{"url_path":"/sec/madl/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-14","source_url":"https://www.sec.gov/Archives/edgar/data/1052354/0001193125-26-224276-index.html","accession_number":"0001193125-26-224276","cik":"0001052354","ticker":"MADL","issuer_name":"MAN AHL DIVERSIFIED I LP","edgar_url":"https://www.sec.gov/Archives/edgar/data/1052354/0001193125-26-224276-index.html","primary_entity_key":"0001052354","primary_entity_name":"MAN AHL DIVERSIFIED I LP"},"word_count":12750,"has_tables":true,"body_markdown":"10-Q\n\n00010523540false--12-31Q1MAN AHL DIVERSIFIED I LPMADLNONE11http://www.man.com/20260331#PresidentAndVicePresidentMember1,463,650http://fasb.org/us-gaap/2025#USTreasuryBillSecuritiesMember0011http://www.man.com/20260331#PresidentAndVicePresidentMember0001052354ck0001052354:AgriculturalMemberck0001052354:FuturesContractsAppreciationLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:ManAhlDiversifiedTradingCompanyLPMemberck0001052354:FuturesContractsMember2026-03-310001052354ck0001052354:DerivativeInstrumentsOneToFiveYearsMaturityPeriodMemberus-gaap:CreditDefaultSwapMembersrt:MinimumMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:LongForwardContractsVsUsDollarMemberck0001052354:OtherForwardContractsMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:UsGovernmentSecuritiesLongMemberck0001052354:UnitedStatesTreasuryBillThreePointSixOnePercentageEighteenJuneTwoThousandTwentySixMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasurySecuritiesMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354us-gaap:CreditDefaultSwapMemberck0001052354:CreditSpreadOnUnderlyingBasisPointsOneMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354us-gaap:FutureMemberck0001052354:CurrenciesMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354us-gaap:CurrencySwapMemberck0001052354:FuturesContractsDepreciationShortMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:ManAHLDiversifiedTwoLPMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354us-gaap:CreditDefaultSwapMemberck0001052354:CreditSpreadOnUnderlyingBasisPointsThreeMemberck0001052354:SwapContractsShortMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354us-gaap:FutureMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberck0001052354:IndicesMember2026-03-310001052354ck0001052354:ManAhlDiversifiedTradingCompanyLPMemberck0001052354:FuturesContractsDepreciationShortMemberus-gaap:InterestRateContractMember2025-12-310001052354us-gaap:NondesignatedMemberus-gaap:SwapMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-01-012025-03-310001052354ck0001052354:ManAHLDiversifiedOneLPMember2025-12-310001052354ck0001052354:FuturesContractsAppreciationShortMemberck0001052354:AgriculturalMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:EnergyMemberus-gaap:FutureMemberus-gaap:NondesignatedMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-01-012025-03-310001052354us-gaap:CreditDefaultSwapMemberck0001052354:CreditSpreadOnUnderlyingBasisPointsTwoMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:CurrenciesMemberus-gaap:FutureMemberus-gaap:NondesignatedMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-01-012025-03-310001052354us-gaap:USTreasurySecuritiesMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354us-gaap:CreditDefaultSwapMemberck0001052354:SwapContractsShortMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:UsGovernmentSecuritiesLongMemberck0001052354:UnitedStatesTreasuryBillThreePointSixOnePercentageFourJuneTwoThousandTwentySixMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:EnergyMemberck0001052354:FuturesContractsAppreciationLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:CurrenciesMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:ForwardContractsMember2025-12-310001052354ck0001052354:FuturesContractsDepreciationLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberck0001052354:MetalMember2026-03-310001052354ck0001052354:EnergyMemberus-gaap:FutureMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354us-gaap:FairValueInputsLevel2Memberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:ManAHLDiversifiedOneLPMemberus-gaap:CapitalUnitClassAMember2024-12-310001052354ck0001052354:IndicesMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberck0001052354:FuturesContractsDepreciationShortMember2026-03-310001052354ck0001052354:EnergyMemberck0001052354:FuturesContractsAppreciationShortMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:LongForwardContractsVsUsDollarMembercurrency:KRWck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354us-gaap:SwapMemberck0001052354:BarclaysMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:ShortForwardContractsVsUsDollarMembercurrency:AUDck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-03-310001052354us-gaap:CreditDefaultSwapMemberck0001052354:SwapContractsShortMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberck0001052354:CreditSpreadOnUnderlyingBasisPointsFiveMember2026-03-310001052354ck0001052354:FuturesContractsAppreciationShortMemberck0001052354:IndicesMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354us-gaap:FutureMemberck0001052354:MetalMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:ForwardContractsCrossCurrenciesAppreciationMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354us-gaap:CreditDefaultSwapMemberck0001052354:CreditSpreadOnUnderlyingBasisPointsThreeMemberck0001052354:SwapContractsShortMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasurySecuritiesMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:ManAHLDiversifiedOneLPMemberus-gaap:LimitedPartnerMemberus-gaap:CapitalUnitClassAMember2025-03-310001052354ck0001052354:ManAHLDiversifiedOneLPMemberus-gaap:CapitalUnitClassAMember2026-01-012026-03-310001052354ck0001052354:LongForwardContractsVsUsDollarMemberck0001052354:OtherForwardContractsMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:UnitedStatesTreasuryBillThreePointFiveNinePercentageTwentySixFebruaryTwoThousandTwentySixMemberck0001052354:UsGovernmentSecuritiesLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:ClassSeriesTwoMemberck0001052354:ManAHLDiversifiedOneLPMemberus-gaap:LimitedPartnerMember2025-01-012025-03-310001052354ck0001052354:UnitedStatesTreasuryBillThreePointFiveSixPercentageNineteenFebruaryTwoThousandTwentySixMemberck0001052354:UsGovernmentSecuritiesLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354us-gaap:LimitedPartnerMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-03-310001052354ck0001052354:JpMorganChaseMemberus-gaap:FutureMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354us-gaap:CapitalUnitClassBMemberck0001052354:ManAHLDiversifiedOneLPMemberus-gaap:LimitedPartnerMember2025-12-310001052354ck0001052354:JpMorganChaseMemberus-gaap:SwapMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:BnyMellonMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:ForwardContractsMember2025-12-310001052354ck0001052354:ShortForwardContractsVsUsDollarMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354us-gaap:CapitalUnitClassBMemberck0001052354:ManAHLDiversifiedOneLPMemberus-gaap:LimitedPartnerMember2024-12-310001052354ck0001052354:ManAHLDiversifiedOneLPMemberck0001052354:ClassBSeriesTwoMember2026-03-310001052354ck0001052354:ManAHLDiversifiedOneLPMemberus-gaap:LimitedPartnerMemberus-gaap:CapitalUnitClassAMember2025-12-310001052354us-gaap:FutureMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberck0001052354:IndicesMember2025-12-310001052354ck0001052354:AgriculturalMemberck0001052354:FuturesContractsDepreciationLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354us-gaap:FairValueInputsLevel2Memberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354us-gaap:SwapMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354us-gaap:CreditDefaultSwapMemberus-gaap:SwapMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354us-gaap:CapitalUnitClassBMemberck0001052354:ManAHLDiversifiedOneLPMember2024-12-310001052354us-gaap:NondesignatedMemberck0001052354:MetalMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:ForwardContractsMember2025-01-012025-03-310001052354ck0001052354:NetAssetValueOfClassASeriesOneAndClassBSeriesOneUnitsMemberus-gaap:GeneralPartnerMemberck0001052354:ManAHLDiversifiedOneLPMember2026-01-012026-03-310001052354ck0001052354:ShortForwardContractsVsUsDollarMembercurrency:BRLck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354us-gaap:LimitedPartnerMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2024-12-310001052354us-gaap:FairValueInputsLevel2Memberus-gaap:SwapMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:JpMorganChaseMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:ForwardContractsMember2026-03-310001052354ck0001052354:JpMorganChaseMemberus-gaap:FutureMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354us-gaap:CurrencySwapMemberck0001052354:FuturesContractsAppreciationLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:UnitedStatesTreasuryBillThreePointSixFourPercentageTwoAprilTwoThousandTwentySixMemberck0001052354:UsGovernmentSecuritiesLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:ForwardContractsMember2025-12-310001052354ck0001052354:MetalMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:ForwardContractsMember2025-12-310001052354ck0001052354:ClassSeriesTwoMemberck0001052354:ManAHLDiversifiedOneLPMember2026-03-310001052354ck0001052354:ShortForwardContractsVsUsDollarMembercurrency:GBPck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:ShortForwardContractsVsUsDollarMembercurrency:GBPck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:ClassSeriesTwoMemberck0001052354:ManAHLDiversifiedOneLPMember2026-01-012026-03-310001052354ck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-01-012025-03-310001052354us-gaap:FutureMemberus-gaap:FairValueInputsLevel1Memberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:LongForwardContractsVsUsDollarMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:EnergyMemberck0001052354:FuturesContractsDepreciationLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:AgriculturalMemberck0001052354:FuturesContractsDepreciationShortMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354us-gaap:FairValueInputsLevel2Memberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:ForwardContractsMember2025-12-310001052354us-gaap:GeneralPartnerMemberck0001052354:ManAHLDiversifiedOneLPMemberus-gaap:CapitalUnitClassAMember2026-01-012026-03-310001052354us-gaap:GeneralPartnerMemberck0001052354:ManAHLDiversifiedOneLPMemberus-gaap:CapitalUnitClassAMember2026-03-310001052354ck0001052354:FuturesContractsShortMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354us-gaap:FairValueInputsLevel1Memberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:ForwardContractsCrossCurrenciesDepreciationMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:UnitedStatesTreasuryBillThreePointSixFivePercentageTwentyTwoJanuaryTwoThousandTwentySixMemberck0001052354:UsGovernmentSecuritiesLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:ManAHLDiversifiedOneLPMember2026-03-310001052354ck0001052354:ClassSeriesTwoMemberck0001052354:ManAHLDiversifiedOneLPMemberus-gaap:LimitedPartnerMember2026-03-310001052354us-gaap:FutureMemberus-gaap:FairValueInputsLevel1Memberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:UsGovernmentSecuritiesLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberck0001052354:UnitedStatesTreasuryBillThreePointSixOnePercentageFourJuneTwoThousandTwentySixMember2025-12-310001052354ck0001052354:BnpParibasMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:ForwardContractsMember2026-03-310001052354us-gaap:SubsequentEventMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:LimitedPartnerMember2026-05-142026-05-140001052354ck0001052354:NetAssetValueOfClassASeriesOneAndClassBSeriesOneUnitsMemberck0001052354:ManAHLDiversifiedOneLPMember2026-01-012026-03-310001052354ck0001052354:ClassSeriesTwoMemberck0001052354:ManAHLDiversifiedOneLPMemberus-gaap:LimitedPartnerMember2026-01-012026-03-310001052354ck0001052354:LongForwardContractsVsUsDollarMembercurrency:ZARck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:ClassSeriesTwoMemberck0001052354:ManAHLDiversifiedOneLPMemberus-gaap:LimitedPartnerMember2024-12-310001052354us-gaap:SwapMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-01-012025-03-310001052354ck0001052354:FuturesContractsAppreciationShortMemberck0001052354:AgriculturalMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354us-gaap:CapitalUnitClassBMemberck0001052354:ManAHLDiversifiedOneLPMember2026-03-310001052354us-gaap:FutureMemberus-gaap:NondesignatedMemberck0001052354:MetalMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-01-012025-03-310001052354ck0001052354:ManAHLDiversifiedOneLPMember2025-03-310001052354ck0001052354:ShortForwardContractsVsUsDollarMembercurrency:KRWck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:ManAHLDiversifiedOneLPMemberus-gaap:CapitalUnitClassAMember2025-03-310001052354ck0001052354:IndicesMemberck0001052354:FuturesContractsDepreciationLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354us-gaap:CreditDefaultSwapMemberck0001052354:CreditSpreadOnUnderlyingBasisPointsTwoMemberck0001052354:SwapContractsShortMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354us-gaap:FutureMemberck0001052354:EnergyMemberus-gaap:NondesignatedMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-01-012026-03-310001052354us-gaap:CapitalUnitClassBMemberck0001052354:ManAHLDiversifiedOneLPMemberus-gaap:LimitedPartnerMember2025-03-310001052354ck0001052354:SwapContractsShortMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:LimitedPartnerMember2026-03-310001052354ck0001052354:NatwestFormerlyKnownAsRoyalBankOfScotlandMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:ForwardContractsMember2025-12-310001052354ck0001052354:IndicesMemberck0001052354:FuturesContractsAppreciationLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:ManAHLDiversifiedOneLPMemberus-gaap:LimitedPartnerMemberus-gaap:CapitalUnitClassAMember2026-01-012026-03-310001052354us-gaap:NondesignatedMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:ForwardContractsMember2025-01-012025-03-310001052354ck0001052354:ShortForwardContractsVsUsDollarMembercurrency:ZARck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:BnyMellonMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:ForwardContractsMember2026-03-310001052354us-gaap:CreditDefaultSwapMemberck0001052354:CreditSpreadOnUnderlyingBasisPointsOneMemberck0001052354:SwapContractsShortMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354us-gaap:FutureMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberck0001052354:GoldmanSachsMember2025-12-310001052354ck0001052354:UsGovernmentSecuritiesLongMemberck0001052354:UnitedStatesTreasuryBillThreePointFiveSevenPercentageSecondAprilTwoThousandTwentySixMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:ManAHLDiversifiedOneLPMemberus-gaap:CapitalUnitClassAMember2026-03-310001052354ck0001052354:HongkongAndShanghaiBankingCorporationLimitedMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:ForwardContractsMember2026-03-310001052354ck0001052354:UsGovernmentSecuritiesLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354us-gaap:FutureMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberck0001052354:AgriculturalMember2025-12-310001052354ck0001052354:UsGovernmentSecuritiesLongMemberck0001052354:UnitedStatesTreasuryBillThreePointSixFourPercentageNineAprilTwoThousandTwentySixMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:MetalMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:ForwardContractsMember2026-03-310001052354us-gaap:FutureMemberus-gaap:NondesignatedMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberck0001052354:AgriculturalMember2026-01-012026-03-310001052354us-gaap:SubsequentEventMemberus-gaap:LimitedPartnerMemberck0001052354:ManAHLDiversifiedOneLPMember2026-05-142026-05-140001052354us-gaap:SwapMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354us-gaap:FutureMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-01-012025-03-310001052354ck0001052354:FuturesContractsAppreciationLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:InterestRateContractMember2025-12-310001052354ck0001052354:CurrenciesMemberus-gaap:FutureMemberus-gaap:NondesignatedMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-01-012026-03-310001052354ck0001052354:HongkongAndShanghaiBankingCorporationLimitedMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:ForwardContractsMember2025-12-310001052354us-gaap:FutureMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberck0001052354:AgriculturalMember2026-03-310001052354us-gaap:FutureMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-01-012026-03-310001052354us-gaap:FutureMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:AgriculturalMemberck0001052354:FuturesContractsAppreciationLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:FuturesContractsAppreciationShortMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:InterestRateContractMember2026-03-310001052354us-gaap:NondesignatedMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:ForwardContractsMember2026-01-012026-03-310001052354ck0001052354:FuturesContractsDepreciationLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:InterestRateContractMember2025-12-310001052354us-gaap:CapitalUnitClassBMemberck0001052354:ManAHLDiversifiedOneLPMember2026-01-012026-03-310001052354ck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:ForwardContractsMember2026-01-012026-03-310001052354us-gaap:CreditDefaultSwapMemberck0001052354:SwapContractsShortMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberck0001052354:CreditSpreadOnUnderlyingBasisPointsFourMember2025-12-310001052354us-gaap:CreditDefaultSwapMemberck0001052354:DerivativeInstrumentsOneToFiveYearsMaturityPeriodMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMembersrt:MaximumMember2025-12-310001052354ck0001052354:ShortForwardContractsVsUsDollarMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:ClassSeriesTwoMemberck0001052354:ManAHLDiversifiedOneLPMember2025-03-310001052354us-gaap:FutureMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:InterestRateContractMember2026-03-310001052354ck0001052354:EnergyMemberus-gaap:FutureMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:EnergyMemberck0001052354:FuturesContractsDepreciationShortMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:IndicesMemberck0001052354:FuturesContractsDepreciationLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:UnitedStatesTreasuryBillThreePointFiveSixPercentageNineteenFebruaryTwoThousandTwentySixMemberck0001052354:UsGovernmentSecuritiesLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:UsGovernmentSecuritiesLongMemberck0001052354:UnitedStatesTreasuryBillThreePointSixFourPercentageNineAprilTwoThousandTwentySixMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:SwapContractsLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354us-gaap:FutureMemberck0001052354:MetalMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354currency:MXVck0001052354:LongForwardContractsVsUsDollarMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-3100010523542026-03-310001052354ck0001052354:UsGovernmentSecuritiesLongMemberck0001052354:UnitedStatesTreasuryBillThreePointSixOnePercentageEighteenJuneTwoThousandTwentySixMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:ShortForwardContractsVsUsDollarMembercurrency:ZARck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:ClassSeriesTwoMemberck0001052354:ManAHLDiversifiedOneLPMember2024-12-310001052354ck0001052354:SwapContractsShortMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:CurrenciesMemberus-gaap:NondesignatedMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:ForwardContractsMember2026-01-012026-03-310001052354ck0001052354:EnergyMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberck0001052354:FuturesContractsDepreciationShortMember2026-03-310001052354ck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:ForwardContractsMemberck0001052354:CitigroupMember2026-03-310001052354ck0001052354:UsGovernmentSecuritiesLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberck0001052354:UnitedStatesTreasuryBillThreePointFiveTwoPercentageTwentyThreeJulyTwoThousandTwentySixMember2025-12-310001052354us-gaap:CurrencySwapMemberck0001052354:FuturesContractsAppreciationLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:ManAhlDiversifiedTradingCompanyLPMemberck0001052354:FuturesContractsDepreciationShortMemberus-gaap:InterestRateContractMember2026-03-310001052354ck0001052354:UnitedStatesTreasuryBillThreePointFiveNinePercentageTwentySixFebruaryTwoThousandTwentySixMemberck0001052354:UsGovernmentSecuritiesLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:LongForwardContractsVsUsDollarMembercurrency:AUDck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:ManAhlDiversifiedTradingCompanyLPMember2024-12-310001052354ck0001052354:ShortForwardContractsVsUsDollarMembercurrency:BRLck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:LimitedPartnerMember2026-01-012026-03-310001052354us-gaap:NondesignatedMemberck0001052354:MetalMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:ForwardContractsMember2026-01-012026-03-310001052354us-gaap:CreditDefaultSwapMemberus-gaap:NondesignatedMemberus-gaap:SwapMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-01-012025-03-310001052354ck0001052354:ManAHLDiversifiedOneLPMemberck0001052354:NetAssetValueOfClassASeriesTwoAndClassBSeriesTwoUnitsMember2026-01-012026-03-310001052354us-gaap:FutureMemberus-gaap:NondesignatedMemberck0001052354:MetalMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-01-012026-03-310001052354ck0001052354:SwapContractsLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberck0001052354:CreditDefaultSwapBuyingProtectionsMember2025-12-310001052354us-gaap:CreditDefaultSwapMemberck0001052354:CreditSpreadOnUnderlyingBasisPointsOneMemberck0001052354:SwapContractsShortMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:ManAHLDiversifiedOneLPMemberus-gaap:CapitalUnitClassAMember2025-12-310001052354ck0001052354:OtherForwardContractsMemberck0001052354:ShortForwardContractsVsUsDollarMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:LongForwardContractsVsUsDollarMembercurrency:NZDck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:SwapContractsLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberck0001052354:CreditDefaultSwapBuyingProtectionsMember2026-03-310001052354us-gaap:FairValueInputsLevel1Memberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354us-gaap:CapitalUnitClassBMemberck0001052354:ManAHLDiversifiedOneLPMemberus-gaap:LimitedPartnerMember2026-01-012026-03-310001052354ck0001052354:UsGovernmentSecuritiesLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberck0001052354:UnitedStatesTreasuryBillThreePointFiveTwoPercentageTwentyThreeJulyTwoThousandTwentySixMember2026-03-310001052354ck0001052354:FuturesContractsAppreciationLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberck0001052354:MetalMember2025-12-310001052354ck0001052354:CurrenciesMemberus-gaap:FutureMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354us-gaap:CreditDefaultSwapMemberus-gaap:SwapMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354us-gaap:GeneralPartnerMemberck0001052354:ManAHLDiversifiedOneLPMemberus-gaap:CapitalUnitClassAMember2025-12-310001052354us-gaap:CreditDefaultSwapMemberck0001052354:CreditSpreadOnUnderlyingBasisPointsThreeMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:LongForwardContractsVsUsDollarMembercurrency:GBPck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:UnitedStatesTreasuryBillThreePointFiveEightPercentageFifthFebruaryTwoThousandTwentySixMemberck0001052354:UsGovernmentSecuritiesLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:ShortForwardContractsVsUsDollarMembercurrency:AUDck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354us-gaap:CommodityMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354us-gaap:CapitalUnitClassBMemberck0001052354:ManAHLDiversifiedOneLPMember2025-01-012025-03-310001052354ck0001052354:EnergyMemberck0001052354:FuturesContractsAppreciationShortMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:ShortForwardContractsVsUsDollarMemberck0001052354:OtherForwardContractsMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:ManAhlDiversifiedTradingCompanyLPMemberck0001052354:ForwardContractsMetalNonUsDollarMember2025-12-310001052354ck0001052354:FuturesContractsLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:ShortForwardContractsVsUsDollarMembercurrency:KRWck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:IndicesMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberck0001052354:FuturesContractsDepreciationShortMember2025-12-310001052354ck0001052354:JpMorganChaseMemberus-gaap:SwapMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:ManAHLDiversifiedOneLPMemberus-gaap:CapitalUnitClassAMember2025-01-012025-03-310001052354ck0001052354:LongForwardContractsVsUsDollarMembercurrency:AUDck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:CurrenciesMemberus-gaap:NondesignatedMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:ForwardContractsMember2025-01-012025-03-310001052354ck0001052354:LongForwardContractsVsUsDollarMembercurrency:KRWck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:IndicesMemberck0001052354:FuturesContractsAppreciationLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:FuturesContractsAppreciationLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberck0001052354:MetalMember2026-03-310001052354us-gaap:CapitalUnitClassBMemberck0001052354:ManAHLDiversifiedOneLPMemberus-gaap:LimitedPartnerMember2026-03-310001052354us-gaap:LimitedPartnerMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354us-gaap:FutureMemberus-gaap:NondesignatedMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberck0001052354:AgriculturalMember2025-01-012025-03-310001052354us-gaap:SwapMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberck0001052354:GoldmanSachsMember2026-03-310001052354us-gaap:CreditDefaultSwapSellingProtectionMemberck0001052354:SwapContractsShortMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354us-gaap:FutureMemberus-gaap:NondesignatedMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberck0001052354:IndicesMember2026-01-012026-03-310001052354ck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:ForwardContractsMemberck0001052354:CitigroupMember2025-12-310001052354us-gaap:SwapMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberck0001052354:GoldmanSachsMember2025-12-310001052354us-gaap:CapitalUnitClassBMemberck0001052354:ManAHLDiversifiedOneLPMemberus-gaap:LimitedPartnerMember2025-01-012025-03-310001052354us-gaap:CreditDefaultSwapMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberck0001052354:CreditSpreadOnUnderlyingBasisPointsFourMember2026-03-310001052354ck0001052354:ManAHLDiversifiedTwoLPMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354us-gaap:GeneralPartnerMemberck0001052354:ManAHLDiversifiedOneLPMemberus-gaap:CapitalUnitClassAMember2024-12-310001052354ck0001052354:SwapContractsLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354us-gaap:LimitedPartnerMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-01-012025-03-310001052354ck0001052354:LongForwardContractsVsUsDollarMembercurrency:BRLck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:NatwestMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:ForwardContractsMember2025-12-310001052354ck0001052354:ManAHLDiversifiedOneLPMember2025-01-012025-03-310001052354us-gaap:FairValueInputsLevel2Memberus-gaap:SwapMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354us-gaap:FairValueInputsLevel2Memberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:ForwardContractsMember2026-03-310001052354currency:MXVck0001052354:ShortForwardContractsVsUsDollarMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354us-gaap:CapitalUnitClassBMemberck0001052354:ManAHLDiversifiedOneLPMember2025-12-310001052354us-gaap:CreditDefaultSwapMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberck0001052354:CreditSpreadOnUnderlyingBasisPointsFiveMember2026-03-310001052354us-gaap:CreditDefaultSwapMemberck0001052354:SwapContractsShortMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:ManAHLDiversifiedOneLPMemberus-gaap:LimitedPartnerMemberus-gaap:CapitalUnitClassAMember2025-01-012025-03-310001052354ck0001052354:EnergyMemberck0001052354:FuturesContractsDepreciationLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:UnitedStatesTreasuryBillThreePointFiveZeroPercentageTwentyAugustTwoThousandTwentySixMemberck0001052354:UsGovernmentSecuritiesLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354us-gaap:CreditDefaultSwapMemberck0001052354:SwapContractsShortMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberck0001052354:CreditSpreadOnUnderlyingBasisPointsFiveMember2025-12-310001052354ck0001052354:EnergyMemberck0001052354:FuturesContractsAppreciationLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354us-gaap:FutureMemberus-gaap:NondesignatedMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-01-012025-03-310001052354ck0001052354:FuturesContractsAppreciationLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:InterestRateContractMember2026-03-310001052354ck0001052354:FuturesContractsDepreciationLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberck0001052354:MetalMember2025-12-310001052354ck0001052354:UsGovernmentSecuritiesLongMemberck0001052354:UnitedStatesTreasuryBillThreePointFiveSevenPercentageSecondAprilTwoThousandTwentySixMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354us-gaap:FutureMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberck0001052354:GoldmanSachsMember2026-03-310001052354ck0001052354:LongForwardContractsVsUsDollarMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:DerivativeInstrumentsOneToFiveYearsMaturityPeriodMemberus-gaap:CreditDefaultSwapMembersrt:MinimumMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:ManAHLDiversifiedOneLPMembersrt:MaximumMember2026-03-310001052354us-gaap:GeneralPartnerMemberck0001052354:ManAHLDiversifiedOneLPMemberus-gaap:CapitalUnitClassAMember2025-03-310001052354ck0001052354:ManAHLDiversifiedOneLPMemberus-gaap:LimitedPartnerMemberus-gaap:CapitalUnitClassAMember2026-03-310001052354ck0001052354:NatwestMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:ForwardContractsMember2026-03-310001052354us-gaap:SwapMemberck0001052354:BarclaysMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354us-gaap:SwapMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-01-012026-03-310001052354ck0001052354:UnitedStatesTreasuryBillThreePointSixFivePercentageTwentyTwoJanuaryTwoThousandTwentySixMemberck0001052354:UsGovernmentSecuritiesLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:FuturesContractsDepreciationLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:InterestRateContractMember2026-03-310001052354us-gaap:CurrencySwapMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberck0001052354:FuturesContractsDepreciationShortMember2025-12-310001052354ck0001052354:CurrenciesMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:ForwardContractsMember2026-03-310001052354ck0001052354:ManAhlDiversifiedTradingCompanyLPMemberck0001052354:ForwardContractsMetalNonUsDollarMember2026-03-310001052354ck0001052354:UsGovernmentSecuritiesLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354us-gaap:CreditDefaultSwapMemberck0001052354:DerivativeInstrumentsOneToFiveYearsMaturityPeriodMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMembersrt:MaximumMember2026-03-310001052354us-gaap:FutureMemberus-gaap:NondesignatedMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:InterestRateContractMember2026-01-012026-03-310001052354ck0001052354:AgriculturalMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberck0001052354:FuturesContractsDepreciationShortMember2026-03-310001052354ck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:ForwardContractsMember2026-03-310001052354ck0001052354:ManAHLDiversifiedOneLPMember2026-01-012026-03-310001052354ck0001052354:NatwestFormerlyKnownAsRoyalBankOfScotlandMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:ForwardContractsMember2026-03-310001052354ck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:ClassSeriesTwoMemberck0001052354:ManAHLDiversifiedOneLPMember2025-01-012025-03-310001052354ck0001052354:ManAHLDiversifiedOneLPMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:ClassSeriesTwoMemberck0001052354:ManAHLDiversifiedOneLPMemberus-gaap:LimitedPartnerMember2025-03-310001052354ck0001052354:BnpParibasMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:ForwardContractsMember2025-12-310001052354ck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:ForwardContractsMember2025-01-012025-03-310001052354ck0001052354:UnitedStatesTreasuryBillThreePointFiveEightPercentageFifthFebruaryTwoThousandTwentySixMemberck0001052354:UsGovernmentSecuritiesLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354us-gaap:FutureMemberck0001052354:BankOfAmericaMerrillLynchMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354us-gaap:FutureMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:InterestRateContractMember2025-12-310001052354ck0001052354:ManAHLDiversifiedOneLPMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354us-gaap:FutureMemberck0001052354:BankOfAmericaMerrillLynchMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:ManAHLDiversifiedOneLPMember2024-12-310001052354ck0001052354:ManAhlDiversifiedTradingCompanyLPMemberck0001052354:FuturesContractsMember2025-12-310001052354us-gaap:FutureMemberus-gaap:NondesignatedMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:InterestRateContractMember2025-01-012025-03-310001052354ck0001052354:ClassSeriesTwoMemberck0001052354:ManAHLDiversifiedOneLPMember2025-12-310001052354ck0001052354:ManAhlDiversifiedTradingCompanyLPMemberck0001052354:FuturesContractsShortMember2025-12-310001052354us-gaap:GeneralPartnerMemberck0001052354:ManAHLDiversifiedOneLPMemberus-gaap:CapitalUnitClassAMember2025-01-012025-03-310001052354us-gaap:FutureMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:LongForwardContractsVsUsDollarMembercurrency:ZARck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:LimitedPartnershipAgreementMemberck0001052354:ManAHLDiversifiedOneLPMember2026-01-012026-03-310001052354ck0001052354:FuturesContractsAppreciationShortMemberck0001052354:IndicesMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:UnitedStatesTreasuryBillThreePointSixFourPercentageTwoAprilTwoThousandTwentySixMemberck0001052354:UsGovernmentSecuritiesLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354currency:NZDck0001052354:LongForwardContractsVsUsDollarMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:FuturesContractsLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354us-gaap:CreditDefaultSwapMemberck0001052354:SwapContractsShortMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberck0001052354:CreditSpreadOnUnderlyingBasisPointsFourMember2026-03-3100010523542026-01-012026-03-310001052354ck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-01-012025-12-310001052354ck0001052354:LongForwardContractsVsUsDollarMembercurrency:BRLck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354currency:NZDck0001052354:ShortForwardContractsVsUsDollarMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354us-gaap:CapitalUnitClassBMemberck0001052354:ManAHLDiversifiedOneLPMember2025-03-310001052354ck0001052354:ForwardContractsCrossCurrenciesDepreciationMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354currency:NZDck0001052354:ShortForwardContractsVsUsDollarMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-01-012026-03-310001052354ck0001052354:UnitedStatesTreasuryBillThreePointFiveZeroPercentageTwentyAugustTwoThousandTwentySixMemberck0001052354:UsGovernmentSecuritiesLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354us-gaap:CommodityMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354us-gaap:SwapMemberus-gaap:NondesignatedMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-01-012026-03-310001052354us-gaap:CreditDefaultSwapMemberck0001052354:CreditSpreadOnUnderlyingBasisPointsTwoMemberck0001052354:SwapContractsShortMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354currency:MXVck0001052354:LongForwardContractsVsUsDollarMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354currency:MXVck0001052354:ShortForwardContractsVsUsDollarMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:FuturesContractsAppreciationShortMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:InterestRateContractMember2025-12-310001052354us-gaap:CreditDefaultSwapSellingProtectionMemberck0001052354:SwapContractsShortMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:JpMorganChaseMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberus-gaap:ForwardContractsMember2025-12-310001052354us-gaap:FutureMemberus-gaap:NondesignatedMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMemberck0001052354:IndicesMember2025-01-012025-03-310001052354ck0001052354:ManAHLDiversifiedOneLPMemberus-gaap:LimitedPartnerMemberus-gaap:CapitalUnitClassAMember2024-12-310001052354us-gaap:USTreasurySecuritiesMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:LongForwardContractsVsUsDollarMembercurrency:GBPck0001052354:ManAhlDiversifiedTradingCompanyLPMember2025-12-310001052354ck0001052354:ClassSeriesTwoMemberck0001052354:ManAHLDiversifiedOneLPMemberus-gaap:LimitedPartnerMember2025-12-310001052354us-gaap:FutureMemberus-gaap:NondesignatedMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-01-012026-03-310001052354ck0001052354:AgriculturalMemberck0001052354:FuturesContractsDepreciationLongMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354ck0001052354:ForwardContractsCrossCurrenciesAppreciationMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-03-310001052354us-gaap:CreditDefaultSwapMemberus-gaap:SwapMemberus-gaap:NondesignatedMemberck0001052354:ManAhlDiversifiedTradingCompanyLPMember2026-01-012026-03-31xbrli:pureck0001052354:Segmentxbrli:sharesiso4217:USDxbrli:sharesck0001052354:Limitedpartnershipck0001052354:Contractiso4217:USD\n\n \n\n \n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWASHINGTON, D.C. 20549\n\n \n\nFORM 10-Q\n\n \n\n \n\n☒\n\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\n☐\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from _______ to _______\n\nCommission File Number: 000-53043\n\n \n\nMan-AHL Diversified I L.P.\n\n(Exact Name of Registrant as Specified in its Charter)\n\n \n\n \n\nDelaware\n\n06-1496634\n\n(State or other jurisdiction of\n\nincorporation or organization)\n\n(I.R.S. Employer\nIdentification No.)\n\n \n\n \n\nc/o Man Investments (USA) Corp.\n\n1345 Avenue of the Americas, Floor 21\n\nNew York, NY\n\n10105\n\n(Address of principal executive offices)\n\n(Zip Code)\n\n \n\n(212) 649-6600\n\n(Registrant’s telephone number, including area code)\n\n \n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n \n\nTitle of each class\n\n \n\nTrading\n\nSymbol(s)\n\n \n\nName of each exchange on which registered\n\nnone\n\n \n\nNone\n\n \n\nnone\n\nIndicate 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\n\nIndicate 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\n\nIndicate 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.\n\n \n\nLarge accelerated filer\n\n \n\n☐\n\n \n\nAccelerated filer\n\n \n\n☐\n\nNon-accelerated filer\n\n \n\n☒\n\n \n\nSmaller reporting company\n\n \n\n☐\n\n \n\n \n\n \n\n \n\nEmerging growth company\n\n \n\n☐\n\n \n\nIf 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. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\n \n\n \n\n \n\nMan-AHL Diversified I L.P.\n\nFinancial Statements\n\n \n\n \n\n \n\n[Statements of Financial Condition (a)](#stmt_of_financial_condition_div_i_lp)\n\n \n\n2\n\n[Statements of Operations (b)](#statements_of_operations)\n\n \n\n3\n\n[Statements of Changes in Partners’ Capital (b)](#stmt_changes_partners_capital_unaudited)\n\n \n\n4\n\n[Statements of Cash Flows (b)](#statements_of_cash_flows)\n\n \n\n5\n\n[Notes to Financial Statements (unaudited)](#notes_to_financial_statements_unaudited)\n\n \n\n6\n\n \n\n(a)\nAt March 31, 2026 (unaudited) and December 31, 2025\n\n(b)\nFor the three-month periods ended March 31, 2026 and 2025 (unaudited)\n\n1\n\n \n\nMAN-AHL DIVERSIFIED I L.P.\n\n(A Delaware Limited Partnership)\n\nSTATEMENTS OF FINANCIAL CONDITION\n\nAS AT March 31, 2026 AND December 31, 2025\n\n \n\n \n\n \n\nMarch 31, 2026\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(Unaudited)\n\n \n\n \n\n \n\nDecember 31, 2025\n\n \n\n \n\nASSETS\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nInvestment in Man-AHL Diversified Trading Company L.P.\n\n \n\n$\n\n65,886,900\n\n \n\n \n\n \n\n$\n\n63,198,317\n\n \n\n \n\nDue from Man-AHL Diversified Trading Company L.P.\n\n \n\n \n\n2,525,560\n\n \n\n \n\n \n\n \n\n820,090\n\n \n\n \n\nTotal assets\n\n \n\n$\n\n68,412,460\n\n \n\n \n\n \n\n$\n\n64,018,407\n\n \n\n \n\nLIABILITIES AND PARTNERS’ CAPITAL\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLIABILITIES:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nRedemptions payable\n\n \n\n$\n\n2,525,560\n\n \n\n \n\n \n\n$\n\n820,090\n\n \n\n \n\nManagement fees payable\n\n \n\n \n\n168,028\n\n \n\n \n\n \n\n \n\n157,392\n\n \n\n \n\nServicing fees payable\n\n \n\n \n\n56,175\n\n \n\n \n\n \n\n \n\n52,621\n\n \n\n \n\nAccrued expenses and other liabilities\n\n \n\n \n\n407,130\n\n \n\n \n\n \n\n \n\n305,736\n\n \n\n \n\nTotal liabilities\n\n \n\n \n\n3,156,893\n\n \n\n \n\n \n\n \n\n1,335,839\n\n \n\n \n\nPARTNERS' CAPITAL:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nGeneral Partner - Class A Series 1 (186.37 units outstanding as at March 31, 2026 and\n   December 31, 2025)\n\n \n\n \n\n1,037,117\n\n \n\n \n\n \n\n \n\n956,854\n\n \n\n \n\nLimited Partners - Class A Series 1 (7,576.42 and 7,997.79 units outstanding as at\n   March 31, 2026 and December 31, 2025, respectively)\n\n \n\n \n\n42,160,554\n\n \n\n \n\n \n\n \n\n41,061,106\n\n \n\n \n\nLimited Partners - Class A Series 2 (345.12 and 357.30 units outstanding as at\n   March 31, 2026 and December 31, 2025, respectively)\n\n \n\n \n\n2,376,720\n\n \n\n \n\n \n\n \n\n2,263,038\n\n \n\n \n\nLimited Partners - Class B Series 1 (3,536.94 and 3,584.38 units outstanding as at\n   March 31, 2026 and December 31, 2025, respectively)\n\n \n\n \n\n19,681,176\n\n \n\n \n\n \n\n \n\n18,401,570\n\n \n\n \n\nTotal partners' capital\n\n \n\n \n\n65,255,567\n\n \n\n \n\n \n\n \n\n62,682,568\n\n \n\n \n\nTotal liabilities and partners' capital\n\n \n\n$\n\n68,412,460\n\n \n\n \n\n \n\n$\n\n64,018,407\n\n \n\n \n\nNET ASSET VALUE PER OUTSTANDING UNIT OF PARTNERSHIP INTEREST -\n   CLASS A Series 1\n\n \n\n$\n\n5,564.71\n\n \n\n*\n\n \n\n$\n\n5,134.05\n\n \n\n*\n\nNET ASSET VALUE PER OUTSTANDING UNIT OF PARTNERSHIP INTEREST -\n   CLASS A Series 2\n\n \n\n$\n\n6,886.57\n\n \n\n*\n\n \n\n$\n\n6,333.74\n\n \n\n*\n\nNET ASSET VALUE PER OUTSTANDING UNIT OF PARTNERSHIP INTEREST -\n   CLASS B Series 1\n\n \n\n$\n\n5,564.46\n\n \n\n*\n\n \n\n$\n\n5,133.83\n\n \n\n*\n\n \n\n* Difference in net asset value recalculation and net asset value stated is caused by rounding differences.\n\nSee accompanying notes and attached financial statements of Man-AHL Diversified Trading Company L.P.\n\n2\n\n \n\nMAN-AHL DIVERSIFIED I L.P.\n\n(A Delaware Limited Partnership)\n\nSTATEMENTS OF OPERATIONS (UNAUDITED)\n\n \n\n \n\n \n\nFor the three months ended\n March 31,\n\n \n\n \n\n \n\n2026\n\n \n\n \n\n2025\n\n \n\nNET INVESTMENT INCOME/(LOSS) ALLOCATED FROM MAN-AHL\n   DIVERSIFIED TRADING COMPANY L.P.:\n\n \n\n \n\n \n\n \n\n \n\n \n\nInterest income\n\n \n\n$\n\n593,756\n\n \n\n \n\n$\n\n709,141\n\n \n\nOther income\n\n \n\n \n\n6,724\n\n \n\n \n\n \n\n-\n\n \n\nBrokerage commissions\n\n \n\n \n\n(31,779\n\n)\n\n \n\n \n\n(36,592\n\n)\n\nInterest expense - brokers\n\n \n\n \n\n(31,802\n\n)\n\n \n\n \n\n(41,685\n\n)\n\nAdministration fees\n\n \n\n \n\n(6,454\n\n)\n\n \n\n \n\n(13,417\n\n)\n\nProfessional fees\n\n \n\n \n\n(16,181\n\n)\n\n \n\n \n\n(22,337\n\n)\n\nShareholder expenses\n\n \n\n \n\n(12,997\n\n)\n\n \n\n \n\n(14,814\n\n)\n\nOther expenses\n\n \n\n \n\n(20,160\n\n)\n\n \n\n \n\n(23,275\n\n)\n\nNet investment income/(loss) allocated from Man-AHL Diversified Trading Company L.P.\n\n \n\n \n\n481,107\n\n \n\n \n\n \n\n557,021\n\n \n\nPARTNERSHIP EXPENSES:\n\n \n\n \n\n \n\n \n\n \n\n \n\nManagement fees\n\n \n\n \n\n510,562\n\n \n\n \n\n \n\n528,374\n\n \n\nServicing fees\n\n \n\n \n\n170,695\n\n \n\n \n\n \n\n176,568\n\n \n\nProfessional fees\n\n \n\n \n\n114,557\n\n \n\n \n\n \n\n34,024\n\n \n\nOther expenses\n\n \n\n \n\n58,961\n\n \n\n \n\n \n\n104,500\n\n \n\nTotal partnership expenses\n\n \n\n \n\n854,775\n\n \n\n \n\n \n\n843,466\n\n \n\nNet investment income/(loss)\n\n \n\n \n\n(373,668\n\n)\n\n \n\n \n\n(286,445\n\n)\n\nREALIZED GAINS/(LOSSES) AND CHANGE IN UNREALIZED APPRECIATION/\n   (DEPRECIATION) ON TRADING ACTIVITIES ALLOCATED FROM MAN-AHL\n   DIVERSIFIED TRADING COMPANY L.P.:\n\n \n\n \n\n \n\n \n\n \n\n \n\nNet realized trading gains/(losses) on closed contracts/agreements and foreign currency\n   transactions\n\n \n\n \n\n8,087,055\n\n \n\n \n\n \n\n165,565\n\n \n\nNet change in unrealized trading appreciation/(depreciation) on investments\n   in securities\n\n \n\n \n\n(22,463\n\n)\n\n \n\n \n\n(36,085\n\n)\n\nNet change in unrealized trading appreciation/(depreciation) on open contracts/\n   agreements\n\n \n\n \n\n(2,357,411\n\n)\n\n \n\n \n\n(6,929,824\n\n)\n\nNet change in unrealized appreciation/(depreciation) on translation of foreign\n   currency\n\n \n\n \n\n(65,122\n\n)\n\n \n\n \n\n226,593\n\n \n\nNet realized gains/(losses) and change in unrealized appreciation/(depreciation) on trading\n   activities allocated from Man-AHL Diversified Trading Company L.P.\n\n \n\n \n\n5,642,059\n\n \n\n \n\n \n\n(6,573,751\n\n)\n\nNET INCOME/(LOSS)\n\n \n\n$\n\n5,268,391\n\n \n\n \n\n$\n\n(6,860,196\n\n)\n\nNET INCOME/(LOSS) PER UNIT OF PARTNERSHIP INTEREST\n   (based on weighted average number of units outstanding during the period):\n\n \n\n \n\n \n\n \n\n \n\n \n\nCLASS A Series 1\n\n \n\n$\n\n431.62\n\n \n\n \n\n$\n\n(446.36\n\n)\n\nCLASS A Series 2\n\n \n\n$\n\n563.57\n\n \n\n \n\n$\n\n(526.12\n\n)\n\nCLASS B Series 1\n\n \n\n$\n\n430.69\n\n \n\n \n\n$\n\n(446.16\n\n)\n\nWEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING DURING THE PERIOD:\n\n \n\n \n\n \n\n \n\n \n\n \n\nCLASS A Series 1\n\n \n\n \n\n8,174.16\n\n \n\n \n\n \n\n10,434.51\n\n \n\nCLASS A Series 2\n\n \n\n \n\n349.04\n\n \n\n \n\n \n\n378.06\n\n \n\nCLASS B Series 1\n\n \n\n \n\n3,583.85\n\n \n\n \n\n \n\n4,491.15\n\n \n\n \n\nSee accompanying notes and attached financial statements of Man-AHL Diversified Trading Company L.P.\n\n3\n\n \n\nMAN-AHL DIVERSIFIED I L.P.\n\n(A Delaware Limited Partnership)\n\nSTATEMENTS OF CHANGES IN PARTNERS' CAPITAL (UNAUDITED)\n\nFOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025\n\n \n\n \n\n \n\nClass A Series 1\n\n \n\n \n\nClass A Series 2\n\n \n\n \n\nClass B Series 1\n\n \n\n \n\n \n\n \n\n \n\n \n\nGeneral Partner\n\n \n\n \n\nLimited Partners\n\n \n\n \n\nLimited Partners\n\n \n\n \n\nLimited Partners\n\n \n\n \n\nTotal\n\n \n\n \n\n \n\nAmounts\n\n \n\n \n\nUnits\n\n \n\n \n\nAmounts\n\n \n\n \n\nUnits\n\n \n\n \n\nAmounts\n\n \n\n \n\nUnits\n\n \n\n \n\nAmounts\n\n \n\n \n\nUnits\n\n \n\n \n\nAmounts\n\n \n\n \n\nUnits\n\n \n\nPARTNERS’ CAPITAL\n   January 1, 2026\n\n \n\n$\n\n956,854\n\n \n\n \n\n \n\n186.37\n\n \n\n \n\n$\n\n41,061,106\n\n \n\n \n\n \n\n7,997.79\n\n \n\n \n\n$\n\n2,263,038\n\n \n\n \n\n \n\n357.30\n\n \n\n \n\n$\n\n18,401,570\n\n \n\n \n\n \n\n3,584.38\n\n \n\n \n\n$\n\n62,682,568\n\n \n\n \n\n \n\n12,125.84\n\n \n\nSubscriptions\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nRedemptions\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(2,348,427\n\n)\n\n \n\n \n\n(421.37\n\n)\n\n \n\n \n\n(83,026\n\n)\n\n \n\n \n\n(12.18\n\n)\n\n \n\n \n\n(263,939\n\n)\n\n \n\n \n\n(47.44\n\n)\n\n \n\n \n\n(2,695,392\n\n)\n\n \n\n \n\n(480.99\n\n)\n\nNet income/(loss)\n\n \n\n \n\n80,263\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n3,447,875\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n196,708\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n1,543,545\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n5,268,391\n\n \n\n \n\n \n\n-\n\n \n\nPARTNERS’ CAPITAL\n   March 31, 2026\n\n \n\n$\n\n1,037,117\n\n \n\n \n\n \n\n186.37\n\n \n\n \n\n$\n\n42,160,554\n\n \n\n \n\n \n\n7,576.42\n\n \n\n \n\n$\n\n2,376,720\n\n \n\n \n\n \n\n345.12\n\n \n\n \n\n$\n\n19,681,176\n\n \n\n \n\n \n\n3,536.94\n\n \n\n \n\n$\n\n65,255,567\n\n \n\n \n\n \n\n11,644.85\n\n \n\nPARTNERS’ CAPITAL\n   January 1, 2025\n\n \n\n$\n\n907,432\n\n \n\n \n\n \n\n186.37\n\n \n\n \n\n$\n\n51,190,365\n\n \n\n \n\n \n\n10,513.79\n\n \n\n \n\n$\n\n2,242,615\n\n \n\n \n\n \n\n378.07\n\n \n\n \n\n$\n\n21,921,079\n\n \n\n \n\n \n\n4,502.48\n\n \n\n \n\n$\n\n76,261,491\n\n \n\n \n\n \n\n15,580.71\n\n \n\nSubscriptions\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nRedemptions\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(3,331,229\n\n)\n\n \n\n \n\n(727.87\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(1,048,184\n\n)\n\n \n\n \n\n(236.32\n\n)\n\n \n\n \n\n(4,379,413\n\n)\n\n \n\n \n\n(964.19\n\n)\n\nNet income/(loss)\n\n \n\n \n\n(83,070\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(4,574,436\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(198,904\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(2,003,786\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(6,860,196\n\n)\n\n \n\n \n\n-\n\n \n\nPARTNERS’ CAPITAL\n   March 31, 2025\n\n \n\n$\n\n824,362\n\n \n\n \n\n \n\n186.37\n\n \n\n \n\n$\n\n43,284,700\n\n \n\n \n\n \n\n9,785.92\n\n \n\n \n\n$\n\n2,043,711\n\n \n\n \n\n \n\n378.07\n\n \n\n \n\n$\n\n18,869,109\n\n \n\n \n\n \n\n4,266.16\n\n \n\n \n\n$\n\n65,021,882\n\n \n\n \n\n \n\n14,616.52\n\n \n\n \n\nSee accompanying notes and attached financial statements of Man-AHL Diversified Trading Company L.P.\n\n4\n\n \n\nMAN-AHL DIVERSIFIED I L.P.\n\n(A Delaware Limited Partnership)\n\nSTATEMENTS OF CASH FLOWS (UNAUDITED)\n\n \n\n \n\n \n\nFor the three months ended March 31,\n\n \n\n \n\n \n\n2026\n\n \n\n \n\n2025\n\n \n\nCASH FLOWS FROM OPERATING ACTIVITIES:\n\n \n\n \n\n \n\n \n\n \n\n \n\nNet income/(loss)\n\n \n\n$\n\n5,268,391\n\n \n\n \n\n$\n\n(6,860,196\n\n)\n\nAdjustments to reconcile net income/(loss) to net cash provided by/(used in) operating\n   activities:\n\n \n\n \n\n \n\n \n\n \n\n \n\nSales of investments in Man-AHL Diversified Trading Company L.P.\n\n \n\n \n\n1,729,113\n\n \n\n \n\n \n\n4,758,045\n\n \n\nNet realized (gains)/losses and change in unrealized (appreciation)/depreciation on\n   trading activities and net investment income/(loss) allocated from investment in\n   Man-AHL Diversified Trading Company L.P.\n\n \n\n \n\n(6,123,166\n\n)\n\n \n\n \n\n6,016,730\n\n \n\nChanges in operating assets and liabilities:\n\n \n\n \n\n \n\n \n\n \n\n \n\nIncrease/(decrease) in management fees payable\n\n \n\n \n\n10,636\n\n \n\n \n\n \n\n(26,914\n\n)\n\nIncrease/(decrease) in servicing fees payable\n\n \n\n \n\n3,554\n\n \n\n \n\n \n\n(8,985\n\n)\n\nIncrease/(decrease) in accrued expenses and other liabilities\n\n \n\n \n\n101,394\n\n \n\n \n\n \n\n57,335\n\n \n\nNet cash provided by/(used in) operating activities\n\n \n\n \n\n989,922\n\n \n\n \n\n \n\n3,936,015\n\n \n\nCASH FLOWS FROM FINANCING ACTIVITIES:\n\n \n\n \n\n \n\n \n\n \n\n \n\nPayments on redemptions (net of change in redemptions payable)\n\n \n\n \n\n(989,922\n\n)\n\n \n\n \n\n(3,936,015\n\n)\n\nNet cash provided by/(used in) financing activities\n\n \n\n \n\n(989,922\n\n)\n\n \n\n \n\n(3,936,015\n\n)\n\nNET INCREASE/(DECREASE) IN CASH\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCASH - Beginning of period\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nCASH - End of period\n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\nSee accompanying notes and attached financial statements of Man-AHL Diversified Trading Company L.P.\n\n5\n\n \n\nMAN-AHL DIVERSIFIED I L.P.\n\n(A Delaware Limited Partnership)\n\nNOTES TO FINANCIAL STATEMENTS (UNAUDITED)\n\nThe 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.\n\n1. ORGANIZATION OF THE PARTNERSHIP\n\nMan-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.\n\nAHL 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.\n\nMan 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.\n\nThe 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.\n\nThe 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.\n\nThe 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.\n\nThe Bank of New York Mellon serves as the administrator to the Partnership.\n\n2. SIGNIFICANT ACCOUNTING POLICIES\n\nThe 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.\n\nUse 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.\n\nInvestment 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.\n\n6\n\n \n\nAs 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.\n\nThe 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.\n\nDue 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.\n\nExpenses — 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.\n\nThe 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.\n\nThe 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.\n\nRevenue recognition — Income and expense are recognized on an accrual basis in the period in which they are incurred.\n\nDerivative 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.\n\nNet 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.\n\nIncome 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.\n\nOther 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.\n\nComparative information — Certain prior year/period figures in the financial statements have been reclassified to conform with the current period presentation.\n\n3. LIMITED PARTNERSHIP AGREEMENT\n\nThe 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.\n\nThe 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.\n\nThe 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 $500,000.\n\n7\n\n \n\nDistributions (other than redemptions of units), if any, are made on a pro-rata basis at the sole discretion of the General Partner. No distributions were declared or paid during the three month periods ended March 31, 2026 and 2025.\n\nUnder the terms of the Agreement, the Partnership is liable for all costs associated with executing its business strategy. These costs include, but are not limited to, expenses associated with operations of the Partnership, such as management and incentive fees and other operating expenses, such as legal, audit, and tax return preparation fees.\n\n4. FINANCIAL GUARANTEES\n\nThe Partnership enters into administrative and other professional service contracts that contain a variety of indemnifications. The Partnership’s maximum exposure under these arrangements is not known; however, the Partnership has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.\n\n# 5. FINANCIAL HIGHLIGHTS\n\nThe following represents the ratios to average limited partners’ capital and other information for the three-month periods ended March 31, 2026 and 2025:\n\n \n\n \n\n \n\nFor the three months ended March 31, 2026\n\n \n\n \n\nFor the three months ended March 31, 2025\n\n \n\n \n\n \n\nClass A\n\n \n\n \n\nClass A\n\n \n\n \n\nClass B\n\n \n\n \n\nClass A\n\n \n\n \n\nClass A\n\n \n\n \n\nClass B\n\n \n\n \n\n \n\nSeries 1\n\n \n\n \n\nSeries 2\n\n \n\n \n\nSeries 1\n\n \n\n \n\nSeries 1\n\n \n\n \n\nSeries 2\n\n \n\n \n\nSeries 1\n\n \n\nPer unit operating performance:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBeginning net asset value\n\n \n\n$\n\n5,134.05\n\n \n\n \n\n$\n\n6,333.74\n\n \n\n \n\n$\n\n5,133.83\n\n \n\n \n\n$\n\n4,868.88\n\n \n\n \n\n$\n\n5,931.78\n\n \n\n \n\n$\n\n4,868.67\n\n \n\nIncome/(loss) from investment operations:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNet investment income/(loss)\n\n \n\n \n\n(31.66\n\n)\n\n \n\n \n\n(16.77\n\n)\n\n \n\n \n\n(31.37\n\n)\n\n \n\n \n\n(18.92\n\n)\n\n \n\n \n\n(5.70\n\n)\n\n \n\n \n\n(19.31\n\n)\n\nNet realized gains/(losses) and change in unrealized appreciation/(depreciation) on trading activities\n\n \n\n \n\n462.32\n\n \n\n \n\n \n\n569.60\n\n \n\n \n\n \n\n462.00\n\n \n\n \n\n \n\n(426.80\n\n)\n\n \n\n \n\n(520.41\n\n)\n\n \n\n \n\n(426.39\n\n)\n\nTotal income/(loss) from investment operations\n\n \n\n \n\n430.66\n\n \n\n \n\n \n\n552.83\n\n \n\n \n\n \n\n430.63\n\n \n\n \n\n \n\n(445.72\n\n)\n\n \n\n \n\n(526.11\n\n)\n\n \n\n \n\n(445.70\n\n)\n\nEnding net asset value\n\n \n\n$\n\n5,564.71\n\n \n\n \n\n$\n\n6,886.57\n\n \n\n \n\n$\n\n5,564.46\n\n \n\n \n\n$\n\n4,423.16\n\n \n\n \n\n$\n\n5,405.67\n\n \n\n \n\n$\n\n4,422.97\n\n \n\nRatios to average limited partners' capital1:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal expenses excluding incentive fees\n\n \n\n \n\n5.92\n\n%\n\n \n\n \n\n4.54\n\n%\n\n \n\n \n\n5.87\n\n%\n\n \n\n \n\n5.54\n\n%\n\n \n\n \n\n4.34\n\n%\n\n \n\n \n\n5.64\n\n%\n\nIncentive fees\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nTotal expenses including incentive fees\n\n \n\n \n\n5.92\n\n%\n\n \n\n \n\n4.54\n\n%\n\n \n\n \n\n5.87\n\n%\n\n \n\n \n\n5.54\n\n%\n\n \n\n \n\n4.34\n\n%\n\n \n\n \n\n5.64\n\n%\n\nNet investment income/(loss)\n\n \n\n \n\n(2.30\n\n)%\n\n \n\n \n\n(0.99\n\n)%\n\n \n\n \n\n(2.28\n\n)%\n\n \n\n \n\n(1.62\n\n)%\n\n \n\n \n\n(0.40\n\n)%\n\n \n\n \n\n(1.65\n\n)%\n\nTotal return2:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal return before incentive fees\n\n \n\n \n\n8.39\n\n%\n\n \n\n \n\n8.73\n\n%\n\n \n\n \n\n8.39\n\n%\n\n \n\n \n\n(9.15\n\n)%\n\n \n\n \n\n(8.87\n\n)%\n\n \n\n \n\n(9.15\n\n)%\n\nIncentive fees\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nTotal return after incentive fees\n\n \n\n \n\n8.39\n\n%\n\n \n\n \n\n8.73\n\n%\n\n \n\n \n\n8.39\n\n%\n\n \n\n \n\n(9.15\n\n)%\n\n \n\n \n\n(8.87\n\n)%\n\n \n\n \n\n(9.15\n\n)%\n\n \n\n1 Includes amounts allocated from the Trading Company. Ratios have been annualized.\n\n2 Total return is for the period indicated and has not been annualized.\n\nFinancial 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.\n\n# 6. SEGMENT REPORTING\n\n \n\nIn 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.\n\n# 7. SUBSEQUENT EVENTS\n\nFor 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$1,463,650.\n\n8\n\n \n\nThe General Partner has evaluated the impact of subsequent events on the Partnership, through the date the financial statements were issued, and noted no subsequent events that require adjustment to or disclosure in these financial statements, except as noted above.\n\n9\n\n \n\nMan-AHL Diversified Trading Company L.P.\n\nFinancial Statements\n\n \n\n[Statements of Financial Condition (a)](#statements_of_financial_condition)\n\n11\n\n[Condensed Schedules of Investments (a)](#co_condensed_schedules_of_investments)\n\n12\n\n[Statements of Operations (b)](#co_statements_of_operations)\n\n14\n\n[Statements of Changes in Partners’ Capital (b)](#co_stmt_of_changes_in_partners)\n\n15\n\n[Statements of Cash Flows (b)](#co_statements_of_cash_flows)\n\n16\n\n[Notes to the Financial Statements (unaudited)](#co_notes_to_financial_statements)\n\n17\n\n \n\n(a)\nAt March 31, 2026 (unaudited) and December 31, 2025\n\n(b)\nFor the three-month periods ended March 31, 2026 and 2025 (unaudited)\n\n10\n\n \n\nMAN-AHL DIVERSIFIED TRADING COMPANY L.P.\n\n(A Delaware Limited Partnership)\n\nSTATEMENTS OF FINANCIAL CONDITION\n\nAS AT MARCH 31, 2026 AND DECEMBER 31, 2025\n\n \n\n \n\nMarch 31, 2026\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(Unaudited)\n\n \n\n \n\n \n\nDecember 31, 2025\n\n \n\n \n\nASSETS\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nEquity in trading accounts:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNet unrealized trading appreciation on open futures contracts\n\n \n\n$\n\n3,395,066\n\n \n\n \n\n \n\n$\n\n3,822,816\n\n \n\n \n\nNet unrealized trading appreciation on open forward contracts\n\n \n\n \n\n1,707,981\n\n \n\n \n\n \n\n \n\n4,898,573\n\n \n\n \n\nNet unrealized trading appreciation on open swap agreements\n\n \n\n \n\n14,213\n\n \n\n \n\n \n\n \n\n348,240\n\n \n\n \n\nNet premiums paid on credit default swap agreements\n\n \n\n \n\n231,109\n\n \n\n \n\n \n\n \n\n11,589,651\n\n \n\n \n\nDue from brokers\n\n \n\n \n\n4,896\n\n \n\n \n\n \n\n \n\n21,695\n\n \n\n \n\nRestricted cash\n\n \n\n \n\n15,945,608\n\n \n\n \n\n \n\n \n\n30,258,275\n\n \n\n \n\nTotal equity in trading accounts\n\n \n\n \n\n21,298,873\n\n \n\n \n\n \n\n \n\n50,939,250\n\n \n\n \n\nCash and cash equivalents\n\n \n\n \n\n9,010,063\n\n \n\n \n\n \n\n \n\n13,134,376\n\n \n\n \n\nInvestments in securities, at fair value (cost: $121,189,488 and $89,559,842 as at\n   March 31, 2026 and December 31, 2025, respectively)\n\n \n\n \n\n121,183,159\n\n \n\n \n\n \n\n \n\n89,597,699\n\n \n\n \n\nInterest receivable\n\n \n\n \n\n35,764\n\n \n\n \n\n \n\n \n\n47,797\n\n \n\n \n\nTotal assets\n\n \n\n$\n\n151,527,859\n\n \n\n \n\n \n\n$\n\n153,719,122\n\n \n\n \n\nLIABILITIES AND PARTNERS' CAPITAL\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLIABILITIES:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNet unrealized trading depreciation on open forward contracts\n\n \n\n$\n\n1,032,041\n\n \n\n \n\n \n\n$\n\n-\n\n \n\n \n\nNet unrealized trading depreciation on open swap agreements\n\n \n\n \n\n34,601\n\n \n\n \n\n \n\n-\n\n \n\n \n\nNet premiums received on credit default swap agreements\n\n \n\n \n\n885,399\n\n \n\n \n\n \n\n-\n\n \n\n \n\nCollateral balances – due to broker\n\n \n\n \n\n638,690\n\n \n\n \n\n \n\n \n\n7,180,956\n\n \n\n \n\nRedemptions payable to Man-AHL Diversified I L.P.\n\n \n\n \n\n2,525,560\n\n \n\n \n\n \n\n \n\n820,090\n\n \n\n \n\nRedemptions payable to Man-AHL Diversified II L.P.\n\n \n\n \n\n1,078,683\n\n \n\n \n\n \n\n \n\n6,007,615\n\n \n\n \n\nAccrued expenses and other liabilities\n\n \n\n \n\n271,508\n\n \n\n \n\n \n\n \n\n248,860\n\n \n\n \n\nTotal liabilities\n\n \n\n$\n\n6,466,482\n\n \n\n \n\n \n\n$\n\n14,257,521\n\n \n\n \n\nPARTNERS' CAPITAL:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLimited Partners (4,152.21 and 4,379.60 units outstanding as at March 31, 2026 and\n   December 31, 2025, respectively)\n\n \n\n \n\n145,061,377\n\n \n\n \n\n \n\n \n\n139,461,601\n\n \n\n \n\nTotal partners’ capital\n\n \n\n \n\n145,061,377\n\n \n\n \n\n \n\n \n\n139,461,601\n\n \n\n \n\nTotal liabilities and partners' capital\n\n \n\n$\n\n151,527,859\n\n \n\n \n\n \n\n$\n\n153,719,122\n\n \n\n \n\nNET ASSET VALUE PER OUTSTANDING UNIT OF PARTNERSHIP INTEREST\n\n \n\n$\n\n34,935.94\n\n \n\n*\n\n \n\n$\n\n31,843.46\n\n \n\n*\n\n \n\n* Difference in net asset value recalculation and net asset value stated is caused by rounding differences.\n\nSee notes to financial statements.\n\n11\n\n \n\nMAN-AHL DIVERSIFIED TRADING COMPANY L.P.\n\n(A Delaware Limited Partnership)\n\nCONDENSED SCHEDULE OF INVESTMENTS\n\nAS AT MARCH 31, 2026 AND DECEMBER 31, 2025\n\n \n\n \n\n \n\nMarch 31, 2026 (Unaudited)\n\n \n\n \n\n \n\nDecember 31, 2025\n\n \n\n \n\n \n\nFair Value\n\n \n\n \n\nPercent of\nPartners'\nCapital\n\n \n\n \n\n \n\nFair Value\n\n \n\n \n\nPercent of\nPartners'\nCapital\n\n \n\n \n\nFUTURES CONTRACTS - Long:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAppreciation\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAgricultural\n\n \n\n$\n\n874,121\n\n \n\n \n\n \n\n0.6\n\n \n\n \n\n \n\n$\n\n85,606\n\n \n\n \n\n \n\n0.1\n\n \n\n \n\nCurrencies\n\n \n\n \n\n40,803\n\n \n\n \n\n \n\n0.0\n\n \n\n*\n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\nEnergy\n\n \n\n \n\n705,729\n\n \n\n \n\n \n\n0.5\n\n \n\n \n\n \n\n \n\n313,037\n\n \n\n \n\n \n\n0.2\n\n \n\n \n\nIndices\n\n \n\n \n\n24,574\n\n \n\n \n\n \n\n0.0\n\n \n\n*\n\n \n\n \n\n1,160,916\n\n \n\n \n\n \n\n0.8\n\n \n\n \n\nInterest rates\n\n \n\n \n\n29\n\n \n\n \n\n \n\n0.0\n\n \n\n*\n\n \n\n \n\n47,653\n\n \n\n \n\n \n\n0.1\n\n \n\n \n\nMetals\n\n \n\n \n\n89,735\n\n \n\n \n\n \n\n0.1\n\n \n\n \n\n \n\n \n\n1,443,756\n\n \n\n \n\n \n\n1.0\n\n \n\n \n\nDepreciation\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAgricultural\n\n \n\n \n\n(88,267\n\n)\n\n \n\n \n\n(0.1\n\n)\n\n \n\n \n\n \n\n(497,032\n\n)\n\n \n\n \n\n(0.4\n\n)\n\n \n\nEnergy\n\n \n\n \n\n(197,735\n\n)\n\n \n\n \n\n(0.1\n\n)\n\n \n\n \n\n \n\n(1,999\n\n)\n\n \n\n \n\n(0.0\n\n)\n\n*\n\nIndices\n\n \n\n \n\n(510,656\n\n)\n\n \n\n \n\n(0.4\n\n)\n\n \n\n \n\n \n\n(317,730\n\n)\n\n \n\n \n\n(0.2\n\n)\n\n \n\nInterest rates\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n \n\n(244,873\n\n)\n\n \n\n \n\n(0.2\n\n)\n\n \n\nMetals\n\n \n\n \n\n(98,193\n\n)\n\n \n\n \n\n(0.1\n\n)\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\nTotal futures contracts - long\n\n \n\n \n\n840,140\n\n \n\n \n\n \n\n0.5\n\n \n\n \n\n \n\n \n\n1,989,334\n\n \n\n \n\n \n\n1.4\n\n \n\n \n\nFUTURES CONTRACTS - Short:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAppreciation\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAgricultural\n\n \n\n \n\n527,002\n\n \n\n \n\n \n\n0.4\n\n \n\n \n\n \n\n \n\n1,124,576\n\n \n\n \n\n \n\n0.8\n\n \n\n \n\nEnergy\n\n \n\n \n\n183,084\n\n \n\n \n\n \n\n0.1\n\n \n\n \n\n \n\n \n\n149,828\n\n \n\n \n\n \n\n0.1\n\n \n\n \n\nIndices\n\n \n\n \n\n134,418\n\n \n\n \n\n \n\n0.1\n\n \n\n \n\n \n\n \n\n211,668\n\n \n\n \n\n \n\n0.2\n\n \n\n \n\nInterest rates\n\n \n\n \n\n2,199,934\n\n \n\n \n\n \n\n1.5\n\n \n\n \n\n \n\n \n\n871,757\n\n \n\n \n\n \n\n0.6\n\n \n\n \n\nDepreciation\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAgricultural\n\n \n\n \n\n(293,637\n\n)\n\n \n\n \n\n(0.2\n\n)\n\n \n\n \n\n \n\n(142,842\n\n)\n\n \n\n \n\n(0.1\n\n)\n\n \n\nCurrencies\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n \n\n(6,157\n\n)\n\n \n\n \n\n(0.0\n\n)\n\n*\n\nEnergy\n\n \n\n \n\n(53,043\n\n)\n\n \n\n \n\n(0.0\n\n)\n\n*\n\n \n\n \n\n(255,484\n\n)\n\n \n\n \n\n(0.2\n\n)\n\n \n\nIndices\n\n \n\n \n\n(14,951\n\n)\n\n \n\n \n\n(0.0\n\n)\n\n*\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\nInterest rates\n\n \n\n \n\n(127,881\n\n)\n\n \n\n \n\n(0.1\n\n)\n\n \n\n \n\n \n\n(119,864\n\n)\n\n \n\n \n\n(0.1\n\n)\n\n \n\nTotal futures contracts - short\n\n \n\n \n\n2,554,926\n\n \n\n \n\n \n\n1.8\n\n \n\n \n\n \n\n \n\n1,833,482\n\n \n\n \n\n \n\n1.3\n\n \n\n \n\nNET UNREALIZED TRADING APPRECIATION/ (DEPRECIATION) ON OPEN FUTURES CONTRACTS\n\n \n\n$\n\n3,395,066\n\n \n\n \n\n \n\n2.3\n\n \n\n \n\n \n\n$\n\n3,822,816\n\n \n\n \n\n \n\n2.7\n\n \n\n \n\nFORWARD CONTRACTS - Long:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAustralian dollar\n\n \n\n$\n\n48,626\n\n \n\n \n\n \n\n0.0\n\n \n\n*\n\n \n\n$\n\n23,134\n\n \n\n \n\n \n\n0.0\n\n \n\n*\n\nBrazilian real\n\n \n\n \n\n664,702\n\n \n\n \n\n \n\n0.5\n\n \n\n \n\n \n\n \n\n(266,228\n\n)\n\n \n\n \n\n(0.2\n\n)\n\n \n\nMexican peso\n\n \n\n \n\n(272,201\n\n)\n\n \n\n \n\n(0.2\n\n)\n\n \n\n \n\n \n\n816,494\n\n \n\n \n\n \n\n0.6\n\n \n\n \n\nNew Zealand dollar\n\n \n\n \n\n(495,931\n\n)\n\n \n\n \n\n(0.3\n\n)\n\n \n\n \n\n \n\n(40,273\n\n)\n\n \n\n \n\n(0.0\n\n)\n\n*\n\nSouth African rand\n\n \n\n \n\n(397,117\n\n)\n\n \n\n \n\n(0.3\n\n)\n\n \n\n \n\n \n\n938,521\n\n \n\n \n\n \n\n0.7\n\n \n\n \n\nSouth Korean won\n\n \n\n \n\n13,845\n\n \n\n \n\n \n\n0.0\n\n \n\n*\n\n \n\n \n\n173,591\n\n \n\n \n\n \n\n0.1\n\n \n\n \n\nU.K. pound\n\n \n\n \n\n(687,569\n\n)\n\n \n\n \n\n(0.5\n\n)\n\n \n\n \n\n \n\n15,838\n\n \n\n \n\n \n\n0.0\n\n \n\n*\n\nOther\n\n \n\n \n\n(3,489,300\n\n)\n\n \n\n \n\n(2.4\n\n)\n\n \n\n \n\n \n\n2,213,486\n\n \n\n \n\n \n\n1.6\n\n \n\n \n\nTotal long forward contracts vs US Dollar\n\n \n\n \n\n(4,614,945\n\n)\n\n \n\n \n\n(3.2\n\n)\n\n \n\n \n\n \n\n3,874,563\n\n \n\n \n\n \n\n2.8\n\n \n\n \n\nFORWARD CONTRACTS - Short:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAustralian dollar\n\n \n\n$\n\n312,450\n\n \n\n \n\n \n\n0.2\n\n \n\n \n\n \n\n \n\n(7,874\n\n)\n\n \n\n \n\n(0.0\n\n)\n\n*\n\nBrazilian real\n\n \n\n \n\n(257,613\n\n)\n\n \n\n \n\n(0.2\n\n)\n\n \n\n \n\n \n\n64,994\n\n \n\n \n\n \n\n0.0\n\n \n\n*\n\nMexican peso\n\n \n\n \n\n172,132\n\n \n\n \n\n \n\n0.1\n\n \n\n \n\n \n\n \n\n(135,595\n\n)\n\n \n\n \n\n(0.1\n\n)\n\n \n\nNew Zealand dollar\n\n \n\n \n\n230,854\n\n \n\n \n\n \n\n0.2\n\n \n\n \n\n \n\n \n\n(141,193\n\n)\n\n \n\n \n\n(0.1\n\n)\n\n \n\nSouth African rand\n\n \n\n \n\n186,965\n\n \n\n \n\n \n\n0.1\n\n \n\n \n\n \n\n \n\n(50,886\n\n)\n\n \n\n \n\n(0.0\n\n)\n\n*\n\nSouth Korean won\n\n \n\n \n\n171,395\n\n \n\n \n\n \n\n0.1\n\n \n\n \n\n \n\n \n\n(524,329\n\n)\n\n \n\n \n\n(0.4\n\n)\n\n \n\nU.K. pound\n\n \n\n \n\n248,046\n\n \n\n \n\n \n\n0.2\n\n \n\n \n\n \n\n \n\n(28,071\n\n)\n\n \n\n \n\n(0.0\n\n)\n\n*\n\nOther\n\n \n\n \n\n3,660,368\n\n \n\n \n\n \n\n2.5\n\n \n\n \n\n \n\n \n\n(106,964\n\n)\n\n \n\n \n\n(0.1\n\n)\n\n \n\nTotal short forward contracts vs US Dollar\n\n \n\n \n\n4,724,597\n\n \n\n \n\n \n\n3.2\n\n \n\n \n\n \n\n \n\n(929,918\n\n)\n\n \n\n \n\n(0.7\n\n)\n\n \n\n \n\n* A zero balance may reflect amounts rounding to less than 0.05%.\n\nSee notes to financial statements.\n\n12\n\n \n\nMAN-AHL DIVERSIFIED TRADING COMPANY L.P.\n\n(A Delaware Limited Partnership)\n\nCONDENSED SCHEDULES OF INVESTMENTS (CONTINUED)\n\n \n\n \n\n \n\n \n\n \n\n \n\nMarch 31, 2026 (Unaudited)\n\n \n\n \n\n \n\nDecember 31, 2025\n\n \n\n \n\nPrincipal\n\n \n\n \n\nFair Value\n\n \n\n \n\nPercent of\nPartners'\nCapital\n\n \n\n \n\n \n\nFair Value\n\n \n\n \n\nPercent of\nPartners'\nCapital\n\n \n\nForward contracts - Cross currencies - appreciation\n\n \n\n \n\n \n\n \n\n \n\n1,165,477\n\n \n\n \n\n \n\n0.8\n\n \n\n \n\n \n\n \n\n961,828\n\n \n\n \n\n \n\n0.7\n\n \n\nForward contracts - Cross currencies - depreciation\n\n \n\n \n\n \n\n \n\n \n\n(1,257,062\n\n)\n\n \n\n \n\n(0.9\n\n)\n\n \n\n \n\n \n\n(484,972\n\n)\n\n \n\n \n\n(0.3\n\n)\n\nForward contracts - Metal non US Dollar\n\n \n\n \n\n \n\n \n\n \n\n657,873\n\n \n\n \n\n \n\n0.6\n\n \n\n \n\n \n\n \n\n1,477,072\n\n \n\n \n\n \n\n1.0\n\n \n\nNET UNREALIZED TRADING APPRECIATION/ (DEPRECIATION) ON OPEN FORWARD CONTRACTS\n\n \n\n \n\n \n\n \n\n$\n\n675,940\n\n \n\n \n\n \n\n0.5\n\n \n\n \n\n \n\n$\n\n4,898,573\n\n \n\n \n\n \n\n3.5\n\n \n\nSWAP AGREEMENTS - Long:**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCredit default swaps - Buy protection centrally cleared (upfront premiums paid $nil and $nil, and upfront premiums received $885,399 and $nil, as of March 31, 2026 and December 31, 2025, respectively)\n\n \n\n \n\n \n\n \n\n$\n\n(58,424\n\n)\n\n \n\n \n\n(0.0\n\n)\n\n*\n\n \n\n$\n\n-\n\n \n\n \n\n \n\n-\n\n \n\nTotal swap agreements - long\n\n \n\n \n\n \n\n \n\n \n\n(58,424\n\n)\n\n \n\n \n\n(0.0\n\n)\n\n*\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nSWAP AGREEMENTS - Short:**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCredit default swaps - Sell protection centrally cleared (upfront premiums paid $231,109 and $11,589,651, and upfront premiums received $nil and $nil, as at March 31, 2026 and December 31, 2025, respectively)\n\n \n\n \n\n \n\n \n\n \n\n38,036\n\n \n\n \n\n \n\n0.0\n\n \n\n*\n\n \n\n \n\n348,240\n\n \n\n \n\n \n\n0.3\n\n \n\nTotal swap agreements - short\n\n \n\n \n\n \n\n \n\n \n\n38,036\n\n \n\n \n\n \n\n0.0\n\n \n\n*\n\n \n\n \n\n348,240\n\n \n\n \n\n \n\n0.3\n\n \n\nNET UNREALIZED TRADING APPRECIATION/ (DEPRECIATION) ON OPEN SWAP AGREEMENTS\n\n \n\n \n\n \n\n \n\n$\n\n(20,388\n\n)\n\n \n\n \n\n(0.0\n\n)\n\n*\n\n \n\n$\n\n348,240\n\n \n\n \n\n \n\n0.3\n\n \n\nNET UNREALIZED TRADING APPRECIATION/ (DEPRECIATION) ON OPEN CONTRACTS/AGREEMENTS\n\n \n\n \n\n \n\n \n\n$\n\n4,050,618\n\n \n\n \n\n \n\n2.8\n\n \n\n \n\n \n\n$\n\n9,069,629\n\n \n\n \n\n \n\n6.5\n\n \n\nINVESTMENTS IN SECURITIES:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nU.S. GOVERNMENT SECURITIES - Long: ~\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nUnited States Treasury Bill 3.65% 01/22/26\n\n \n\n \n\n10,000,000\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n$\n\n9,980,215\n\n \n\n \n\n \n\n7.2\n\n \n\nUnited States Treasury Bill 3.58% 02/05/26\n\n \n\n \n\n25,000,000\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n \n\n24,916,564\n\n \n\n \n\n \n\n17.8\n\n \n\nUnited States Treasury Bill 3.56% 02/19/26\n\n \n\n \n\n25,000,000\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n \n\n24,881,865\n\n \n\n \n\n \n\n17.8\n\n \n\nUnited States Treasury Bill 3.59% 02/26/26\n\n \n\n \n\n25,000,000\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n \n\n24,863,450\n\n \n\n \n\n \n\n17.8\n\n \n\nUnited States Treasury Bill 3.57% 04/02/26\n\n \n\n \n\n5,000,000\n\n \n\n \n\n \n\n4,999,499\n\n \n\n \n\n \n\n3.4\n\n \n\n \n\n \n\n \n\n4,955,605\n\n \n\n \n\n \n\n3.6\n\n \n\nUnited States Treasury Bill 3.64% 04/02/26\n\n \n\n \n\n10,000,000\n\n \n\n \n\n \n\n9,998,997\n\n \n\n \n\n \n\n6.9\n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nUnited States Treasury Bill 3.64% 04/09/26\n\n \n\n \n\n20,000,000\n\n \n\n \n\n \n\n19,983,980\n\n \n\n \n\n \n\n13.8\n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nUnited States Treasury Bill 3.61% 06/04/26\n\n \n\n \n\n25,000,000\n\n \n\n \n\n \n\n24,839,543\n\n \n\n \n\n \n\n17.1\n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nUnited States Treasury Bill 3.61% 06/18/26\n\n \n\n \n\n25,000,000\n\n \n\n \n\n \n\n24,805,325\n\n \n\n \n\n \n\n17.1\n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nUnited States Treasury Bill 3.52% 07/23/26\n\n \n\n \n\n27,000,000\n\n \n\n \n\n \n\n26,696,071\n\n \n\n \n\n \n\n18.4\n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nUnited States Treasury Bill 3.50% 08/20/26\n\n \n\n \n\n10,000,000\n\n \n\n \n\n \n\n9,859,744\n\n \n\n \n\n \n\n6.8\n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nTotal U.S. government securities - long\n\n \n\n \n\n \n\n \n\n \n\n121,183,159\n\n \n\n \n\n \n\n83.5\n\n \n\n \n\n \n\n \n\n89,597,699\n\n \n\n \n\n \n\n64.2\n\n \n\nTOTAL INVESTMENT IN SECURITIES (COST $121,189,488 and $89,559,842 as at March 31, 2026 and December 31, 2025, respectively)\n\n \n\n \n\n \n\n \n\n$\n\n121,183,159\n\n \n\n \n\n \n\n83.5\n\n \n\n \n\n \n\n$\n\n89,597,699\n\n \n\n \n\n \n\n64.2\n\n \n\n \n\n~ Rate shown represents discount rate.\n\n* A zero balance may reflect amounts rounding to less than 0.05%.\n\n** The Fair Value of credit default swaps excludes upfront premiums received/paid which are presented separately in the Statements of Financial Condition. Refer to Note 2 for further details on the accounting treatment of premiums on credit default swaps.\n\nSee notes to financial statements.\n\n13\n\n \n\nMAN-AHL DIVERSIFIED TRADING COMPANY L.P.\n\n(A Delaware Limited Partnership)\n\nSTATEMENTS OF OPERATIONS (UNAUDITED)\n\n \n\n \n\n \n\nFor the three months ended March 31,\n\n \n\n \n\n2026\n\n \n\n \n\n2025\n\n \n\nINVESTMENT INCOME:\n\n \n\n \n\n \n\n \n\n \n\n \n\nInterest income\n\n \n\n$\n\n1,304,220\n\n \n\n \n\n$\n\n1,595,184\n\n \n\nOther income\n\n \n\n \n\n14,807\n\n \n\n \n\n \n\n-\n\n \n\nTotal investment income\n\n \n\n$\n\n1,319,027\n\n \n\n \n\n$\n\n1,595,184\n\n \n\nEXPENSES\n\n \n\n \n\n \n\n \n\n \n\n \n\nBrokerage commissions\n\n \n\n \n\n69,750\n\n \n\n \n\n \n\n82,266\n\n \n\nInterest expense - brokers\n\n \n\n \n\n70,119\n\n \n\n \n\n \n\n93,604\n\n \n\nAdministration fees\n\n \n\n \n\n14,174\n\n \n\n \n\n \n\n30,170\n\n \n\nProfessional fees\n\n \n\n \n\n35,560\n\n \n\n \n\n \n\n50,250\n\n \n\nShareholder expenses\n\n \n\n \n\n28,562\n\n \n\n \n\n \n\n33,325\n\n \n\nOther expenses\n\n \n\n \n\n44,320\n\n \n\n \n\n \n\n52,631\n\n \n\nTotal expenses\n\n \n\n \n\n262,485\n\n \n\n \n\n \n\n342,246\n\n \n\nNet investment income/(loss)\n\n \n\n$\n\n1,056,542\n\n \n\n \n\n$\n\n1,252,938\n\n \n\nNET REALIZED GAINS/(LOSSES) AND CHANGE IN UNREALIZED\n   APPRECIATION/(DEPRECIATION) ON TRADING ACTIVITIES:\n\n \n\n \n\n \n\n \n\n \n\n \n\nNet realized trading gains/(losses) on closed contracts/agreements and foreign currency\n   transactions\n\n \n\n \n\n17,784,482\n\n \n\n \n\n \n\n266,246\n\n \n\nNet change in unrealized trading appreciation/(depreciation) on investments in securities\n\n \n\n \n\n(44,186\n\n)\n\n \n\n \n\n(67,144\n\n)\n\nNet change in unrealized trading appreciation/(depreciation) on open contracts/agreements\n\n \n\n \n\n(5,019,011\n\n)\n\n \n\n \n\n(15,497,227\n\n)\n\nNet change in unrealized appreciation/(depreciation) on translation\n   of foreign currency\n\n \n\n \n\n(143,094\n\n)\n\n \n\n \n\n508,607\n\n \n\nNet realized gains/(losses) and change in unrealized appreciation/ (depreciation) on trading\n   activities\n\n \n\n \n\n12,578,191\n\n \n\n \n\n \n\n(14,789,518\n\n)\n\nNET INCOME/(LOSS)\n\n \n\n$\n\n13,634,733\n\n \n\n \n\n$\n\n(13,536,580\n\n)\n\nNET INCOME/(LOSS) PER UNIT OF PARTNERSHIP INTEREST (based on\n   weighted average number of units outstanding during the period)\n\n \n\n$\n\n3,146.41\n\n \n\n \n\n$\n\n(2,295.26\n\n)\n\nWEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING DURING THE PERIOD\n\n \n\n \n\n4,333.43\n\n \n\n \n\n \n\n5,897.62\n\n \n\n \n\nSee notes to financial statements.\n\n14\n\n \n\nMAN-AHL DIVERSIFIED TRADING COMPANY L.P.\n\n(A Delaware Limited Partnership)\n\nSTATEMENTS OF CHANGES IN PARTNERS' CAPITAL (UNAUDITED)\n\nFOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025\n\n \n\n \n\n \n\nLimited Partners\n\n \n\n \n\nGeneral Partner\n\n \n\n \n\nTotal\n\n \n\n \n\n \n\nAmounts\n\n \n\n \n\nUnits\n\n \n\n \n\nAmounts\n\n \n\n \n\nUnits\n\n \n\n \n\nAmounts\n\n \n\n \n\nUnits\n\n \n\nPARTNERS' CAPITAL - January 1, 2026\n\n \n\n$\n\n139,461,601\n\n \n\n \n\n \n\n4,379.60\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n$\n\n139,461,601\n\n \n\n \n\n \n\n4,379.60\n\n \n\nSubscriptions\n\n \n\n \n\n599,999\n\n \n\n \n\n \n\n18.61\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n599,999\n\n \n\n \n\n \n\n18.61\n\n \n\nRedemptions\n\n \n\n \n\n(8,634,956\n\n)\n\n \n\n \n\n(246.00\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(8,634,956\n\n)\n\n \n\n \n\n(246.00\n\n)\n\nNet income/(loss)\n\n \n\n \n\n13,634,733\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n13,634,733\n\n \n\n \n\n \n\n-\n\n \n\nPARTNERS' CAPITAL - March 31, 2026\n\n \n\n$\n\n145,061,377\n\n \n\n \n\n \n\n4,152.21\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n$\n\n145,061,377\n\n \n\n \n\n \n\n4,152.21\n\n \n\nPARTNERS' CAPITAL - January 1, 2025\n\n \n\n$\n\n170,953,454\n\n \n\n \n\n \n\n5,962.61\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n$\n\n170,953,454\n\n \n\n \n\n \n\n5,962.61\n\n \n\nSubscriptions\n\n \n\n \n\n530,000\n\n \n\n \n\n \n\n19.12\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n530,000\n\n \n\n \n\n \n\n19.12\n\n \n\nRedemptions\n\n \n\n \n\n(7,392,812\n\n)\n\n \n\n \n\n(273.95\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(7,392,812\n\n)\n\n \n\n \n\n(273.95\n\n)\n\nNet income/(loss)\n\n \n\n \n\n(13,536,580\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(13,536,580\n\n)\n\n \n\n \n\n-\n\n \n\nPARTNERS' CAPITAL - March 31, 2025\n\n \n\n$\n\n150,554,062\n\n \n\n \n\n \n\n5,707.78\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n$\n\n150,554,062\n\n \n\n \n\n \n\n5,707.78\n\n \n\n \n\n \n\nSee notes to financial statements.\n\n15\n\n \n\nMAN-AHL DIVERSIFIED TRADING COMPANY L.P.\n\n(A Delaware Limited Partnership)\n\nSTATEMENTS OF CASH FLOWS (UNAUDITED)\n\n \n\n \n\n \n\nFor the three months ended March 31,\n\n \n\n \n\n2026\n\n \n\n \n\n2025\n\n \n\nCASH FLOWS FROM OPERATING ACTIVITIES:\n\n \n\n \n\n \n\n \n\n \n\n \n\nNet income/(loss)\n\n \n\n$\n\n13,634,733\n\n \n\n \n\n$\n\n(13,536,580\n\n)\n\nAdjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:\n\n \n\n \n\n \n\n \n\n \n\n \n\nPurchases of investments in securities\n\n \n\n \n\n(115,644,756\n\n)\n\n \n\n \n\n(91,231,656\n\n)\n\nAmortization of premiums/accretion of discount on securities and net realized (gain)/loss on\n   securities\n\n \n\n \n\n(984,890\n\n)\n\n \n\n \n\n(1,236,359\n\n)\n\nSales/maturities of investments in securities\n\n \n\n \n\n85,000,000\n\n \n\n \n\n \n\n92,945,649\n\n \n\nNet change in unrealized trading (appreciation)/depreciation on investments in securities\n\n \n\n \n\n44,186\n\n \n\n \n\n \n\n67,144\n\n \n\nNet change in unrealized trading (appreciation)/depreciation on open contracts/agreements\n\n \n\n \n\n5,019,011\n\n \n\n \n\n \n\n15,497,227\n\n \n\nChanges in operating assets and liabilities:\n\n \n\n \n\n \n\n \n\n \n\n \n\n(Increase)/decrease in due from brokers\n\n \n\n \n\n16,799\n\n \n\n \n\n \n\n(426,517\n\n)\n\n(Increase)/decrease in interest receivable\n\n \n\n \n\n12,033\n\n \n\n \n\n \n\n13,125\n\n \n\n(Increase)/decrease in net premiums paid on credit default swap agreements\n\n \n\n \n\n11,358,542\n\n \n\n \n\n \n\n5,806,402\n\n \n\nIncrease/(decrease) in net premiums received on credit default swap agreements\n\n \n\n \n\n885,399\n\n \n\n \n\n \n\n(881,742\n\n)\n\nIncrease/(decrease) in collateral balances – due to broker\n\n \n\n \n\n(6,542,266\n\n)\n\n \n\n \n\n1,608,418\n\n \n\nIncrease/(decrease) in accrued expenses and other liabilities\n\n \n\n \n\n22,648\n\n \n\n \n\n \n\n103,204\n\n \n\nNet cash provided by/(used in) operating activities\n\n \n\n \n\n(7,178,561\n\n)\n\n \n\n \n\n8,728,315\n\n \n\nCASH FLOWS FROM FINANCING ACTIVITIES:\n\n \n\n \n\n \n\n \n\n \n\n \n\nProceeds from subscriptions\n\n \n\n \n\n599,999\n\n \n\n \n\n \n\n530,000\n\n \n\nPayments on redemptions (net of change in redemptions payable)\n\n \n\n \n\n(11,858,418\n\n)\n\n \n\n \n\n(6,440,196\n\n)\n\nNet cash provided by/(used in) financing activities\n\n \n\n \n\n(11,258,419\n\n)\n\n \n\n \n\n(5,910,196\n\n)\n\nNET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH\n\n \n\n \n\n(18,436,980\n\n)\n\n \n\n \n\n2,818,119\n\n \n\nCASH AND CASH EQUIVALENTS AND RESTRICTED CASH - Beginning of the period\n\n \n\n \n\n43,392,651\n\n \n\n \n\n \n\n36,618,643\n\n \n\nCASH AND CASH EQUIVALENTS AND RESTRICTED CASH - End of the period\n\n \n\n$\n\n24,955,671\n\n \n\n \n\n$\n\n39,436,762\n\n \n\nSUPPLEMENTAL DISCLOSURE OF CASH ACTIVITY:\n\n \n\n \n\n \n\n \n\n \n\n \n\nCash paid for interest during the period\n\n \n\n$\n\n67,199\n\n \n\n \n\n$\n\n93,604\n\n \n\n \n\nSee notes to financial statements.\n\n16\n\n \n\nMAN-AHL DIVERSIFIED TRADING COMPANY L.P.\n\n(A Delaware Limited Partnership)\n\nNOTES TO FINANCIAL STATEMENTS (UNAUDITED)\n\nThe 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.\n\n# 1. ORGANIZATION OF THE TRADING COMPANY\n\nMan-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.\n\nThe 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.\n\nAHL 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.\n\nMan 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.\n\nThe Bank of New York Mellon serves as the administrator to the Trading Company.\n\n# 2. SIGNIFICANT ACCOUNTING POLICIES\n\nThe 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.\n\nUse 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.\n\nDue 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.\n\nRestricted 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.\n\n \n\nThe amount of cash and cash equivalents and restricted cash is described in the table below:\n\n \n\n \n\n \n\nMarch 31, 2026\n\n \n\n \n\nDecember 31, 2025\n\n \n\n \n\nMarch 31, 2025\n\n \n\nAs 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:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCash and cash equivalents\n\n \n\n$\n\n9,010,063\n\n \n\n \n\n$\n\n13,134,376\n\n \n\n \n\n$\n\n5,631,030\n\n \n\nRestricted cash\n\n \n\n \n\n15,945,608\n\n \n\n \n\n \n\n30,258,275\n\n \n\n \n\n \n\n33,805,732\n\n \n\nTotal cash and cash equivalents and restricted cash\n\n \n\n$\n\n24,955,671\n\n \n\n \n\n$\n\n43,392,651\n\n \n\n \n\n$\n\n39,436,762\n\n \n\n \n\n17\n\n \n\nDue 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.\n\nRevenue recognition — Income and expenses are recognized on an accrual basis in the period in which they are incurred.\n\nRealized 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.\n\nPremiums and discounts on debt securities are amortized using the effective interest method and included within interest income in the Statements of Operations.\n\nDerivative 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.\n\nForeign 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.\n\nCash 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.\n\nInvestments 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.\n\nIncome 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.\n\nNet 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.\n\nOther 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.\n\nComparative Information — Certain prior year/period figures in the financial statements have been reclassified to conform with the current period presentation.\n\n18\n\n \n\n# 3. LIMITED PARTNERSHIP AGREEMENT\n\nThe 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.\n\nDistributions (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.\n\nPartner 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.\n\n# 4. FAIR VALUE MEASUREMENTS\n\nThe 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.\n\nThe inputs used to determine the fair value of the Trading Company’s investments are summarized in the three broad levels listed below:\n\n•\nLevel 1 — quoted prices in active markets for identical assets or liabilities\n\n•\nLevel 2 — investments with significant market observable inputs\n\n•\nLevel 3 — investments with significant unobservable inputs, which may include the Trading Company’s own assumptions in determining the fair value of investments\n\nFutures 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:\n\n \n\n \n\nFair Value Measurements *\n\n \n\nInvestments\n\n \n\nAs at\nMarch 31, 2026\n\n \n\n \n\nLevel 1\n\n \n\n \n\nLevel 2\n\n \n\n \n\nLevel 3\n\n \n\nAssets\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTreasury bills\n\n \n\n$\n\n121,183,159\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n121,183,159\n\n \n\n \n\n$\n\n-\n\n \n\nFutures contracts\n\n \n\n \n\n4,779,429\n\n \n\n \n\n \n\n4,779,429\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nForward contracts\n\n \n\n \n\n9,333,817\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n9,333,817\n\n \n\n \n\n \n\n-\n\n \n\nSwap agreements**\n\n \n\n \n\n62,607\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n62,607\n\n \n\n \n\n \n\n-\n\n \n\nTotal Assets\n\n \n\n \n\n135,359,012\n\n \n\n \n\n \n\n4,779,429\n\n \n\n \n\n \n\n130,579,583\n\n \n\n \n\n \n\n-\n\n \n\nLiabilities\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nFutures contracts\n\n \n\n \n\n(1,384,363\n\n)\n\n \n\n \n\n(1,384,363\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nForward contracts\n\n \n\n \n\n(8,657,877\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(8,657,877\n\n)\n\n \n\n \n\n-\n\n \n\nSwap agreements**\n\n \n\n \n\n(82,995\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(82,995\n\n)\n\n \n\n \n\n-\n\n \n\nTotal Liabilities\n\n \n\n \n\n(10,125,235\n\n)\n\n \n\n \n\n(1,384,363\n\n)\n\n \n\n \n\n(8,740,872\n\n)\n\n \n\n \n\n-\n\n \n\nNet Fair Value\n\n \n\n$\n\n125,233,777\n\n \n\n \n\n$\n\n3,395,066\n\n \n\n \n\n$\n\n121,838,711\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n19\n\n \n\n \n\nFair Value Measurements *\n\n \n\nInvestments\n\n \n\nAs at\nDecember 31, 2025\n\n \n\n \n\nLevel 1\n\n \n\n \n\nLevel 2\n\n \n\n \n\nLevel 3\n\n \n\nAssets\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTreasury bills\n\n \n\n$\n\n89,597,699\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n89,597,699\n\n \n\n \n\n$\n\n-\n\n \n\nFutures contracts\n\n \n\n \n\n5,408,798\n\n \n\n \n\n \n\n5,408,798\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nForward contracts\n\n \n\n \n\n8,468,234\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n8,468,234\n\n \n\n \n\n \n\n-\n\n \n\nSwap agreements**\n\n \n\n \n\n348,240\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n348,240\n\n \n\n \n\n \n\n-\n\n \n\nTotal Assets\n\n \n\n \n\n103,822,971\n\n \n\n \n\n \n\n5,408,798\n\n \n\n \n\n \n\n98,414,173\n\n \n\n \n\n \n\n-\n\n \n\nLiabilities\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nFutures contracts\n\n \n\n \n\n(1,585,982\n\n)\n\n \n\n \n\n(1,585,982\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nForward contracts\n\n \n\n \n\n(3,569,661\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n(3,569,661\n\n)\n\n \n\n \n\n-\n\n \n\nTotal Liabilities\n\n \n\n \n\n(5,155,643\n\n)\n\n \n\n \n\n(1,585,982\n\n)\n\n \n\n \n\n(3,569,661\n\n)\n\n \n\n-\n\n \n\nNet Fair Value\n\n \n\n$\n\n98,667,328\n\n \n\n \n\n$\n\n3,822,816\n\n \n\n \n\n$\n\n94,844,512\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n* 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.\n\n** 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.\n\nThe 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.\n\n5. DERIVATIVE FINANCIAL INSTRUMENTS AND CONCENTRATIONS OF CREDIT RISK\n\nThe 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.\n\nAll 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.\n\nFutures 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.\n\nInterest 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.\n\nThe 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.\n\n20\n\n \n\nThe 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.\n\nThese 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.\n\nSwap 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.\n\nAs 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:\n\n \n\n \n\n \n\nFair Value and Notional Amounts by Contract Term\n\n \n\n \n\nMarch 31, 2026\n\n \n\n \n\nDecember 31, 2025\n\n \n\n \n\n1-5 years\n\n \n\n \n\n1-5 years\n\n \n\nCredit spread (in basis points)\n\n \n\nFair Value\n\n \n\n \n\nNotional\nAmount\n\n \n\n \n\nFair Value\n\n \n\n \n\nNotional\nAmount\n\n \n\n0-100\n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n138,199\n\n \n\n \n\n$\n\n244,272,000\n\n \n\n101-250\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n144,195\n\n \n\n \n\n \n\n35,256,000\n\n \n\n251-350\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n65,846\n\n \n\n \n\n \n\n30,000,000\n\n \n\n351-450\n\n \n\n \n\n38,036\n\n \n\n \n\n \n\n5,000,000\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n451+\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nTotal\n\n \n\n$\n\n38,036\n\n \n\n \n\n$\n\n5,000,000\n\n \n\n \n\n$\n\n348,240\n\n \n\n \n\n$\n\n309,528,000\n\n \n\n \n\nThe notional amount represents the maximum potential pay out that the Trading Company could be required to make if a credit event were to occur under each agreement. The maximum payout amount may be offset by the subsequent sale, if any, of assets obtained via the execution of a payout event, upfront fees received upon entering into the contracts, or net amounts received from the settlement of offsetting purchased protection in credit default swap contracts entered into by the Trading Company for the same reference entity or entities. As at March 31, 2026 and December 31, 2025, all credit default swap contracts entered into by the Trading Company are on indices. The credit spread is generally indicative of the status of the underlying risk of default by the applicable reference entity or index and is likely to be different than the contractual spread on the credit default swap. Higher credit spreads are indicative of a higher likelihood of non-performance by the underlying reference entity.\n\nDuring the three months ended March 31, 2026 and 2025, the Trading Company traded the following derivative contracts:\n\n \n\n \n\n \n\nFor the three months ended March 31,\n\n \n\nNumber of contracts traded/settled\n\n \n\n2026\n\n \n\n \n\n2025\n\n \n\nExchange-traded futures contracts\n\n \n\n \n\n24,687\n\n \n\n \n\n \n\n28,553\n\n \n\nForward contracts\n\n \n\n \n\n23,719\n\n \n\n \n\n \n\n26,197\n\n \n\nSwap agreements\n\n \n\n \n\n216\n\n \n\n \n\n \n\n339\n\n \n\n \n\nAs at March 31, 2026 and December 31, 2025, the gross notional value of open derivatives contracts is as follows:\n\n \n\nGross notional value of open contracts\n\n \n\nMarch 31, 2026\n\n \n\n \n\nDecember 31, 2025\n\n \n\nExchange-traded futures contracts\n\n \n\n$\n\n1,010,343,605\n\n \n\n \n\n$\n\n1,972,977,407\n\n \n\nCommodity forwards\n\n \n\n$\n\n103\n\n \n\n \n\n$\n\n225\n\n \n\nForward contracts\n\n \n\n$\n\n1,034,209,961\n\n \n\n \n\n$\n\n892,459,991\n\n \n\nSwap agreements\n\n \n\n$\n\n41,558,500\n\n \n\n \n\n$\n\n309,528,000\n\n \n\n \n\nThe 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.\n\n21\n\n \n\nThe 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.\n\nFor 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.\n\nAs at March 31, 2026 and December 31, 2025, all credit default swaps held by the Trading Company are centrally cleared swaps.\n\nThe following table presents the fair value of the Trading Company’s derivative instruments:\n\n \n\n \n\n \n\nMarch 31, 2026\n\n \n\n \n\n \n\nAsset Derivatives\n\n \n\n \n\nLiability Derivatives\n\n \n\nPrimary Risk Exposure\n\n \n\nStatements of Financial Condition*\n\n \n\nFair Value\n\n \n\n \n\nStatements of Financial Condition*\n\n \n\nFair Value\n\n \n\nOpen forward contracts\n   Currencies\n\n \n\nGross unrealized trading appreciation on open forward contracts\n\n \n\n$\n\n8,433,441\n\n \n\n \n\nGross unrealized trading depreciation on open forward contracts\n\n \n\n$\n\n(8,415,374\n\n)\n\nMetals\n\n \n\n \n\n \n\n \n\n900,376\n\n \n\n \n\n \n\n \n\n \n\n(242,503\n\n)\n\nTotal open forward\n   contracts\n\n \n\n \n\n \n\n \n\n9,333,817\n\n \n\n \n\n \n\n \n\n \n\n(8,657,877\n\n)\n\nOpen futures contracts\n   Agricultural\n\n \n\nGross unrealized trading appreciation on open futures contracts\n\n \n\n \n\n1,401,123\n\n \n\n \n\nGross unrealized trading depreciation on open futures contracts\n\n \n\n \n\n(381,904\n\n)\n\nCurrencies\n\n \n\n \n\n \n\n \n\n40,803\n\n \n\n \n\n \n\n \n\n \n\n-\n\n \n\nEnergy\n\n \n\n \n\n \n\n \n\n888,813\n\n \n\n \n\n \n\n \n\n \n\n(250,778\n\n)\n\nIndices\n\n \n\n \n\n \n\n \n\n158,992\n\n \n\n \n\n \n\n \n\n \n\n(525,607\n\n)\n\nInterest rates\n\n \n\n \n\n \n\n \n\n2,199,963\n\n \n\n \n\n \n\n \n\n \n\n(127,881\n\n)\n\nMetals\n\n \n\n \n\n \n\n \n\n89,735\n\n \n\n \n\n \n\n \n\n \n\n(98,193\n\n)\n\nTotal open futures contracts\n\n \n\n \n\n \n\n \n\n4,779,429\n\n \n\n \n\n \n\n \n\n \n\n(1,384,363\n\n)\n\nOpen swap agreements\n   Credit\n\n \n\nGross unrealized trading appreciation on open swap agreements\n\n \n\n \n\n62,607\n\n \n\n \n\nGross unrealized trading depreciation on open swap agreements\n\n \n\n \n\n(82,995\n\n)\n\nTotal open swap agreements\n\n \n\n \n\n \n\n \n\n62,607\n\n \n\n \n\n \n\n \n\n \n\n(82,995\n\n)\n\nTotal Derivatives\n\n \n\n \n\n \n\n$\n\n14,175,853\n\n \n\n \n\n \n\n \n\n$\n\n(10,125,235\n\n)\n\n \n\n22\n\n \n\n \n\n \n\nDecember 31, 2025\n\n \n\n \n\n \n\nAsset Derivatives\n\n \n\n \n\nLiability Derivatives\n\n \n\nPrimary Risk Exposure\n\n \n\nStatements of Financial Condition*\n\n \n\nFair Value\n\n \n\n \n\nStatements of Financial Condition*\n\n \n\nFair Value\n\n \n\nOpen forward contracts\n   Currencies\n\n \n\nGross unrealized trading appreciation on open forward contracts\n\n \n\n$\n\n6,911,154\n\n \n\n \n\nGross unrealized trading depreciation on open forward contracts\n\n \n\n$\n\n(3,489,653\n\n)\n\nMetals\n\n \n\n \n\n \n\n \n\n1,557,080\n\n \n\n \n\n \n\n \n\n \n\n(80,008\n\n)\n\nTotal open forward\n   contracts\n\n \n\n \n\n \n\n \n\n8,468,234\n\n \n\n \n\n \n\n \n\n \n\n(3,569,661\n\n)\n\nOpen futures contracts\n   Agricultural\n\n \n\nGross unrealized trading appreciation on open futures contracts\n\n \n\n \n\n1,210,182\n\n \n\n \n\nGross unrealized trading depreciation on open futures contracts\n\n \n\n \n\n(639,874\n\n)\n\nCurrencies\n\n \n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n \n\n \n\n(6,157\n\n)\n\nEnergy\n\n \n\n \n\n \n\n \n\n462,866\n\n \n\n \n\n \n\n \n\n \n\n(257,484\n\n)\n\nIndices\n\n \n\n \n\n \n\n \n\n1,372,584\n\n \n\n \n\n \n\n \n\n \n\n(317,730\n\n)\n\nInterest rates\n\n \n\n \n\n \n\n \n\n919,410\n\n \n\n \n\n \n\n \n\n \n\n(364,737\n\n)\n\nMetals\n\n \n\n \n\n \n\n \n\n1,443,756\n\n \n\n \n\n \n\n \n\n \n\n-\n\n \n\nTotal open futures contracts\n\n \n\n \n\n \n\n \n\n5,408,798\n\n \n\n \n\n \n\n \n\n \n\n(1,585,982\n\n)\n\nOpen swap agreements\n   Credit\n\n \n\nGross unrealized trading appreciation on open swap agreements\n\n \n\n \n\n348,240\n\n \n\n \n\nGross unrealized trading depreciation on open swap agreements\n\n \n\n \n\n-\n\n \n\nTotal open swap agreements\n\n \n\n \n\n \n\n \n\n348,240\n\n \n\n \n\n \n\n \n\n \n\n-\n\n \n\nTotal Derivatives\n\n \n\n \n\n \n\n$\n\n14,225,272\n\n \n\n \n\n \n\n \n\n$\n\n(5,155,643\n\n)\n\n \n\n* Net cumulative unrealized appreciation/(depreciation) on futures contracts, forward contracts and centrally cleared swaps respectively, are reported in the Statements of Financial Condition.\n\nThe following table presents the impact of derivative instruments in the Statements of Operations:\n\n \n\n \n\nFor the three months ended March 31,\n\n \n\n \n\n \n\n2026\n\n \n\n \n\n2025\n\n \n\n \n\nGain/(Loss) on\n\n \n\n \n\nGain/(Loss) on\n\n \n\nLocation of gain or loss recognized in income on derivatives\n\n \n\nderivatives*\n\n \n\n \n\nderivatives*\n\n \n\nForward contracts\n\n \n\n \n\n \n\n \n\n \n\n \n\nCurrencies\n\n \n\n$\n\n7,347,490\n\n \n\n \n\n$\n\n4,890,792\n\n \n\nMetals\n\n \n\n \n\n2,147,148\n\n \n\n \n\n \n\n(118,115\n\n)\n\nNet realized trading gains/(losses) on closed contracts/agreements\n\n \n\n$\n\n9,494,638\n\n \n\n \n\n$\n\n4,772,677\n\n \n\nCurrencies\n\n \n\n$\n\n(3,403,434\n\n)\n\n \n\n$\n\n(13,164,454\n\n)\n\nMetals\n\n \n\n \n\n(819,199\n\n)\n\n \n\n \n\n(706,213\n\n)\n\nNet change in unrealized trading appreciation/(depreciation) on open\n   contracts/agreements\n\n \n\n$\n\n(4,222,633\n\n)\n\n \n\n$\n\n(13,870,667\n\n)\n\nFutures contracts\n\n \n\n \n\n \n\n \n\n \n\n \n\nAgricultural\n\n \n\n$\n\n(490,952\n\n)\n\n \n\n$\n\n54,224\n\n \n\nCurrencies\n\n \n\n \n\n(151,455\n\n)\n\n \n\n \n\n(87,214\n\n)\n\nEnergy\n\n \n\n \n\n5,912,486\n\n \n\n \n\n \n\n(1,729,796\n\n)\n\nIndices\n\n \n\n \n\n2,593,809\n\n \n\n \n\n \n\n1,258,556\n\n \n\nInterest rates\n\n \n\n \n\n(2,240,284\n\n)\n\n \n\n \n\n(4,464,614\n\n)\n\nMetals\n\n \n\n \n\n3,360,468\n\n \n\n \n\n \n\n1,478,518\n\n \n\nNet realized trading gains/(losses) on closed contracts/agreements\n\n \n\n$\n\n8,984,072\n\n \n\n \n\n$\n\n(3,490,326\n\n)\n\nAgricultural\n\n \n\n$\n\n448,911\n\n \n\n \n\n$\n\n(950,312\n\n)\n\nCurrencies\n\n \n\n \n\n46,960\n\n \n\n \n\n \n\n(240,598\n\n)\n\nEnergy\n\n \n\n \n\n432,653\n\n \n\n \n\n \n\n(643,057\n\n)\n\nIndices\n\n \n\n \n\n(1,421,469\n\n)\n\n \n\n \n\n(661,972\n\n)\n\nInterest rates\n\n \n\n \n\n1,517,409\n\n \n\n \n\n \n\n(711,405\n\n)\n\nMetals\n\n \n\n \n\n(1,452,214\n\n)\n\n \n\n \n\n1,069,885\n\n \n\nNet change in unrealized trading appreciation/(depreciation) on open\n   contracts/agreements\n\n \n\n$\n\n(427,750\n\n)\n\n \n\n$\n\n(2,137,459\n\n)\n\nSwap agreements\n\n \n\n \n\n \n\n \n\n \n\n \n\nCredit default swaps\n\n \n\n$\n\n(741,190\n\n)\n\n \n\n$\n\n(843,368\n\n)\n\nNet realized trading gains/(losses) on closed contracts/agreements\n\n \n\n$\n\n(741,190\n\n)\n\n \n\n$\n\n(843,368\n\n)\n\nCredit default swaps\n\n \n\n$\n\n(368,628\n\n)\n\n \n\n$\n\n510,899\n\n \n\nNet change in unrealized trading appreciation/(depreciation) on open\n   contracts/agreements\n\n \n\n$\n\n(368,628\n\n)\n\n \n\n$\n\n510,899\n\n \n\n \n\n*Amounts in the table above exclude foreign exchange spot contracts.\n\n23\n\n \n\nAs described above, the Trading Company may enter into netting agreements with its derivative contract counterparties whereby the Trading Company may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. As at March 31, 2026 and December 31, 2025, the Trading Company was subject to netting agreements that allowed for amounts owed between the Trading Company and its counterparty to be netted. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The netting agreements do not apply to amounts owed to or from different counterparties.\n\nThe following table provides additional disclosures regarding the offsetting of derivative assets presented in the Statements of Financial Condition:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nGross Amounts Not Offset in\nthe Statements of Financial\nCondition\n\n \n\n \n\n \n\n \n\n \n\n \n\nGross Amounts\nof Recognized\nAssets\n\n \n\n \n\nGross Amount\nOffset in the\nStatements of\nFinancial\nCondition\n\n \n\n \n\nNet Amounts of\nAssets presented\nin the\nStatements of\nFinancial\nCondition\n\n \n\n \n\nFinancial\nInstruments\n\n \n\n \n\nCash\nCollateral\nReceived\n\n \n\n \n\nNet Amount\n\n \n\nAs at March 31, 2026\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nOpen futures contracts\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBank of America Merrill Lynch\n\n \n\n$\n\n2,137,732\n\n \n\n \n\n$\n\n(720,107\n\n)\n\n \n\n$\n\n1,417,625\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n1,417,625\n\n \n\nGoldman Sachs\n\n \n\n \n\n833,911\n\n \n\n \n\n \n\n(151,551\n\n)\n\n \n\n \n\n682,360\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(626,208\n\n)\n\n \n\n \n\n56,152\n\n \n\nJ.P. Morgan Chase\n\n \n\n \n\n1,807,786\n\n \n\n \n\n \n\n(512,705\n\n)\n\n \n\n \n\n1,295,081\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(12,483\n\n)\n\n \n\n \n\n1,282,598\n\n \n\nTotal Open futures contracts\n\n \n\n$\n\n4,779,429\n\n \n\n \n\n$\n\n(1,384,363\n\n)\n\n \n\n$\n\n3,395,066\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n(638,691\n\n)\n\n \n\n$\n\n2,756,375\n\n \n\nOpen forward contracts\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBNP Paribas\n\n \n\n$\n\n1,123,174\n\n \n\n \n\n$\n\n(73,066\n\n)\n\n \n\n$\n\n1,050,108\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n1,050,108\n\n \n\nBNY Mellon\n\n \n\n \n\n3,570\n\n \n\n \n\n \n\n(3,570\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nCitigroup\n\n \n\n \n\n1,634,151\n\n \n\n \n\n \n\n(1,634,151\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nHSBC\n\n \n\n \n\n4,796,223\n\n \n\n \n\n \n\n(4,796,223\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nJ.P. Morgan Chase\n\n \n\n \n\n900,376\n\n \n\n \n\n \n\n(242,503\n\n)\n\n \n\n \n\n657,873\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n657,873\n\n \n\nNatwest\n   f/k/a Royal Bank of Scotland\n\n \n\n \n\n876,323\n\n \n\n \n\n \n\n(876,323\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nTotal Open forward contracts\n\n \n\n$\n\n9,333,817\n\n \n\n \n\n$\n\n(7,625,836\n\n)\n\n \n\n$\n\n1,707,981\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n1,707,981\n\n \n\nOpen swap agreements\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nGoldman Sachs\n\n \n\n$\n\n5,927\n\n \n\n \n\n$\n\n(5,927\n\n)\n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\nJ.P.Morgan Chase\n\n \n\n \n\n56,680\n\n \n\n \n\n \n\n(42,467\n\n)\n\n \n\n \n\n14,213\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n14,213\n\n \n\nTotal Open swap agreements\n\n \n\n$\n\n62,607\n\n \n\n \n\n$\n\n(48,394\n\n)\n\n \n\n$\n\n14,213\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n14,213\n\n \n\nAs at December 31, 2025\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nOpen futures contracts\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBank of America Merrill Lynch\n\n \n\n$\n\n3,046,528\n\n \n\n \n\n$\n\n(784,959\n\n)\n\n \n\n$\n\n2,261,569\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n2,261,569\n\n \n\nGoldman Sachs\n\n \n\n \n\n1,402,398\n\n \n\n \n\n \n\n(68,823\n\n)\n\n \n\n \n\n1,333,575\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(746,752\n\n)\n\n \n\n \n\n586,823\n\n \n\nJ.P. Morgan Chase\n\n \n\n \n\n959,872\n\n \n\n \n\n \n\n(732,200\n\n)\n\n \n\n \n\n227,672\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(14,701\n\n)\n\n \n\n \n\n212,971\n\n \n\nTotal Open futures contracts\n\n \n\n$\n\n5,408,798\n\n \n\n \n\n$\n\n(1,585,982\n\n)\n\n \n\n$\n\n3,822,816\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n(761,453\n\n)\n\n \n\n$\n\n3,061,363\n\n \n\nOpen forward contracts\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBNP Paribas\n\n \n\n$\n\n745,598\n\n \n\n \n\n$\n\n(181,299\n\n)\n\n \n\n$\n\n564,299\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n564,299\n\n \n\nBNY Mellon\n\n \n\n \n\n1,339\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n1,339\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n1,339\n\n \n\nCitigroup\n\n \n\n \n\n1,641,721\n\n \n\n \n\n \n\n(778,825\n\n)\n\n \n\n \n\n862,896\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n862,896\n\n \n\nHSBC\n\n \n\n \n\n2,713,002\n\n \n\n \n\n \n\n(1,873,431\n\n)\n\n \n\n \n\n839,571\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n839,571\n\n \n\nJ.P. Morgan Chase\n\n \n\n \n\n1,557,080\n\n \n\n \n\n \n\n(80,008\n\n)\n\n \n\n \n\n1,477,072\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n1,477,072\n\n \n\nNatwest\n   f/k/a Royal Bank of Scotland\n\n \n\n \n\n1,809,494\n\n \n\n \n\n \n\n(656,098\n\n)\n\n \n\n \n\n1,153,396\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n1,153,396\n\n \n\nTotal Open forward contracts\n\n \n\n$\n\n8,468,234\n\n \n\n \n\n$\n\n(3,569,661\n\n)\n\n \n\n$\n\n4,898,573\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n4,898,573\n\n \n\nOpen swap agreements\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBarclays\n\n \n\n$\n\n44,084\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n44,084\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n44,084\n\n \n\nGoldman Sachs\n\n \n\n$\n\n238,310\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n238,310\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(238,310\n\n)\n\n \n\n \n\n-\n\n \n\nJ.P.Morgan Chase\n\n \n\n \n\n65,846\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n65,846\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n(10,009\n\n)\n\n \n\n \n\n55,837\n\n \n\nTotal Open swap agreements\n\n \n\n$\n\n348,240\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n348,240\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n(248,319\n\n)\n\n \n\n$\n\n99,921\n\n \n\n \n\n24\n\n \n\nThe following table provides additional disclosures regarding the offsetting of derivative liabilities presented in the Statements of Financial Condition:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nGross Amounts Not Offset in\nthe Statements of Financial\nCondition\n\n \n\n \n\n \n\n \n\n \n\n \n\nGross Amounts\nof Recognized\nLiabilities\n\n \n\n \n\nGross Amount\nOffset in the\nStatements of\nFinancial\nCondition\n\n \n\n \n\nNet Amounts of\nLiabilities\nPresented in the\nStatements of\nFinancial\nCondition\n\n \n\n \n\nFinancial\nInstruments\n\n \n\n \n\nCash\nCollateral\nPledged\n\n \n\n \n\nNet Amount\n\n \n\nAs at March 31, 2026\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nOpen futures contracts\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBank of America Merrill Lynch\n\n \n\n$\n\n720,107\n\n \n\n \n\n$\n\n(720,107\n\n)\n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\nGoldman Sachs\n\n \n\n \n\n151,551\n\n \n\n \n\n \n\n(151,551\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nJ.P. Morgan Chase\n\n \n\n \n\n512,705\n\n \n\n \n\n \n\n(512,705\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nTotal Open futures contracts\n\n \n\n$\n\n1,384,363\n\n \n\n \n\n$\n\n(1,384,363\n\n)\n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\nOpen forward contracts\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBNP Paribas\n\n \n\n$\n\n73,066\n\n \n\n \n\n$\n\n(73,066\n\n)\n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\nBNY Mellon\n\n \n\n \n\n7,378\n\n \n\n \n\n \n\n(3,570\n\n)\n\n \n\n \n\n3,808\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n3,808\n\n \n\n \n\n \n\n-\n\n \n\nCitigroup\n\n \n\n \n\n1,664,609\n\n \n\n \n\n \n\n(1,634,151\n\n)\n\n \n\n \n\n30,458\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n30,458\n\n \n\n \n\n \n\n-\n\n \n\nHSBC\n\n \n\n \n\n5,025,411\n\n \n\n \n\n \n\n(4,796,223\n\n)\n\n \n\n \n\n229,188\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n229,188\n\n \n\n \n\n \n\n-\n\n \n\nJ.P. Morgan Chase\n\n \n\n \n\n242,503\n\n \n\n \n\n \n\n(242,503\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nNatwest\n   f/k/a Royal Bank of Scotland\n\n \n\n \n\n1,644,910\n\n \n\n \n\n \n\n(876,323\n\n)\n\n \n\n \n\n768,587\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n768,587\n\n \n\n \n\n \n\n-\n\n \n\nTotal Open forward contracts\n\n \n\n$\n\n8,657,877\n\n \n\n \n\n$\n\n(7,625,836\n\n)\n\n \n\n$\n\n1,032,041\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n1,032,041\n\n \n\n \n\n$\n\n-\n\n \n\nOpen swap agreements\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBarclays\n\n \n\n$\n\n29,024\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n29,024\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n29,024\n\n \n\n \n\n$\n\n-\n\n \n\nGoldman Sachs\n\n \n\n \n\n11,504\n\n \n\n \n\n \n\n(5,927\n\n)\n\n \n\n \n\n5,577\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n5,577\n\n \n\n \n\n \n\n-\n\n \n\nJ.P. Morgan Chase\n\n \n\n \n\n42,467\n\n \n\n \n\n \n\n(42,467\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nTotal Open swap agreements\n\n \n\n$\n\n82,995\n\n \n\n \n\n$\n\n(48,394\n\n)\n\n \n\n$\n\n34,601\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n34,601\n\n \n\n \n\n$\n\n-\n\n \n\nAs at December 31, 2025\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nOpen futures contracts\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBank of America Merrill Lynch\n\n \n\n$\n\n784,959\n\n \n\n \n\n$\n\n(784,959\n\n)\n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\nGoldman Sachs\n\n \n\n \n\n68,823\n\n \n\n \n\n \n\n(68,823\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nJ.P. Morgan Chase\n\n \n\n \n\n732,200\n\n \n\n \n\n \n\n(732,200\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nTotal Open futures contracts\n\n \n\n$\n\n1,585,982\n\n \n\n \n\n$\n\n(1,585,982\n\n)\n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\nOpen forward contracts\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBNP Paribas\n\n \n\n$\n\n181,299\n\n \n\n \n\n$\n\n(181,299\n\n)\n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\nCitigroup\n\n \n\n \n\n778,825\n\n \n\n \n\n \n\n(778,825\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nHSBC\n\n \n\n \n\n1,873,431\n\n \n\n \n\n \n\n(1,873,431\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nJ.P. Morgan Chase\n\n \n\n \n\n80,008\n\n \n\n \n\n \n\n(80,008\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nNatwest\n   f/k/a Royal Bank of Scotland\n\n \n\n \n\n656,098\n\n \n\n \n\n \n\n(656,098\n\n)\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\nTotal Open forward contracts\n\n \n\n$\n\n3,569,661\n\n \n\n \n\n$\n\n(3,569,661\n\n)\n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\n$\n\n-\n\n \n\n \n\nOnly the amount of the collateral up to the net amount of liabilities presented in the Statements of Financial Condition is disclosed above.\n\n# 6. FINANCIAL GUARANTEES\n\nThe 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.\n\n25\n\n \n\n7. FINANCIAL HIGHLIGHTS\n\nThe following represents the ratios to average partners’ capital and other information for the three month periods ended March 31, 2026 and 2025:\n\n \n\n \n\n \n\nFor the three months ended March 31,\n\n \n\n \n\n \n\n2026\n\n \n\n \n\n2025\n\n \n\nPer unit operating performance:\n\n \n\n \n\n \n\n \n\n \n\n \n\nBeginning net asset value\n\n \n\n$\n\n31,843.46\n\n \n\n \n\n$\n\n28,670.91\n\n \n\nIncome/(loss) from investment operations:\n\n \n\n \n\n \n\n \n\n \n\n \n\nNet investment income/(loss)\n\n \n\n \n\n246.52\n\n \n\n \n\n \n\n212.66\n\n \n\nNet realized gains/(losses) and change in unrealized appreciation/(depreciation)\n   on trading activities and translation of foreign currency\n\n \n\n \n\n2,845.96\n\n \n\n \n\n \n\n(2,506.58\n\n)\n\nTotal income/(loss) from investment operations\n\n \n\n \n\n3,092.48\n\n \n\n \n\n \n\n(2,293.92\n\n)\n\nEnding net asset value\n\n \n\n$\n\n34,935.94\n\n \n\n \n\n$\n\n26,376.99\n\n \n\nRatios to average partners' capital: (1)\n\n \n\n \n\n \n\n \n\n \n\n \n\nExpenses\n\n \n\n \n\n0.71\n\n%\n\n \n\n \n\n0.84\n\n%\n\nNet investment income/(loss)\n\n \n\n \n\n2.87\n\n%\n\n \n\n \n\n3.08\n\n%\n\nTotal return (2)\n\n \n\n \n\n9.71\n\n%\n\n \n\n \n\n(8.00\n\n)%\n\n \n\n(1)\nRatios have been annualized.\n\n(2)\nTotal return is for the period indicated and has not been annualized.\n\nFinancial 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.\n\n8. SEGMENT REPORTING\n\n \n\nIn accordance with ASC Topic 280 - Segment Reporting (\"ASC 280\"), the Trading Company has determined that it has a single operating and reporting\n\nsegment 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.\n\n9. SUBSEQUENT EVENTS\n\nFor 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.\n\nThe 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.\n\n26"}