Superfund Green 10-Q 2010 Q3 Quarterly report

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended September 30, 2010

OR

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

For the transition period from                    to                    

Commission File number: 000-51634

SUPERFUND GREEN, L.P.

(Exact name of registrant as specified in charter)

Delaware	98-0375395
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
Superfund Office Building P.O. Box 1479 Grand Anse St. George’s, Grenada West Indies	Not applicable
(Address of principal executive offices)	(Zip Code)

(473) 439-2418
(Registrant’s telephone number, including area code)

Not applicable
(Former name, former address and former fiscal year, if changed since last report)

     Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yesþ Noo

     Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yeso Noo

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

Large Accelerated Filero Accelerated Filero Non-Accelerated Filero(Do not check if a smaller reporting company) Smaller Reporting Companyþ

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yeso Noþ

PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
The following unaudited financial statements of Superfund Green, L.P., Superfund Green, L.P. Series A and Superfund Green, L.P. Series B are included in Item 1:
	Page
Unaudited Financial Statements: Superfund Green, L.P.
Statements of Assets and Liabilities as of September 30, 2010 and December 31, 2009		3
Condensed Schedule of Investments as of September 30, 2010		4
Condensed Schedule of Investments as of December 31, 2009		5
Statements of Operations for the Three Months Ended September 30, 2010 and September 30, 2009 and the Nine Months Ended September 30, 2010 and September 30, 2009		6
Statements of Changes in Net Assets for the Nine Months Ended September 30, 2010 and September 30, 2009		7
Statements of Cash Flows for the Nine Months Ended September 30, 2010 and September 30, 2009		8
	Page
Unaudited Financial Statements: Superfund Green, L.P. — Series A
Statements of Assets and Liabilities as of September 30, 2010 and December 31, 2009		9
Condensed Schedule of Investments as of September 30, 2010		10
Condensed Schedule of Investments as of December 31, 2009		11
Statements of Operations for the Three Months Ended September 30, 2010 and September 30, 2009 and the Nine Months Ended September 30, 2010 and September 30, 2009		12
Statements of Changes in Net Assets for the Nine Months Ended September 30, 2010 and September 30, 2009		13
Statements of Cash Flows for the Nine Months Ended September 30, 2010 and September 30, 2009		14
	Page
Unaudited Financial Statements: Superfund Green, L.P. — Series B
Statements of Assets and Liabilities as of September 30, 2010 and December 31, 2009		15
Condensed Schedule of Investments as of September 30, 2010		16
Condensed Schedule of Investments as of December 31, 2009		17
Statements of Operations for the Three Months Ended September 30, 2010 and September 30, 2009 and the Nine Months Ended September 30, 2010 and September 30, 2009		18
Statements of Changes in Net Assets for the Nine Months Ended September 30, 2010 and September 30, 2009		19
Statements of Cash Flows for the Nine Months Ended September 30, 2010 and September 30, 2009		20
Notes to Unaudited Financial Statements Dated September 30, 2010		21-45
EX-31.1
EX-31.2
EX-32.1
EX-32.2

2

SUPERFUND GREEN, L.P.

UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES
as of September 30, 2010 and December 31, 2009

	September 30, 2010		December 31, 2009
ASSETS
U.S. Government securities, at fair value (amortized cost of $35,747,070 and $42,403,057 as of September 30, 2010 and December 31, 2009, respectively)	$	35,747,070	$	42,403,057
Due from brokers		40,212,622		43,238,109
Unrealized appreciation on open forward contracts		1,399,195		696,512
Futures contracts sold		339,032		—
Futures contracts purchased		8,289,304		1,573,761
Cash		1,099,110		642,058
Total assets		87,086,333		88,553,497
LIABILITIES
Unrealized depreciation on open forward contracts		701,938		1,552,248
Futures contracts sold		—		35,632
Subscriptions received in advance		383,995		—
Redemptions payable		1,816,623		1,437,508
Management fees payable		258,040		134,250
Fees payable		350,058		258,016
Total liabilities		3,510,654		3,417,654
NET ASSETS	$	83,575,679	$	85,135,843

See accompanying notes to unaudited financial statements.

3

SUPERFUND GREEN, L.P.

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS
as of September 30, 2010

			Percentage of
	Face Value		Net Assets				Fair Value
Debt Securities United States, at fair value
United States Treasury Bills due November 26, 2010 (amortized cost $35,747,070), securities are held in margin accounts as collateral for open futures and forwards	$	35,755,000		42.8	%		$	35,747,070
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency				1.7				1,399,195
Total unrealized appreciation on forward contracts				1.7				1,399,195
Unrealized depreciation on forward contracts
Currency				(0.8	)			(701,938	)
Total unrealized depreciation on forward contracts				(0.8	)			(701,938	)
Total forward contracts, at fair value				0.9				697,257
Futures Contracts Purchased
Currency				1.9				1,593,812
Energy				1.1				877,256
Financial				0.1				121,435
Food & Fiber				1.5				1,267,087
Indices				0.4				271,199
Livestock				0.0	*			33,160
Metals				4.9				4,125,355
Total futures contracts purchased				9.9				8,289,304
						��
Futures Contracts Sold
Energy				0.7				562,553
Financial				(0.3	)			(247,938	)
Food & Fiber				(0.0)	*			(1,552	)
Indices				0.0	*			25,969
Total futures contracts sold				0.4				339,032
Total futures contracts, at fair value				10.3				8,628,336
Futures and forward contracts by country composition
Australia				0.5	%		$	379,959
Canada				0.1				100,161
European Monetary Union				(0.2	)			(192,446	)
Great Britain				(0.1	)			(56,569	)
Japan				0.9				719,277
United States				8.1				6,759,871
Other				1.9				1,615,340
Total futures and forward contracts by country composition				11.2	%		$	9,325,593

* Due to rounding

See accompanying notes to unaudited financial statements.

4

SUPERFUND GREEN, L.P.

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS
as of December 31, 2009

			Percentage of
	Face Value		Net Assets			Fair Value
Debt Securities United States, at fair value
United States Treasury Bills due February 25, 2010 (amortized cost $42,403,057), securities are held in margin accounts as collateral for open futures and forwards	$	42,405,000		49.8	%	$	42,403,057
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency				0.8			696,512
Total unrealized appreciation on forward contracts				0.8			696,512
Unrealized depreciation on forward contracts
Currency				(1.8	)		(1,552,248	)
Total unrealized depreciation on forward contracts				(1.8	)		(1,552,248	)
Total forward contracts, at fair value				(1.0	)		(855,736	)
Futures contracts, at fair value
Futures contracts purchased
Currency				(0.7	)		(631,137	)
Energy				0.5			464,616
Financial				(0.7	)		(592,735	)
Food & Fiber				1.4			1,206,762
Indices				2.6			2,178,831
Metals				(1.2	)		(1,052,576	)
Total futures contracts purchased				1.8			1,573,761
Futures contracts sold
Energy				(0.1	)		(48,560	)
Financial				0.3			256,733
Food & Fiber				(0.2	)		(146,300	)
Indices				0.0	*		(26,945	)
Livestock				(0.1	)		(70,560	)
Total futures contracts sold				(0.0)	*		(35,632	)
Total futures contracts, at fair value				1.8			1,538,129
Futures and forward contracts by country composition
European Monetary Union				(0.2	)		(166,738	)
Great Britain				0.2			186,129
Japan				0.5			406,969
United States				0.1			48,897
Other				0.2			207,136
Total futures and forward contracts by country composition				0.8	%	$	682,393

* Due to rounding

See accompanying notes to unaudited financial statements.

5

SUPERFUND GREEN, L.P.

UNAUDITED STATEMENTS OF OPERATIONS

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2010			2009			2010			2009
Investment income
Interest income	$	23,837		$	19,208		$	37,078		$	90,968
Total income		23,837			19,208			37,078			90,968
Expenses
Selling commission		886,915			905,795			2,576,725			2,869,698
Brokerage commissions		385,717			635,423			1,739,877			1,556,809
Management fee		377,784			418,930			1,159,321			1,327,235
Ongoing offering expenses		204,209			226,448			626,661			717,424
Operating expenses		30,630			33,968			93,997			107,614
Incentive fee		—			—			—			301,233
Other		4,423			6,705			18,635			32,142
Total expenses		1,889,678			2,227,269			6,215,216			6,912,155
Net investment loss		(1,865,841	)		(2,208,061	)		(6,178,138	)		(6,821,187	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts		2,527,970			(6,032,160	)		(1,708,164	)		(33,832,594	)
Net change in unrealized appreciation on futures and forward contracts		5,930,230			6,013,087			8,643,200			5,170,050
Net gain (loss) on investments		8,458,200			(19,073	)		6,935,036			(28,662,544	)
Net increase (decrease) in net assets from operations	$	6,592,359		$	(2,227,134	)	$	756,898			(35,483,731	)

See accompanying notes to unaudited financial statements.

6

SUPERFUND GREEN, L.P.

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS

	Nine Months Ended
	September 30,
	2010			2009
Increase (decrease) in net assets from operations
Net investment loss	$	(6,178,138	)	$	(6,821,187	)
Net realized loss on futures and forward contracts		(1,708,164	)		(33,832,594	)
Net change in unrealized appreciation on futures and forward contracts		8,643,200			5,170,050
Net increase (decrease) in net assets from operations		756,898			(35,483,731	)
Capital share transactions
Issuance of Units		9,488,927			59,357,017
Redemption of Units		(11,805,989	)		(24,827,770	)
Net increase (decrease) in net assets from capital share transactions		(2,317,062	)		34,529,247
Net decrease in net assets		(1,560,164	)		(954,484	)
Net assets,beginning of period		85,135,843			95,589,385
Net assets,end of period	$	83,575,679		$	94,634,901

See accompanying notes to unaudited financial statements.

7

SUPERFUND GREEN, L.P.

UNAUDITED STATEMENTS OF CASH FLOWS

	Nine Months Ended
	September 30,
	2010			2009
Cash flows from operating activities
Net increase (decrease) in net assets from operations	$	756,898		$	(35,483,731	)
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities:
Changes in operating assets and liabilities:
Purchases of U.S. government securities		(106,579,648	)		(171,104,296	)
Sales and maturities of U.S. government securities		113,265,000			219,800,537
Amortization of discounts and premiums		(29,365	)		78,282
Due from brokers		3,025,487			(38,750,722	)
Due to affiliate		—			(300,000	)
Unrealized appreciation on open forward contracts		(702,683	)		(987,753	)
Futures contracts purchased		(6,715,543	)		(5,681,371	)
Unrealized depreciation on open forward contracts		(850,310	)		824,629
Futures contracts sold		(374,664	)		674,445
Management fees payable		123,790			(6,973	)
Fees payable		92,042			(60,692	)
Net cash provided by (used in) operating activities		2,011,004			(30,997,645	)
Cash flows from financing activities
Subscriptions, net of subscriptions received in advance		9,872,922			59,657,017
Redemptions, net of change in redemptions payable		(11,426,874	)		(28,213,107	)
Net cash provided by (used in) financing activities		(1,553,952	)		31,143,910
Net increase in cash		457,052			146,265
Cash, beginning of period		642,058			1,479,277
Cash, end of period	$	1,099,110		$	1,625,542

See accompanying notes to unaudited financial statements.

8

SUPERFUND GREEN, L.P. — SERIES A

UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES
as of September 30, 2010 and December 31, 2009

	September 30, 2010		December 31, 2009
ASSETS
U.S. Government securities, at fair value (amortized cost of $15,266,612 and $16,019,268 as of September 30, 2010 and December 31, 2009, respectively)	$	15,266,612	$	16,019,268
Due from brokers		17,661,518		17,161,443
Unrealized appreciation on open forward contracts		410,062		187,448
Futures contracts sold		112,623		—
Futures contracts purchased		2,722,211		465,462
Cash		725,642		611,470
Total assets		36,898,668		34,445,091
LIABILITIES
Unrealized depreciation on open forward contracts		184,059		421,267
Futures contracts sold		—		10,673
Subscriptions received in advance		316,495		—
Redemptions payable		887,006		550,221
Management fees payable		109,541		52,511
Payable to Superfund Green, L.P. — Series B		73,411		—
Fees payable		145,242		97,924
Total liabilities		1,715,754		1,132,596
NET ASSETS	$	35,182,914	$	33,312,495
Number of Units		25,696.626		24,594.117
Net asset value per Unit	$	1,369.17	$	1,354.49

See accompanying notes to unaudited financial statements.

9

SUPERFUND GREEN, L.P. — SERIES A

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS
as of September 30, 2010

			Percentage of
	Face Value		Net Assets			Fair Value
Debt Securities United States, at fair value
United States Treasury Bills due November 26, 2010 (amortized cost $15,266,612), securities are held in margin accounts as collateral for open futures and forwards	$	15,270,000		43.4	%	$	15,266,612
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency				1.2			410,062
Total unrealized appreciation on forward contracts				1.2			410,062
Unrealized depreciation on forward contracts
Currency				(0.5	)		(184,059	)
Total unrealized depreciation on forward contracts				(0.5	)		(184,059	)
Total forward contracts, at fair value				0.7			226,003
Futures Contracts Purchased
Currency				1.5			522,863
Energy				0.9			305,947
Financial				0.1			41,423
Food & Fiber				1.1			402,988
Indices				0.3			94,736
Livestock				0.0	*		14,500
Metals				3.8			1,339,754
Total futures contracts purchased				7.7			2,722,211
Futures Contracts Sold
Energy				0.5			186,241
Financial				(0.2	)		(85,008	)
Food & Fiber				0.0	*		1,017
Indices				0.0	*		10,373
Total futures contracts sold				0.3			112,623
Total futures contracts, at fair value				8.0			2,834,834
Futures and forward contracts by country composition
Australia				0.3			122,158
Canada				0.1			29,489
European Monetary Union				(0.2	)		(48,115	)
Great Britain				(0.0	)		(16,647	)
Japan				0.7			235,910
United States				6.3			2,216,196
Other				1.5			521,846
Total futures and forward contracts by country composition				8.7	%	$	3,060,837

* Due to rounding

See accompanying notes to unaudited financial statements.

10

SUPERFUND GREEN, L.P. — SERIES A

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2009

			Percentage of
	Face Value		Net Assets			Fair Value
Debt Securities United States, at fair value
United States Treasury Bills due February 25, 2010 (amortized cost $16,019,268), securities are held in margin accounts as collateral for open futures and forwards	$	16,020,000		48.1	%	$	16,019,268
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency				0.6			187,448
Total unrealized appreciation on forward contracts				0.6			187,448
Unrealized depreciation on forward contracts
Currency				(1.3	)		(421,267	)
Total unrealized depreciation on forward contracts				(1.3	)		(421,267	)
Total forward contracts, at fair value				(0.7	)		(233,819	)
Futures Contracts Purchased
Currency				(0.5	)		(176,595	)
Energy				0.4			132,156
Financial				(0.4	)		(149,774	)
Food & Fiber				1.0			337,999
Indices				1.8			605,471
Metals				(0.9	)		(283,795	)
Total futures contracts purchased				1.4			465,462
Futures Contracts Sold
Energy				(0.0)	*		(12,010	)
Financial				0.2			72,347
Food & Fiber				(0.1	)		(43,025	)
Indices				(0.0)	*		(7,925	)
Livestock				(0.1	)		(20,060	)
Total futures contracts sold				(0.0)	*		(10,673	)
Total futures contracts, at fair value				1.4			454,789
Futures and forward contracts by country composition
European Monetary Union				(0.1	)		(51,393	)
Great Britain				0.2			61,549
Japan				0.3			108,985
United States				0.1			30,577
Other				0.2			71,252
Total futures and forward contracts by country composition				0.7	%	$	220,970

* Due to rounding

See accompanying notes to unaudited financial statements.

11

SUPERFUND GREEN, L.P. — SERIES A

UNAUDITED STATEMENTS OF OPERATIONS

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2010			2009			2010			2009
Investment income
Interest income	$	12,773		$	7,733		$	18,880		$	31,849
Total income		12,773			7,733			18,880			31,849
Expenses
Selling commissions		348,370			340,090			1,042,268			1,044,317
Brokerage commissions		149,258			175,399			562,861			410,850
Management fees		161,115			157,292			482,043			482,997
Ongoing offering expenses		87,089			85,022			260,563			261,079
Operating expenses		13,063			12,754			39,084			39,162
Other		2,513			3,692			9,039			13,118
Total expenses		761,408			774,249			2,395,858			2,251,523
Net investment loss		(748,635	)		(766,516	)		(2,376,978	)		(2,219,674	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts		922,475			(1,572,831	)		(8,433	)		(8,566,923	)
Net change in unrealized appreciation on futures and forward contracts		1,903,438			1,748,399			2,839,867			1,556,367
Net gain (loss) on investments		2,825,913			175,568			2,831,434			(7,010,556	)
Net increase (decrease) in net assets from operations	$	2,077,278		$	(590,948	)	$	454,456		$	(9,230,230	)
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of units outstanding during period)*	$	77.85		$	(25.22	)	$	17.41		$	(436.83	)
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per unit during period)	$	78.88		$	(29.47	)	$	14.68		$	(447.38	)

See accompanying notes to unaudited financial statements.

* Weighted average number of Units outstanding for Series A for the Three Months Ended September 30, 2010 and September 30, 2009: 26,683.81 and 23,434.10, respectively; and for the Nine Months Ended September 30, 2010 and September 30, 2009: 26,099.06 and 21,129.83, respectively.

12

SUPERFUND GREEN, L.P. — SERIES A

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS

	Nine Months Ended
	September 30,
	2010			2009
Increase (decrease) in net assets from operations
Net investment loss	$	(2,376,978	)	$	(2,219,674	)
Net realized loss on futures and forward contracts		(8,433	)		(8,566,923	)
Net change in unrealized appreciation on futures and forward contracts		2,839,867			1,556,367
Net increase (decrease) in net assets from operations		454,456			(9,230,230	)
Capital share transactions
Issuance of Units		6,324,488			20,138,149
Redemption of Units		(4,908,525	)		(10,704,730	)
Net increase in net assets from capital share transactions		1,415,963			9,433,419
Net increase in net assets		1,870,419			203,189
Net assets,beginning of period		33,312,495			34,972,334
Net assets,end of period	$	35,182,914		$	35,175,523
Units,beginning of period		24,594.117			18,098.830
Issuance of Units		4,779.538			11,938.031
Redemption of Units		(3,677.030	)		(6,348.401	)
Units,end of period		25,696.626			23,688.460

See accompanying notes to unaudited financial statements.

13

SUPERFUND GREEN, L.P. — SERIES A

UNAUDITED STATEMENTS OF CASH FLOWS

	Nine Months Ended
	September 30,
	2010			2009
Cash flows from operating activities
Net increase (decrease) in net assets from operations	$	454,456		$	(9,230,230	)
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash used in operating activities:
Changes in operating assets and liabilities:
Purchases of U.S. government securities		(44,745,121	)		(62,907,793	)
Sales and maturities of U.S. government securities		45,510,000			80,158,355
Amortization of discounts and premiums		(12,223	)		27,642
Due from brokers		(500,075	)		(14,637,528	)
Due to affiliate		—			(300,000	)
Unrealized appreciation on open forward contracts		(222,614	)		(270,277	)
Futures contracts purchased		(2,256,749	)		(1,644,681	)
Unrealized depreciation on open forward contracts		(237,208	)		243,065
Futures contracts sold		(123,296	)		115,526
Management fees payable		57,030			(1,865	)
Payable to Superfund Green, L.P. — Series B		73,411			—
Fees payable		47,318			(15,484	)
Net cash used in operating activities		(1,955,071	)		(8,463,270	)
Cash flows from financing activities
Subscriptions, net of subscriptions received in advance		6,640,983			20,138,149
Redemptions, net of change in redemptions payable		(4,571,740	)		(12,129,921	)
Net cash provided by financing activities		2,069,243			8,008,228
Net increase (decrease) in cash		114,172			(455,042	)
Cash, beginning of period		611,470			810,576
Cash, end of period	$	725,642		$	355,534

See accompanying notes to unaudited financial statements.

14

SUPERFUND GREEN, L.P. — SERIES B

UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES
as of September 30, 2010 and December 31, 2009

	September 30, 2010		December 31, 2009
ASSETS
U.S. Government securities, at fair value (amortized cost of $20,480,458 and $26,383,789 as of September 30, 2010, and December 31, 2009, respectively)	$	20,480,458	$	26,383,789
Due from brokers		22,551,104		26,076,666
Unrealized appreciation on open forward contracts		989,133		509,064
Futures contracts sold		226,409		—
Receivable from Superfund Green, L.P. — Series A		73,411		—
Futures contracts purchased		5,567,093		1,108,299
Cash		373,468		30,588
Total assets		50,261,076		54,108,406
LIABILITIES
Unrealized depreciation on open forward contracts		517,879		1,130,981
Futures contracts sold		—		24,959
Subscriptions received in advance		67,500		—
Redemptions payable		929,617		887,287
Management fees payable		148,499		81,739
Fees payable		204,816		160,092
Total liabilities		1,868,311		2,285,058
NET ASSETS	$	48,392,765	$	51,823,348
Number of Units		32,964.556		35,626.349
Net asset value per Unit	$	1,468.03	$	1,454.64

See accompanying notes to unaudited financial statements.

15

SUPERFUND GREEN, L.P. — SERIES B

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS
as of September 30, 2010

			Percentage of
	Face Value		Net Assets			Fair Value
Debt Securities United States, at fair value
United States Treasury Bills due November 26, 2010 (amortized cost $20,480,458), securities are held in margin accounts as collateral for open futures and forwards	$	20,485,000		42.3	%	$	20,480,458
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency				2.0			989,133
Total unrealized appreciation on forward contracts				2.0			989,133
Unrealized depreciation on forward contracts
Currency				(1.1	)		(517,879	)
Total unrealized depreciation on forward contracts				(1.1	)		(517,879	)
Total forward contracts, at fair value				0.9			471,254
Futures Contracts Purchased
Currency				2.2			1,070,949
Energy				1.2			571,309
Financial				0.2			80,012
Food & Fiber				1.8			864,099
Indices				0.4			176,463
Livestock				0.0	*		18,660
Metals
160 contracts of CMX Gold expiring December 2010				2.4			1,160,150
Other				3.4			1,625,451
Total Metals				5.8			2,785,601
Total futures contracts purchased				11.6			5,567,093
Futures Contracts Sold
Energy				0.8			376,312
Financial				(0.3	)		(162,930	)
Food & Fiber				(0.0)	*		(2,569	)
Indices				0.0	*		15,596
Total futures contracts sold				0.5			226,409
Total futures contracts, at fair value				12.1			5,793,502
Futures and forward contracts by country composition
Australia				0.5			257,801
Canada				0.1			70,672
European Monetary Union				(0.3	)		(144,331	)
Great Britain				(0.1	)		(39,922	)
Japan				1.0			483,367
United States				9.4			4,543,675
Other				2.4			1,093,494
Total futures and forward contracts by country composition				13.0	%	$	6,264,756

* Due to rounding

See accompanying notes to unaudited financial statements.

16

SUPERFUND GREEN, L.P. — SERIES B

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS
as of December 31, 2009

			Percentage of
	Face Value		Net Assets			Fair Value
Debt Securities United States, at fair value
United States Treasury Bills due February 25, 2010 (amortized cost $26,383,789), securities are held in margin accounts as collateral for open futures and forwards	$	26,385,000		50.9	%	$	26,383,789
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency				1.0			509,064
Total unrealized appreciation on forward contracts				1.0			509,064
Unrealized depreciation on forward contracts
Currency				(2.2	)		(1,130,981	)
Total unrealized depreciation on forward contracts				(2.2	)		(1,130,981	)
Total forward contracts, at fair value				(1.2	)		(621,917	)
Futures contracts, at fair value
Futures contracts purchased
Currency				(0.9	)		(454,542	)
Energy				0.6			332,460
Financial				(0.8	)		(442,961	)
Food & Fiber				1.7			868,763
Indices				3.0			1,573,360
Metals				(1.5	)		(768,781	)
Total futures contracts purchased				2.1			1,108,299
Futures contracts sold
Energy				(0.1	)		(36,550	)
Financial				0.4			184,386
Food & Fiber				(0.2	)		(103,275	)
Livestock				(0.1	)		(50,500	)
Indices				(0.0)	*		(19,020	)
Total futures contracts sold				(0.0)	*		(24,959	)
Total futures contracts, at fair value				2.1			1,083,340
Futures and forward contracts by country composition
European Monetary Union				(0.2	)		(115,345	)
Great Britain				0.2			124,580
Japan				0.6			297,984
United States				0.0	*		18,320
Other				0.3			135,884
Total futures and forward contracts by country composition				0.9	%	$	461,423

* Due to rounding

See accompanying notes to unaudited financial statements.

17

SUPERFUND GREEN, L.P. — SERIES B

UNAUDITED STATEMENTS OF OPERATIONS

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2010			2009			2010			2009
Investment income
Interest income	$	11,064		$	11,475		$	18,198		$	59,119
Total income		11,064			11,475			18,198			59,119
Expenses
Selling commission		538,545			565,705			1,534,457			1,825,381
Brokerage commissions		236,459			460,024			1,177,016			1,145,959
Management fee		216,669			261,638			677,278			844,238
Ongoing offering expenses		117,120			141,426			366,098			456,345
Operating expenses		17,567			21,214			54,913			68,452
Incentive fee		—			—			—			301,233
Other		1,910			3,013			9,596			19,024
Total expenses		1,128,270			1,453,020			3,819,358			4,660,632
Net investment loss		(1,117,206	)		(1,441,545	)		(3,801,160	)		(4,601,513	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts		1,605,495			(4,459,329	)		(1,699,731	)		(25,265,671	)
Net change in unrealized appreciation on futures and forward contracts		4,026,792			4,264,688			5,803,333			3,613,683
Net gain (loss) on investments		5,632,287			(194,641	)		4,103,602			(21,651,988	)
Net increase (decrease) in net assets from operations	$	4,515,081		$	(1,636,186	)	$	302,442		$	(26,253,501	)
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of units outstanding during period)*	$	131.54		$	(47.24	)	$	8.69		$	(869.39	)
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per unit during period)	$	134.38		$	(53.76	)	$	13.39		$	(901.01	)

See accompanying notes to unaudited financial statements.

* Weighted average number of Units outstanding for Series B for the Three Months Ended September 30, 2010 and September 30, 2009: 34,323.71 and 34,632.28, respectively; and for the Nine Months Ended September 30, 2010 and September 30, 2009: 34,795.34 and 30,197.57, respectively

18

SUPERFUND GREEN, L.P. — SERIES B

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS

	Nine Months Ended
	September 30,
	2010			2009
Increase (decrease) in net assets from operations
Net investment loss	$	(3,801,160	)	$	(4,601,513	)
Net realized loss on futures and forward contracts		(1,699,731	)		(25,265,671	)
Net change in unrealized appreciation on futures and forward contracts		5,803,333			3,613,683
Net increase (decrease) in net assets from operations		302,442			(26,253,501	)
Capital share transactions
Issuance of Units		3,164,439			39,218,868
Redemption of Units		(6,897,464	)		(14,123,040	)
Net increase (decrease) in net assets from capital share transactions		(3,733,025	)		25,095,828
Net decrease in net assets		(3,430,583	)		(1,157,673	)
Net assets,beginning of period		51,823,348			60,617,051
Net assets,end of period	$	48,392,765		$	59,459,378
Units,beginning of period		35,626.349			23,305.633
Issuance of Units		2,241.350			18,082.552
Redemption of Units		(4,903.143	)		(6,411.010	)
Units,end of period		32,964.556			34,977.175

See accompanying notes to unaudited financial statements.

19

SUPERFUND GREEN, L.P. — SERIES B

UNAUDITED STATEMENTS OF CASH FLOWS

	Nine Months Ended
	September 30,
	2010			2009
Cash flows from operating activities
Net increase (decrease) in net assets from operations	$	302,442		$	(26,253,501	)
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities:
Changes in operating assets and liabilities:
Purchases of U.S. government securities		(61,834,527	)		(108,196,503	)
Sales and maturities of U.S. government securities		67,755,000			139,642,182
Amortization of discounts and premiums		(17,142	)		50,640
Due from brokers		3,525,562			(24,113,194	)
Unrealized appreciation on open forward contracts		(480,069	)		(717,476	)
Futures contracts purchased		(4,458,794	)		(4,036,690	)
Unrealized depreciation on open forward contracts		(613,102	)		581,564
Futures contracts sold		(251,368	)		558,919
Receivable from Superfund Green, L.P. — Series A		(73,411	)		—
Management fees payable		66,760			(5,108	)
Fees payable		44,724			(45,208	)
Net cash provided by (used in) operating activities		3,966,075			(22,534,375	)
Cash flows from financing activities
Subscriptions, net of change in advance subscriptions		3,231,939			39,218,868
Redemptions, net of change in redemptions payable		(6,855,134	)		(16,083,186	)
Net cash provided by (used in) financing activities		(3,623,195	)		23,135,682
Net increase in cash		342,880			601,307
Cash, beginning of period		30,588			668,701
Cash, end of period	$	373,468		$	1,270,008

See accompanying notes to unaudited financial statements.

20

SUPERFUND GREEN, L.P.

NOTES TO UNAUDITED FINANCIAL STATEMENTS
September 30, 2010

SUPERFUND GREEN, L.P.

1. Nature of operations

Organization and Business

Superfund Green, L.P. (the “Fund”), a Delaware limited partnership, commenced operations on November 5, 2002. The Fund was organized to trade speculatively in the United States of America (“U.S.”) and international commodity futures markets using a fully-automated computerized trading system. The Fund has issued two classes of units (“Units”), Series A and Series B (each, a “Series”). The two Series will be traded and managed the same way except for the degree of leverage.

The term of the Fund shall continue until December 31, 2050, unless terminated earlier by the Fund’s general partner, Superfund Capital Management, Inc. (“Superfund Capital Management”) or by operation of law or a decline in the aggregate net assets of such Series to less than $500,000.

2. Basis of presentation and significant accounting policies

Basis of Presentation

The unaudited financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the U.S. with respect to the Form 10-Q and reflect all adjustments which in the opinion of management are normal and recurring, and which are necessary for a fair statement of the results of interim periods presented. It is suggested that these financial statements be read in conjunction with the financial statements and the related notes included in the Fund’s Annual Report on Form 10-K for the year ended December 31, 2009.

Valuation of Investments in Futures Contracts, Forward Contracts, and U.S. Treasury Bills

All commodity interests (including derivative financial instruments and derivative commodity instruments) are used for trading purposes. The commodity interests are recorded on a trade date basis and open contracts are recorded in the statements of assets and liabilities at fair value on the last business day of the period, which represents fair value for those commodity interests for which market quotes are readily available.

Exchange-traded futures contracts are valued at settlement prices published by the recognized exchange. Any spot and forward foreign currency contracts held by the Fund will be valued at published settlement prices or at dealers’ quotes. The Fund uses the amortized cost method for valuing U.S. Treasury Bills due to the short-term nature of such instrument; accordingly, the cost of securities plus accreted discount, or minus amortized premium approximates fair value.

Translation of Foreign Currency

Assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the period-end exchange rates. Purchases and sales of investments and income and expenses that are denominated in foreign currencies are translated into U.S. dollar amounts on the transaction date. Adjustments arising from foreign currency transactions are reflected in the statements of operations.

The Fund does not isolate that portion of the results of operations arising from the effect of changes in foreign exchange rates on investments from fluctuations from changes in market prices of investments held. Such fluctuations are included in net gain (loss) on investments in the statements of operations.

21

Investment Transactions, Investment Income and Expenses

Investment transactions are accounted for on a trade-date basis. Interest income and expenses are recognized on the accrual basis.

Income Taxes

The Fund does not record a provision for U.S. income taxes because the partners report their share of the Fund’s income or loss on their returns. The financial statements reflect the Fund’s transactions without adjustment, if any, required for income tax purposes.

Superfund Capital Management has evaluated the application of Accounting Standards Codification (“ASC”) 740,Income Taxes(“ASC 740”), to the Fund, to determine whether or not there are uncertain tax positions that require financial statement recognition. Based on this evaluation, the Fund has determined no reserves for uncertain tax positions are required to be recorded as a result of the application of ASC 740. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. As a result, no income tax liability or expense has been recorded in the accompanying financial statements. The Fund files federal and various state tax returns. The 2007 through 2009 tax years generally remain subject to examination by the U.S. federal and most state tax authorities.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires Superfund Capital Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from the estimates.

Recently Issued Accounting Pronouncements

ASU 2010-06

In January 2010, FASB issued Accounting Standards Update No. 2010-06,Improving Disclosures about Fair Value Measurements(“ASU 2010-06”), which amends the disclosure requirements of ASC 820,Fair Value Measurements and Disclosures(“ASC 820”), and requires new disclosures regarding transfers in and out of Level 1 and 2 categories, as well as requires entities to separately present purchases, sales, issuances, and settlements in their reconciliation of Level 3 fair value measurements (i.e. to present such items on a gross basis rather than on a net basis), and which clarifies existing disclosure requirements provided by ASC 820 regarding the level of disaggregation and the inputs and valuation techniques used to measure fair value for measurements that fall within either Level 2 or Level 3 of the fair value hierarchy. ASU 2010-06 is effective for interim and annual periods beginning after December 15, 2009, except for the disclosures about purchases, sales, issuances, and settlements in the roll forward of activity in Level 3 fair value measurements (which are effective for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years). The Fund has adopted ASU 2010-06 effective for reporting periods beginning after December 15, 2009. The adoption of ASU 2010-06 did not have any impact on the Fund’s results of operations, financial condition or cash flows, as the Fund has not had any transfers in or out of Level 1 or 2 categories, nor does it hold Level 3 assets or liabilities. The Funds do not anticipate the amendments effective for fiscal years beginning after December 15, 2010 to have an impact on the Funds’ results of operations, financial condition or cash flows.

3. Fair Value Measurements

The Fund follows ASC 820. ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below:

Level 1:	Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2:	Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly;
Level 3:	Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

22

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. In determining fair value, the Fund separates its financial instruments into two categories: U.S. government securities and derivative contracts.

U.S. Government Securities.The Fund’s only market exposure in instruments held other than for trading is in its U.S. Treasury Bill portfolio. As the Fund uses the amortized cost method for valuing its U.S. Treasury Bill portfolio, which approximates fair value, this portfolio is classified within Level 2 of the fair value hierarchy.

Derivative Contracts.Derivative contracts can be exchange-traded or over-the-counter (“OTC”). Exchange-traded derivatives typically fall within Level 1 or Level 2 of the fair value hierarchy depending on whether they are deemed to be actively traded or not. The Fund has exposure to exchange-traded derivative contracts through the Fund’s trading of exchange-traded futures contracts. The Fund’s exchange-traded futures contract positions are valued daily at settlement prices published by the applicable exchanges. In such cases, provided they are deemed to be actively traded, exchange-traded derivatives are classified within Level 1 of the fair value hierarchy. Less actively traded exchange-traded derivatives fall within Level 2 of the fair value hierarchy.

OTC derivatives are valued using market transactions and other market evidence whenever possible, including market-based inputs to models, model calibration to market-clearing transactions, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency. Where models are used, the selection of a particular model to value an OTC derivative depends upon the contractual terms of, and specific risks inherent in, the instrument as well as the availability of pricing information in the market. For OTC derivatives that trade in liquid markets, such as generic forwards and swaps, model inputs can generally be verified and model selection does not involve significant management judgment. The OTC derivatives held by the Fund may include forwards and swaps. Spot and forward foreign currency contracts held by the Fund are valued at published daily settlement prices or at dealers’ quotes. The Fund’s forward and swap positions are typically classified within Level 2 of the fair value hierarchy.

Certain OTC derivatives trade in less liquid markets with limited pricing information, and the determination of fair value for these derivatives is inherently more difficult. Such instruments are classified within Level 3 of the fair value hierarchy. Where the Fund does not have corroborating market evidence to support significant model inputs and cannot verify the model to market transactions, transaction price is initially used as the best estimate of fair value. Accordingly, when a pricing model is used to value such an instrument, the model is adjusted so that the model value at inception equals the transaction price. The valuations of these less liquid OTC derivatives are typically based on Level 1 and/or Level 2 inputs that can be observed in the market, as well as unobservable Level 3 inputs. Subsequent to initial recognition, the Fund updates the Level 1 and Level 2 inputs to reflect observable market changes, with resulting gains and losses reflected within Level 3. Level 3 inputs are changed only when corroborated by evidence such as similar market transactions, third-party pricing services and/or broker or dealer quotations, or other empirical market data. In circumstances in which the Fund cannot verify the model value to market transactions, it is possible that a different valuation model could produce a materially different estimate of fair value. The Fund attempts to avoid holding less liquid OTC derivatives. However, once held, the market for any particular derivative contract could become less liquid during the holding period. As of and during the quarter ended September 30, 2010, the Fund held no derivative contracts valued using Level 3 inputs.

The following table summarizes the valuation of the Fund’s assets and liabilities by the ASC 820 fair value hierarchy as of September 30, 2010, and December 31, 2009:

Superfund Green, L.P.

	Balance
	September 30,
	2010		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	35,747,070	$	—	$	35,747,070	$	—
Unrealized appreciation on open forward contracts		1,399,195		—		1,399,195		—
Futures contracts sold		339,032		339,032		—
Futures contracts purchased		8,289,304		8,289,304		—		—
Total Assets Measured at Fair Value	$	45,774,601	$	8,628,336	$	37,146,265	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	701,938	$	—	$	701,938	$	—
Total Liabilities Measured at Fair Value	$	701,938	$	—	$	701,938	$	—

23

	Balance
	December 31,
	2009		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	42,403,057	$	—	$	42,403,057	$	—
Unrealized appreciation on open forward contracts		696,512		—		696,512		—
Futures contracts purchased		1,573,761		1,573,761		—		—
Total Assets Measured at Fair Value	$	44,673,330	$	1,573,761	$	43,099,569	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	1,552,248	$	—	$	1,552,248	$	—
Futures contracts sold		35,632		35,632		—		—
Total Liabilities Measured at Fair Value	$	1,587,880	$	35,632	$	1,552,248	$	—

Superfund Green, L.P. — Series A

	Balance
	September 30,
	2010		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	15,266,612	$	—	$	15,266,612	$	—
Unrealized appreciation on open forward contracts		410,062		—		410,062		—
Futures contracts sold		112,623		112,623		—		—
Futures contracts purchased		2,722,211		2,722,211		—		—
Total Assets Measured at Fair Value	$	18,511,508	$	2,834,834	$	15,676,674	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	184,059	$	184,059	$	—	$	—
Total Liabilities Measured at Fair Value	$	184,059	$	184,059	$	—	$	—

	Balance
	December 31,
	2009		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	16,019,268	$	—	$	16,019,268	$	—
Unrealized appreciation on open forward contracts		187,448		—		187,448		—
Futures contracts purchased		465,462		465,462		—		—
Total Assets Measured at Fair Value	$	16,672,178	$	465,462	$	16,206,716	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	421,267	$	—	$	421,267	$	—
Futures contracts sold		10,673		10,673		—		—
Total Liabilities Measured at Fair Value	$	431,940	$	10,673	$	421,267	$	—

24

Superfund Green, L.P. — Series B

	Balance
	September 30,
	2010		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	20,480,458	$	—	$	20,480,458	$	—
Unrealized appreciation on open forward contracts		989,133		—		989,133		—
Futures contracts sold		226,409		226,409		—		—
Futures contracts purchased		5,567,093		5,567,093		—		—
Total Assets Measured at Fair Value	$	27,263,093	$	5,793,502	$	21,469,591	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	517,879	$	517,879	$	—	$	—
Total Liabilities Measured at Fair Value	$	517,879	$	517,879	$	—	$	—

	Balance
	December 31,
	2009		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	26,383,789	$	—	$	26,383,789	$	—
Unrealized appreciation on open forward contracts		509,064		—		509,064		—
Futures contracts purchased		1,108,299		1,108,299		—		—
Total Assets Measured at Fair Value	$	28,001,152	$	1,108,299	$	26,892,853	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	1,130,981	$	—	$	1,130,981	$	—
Futures contracts sold		24,959		24,959		—		—
Total Liabilities Measured at Fair Value	$	1,155,940	$	24,959	$	1,130,981	$	—

4. Disclosure of derivative instruments and hedging activities

The Fund follows ASC 815,Disclosures about Derivative Instruments and Hedging Activities(“ASC 815”). ASC 815 is intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position.

Derivative instruments held by the Fund do not qualify as derivative instruments held as hedging instruments, as defined in ASC 815. Instead, the Fund includes derivative instruments in its trading activity. Per the requirements of ASC 815, the Fund discloses the gains and losses on its trading activities for both derivative and nonderivative instruments in the Statement of Operations.

The Fund engages in the speculative trading of forward contracts in currency and futures contracts in a wide range of commodities, including equity markets, interest rates, food and fiber, energy, livestock, and metals. ASC 815 requires entities to recognize all derivatives instruments as either assets or liabilities at fair value in the statement of financial position. Investments in forward contracts and commodity futures contracts are recorded in the Statements of Assets and Liabilities as “unrealized appreciation or depreciation on open forward contracts and futures contracts purchased and futures contracts sold.” Since the derivatives held or sold by the Fund are for speculative trading purposes, the derivative instruments are not designated as hedging instruments under the provisions of ASC 815. Accordingly, all realized gains and losses, as well as any change in net unrealized gains or losses on open positions from the preceding period, are recognized as part of the Fund’s trading profits and losses in the Statements of Operations.

Superfund Capital Management believes futures and forwards trading activity expressed as a percentage of net assets is indicative of trading activity. Information concerning the fair value of the Fund’s derivatives held long or sold short, as well as information related to the annual average volume of the Fund’s derivative activity, is as follows:

25

Superfund Green, L.P.

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statement of Assets and Liabilities, as of September 30, 2010, is as follows:

	Statement of Assets and	Asset Derivatives at		Liability Derivatives
Type of Instrument	Liabilities Location	September 30, 2010		at September 30, 2010			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	1,399,195	$	—		$	1,399,195
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(701,938	)		(701,938	)
Futures contracts	Futures contracts purchased		8,289,304		—			8,289,304
Futures contracts	Futures contracts sold		339,032		—			339,032
Totals		$	10,027,531	$	(701,938	)	$	9,325,593

Effects of Derivative Instruments on the Statement of Operations for the Quarter Ended September 30, 2010:

				Change in Unrealized
Derivatives not Designated as		Realized Gain (Loss) on		Appreciation (Depreciation)
Hedging Instruments under	Location of Gain (Loss) on	Derivatives Recognized in		on Derivatives Recognized in
ASC 815	Derivatives Recognized in Income	Income		Income
Foreign exchange contracts	Realized and unrealized gain (loss) on futures and forward contracts	$	753,210	$	796,489
Futures contracts	Realized and unrealized gain (loss) on futures and forward contracts		1,774,760		5,133,741
Total		$	2,527,970	$	5,930,230

Effects of Derivative Instruments on the Statement of Operations for the Nine Months Ended September 30, 2010:

					Change in Unrealized
Derivatives not Designated as		Realized Gain (Loss) on			Appreciation (Depreciation)
Hedging Instruments under	Location of Gain (Loss) on	Derivatives Recognized in			on Derivatives Recognized in
ASC 815	Derivatives Recognized in Income	Income			Income
Foreign exchange contracts	Realized and unrealized gain (loss) on futures and forward contracts	$	(2,965,723	)	$	1,552,992
Futures contracts	Realized and unrealized gain (loss) on futures and forward contracts		1,257,559			7,090,208
Total		$	(1,708,164	)	$	8,643,200

26

Effects of Derivative Instruments on the Statement of Operations for the Year Ended December 31, 2009:

					Change in Unrealized
Derivatives not Designated as		Realized Gain (Loss) on			Appreciation (Depreciation)
Hedging Instruments under	Location of Gain (Loss) on	Derivatives Recognized in			on Derivatives Recognized in
ASC 815	Derivatives Recognized in Income	Income			Income
Foreign exchange contracts	Realized and unrealized gain (loss) on futures and forward contracts	$	(5,844,157	)	$	(704,912	)
Futures contracts	Realized and unrealized gain (loss) on futures and forward contracts		(29,998,081	)		(1,692,797	)
Total		$	(35,842,238	)	$	(2,397,709	)

	As of September 30, 2010
	Long Positions Gross Unrealized										Short Positions Gross Unrealized
			% of					% of					% of						% of			Net Unrealized
			Net					Net					Net						Net			Gain (Loss) on
	Gains		Assets		Losses			Assets			Gains		Assets			Losses			Assets			Open Positions
Foreign Exchange	$	1,398,493		1.7	$	(24,405	)		(0.0)	*	$	702		0.0	*	$	(677,533	)		(0.8	)	$	697,257
Currency		1,647,144		2.0		(53,332	)		(0.1	)		—		—			—			—			1,593,812
Financial		155,242		0.2		(33,807	)		(0.0)	*		—		—			(247,938	)		(0.3	)		(126,503	)
Food & Fiber		1,294,239		1.5		(27,152	)		(0.0)	*		3,540		0.0	*		(5,092	)		(0.0)	*		1,265,535
Indices		648,766		0.8		(377,567	)		(0.5	)		31,962		0.0	*		(5,993	)		(0.0)	*		297,168
Metals		4,125,355		4.9		—			—			—		—			—			—			4,125,355
Energy		877,255		1.0		—			—			880,730		1.1			(318,176	)		(0.4	)		1,439,809
Livestock		78,000		0.1		(44,840	)		(0.1	)		—		—			—			—			33,160
Totals	$	10,224,494		12.2	$	(561,103	)		(0.7	)	$	916,934		1.1		$	(1,254,732	)		(1.5	)	$	9,325,593

* Due to rounding

Superfund Green, L.P. average monthly contract volume by market sector as of quarter ended September 30, 2010:

	Average Number of		Average Number of		Average Value of		Average Value of
	Long Contracts		Short Contracts		Long Positions		Short Positions
Foreign Exchange		202		160	$	1,626,165	$	1,161,403

	Average Number of		Average Number of
	Long Contracts		Short Contracts
Currency		2,085		660
Financial		5,293		1,819
Food & Fiber		536		211
Indices		4,500		1,239
Metals		1,094		65
Energy		458		612
Livestock		735		1,191
Total		14,903		5,957

27

Superfund Green, L.P. trading results by market sector:

	For the Three Months Ended September 30, 2010
				Change in Net
	Net Realized			Unrealized			Net Trading
	Gain (Losses)			Losses			Gains (Losses)
Foreign Exchange	$	753,210		$	796,489		$	1,549,699
Currency		3,571,998			777,899			4,439,897
Financial		3,092,386			(3,331,431	)		(239,045	)
Food & Fiber		(550,285	)		1,327,047			776,762
Indices		(1,404,650	)		1,021,441			(383,209	)
Metals		332,880			3,788,411			4,121,291
Livestock		(6,980	)		82,280			75,300
Energy		(3,260,589	)		1,468,094			(1,792,495	)
Total net trading gains	$	2,527,970		$	5,930,230		$	8,458,200

	For the Nine Months Ended September 30, 2010
				Change in Net
	Net Realized			Unrealized			Net Trading
	Gain (Losses)			Gains (Losses)			Gains (Losses)
Foreign Exchange	$	(2,965,723	)	$	1,552,992		$	(1,412,731	)
Currency		(696,270	)		2,224,949			1,528,679
Financial		12,291,242			209,500			12,500,742
Food & Fiber		(1,296,991	)		205,073			(1,091,918	)
Indices		(1,642,649	)		(1,854,718	)		(3,497,367	)
Metals		(682,817	)		5,177,931			4,495,114
Livestock		(520,650	)		103,720			(416,930	)
Energy		(6,194,306	)		1,023,753			(5,170,553	)
Total net trading gains (losses)	$	(1,708,164	)	$	8,643,200		$	6,935,036
	��

Superfund Green, L.P. — Series A

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statement of Assets and Liabilities, as of September 30, 2010, is as follows:

	Statement of Assets and	Asset Derivatives at		Liability Derivatives at
Type of Instrument	Liabilities Location	September 30, 2010		September 30, 2010			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	410,062	$	—		$	410,062
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(184,059	)		(184,059	)
Futures contracts	Futures contracts purchased		2,722,211		—			2,722,211
Futures contracts	Futures contracts sold		112,623		—			112,623
Totals		$	3,244,896	$	(184,059	)	$	3,060,837

28

Effects of Derivative Instruments on the Statement of Operations for the Quarter Ended September 30, 2010:

				Change in Unrealized
Derivatives not Designated as		Realized Gain (Loss) on		Appreciation (Depreciation)
Hedging Instruments under	Location of Gain (Loss) on	Derivatives Recognized in		on Derivatives Recognized in
ASC 815	Derivatives Recognized in Income	Income		Income
Foreign exchange contracts	Realized and unrealized gain (loss) on futures and forward contracts	$	218,000	$	259,422
Futures contracts	Realized and unrealized gain (loss) on futures and forward contracts		704,475		1,644,016
Total		$	922,475	$	1,903,438

Effects of Derivative Instruments on the Statement of Operations for the Nine Months Ended September 30, 2010:

					Change in Unrealized
Derivatives not Designated as		Realized Gain (Loss) on			Appreciation (Depreciation)
Hedging Instruments under	Location of Gain (Loss) on	Derivatives Recognized in			on Derivatives Recognized in
ASC 815	Derivatives Recognized in Income	Income			Income
Foreign exchange contracts	Realized and unrealized gain (loss) on futures and forward contracts	$	(815,878	)	$	459,821
Futures contracts	Realized and unrealized gain (loss) on futures and forward contracts		807,445			2,380,046
Total		$	(8,433	)	$	2,839,867

Effects of Derivative Instruments on the Statement of Operations for the Year Ended December 31, 2009:

					Change in Unrealized
Derivatives not Designated as		Realized Gain (Loss) on			Appreciation (Depreciation)
Hedging Instruments under	Location of Gain (Loss) on	Derivatives Recognized in			on Derivatives Recognized in
ASC 815	Derivatives Recognized in Income	Income			Income
Foreign exchange contracts	Realized and unrealized gain (loss) on futures and forward contracts	$	(1,475,144	)	$	(201,621	)
Futures contracts	Realized and unrealized gain (loss) on futures and forward contracts		(7,292,990	)		(390,070	)
Total		$	(8,768,134	)	$	(591,691	)

29

	As of September 30, 2010
	Long Positions Gross Unrealized										Short Positions Gross Unrealized
			% of					% of					% of						% of			Net Unrealized
			Net					Net					Net						Net			Gain (Loss) on
	Gains		Assets		Losses			Assets			Gains		Assets			Losses			Assets			Open Positions
Foreign Exchange	$	409,828		1.2	$	(10,582	)		(0.0)	*	$	234		0.0	*	$	(173,477	)		(0.5	)	$	226,003
Currency		540,076		1.5		(17,213	)		(0.0)	*		—		—			—			—			522,863
Financial		52,909		0.1		(11,486	)		(0.0)	*		—		—			(85,008	)		(0.2	)		(43,585	)
Food & Fiber		411,251		1.1		(8,263	)		(0.0)	*		2,290		0.0	*		(1,273	)		(0.0)	*		404,005
Indices		215,691		0.6		(120,955	)		(0.3	)		12,291		0.0	*		(1,918	)		(0.0)	*		105,109
Metals		1,339,754		3.8		—			—			—		—			—			—			1,339,754
Energy		305,947		0.9		—			—			289,130		0.8			(102,889	)		(0.3	)		492,188
Livestock		29,430		0.1		(14,930	)		(0.1	)		—		—			—			—			14,500
Totals	$	3,304,886		9.3	$	(183,429	)		(0.4	)	$	303,945		0.8		$	(364,565	)		(1.0	)	$	3,060,837

* Due to rounding

Series A average monthly contract volume by market sector as of quarter ended September 30, 2010:

					Average
	Average		Average		Value of
	Number of		Number of		Long		Average Value of
	Long Contracts		Short Contracts		Positions		Short Positions
Foreign Exchange		81		56	$	483,120	$	343,572

	Average		Average
	Number of		Number of
	Long Contracts		Short Contracts
Currency		695		215
Financial		1,346		759
Food & Fiber		224		52
Indices		1,607		350
Metals		361		28
Energy		287		590
Livestock		81		12
Totals		4,682		2,062

Series A trading results by market sector:

	For the Three Months Ended September 30, 2010
				Change in Net
	Net Realized			Unrealized			Net Trading
	Gain (Losses)			Losses			Gains (Losses)
Foreign Exchange	$	218,000		$	259,422		$	477,422
Currency		1,195,663			254,913			1,450,576
Financial		1,036,289			(1,082,926	)		(46,637	)
Food & Fiber		(175,293	)		420,277			244,984
Indices		(521,452	)		324,133			(197,319	)
Metals		159,677			1,198,546			1,358,223
Livestock		(600	)		29,960			29,360
Energy		(989,809	)		499,113			(490,696	)
Total net trading gains	$	922,475		$	1,903,438		$	2,825,913

30

	For the Nine Months Ended September 30, 2010
				Change in Net
	Net Realized			Unrealized			Net Trading
	Gain (Losses)			Gains (Losses)			Gains (Losses)
Foreign Exchange	$	(815,878	)	$	459,821		$	(356,057	)
Currency		(83,225	)		699,458			616,233
Financial		3,920,646			33,843			3,954,489
Food & Fiber		(458,064	)		109,031			(349,033	)
Indices		(560,533	)		(492,437	)		(1,052,970	)
Metals		(85,092	)		1,623,549			1,538,457
Livestock		(156,600	)		34,560			(122,040	)
Energy		(1,769,687	)		372,042			(1,397,645	)
Total net trading gains (losses)	$	(8,433	)	$	2,839,867		$	2,831,434

Superfund Green, L.P. — Series B

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statement of Assets and Liabilities, as of September 30, 2010, is as follows:

	Statement of Assets and	Asset Derivatives at		Liability Derivatives
Type of Instrument	Liabilities Location	September 30, 2010		at September 30, 2010			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	989,133	$	—		$	989,133
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(517,879	)		(517,879	)
Futures contracts	Futures contracts purchased		5,567,093		—			5,567,093
Futures contracts	Futures contracts sold		226,409		—			226,409
Totals		$	6,782,635	$	(517,879	)	$	6,264,756

Effects of Derivative Instruments on the Statement of Operations for the Quarter Ended September 30, 2010:

				Change in Unrealized
				Appreciation
Derivatives Not				(Depreciation) on
Accounted for as	Location of Gain (Loss) on	Realized Gain (Loss) on		Derivatives
Hedging Instruments	Derivatives Recognized in	Derivatives Recognized in		Recognized
under ASC 815	Income	Income		in Income
Foreign exchange contracts	Realized and unrealized gain (loss) on futures and forward contracts	$	535,210	$	537,067
Futures contracts	Realized and unrealized gain (loss) on futures and forward contracts		1,070,285		3,489,725
Total		$	1,605,495	$	4,026,792

31

Effects of Derivative Instruments on the Statement of Operations for the Nine Months Ended September 30, 2010:

					Change in Unrealized
					Appreciation
Derivatives Not					(Depreciation) on
Accounted for as	Location of Gain (Loss) on	Realized Gain (Loss) on			Derivatives
Hedging Instruments	Derivatives Recognized in	Derivatives Recognized in			Recognized
under ASC 815	Income	Income			in Income
Foreign exchange contracts	Realized and unrealized gain (loss) on futures and forward contracts	$	(2,149,845	)	$	1,093,171
Futures contracts	Realized and unrealized gain (loss) on futures and forward contracts		450,114			4,710,162
Total		$	(1,699,731	)	$	5,803,333

Effects of Derivative Instruments on the Statement of Operations for the Year Ended December 31, 2009:

					Change in Unrealized
					Appreciation
Derivatives Not					(Depreciation) on
Accounted for as	Location of Gain (Loss) on	Realized Gain (Loss) on			Derivatives
Hedging Instruments	Derivatives Recognized in	Derivatives Recognized in			Recognized
under ASC 815	Income	Income			in Income
Foreign exchange contracts	Realized and unrealized gain (loss) on futures and forward contracts	$	(4,369,013	)	$	(503,291	)
Futures contracts	Realized and unrealized gain (loss) on futures and forward contracts		(22,705,091	)		(1,302,727	)
Total		$	(27,074,104	)	$	(1,806,018	)

	As of September 30, 2010
	Long Positions Gross Unrealized										Short Positions Gross Unrealized
			% of					% of					% of						% of			Net Unrealized
			Net					Net					Net						Net			Gain (Loss) on
	Gains		Assets		Losses			Assets			Gains		Assets			Losses			Assets			Open Positions
Foreign Exchange	$	988,665		1.9	$	(13,823	)		(0.0)	*	$	468		0.0	*	$	(504,056	)		(1.0	)	$	471,254
Currency		1,107,068		2.3		(36,119	)		(0.1	)		—		—			—			—			1,070,949
Financial		102,333		0.2		(22,321	)		(0.0)	*		—		—			(162,930	)		(0.3	)		(82,918	)
Food & Fiber		882,988		1.8		(18,889	)		(0.0)	*		1,250		0.0	*		(3,819	)		(0.0)	*		861,530
Indices		433,075		0.9		(256,612	)		(0.5	)		19,671		0.0	*		(4,075	)		(0.0)	*		192,059
Metals		2,785,601		5.8		—			—			—		—			—			—			2,785,601
Energy		571,308		1.2		—			—			591,600		1.2			(215,287	)		(0.4	)		947,621
Livestock		48,570		0.1		(29,910	)		(0.1	)		—		—			—			—			18,660
Totals	$	6,919,608		14.2	$	(377,674	)		(0.7	)	$	612,989		1.2		$	(890,167	)		(1.7	)	$	6,264,756

* Due to rounding

32

Series B average monthly contract volume by market sector for quarter ended September 30, 2010:

	Average Number		Average		Average Value		Average Value
	of Long		Number of Short		of Long		of Short
	Contracts		Contracts		Positions		Positions
Foreign Exchange		121		104	$	1,143,045	$	817,831

	Average Number		Average
	of Long		Number of Short
	Contracts		Contracts
Currency		1,390		445
Financial		3,947		1,060
Food & Fiber		312		159
Indices		2,893		889
Metals		733		37
Livestock		171		22
Energy		654		1,179
Totals		10,221		3,895

The Fund’s trading results by market sector

	For the Three Months Ended September 30, 2010
				Change in Net
	Net Realized			Unrealized			Net Trading
	Gain (Losses)			Gains (Losses)			Gains (Losses)
Foreign Exchange	$	535,210		$	537,067		$	1,072,277
Currency		2,376,335			522,986			2,899,321
Financial		2,056,097			(2,248,505	)		(192,408	)
Food & Fiber		(374,992	)		906,770			531,778
Indices		(883,198	)		697,308			(185,890	)
Metals		173,203			2,589,865			2,763,068
Livestock		(6,380	)		52,320			45,940
Energy		(2,270,780	)		968,981			(1,301,799	)
Total net trading gains	$	1,605,495		$	4,026,792		$	5,632,287

	For the Nine Months Ended September 30, 2010
				Change in Net
	Net Realized			Unrealized			Net Trading
	Gain (Losses)			Gains (Losses)			Gains (Losses)
Foreign Exchange	$	(2,149,845	)	$	1,093,171		$	(1,056,674	)
Currency		(613,045	)		1,525,491			912,446
Financial		8,370,596			175,657			8,546,253
Food & Fiber		(838,927	)		96,042			(742,885	)
Indices		(1,082,116	)		(1,362,281	)		(2,444,397	)
Metals		(597,725	)		3,554,382			2,956,657
Livestock		(364,050	)		69,160			(294,890	)
Energy		(4,424,619	)		651,711			(3,772,908	)
Total net trading gains (losses)	$	(1,699,731	)	$	5,803,333		$	4,103,602

5. Due from/to brokers

Due from brokers consists of proceeds from securities sold. Amounts due from brokers may be restricted to the extent that they serve as deposits for securities sold short. Amounts due to brokers represent margin borrowings that are collateralized by certain securities. As of September 30, 2010, there were no amounts due to brokers.

In the normal course of business, all of the Fund’s marketable securities transactions, money balances and marketable security positions are transacted with brokers. The Fund is subject to credit risk to the extent any broker with whom it conducts

33

business is unable to fulfill contractual obligations on its behalf. Superfund Capital Management monitors the financial condition of such brokers and does not anticipate any losses from these counterparties.

6. Allocation of net profits and losses

In accordance with the Fifth Amended and Restated Limited Partnership Agreement (the “Limited Partnership Agreement”), net profits and losses of the Fund are allocated to partners according to their respective interests in the Fund as of the beginning of each month.

Subscriptions received in advance, if any, represent cash received prior to the balance sheet date for subscriptions of the subsequent month and do not participate in the earnings of the Fund until the following month.

7. Related party transactions

Superfund Capital Management shall be paid a management fee equal to one-twelfth of 1.85% of month-end net assets (1.85% per annum), ongoing offering expenses equal to one-twelfth of 1% of month-end net assets (1% per annum), not to exceed the amount of actual expenses incurred, and monthly operating expenses equal to one-twelfth of 0.15% of month-end net assets (0.15% per annum), not to exceed the amount of actual expenses incurred. In accordance with Post-Effective Amendment No. 1 to the Prospectus of the Fund dated August 13, 2010 (the “Prospectus”), included within the Registration Statement on Form S-1 (File No. 333-162132), Superfund USA, an entity related to Superfund Capital Management by common ownership, shall be paid monthly selling commissions equal to one-twelfth of 4% (4% per annum) of the month-end net asset value of the Fund. However, the maximum cumulative selling commission per Unit is limited to 10% of the initial public offering price of Units sold pursuant to the Prospectus.

Superfund Capital Management will also be paid a monthly performance/incentive fee equal to 25% of the new appreciation without respect to interest income. Trading losses will be carried forward and no further performance/incentive fee may be paid until the prior losses have been recovered.

During the third quarter of 2010, Superfund Green, L.P. — Series B paid $73,411 in selling commissions on behalf of Superfund Green, L.P. — Series A. This amount should have been paid directly by Series A. A payable to Series B in the amount of $73,411 has been included on Series A’s statement of assets and liabilities.

8. Financial highlights

Financial highlights for the period January 1 through September 30 are as follows:

	2010						2009
	Series A			Series B			Series A			Series B
Total return before incentive fees*		1.1	%		0.9	%		(23.2	)%		(34.3	)%
Incentive fees*		0.0	%		0.0	%		0.0	%		0.03	%
Total return after incentive fees*		1.1	%		0.9	%		(23.2	)%		(34.6	)%
Ratios to average partners’ capital**
Operating expenses before incentive fees		9.3	%		10.4	%		8.6	%		9.5	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.7	%
Total expenses		9.3	%		10.4	%		8.6	%		10.2	%
Net investment		(9.2	)%		(10.4	)%		(8.5	)%		(9.4	)%
Net asset value per unit, beginning of period	$	1,354.49		$	1,454.64		$	1,932.30		$	2,600.96
Net investment loss		(91.36	)		(108.86	)		(106.20	)		(154.92	)
Net loss on investments		106.04			122.25			(341.18	)		(746.09	)
Net asset value per unit, end of period	$	1,369.17		$	1,468.03		$	1,484.92		$	1,699.95
Other per Unit information:
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of Units during period)	$	17.41		$	8.69		$	(436.83	)	$	(869.39	)
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit)	$	14.68		$	13.39		$	(447.38	)	$	(901.01	)

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Financial highlights for the period July 1 through September 30 are as follows:

	2010						2009
	Series A			Series B			Series A			Series B
Total return before incentive fees*		6.1	%		10.1	%		(1.9	)%		(3.1	)%
Incentive fees*		0.0	%		0.0	%		0.0	%		0.0	%
Total return after incentive fees*		6.1	%		10.1	%		(1.9	)%		(3.1	)%
Ratios to average partners’ capital**
Operating expenses before incentive fees		8.8	%		9.7	%		9.1	%		10.2	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
Total expenses		8.8	%		9.7	%		9.1	%		10.2	%
Net investment		(8.6	)%		(9.6	)%		(9.0	)%		(10.2	)%
Net asset value per unit, beginning of period	$	1,290.29		$	1,333.65		$	1,514.39		$	1,753.71
Net investment loss		(28.35	)		(32.84	)		(33.14	)		(42.38	)
Net loss on investments		107.22			167.22			3.67			(11.38	)
Net asset value per unit, end of period	$	1,369.17		$	1,468.03		$	1,484.92		$	1,699.95
Other per Unit information:
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of Units during period)	$	77.85		$	131.54		$	(25.22	)	$	(47.24	)
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit)	$	78.88		$	134.38		$	(29.47	)	$	(53.76	)

*	Not annualized
**	Annualized, except for incentive fees

Financial highlights are calculated for each series taken as a whole. An individual partner’s return, per unit data, and ratios may vary based on the timing of capital transactions.

9. Financial instrument risk

In the normal course of its business, the Fund is party to financial instruments with off-balance sheet risk, including derivative financial instruments and derivative commodity instruments. The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in a future obligation or loss. These financial instruments may include forwards, futures and options, whose values are based upon an underlying asset, index, or reference rate, and generally represent future commitments to exchange currencies or cash flows, to purchase or sell other financial instruments at specific terms at specific future dates, or, in the case of derivative commodity instruments, to have a reasonable possibility to be settled in cash, through physical delivery or with another financial instrument. These instruments may be traded on an exchange or OTC. Exchange-traded instruments are standardized and include futures and certain option contracts. OTC contracts are negotiated between contracting parties and include forwards and certain options. Each of these instruments is subject to various risks similar to those related to the underlying financial instruments including market and credit risk. In general, the risks associated with OTC contracts are greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract.

For the Fund, gross unrealized gains and losses related to exchange-traded futures were $9,742,233 and $1,113,897, respectively, and gross unrealized gains and losses related to non-exchange-traded forwards were $1,399,195 and $701,938, respectively, at September 30, 2010.

For Series A, gross unrealized gains and losses related to exchange-traded futures were $3,198,769 and $363,935, respectively, and gross unrealized gains and losses related to non-exchange-traded forwards were $410,062 and $184,059, respectively, at September 30, 2010.

For Series B, gross unrealized gains and losses related to exchange-traded futures were $6,543,464 and $749,962, respectively, and gross unrealized gains and losses related to non-exchange-traded forwards were $989,133 and $517,879, respectively, at September 30, 2010.

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Market risk is the potential for changes in the value of the financial instruments traded by the Fund due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity or security prices. In entering into these contracts, there exists a market risk that such contracts may be significantly influenced by conditions such as interest rate volatility, resulting in such contracts being less valuable. If the markets should move against all of the futures interest positions at the same time, and Superfund Capital Management was unable to offset such positions, the Fund could experience substantial losses.

Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. Credit risk with respect to exchange-traded instruments is reduced to the extent that an exchange or clearing organization acts as a counterparty to the transactions. The Fund’s risk of loss in the event of counterparty default is typically limited to the amounts recognized in the statements of assets and liabilities and not represented by the contract or notional amounts of the instruments. As the Fund’s assets are held in segregated accounts with futures commission merchants, the Fund has credit risk and concentration risk. The Fund’s futures commission merchants are currently ADM Investor Services, Inc., Barclays Capital Inc., MF Global Inc. and Rosenthal Collins Group, L.L.C.

Superfund Capital Management monitors and controls the Fund’s risk exposure on a daily basis through financial, credit, and risk management monitoring systems, and accordingly believes that it has effective procedures for evaluating and limiting the credit and market risks to which the Fund is subject. These monitoring systems allow Superfund Capital Management to statistically analyze actual trading results with risk adjusted performance indicators and correlation statistics. In addition, on-line monitoring systems provide account analysis of futures and forward positions by sector, margin requirements, gain and loss transactions, and collateral positions.

The majority of these futures and forwards mature within one year of September 30, 2010. However, due to the nature of the Fund’s business, these instruments may not be held to maturity.

10. Subscriptions and redemptions

Investors must submit subscriptions at least five business days prior to the applicable month-end closing date and they will be accepted once payments are received and cleared. All subscriptions funds are required to be promptly transmitted to the escrow agent, HSBC Bank USA. Subscriptions must be accepted or rejected by Superfund Capital Management within five business days of receipt, and the settlement date for the deposit of subscription funds in escrow must be within five business days of acceptance. No fees or costs will be assessed on any subscription while held in escrow, irrespective of whether the subscription is accepted or the subscription funds are returned.

A limited partner of a Series may request any or all of his investment in such Series be redeemed by such Series at the net asset value of a Unit within such Series as of the end of each month, subject to a minimum redemption of $1,000 and subject further to such limited partner having an investment in such Series, after giving effect to the requested redemption, at least equal to the minimum initial investment amount of $5,000. Limited partners must transmit a written request of such redemption to Superfund Capital Management not less than five business days prior to the end of the month (or such shorter period as permitted by Superfund Capital Management) as of which redemption is to be effective. Redemptions will generally be paid within twenty days after the date of redemption. However, in special circumstances, including, but not limited to, inability to liquidate dealers’ positions as of a redemption date or default or delay in payments due to each Series from clearing brokers, banks or other persons or entities, each Series may in turn delay payment to persons requesting redemption of the proportionate part of the net assets of each Series represented by the sums that are subject of such default or delay. The Prospectus provides if the net asset value per Unit within a Series as of the end of any business day declines by 50% or more from either the prior year-end or the prior month-end Unit value of such Series, Superfund Capital Management will suspend trading activities, notify all Limited Partners within such Series of the relevant facts within seven business days and declare a special redemption period.

11. Subsequent events

Superfund Capital Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were filed and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

INTRODUCTION

The Fund commenced the offering of its Units on October 22, 2002. The initial offering terminated on October 31, 2002 and the Fund commenced operations on November 5, 2002. The continuing offering period commenced at the termination of the initial offering period and is ongoing. Subscription and redemption data is presented for both the Fund, as the SEC registrant, and for Series A and Series B, individually. For the quarter ended September 30, 2010, the Fund has accepted subscriptions totaling $1,934,205, and redemptions over the same period totaled $3,956,376. For the quarter ended September 30, 2010, subscriptions totaling $1,300,671 in Series A and $633,534 in Series B have been accepted and redemptions over the same period totaled $1,751,678 in Series A and $2,204,698 in Series B.

LIQUIDITY

Most U.S. commodity exchanges limit fluctuations in futures contracts prices during a single day by regulations referred to as “daily price fluctuation limits” or “daily limits.” During a single trading day, no trades may be executed at prices beyond the daily limit. This may affect the Fund’s ability to initiate new positions or close existing ones or may prevent it from having orders executed. Futures prices have occasionally moved the daily limit for several consecutive days with little or no trading. Similar occurrences could prevent the Fund from promptly liquidating unfavorable positions and subject the Fund to substantial losses, which could exceed the margin initially committed to such trades. In addition, even if futures prices have not moved the daily limit, the Fund may not be able to execute futures trades at favorable prices if little trading in such contracts is taking place.

Trading in forward contracts introduces a possible further impact on liquidity. Because such contracts are executed “off exchange” between private parties, the time required to offset or “unwind” these positions may be greater than that for regulated instruments. This potential delay could be exacerbated to the extent a counterparty is not a U.S. person.

Other than these limitations on liquidity, which are inherent in the Fund’s futures and forward trading operations, the Fund’s assets are expected to be highly liquid.

CAPITAL RESOURCES

The Fund will raise additional capital only through the sale of Units offered pursuant to the continuing offering and does not intend to raise any capital through borrowings. Due to the nature of the Fund’s business, it will make no capital expenditures and will have no capital assets which are not operating capital or assets.

RESULTS OF OPERATIONS

Three Months Ended September 30, 2010

In September, the Fund’s allocation to global equities proved successful as equities moved sharply higher. Indices in the United States (“U.S.”) experienced gains as the combined effects of excellent technology earnings and elevated M&A activity drove the Nasdaq index 13.1% higher. Although short positions in European indices experienced losses as the Dow Jones Eurostoxx, France’s CAC-40 and Spain’s IBES finished 5.0%, 6.4% and 2.5% higher, respectively, long positions in Korea’s Kospi index, which finished 7.4% higher, performed well amid upward revisions in the country’s current account surplus. A mixture of long and short positions led the Fund to an overall gain in the stock indices sector. The long-term upward trend in Canadian 3-month bank acceptance and Australian 90-day bank bill futures reversed, resulting in losses for the Fund’s short rates allocation. The selloff in Canada of 3-month bank notes was attributed to the Bank of Canada raising rates by 25 basis points for the third time since June, along with a better than expected rebound in Canadian employment and household spending. Australian short-term interest rates sold off dramatically in response to employers adding more jobs than forecast. In the U.S., 3-month Eurodollar futures bucked the global trend, trading higher as better than expected economic data was overshadowed by statements that the Federal Reserve was prepared to implement a second wave of unconventional monetary easing. Long positions in short-term interest rate products led the Fund to an overall loss on the month. Negative dollar statements by the Federal Reserve served as a catalyst for extreme currency market moves worldwide. The Australian dollar led the way, finishing 9.0% higher on the U.S. dollar. The Swiss franc finished 3.5% higher as investors perceived a safe haven play with the Japanese yen and U.S. dollar in tumult. Emerging market currencies also performed well as the South African rand, Brazilian real, and Korean won finished 6.0%, 3.7% and 4.8% higher, respectively. The Fund’s long positions in currency markets led to an overall gain on the month. The Fund obtained strong results from its allocation to the metals markets in September as investors sought safety from the devaluation of fiat currencies and exposure to alternative assets. As the dollar collapsed to a seven-month low, silver gained 12.2% on the month, breeching a 30-year high. Long positions in base metals performed well as positive early month

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manufacturing readings in the U.S. and China sent copper futures higher. London copper added 8.5% amid falling inventories while aluminum and nickel posted gains of 14.7% and 12.4%, respectively. December gold futures marched higher in September, finishing up 4.7% on the month and establishing a new all-time high above $1,300 per ounce. Long positions in the metals sector led the Fund to an overall gain on the month.

In August, the Fund’s allocations to global equity futures markets underperformed as heightening uncertainty continued to drive market volatility. The Dow Jones index finished the month down 3.9% as a poor labor market, deteriorating durable goods sales, and acute housing market declines challenged investor confidence. The Fund also lost ground in Europe as markets reversed lower with the French CAC 40, the Spanish IBEX 35 and the Italian MIB 40 finishing 4.2%, 2.7%, and 6.3% lower, respectively. A mixture of long and short positions in the stock indices sector led the Fund to an overall loss on the month. The strong upward trend in U.S. Treasury bond futures persisted with the front-month contract trading to an 18-month high while front-month 10-year Japanese government bond futures traded up to their highest level since 2003 as Japan’s gross domestic product (“GDP”) growth missed expectations by rising at an annualized rate of only 0.4%. A mixture of long and short bond futures positions led the Fund to an overall gain on the month. The Fund’s net long allocation to short-term interest rate futures yielded positive returns in August due to the prevailing fear that global growth was languishing. The long-term upward trend in 3-month Eurodollar futures extended higher after the U.S. Federal Reserve reversed plans to exit from monetary stimulus and decided to keep its bond holdings level with the possibility of resuming purchases. Long positions in the interest rate sector led the Fund to an overall gain on the month. The Fund experienced gains from its allocation to currency markets as positions in the Japanese yen and the Swiss franc performed well amid a growing sense of uncertainty surrounding the global economic recovery. Japan’s currency rallied to a 15-year high against the U.S. dollar while the Swiss franc ended the month 2.2% higher. Alternatively, long positions in the Canadian dollar and Mexican peso ended the month 3.5% and 4.1% lower against the U.S. dollar as investors curbed exposure to these major U.S. trade partners’ currencies amid flagging U.S. data. A mixture of long and short positions in the currency sector led the Fund to an overall gain on the month. The Fund’s trading systems yielded positive results in the metals sector as strong gains on long positions in gold outweighed negative performance in base metals. December gold contracts finished 5.5% higher as investment demand surged, more than doubling in the second quarter. Meanwhile, results suffered in the base metals as these markets succumbed to the same inputs that supported gold. In China, aluminum production was shuttered by another 330,000 tons while manufacturing grew at the slowest pace in 17 months, sparking fears of a double dip recession. These factors led to the possibility of weakening demand, subsequently putting downside pressure on London aluminum and nickel, which ended the month down 5.3% and 1.5%, respectively. A mixture of long and short metals positions led the Fund to an overall gain on the month. The Fund also saw strong results in global energy markets as these products established solid trends for most of August. Demand prospects for natural gas declined as July’s new and existing home sales data unexpectedly fell while initial jobless claims rose. Milder weather and the reduced threat of Atlantic hurricanes moving into the Gulf of Mexico pushed stockpiles to near-record highs. The Fund’s short positions in natural gas produced substantial gains as front-month futures traded well below the 50/100/200 day moving averages, finishing with a loss of 22.4% on the month. Rising U.S. jobless claims, contracting manufacturing and a widening trade deficit sent October crude down 9.3% on the month. A mixture of long and short positions in the energy sector led the Fund to an overall gain for the month.

In July, equities rallied impressively despite macroeconomic data that continued to point to various challenges moving forward. Strong corporate earnings reports, increased certainty following the passage of the Dodd-Frank financial reform law, and a settlement between the Securities and Exchange Commission and Goldman Sachs combined to produce sharply higher equity prices. The S&P 500 rallied to finish the month 7.0% higher, stopping out the Fund’s short positions early in the month. Asian equities also moved higher, fueled by growing optimism in China. The Hang Seng index responded with steady returns, finishing the month 4.4% higher, while Australia’s SPI 200 gained 4.7% on the month. In Europe, the the UK’s FTSE 100 and the Amsterdam EOE Index recovered most of the prior month’s losses, ending the month 7.2% and 4.4% higher, respectively, due in part to positive European bank stress tests results. A mixture of long and short positions in the stock indices sector led the Fund to an overall loss on the month. The U.S. dollar index declined 5.4% on the month amid falling U.S. household sentiment, poor private sector job growth, and expectations of rate increase diminishing. Accordingly, investors rotated assets into alternative safe haven currencies such as the Japanese yen and the Swiss franc, which ended the month 2.4% and 3.5% higher, respectively. The Australian dollar finished the month 7.4% higher as prospects for higher interest rates increased amid strong consumer prices and surging metals markets. Asian regional currencies also fared well as the Singapore dollar and New Zealand dollar finished the month 2.6% and 6.0% higher, respectively, benefitting from a return of risk appetite and increasing comfort with Chinese growth prospects following a sharp reversal higher in Chinese equities. The Fund’s long positions in the currency sector led to an overall gain on the month. The energy sector languished as mixed fundamental data produced choppy range-bound markets in both crude oil and natural gas. Large natural gas reserves caused prices to fall throughout the month even as above-average temperatures across the U.S. bolstered cooling demand. Similarly, short positions in crude oil suffered as positive U.S. retail sales figures and the IMF boosting its growth forecast sent values higher. A decrease in jobless claims combined with improving confidence in Europe’s economic recovery to spur initiation of long positions by month-end as September crude oil futures finished 3.7% higher on the month. A mixture of long and short positions in the energy sector led the Fund to an overall loss on the month.

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For the third quarter of 2010, the most profitable market group overall was the metals sector, while the greatest losses were attributable to positions in the energy sector.

Three Months Ended June 30, 2010

In June, the Fund’s allocations to global equity indices underperformed as volatile action resulted in losses. Extremely poor housing and retail sales figures spurred profit-taking, leaving front-month Dow Jones Industrial Average (the “Dow”) futures down 3.5% on the month. A mixture of long and short positions led the Fund to an overall loss in the stock indices sector for the month. Stronger results were obtained in the global bond markets as weaker than expected fundamental and inflation data complemented intensifying euro area sovereign debt risk, thus prompting widespread buying of bonds. September 30-year U.S. Treasury bonds surged after U.S. employment increased less than previously forecast with private payrolls accounting for only 10.0% of the jobs added. A mixture of long and short positions led the Fund to an overall gain in the bond sector for the month. Allocations to the energy sector underperformed amid significant losses in natural gas futures following an 18% rally through mid-month. Mild weather moved in toward the end of the month, sending values sharply lower and leaving the August contract with only a modest gain of 4.7%. A mixture of long and short positions led the Fund to an overall loss in the energy sector for the month.

In May, the Fund’s allocation to global equities lost ground as weakness in the global financial system from April carried over into the month. Germany’s Dax, England’s FTSE, and the Dow finished the month down 2.1%, 5.2%, and 7.6%, respectively. A mixture of long and short positions led the Fund to an overall loss in the stock indices sector on the month. The Fund’s long positions in the global bond futures markets provided positive returns as the sovereign debt crisis in the euro area intensified, prompting the purchase of safe-haven government securities. Front-month U.S. 30-year Treasury bonds posted 18-month highs on speculation that the debt contagion could hamper the fragile global economic rebound. The Fund’s long positions in the bond sector led to an overall gain on the month. Fallout from a lack of European consensus in dealing with the sovereign debt crisis triggered soaring borrowing costs that closely resembled the levels seen following the 2008 collapse of Lehman Brothers. The euro and Swiss franc fell 7.3% and 6.8%, respectively, while the regional currencies of Hungary, Poland, and Denmark also declined 11.0%, 12.7%, and 7.8%, respectively. The Fund experienced an overall loss on the month from its mixture of long and short currency sector positions. July crude oil traded as low as $67.24 per barrel on May 25th before a late-month rally based on strong consumer confidence and durable goods orders led to a close of $73.98, which still represented a 16.2% loss for the month. Gasoline and heating oil followed crude oil lower as front-month contracts finished the month down 15.4% and 14.1%, respectively. A mixture of long and short positions led the Fund to a relatively large loss in the energies sector for the month.

In April, markets around the globe finished with mixed results. Stocks came under acute pressure in Europe as concerns continued over the financial condition of several European Union members. Japan’s Nikkei and Australia’s SPI finished with modest losses, down 0.4% and 1.2%, respectively, while gains were seen in Taiwan and Singapore, finishing 1.1% and 3.1% higher, respectively, as those economies benefited from rebounding export demand. In the U.S., the NASDAQ and the Dow finished the month 2.1% and 1.5% higher, respectively. A mixture of long and short positions led the Fund to an overall gain on the month in the stock indices sector. Early month news that the U.S. economy added 162,000 jobs combined with excellent growth in the U.S. services industry propelled crude oil futures to their highest levels since the fall of 2008. Later in the month, excellent U.S. corporate earnings, rising consumer confidence, and the loss of a production platform in the Gulf of Mexico propelled July crude to a 4.3% gain. June gasoline futures finished 4.1% higher as a late month inventory report showed supplies had fallen more than expected. A mixture of long and short positions led the Fund to an overall gain in the energies sector on the month. The Fund experienced strong gains on its June gold futures, as the metal finished the month 5.8% higher. The Fund’s long positions in the metals sector resulted in gains for the month.

For the second quarter of 2010, the most profitable market group overall was the bonds sector, while the greatest losses were attributable to positions in the energy sector.

Three Months Ended March 31, 2010

In March, the Fund saw excellent results in the equities sector as global stock markets throughout the world surged. Rising business confidence in Germany propelled the DAX to a gain of 9.7%, while Italy’s MIB40, Spain’s IBEX, and Poland’s WIG20, finished up 8.5%, 4.8% and 12.6%, respectively. In Asia, Japan’s Nikkei finished up 10.3% and in the U.S., the S&P 500 and the Dow finished up 6.0% and 5.3%, respectively. A mixture of long and short positions in the stock indices sector led to a gain for the Fund for the month. The Fund continued to experience significant gains from its energy positions as global economic strength propelled crude oil demand expectations higher while warm weather and inflated inventories extended the downtrend in natural gas prices. Front-month crude oil futures finished up 4.7% on the month. The U.S. increased the number of natural gas rigs to 941, up 16.0% from a year earlier. These factors, combined with a mild weather forecast, sent front-month natural gas down, finishing 19.6% lower on the month. A mixture of long and short positions in the energy sector led to a gain

39

for the Fund for the month. The Fund also experienced solid results in its long metals positions as base metals surged despite the stronger U.S. dollar. London copper finished 8.4% higher as exchange inventories fell for most of the month. London nickel rose to its highest level since June 2008, finishing 17.9% higher. The Fund’s long positions in the metals sector resulted in an overall gain for the month.

In February, world bond markets experienced volatile action as sovereign debt contagion worries spread while economic data showed promising signs. The Fund’s net short position in U.S. 30-year Treasury bonds fell prey to small losses as futures rallied near month-end despite better than expected economic reports. In Europe, March bonds surged at month-end to finish moderately higher, producing overall gains for the Fund’s long positions. Overall, a mixture of long and short positions in the bonds sector produced a gain for the Fund for the month. Global short-term interest rate futures traded higher in February, continuing a strong-upward trend and providing the Fund with positive returns. In the U.S., three-month Eurodollar futures rallied to new highs after the Federal Reserve unexpectedly raised the discount rate but reaffirmed that the federal funds rate will remain at exceptionally low levels for an extended period. The Fund’s long positions in the interest rates sector resulted in a gain for the month. Fundamentals in the grain sector improved enough to offset the U.S. dollar rally. May soybeans, wheat and corn finished the month 3.9%, 6.3% and 5.7% higher, respectively. A mixture of long and short positions in the grains sector led to a loss for the Fund on the month. The Fund experienced solid returns in global energy markets in February as macroeconomic data continued to impress. Crude oil finished 8.5% higher, while the ample supply of natural gas proved too much to keep prices high for long. Natural gas finished 6.1% lower, benefiting the Fund’s short positions in this market. A mixture of long and short positions in the energy sector led to an overall loss for the Fund on the month. New York and London front-month sugar futures reversed sharply, finishing the month 19.2% and 9.8% lower, respectively, while May New York cocoa contracts lost 10.2% on the month. Chinese cotton production was estimated to have fallen 15% from the prior year, propelling May cotton to a gain of 16.7% on the month. A mixture of long and short positions in the agricultural sector led to a loss for the Fund on the month.

In January, global equities continued to trend higher but reversed sharply by month-end. In the U.S., the Dow and Nasdaq Composite Index finished 3.5% and 6.8% lower, respectively. European equities also experienced significant declines, with Germany’s DAX, the United Kingdom’s FTSE and France’s CAC40 finishing 6.7%, 4.2% and 5.1% lower, respectively. Asian stocks fell as China began to take steps to slow growth and curb lending in response to an overheating economy. The Hang Seng and Japan’s Nikkei finished 7.8% and 3.6% lower, respectively. A mixture of long and short positions in the stock indices sector produced an overall loss for the Fund on the month. Global short-term interest futures rebounded in January with numerous products trading to new contract highs. Eurodollar futures rallied as weaker than expected fundamental data in the U.S. prompted the selling of equities and the buying of safer short-term assets. A mixture of long and short positions in the interest rates sector resulted in a gain for the Fund for the month. The U.S. dollar index extended its December gains in January, finishing the month 1.7% higher as risk capital flowed into the greenback following China’s strong signals that it would act to contain its rapid growth. Entrenched trends in emerging market currencies continued to unwind with the Brazilian real and Chilean peso finishing the month down 8.7% and 3.3%, respectively. The Fund’s short positions in the U.S. dollar led the currencies sector to a loss on the month. Front-month crude oil futures rose to their highest level since the fall of 2008 in early January until a U.S. dollar reversal and growing global economic fears led to an 8.4% decline on the month. March natural gas finished 7% lower as the return of mild temperatures stabilized inventories near the 5-year average after the steep drawdown following December’s cold snap. A mixture of long and short energy positions led the Fund to an overall loss on the month in the sector. London zinc declined 17%, while lead and copper lost 17.1% and 9%, respectively, on the month, as the Chinese central bank raised reserve requirements and ordered some banks to cease lending altogether. February gold sold off late to finish 1.2% lower. The Fund’s long positions in the metals sector led to an overall loss for the month.

For the first quarter of 2010, the most profitable market group overall was the energy sector, while the greatest losses were attributable to positions in the currency sector.

Three Months Ended September 30, 2009

In September, world bond markets finished on the upside after better than expected economic data was discounted as several global central banks weighed the withdrawal of economic stimulus packages. These conditions led the Fund’s long positions in the bond sector to an overall gain. Global short-term interest rate futures continued their strong upward trend as inflation fears weakened and sustainability of the economic recovery came into question. Three month eurodollar futures extended their upside move after the Federal Open Market Committee kept rates at record lows in an effort to combat a 26-year high in unemployment. The Fund’s long positions produced gains in the interest rates sector. The U.S. dollar established new lows for the year in September, falling 2.0% as investors around the world aggressively borrowed the low yielding currency to finance purchases of assets in countries offering higher yields. Emerging South American currencies continued to shine due to their relatively high yields. The Colombian peso and Brazilian real finished 6.8% and 6.0% higher, respectively. The Fund’s short positions in the U.S. dollar led to gains in the currencies sector. November crude oil contracts finished near unchanged as existing homes sales and consumer confidence came in well below expectations. Crude inventories continued to expand as demand remained weak. The Fund’s short energy positions produced losses on the month. December gold futures finished

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5.9% higher, closing above the significant $1,000 mark. December silver futures also attracted investment demand, finishing 11.6% higher on the month. The Fund’s long metals positions produced an overall gain.

In August, world bond markets moved steadily higher as perceptions surrounding economic data shifted. U.S. Treasury bonds attracted steady buying in the latter half of the month as retail sales missed forecasts and producer prices fell more than expected. These developments led the Fund’s long positions in the interest rate sector to an overall gain. The U.S. dollar remained near its lows for the year as risk appetite remained elevated, while the British pound and Canadian dollar finished down 2.5% and 1.1%, respectively. The Fund’s short positions in U.S. dollar led to an overall gain. Crude oil finished down 1.7%, while natural gas lost 23.3%. The Fund’s short positions in the energy sector lead to an overall gain. October gold continued to trade sideways between $900-$1,000, while London copper, nickel and lead finished 12.6%, 6.7% and 12.2% higher, respectively. The Fund’s short positions in the metals sector led to an overall loss. Hog futures continued their steady drive lower, finishing down 10.5%. Sugar and coffee finished 30.1% and 7.6% higher, respectively. The Fund’s mix of long and short positions in the agriculture sector resulted in an overall gain.

In July, global stock markets continued to advance as many markets rose to new multi-month highs. China’s Shenzen 300 finished 15.0% higher, while Germany’s DAX, London’s FTSE and France’s CAC40 established new highs, rising between 8.0% and 11.0%. Short positions in the stock indices sector produced relatively large losses for the month. The Canadian dollar surged, finishing 7.0% higher, and the Norwegian krona, Brazilian real and Australian dollar finished 5%, 4.4% and 3.6% higher, respectively. These conditions led the Fund’s long positions in the U.S. dollar to an overall loss. Gold gained slightly in July as investors continued to search for conviction on short-term price action. U.S. dollar weakness combined with an inflationary Producer Price Index report caused December gold futures to experience a 2.8% gain. Industrial metals continued to trend higher with London copper leading the way, finishing 15.2% higher. The Fund’s short positions in metals led to an overall loss.

For the third quarter of 2009, the most profitable market sector for the Fund on an overall basis was the interest rates sector, while the greatest losses resulted from the Fund’s positions in the stock indices sector.

Three Months Ended June 30, 2009

In June, U.S. stock indices finished near unchanged, while most Asian stock indices finished higher; Hong Kong’s Chinese Enterprise Index rose 6.1%. The Fund’s short positions in the stock indices sector experienced a loss. World bond markets reversed early month lows by month end, finishing higher as improving bond yields and a stagnating equity rally attracted buyers. The Fund’s long positions in the bonds sector led to a gain. U.S. and European short-term interest rate futures finished slightly higher in June, recovering from a substantial early month selloff. The Fund’s long positions during the earlier part of the month resulted in losses. The Australian dollar finished the month 1.2% higher, while the British pound finished 2.0% higher. The Fund’s long positions in the U.S. dollar led to a loss. December wheat contracts plunged, losing 17.5% as the global recession continued to destroy demand. The Fund’s short positions in the grains sector produced gains. London copper added 3.7%, while lead also rose 8.9% as Chinese auto sales soared. London nickel finished up 10% as Chinese imports for the first 4 months of 2009 exceeded 2008 levels by 16%. The Fund’s short positions in the metals sector resulted in losses. U.S. August crude oil futures added 4.1% despite rising inventories as Chinese buying supported values. The Fund’s short positions in the energy sector produced losses. Other market sectors, relative to the sectors mentioned above, did not reveal significant trends and did not have a substantial influence on this month’s overall negative performance.

In May, world bond markets traded dramatically lower as burgeoning budget deficits led to heavy bond issuance, foreshadowing long-term inflation. U.S. 30-year bond futures, German Bund futures, and Japanese 10-year bond futures traded to their lowest levels since November 2008. The Fund’s long positions in the bonds sector resulted in losses. Emerging market strength contributed to a steep selloff in U.S. treasuries, resulting in a 6.2% loss for the U.S. dollar index. The Brazilian real and the Australian dollar were up 10% and 13.2%, respectively, against the U.S. dollar. The Fund’s long positions in the U.S. dollar produced losses. Despite crude demand falling more than 7.5% from last year, inventories declined, leading to a 24.8% gain for July crude futures. The Fund’s short positions in this sector incurred relatively large losses. Other market sectors did not reveal significant trends and did not have a significant influence on this month’s overall negative performance.

In April, the S&P 500 Index rose 9.4% led by bank stocks as (i) FAS 157-4 provided guidance for determining the fair value of assets and liabilities, including guidance on identifying circumstances that indicate an observed transaction used to determine fair value is not orderly and, therefore, is not indicative of fair value and (ii) strong earnings from favorable spreads created by cheap central bank liquidity supported values. The Fund’s short stock indices positions led to a relatively large loss. World bond markets tracked steadily lower in April as money flowed out of low yielding treasuries and into equities. The Fund’s long positions in the bonds sector produced an overall loss. The U.S. dollar index finished down 1.2% while the euro moved sideways as capital moved out of the U.S. and European Union amid unattractive treasury yields. The Hungarian forint, Polish zloty and Czech koruna gained 6.0%, 4.6% and 2.1%, respectively against the U.S. dollar, while the Australian dollar, Canadian dollar and Brazilian real finished up 5.0%, 5.5% and 5.7%, respectively against the U.S. dollar. The Fund’s long

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positions in the U.S. dollar lead to an overall loss for the currency sector. Positive economic signals from the G20 meeting and the resulting rise in world equity markets were offset by rising inventories as global energy demand continued to contract. June natural gas prices continued lower, posting a 13.8% loss as storage increased to nearly 34% greater than a year ago and 23% greater than the five-year moving average. The Fund’s short positions in the energy sector produced a relatively large gain. Other market sectors did not reveal significant trends and did not have a substantial influence on April’s overall negative performance.

For the second quarter of 2009, the most profitable market sector for the Fund on an overall basis was the grains sector, while the greatest losses resulted from the Fund’s positions in the energy sector.

Three Months Ended March 31, 2009

In March, global stock indices finished the month with significant gains. On the basis of strong economic indicators, U.S. indices experienced gains of 7% to 10%, while Korea’s Kospi and the China-based H-Shares experienced gains of 14.2% and 13.7%, respectively. The Fund’s short stock indices positions resulted in losses for the month. Global short-term interest rate futures trended higher during March as the continuous actions of world central banks attempting to combat the recession and reverse deflation provided steady support. The Fund’s long interest rates positions produced gains. The Australian dollar gained 8.2% against the U.S. dollar, while the Brazilian real and New Zealand dollar gained 2.6% and 11.7%, respectively, based on strong relative economic performance bolstered by commodity market strength. The euro added 4.6% against the U.S. dollar and 6% against the Japanese yen, while the Norwegian krone rose 4.4% against the U.S. dollar. A relatively large loss resulted from the Fund’s short positions in these foreign currency markets. In March, Australian wheat production estimates grew by 1.4 million tons, while global 2008-09 total wheat production was projected to be a record 684.4 million tons. May corn moved 12.7% higher as rising crude oil and fertilizer prices resulted in the U.S. Department of Agriculture (“USDA”) shifting production from corn to soybeans. The Fund’s short positions in grain lead to a loss in the sector. May crude oil futures added to February’s late month rebound, rising 6.1%, supported by solid U.S. housing and durable goods orders and a weaker U.S. dollar. A surprisingly dramatic recovery in Chinese demand also provided underlying support. The Fund’s short energy sector positions resulted in losses for the month. Gold ETF holdings posted yet another record high, supporting the market at levels well above $900 per ounce as investors continued to seek protection from currency debasing moves by central bankers. In London, base metals, led by copper and zinc, up 19.7% and 21.4%, respectively, moved sharply higher amid widespread evidence that China is moving to counteract damage to its export-led economic growth by stockpiling industrial metals to use for vast infrastructure projects. These developments produced losses for the Fund’s short positions in the metals sector.

In February, equities continued their collapse as dark economic clouds hung over global markets. In Asia, major indices lost between 3% and 9%. The Nikkei Index fell nearly 4.7% amid a startling 84% drop in January machine orders (year over year). The Fund’s short positions in stock indices produced gains on the month. Front month U.S. 30-year bond futures finished slightly lower as the unexpected inflation readings and massive debt supply offset the short term inflation outlook. European bonds returned to recent highs as reports showed economic contraction of 1.5% in the 4th quarter, the most in 13 years. Japanese bonds also returned to recent highs as GDP shrank at a 12.7% annualized rate in the fourth quarter. The Fund’s long positions in the bonds sector produced gains for the month. May soybean futures showed strength early in the month on concern that dry conditions in Argentina would result in significant production losses. Nonetheless, soybeans finished over 10.7% lower as the combination of timely rains and persistent U.S. dollar strength weighed on values. May corn futures finished 8% lower despite the dry weather in Argentina leading the USDA to lower world production estimates by 4.6 million tons. The Fund’s short positions in the grains sector resulted in gains for the month. U.S. crude inventories rose to 351.3 million barrels versus 299.8 million barrels in February 2009 despite several rounds of OPEC production cuts. Despite the negative news, April crude managed a late rally of over 20% to finish with a loss of 3.3% on the back of a bullish gasoline inventory report. April gasoline futures rallied over 20% from its lows to finish 1.3% higher as capacity utilization in the refining sector shrank to 81.4%. April natural gas finished 6.2% lower as supplies stood more than 12% above the five-year average. The Fund’s short positions in the energy sector resulted in overall gains for the month.

In January, negative news sent equities lower around the world. Asian indices finished lower as the Nikkei declined 10% due to distressed vehicle sales and industrial production, while Hong Kong’s Hang Seng index fell 8.2% on poor export data. In Europe, falling industrial production and bank sector trouble pressured markets, leading to a 10.2% decline for Germany’s DAX. The Fund’s short positions in the stock indices sector produced gains for the month. World bond markets gave back most of December’s gains as stimulus and bailout package announcements by world governments made bond investors nervous. In Europe, producer prices fell the most in 27 years and consumer inflation reached the lowest in more than 2 years. This data propelled front-month Bund futures to a record high by mid-month, however the market finished near unchanged as the European Central Bank rejected talk of easing to a 0% target rate. The Fund’s long positions in the bonds sector resulted in losses for the month. Crude oil settled near its December low of around $40 per barrel as the market shrugged off a litany of bullish factors, choosing instead to focus on deteriorating demand, growing inventories, and the strong U.S dollar. March

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natural gas futures continued trending lower, falling 21.8% as inventories remained plentiful despite below average temperatures throughout the U.S. The Fund’s short positions in the energy sector produced overall gains for the month.

For the first quarter of 2009, the most profitable market sector was interest rates, while the largest losses resulted from positions in the currency sector.

OFF-BALANCE SHEET RISK

The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in a future obligation or loss. The Fund trades in futures and forward contracts and is therefore a party to financial instruments with elements of off-balance sheet market and credit risk. In entering into these contracts, there exists a market risk that such contracts may be significantly influenced by conditions, such as interest rate volatility, resulting in such contracts being less valuable. If the markets should move against all of the futures interests positions of the Fund at the same time, and if Superfund Capital Management was unable to offset such positions, the Fund could experience substantial losses. Superfund Capital Management attempts to minimize market risk through real-time monitoring of open positions, diversification of the portfolio and maintenance of a margin-to-equity ratio in all but extreme instances not greater than 50%.

In addition to market risk, in entering into futures and forward contracts, there is a credit risk that a counterparty will not be able to meet its obligations to the Fund. The counterparty for futures contracts traded in the U.S. and on most foreign exchanges is the clearinghouse associated with such exchange. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearinghouse is not backed by the clearing members, like some foreign exchanges, it is normally backed by a consortium of banks or other financial institutions.

OFF-BALANCE SHEET ARRANGEMENTS

The Fund does not engage in off-balance sheet arrangements.

CONTRACTUAL OBLIGATIONS

The Fund does not enter into contractual obligations or commercial commitments to make future payments of a type that would be typical for an operating company. The Fund’s sole business is trading futures, currency, forward and certain swap contracts, both long (contracts to buy) and short (contracts to sell). All such contracts are settled by offset, not delivery. Substantially all such contracts are for settlement within four months of the trade date and substantially all such contracts are held by the Fund for less than four months before being offset or rolled over into new contracts with similar maturities. The Financial Statements of Series A and Series B each present a Condensed Schedule of Investments setting forth net unrealized appreciation (depreciation) of such Series’ open forward contracts as well as the fair value of the futures contracts purchased and sold by each Series at September 30, 2010 and December 31, 2009.

CRITICAL ACCOUNTING POLICIES — VALUATION OF THE FUND’S POSITIONS

Superfund Capital Management believes that the accounting policies that will be most critical to the Fund’s financial condition and results of operations relate to the valuation of the Fund’s positions. The Fund uses the amortized cost method for valuing U.S. Treasury Bills. Superfund Capital Management believes the cost of securities plus accreted discount, or minus amortized premium, approximates fair value. The majority of the Fund’s positions will be exchange-traded futures contracts, which will be valued daily at settlement prices published by the exchanges. Any spot and forward foreign currency or swap contracts held by the Fund will also be valued at published daily settlement prices or at dealers’ quotes. Thus, Superfund Capital Management expects that under normal circumstances substantially all of the Fund’s assets will be valued on a daily basis using objective measures.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

ASU 2010-06

In January 2010, FASB issued Accounting Standards Update No. 2010-06,Improving Disclosures about Fair Value Measurements(“ASU 2010-06”), which amends the disclosure requirements of ASC 820,Fair Value Measurements and Disclosures(“ASC 820”), and requires new disclosures regarding transfers in and out of Level 1 and 2 categories, as well as requires entities to separately present purchases, sales, issuances, and settlements in their reconciliation of Level 3 fair value measurements (i.e. to present such items on a gross basis rather than on a net basis), and which clarifies existing disclosure requirements provided by ASC 820 regarding the level of disaggregation and the inputs and valuation techniques used to

43

measure fair value for measurements that fall within either Level 2 or Level 3 of the fair value hierarchy. ASU 2010-06 is effective for interim and annual periods beginning after December 15, 2009, except for the disclosures about purchases, sales, issuances, and settlements in the roll forward of activity in Level 3 fair value measurements (which are effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years). The Fund has adopted ASU 2010-06 effective for reporting periods beginning after December 15, 2009. The adoption of ASU 2010-06 did not have any impact on the Fund’s results of operations, financial condition or cash flows, as the Fund has not had any transfers in or out of Level 1 and 2 categories, nor does it hold level 3 assets or liabilities. The Funds do not anticipate the amendments effective for fiscal years beginning after December 15, 2010 to have an impact on the Funds’ results of operations, financial condition or cash flows.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not required.

ITEM 4T. CONTROLS AND PROCEDURES

Superfund Capital Management, the Fund’s general partner, with the participation of Superfund Capital Management’s principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures with respect to each Series individually, as well as the Fund as a whole, as of the end of the period covered by this quarterly report, and, based on their evaluation, have concluded that these disclosure controls and procedures are effective. There were no formal changes in Superfund Capital Management’s internal controls over financial reporting during the quarter ended September 30, 2010, that have materially affected, or are reasonably likely to materially affect, Superfund Capital Management’s internal control over financial reporting with respect to each Series individually, as well as the Fund as a whole.

The Rule 13a-14(a)/15d-14(a) certifications of the principal executive officer and the principal financial officer included as Exhibits 31.1 and 31.2, respectively, are certifying as to each Series individually, as well as the Fund as a whole.

PART II — OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Superfund Capital Management is not aware of any pending legal proceedings to which either the Fund is a party or to which any of its assets are subject. The Fund has no subsidiaries.

ITEM 1A. RISK FACTORS

Not required.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

(a) There were no sales of unregistered securities during the quarter ended September 30, 2010.

(b) Pursuant to the Fund’s Limited Partnership Agreement, investors may redeem their Units at the end of each calendar month at the then current month-end Net Asset Value per Unit. The redemption of Units has no impact on the value of Units that remain outstanding, and Units are not reissued once redeemed.

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The following tables summarize the redemptions by investors during the three months ended September 30, 2010:

     Series A:

Month	Units Redeemed		NAV per Unit ($)
July 31, 2010		392.236		1,257.40
August 31, 2010		283.670		1,309.53
September 30, 2010		647.373		1,369.17
		1,323.279

     Series B:

Month	Units Redeemed		NAV per Unit ($)
July 31, 2010		485.574		1,283.78
August 31, 2010		477.002		1,366.27
September 30, 2010		632.892		1,468.03
		1,595.468

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. (REMOVED AND RESERVED)

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

The following exhibits are included herewith:

31.1	Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer
31.2	Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer
32.1	Section 1350 Certification of Principal Executive Officer
32.2	Section 1350 Certification of Principal Financial Officer

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SIGNATURES

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

Date: November 15, 2010	SUPERFUND GREEN, L.P.             (Registrant)
	By:	Superfund Capital Management, Inc.
		General Partner

By:	/s/ Nigel James
	Nigel James
	President and Principal Executive Officer

By:	/s/ Martin Schneider
	Martin Schneider
	Vice President and Principal Financial Officer

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EXHIBIT INDEX

Exhibit Number	Description of Document	Page Number
31.1	Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer	E-2
31.2	Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer	E-3
32.1	Section 1350 Certification of Principal Executive Officer	E-4
32.2	Section 1350 Certification of Principal Financial Officer	E-5

E-1