Advisers Act of 1940, it is the express intent of the General Partner and the Limited Partners that such provision be interpreted and applied ab initio so as to comply with the Investment Advisers Act of 1940 in all respects (even if doing so effectively amends the terms of this Agreement). |

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IN WITNESS WHEREOF, the undersigned has executed this Agreement as of the day and year first written above.

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| | |
|:---|:---|
| Man Investments (USA) Corp. | Man Investments (USA) Corp. |
| By: | /s/ Nancy Lynch |
| Nancy Lynch, Secretary | Nancy Lynch, Secretary |

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## Exhibit 31.1

**<u>Exhibit 31.1</u>**

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

I, Gregory Bond, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Man-AHL Diversified I L.P. ("registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| |
|:---|
| By: /s/Gregory Bond  |
| Gregory Bond |
| President of Man Investments (USA) Corp., the General Partner of the Partnership |
| May 14, 2026 |

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## Exhibit 31.2

**<u>Exhibit 31.2</u>**

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

I, Mark Bilancieri, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Man-AHL Diversified I L.P. ("registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| |
|:---|
| By: /s/ Mark Bilancieri |
| Mark Bilancieri  |
| Principal Financial Officer of Man Investments (USA) Corp.,<br>the General Partner of the Partnership  |
| May 14, 2026 |

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## Exhibit 32.1

**<u>Exhibit 32.1</u>**

CERTIFICATION PURSUANT TO SECTION 1350 OF CHAPTER 63

OF TITLE 18 OF THE UNITED STATES CODE

I, Gregory Bond, the President of Man Investments (USA) Corp., the general partner of Man-AHL Diversified I L.P. (the "Partnership"), certify that (i) the quarterly Report of the Partnership on Form 10-Q for the period ending March 31, 2026 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in such Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

Date: May 14, 2026

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| |
|:---|
| /s/ Gregory Bond  |
| Gregory Bond  |
| President of Man Investments |
| (USA) Corp., the General Partner of the Partnership |

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## Exhibit 32.2

**<u>Exhibit 32.2</u>**

CERTIFICATION PURSUANT TO SECTION 1350 OF CHAPTER 63

OF TITLE 18 OF THE UNITED STATES CODE

I, Mark Bilancieri, Principal Financial Officer of Man Investments (USA) Corp., the general partner of Man-AHL Diversified I L.P. (the "Partnership"), certify that (i) the quarterly Report of the Partnership on Form 10-Q for the period ending March 31, 2026 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in such Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

Date: May 14, 2026

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| |
|:---|
| /s/ Mark Bilancieri  |
| Mark Bilancieri  |
| Principal Financial Officer of Man Investments (USA) Corp., the General Partner of the Partnership |

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