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Form S-1
UNDER
THE SECURITIES ACT OF 1933
Delaware | 6221 | |
(State of Organization) | (Primary Standard Industrial | |
Classification Code Number) | ||
98-0375395 | ||
(I.R.S. Employer Identification Number) | ||
Martin Schneider | ||
Superfund Office Building | Superfund Office Building | |
P.O. Box 1479 | P.O. Box 1479 | |
Grand Anse | Grand Anse | |
St. George’s, Grenada | St. George’s, Grenada | |
West Indies | West Indies | |
(473) 439- 2418 | (473) 439-2418 | |
(Address, including zip code, and telephone number, | (Name, address, including zip code, and telephone number, | |
including area code, of registrant’s principal executive offices) | including area code, of agent for service) |
Daniel F. Spies
Sidley Austin LLP
One South Dearborn Street
Chicago, Illinois 60603
(312) 853-4167
Large accelerated filer | o | Accelerated filer | o | |||
Non-accelerated filer | o (Do not check if a smaller reporting company) | Smaller reporting company | þ |
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$311,969,851 SERIES B
• | The Fund is speculative and highly leveraged. The Series will acquire positions with face amounts substantially greater than their total equity. Leverage magnifies the impact of both gains and losses. | ||
• | Performance can be volatile and the net asset value per Unit may fluctuate significantly in a single month. | ||
• | You could lose all or substantially all of your investment in each Series. | ||
• | Superfund Capital Management, Inc. has total trading authority over each Series. The use of a single advisor could mean lack of diversification and, consequently, higher risk. | ||
• | There is no secondary market for the Units, and none is expected to develop. While the Units have redemption rights, there are restrictions. For example, redemptions can occur only at the end of a month. See “Distributions and Redemptions.” | ||
• | Transfers of interest in the Units are subject to limitations, such as 30 days’ advance written notice of any intent to transfer. Also, Superfund Capital Management, Inc. may deny a request to transfer if it determines that the transfer may result in adverse legal or tax consequences for a Series. See “Superfund Green, L.P. Fifth Amended and Restated Limited Partnership Agreement.” | ||
• | Substantial expenses must be offset by trading profits and interest income for each Series to be profitable. | ||
• | No U.S. regulatory authority or exchange has the power to compel the enforcement of the rules of a foreign board of trade or any applicable foreign laws. |
General Partner
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RISK DISCLOSURE STATEMENT
General Partner
PO BOX 1479
GRAND ANSE
ST. GEORGE’S, GRENADA
WEST INDIES
(473) 439-2418
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EX-23.01 | ||||||||
EX-23.02 |
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A-1 | ||||
EXHIBIT B: Superfund Green, L.P. Request for Redemption | B-1 | |||
C-1 | ||||
EXHIBIT D: Superfund Green, L.P. Subscription Agreement | D-1 | |||
EXHIBIT E: Superfund Green, L.P. Request for Transfer Form | E-1 | |||
EXHIBIT F: Superfund Green, L.P. Subscription Agreement for an Additional Investment | F-1 | |||
EXHIBIT G: Superfund Green, L.P. Series Exchange Subscription Agreement | G-1 |
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• | Investors must submit subscriptions at least five business days prior to the applicable month-end closing date. Approved subscriptions will be accepted once payments are received and cleared at the applicable month-end net asset value for the respective Series. Pursuant to an addendum to the |
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Subscription Agreement, investors may subscribe for Units and receive them, and pay for them in equal installments, over a period of time to achieve an average price for the Units acquired; provided, however, that no Units will be issued until such Units have been fully paid for by the investor. | |||
• | Each Series will accept subscriptions throughout the continuing offering period, which can be terminated by Superfund Capital Management at any time. The offering is scheduled to terminate on November 24, 2012, provided, however, that it may terminate earlier if all of the Units registered pursuant to the registration statement of which this Prospectus is part have been sold and it may be extended for up to six months beyond November 24, 2012 pursuant to the rules of the Securities Act of 1933. Additional registration statements may also be filed in the future offering additional Units for sale to the public. | ||
• | The selling agents serve as underwriters and will use their best efforts to sell the Units offered, without any firm underwriting commitment. Superfund Capital Management is also offering Units, through Superfund USA, Inc. (“Superfund USA”), which also serves as an underwriter, to potential investors by distributing this Prospectus and making it available on a dedicated internet website (http://www.superfund.net). Superfund Capital Management intends to engage in marketing efforts through media including but not limited to third-party websites, newspapers, magazines, other periodicals, television, radio, seminars, conferences, workshops, and sporting and charity events. Investors are required to make representations and warranties regarding their suitability to purchase the Units in the Subscription Agreement. Read the Subscription Agreement as well as this Prospectus carefully before you decide whether to invest. | ||
• | Each Series is a highly volatile and speculative investment. There can be no assurance that each Series will achieve its objectives or avoid substantial losses. You must be prepared to lose all or substantially all of your investment. |
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• | For every gain made in a futures, forward or swap transaction, the opposing side of that transaction will have an equal and offsetting loss. Each Series has from time to time in the past experienced drawdowns. Investments managed by Superfund Capital Management, including the Series, will likely experience drawdowns in the future. | ||
• | Each Series trades in futures and forward contracts. Therefore, each Series is a party to financial instruments with elements of off-balance sheet market risk, including market volatility and possible illiquidity. There is also a credit risk that a counterparty will not be able to meet its obligations to each Series. | ||
• | There is no secondary market for Units of each Series and it is not anticipated that any such market will develop. | ||
• | Each Series is subject to numerous conflicts of interest including the following: |
• | Owners of Units (“Limited Partners”) take no part in the management of each Series, and the past performance of Superfund Capital Management or each Series is not necessarily indicative of future results of a Series. | ||
• | Superfund Capital Management will be paid a monthly management fee of 1/12 of 1.85% of the monthly net asset value (1.85% annually) for each Series, regardless of profitability. Superfund Capital Management will also be paid monthly performance fees equal to 25% of aggregate cumulative net appreciation (if any) of each Series above its previous highest value, excluding interest income. | ||
• | Each Series is a single-advisor fund which may be inherently more volatile than multi-advisor managed futures products. | ||
• | Although each Series is liquid compared to other “alternative” investments such as real estate or venture capital, liquidity is restricted, as the Units may only be redeemed on a monthly basis, upon five business days’ written notice. You may transfer or assign your Units after 30 days’ advance notice, and only with the consent of Superfund Capital Management which may not be given if such transfer may result in adverse legal or tax consequences for a Series. | ||
• | Even though Superfund Capital Management does not presently intend to make distributions from either Series, you will be liable for taxes on your share of trading profits and other income of the Series in which you invest. | ||
• | Each Series must experience certain levels of trading profits in order for you to break even on your investment. Based on an initial investment of $5,000 (and assuming no changes in net asset value and interest income of 0.10%), the break even points for each Series are as follows: Series A — 8.90% ($445.00); Series A not subject to selling commissions — 4.90% ($245.00); Series B — | ||
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9.90% ($495.00); Series B not subject to selling commissions — 5.90% ($295.00). A more detailed break even analysis begins at page 6. | |||
• | Each Series is a leveraged investment fund managed by an experienced, professional trading advisor and it trades in a wide range of futures and forward markets. | ||
• | Superfund Capital Management utilizes proprietary, systematic trading systems for each Series. | ||
• | Each Series has the potential to help diversify traditional securities portfolios. A diverse portfolio consisting of assets that perform in an unrelated manner, or non-correlated assets, may increase overall return and/or reduce the volatility (a primary measure of risk) of a portfolio. However, non-correlation will not provide any diversification advantages unless the non-correlated assets are outperforming other portfolio assets, and there is no guarantee that either Series will outperform other sectors of an investor’s portfolio or not produce losses. Each Series’ profitability also depends on the success of Superfund Capital Management’s trading techniques. If a Series is unprofitable, then the Series will not increase the return on an investor’s portfolio or achieve its diversification objectives. | ||
• | Investors in each Series get the advantage of limited liability in highly leveraged trading. |
• | 1.85% annual management fee (1/12 of 1.85% payable monthly) for each Series. | ||
• | 25% of new appreciation (if any) in each Series’ net assets computed on a monthly basis and excluding interest income and as adjusted for subscriptions and redemptions. | ||
• | Up to 1% of net assets in each Series per year (up to 1/12 of 1% payable monthly) for ongoing offering expenses (including the costs of updating this Prospectus and registering additional Units for sale to the public), such as legal, auditing, administration, printing and postage costs, not to exceed the amount of actual expenses incurred. Ongoing offering expenses will not exceed 0.3542% of the gross offering proceeds of the Units registered pursuant to the registration statement of which this Prospectus is part. Superfund Capital Management will assume liability for ongoing offering expenses in excess of 1% of average month-end net assets per year of each Series. | ||
• | Up to 0.15% of net assets in each Series per year (1/12 of 0.15% payable monthly) for operating expenses such as legal, auditing, administration, printing and postage, not to exceed the amount of actual expense incurred. |
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• | An annual selling commission will be paid to Superfund USA, an affiliate of Superfund Capital Management. The Units pay a commission of 4% of the month-end net asset value per Unit (1/12 of 4% per month) in the initial year after purchase. The Units pay additional selling commissions of 4% per annum of the month-end net asset value per Unit thereafter. Each Series and Superfund USA may retain additional selling agents to assist with the placement of the Units. Superfund USA will pay all or a portion of the selling commission described above which it receives in respect of the Units sold by the additional selling agents to the additional selling agents effecting the sales. If the selling commission paid in the initial year after purchase is less than 4% of proceeds due to a decrease in the net asset value per Unit, the maximum additional selling commissions paid will exceed 6% of the proceeds. If the selling commission paid in the initial year after purchase is more than 4% of the proceeds due to an increase in the net asset value per Unit, the maximum additional selling commissions paid will be less than 6% of the proceeds. In either case, the maximum cumulative selling commission per Unit sold pursuant to this Prospectus is 10% of the gross offering proceeds price for such Unit (which is equal to $52,144,128.90 out of the $521,441,289 in Units offered pursuant to this Prospectus). | ||
• | If you participate in a registered investment adviser’s asset-based fee or fixed fee advisory program and your investment adviser recommends a portfolio allocation to the Fund or if the Units are purchased by commodity pools operated by commodity pool operators registered as such with the National Futures Association (“NFA”), your Units purchased through Superfund USA will not be subject to the selling commissions described above. | ||
• | $12.00 brokerage commission per round-turn transaction plus applicable regulatory and exchange fees, where brokerage commissions are charged in U.S. dollars, a portion of which will be paid to the clearing brokers for execution and clearing costs and the balance of which will be paid to Superfund Asset Management, Inc. (“Superfund Asset Management”) which serves as introducing broker for each Series and is an affiliate of Superfund Capital Management. Brokerage commissions for certain foreign futures contracts to be traded by the Fund are charged in currencies other than the U.S. dollar. Commission rates for brokerage commissions charged in foreign currencies will be reset on the first day of each calendar month to the foreign currency equivalent of $12.00 based on the then current U.S. dollar exchange rate for the applicable foreign currencies. Daily fluctuations in foreign currency exchange rates will, however, cause the actual commissions charged to the Fund for certain foreign futures contracts to be more or less than $12.00. | ||
• | There are no penalties or charges applied upon the redemption of Units. |
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Dollar Return | ||||||||
Percentage Return | Required ($5,000 | |||||||
Required Initial | Initial Investment) | |||||||
Twelve Months | Initial Twelve Months | |||||||
Routine Expenses | of Investment | of Investment | ||||||
Management Fees | 1.85 | % | $ | 92.50 | ||||
General Partner Performance Fees(1) | 0.00 | % | $ | 0.00 | ||||
Selling Commissions(2) | 4.00 | % | $ | 200.00 | ||||
Ongoing Offering Expenses(3) | 1.00 | % | $ | 50.00 | ||||
Operating Expenses(3) | 0.15 | % | $ | 7.50 | ||||
Brokerage Fees(4) | 2.00 | % | $ | 100.00 | ||||
Less Interest Income(5) | 0.10 | % | $ | 5.00 | ||||
TWELVE-MONTH BREAKEVEN | 8.90 | % | $ | 445.00 |
Dollar Return | ||||||||
Required ($5,000 | ||||||||
Percentage Return | Initial Investment) | |||||||
Required Initial | Initial Twelve | |||||||
Twelve Months | Months | |||||||
Routine Expenses | of Investment | of Investment | ||||||
Management Fees | 1.85 | % | $ | 92.50 | ||||
General Partner Performance Fees(1) | 0.00 | % | $ | 0.00 | ||||
Selling Commissions(2) | 0.00 | % | $ | 0.00 | ||||
Ongoing Offering Expenses(3) | 1.00 | % | $ | 50.00 | ||||
Operating Expenses(3) | 0.15 | % | $ | 7.50 | ||||
Brokerage Fees(4) | 2.00 | % | $ | 100.00 | ||||
Less Interest Income(5) | 0.10 | % | $ | 5.00 | ||||
TWELVE-MONTH BREAKEVEN | 4.90 | % | $ | 245.00 |
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Dollar Return | ||||||||
Required ($5,000 | ||||||||
Percentage Return | Initial Investment) | |||||||
Required Initial | Initial Twelve | |||||||
Twelve Months | Months | |||||||
Routine Expenses | of Investment | of Investment | ||||||
Management Fees | 1.85 | % | $ | 92.50 | ||||
General Partner Performance Fees(1) | 0.00 | % | $ | 0.00 | ||||
Selling Commissions(2) | 4.00 | % | $ | 200.00 | ||||
Ongoing Offering Expenses(3) | 1.00 | % | $ | 50.00 | ||||
Operating Expenses(3) | 0.15 | % | $ | 7.50 | ||||
Brokerage Fees(4) | 3.00 | % | $ | 150.00 | ||||
Less Interest Income(5) | 0.10 | % | $ | 5.00 | ||||
TWELVE-MONTH BREAKEVEN | 9.90 | % | $ | 495.00 |
Dollar Return | ||||||||
Required ($5,000 | ||||||||
Percentage Return | Initial Investment) | |||||||
Required Initial | Initial Twelve | |||||||
Twelve Months | Months | |||||||
Routine Expenses | of Investment | of Investment | ||||||
Management Fees | 1.85 | % | $ | 92.50 | ||||
General Partner Performance Fees(1) | 0.00 | % | $ | 0.00 | ||||
Selling Commissions(2) | 0.00 | % | $ | 0.00 | ||||
Ongoing Offering Expenses(3) | 1.00 | % | $ | 50.00 | ||||
Operating Expenses(3) | 0.15 | % | $ | 7.50 | ||||
Brokerage Fees(4) | 3.00 | % | $ | 150.00 | ||||
Less Interest Income(5) | 0.10 | % | $ | 5.00 | ||||
TWELVE-MONTH BREAKEVEN | 5.90 | % | $ | 295.00 |
(1) | No performance fees will be charged until breakeven costs are met. However, because Superfund Capital Management’s performance fee is payable monthly, it is possible for Superfund Capital Management to earn a performance fee during a break-even or losing year if, after payment of a performance fee, a Series incurs losses resulting in a break-even or losing year. It is impossible to predict what performance fee, if any, could be paid during a break-even or losing year, thus none is shown. | |
(2) | The maximum cumulative selling commission per Unit sold pursuant to this Prospectus is 10% of the gross offering proceeds for such Unit. | |
(3) | Not to exceed the amount of actual expenses incurred. |
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(4) | Effective July 1, 2010, assumes 1,667 round-turn transactions for Series A and 2,500 round turns transactions for Series B per million dollars per year at a rate of $12 per round-turn transaction.* These assumptions are based on the average number of round-turn transactions per million dollars per year over the last three years traded on behalf of the Series and the average risk capital of each Series allocated to the Fund’s short-term systematic, technical trading strategy since July 1, 2010. The Superfund Green, L.P. Fifth Amended and Restated Limited Partnership Agreement (the “Partnership Agreement”) provides that brokerage commission costs borne by the Fund shall not exceed 5% (Series A) and 7% (Series B) annually of average annual net assets of the Series. | |
(5) | Estimated. Interest income includes the assumed interest rate and reflects current cash market information, expressed as an annualized rate and rounded. | |
The twelve-month break-even points shown are dependent on interest income of 0.10% per annum. If interest income earned is less, the Series will have to earn trading profits greater than the amounts shown to cover their costs. Actual interest to be earned by the Fund will be at the prevailing rates for the period being measured which may be less than or greater than 0.10% over any twelve month period. | ||
(6) | Certain Units are not subject to selling commissions: (i) Units purchased through Superfund USA by investors that participate in a registered investment adviser’s asset-based fee or fixed fee advisory program; (ii) Units purchased through Superfund USA by investors who are commodity pools operated by commodity pool operators registered as such with the NFA; and (iii) Units for which the investor has paid the maximum cumulative selling commissions of 10% of the original purchase price. | |
* | In no instance will the total of all fees computed on a net asset basis exceed 20% per annum for either Series A or Series B. |
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![(FLOW CHART)](https://capedge.com/proxy/POS AM/0000950123-11-044763/c64455p2c6445501.gif)
Additional Selling Agreements (1) Selling Agreement Christian Baha Superfund Capital Management, Inc. (General Partner and Trading Advisor) Superfund USA, Inc. (Broker-Dealer) Superfund Green, L.P. (Issuer) Investors (Limited Partners) Clearing Firms Members of Selling Group Introducing Broker Agreements Superfund Asset Management, Inc. (Introducing Broker) Additional Selling Agreements (1) Selling Agreement Christian Baha Superfund Capital Management, Inc. (General Partner and Trading Advisor) Superfund USA, Inc. (Broker-Dealer) Superfund Green, L.P. (Issuer) Investors (Limited Partners) Clearing Firms Members of Selling Group Introducing Broker Agreements Superfund Asset Management, Inc. (Introducing Broker) 100% Owner 100% Owner Clearing Agreements Selling Agreements |
(1) | Superfund Capital Management will maintain an investment in each Series of at least 1% of the net asset value of each such Series including Superfund Capital Management, Inc.’s investment. As of February 28, 2011, the value of Superfund Capital Management’s investment in Series A was $598,038 and in Series B was $951,539. | |
Descriptions of the dealings between Superfund Capital Management and its affiliates and the Fund are set forth below under “Conflicts of Interest” and “Charges to Each Series.” |
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Name of Pool | Superfund Green, L.P. — Series A | |
Type of Pool | Single Advisor/Publicly Offered/No Principal Protection | |
General Partner | Superfund Capital Management | |
Inception of Trading | November 2002 | |
Aggregate Subscriptions as of February 28, 2011 | $124,222,486 | |
Net Asset Value as of February 28, 2011 | $38,818,804 | |
Worst Monthly % Drawdown (May 2010) | (13.14%) | |
Worst Peak-to-Valley % Drawdown (June 2008 to January 2010) | (36.92%) |
2006 | 2007 | 2008 | 2009 | 2010 | 2011 | |||||||||||||||||||||||||||||||||||||||
Jan | 6.87 | % | Jan | (3.09 | %) | Jan | (2.73 | %) | Jan | 0.35 | % | Jan | (9.38 | %) | Jan | (4.22 | %) | |||||||||||||||||||||||||||
Feb | (3.66 | %) | Feb | (7.54 | %) | Feb | 17.93 | % | Feb | 0.04 | % | Feb | 1.49 | % | Feb | 4.10 | % | |||||||||||||||||||||||||||
Mar | 4.48 | % | Mar | (8.73 | %) | Mar | 2.29 | % | Mar | (2.23 | %) | Mar | 14.41 | % | ||||||||||||||||||||||||||||||
Apr | 5.79 | % | Apr | 7.99 | % | Apr | (1.57 | %) | Apr | (6.92 | %) | Apr | 4.59 | % | ||||||||||||||||||||||||||||||
May | (7.57 | %) | May | 2.39 | % | May | 5.21 | % | May | (12.03 | %) | May | (13.14 | %) | ||||||||||||||||||||||||||||||
Jun | (0.33 | %) | Jun | 6.84 | % | Jun | 7.73 | % | Jun | (2.39 | %) | Jun | (0.33 | %) | ||||||||||||||||||||||||||||||
Jul | (10.35 | %) | Jul | (6.78 | %) | Jul | (9.65 | %) | Jul | (7.86 | %) | Jul | (2.55 | %) | ||||||||||||||||||||||||||||||
Aug | 0.38 | % | Aug | (3.27 | %) | Aug | (4.64 | %) | Aug | 3.52 | % | Aug | 4.15 | % | ||||||||||||||||||||||||||||||
Sep | 3.20 | % | Sep | 5.57 | % | Sep | (0.07 | %) | Sep | 2.81 | % | Sep | 4.55 | % | ||||||||||||||||||||||||||||||
Oct | 5.53 | % | Oct | 9.92 | % | Oct | 12.19 | % | Oct | (11.60 | %) | Oct | 5.70 | % | ||||||||||||||||||||||||||||||
Nov | (1.28 | %) | Nov | (4.69 | %) | Nov | 1.47 | % | Nov | 13.93 | % | Nov | (2.71 | %) | ||||||||||||||||||||||||||||||
Dec | 11.36 | % | Dec | 2.82 | % | Dec | 1.32 | % | Dec | (9.43 | %) | Dec | 10.13 | % | ||||||||||||||||||||||||||||||
Annual | 12.94 | % | Annual | (0.92 | %) | Annual | 30.00 | % | Annual | (29.90 | %) | Annual | 14.49 | % | Annual | (0.30 | %) | |||||||||||||||||||||||||||
(2 mos.) |
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Name of Pool | Superfund Green, L.P. — Series B | |
Type of Pool | Single Advisor/Publicly Offered/No Principal Protection | |
General Partner | Superfund Capital Management, Inc. | |
Inception of Trading | November 2002 | |
Aggregate Subscriptions as of February 28, 2011 | $144,917,114 | |
Net Asset Value as of February 28, 2011 | $55,697,919 | |
Worst Monthly % Drawdown (May 2010) | (20.23%) | |
Worst Peak-to-Valley % Drawdown (February 2009 to January 2010) | (52.98%) |
2006 | 2007 | 2008 | 2009 | 2010 | 2011 | |||||||||||||||||||||||||||||||||||||||
Jan | 9.72 | % | Jan | (4.60 | %) | Jan | (3.61 | %) | Jan | 1.01 | % | Jan | (14.51 | %) | Jan | (5.22 | %) | |||||||||||||||||||||||||||
Feb | (4.95 | %) | Feb | (10.67 | %) | Feb | 24.60 | % | Feb | 0.68 | % | Feb | 2.60 | % | Feb | 7.17 | % | |||||||||||||||||||||||||||
Mar | 6.32 | % | Mar | (12.65 | %) | Mar | 1.95 | % | Mar | (4.49 | %) | Mar | 22.85 | % | ||||||||||||||||||||||||||||||
Apr | 8.31 | % | Apr | 11.38 | % | Apr | (1.20 | %) | Apr | (10.83 | %) | Apr | 7.04 | % | ||||||||||||||||||||||||||||||
May | (10.37 | %) | May | 3.41 | % | May | 7.33 | % | May | (19.31 | %) | May | (20.23 | %) | ||||||||||||||||||||||||||||||
Jun | 0.29 | % | Jun | 9.77 | % | Jun | 12.54 | % | Jun | (3.52 | %) | Jun | (0.36 | %) | ||||||||||||||||||||||||||||||
Jul | (14.11 | %) | Jul | (10.11 | %) | Jul | (15.00 | %) | Jul | (12.24 | %) | Jul | (3.74 | %) | ||||||||||||||||||||||||||||||
Aug | 0.55 | % | Aug | (4.66 | %) | Aug | (7.28 | %) | Aug | 5.62 | % | Aug | 6.43 | % | ||||||||||||||||||||||||||||||
Sep | 4.45 | % | Sep | 8.26 | % | Sep | 0.46 | % | Sep | 4.58 | % | Sep | 7.45 | % | ||||||||||||||||||||||||||||||
Oct | 7.74 | % | Oct | 14.57 | % | Oct | 20.14 | % | Oct | (18.34 | %) | Oct | 8.34 | % | ||||||||||||||||||||||||||||||
Nov | (1.73 | %) | Nov | (6.79 | %) | Nov | 2.78 | % | Nov | 22.10 | % | Nov | (3.24 | %) | ||||||||||||||||||||||||||||||
Dec | 16.14 | % | Dec | 4.44 | % | Dec | 2.60 | % | Dec | (14.18 | %) | Dec | 15.25 | % | ||||||||||||||||||||||||||||||
Annual | 19.74 | % | Annual | (2.60 | %) | Annual | 46.56 | % | Annual | (44.07 | %) | Annual | 21.92 | % | Annual | 1.57 | % | |||||||||||||||||||||||||||
(2 mos. | ) |
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CONDITION AND RESULTS OF OPERATIONS
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Recipient | Nature of Payment | Amount of Payment | ||
Superfund Capital Management | Management Fee | 1/12 of 1.85% of month-end net asset value (a 1.85% annual rate). | ||
Superfund Capital Management | Performance Fee | 25% of new appreciation (described below), if any, excluding interest income, on a monthly basis. | ||
Superfund Asset Management and clearing and executing futures brokers | Round-Turn Commodity Brokerage | $12 per round-turn futures transaction plus applicable regulatory and exchange fees where commissions and margin are denominated in U.S. dollars. Approximately $12 per round-turn futures transaction for certain non-U.S. futures contracts, as described below. |
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Recipient | Nature of Payment | Amount of Payment | ||
Superfund USA and additional selling agents | Selling Compensation | 1/12 of 4% of month-end net asset value (a 4% annual rate) of the Series A and Series B Units; provided, however, that the maximum selling compensation paid shall not exceed 10% of the aggregate gross offering proceeds of all Units sold pursuant to this offering, as described below. Superfund USA may pay all or a portion of the sales compensation it receives to additional selling agents assisting with the placement of the Units. | ||
Superfund Capital Management and others | Operating and Ongoing Offering Expenses | Expenses, such as legal, auditing, accounting, escrow, printing, mailing and filing costs, including fees and expenses of SS&C Fund Services (“SS&C”) or other administrator providing administration services to the Fund. Ongoing offering expenses will not exceed 0.3542% of the gross offering proceeds of the Units registered pursuant to the Registration Statement of which this Prospectus is part. Operating expenses are charged at a fixed rate of 1/12 of 0.15% of month-end net assets (0.15% annually). Superfund Capital Management will assume liability for the ongoing offering and operating expenses, when considered together, in excess of 1.15% of average month-end net assets per year of each Series. |
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PARTNERSHIP AGREEMENT
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Nature of Payment | Recipient | Amount of Payment | ||
Selling Commissions | Superfund USA and additional selling agents | Superfund USA shall receive from the Fund a selling commission of up to 10% of the gross offering proceeds by receiving annual selling commissions of 4% of the average month-end net asset value of all Units sold by the selling agents, including Superfund USA, subject to the limitations of FINRA Rule 2310 pertaining to maximum allowable selling commissions. Superfund USA will pay all or a portion of such commissions to the additional selling agents with respect to the Units they sell. |
Nature of Payment | Recipient | Amount of Payment | ||
Selling Commissions | Superfund USA and additional selling agents | Superfund USA shall receive from the Fund a selling commission of up to 7.5% of the gross offering proceeds by receiving annual selling commissions of 3% of the average month-end net asset value of all Units sold by the selling agents, including Superfund USA, subject to the limitations of FINRA Rule 2310 pertaining to maximum allowable selling commissions. Superfund USA will pay all or a portion of such commissions to the additional selling agents with respect to the Units they sell. | ||
Selling Commissions | Wholesalers | Wholesalers shall receive from the Fund a selling commission of up to 2.5% of the gross offering proceeds by receiving annual selling commissions of 1% of the average month-end net asset value of all Units sold by the selling agents introduced by such wholesalers, subject to the limitations of FINRA Rule 2310 pertaining to maximum allowable selling commissions. |
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Superfund Capital Management, Inc. as of December 31, 2010 | ||||
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Notes to Statement of Financial Condition | 104 |
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Philadelphia, Pennsylvania
March 31, 2011
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December 31, 2010 | December 31, 2009 | |||||||
ASSETS | ||||||||
US Government securities, at fair value, (amortized cost $38,347,223 and $42,403,057 as of December 31, 2010 and December 31, 2009, respectively) | $ | 38,347,223 | $ | 42,403,057 | ||||
Due from brokers | 49,302,554 | 43,238,109 | ||||||
Unrealized appreciation on open forward contracts | 865,855 | 696,512 | ||||||
Futures contracts purchased | 8,737,815 | 1,573,761 | ||||||
Cash | 2,069,942 | 642,058 | ||||||
Total assets | 99,323,389 | 88,553,497 | ||||||
LIABILITIES | ||||||||
Unrealized depreciation on open forward contracts | 198,269 | 1,552,248 | ||||||
Futures contracts sold | 1,410,287 | 35,632 | ||||||
Subscriptions received in advance | 1,180,791 | — | ||||||
Redemptions payable | 3,004,972 | 1,437,508 | ||||||
Management fees | 148,834 | 134,250 | ||||||
Fees payable | 314,765 | 258,016 | ||||||
Total liabilities | 6,257,918 | 3,417,654 | ||||||
NET ASSETS | $ | 93,065,471 | $ | 85,135,843 | ||||
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Percentage of | ||||||||||||
Face Value | Net Assets | Fair Value | ||||||||||
Debt Securities United States, at fair value | ||||||||||||
United States Treasury Bills due February 24, 2011 (amortized cost $38,347,223), securities are held in margin accounts as collateral for open futures and forwards | $ | 38,355,000 | 41.2 | % | $ | 38,347,223 | ||||||
Forward contracts, at fair value | ||||||||||||
Unrealized appreciation on forward contracts | ||||||||||||
Currency | 0.9 | 865,855 | ||||||||||
Total unrealized appreciation on forward contracts | 0.9 | 865,855 | ||||||||||
Unrealized depreciation on forward contracts | ||||||||||||
Currency | (0.2 | ) | (198,269 | ) | ||||||||
Total unrealized depreciation on forward contracts | (0.2 | ) | (198,269 | ) | ||||||||
Total forward contracts, at fair value | 0.7 | 667,586 | ||||||||||
Futures contracts, at fair value | ||||||||||||
Futures contracts purchased | ||||||||||||
Currency | 2.6 | 2,392,982 | ||||||||||
Energy | 0.7 | 695,307 | ||||||||||
Financial | 0.6 | 528,488 | ||||||||||
Food & Fiber | 1.0 | 900,409 | ||||||||||
Indices | 0.5 | 423,138 | ||||||||||
Livestock | 0.4 | 340,160 | ||||||||||
Metals | 3.7 | 3,457,331 | ||||||||||
Total futures contracts purchased | 9.4 | 8,737,815 | ||||||||||
Futures contracts sold | ||||||||||||
Currency | 0.1 | 114,862 | ||||||||||
Energy | (0.1 | ) | (102,401 | ) | ||||||||
Financial | (0.1 | ) | (83,833 | ) | ||||||||
Indices | 0.1 | 53,323 | ||||||||||
Metals | (1.5 | ) | (1,392,238 | ) | ||||||||
Total futures contracts sold | (1.5 | )* | (1,410,287 | ) | ||||||||
Total futures contracts, at fair value | 7.9 | 7,327,528 | ||||||||||
Futures and forward contracts by country composition | ||||||||||||
Australia | 0.0 | * | 30,575 | |||||||||
Canada | 0.2 | 229,304 | ||||||||||
European Monetary Union | 0.4 | 369,324 | ||||||||||
Great Britain | 0.3 | 255,318 | ||||||||||
Japan | 1.7 | 1,536,949 | ||||||||||
United States | 4.1 | 3,853,276 | ||||||||||
Other | 1.9 | 1,720,368 | ||||||||||
Total futures and forward contracts by country | 8.6 | % | $ | 7,995,114 | ||||||||
* | Due to rounding |
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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 | ) | ||||||||
Livestock | (0.1 | ) | (58,425 | ) | ||||||||
Indices | (0.0 | )* | (39,080 | ) | ||||||||
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 | 0.8 | % | $ | 682,393 | ||||||||
* | Due to rounding |
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2010 | 2009 | |||||||
Investment income, interest | $ | 58,830 | $ | 101,008 | ||||
Expenses | ||||||||
Selling commission | 3,418,467 | 3,762,276 | ||||||
Brokerage commissions | 2,231,559 | 2,374,747 | ||||||
Management fee | 1,581,025 | 1,740,053 | ||||||
Ongoing offering expenses | 854,610 | 940,568 | ||||||
Incentive fee | — | 301,233 | ||||||
Operating expenses | 128,189 | 141,085 | ||||||
Other | 34,178 | 35,919 | ||||||
Total expenses | 8,248,028 | 9,295,881 | ||||||
Net investment loss | (8,189,198 | ) | (9,194,873 | ) | ||||
Realized and unrealized gain (loss) on investments | ||||||||
Net realized gain (loss) on futures and forward contracts | 16,144,514 | (35,842,238 | ) | |||||
Net change in unrealized appreciation (depreciation) on futures and forward contracts | 7,312,721 | (2,397,709 | ) | |||||
Net gain (loss) on investments | 23,457,235 | (38,239,947 | ) | |||||
Net increase (decrease) in net assets from operations | $ | 15,268,037 | $ | (47,434,820 | ) | |||
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2010 | 2009 | |||||||
Increase (decrease) in net assets from operations | ||||||||
Net investment loss | $ | (8,189,198 | ) | $ | (9,194,873 | ) | ||
Net realized gain (loss) on futures and forward contracts | 16,144,514 | (35,842,238 | ) | |||||
Net change in unrealized appreciation (depreciation) on futures and forward contracts | 7,312,721 | (2,397,709 | ) | |||||
Net increase (decrease) in net assets from operations | 15,268,037 | (47,434,820 | ) | |||||
Capital share transactions | ||||||||
Issuance of Units | 10,978,166 | 65,149,247 | ||||||
Redemption of Units | (18,316,575 | ) | (28,167,969 | ) | ||||
Net increase (decrease) in net assets from capital share transactions | (7,338,409 | ) | 36,981,278 | |||||
Net increase (decrease) in net assets | 7,929,628 | (10,453,542 | ) | |||||
Net assets, beginning of year | 85,135,843 | 95,589,385 | ||||||
Net assets, end of year | $ | 93,065,471 | $ | 85,135,843 | ||||
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2010 | 2009 | |||||||
Cash flows from operating activities | ||||||||
Net increase (decrease) in net assets from operations | $ | 15,268,037 | $ | (47,434,820 | ) | |||
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 | (144,921,765 | ) | (211,006,719 | ) | ||||
Sales and maturities of U.S. government securities | 149,020,000 | 255,012,670 | ||||||
Amortization of discounts and premiums | (42,401 | ) | (88,168 | ) | ||||
Due from brokers | (6,064,445 | ) | (33,226,434 | ) | ||||
Due to affiliate | — | (300,000 | ) | |||||
Unrealized appreciation on open forward contracts | (169,343 | ) | (640,496 | ) | ||||
Futures contracts purchased | (7,164,054 | ) | 1,139,858 | |||||
Unrealized depreciation on open forward contracts | (1,353,979 | ) | 1,345,408 | |||||
Futures contracts sold | 1,374,655 | 552,939 | ||||||
Management fees | 14,584 | (20,902 | ) | |||||
Fees payable | 56,749 | (107,259 | ) | |||||
Net cash provided by (used in) operating activities | 6,018,038 | (34,773,923 | ) | |||||
Cash flows from financing activities | ||||||||
Subscriptions, net of subscriptions received in advance | 12,158,957 | 65,149,247 | ||||||
Redemptions, net of redemptions payable | (16,749,111 | ) | (31,212,543 | ) | ||||
Net cash provided by (used in) financing activities | (4,590,154 | ) | 33,936,704 | |||||
Net increase (decrease) in cash | 1,427,884 | (837,219 | ) | |||||
Cash, beginning of year | 642,058 | 1,479,277 | ||||||
Cash, end of year | $ | 2,069,942 | $ | 642,058 | ||||
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December 31, 2010 | December 31, 2009 | |||||||
ASSETS | ||||||||
US Government securities, at fair value (amortized cost $16,066,728 and $16,019,268 as of December 31, 2010, and December 31, 2009, respectively) | $ | 16,066,728 | $ | 16,019,268 | ||||
Due from brokers | 20,354,921 | 17,161,443 | ||||||
Unrealized appreciation on open forward contracts | 280,718 | 187,448 | ||||||
Futures contracts purchased | 2,839,432 | 465,462 | ||||||
Cash | 770,535 | 611,470 | ||||||
Total assets | 40,312,334 | 34,445,091 | ||||||
LIABILITIES | ||||||||
Unrealized depreciation on open forward contracts | 57,275 | 421,267 | ||||||
Futures contracts sold | 445,767 | 10,673 | ||||||
Subscriptions received in advance | 259,196 | — | ||||||
Redemptions payable | 806,835 | 550,221 | ||||||
Management fee | 60,901 | 52,511 | ||||||
Fees payable | 125,422 | 97,924 | ||||||
Total liabilities | 1,755,396 | 1,132,596 | ||||||
NET ASSETS | $ | 38,556,938 | $ | 33,312,495 | ||||
Number of Units | 24,863.954 | 24,594.117 | ||||||
Net asset value per Unit | $ | 1,550.72 | $ | 1,354.49 | ||||
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Percentage of | ||||||||||||
Face Value | Net Assets | Fair Value | ||||||||||
Debt Securities United States, at fair value | ||||||||||||
United States Treasury Bills due February 24, 2011 (amortized cost $16,066,728), securities are held in margin accounts as collateral for open futures and forwards | $ | 16,070,000 | 41.7 | % | $ | 16,066,728 | ||||||
Forward contracts, at fair value | ||||||||||||
Unrealized appreciation on forward contracts | ||||||||||||
Currency | 0.7 | 280,718 | ||||||||||
Total unrealized appreciation on forward contracts | 0.7 | 280,718 | ||||||||||
Unrealized depreciation on forward contracts | ||||||||||||
Currency | (0.1 | ) | (57,275 | ) | ||||||||
Total unrealized depreciation on forward contracts | (0.1 | ) | (57,275 | ) | ||||||||
Total forward contracts, at fair value | 0.6 | 223,443 | ||||||||||
Futures Contracts, at fair value | ||||||||||||
Futures Contracts Purchased | ||||||||||||
Currency | 2.0 | 786,137 | ||||||||||
Energy | 0.5 | 210,169 | ||||||||||
Financial | 0.5 | 179,475 | ||||||||||
Food & Fiber | 0.8 | 289,469 | ||||||||||
Indices | 0.3 | 125,631 | ||||||||||
Livestock | 0.3 | 109,620 | ||||||||||
Metals | 3.0 | 1,138,931 | ||||||||||
Total futures contracts purchased | 7.4 | 2,839,432 | ||||||||||
Futures Contracts Sold | ||||||||||||
Currency | 0.1 | 38,756 | ||||||||||
Energy | (0.1 | ) | (30,790 | ) | ||||||||
Financial | (0.1 | ) | (32,675 | ) | ||||||||
Indices | 0.1 | 23,130 | ||||||||||
Metals | (1.2 | ) | (444,188 | ) | ||||||||
Total futures contracts sold | (1.2 | ) | (445,767 | ) | ||||||||
Total futures contracts, at fair value | 6.2 | 2,393,665 | ||||||||||
Futures and forward contracts by country composition | ||||||||||||
Australian | 0.1 | 8,946 | ||||||||||
Canada | 0.2 | 72,644 | ||||||||||
European Monetary Union | 0.3 | 127,982 | ||||||||||
Great Britain | 0.2 | 84,669 | ||||||||||
Japan | 1.3 | 503,875 | ||||||||||
United States | 3.3 | 1,263,872 | ||||||||||
Other | 1.4 | 555,120 | ||||||||||
Total futures and forward contracts by country | 6.8 | % | $ | 2,617,108 | ||||||||
* | Due to rounding |
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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, at fair value | ||||||||||||
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 | 0.7 | % | $ | 220,970 | ||||||||
* | Due to rounding |
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2010 | 2009 | |||||||
Investment income, interest | $ | 28,761 | $ | 36,541 | ||||
Expenses | ||||||||
Selling commission | 1,420,292 | 1,389,074 | ||||||
Brokerage commissions | 702,326 | 637,825 | ||||||
Management fee | 656,877 | 642,447 | ||||||
Ongoing offering expenses | 355,069 | 347,268 | ||||||
Operating expenses | 53,260 | 52,090 | ||||||
Other | 15,126 | 15,191 | ||||||
Total expenses | 3,202,950 | 3,083,895 | ||||||
Net investment loss | (3,174,189 | ) | (3,047,354 | ) | ||||
Realized and unrealized gain (loss) on investments | ||||||||
Net realized gain (loss) on futures and forward contracts | 5,868,855 | (8,768,134 | ) | |||||
Net change in unrealized appreciation (depreciation) on futures and forward contracts | 2,396,138 | (591,691 | ) | |||||
Net gain (loss) on investments | 8,264,993 | (9,359,825 | ) | |||||
Net increase (decrease) in net assets from operations | $ | 5,090,804 | $ | (12,407,179 | ) | |||
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of Units outstanding during period)* | $ | 196.01 | $ | (563.24 | ) | |||
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit during period) | $ | 196.23 | $ | (577.81 | ) | |||
* | Weighted average number of Units outstanding for Series A for the Years Ended December 31, 2010 and December 31, 2009: 25,971.98 and 22,028.06, respectively. |
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2010 | 2009 | |||||||
Increase (decrease) in net assets from operations: | ||||||||
Net investment loss | $ | (3,174,189 | ) | $ | (3,047,354 | ) | ||
Net realized gain (loss) on futures and forward contracts | 5,868,855 | (8,768,134 | ) | |||||
Net change in unrealized appreciation (depreciation) on futures and forward contracts | 2,396,138 | (591,691 | ) | |||||
Net increase (decrease) in net assets from operations | 5,090,804 | (12,407,179 | ) | |||||
Capital share transactions | ||||||||
Issuance of Units | 7,239,910 | 22,712,095 | ||||||
Redemption of Units | (7,086,271 | ) | (11,964,755 | ) | ||||
Net increase in net assets from capital share transactions | 153,639 | 10,747,340 | ||||||
Net increase (decrease) in net assets | 5,244,443 | (1,659,839 | ) | |||||
Net assets, beginning of year | 33,312,495 | 34,972,334 | ||||||
Net assets, end of year | $ | 38,556,938 | $ | 33,312,495 | ||||
Units, beginning of year | 24,594.117 | 18,098.830 | ||||||
Issuance of Units | 5,431.210 | 13,736.756 | ||||||
Redemption of Units | (5,161.373 | ) | (7,241.469 | ) | ||||
Units, end of year | 24,863.954 | 24,594.117 | ||||||
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2010 | 2009 | |||||||
Cash flows from operating activities | ||||||||
Net increase (decrease) in net assets from operations | $ | 5,090,804 | $ | (12,407,179 | ) | |||
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 | (60,809,701 | ) | (76,427,172 | ) | ||||
Sales and maturities of U.S. government securities | 60,780,000 | 91,934,208 | ||||||
Amortization of discounts and premiums | (17,759 | ) | (31,375 | ) | ||||
Due from brokers | (3,193,478 | ) | (13,111,476 | ) | ||||
Due to affiliate | — | (300,000 | ) | |||||
Unrealized appreciation on open forward contracts | (93,270 | ) | (176,310 | ) | ||||
Futures contracts purchased | (2,373,970 | ) | 270,067 | |||||
Unrealized depreciation on open forward contracts | (363,992 | ) | 377,931 | |||||
Futures contracts sold | 435,094 | 120,003 | ||||||
Management fee | 8,390 | (4,350 | ) | |||||
Fees payable | 27,498 | (26,441 | ) | |||||
Net cash used in operating activities | (510,384 | ) | (9,782,094 | ) | ||||
Cash flows from financing activities | ||||||||
Subscriptions, net of change in advance subscriptions | 7,499,106 | 22,712,095 | ||||||
Redemptions, net of redemptions payable | (6,829,657 | ) | (13,129,107 | ) | ||||
Net cash provided by financing activities | 669,449 | 9,582,988 | ||||||
Net increase (decrease) in cash | 159,065 | (199,106 | ) | |||||
Cash, beginning of year | 611,470 | 810,576 | ||||||
Cash, end of year | $ | 770,535 | $ | 611,470 | ||||
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December 31, 2010 | December 31, 2009 | |||||||
ASSETS | ||||||||
US Government securities, at fair value, (amortized cost $22,280,495 and $26,383,789 as of December 31, 2010 and December 31, 2009, respectively) | $ | 22,280,495 | $ | 26,383,789 | ||||
Due from brokers | 28,947,633 | 26,076,666 | ||||||
Unrealized appreciation on open forward contracts | 585,137 | 509,064 | ||||||
Futures contracts purchased | 5,898,383 | 1,108,299 | ||||||
Cash | 1,299,407 | 30,588 | ||||||
Total assets | 59,011,055 | 54,108,406 | ||||||
LIABILITIES | ||||||||
Unrealized depreciation on open forward contracts | 140,994 | 1,130,981 | ||||||
Redemptions payable | 2,198,137 | 887,287 | ||||||
Futures contracts sold | 964,520 | 24,959 | ||||||
Subscriptions received in advance | 921,595 | — | ||||||
Management fee | 87,933 | 81,739 | ||||||
Fees payable | 189,343 | 160,092 | ||||||
Total liabilities | 4,502,522 | 2,285,058 | ||||||
NET ASSETS | $ | 54,508,533 | $ | 51,823,348 | ||||
Number of Units | 30,734.730 | 35,626.349 | ||||||
Net asset value per Unit | $ | 1,773.52 | $ | 1,454.64 | ||||
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Percentage of | ||||||||||||
Face Value | Net Assets | Fair Value | ||||||||||
Debt Securities United States, at fair value | ||||||||||||
United States Treasury Bills due February 24, 2011 (amortized cost $22,280,495), securities are held in margin accounts as collateral for open futures and forwards | $ | 22,285,000 | 40.9 | % | $ | 22,280,495 | ||||||
Forward contracts, at fair value | ||||||||||||
Unrealized appreciation on forward contracts | ||||||||||||
Currency | 1.1 | 585,137 | ||||||||||
Total unrealized appreciation on forward contracts | 1.1 | 585,137 | ||||||||||
Unrealized depreciation on forward contracts | ||||||||||||
Currency | (0.3 | ) | (140,994 | ) | ||||||||
Total unrealized depreciation on forward contracts | (0.3 | ) | (140,994 | ) | ||||||||
Total forward contracts, at fair value | 0.8 | 444,143 | ||||||||||
Futures contracts, at fair value | ||||||||||||
Futures contracts purchased | ||||||||||||
Currency | 2.9 | 1,606,845 | ||||||||||
Energy | 0.9 | 485,138 | ||||||||||
Financial | 0.6 | 349,013 | ||||||||||
Food & Fiber | 1.1 | 610,940 | ||||||||||
Indices | 0.5 | 297,507 | ||||||||||
Livestock | 0.4 | 230,540 | ||||||||||
Metals | 4.3 | 2,318,400 | ||||||||||
Total futures contracts purchased | 10.7 | 5,898,383 | ||||||||||
Futures contracts sold | ||||||||||||
Currency | 0.1 | 76,106 | ||||||||||
Energy | (0.1 | ) | (71,611 | ) | ||||||||
Financial | (0.1 | ) | (51,158 | ) | ||||||||
Indices | 0.1 | 30,193 | ||||||||||
Metals | (1.7 | ) | (948,050 | ) | ||||||||
Total futures contracts sold | (1.7 | ) | (964,520 | ) | ||||||||
Total futures contracts, at fair value | 9.0 | 4,933,863 | ||||||||||
Futures and forward contracts by country composition | ||||||||||||
Australia | 0.0 | * | 21,629 | |||||||||
Canada | 0.3 | 156,660 | ||||||||||
European Monetary Union | 0.4 | 241,342 | ||||||||||
Great Britain | 0.3 | 170,649 | ||||||||||
Japan | 1.9 | 1,033,074 | ||||||||||
United States | 4.8 | 2,589,404 | ||||||||||
Other | 2.1 | 1,165,248 | ||||||||||
Total futures and forward contracts by country | 9.8 | % | $ | 5,378,006 | ||||||||
* | Due to rounding |
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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 | 0.9 | % | $ | 461,423 | ||||||||
* | Due to rounding |
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2010 | 2009 | |||||||
Investment income, interest | $ | 30,069 | $ | 64,467 | ||||
Expenses | ||||||||
Selling commission | 1,998,175 | 2,373,202 | ||||||
Brokerage commissions | 1,529,233 | 1,736,922 | ||||||
Management fee | 924,148 | 1,097,606 | ||||||
Ongoing offering expenses | 499,541 | 593,300 | ||||||
Incentive fee | — | 301,233 | ||||||
Operating expenses | 74,929 | 88,995 | ||||||
Other | 19,052 | 20,728 | ||||||
Total expenses | 5,045,078 | 6,211,986 | ||||||
Net investment loss | (5,015,009 | ) | (6,147,519 | ) | ||||
Realized and unrealized gain (loss) on investments | ||||||||
Net realized gain (loss) on futures and forward contracts | 10,275,659 | (27,074,104 | ) | |||||
Net change in unrealized appreciation (depreciation) on futures and forward contracts | 4,916,583 | (1,806,018 | ) | |||||
Net gain (loss) on investments | 15,192,242 | (28,880,122 | ) | |||||
Net increase (decrease) in net assets from operations | $ | 10,177,233 | $ | (35,027,641 | ) | |||
Net increase (decrease) in net assets from operations per unit (based upon weighted average number of units outstanding during period)* | $ | 297.46 | $ | (1,106.39 | ) | |||
Net increase (decrease) in net assets from operations per unit (based upon change in net asset value per unit during period) | $ | 318.88 | $ | (1,146.32 | ) | |||
* | Weighted average number of Units outstanding for Series B for the Years Ended December 31, 2010 and December 31, 2009: 34,214.30 and 31,659.41, respectively. |
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2010 | 2009 | |||||||
Increase (decrease) in net assets from operations | ||||||||
Net investment loss | $ | (5,015,009 | ) | $ | (6,147,519 | ) | ||
Net realized gain (loss) on futures and forward contracts | 10,275,659 | (27,074,104 | ) | |||||
Net change in unrealized appreciation (depreciation) on futures and forward contracts | 4,916,583 | (1,806,018 | ) | |||||
Net increase (decrease) in net assets from operations | 10,177,233 | (35,027,641 | ) | |||||
Capital share transactions | ||||||||
Issuance of Units | 3,738,256 | 42,437,152 | ||||||
Redemption of Units | (11,230,304 | ) | (16,203,214 | ) | ||||
Net increase (decrease) in net assets from capital share transactions | (7,492,048 | ) | 26,233,938 | |||||
Net increase (decrease) in net assets | 2,685,185 | (8,793,703 | ) | |||||
Net assets, beginning of year | 51,823,348 | 60,617,051 | ||||||
Net assets, end of year | $ | 54,508,533 | $ | 51,823,348 | ||||
Units, beginning of year | 35,626.349 | 23,305.633 | ||||||
Issuance of Units | 2,613.002 | 20,136.910 | ||||||
Redemption of Units | (7,504.621 | ) | (7,816.194 | ) | ||||
Units, end of year | 30,734.730 | 35,626.349 | ||||||
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2010 | 2009 | |||||||
Cash flows from operating activities | ||||||||
Net increase (decrease) in net assets from operations | $ | 10,177,233 | $ | (35,027,641 | ) | |||
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 | (84,112,064 | ) | (134,579,547 | ) | ||||
Sales and maturities of U.S. government securities | 88,240,000 | 163,078,462 | ||||||
Amortization of discounts and premiums | (24,642 | ) | (56,793 | ) | ||||
Due from brokers | (2,870,967 | ) | (20,114,958 | ) | ||||
Unrealized appreciation on open forward contracts | (76,073 | ) | (464,186 | ) | ||||
Futures contracts purchased | (4,790,084 | ) | 869,791 | |||||
Unrealized depreciation on open forward contracts | (989,987 | ) | 967,477 | |||||
Futures contracts sold | 939,561 | 432,936 | ||||||
Management fees | 6,194 | (16,552 | ) | |||||
Fees payable | 29,251 | (80,818 | ) | |||||
Net cash provided by (used in) operating activities | 6,528,422 | (24,991,829 | ) | |||||
Cash flows from financing activities | ||||||||
Subscriptions, net of change in advance subscriptions | 4,659,851 | 42,437,152 | ||||||
Redemptions, net of redemption payable | (9,919,454 | ) | (18,083,436 | ) | ||||
Net cash provided by (used in) financing activities | (5,259,603 | ) | 24,353,716 | |||||
Net increase (decrease) in cash | 1,268,819 | (638,113 | ) | |||||
Cash, beginning of year | 30,588 | 668,701 | ||||||
Cash, end of year | $ | 1,299,407 | $ | 30,588 | ||||
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80
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Level 1 | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. |
81
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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. |
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Balance | ||||||||||||||||
December 31, | ||||||||||||||||
2010 | Level 1 | Level 2 | Level 3 | |||||||||||||
ASSETS | ||||||||||||||||
U.S. Government securities | $ | 38,347,223 | $ | — | $ | 38,347,223 | $ | — | ||||||||
Unrealized appreciation on open forward contracts | 865,855 | — | 865,855 | — | ||||||||||||
Futures contracts purchased | 8,737,815 | 8,737,815 | — | — | ||||||||||||
Total Assets Measured at Fair Value | $ | 47,950,893 | $ | 8,737,815 | $ | 39,213,078 | $ | — | ||||||||
LIABILITIES | ||||||||||||||||
Unrealized depreciation on open forward contracts | $ | 198,269 | $ | — | $ | 198,269 | $ | — | ||||||||
Futures contracts sold | 1,410,287 | 1,410,287 | — | — | ||||||||||||
Total Liabilities Measured at Fair Value | $ | 1,608,556 | $ | 1,410,287 | $ | 198,269 | $ | — | ||||||||
Balance | ||||||||||||||||
December 31, | ||||||||||||||||
2010 | Level 1 | Level 2 | Level 3 | |||||||||||||
ASSETS | ||||||||||||||||
U.S. Government securities | $ | 16,066,728 | $ | — | $ | 16,066,728 | $ | — | ||||||||
Unrealized appreciation on open forward contracts | 280,718 | — | 280,718 | — | ||||||||||||
Futures contracts purchased | 2,839,432 | 2,839,432 | — | — | ||||||||||||
Total Assets Measured at Fair Value | $ | 19,186,878 | $ | 2,839,432 | $ | 16,347,446 | $ | — | ||||||||
LIABILITIES | ||||||||||||||||
Unrealized depreciation on open forward contracts | $ | 57,275 | $ | — | $ | 57,275 | $ | — | ||||||||
Futures contracts sold | 445,767 | 445,767 | — | — | ||||||||||||
Total Liabilities Measured at Fair Value | $ | 503,042 | $ | 445,767 | $ | 57,275 | $ | — | ||||||||
Balance | ||||||||||||||||
December 31, | ||||||||||||||||
2010 | Level 1 | Level 2 | Level 3 | |||||||||||||
ASSETS | ||||||||||||||||
U.S. Government securities | $ | 22,280,495 | $ | — | $ | 22,280,495 | $ | — | ||||||||
Unrealized appreciation on open forward contracts | 585,137 | — | 585,137 | — | ||||||||||||
Futures contracts purchased | 5,898,383 | 5,898,383 | — | — | ||||||||||||
Total Assets Measured at Fair Value | $ | 28,764,015 | $ | 5,898,383 | $ | 22,865,632 | $ | — | ||||||||
LIABILITIES | ||||||||||||||||
Unrealized depreciation on open forward contracts | $ | 140,994 | $ | — | $ | 140,994 | $ | — | ||||||||
Futures contracts sold | 964,520 | 964,520 | — | — | ||||||||||||
Total Liabilities Measured at Fair Value | $ | 1,105,514 | $ | 964,520 | $ | 140,994 | $ | — | ||||||||
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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 | $ | — | ||||||||
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 | $ | — | ||||||||
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 | $ | — | ||||||||
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Statement of Assets and Liabilities | Asset Derivatives at | Liability Derivatives at | ||||||||||||
Type of Instrument | Location | December 31, 2010 | December 31, 2010 | Net | ||||||||||
Foreign Exchange contracts | Unrealized appreciation on open forward contracts | $ | 865,855 | $ | — | $ | 865,855 | |||||||
Foreign Exchange contracts | Unrealized depreciation on open forward contracts | — | (198,269 | ) | (198,269 | ) | ||||||||
Futures contracts | Futures contracts purchased | 8,737,815 | — | 8,737,815 | ||||||||||
Futures contracts | Futures contracts sold | — | (1,410,287 | ) | (1,410,287 | ) | ||||||||
Totals | $ | 9,603,670 | $ | (1,608,556 | ) | $ | 7,995,114 | |||||||
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Statement of Assets and Liabilities | Asset Derivatives at | Liability Derivatives at | ||||||||||||
Type of Instrument | Location | December 31, 2010 | December 31, 2010 | Net | ||||||||||
Foreign Exchange contracts | Unrealized appreciation on open forward contracts | $ | 696,512 | $ | — | $ | 696,512 | |||||||
Foreign Exchange contracts | Unrealized depreciation on open forward contracts | — | (1,552,248 | ) | (1,552,248 | ) | ||||||||
Futures contracts | Futures contracts purchased | 1,573,761 | — | 1,573,761 | ||||||||||
Futures contracts | Futures contracts sold | — | (35,632 | ) | (35,632 | ) | ||||||||
Totals | $ | 2,270,273 | $ | (1,587,880 | ) | $ | 682,393 | |||||||
Net Change in Unrealized | ||||||||||
Appreciation | ||||||||||
Derivatives Not | Location of Gain (Loss) on | Net Realized Gain (Loss) | (Depreciations) on | |||||||
Designated as Hedging | Derivatives | on Derivatives | Derivatives | |||||||
Instruments | Recognized in | Recognized | Recognized | |||||||
under ASC 815 | Income | in Income | in Income | |||||||
Foreign Exchange contracts | Net realized and unrealized gain (loss) on futures and forward contracts | $ | (2,128,246 | ) | $ | 1,523,322 | ||||
Futures contracts | Net realized and unrealized gain (loss) on futures and forward contracts | 18,272,760 | 5,789,399 | |||||||
Total | $ | 16,144,514 | $ | 7,312,721 | ||||||
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Net Change in | ||||||||||
Unrealized | ||||||||||
Derivatives Not | Appreciation | |||||||||
Designated as Hedging | Location of Loss | Net Realized Gain (Loss) | (Depreciation) on | |||||||
Instruments under ASC | on Derivatives Recognized in | on Derivatives Recognized | Derivatives Recognized | |||||||
815 | Income | in Income | in Income | |||||||
Foreign Exchange contracts | Net realized and unrealized gain (loss) on futures and forward contracts | $ | (5,844,157 | ) | $ | (704,912 | ) | |||
Futures contracts | Net 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 December 31, 2010 | ||||||||||||||||||||||||||||||||||||
Long Positions Gross Unrealized | Short Positions Gross Unrealized | |||||||||||||||||||||||||||||||||||
% of | % of | % of | % of | Net Unrealized | ||||||||||||||||||||||||||||||||
Net | Net | Net | Net | Gain on | ||||||||||||||||||||||||||||||||
Gains | Assets | Losses | Assets | Gains | Assets | Losses | Assets | Open Positions | ||||||||||||||||||||||||||||
Foreign Exchange | $ | 738,372 | 0.8 | $ | (54,386 | ) | (0.1 | ) | $ | 127,483 | 0.1 | $ | (143,883 | ) | (0.2 | ) | $ | 667,586 | ||||||||||||||||||
Currency | 2,396,944 | 2.6 | (3,962 | ) | (0.0 | )* | 191,700 | 0.2 | (76,838 | ) | (0.1 | ) | 2,507,844 | |||||||||||||||||||||||
Financial | 560,237 | 0.6 | (31,749 | ) | (0.0 | )* | 29,494 | 0.0 | * | (113,327 | ) | (0.1 | ) | 444,655 | ||||||||||||||||||||||
Food & Fiber | 902,002 | 1.0 | (1,593 | ) | (0.0 | )* | — | — | — | — | 900,409 | |||||||||||||||||||||||||
Indices | 762,166 | 0.8 | (339,028 | ) | (0.4 | ) | 61,638 | 0.1 | (8,315 | ) | (0.0 | )* | 476,461 | |||||||||||||||||||||||
Metals | 3,486,182 | 3.7 | (28,851 | ) | (0.0 | )* | — | — | (1,392,238 | ) | (1.5 | ) | 2,065,093 | |||||||||||||||||||||||
Energy | 791,456 | 0.9 | (96,149 | ) | (0.1 | ) | — | — | (102,401 | ) | (0.1 | ) | 592,906 | |||||||||||||||||||||||
Livestock | 340,330 | 0.4 | (170 | ) | (0.0 | )* | — | — | — | — | 340,160 | |||||||||||||||||||||||||
Totals | $ | 9,977,689 | 10.7 | $ | (555,888 | ) | (0.6 | ) | $ | 410,315 | 0.4 | $ | (1,837,002 | ) | (2.0 | ) | $ | 7,995,114 | ||||||||||||||||||
* | Due to rounding |
As of December 31, 2009 | ||||||||||||||||||||||||||||||||||||||
Long Positions Gross Unrealized | Short Positions Gross Unrealized | |||||||||||||||||||||||||||||||||||||
% of | % of | % of | % of | Net Unrealized | ||||||||||||||||||||||||||||||||||
Net | Net | Net | Net | Gain on | ||||||||||||||||||||||||||||||||||
Gains | Assets | Losses | Assets | Gains | Assets | Losses | Assets | Open Positions | ||||||||||||||||||||||||||||||
Foreign Exchange | $ | 413,502 | 0.5 | $ | (991,114 | ) | (1.2 | ) | $ | 283,010 | 0.3 | $ | (561,134 | ) | (0.7 | ) | $ | (855,736 | ) | |||||||||||||||||||
Currency | 235,600 | 0.3 | (866,737 | ) | (1.0 | ) | — | — | — | — | (631,137 | ) | ||||||||||||||||||||||||||
Financial | 496,948 | 0.6 | (1,089,683 | ) | (1.3 | ) | 276,081 | 0.3 | (19,348 | ) | (0.0 | )* | (336,002 | ) | ||||||||||||||||||||||||
Food & Fiber | 1,291,163 | 1.5 | (84,401 | ) | (0.1 | ) | — | — | (146,300 | ) | (0.2 | ) | 1,060,462 | |||||||||||||||||||||||||
Indices | 2,235,215 | 2.6 | (56,384 | ) | (0.1 | ) | — | — | (26,945 | ) | (0.0 | )* | 2,151,886 | |||||||||||||||||||||||||
Metals | 1,237,052 | 1.5 | (2,289,628 | ) | (2.7 | ) | — | — | — | — | (1,052,576 | ) | ||||||||||||||||||||||||||
Energy | 532,486 | 0.6 | (67,870 | ) | (0.1 | ) | — | — | (48,560 | ) | (0.1 | ) | 416,056 | |||||||||||||||||||||||||
Livestock | — | — | — | — | — | — | (70,560 | ) | (0.1 | ) | (70,560 | ) | ||||||||||||||||||||||||||
Totals | $ | 6,441,966 | 7.6 | $ | (5,445,817 | ) | (6.5 | ) | $ | 559,091 | 0.6 | $ | (872,847 | ) | (1.1 | ) | $ | 682,393 | ||||||||||||||||||||
* | Due to rounding |
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Average | Average Value | Average Value | ||||||||||||||
Average Number | Number of Short | of Long | of Short | |||||||||||||
of Long Contracts | Contracts | Positions | Positions | |||||||||||||
Foreign Exchange | 173 | 187 | $ | 1,896,542 | $ | (2,119,850 | ) |
Average Number | Average | |||||||
of Long | Number of Short | |||||||
Contracts | Contracts | |||||||
Currency | 2,318 | 263 | ||||||
Financial | 5,007 | 1,784 | ||||||
Food & Fiber | 642 | 650 | ||||||
Indices | 3,825 | 537 | ||||||
Metals | 1,129 | 133 | ||||||
Energy | 139 | 79 | ||||||
Livestock | 1,396 | 943 | ||||||
Total | 14,629 | 4,576 | ||||||
* | Based on quarterly holdings |
Average | Average | |||||||||||||||
Average | number of | value of | Average | |||||||||||||
number of Long | Short | Long | value of Short | |||||||||||||
Contracts | Contracts | Positions | Positions | |||||||||||||
Foreign Exchange | 52 | 48 | $ | 190,560 | $ | (700,112 | ) |
Average | Average | |||||||
number of | number of | |||||||
Long | Short | |||||||
Contracts | Contracts | |||||||
Currency | 885 | 341 | ||||||
Financial | 4,177 | 148 | ||||||
Food & Fiber | 240 | 549 | ||||||
Indices | 559 | 289 | ||||||
Metals | 288 | 123 | ||||||
Livestock | 0 | 201 | ||||||
Energy | 244 | 438 | ||||||
Totals | 6,445 | 2,137 | ||||||
* | Based on quarterly holdings |
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For the Year Ended December 31, 2010 | ||||||||||||
Change in Net | ||||||||||||
Net Realized | Unrealized | Net Trading | ||||||||||
Gain (Loss) | Gain (Loss) | Gain (Loss) | ||||||||||
Foreign Exchange. | $ | (2,128,246 | ) | $ | 1,523,322 | $ | (604,924 | ) | ||||
Currency | 2,744,244 | 3,138,981 | 5,883,225 | |||||||||
Financial | 12,868,844 | 780,657 | 13,649,501 | |||||||||
Food & Fiber | 708,330 | (160,053 | ) | 548,277 | ||||||||
Indices | 2,314,961 | (1,675,425 | ) | 639,536 | ||||||||
Metals | 5,336,009 | 3,117,669 | 8,453,678 | |||||||||
Livestock | (697,290 | ) | 410,720 | (286,570 | ) | |||||||
Energy | (5,002,338 | ) | 176,850 | (4,825,488 | ) | |||||||
Total net trading gain | $ | 16,144,514 | $ | 7,312,721 | $ | 23,457,235 | ||||||
For the Year Ended December 31, 2009 | ||||||||||||
Change in Net | ||||||||||||
Net Realized | Unrealized | Net Trading | ||||||||||
Gain (Loss) | Gain (Loss) | Gain (Loss) | ||||||||||
Foreign Exchange. | $ | (5,844,157 | ) | $ | (704,912 | ) | $ | (6,549,069 | ) | |||
Currency | (8,319,151 | ) | (1,153,982 | ) | (9,473,133 | ) | ||||||
Financial | 637,546 | (2,350,596 | ) | (1,713,050 | ) | |||||||
Food & Fiber | (3,590,616 | ) | 1,120,462 | (2,470,154 | ) | |||||||
Indices | (9,681,594 | ) | 2,152,512 | (7,529,082 | ) | |||||||
Metals | 2,592,849 | (1,310,716 | ) | 1,282,133 | ||||||||
Livestock | 665,240 | (158,070 | ) | 507,170 | ||||||||
Energy | (12,302,355 | ) | 7,593 | (12,294,762 | ) | |||||||
Total net trading loss | $ | (35,842,238 | ) | $ | (2,397,709 | ) | $ | (38,239,947 | ) | |||
Statement of Assets and Liabilities | Asset Derivatives at | Liability Derivatives at | ||||||||||||
Type of Instrument | Location | December 31, 2010 | December 31, 2010 | Net | ||||||||||
Foreign Exchange contracts | Unrealized appreciation on open forward contracts | $ | 280,718 | $ | — | $ | 280,718 | |||||||
Foreign Exchange contracts | Unrealized depreciation on open forward contracts | — | (57,275 | ) | (57,275 | ) | ||||||||
Futures contracts | Futures contracts purchased | 2,839,432 | — | 2,839,432 | ||||||||||
Futures contracts | Futures contracts sold | — | (445,767 | ) | (445,767 | ) | ||||||||
Totals | $ | 3,120,150 | $ | (503,042 | ) | $ | 2,617,108 | |||||||
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Statement of Assets | Liability | |||||||||||||
and Liabilities | Asset Derivatives at | Derivatives at | ||||||||||||
Type of Instrument | Location | December 31, 2009 | December 31, 2009 | Net | ||||||||||
Foreign Exchange contracts | Unrealized appreciation on open forward contracts | $ | 187,448 | $ | — | $ | 187,448 | |||||||
Foreign Exchange contracts | Unrealized depreciation on open forward contracts | — | (421,267 | ) | (421,267 | ) | ||||||||
Futures contracts | Futures contracts purchased | 465,462 | — | 465,462 | ||||||||||
Futures contracts | Futures contracts sold | — | (10,673 | ) | (10,673 | ) | ||||||||
Totals | $ | 652,910 | $ | (431,940 | ) | $ | 220,970 | |||||||
Net Change in | ||||||||||
Unrealized | ||||||||||
Derivatives Not | Net Realized | Appreciation | ||||||||
Designated as | Location of Gain (Loss) | Gain (Loss) | (Depreciation) | |||||||
Hedging Instruments | on Derivatives | on Derivatives | on Derivatives | |||||||
under ASC 815 | Recognized in Income | Recognized in Income | Recognized in Income | |||||||
Foreign Exchange contracts | Net realized and unrealized gain (loss) on futures and forward contracts | $ | (522,897 | ) | $ | 457,262 | ||||
Futures contracts | Net realized and unrealized gain (loss) on futures and forward contracts | 6,391,752 | 1,938,876 | |||||||
Total | $ | 5,868,855 | $ | 2,396,138 | ||||||
Table of Contents
Net Change in | ||||||||||
Unrealized | ||||||||||
Derivatives Not | Appreciation | |||||||||
Designated as Hedging | Location of Gain (Loss) | Net Realized Gain (Loss) | (Depreciation) on | |||||||
Instruments under ASC | on Derivatives Recognized in | on Derivatives Recognized | Derivatives Recognized | |||||||
815 | Income | in Income | in Income | |||||||
Foreign Exchange contracts | Net realized and unrealized gain (loss) on futures and forward contracts | $ | (1,475,144 | ) | $ | (201,621 | ) | |||
Futures contracts | Net realized and unrealized gain (loss) on futures and forward contracts | (7,292,990 | ) | (390,070 | ) | |||||
Total | $ | (8,768,134 | ) | $ | (591,691 | ) | ||||
As of December 31, 2010 | ||||||||||||||||||||||||||||||||||||
Long Positions Gross Unrealized | Short Positions Gross Unrealized | |||||||||||||||||||||||||||||||||||
% of | % of | % of | % of | Net Unrealized | ||||||||||||||||||||||||||||||||
Net | Net | Net | Net | Gain on | ||||||||||||||||||||||||||||||||
Gains | Assets | Losses | Assets | Gains | Assets | Losses | Assets | Open Positions | ||||||||||||||||||||||||||||
Foreign Exchange | $ | 239,419 | 0.6 | $ | (21,762 | ) | (0.0 | )* | $ | 41,299 | 0.1 | $ | (35,513 | ) | (0.1 | ) | $ | 223,443 | ||||||||||||||||||
Currency | 787,461 | 2.0 | (1,324 | ) | (0.0 | )* | 63,900 | 0.2 | (25,144 | ) | (0.1 | ) | 824,893 | |||||||||||||||||||||||
Financial | 189,781 | 0.5 | (10,306 | ) | (0.0 | )* | 5,112 | 0.0 | * | (37,787 | ) | (0.1 | ) | 146,800 | ||||||||||||||||||||||
Food & Fiber | 290,036 | 0.8 | (567 | ) | (0.0 | )* | — | — | — | — | 289,469 | |||||||||||||||||||||||||
Indices | 236,418 | 0.6 | (110,787 | ) | (0.3 | ) | 27,165 | 0.1 | (4,035 | ) | (0.0 | )* | 148,761 | |||||||||||||||||||||||
Metals | 1,148,734 | 3.0 | (9,803 | ) | (0.0 | )* | — | — | (444,188 | ) | (1.2 | ) | 694,743 | |||||||||||||||||||||||
Energy | 241,741 | 0.6 | (31,572 | ) | (0.1 | ) | — | — | (30,790 | ) | (0.1 | ) | 179,379 | |||||||||||||||||||||||
Livestock | 109,680 | 0.3 | (60 | ) | (0.0 | )* | — | — | — | — | 109,620 | |||||||||||||||||||||||||
Totals | $ | 3,243,270 | 8.4 | $ | (186,181 | ) | (0.4 | ) | $ | 137,476 | 0.4 | $ | (577,457 | ) | (1.6 | ) | $ | 2,617,108 | ||||||||||||||||||
* | Due to rounding |
As of December 31, 2009 | ||||||||||||||||||||||||||||||||||||
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 | $ | 113,007 | 0.3 | $ | (263,555 | ) | (0.8 | ) | $ | 74,441 | 0.2 | $ | (157,712 | ) | (0.4 | ) | $ | (233,819 | ) | |||||||||||||||||
Currency | 67,730 | 0.2 | (244,325 | ) | (0.7 | ) | — | — | — | — | (176,595 | ) | ||||||||||||||||||||||||
Financial | 151,789 | 0.5 | (301,563 | ) | (0.9 | ) | 77,875 | 0.2 | (5,528 | ) | (0.0 | )* | (77,427 | ) | ||||||||||||||||||||||
Food & Fiber | 360,737 | 1.1 | (22,738 | ) | (0.1 | ) | — | — | (43,025 | ) | (0.1 | ) | 294,974 | |||||||||||||||||||||||
Indices | 620,907 | 1.8 | (15,436 | ) | (0.0 | )* | — | — | (7,925 | ) | (0.0 | )* | 597,546 | |||||||||||||||||||||||
Metals | 353,181 | 1.0 | (636,976 | ) | (1.9 | ) | — | — | — | — | (283,795 | ) | ||||||||||||||||||||||||
Energy | 150,196 | 0.5 | (18,040 | ) | (0.1 | ) | — | — | (12,010 | ) | (0.0 | )* | 120,146 | |||||||||||||||||||||||
Livestock | — | — | — | — | — | — | (20,060 | ) | (0.1 | ) | (20,060 | ) | ||||||||||||||||||||||||
Totals | $ | 1,817,547 | 5.4 | $ | (1,502,633 | ) | (4.5 | ) | $ | 152,316 | 0.4 | $ | (246,260 | ) | (0.6 | ) | $ | 220,970 | ||||||||||||||||||
* | Due to rounding |
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Average | Average Value | Average Value | ||||||||||||||
Average Number | Number of Short | of Long | of Short | |||||||||||||
of Long Contracts | Contracts | Positions | Positions | |||||||||||||
Foreign Exchange | 77 | 82 | $ | 559,181 | $ | (609,048 | ) |
Average Number | Average | |||||||
of Long | Number of Short | |||||||
Contracts | Contracts | |||||||
Currency | 744 | 86 | ||||||
Financial | 1,480 | 622 | ||||||
Food & Fiber | 217 | 197 | ||||||
Indices | 1,289 | 159 | ||||||
Metals | 355 | 42 | ||||||
Energy | 434 | 305 | ||||||
Livestock | 45 | 25 | ||||||
Totals | 4,641 | 1,518 | ||||||
* | Based on quarterly holdings |
Average number | Average number | Average value | Average value | |||||||||||||
of Long | of Short | of Long | of Short | |||||||||||||
Contracts | Contracts | Positions | Positions | |||||||||||||
Foreign Exchange | 23 | 22 | $ | 48,653 | $ | (170,446 | ) |
Average number | Average number | |||||||
of Long | of Short | |||||||
Contracts | Contracts | |||||||
Currency | 264 | 95 | ||||||
Financial | 1,146 | 40 | ||||||
Food & Fiber | 67 | 148 | ||||||
Indices | 138 | 89 | ||||||
Metals | 81 | 32 | ||||||
Livestock | 0 | 58 | ||||||
Energy | 69 | 110 | ||||||
Totals | 1,788 | 594 | ||||||
* | Based on quarterly holdings |
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For the Year Ended December 31, 2010 | ||||||||||||
Change in Net | ||||||||||||
Net Realized | Unrealized | Net Trading | ||||||||||
Gain (Loss) | Gain (Loss) | Gain (Loss) | ||||||||||
Foreign Exchange | $ | (522,897 | ) | $ | 457,262 | $ | (65,635 | ) | ||||
Currency | 1,096,391 | 1,001,488 | 2,097,879 | |||||||||
Financial | 4,048,496 | 224,227 | 4,272,723 | |||||||||
Food & Fiber | 176,523 | (5,505 | ) | 171,018 | ||||||||
Indices | 792,597 | (448,785 | ) | 343,812 | ||||||||
Metals | 1,881,266 | 978,538 | 2,859,804 | |||||||||
Livestock | (212,180 | ) | 129,680 | (82,500 | ) | |||||||
Energy | (1,391,341 | ) | 59,233 | (1,332,108 | ) | |||||||
Total net trading gain | $ | 5,868,855 | $ | 2,396,138 | $ | 8,264,993 | ||||||
For the Year Ended December 31, 2009 | ||||||||||||
Change in Net | ||||||||||||
Net Realized | Unrealized | Net Trading | ||||||||||
Gain (Loss) | Gain (Loss) | Gain (Loss) | ||||||||||
Foreign Exchange | $ | (1,475,144 | ) | $ | (201,621 | ) | $ | (1,676,765 | ) | |||
Currency | (2,190,296 | ) | (315,756 | ) | (2,506,052 | ) | ||||||
Financial | 224,040 | (587,254 | ) | (363,214 | ) | |||||||
Food & Fiber | (900,346 | ) | 301,938 | (598,408 | ) | |||||||
Indices | (2,489,390 | ) | 581,777 | (1,907,613 | ) | |||||||
Metals | 1,032,905 | (358,930 | ) | 673,975 | ||||||||
Livestock | 183,530 | (43,460 | ) | 140,070 | ||||||||
Energy | (3,153,433 | ) | 31,615 | (3,121,818 | ) | |||||||
Total net trading loss | $ | (8,768,134 | ) | $ | (591,691 | ) | $ | (9,359,825 | ) | |||
Statement of Assets and Liabilities | Asset Derivatives at | Liability Derivatives at | ||||||||||||
Type of Instrument | Location | December 31, 2010 | December 31, 2010 | Net | ||||||||||
Foreign Exchange contracts | Unrealized appreciation on open forward contracts | $ | 585,137 | $ | — | $ | 585,137 | |||||||
Foreign Exchange contracts | Unrealized depreciation on open forward contracts | — | (140,994 | ) | (140,994 | ) | ||||||||
Futures contracts | Futures contracts purchased | 5,898,383 | — | 5,898,383 | ||||||||||
Futures contracts | Futures contracts sold | — | (964,520 | ) | (964,520 | ) | ||||||||
Totals | $ | 6,483,520 | $ | (1,105,514 | ) | $ | 5,378,006 | |||||||
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Statement of Assets and | Asset Derivatives at | Liability Derivatives | ||||||||||||
Type of Instrument | Liabilities Location | December 31, 2009 | at December 31, 2009 | Net | ||||||||||
Foreign Exchange contracts | Unrealized appreciation on open forward contracts | $ | 509,064 | $ | — | $ | 509,064 | |||||||
Foreign Exchange contracts | Unrealized depreciation on open forward contracts | — | (1,130,981 | ) | (1,130,981 | ) | ||||||||
Futures contracts | Futures contracts purchased | 1,108,299 | — | 1,108,299 | ||||||||||
Futures contracts | Futures contracts sold | — | (24,959 | ) | (24,959 | ) | ||||||||
Totals | $ | 1,617,363 | $ | (1,155,940 | ) | $ | 461,423 | |||||||
Derivatives Not Accounted for as Hedging Instruments | Location of Gain (Loss) on Derivatives | Realized Gain (Loss) on Derivatives | Change in Unrealized Appreciation on Derivatives Recognized in | |||||||
under ASC 815 | Recognized in Income | Recognized in Income | Income | |||||||
Foreign Exchange contracts | Realized and unrealized gain (loss) on futures and forward contracts | $ | (1,605,349 | ) | $ | 1,066,060 | ||||
Futures contracts | Realized and unrealized gain on futures and forward contracts | 11,881,008 | 3,850,523 | |||||||
Total | $ | 10,275,659 | $ | 4,916,583 | ||||||
Derivatives Not Accounted for as Hedging Instruments | Location of Loss on Derivatives | Realized Loss on Derivatives | Change in Unrealized Depreciation on Derivatives Recognized in | |||||||
under ASC 815 | Recognized in Income | Recognized in Income | Income | |||||||
Foreign Exchange contracts | Realized and unrealized loss on futures and forward contracts | $ | (4,369,013 | ) | $ | (503,291 | ) | |||
Futures contracts | Realized and unrealized loss on futures and forward contracts | (22,705,091 | ) | (1,302,727 | ) | |||||
Total | $ | (27,074,104 | ) | $ | (1,806,018 | ) | ||||
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As of December 31, 2010 | ||||||||||||||||||||||||||||||||||||
Long Positions Gross Unrealized | Short Positions Gross Unrealized | |||||||||||||||||||||||||||||||||||
% of | % of | % of | % of | Net Unrealized | ||||||||||||||||||||||||||||||||
Net | Net | Net | Net | Gain on | ||||||||||||||||||||||||||||||||
Gains | Assets | Losses | Assets | Gains | Assets | Losses | Assets | Open Positions | ||||||||||||||||||||||||||||
Foreign Exchange | $ | 498,953 | 0.9 | $ | (32,624 | ) | (0.1 | ) | $ | 86,184 | 0.2 | $ | (108,370 | ) | (0.2 | ) | $ | 444,143 | ||||||||||||||||||
Currency | 1,609,483 | 2.9 | (2,638 | ) | (0.0 | )* | 127,800 | 0.2 | (51,694 | ) | (0.1 | ) | 1,682,951 | |||||||||||||||||||||||
Financial | 370,456 | 0.6 | (21,443 | ) | (0.0 | )* | 24,382 | 0.0 | * | (75,540 | ) | (0.1 | ) | 297,855 | ||||||||||||||||||||||
Food & Fiber | 611,966 | 1.1 | (1,026 | ) | (0.0 | )* | — | — | — | — | 610,940 | |||||||||||||||||||||||||
Indices | 525,748 | 0.9 | (228,241 | ) | (0.4 | ) | 34,473 | 0.1 | (4,280 | ) | (0.0 | )* | 327,700 | |||||||||||||||||||||||
Metals | 2,337,448 | 4.3 | (19,048 | ) | (0.0 | )* | — | — | (948,050 | ) | (1.7 | ) | 1,370,350 | |||||||||||||||||||||||
Energy | 549,715 | 1.0 | (64,577 | ) | (0.1 | ) | — | — | (71,611 | ) | (0.1 | ) | 413,527 | |||||||||||||||||||||||
Livestock | 230,650 | 0.4 | (110 | ) | (0.0 | )* | — | — | — | — | 230,540 | |||||||||||||||||||||||||
Totals | $ | 6,734,419 | 12.1 | $ | (369,707 | ) | (0.6 | ) | $ | 272,839 | 0.5 | $ | (1,259,545 | ) | (2.2 | ) | $ | 5,378,006 | ||||||||||||||||||
* | Due to rounding |
As of December 31, 2009 | ||||||||||||||||||||||||||||||||||||
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 | $ | 300,495 | 0.6 | $ | (727,559 | ) | (1.4 | ) | $ | 208,569 | 0.4 | $ | (403,422 | ) | (0.8 | ) | $ | (621,917 | ) | |||||||||||||||||
Currency | 167,870 | 0.3 | (622,412 | ) | (1.2 | ) | — | — | — | — | (454,542 | ) | ||||||||||||||||||||||||
Financial | 345,159 | 0.7 | (788,120 | ) | (1.5 | ) | 198,206 | 0.4 | (13,820 | ) | (0.0 | )* | (258,575 | ) | ||||||||||||||||||||||
Food & Fiber | 930,426 | 1.8 | (61,663 | ) | (0.1 | ) | — | — | (103,275 | ) | (0.2 | ) | 765,488 | |||||||||||||||||||||||
Indices | 1,614,308 | 3.1 | (40,948 | ) | (0.1 | ) | — | — | (19,020 | ) | (0.0 | )* | 1,554,340 | |||||||||||||||||||||||
Metals | 883,871 | 1.7 | (1,652,652 | ) | (3.2 | ) | — | — | — | — | (768,781 | ) | ||||||||||||||||||||||||
Energy | 382,290 | 0.7 | (49,830 | ) | (0.1 | ) | — | — | (36,550 | ) | (0.1 | ) | 295,910 | |||||||||||||||||||||||
Livestock | — | — | — | — | — | — | (50,500 | ) | (0.1 | ) | (50,500 | ) | ||||||||||||||||||||||||
Totals | $ | 4,624,419 | 8.9 | $ | (3,943,184 | ) | (7.6 | ) | $ | 406,775 | 0.8 | $ | (626,587 | ) | (1.2 | ) | $ | 461,423 | ||||||||||||||||||
* | Due to rounding |
95
Table of Contents
Average Number | Average | Average Value | Average Value | |||||||||||||
of Long | Number of Short | of Long | of Short | |||||||||||||
Contracts | Contracts | Positions | Positions | |||||||||||||
Foreign Exchange | 96 | 105 | $ | 1,337,361 | $ | (1,510,802 | ) |
Average Number | Average | |||||||
of Long | Number of Short | |||||||
Contracts | Contracts | |||||||
Currency | 1,574 | 177 | ||||||
Financial | 3,527 | 1,162 | ||||||
Food & Fiber | 425 | 453 | ||||||
Indices | 2,536 | 378 | ||||||
Metals | 774 | 91 | ||||||
Livestock | 94 | 54 | ||||||
Energy | 962 | 638 | ||||||
Totals | 9,988 | 3,058 | ||||||
* | Based on quarterly holdings |
Average number | Average number | Average value | Average value | |||||||||||||
of Long | of Short | of Long | of Short | |||||||||||||
Contracts | Contracts | Positions | Positions | |||||||||||||
Foreign Exchange | 29 | 26 | $ | 141,907 | $ | (529,666 | ) |
Average number | Average number | |||||||
of Long | of Short | |||||||
Contracts | Contracts | |||||||
Currency | 621 | 246 | ||||||
Financial | 3,032 | 108 | ||||||
Food & Fiber | 174 | 402 | ||||||
Indices | 421 | 200 | ||||||
Metals | 207 | 90 | ||||||
Livestock | 0 | 143 | ||||||
Energy | 175 | 328 | ||||||
Totals | 4,659 | 1,543 | ||||||
* | Based on quarterly holdings |
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For the Year Ended December 31, 2010 | ||||||||||||
Change in Net | ||||||||||||
Net Realized | Unrealized | Net Trading | ||||||||||
Gain (Loss) | Gain (Loss) | Gain (Loss) | ||||||||||
Foreign Exchange | $ | (1,605,349 | ) | $ | 1,066,060 | $ | (539,289 | ) | ||||
Currency | 1,647,853 | 2,137,493 | 3,785,346 | |||||||||
Financial | 8,820,348 | 556,430 | 9,376,778 | |||||||||
Food & Fiber | 531,807 | (154,548 | ) | 377,259 | ||||||||
Indices | 1,522,364 | (1,226,640 | ) | 295,724 | ||||||||
Metals | 3,454,743 | 2,139,131 | 5,593,874 | |||||||||
Livestock | (485,110 | ) | 281,040 | (204,070 | ) | |||||||
Energy | (3,610,997 | ) | 117,617 | (3,493,380 | ) | |||||||
Total net trading gain | $ | 10,275,659 | $ | 4,916,583 | $ | 15,192,242 | ||||||
For the Year Ended December 31, 2009 | ||||||||||||
Change in Net | ||||||||||||
Net Realized | Unrealized | Net Trading | ||||||||||
Gain (Loss) | Gain (Loss) | Gain (Loss) | ||||||||||
Foreign Exchange | $ | (4,369,013 | ) | $ | (503,291 | ) | $ | (4,872,304 | ) | |||
Currency | (6,128,855 | ) | (838,226 | ) | (6,967,081 | ) | ||||||
Financial | 413,506 | (1,763,342 | ) | (1,349,836 | ) | |||||||
Food & Fiber | (2,690,270 | ) | 818,524 | (1,871,746 | ) | |||||||
Indices | (7,192,204 | ) | 1,570,735 | (5,621,469 | ) | |||||||
Metals | 1,559,944 | (951,786 | ) | 608,158 | ||||||||
Livestock | 481,710 | (114,610 | ) | 367,100 | ||||||||
Energy | (9,148,922 | ) | (24,022 | ) | (9,172,944 | ) | ||||||
Total net trading gain | $ | (27,074,104 | ) | $ | (1,806,018 | ) | $ | (28,880,122 | ) | |||
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SERIES A | SERIES B | |||||||
Total return | ||||||||
Total return before incentive fees | 14.5 | % | 21.9 | % | ||||
Incentive fees | 0.0 | 0.0 | ||||||
Total return after incentive fees | 14.5 | % | 21.9 | % | ||||
Ratio to average partners’ capital | ||||||||
Operating expenses before incentive fees | 9.1 | % | 10.1 | % | ||||
Incentive fees | 0.0 | 0.0 | ||||||
Total expenses | 9.1 | % | 10.1 | % | ||||
Net investment loss | (9.0 | )% | (10.1 | )% | ||||
Net asset value per unit, beginning of period | $ | 1,354.49 | $ | 1,454.64 | ||||
Net investment loss | (122.46 | ) | (145.97 | ) | ||||
Net loss on investments | 318.69 | 464.85 | ||||||
Net asset value per unit, end of period | $ | 1,550.72 | $ | 1,773.52 | ||||
Other per Unit information: | ||||||||
Net decrease in net assets from operations per Unit (based upon weighted average Number of Units during period) | $ | 196.01 | $ | 297.46 | ||||
Net decrease in net assets from operations per Unit (based upon change in net asset value per Unit) | $ | 196.23 | $ | 318.88 | ||||
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SERIES A | SERIES B | |||||||
Total return | ||||||||
Total return before incentive fees | (29.9 | )% | (43.7 | )% | ||||
Incentive fees | 0.0 | (0.4 | ) | |||||
Total return after incentive fees | (29.9 | )% | (44.1 | )% | ||||
Ratio to average partners’ capital | ||||||||
Operating expenses before incentive fees | 8.9 | % | 9.9 | % | ||||
Incentive fees | 0.0 | 0.5 | ||||||
Total expenses | 8.9 | % | 10.4 | % | ||||
Net investment loss | (8.8 | )% | (9.8 | )% | ||||
Net asset value per unit, beginning of period | $ | 1,932.30 | $ | 2,600.96 | ||||
Net investment loss | (139.94 | ) | (197.32 | ) | ||||
Net loss on investments | (437.87 | ) | (949.00 | ) | ||||
Net asset value per unit, end of period | $ | 1,354.49 | $ | 1,454.64 | ||||
Other per Unit information: | ||||||||
Net decrease in net assets from operations per Unit (based upon weighted average Number of Units during period) | $ | (563.24 | ) | $ | (1,106.39 | ) | ||
Net decrease in net assets from operations per Unit (based upon change in net asset value per Unit) | $ | (577.81 | ) | $ | (1,146.32 | ) | ||
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Superfund Capital Management, Inc.
St. George, Grenada, West Indies
May 4, 2011
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December 31, 2010
(In U.S. Dollars)
ASSETS | ||||
Current Assets: | ||||
Cash | $ | 1,548,843 | ||
Due from affiliates | 2,536,122 | |||
Equity investment in affiliated limited partnerships (cost $2,000,000) | 2,930,098 | |||
Other short term investments | 60,650 | |||
Other current assets | 3,255 | |||
Total Current Assets | 7,078,968 | |||
Fixed assets, net of accumulated depreciation of $192,523 | 5,967 | |||
Other assets | 1,864 | |||
Total Assets | $ | 7,086,799 | ||
LIABILITIES AND STOCKHOLDER’S EQUITY | ||||
Current Liabilities: | ||||
Accrued expenses | $ | 654,282 | ||
Accrued expense — affiliated | 164,737 | |||
Total Liabilities | 819,019 | |||
Stockholder’s equity: | ||||
Contributed capital, $50 par value. Authorized, issued and outstanding 2,000 shares | 100,000 | |||
Additional paid-in-capital | 2,227,378 | |||
Retained earnings | 3,940,402 | |||
Total Stockholder’s Equity | 6,267,780 | |||
Total Liabilities and Stockholders’ Equity | $ | 7,086,799 | ||
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December 31, 2010
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December 31, 2010
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December 31, 2010
— | Superfund Red SPC | ||
— | Superfund Red Master SPC |
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December 31, 2010
— | Superfund Blue Master SPC | ||
— | Superfund Blue SPC | ||
— | Superfund Green Master SPC | ||
— | Superfund Green SPC | ||
— | Superfund Green Euro SPC | ||
— | Superfund Green Gold Master SPC | ||
— | Superfund Green Gold SPC | ||
— | Superfund HF SPC | ||
— | Superfund Garant SPC | ||
— | Superfund Diversified Notes SPC |
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December 31, 2010
Cost: | ||||
Software | $ | 19,542 | ||
Furniture and Fixtures | 44,404 | |||
Computers and Computer-related Equipment | 129,213 | |||
Total | 193,159 | |||
Acquisitions | 5,331 | |||
Accumulated Depreciation | (192,523 | ) | ||
Carrying Amount as of December 31, 2010 | $ | 5,967 | ||
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December 31, 2010
Superfund Green, L.P. | Superfund Green, L.P. | |||||||
Series A | Series B | |||||||
Investment at December 31, 2010 | $ | 599,817 | 936,806 | |||||
Assets | $ | 99,323,389 | ||
Liabilities | $ | (6,257,918 | ) | |
Net Assets | $ | 93,065,471 | ||
Superfund Gold, L.P. | Superfund Gold, L.P. | |||||||
Series A | Series B | |||||||
Investment at December 31, 2010 | $ | 806,696 | 586,779 | |||||
Assets | $ | 29,097,048 | ||
Liabilities | $ | (2,421,823 | ) | |
Net Assets | $ | 26,675,225 | ||
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December 31, 2010
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$311,969,851 SERIES B
GENERAL PARTNER
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TABLE OF CONTENTS
Page | ||||
113 | ||||
122 | ||||
122 | ||||
124 | ||||
124 | ||||
125 | ||||
Exhibits | ||||
EXHIBIT A: Superfund Green, L.P. Form of Fifth Amended and Restated Limited Partnership Agreement | A-1 | |||
EXHIBIT B: Superfund Green, L.P. Request for Redemption | B-1 | |||
EXHIBIT C: Superfund Green, L.P. Subscription Representations | C-1 | |||
EXHIBIT D: Superfund Green, L.P. Subscription Agreement | D-1 | |||
EXHIBIT E: Superfund Green, L.P. Request for Transfer Form | E-1 | |||
EXHIBIT F: Superfund Green, L.P. Subscription Agreement for an Additional Investment | F-1 | |||
EXHIBIT G: Superfund Green, L.P. Series Exchange Subscription Agreement | G-1 |
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![(GRAPHIC)](https://capedge.com/proxy/POS AM/0000950123-11-044763/c64455p2c6445502.gif)
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2006 | 2007 | 2008 | 2009 | 2010 | 2011 | |||||||||||||||||||||||||||||||||||||||
Jan | 6.87 | % | Jan | (3.09 | %) | Jan | (2.73 | %) | Jan | 0.35 | % | Jan | (9.38 | %) | Jan | (4.22 | %) | |||||||||||||||||||||||||||
Feb | (3.66 | %) | Feb | (7.54 | %) | Feb | 17.93 | % | Feb | 0.04 | % | Feb | 1.49 | % | Feb | 4.10 | % | |||||||||||||||||||||||||||
Mar | 4.48 | % | Mar | (8.73 | %) | Mar | 2.29 | % | Mar | (2.33 | %) | Mar | 14.41 | % | ||||||||||||||||||||||||||||||
Apr | 5.79 | % | Apr | 7.99 | % | Apr | (1.57 | %) | Apr | (6.92 | %) | Apr | 4.59 | % | ||||||||||||||||||||||||||||||
May | (7.57 | %) | May | 2.39 | % | May | 5.21 | % | May | (12.03 | %) | May | (13.14 | %) | ||||||||||||||||||||||||||||||
Jun | (0.33 | %) | Jun | 6.84 | % | Jun | 7.73 | % | Jun | (2.39 | %) | Jun | (0.33 | %) | ||||||||||||||||||||||||||||||
Jul | (10.35 | %) | Jul | (6.78 | %) | Jul | (9.65 | %) | Jul | (7.86 | %) | Jul | (2.55 | %) | ||||||||||||||||||||||||||||||
Aug | 0.38 | % | Aug | (3.27 | %) | Aug | (4.64 | %) | Aug | 3.52 | % | Aug | 4.15 | % | ||||||||||||||||||||||||||||||
Sep | 3.20 | % | Sep | 5.57 | % | Sep | (0.07 | %) | Sep | 2.81 | % | Sep | 4.55 | % | ||||||||||||||||||||||||||||||
Oct | 5.53 | % | Oct | 9.92 | % | Oct | 12.19 | % | Oct | (11.60 | %) | Oct | 5.70 | % | ||||||||||||||||||||||||||||||
Nov | (1.28 | %) | Nov | (4.69 | %) | Nov | 1.47 | % | Nov | 13.93 | % | Nov | (2.71 | %) | ||||||||||||||||||||||||||||||
Dec | 11.36 | % | Dec | 2.82 | % | Dec | 1.32 | % | Dec | (9.43 | %) | Dec | 10.13 | % | ||||||||||||||||||||||||||||||
Annual | 12.94 | % | Annual | (0.92 | %) | Annual | 30.00 | % | Annual | (29.90 | %) | Annual | 14.49 | % | Annual | (0.30 | %) | |||||||||||||||||||||||||||
— | (2 mos.) |
2006 | 2007 | |||||||||||
Jan | 7.20 | % | Jan | (2.76 | %) | |||||||
Feb | (3.33 | %) | Feb | (7.21 | %) | |||||||
Mar | 4.81 | % | Mar | (8.40 | %) | |||||||
Apr | 6.12 | % | Apr | 8.32 | % | |||||||
May | (7.24 | %) | May | 2.72 | % | |||||||
Jun | 0.00 | % | Jun | 7.17 | % | |||||||
Jul | (10.02 | %) | Jul | (6.45 | %) | |||||||
Aug | 0.71 | % | Aug | (2.94 | %) | |||||||
Sep | 3.53 | % | Sep | 5.90 | % | |||||||
Oct | 5.86 | % | Oct | 10.25 | % | |||||||
Nov | (0.95 | %) | ||||||||||
Dec | 11.69 | % | ||||||||||
Annual | 17.45 | % | Annual | 4.50 | % | |||||||
(10 mos.) |
2007 | 2008 | 2009 | 2010 | 2011 | ||||||||||||||||||||||||||||||||
Jan | (2.40 | %) | Jan | 0.69 | % | Jan | (9.08 | %) | Jan | (3.90 | %) | |||||||||||||||||||||||||
Feb | 18.23 | % | Feb | 0.37 | % | Feb | 1.83 | % | Feb | 4.43 | % | |||||||||||||||||||||||||
Mar | 2.55 | % | Mar | (2.01 | %) | Mar | 14.79 | % | ||||||||||||||||||||||||||||
Apr | (1.24 | %) | Apr | (6.61 | %) | Apr | 4.94 | % | ||||||||||||||||||||||||||||
May | 5.48 | % | May | (11.74 | %) | May | (12.86 | %) | ||||||||||||||||||||||||||||
Jun | 8.01 | % | Jun | (2.07 | %) | Jun | (0.01 | %) | ||||||||||||||||||||||||||||
Jul | (9.35 | %) | Jul | (7.55 | %) | Jul | (2.23 | %) | ||||||||||||||||||||||||||||
Aug | (4.32 | %) | Aug | 3.87 | % | Aug | 4.49 | % | ||||||||||||||||||||||||||||
Sep | 0.26 | % | Sep | 3.16 | % | Sep | 4.91 | % | ||||||||||||||||||||||||||||
Oct | 12.57 | % | Oct | (11.30 | %) | Oct | 6.06 | % | ||||||||||||||||||||||||||||
Nov | (4.37 | %) | Nov | 1.81 | % | Nov | 14.31 | % | Nov | (2.38 | %) | |||||||||||||||||||||||||
Dec | 3.17 | % | Dec | 1.66 | % | Dec | (9.12 | %) | Dec | 10.50 | % | |||||||||||||||||||||||||
Annual | (1.35 | %) | Annual | 34.88 | % | Annual | (27.03 | %) | Annual | 19.17 | % | Annual | 0.36 | % | ||||||||||||||||||||||
(2 mos.) | (2 mos.) |
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2006 | 2007 | 2008 | 2009 | 2010 | 2011 | |||||||||||||||||||||||||||||||||||||||
Jan | 9.72 | % | Jan | (4.59 | %) | Jan | (3.61 | %) | Jan | 1.01 | % | Jan | (14.51 | %) | Jan | (5.22 | %) | |||||||||||||||||||||||||||
Feb | (4.95 | %) | Feb | (10.67 | %) | Feb | 24.60 | % | Feb | 0.68 | % | Feb | 2.60 | % | Feb | 7.17 | % | |||||||||||||||||||||||||||
Mar | 6.32 | % | Mar | (12.65 | %) | Mar | 1.95 | % | Mar | (4.49 | %) | Mar | 22.85 | % | ||||||||||||||||||||||||||||||
Apr | 8.31 | % | Apr | 11.38 | % | Apr | (1.20 | %) | Apr | (10.83 | %) | Apr | 7.04 | % | ||||||||||||||||||||||||||||||
May | (10.37 | %) | May | 3.41 | % | May | 7.33 | % | May | (19.31 | %) | May | (20.23 | %) | ||||||||||||||||||||||||||||||
Jun | 0.29 | % | Jun | 9.77 | % | Jun | 12.54 | % | Jun | (3.52 | %) | Jun | (0.36 | %) | ||||||||||||||||||||||||||||||
Jul | (14.11 | %) | Jul | (10.11 | %) | Jul | (15.00 | %) | Jul | (12.24 | %) | Jul | (3.74 | %) | ||||||||||||||||||||||||||||||
Aug | 0.55 | % | Aug | (4.66 | %) | Aug | (7.28 | %) | Aug | 5.62 | % | Aug | 6.43 | % | ||||||||||||||||||||||||||||||
Sep | 4.45 | % | Sep | 8.26 | % | Sep | 0.46 | % | Sep | 4.58 | % | Sep | 7.45 | % | ||||||||||||||||||||||||||||||
Oct | 7.74 | % | Oct | 14.57 | % | Oct | 20.14 | % | Oct | (18.34 | %) | Oct | 8.34 | % | ||||||||||||||||||||||||||||||
Nov | (1.73 | %) | Nov | (6.79 | %) | Nov | 2.78 | % | Nov | 22.10 | % | Nov | (3.24 | %) | ||||||||||||||||||||||||||||||
Dec | 16.14 | % | Dec | 4.44 | % | Dec | 2.60 | % | Dec | (14.18 | %) | Dec | 15.25 | % | ||||||||||||||||||||||||||||||
Annual | 19.74 | % | Annual | (2.60 | %) | Annual | 46.56 | % | Annual | (44.07 | %) | Annual | 21.92 | % | Annual | 1.57 | % | |||||||||||||||||||||||||||
(2 mos.) |
2006 | ||||
Jan | 10.05 | % | ||
Feb | (4.62 | %) | ||
Mar | 6.65 | % | ||
Apr | 8.64 | % | ||
May | (10.04 | %) | ||
Jun | 0.62 | % | ||
Jul | (13.78 | %) | ||
Aug | 0.88 | % | ||
Sep | 4.78 | % | ||
Oct | 8.07 | % | ||
Nov | (1.40 | %) | ||
Annual | 6.90 | % | ||
(11 mos.) |
2006 | 2007 | 2008 | 2009 | 2010 | 2011 | |||||||||||||||||||||||||||||||||||||||
Jan | (4.27 | %) | Jan | (3.29 | %) | Jan | 1.27 | % | Jan | (14.22 | %) | Jan | (4.90 | %) | ||||||||||||||||||||||||||||||
Feb | (10.37 | %) | Feb | 24.93 | % | Feb | 0.93 | % | Feb | 2.94 | % | Feb | 7.53 | % | ||||||||||||||||||||||||||||||
Mar | (12.36 | %) | Mar | 2.21 | % | Mar | (4.17 | %) | Mar | 23.26 | % | |||||||||||||||||||||||||||||||||
Apr | 11.76 | % | Apr | (0.87 | %) | Apr | (10.53 | %) | Apr | 7.40 | % | |||||||||||||||||||||||||||||||||
May | 3.75 | % | May | 7.61 | % | May | (19.03 | %) | May | (19.96 | %) | |||||||||||||||||||||||||||||||||
Jun | 10.14 | % | Jun | 12.83 | % | Jun | (3.20 | %) | Jun | (0.02 | %) | |||||||||||||||||||||||||||||||||
Jul | (9.81 | %) | Jul | (14.71 | %) | Jul | (11.95 | %) | Jul | (3.42 | %) | |||||||||||||||||||||||||||||||||
Aug | (4.34 | %) | Aug | (6.97 | %) | Aug | 5.97 | % | Aug | 6.78 | % | |||||||||||||||||||||||||||||||||
Sep | 8.62 | % | Sep | 0.79 | % | Sep | 4.93 | % | Sep | 7.81 | % | |||||||||||||||||||||||||||||||||
Oct | 14.95 | % | Oct | 20.54 | % | Oct | (18.07 | %) | Oct | 8.70 | % | |||||||||||||||||||||||||||||||||
Nov | (6.48 | %) | Nov | 3.12 | % | Nov | 22.51 | % | Nov | (2.92 | %) | |||||||||||||||||||||||||||||||||
Dec | 16.53 | % | Dec | 4.79 | % | Dec | 2.94 | % | Dec | (13.89 | %) | Dec | 15.64 | % | ||||||||||||||||||||||||||||||
Annual | 16.53 | % | Annual | 1.39 | % | Annual | 52.09 | % | Annual | (41.88 | %) | Annual | 26.91 | % | Annual | 2.26 | % | |||||||||||||||||||||||||||
(1 mo.) | (2 mos.) |
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SUPERFUND GREEN, L.P. - SERIES A | SUPERFUND Q-AG | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1996 | -10.30 | % | 1997 | +20.70 | % | 1998 | +62.55 | % | 1999 | +25.39 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2002 | +9.56 | % | 2003 | +20.23 | % | 2000 | +23.19 | % | 2001 | +18.82 | % | 2002 | +38.42 | % | 2003 | +24.33 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
2004 | +11.35 | % | 2005 | -9.43 | % | 2006 | +12.94 | % | 2007 | -0.92 | % | 2004 | +10.98 | % | 2005 | -3.30 | % | 2006 | +10.47 | % | 2007 | -1.81 | % | |||||||||||||||||||||||||||||||||||||||||||||
2008 | 2009 | 2010 | 2011 | 2008 | 2009 | 2009 | 2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jan | 1,445.88 | -2.73 | % | 1,939.15 | +0.35 | % | 1,227.43 | -9.38 | % | 1,485.27 | -4.22 | % | Jan | 6,327.83 | -2.21 | % | 8,836.37 | +0.82 | % | 5,972.39 | -9.79 | % | 7,194.09 | -3.78 | % | |||||||||||||||||||||||||||||||||||||||||||
Feb | 1,705.18 | +17.93 | % | 1,939.87 | +0.04 | % | 1,245.67 | +1.49 | % | 1,546.12 | +4.10 | % | Feb | 7,224.38 | +14.17 | % | 8,890.88 | +0.62 | % | 6,131.53 | +2.66 | % | 7,559.75 | +4.90 | % | |||||||||||||||||||||||||||||||||||||||||||
Mar | 1,744.21 | +2.29 | % | 1,894.62 | -2.33 | % | 1,425.15 | +14.41 | % | Mar | 7,339.60 | +1.59 | % | 8,675.77 | -2.42 | % | 6,998.19 | +14.13 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Apr | 1,716.85 | -1.57 | % | 1,763.52 | -6.92 | % | 1,490.54 | +4.59 | % | Apr | 7,249.18 | -1.23 | % | 7,997.47 | -7.82 | % | 7,388.78 | +5.58 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
May | 1,806.35 | +5.21 | % | 1,551.44 | -12.03 | % | 1,294.62 | -13.14 | % | May | 7,722.11 | +6.52 | % | 7,047.51 | -11.88 | % | 6,160.54 | -16.62 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Jun | 1,945.95 | +7.73 | % | 1,514.39 | -2.39 | % | 1,290.29 | -0.33 | % | Jun | 8,484.95 | +9.88 | % | 6,879.10 | -2.39 | % | 6,224.51 | +1.04 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Jul | 1,758.12 | -9.65 | % | 1,395.29 | -7.86 | % | 1,257.40 | -2.55 | % | Jul | 7,614.52 | -10.26 | % | 6,435.79 | -6.44 | % | 6,081.82 | -2.29 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Aug | 1,676.53 | -4.64 | % | 1,444.35 | +3.52 | % | 1,309.53 | +4.15 | % | Aug | 6,977.92 | -8.36 | % | 6,668.14 | +3.61 | % | 6,331.05 | +4.10 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Sep | 1,675.30 | -0.07 | % | 1,484.92 | +2.81 | % | 1,369.17 | +4.55 | % | Sep | 7,158.64 | +2.59 | % | 6,919.42 | +3.77 | % | 6,567.99 | +3.74 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Oct | 1,879.55 | + 2.19 | % | 1,312.64 | -11.60 | % | 1,447.26 | +5.70 | % | Oct | 8,409.98 | +17.48 | % | 6,279.32 | -9.25 | % | 6,928.46 | +5.49 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Nov | 1,907.21 | +1.47 | % | 1,495.46 | +13.93 | % | 1,408.07 | -2.71 | % | Nov | 8,608.33 | +2.36 | % | 7,220.28 | +14.99 | % | 6,740.17 | -2.72 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Dec | 1,932.30 | +1.32 | % | 1,354.49 | -9.43 | % | 1,550.72 | +10.13 | % | Dec | 8,764.11 | +1.81 | % | 6,620.36 | -8.31 | % | 7,476.58 | +10.93 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
+30.00 | % | -29.90 | % | +14.49 | % | -0.30 | % | +35.44 | % | -24.46 | % | +12.93 | % | +1.11 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
STATISTICS | 11/2002–02/2011 | 03/1996–02/2011 | 11/2002–02/2011 | 03/1996–02/2011 | ||||||||||||||||
RETURN STATISTICS | Superfund Green, L.P. | RISK STATISTICS | Superfund Green, L.P. | |||||||||||||||||
Series A | Superfund Q-AG | Series A | Superfund Q-AG | |||||||||||||||||
Since inception | 54.61 | % | 654.65 | % | Annual standard deviation | 26.96 | % | 23.95 | % | |||||||||||
Annualized performance* | 5.37 | % | 14.44 | % | Max. initial risk per trade | 1.00 | % | 1.00 | % | |||||||||||
Year-to-date | -0.30 | % | 0.94 | % | Typical margin to equity | 20 | % | 20 | % | |||||||||||
One year rolling | 24.12 | % | 23.08 | % | Maximum drawdown | -36.92 | % | -32.83 | % | |||||||||||
Three year rolling | -9.33 | % | 4.64 | % | Maximum time off peak | 48 months | 24 months | |||||||||||||
Five year rolling | 13.05 | % | 24.88 | % | Sharpe ratio* | 0.20 | 0.60 | |||||||||||||
Average monthly* | 0.44 | % | 1.13 | % | Correlation to S&P 500 | 0.07 | - 0.09 | |||||||||||||
Highest monthly* | 19.45 | % | 18.96 | % | Correlation to CASAM CISDM CTA ew | 0.80 | 0.72 | |||||||||||||
Lowest monthly* | -20.12 | % | -16.72 | % | Correlation to CS/Tremont HF | 0.27 | 0.22 | |||||||||||||
* since inception | * modified (risk free rate = 0%) |
Annualized performance –the annual percentage return of a Series since the Series’ inception factoring in the effects of compounding. Year-to-date – cumulative performance of a Series from January 1 in the current year to the date as of the report. One year rolling –average monthly performance of a Series for the 12 month period immediately preceding the date of the report. Three year rolling –average monthly performance of a Series for the 36 month period immediately preceding the date of the report. Five year rolling –average monthly performance of a Series for the 60 month period immediately preceding the date of the report. Average monthly –average monthly gain or loss experienced by a Series since the Series’ inception represented as a percentage. Highest monthly – the single greatest monthly gain experienced by a Series represented as a percentage. Lowest monthly – the single greatest monthly loss experienced by a Series represented as a percentage. | Annual standard deviation –a measurement of an investment’s historical volatility. The higher the percentage, the more likely an investment will deviate from an expected normal return. Max. initial risk per trade –percentage of assets under management that will initially be invested in any one futures position or contract. Typical margin to equity –percentage of a Series’ trading capital held as margin for trading activity at any particular time. Maximum drawdown –the greatest cumulative percentage decline in month-end net asset value due to losses sustained by the Series during any period in which the initial month-end net asset value is not equaled or exceeded by a subsequent month-end net asset value. Maximum time off peak –the cumulative percentage decline in month-end net asset value sustained during any period in which the initial month-end net asset value is not equaled or exceeded by a subsequent month-end net asset value. Sharpe ratioa formula used to measure risk-adjusted performance. The Sharpe Ratio is calculated by subtracting the risk-free rate from the rate of return for a portfolio and dividing the result by the standard deviation of the portfolio. S&P 500 –a market value-weighted benchmark equity index consisting of 500 stocks chosen for market size, liquidity and industry grouping. CISDM –a hedge fund index that reflects the average performance of Commodity Trading Advisors (CTAs) CS/Tremont HF –an asset-weighted benchmark that measures hedge fund performance across ten style-based sectors representative of the entire hedge fund industry. |
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SUPERFUND GREEN, L.P. - SERIES B | SUPERFUND GCT | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2002 | +15.98 | % | 2003 | +27.71 | % | 2000 | +40.16 | % | 2001 | +42.56 | % | 2002 | +69.23 | % | 2003 | +26.35 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
2004 | +16.82 | % | 2005 | -12.06 | % | 2006 | +19.74 | % | 2007 | -2.60 | % | 2004 | +11.20 | % | 2005 | -9.12 | % | 2006 | -13.18 | % | 2007 | -9.91 | % | |||||||||||||||||||||||||||||||||||||||||||||
2008 | 2009 | 2009 | 2010 | 2008 | 2009 | 2010 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jan | 1,710.56 | -3.61 | % | 2,627.28 | +1.01 | % | 1,243.58 | -14.51 | % | 1,680.95 | -5.22 | % | Jan | 2,334.61 | -3.77 | % | 3,679.43 | +0.76 | % | 1,889.22 | -13.91 | % | 2,436.24 | -5.28 | % | |||||||||||||||||||||||||||||||||||||||||||
Feb | 2,131.43 | +24.60 | % | 2,645.07 | +0.68 | % | 1,275.90 | +2.60 | % | 1,801.40 | +7.17 | % | Feb | 2,857.30 | +22.39 | % | 3,726.11 | +1.27 | % | 1,931.39 | +2.23 | % | 2,622.35 | +7.64 | % | |||||||||||||||||||||||||||||||||||||||||||
Mar | 2,173.02 | +1.95 | % | 2,526.24 | -4.49 | % | 1,567.43 | +22.85 | % | Mar | 2,899.96 | +1.49 | % | 3,579.45 | -3.94 | % | 2,288.69 | +18.50 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Apr | 2,146.93 | -1.20 | % | 2,252.65 | -10.83 | % | 1,677.77 | +7.04 | % | Apr | 2,823.17 | -2.65 | % | 3,173.42 | -11.34 | % | 2,465.47 | +7.72 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
May | 2,304.36 | +7.33 | % | 1,817.77 | -19.31 | % | 1,338.41 | -20.23 | % | May | 3,091.52 | +9.51 | % | 2,593.46 | -18.28 | % | 1,885.98 | -23.50 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Jun | 2,593.32 | +12.54 | % | 1,753.71 | -3.52 | % | 1,333.65 | -0.36 | % | Jun | 3,523.71 | +13.98 | % | 2,447.78 | -5.62 | % | 1,933.67 | +2.53 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Jul | 2,204.38 | -15.00 | % | 1,539.06 | -12.24 | % | 1,283.78 | -3.74 | % | Jul | 2,999.81 | -14.87 | % | 2,171.79 | -11.28 | % | 1,871.84 | -3.20 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Aug | 2,043.87 | -7.28 | % | 1,625.56 | +5.62 | % | 1,366.27 | �� | +6.43 | % | Aug | 2,653.27 | -11.55 | % | 2,289.37 | +5.41 | % | 1,988.17 | +6.21 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Sep | 2,053.20 | +0.46 | % | 1,699.96 | +4.58 | % | 1,468.03 | +7.45 | % | Sep | 2,782.49 | +4.87 | % | 2,413.08 | +5.40 | % | 2,131.55 | +7.21 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Oct | 2,466.62 | +20.14 | % | 1,388.19 | -18.34 | % | 1,590.40 | +8.34 | % | Oct | 3,473.26 | +24.83 | % | 2,088.49 | -13.45 | % | 2,313.43 | +8.53 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Nov | 2,535.13 | +2.78 | % | 1,694.99 | +22.10 | % | 1,538.85 | -3.24 | % | Nov | 3,583.35 | +3.17 | % | 2,548.32 | +22.02 | % | 2,230.40 | -3.59 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Dec | 2,600.96 | +2.60 | % | 1,454.64 | -14.18 | % | 1,773.52 | 15.25 | % | Dec | 3,651.61 | +1.90 | % | 2,194.48 | -13.89 | % | 2,571.98 | +15.31 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
+46.56 | % | -44.07 | % | +21.92 | % | 1.57 | % | +50.51 | % | -39.90 | % | +17.20 | % | 1.96 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
STATISTICS | 11/2002–02/2011 | 01/2000–02/2011 | 11/2002–02/2011 | 01/2000–02/2011 | ||||||||||||||||
RETURN STATISTICS | Superfund Green, L.P. | RISK STATISTICS | Superfund Green, L.P. | |||||||||||||||||
Series B | Superfund GCT | Series B | Superfund GCT | |||||||||||||||||
Since inception | 80.14 | % | 375.79 | % | Annual standard deviation* | 39.64 | % | 36.86 | % | |||||||||||
Annualized performance* | 7.32 | % | 15.00 | % | Max. initial risk per trade | 1.50 | % | 1.50 | % | |||||||||||
Year-to-date | 1.57 | % | 1.96 | % | Typical margin to equity | 30 | % | 30 | % | |||||||||||
One year rolling | 41.19 | % | 35.78 | % | Maximum drawdown* | -52.98 | % | -49.76 | % | |||||||||||
Three year rolling | -15.48 | % | -8.22 | % | Maximum time off peak* | 26 months | 40 months | |||||||||||||
Five year rolling | 13.52 | % | 6.45 | % | Sharpe ratio** | 0.18 | 0.41 | |||||||||||||
Average monthly* | 0.59 | % | 1.17 | % | Correlation to S&P 500 | 0.05 | -0.15 | |||||||||||||
Highest monthly* | 27.33 | % | 28.42 | % | Correlation to CASAM CISDM CTA ew | 0.80 | 0.79 | |||||||||||||
Lowest monthly* | -29.11 | % | -23.50 | % | Correlation to CS/Tremont HF | 0.27 | 0.17 | |||||||||||||
* since inception | ** modified (risk free performance = 0%) |
Annualized performance –the annual percentage return of a Series since the Series’ inception factoring in the effects of compounding. Year-to-date –cumulative performance of a Series from January 1 in the current year to the date as of the report. One year rolling –average monthly performance of a Series for the 12 month period immediately preceding the date of the report. Three year rolling –average monthly performance of a Series for the 36 month period immediately preceding the date of the report. Five year rolling –average monthly performance of a Series for the 60 month period immediately preceding the date of the report. Average monthly –average monthly gain or loss experienced by a Series since the Series’ inception represented as a percentage. Highest monthly –the single greatest monthly gain experienced by a Series represented as a percentage. Lowest monthly –the single greatest monthly loss experienced by a Series represented as a percentage. | Annual standard deviation -a measurement of an investment’s historical volatility. The higher the percentage, the more likely an investment will deviate from an expected normal return. Max. initial risk per trade -percentage of assets under management that will initially be invested in any one futures position or contract. Typical margin to equity -percentage of a Series’ trading capital held as margin for trading activity at any particular time. Maximum drawdown -the greatest cumulative percentage decline in month-end net asset value due to losses sustained by the Series during any period in which the initial month-end net asset value is not equaled or exceeded by a subsequent month-end net asset value. Maximum time off peak –the cumulative percentage decline in month-end net asset value sustained during any period in which the initial month-end net asset value is not equaled or exceeded by a subsequent month-end net asset value. Sharpe ratioa formula used to measure risk-adjusted performance. The Sharpe Ratio is calculated by subtracting the risk-free rate from the rate of return for a portfolio and dividing the result by the standard deviation of the portfolio. S&P 500 –a market value-weighted benchmark equity index consisting of 500 stocks chosen for market size, liquidity and industry grouping. CISDM -a hedge fund index that reflects the average performance of Commodity Trading Advisors (CTAs) CS/Tremont HF -an asset-weighted benchmark that measures hedge fund performance across ten style-based sectors representative of the entire hedge fund industry. |
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Series A* | Superfund | S&P 500 | NASDAQ | MSCI | ||||||||||||||||
Q-AG | Comp. | World | ||||||||||||||||||
PERFORMANCE | ||||||||||||||||||||
Performance since 03/96 | 54.61 | % | 654.65 | % | 107.24 | % | 152.92 | % | 80.25 | % | ||||||||||
Performance p.a. | 5.37 | % | 14.44 | % | 4.98 | % | 6.38 | % | 4.00 | % | ||||||||||
RISK | ||||||||||||||||||||
Maximum Drawdown | -36.92 | % | -32.83 | % | -52.56 | % | -75.04 | % | -55.37 | % | ||||||||||
Volatility p.a. | 26.96 | % | 23.95 | % | 16.36 | % | 26.56 | % | 16.22 | % | ||||||||||
STATISTICS | ||||||||||||||||||||
Mod. Sharpe Ratio | 0.20 | 0.60 | 0.30 | 0.24 | 0.25 | |||||||||||||||
Correlation to Superfund Q-AG | 0.94 | - | -0.09 | -0.07 | -0.06 | |||||||||||||||
03/08/96–02/28/2011 | *11/01/02– | |||||||||||||||||||
02/28/2011 |
Series A | Superfund | S&P 500 | NASDAQ | MSCI | ||||||||||||||||
Q-AG | Comp. | World | ||||||||||||||||||
PERFORMANCE | ||||||||||||||||||||
Performance since 11/02 | 54.61 | % | 84.21 | % | 49.84 | % | 109.23 | % | 70.69 | % | ||||||||||
Performance p.a. | 5.37 | % | 7.61 | % | 4.97 | % | 9.26 | % | 6.63 | % | ||||||||||
RISK | ||||||||||||||||||||
Maximum Drawdown | -36.92 | % | -32.83 | % | -52.56 | % | -51.81 | % | -55.37 | % | ||||||||||
Volatility p.a. | 26.96 | % | 24.52 | % | 15.20 | % | 19.17 | % | 16.36 | % | ||||||||||
STATISTICS | ||||||||||||||||||||
Mod. Sharpe Ratio | 0.20 | 0.31 | 0.33 | 0.48 | 0.41 | |||||||||||||||
Correlation to Series A | - | 0.94 | 0.07 | 0.10 | 0.11 | |||||||||||||||
11/01/02–02/28/2011 |
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Series B* | Superfund | S&P 500 | NASDAQ | MSCI | ||||||||||||||||
GCT | Comp. | World | ||||||||||||||||||
PERFORMANCE | ||||||||||||||||||||
Performance since 01/00 | 80.14 | % | 375.79 | % | -9.67 | % | -31.63 | % | -4.87 | % | ||||||||||
Performance p.a. | 7.32 | % | 15.00 | % | -0.91 | % | -3.35 | % | -0.45 | % | ||||||||||
RISK | ||||||||||||||||||||
Maximum Drawdown | -52.98 | % | -49.76 | % | -52.56 | % | -75.04 | % | -55.37 | % | ||||||||||
Volatility p.a. | 39.64 | % | 36.86 | % | 16.31 | % | 26.39 | % | 16.77 | % | ||||||||||
STATISTICS | ||||||||||||||||||||
Mod. Sharpe Ratio | 0.18 | 0.41 | -0.06 | -0.13 | -0.03 | |||||||||||||||
Correlation to Superfund GCT | 0.96 | - | -0.16 | -0.16 | -0.12 | |||||||||||||||
01/04/00–02/28/2011 | *11/01/02– | |||||||||||||||||||
02/28/2011 |
Series B | Superfund | S&P 500 | NASDAQ | MSCI | ||||||||||||||||
GCT | Comp. | World | ||||||||||||||||||
PERFORMANCE | ||||||||||||||||||||
Performance since 11/02 | 80.14 | % | 64.68 | % | 49.84 | % | 109.23 | % | 70.69 | % | ||||||||||
Performance p.a. | 7.32 | % | 6.17 | % | 4.97 | % | 9.26 | % | 6.63 | % | ||||||||||
RISK | ||||||||||||||||||||
Maximum Drawdown | -52.98 | % | -49.76 | % | -52.56 | % | -51.81 | % | -55.37 | % | ||||||||||
Volatility p.a. | 39.64 | % | 36.72 | % | 15.20 | % | 19.17 | % | 16.36 | % | ||||||||||
STATISTICS | ||||||||||||||||||||
Mod. Sharpe Ratio | 0.18 | 0.17 | 0.33 | 0.48 | 0.41 | |||||||||||||||
Correlation to Series B | - | 0.96 | 0.05 | 0.08 | 0.09 | |||||||||||||||
11/01/02–02/28/2011 |
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• | Disciplined Money Management. Superfund Capital Management generally allocates between 0.6% to 0.8% of portfolio equity to the initial entry of any single market position with a maximum risk of 1% to 1.5% from initial risk. However, no guarantee is provided that losses will be limited to these percentages. |
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• | Balanced Risk. Superfund Capital Management will allocate each Series’ capital from among more than 120 markets around the world 24 hours a day. Among the factors considered to determine the portfolio mix are market volatility, liquidity and trending characteristics. Of course, the Fund will generally not hold positions in all such markets at all times and may be concentrated in one or two market sectors from time to time. | ||
• | Ongoing Capital Management. When proprietary risk/reward indicators reach predetermined levels, the Superfund trading system may increase or decrease commitments in certain markets in an attempt to reduce performance volatility. | ||
• | Multiple Systems. The Superfund trading systems analyze multiple technical indicators and perimeters in combination in an attempt to identify trends in significant upward or downward movements, such as trends or other patterns which indicate the potential to profit from a change in futures and forwards price movements. Once potential trades are identified, additional filters are applied which consider volatility and the availability of risk capital before final trade signals are generated. |
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Superfund Capital Management, Inc. | ||||||
By: | ||||||
Name: | ||||||
Title: | President |
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Superfund Green, L.P. Request for Redemption Please complete and return this form to: Superfund Green, L.P. c/o Superfund USA, Inc. 489 Fifth Ave New York, NY 10017Limited Partner Mr. Mrs. Ms. Name Limited Partner # Name of Joint Ltd. Partner(s) Social Security # - — Name of Entity (if applicable) Taxpayer ID # - Address Street Series A B City, State, ZIP ,\ (please check the appropriate box) Name of Custodian (if applicable) Custodian Address City, State, ZIP , Bank Name Bank Address City, State, ZIP , ABA Number Account Name Account Number Addition. Information* *Please contact our Fund Administration Department at (212) 750-6300 if you would prefer to have the funds sent to you via Bank Check. Dear Sir/Madam: The undersigned hereby requests redemption, as defined in and subject to all the terms and conditions of the Fifth Amended and Restated Limited Partnership Agreement (“Partnership Agreement”) of SUPERFUND GREEN, L.P. of (insert dollar amount to be redeemed; minimum of $1,000.00 if less than all Limited Partnership Units (“Units”) are being redeemed, subject to remaining investment of at least $5,000.00.(IF NO DOLLAR AMOUNT IS ENTERED HERE, IT WILL BE ASSUMED THAT THE LIMITED PARTNER WISHES TO REDEEM ALL UNITS)) of the undersigned’s Units in the series indicated above at the net asset value per Unit, as defined in the Partnership Agreement, as of the close of business at the end of the current month. Redemption shall be effective as of the month-end immediately following receipt by you of this request for redemption, provided that this request for redemption is received five (5) business days prior to the end of such month. The undersigned hereby represents and warrants that the undersigned is the true, lawful and beneficial owner of the Units to which this request for redemption relates with full power and authority to request redemption of such Units. Such Units are not subject to any pledge or otherwise encumbered in any fashion. Date Signature of Limited Partner Date Authorized Signatory By: (Authorized Corporate Officer, Partner, Custodian or Trustee) United States Taxable Limited Partners Only Under penalties of perjury, I certify that: (1) The number shown on this form is my correct social security number or taxpayer identification number (or I am waiting for a number to be issued to me); (2) I am not subject to backup withholding due to a failure to report interest and dividend income; and (3) I am a U.S. person. Non-United States Limited Partners Only Under penalty of perjury, the undersigned hereby certifies that (a) the undersigned is not a citizen or resident of the United States or (b) (in the case of an investor which is not an individual) the investor is not a United States corporation, partnership, estate or trust. Signature(s) Must Be Identical To Name(s) In Which Units Are Registered The Internal Revenue Service does not require your consent to any provision of this document other than the certifications required to avoid backup withholding. Date Signature of Joint Limited Partner (if any) or Custodian Title Request for Redemption superfund Green, L.P. – page 1/1 |
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Important Note: this page must be completed for prospective investors that are clients of a registered investment advisor with a fixed-fee or asset-based fee advisory relationship with that advisor and must be submitted by the prospective investor to Superfund Green, L.P., c/o Superfund USA, Inc., along with the investor’s completed subscription documents. Investors not participating in a registered investment advisor’s investment advisory program may proceed to the following page. To be completed by Registered Investment Advisor I hereby certify that I have discussed the pertinent facts, including the fees, expenses and risks, relating to an investment in Superfund Green, L.P. with the below named client and that an investment in Superfund Green, L.P. of not more than is suitable for such client in light of such client’s needs, financial circumstances and investment objectives. Registered Investment Advisor must sign Print name Date Investor Authorization to share Financial Information Print name Date Note: The foregoing authorization is not required as a condition of your investment in Superfund Green, L.P. RIA Superfund Green, L.P. – page 1/1 |
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Any person considering subscribing for limited partnership units (“Units”) in Superfund Green, L.P. (the “Fund”) should carefully read and review a current prospectus. The Fund’s prospectus (the “Prospectus”) should be accompanied by the most recent monthly report of each series (“Series”). The date printed on the front of the prospectus can be no later than 9 months old. If the date is more than 9 months old, new materials are available and must be utilized. 1 Check box in Section 1 if this is an addition to an existing account and list Limited Partner #. 2 Enter the name and address (no post office boxes) of the investor and (if applicable) joint investor in Section 2. For UGMA/UTMA (Minor), enter the Minor’s name, followed by “Minor”, and address (no post office boxes) in Section 2, and enter the custodian name in Section 6. For Trusts, enter the Trustee(s) name(s) and the Trustee(s) address in Section 2 and the Trust name in Section 3. For Corporations, Partnerships, and Estates, enter the officer or contact person and the entity address in Section 2 and the entity name in Section 3. Investors who are not individuals may be required to furnish a copy of organizing or other documents evidencing the authority of such entity to invest in each Series. For example, Trusts may be required to furnish a copy of each trust agreement, Corporations must furnish a corporate resolution or by laws. 3 If the mailing address is different from the residence address , please fill in Section 4. 4 Enter the Custodian’s name and address in Section 9 if applicable. 5 Check the appropriate boxes for Series A and/or Series B under Section 10. 6 Enter the total dollar amount being invested in Section 11 . If you checked both boxes before, please indicate how much to allocate to each Series. 7 Enter the investor’s brokerage account number in Section 12 if applicable. 8 Enter the Social Security Number OR Taxpayer ID Number, as applicable, in Section 7 and check the appropriate box to indicate ownership type. For IRA accounts, the Taxpayer ID Number of the Custodian should be entered, as well as the Social Security Number of the investor. For foreign investors, enter Passport Number in Social Security Number field and Country of Citizenship in Taxpayer ID field. Please submit a copy of your Government ID with your completed subscription documents. If you are not a United States person, you must also submit a completed and signed Internal Revenue Service Form W-8 BEN (or other applicable Form W-8) with your completed subscription documents. 9 The investor must sign and date Section 14 . If it is a joint account, both investors must sign. In certain cases, the Custodian’s signature, as well as the investor’s signature, is required. 10 The name of the Broker-Dealer firm, Registered Representative name, Registered Representative number, address, and phone number must be entered in the box on the bottom of the page. 11 The Registered Representative and the Principal must sign Section 15. 12 Please fill in the enclosed Suitability Requirements form. The investor should return this Subscription Agreement, Suitability Requirements Form and payment to his or her Broker’s office address. Subscription Agreements, Suitability Requirements Form, payment, and any other required documents should be sent by the Broker-Dealer to either: 1) the administration or Fund Administration office of the selling firm, if firm procedures require, or 2) to the custodial firm if one is required (Superfund Capital Management, Inc. (“Superfund Capital Management”) recommends sending documents early in the month so that they reach it before month-end), or 3) to Superfund Capital Management, Inc. c/o Superfund USA, Inc., 489 Fifth Avenue, New York, NY 10017. Attention: Fund Administration. If payment is being made by wire transfer, please wire the specified amount for Series A and/or Series B to the following accounts: Please make sure that the amount of money received by Superfund Capital Management is net and equals the amount stated on the Subscription Agreement. Series A Series B HSBC BANK USA HSBC BANK USA ABA# 021 001 088 ABA# 021 001 088 Account Name: ISSUER SERVICES Account Name: ISSUER SERVICES Account Number: 002 600 161 Account Number: 002 600 161 For further credit to: Superfund Green, L.P. Series A For further credit to: Superfund Green, L.P. Series B Ref. Nr.: 108 77 854 Ref. Nr.: 108 77 856 Payments made by check must be received AT LEAST FIVE BUSINESS DAYS prior to the last business day of the month. Payments made by wire must be received AT LEAST THREE BUSINESS DAYS prior to the last business day of the month. HSBC 452 5th Avenue, New York, NY 10018 Please make checks payable to “Superfund Green, L.P. Series A ‘Escrow Account’ ” or “Superfund Green, L.P. Series B ‘Escrow Account’”. If Investors and/or Broker-Dealers have specific questions about the subscription process, please call Superfund Capital Management’s Fund Administration Department at 212-750-6300. Subscription Superfund Green, L.P. – page 1/3 |
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Subscription Agreement |
IMPORTANT: READ PAGE D-2 BEFORE SIGNING |
7 The investor named above, by execution and delivery of this Subscription Agreement and Power of Attorney, by either (i) enclosing a check or wiring payment payable to “Superfund Gold, L.P. Series A?B?Escrow Account”, or (ii) authorizing the selling agent (or additional seller, as the case may be) to debit investor’s customer securities account in the amount set forth below, hereby subscribes for the purchase of Superfund Gold, L.P. Series A?B?Units at Net Asset Value per Unit by the last business day of each month.The named investor further acknowledges receipt of the Fund’s Prospectus dated|j J, including the Amended and Restated Limited PartnershipAgreement (“Partnership Agreement”) of the Fund, the Subscription Requirements and the Subscription Agreement and Power of Attorney set forth therein, the terms of which govern the investment in the Units being subscribed for hereby.(* APPROPRIATE AUTHORIZATION DOCUMENTS MUST ACCOMPANY SUBSCRIPTION, I.E., TRUSTS, PENSION, CORPORATE DOCUMENTS) NON-UNITED STATES INVESTORS ONLY |
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c/o Superfund USA, Inc.
489 Fifth Avenue
New York, NY 10017
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Superfund Green, L.P. Suitability Requirements Form By subscribing for Units of the Fund, you will be required to _ll out this form in its entirety, and to satisfy any applicable special state suitability requirement described in this form. Therefore, please make sure that you carefully review all representations and warranties and state suitability requirements before signing this form. The undersigned form must be mailed or delivered to the selling agent together with the Subscription Agreement and all other necessary documents. For a successful subscription of Units, all documents must be received at least 5 business days before the initial, or applicable, monthly closing. Receipt of Documentation: The regulations of the Commodity Futures Trading Commission (“CFTC”) require that you be given a copy of the Prospectus, as well as certain additional documentation consisting of: (a) a supplement to the Prospectus, which must be given to you if the Prospectus is dated more than nine months before the date that you first received the Prospectus, and (b) the most current monthly account statement (report) for the Fund. By subscribing for Units, you hereby acknowledge receipt of the Prospectus and the additional documentation referred to above, if any. Admission to the Fund: Please be informed that you will not be issued a certificate evidencing the Units that you are purchasing, but you will receive a written conformation of the purchase in Superfund Capital Management’s customary form. State Suitability Requirements: Except as indicated below, investors must have a net worth (exclusive of home, furnishings and automobiles) of at least $250,000 or, failing that standard, have both a net worth (same exclusions) of at least $70,000 and an annual gross income of at least $70,000. If an investor is subscribing with his/her spouse as joint owners, he/she may count joint net worth and joint income in satisfying these requirements, as well as the special requirements described below. Investors must also make a minimum aggregate investment of $5,000. However, the states listed below (or, in certain cases, in special Supplements attached to the Prospectus) have more restrictive suitability or minimum investment requirements for their residents. Please read the following list to make sure that you meet the minimum suitability and/or investment requirements for the state in which you reside. (As used below, “NW” means net worth exclusive of home, furnishings, and automobiles; “AI” means annual gross income; and “TI” means annual taxable income for federal income tax purposes.) 1. Alabama Alabama investors should limit their investment in the Fund and other managed futures programs to not more than 10% of their liquid net worth (cash, cash equivalents and readily marketable securities).2. California $70,000 (AI) and $250,000 (NW), or $500,000 (NW) California investors should limit their investment in the Fund and other managed futures programs to not more than 10% of their liquid net worth (cash, cash equivalents and readily marketable securities).3. Iowa $100,000 (TI) and $250,000 (NW), or $500,000 (NW)4. Kansas Kansas investors should limit their investment in the Fund and other managed futures programs to not more than 10% of their liquid net worth (cash, cash equivalents and readily marketable securities).5. Kentucky $85,000 (TI) and $85,000 (NW), or $300,000 (NW) Kentucky investors should limit their investment in any commodity pool program to not more than 10% of their liquid net worth (cash, cash equivalents and readily marketable securities). 6.Minnesota Accredited Investor – see page C-2 and C-3 in the Prospectus.7.New Mexico $75,000 (AI) and $75,000 (NW), or $250,000 (NW)8. Oregon $70,000 (AI) and $250,000 (NW), or $500,000 (NW)9. Tennessee $70,000 (AI) and $70,000 (NW), or $250,000 (NW) Suitability Requirements Form Superfund Green, L.P. – page 1/2 |
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Superfund Green Suitability Requirements Form Representations and Warranties By executing the Subscription Agreement, the investor (for itself and any co-subscriber, and, if the undersigned is signing on behalf of an entity, on behalf of and with respect to that entity and its shareholders, partners, beneficiaries or members), represent and warrant to Superfund Capital Management and the Fund as follows (As used below, the terms “you and your” refer to you and your co-subscriber, if any, or if you are signing on behalf of an entity, that entity): FOR ALL INVESTORS 1. I have received a copy of the Prospectus, including the Partnership Agreement. 2. If an individual subscriber, I am of legal age to execute the Subscription Agreement and am legally competent to do so. 3. I satisfy the applicable financial suitability and minimum investment requirements, as set forth on page D-5 under the caption State Suitability Requirements (or in a special Supplement to the Prospectus) for residents of the state in which I reside. I agree to provide any additional documentation requested by Superfund Capital Management, as may be required by the securities administrator of my state of residence, to confirm that I meet the applicable minimum financial suitability standards to invest in the Fund. 4. I understand that the investment objective of the Fund is to generate long-term capital growth while providing an element of diversi_cation to a portfolio of stock and bond investments, which is consistent with my objective in making an investment in the Fund. 5. The address on the Subscription Agreement is my true and correct residence, and I have no present intention of becoming a resident of any other state or country. All the information that I have provided on the Subscription Agreement is correct and complete as of the date indicated thereon and, if there is any material change in that information before my admission as a Limited Partner, I will immediately furnish such revised or corrected information to Superfund Capital Management. 6. Unless representation (9-12) below is applicable, my subscription is made with my funds for my own account and not as trustee, custodian, or nominee for another. 7. I am either: (a) not required to be registered with the CFTC or to be a member of the National Futures Association (“NFA”); or (b) if so required, I am duly registered with the CFTC and am a member in good standing of the NFA. Entities that acquire Units must indicate whether they are registered with the CFTC as commodity pools, whether they are exempt from registration as a commodity pool, or whether they are not a commodity pool. a. The entity subscribing for Units is a commodity pool and its sponsor and/or principals are registered as commodity pool operators (“CPOs”) and members of the NFA. Provide NFA ID: _______________________________________ b. The entity subscribing for Units is a commodity pool but its sponsors and/or principals are not required to be registered CPOs because of an exemption under the Commodity Exchange Act or CFTC Regulations.State the exemption claimed ____________________________ Such entities must also provide a copy of the exemption letter _led with the NFA by its sponsor and/or principals. c. The entity subscribing for Units is not a commodity pool. Such entities must provide a seperate statement stating the purpose of forming the entity and that such entity does not solicit or accept funds to trade commodity contracts. 8. I understand that the Partnership Agreement imposes substantial restrictions on the transferability of my Units and that my investment is not liquid except for limited redemption provisions, as set forth in the Prospectus and the Partnership Agreement. FOR RETIREMENT ACCOUNTS 9. If I am representing a “benefit plan investor,” as definded under Section 3(42) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), to the best of my knowledge, neither Superfund Capital Managment, nor any of its affiliates: (a) has investment discretion with respect to the investment of plan assets; (b) has authority or responsibility to give or regularly gives investment advice with respect to such plan assets for a fee and under an agreement or understanding that such advice (i) will serve as a primary basis for investment decisions with respect to such plan assets and (ii) will be based on the particular investment needs of the plan; or (c) is an employer maintaining or contributing to that plan. For purposes of this representation (9), a “benefit plan investor” includes plans and accounts of various types (including their related trusts) which provide for the accumulation of a portion of an individual’s earnings or compensation, as well as investment income earned thereon, free from federal income tax until such time as funds are distributed from the plan, and include corporate “pension” and profit-sharing plans, “simplified employee pension plans”, “Keogh” plans for self-employed individuals and individual retirement accounts (“IRAs”). 10. If I am subscribing as a trustee or custodian of an employee benefit plan subject to the _duciary responsibility provisions of ERISA, or of an IRA, at the direction of the beneficiary of that plan or IRA, all representations in the Subscription Agreement apply only to the beneficiary of that plan or IRA. FOR UGMA/UTMA ACCOUNTS 11. If I am subscribing as a custodian for a minor, either (a) the subscription is a gift I have made to that minor and is not made with that minor’s funds, in which case the representations as to net worth and annual income below apply only to myself, acting as custodian, or (b) if the subscription is not a gift, the representations as to net worth, and annual income below apply only to that minor. FOR ALL TRUSTS OR CORPORATIONS 12. If I am subscribing in a representative capacity, I have full power and authority to purchase Units and enter into and be bound by this Subscription Agreement on behalf of the entity for which I am purchasing the Units, and that entity has full right and power to purchase the Units and enter into and be bound by the Subscription Agreement, and become a Limited Partner under the Partnership Agreement. FOR TENNESSEE, ALABAMA AND ARKANSAS INVESTORS 13. For Tennessee, Alabama and Arkansas Investors only: I understand that the rate at which each Series’ performance fee is calculated exceeds the maximum rate for incentive or performance fees payable under the Guidelines for Registration of Commodity Pool Programs adopted by the North American Securities Administrators Association, as more fully described on pages C-2 and C-3 in the Prospectus. FOR ALABAMA AND ARKANSAS INVESTORS 14. For Alabama and Arkansas investors only: I understand that the Issuer’s introducing broker and the Issuer’s trading advisor are afiliated entities, and that this afiliation gives rise to a conflict of interest, as described on page 16 of the Prospectus. I understand this may prevent the Issuer from accomplishing all of its objectives. By making the representations and warranties set forth above, investors should be aware that they have not waived any rights of action which they may have under applicable federal or state securities laws. Federal and state securities laws provide that any such waiver would be unenforceable. Investors should be aware, however, that the representations and warranties set forth above may be asserted in the defense of the Fund, Superfund Capital Mangement, or others in any subsequent litigation or other proceedings. Suitability Requirements Form Superfund Green, L.P. – page 2/2 |
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Subscription Documents for Investors Advised by a Registered Investment Advisor FOR USE IN CONNECTION WITH A PURCHASE OF UNITS TO BE IMPLEMENTED IN INSTALLMENTS IN ACCORDANCE WITH THE TERMS SET FORTH BELOW. TO BE EFFECTIVE, THIS SUBSCRIPTION AGREEMENT ADDENDUM MUST BE PROPERLY COMPLETED AND SIGNED BY THE INVESTOR AND MUST ACCOMPANY A PROPERLY COMPLETED AND FULLY-EXECUTED SUBSCRIPTION AGREEMENT FOR UNITS IN THE FUND. NOTE: The amount of investor’s total subscription set forth below, the date of this Subscription Agreement Addendum, and investor’s signature must be the same as set forth on the accompanying Subscription Agreeement. 1. By execution and delivery of this Subscription Agreement Addendum, I hereby request that my subscription for Units in Superfund Green, L.P. Series A OR B (mark A OR B, as on the Subscription Agreement) in the amount set forth below and on the accompanying Subscription Agreement be implemented, and that Units be issued at the Net Asset Value per Unit of such Series, as of the close of business on the applicable month-end or quarter-end closings, as the case may be, as follows. 2. My total subscription for Units is in the amount of USD (not less than USD $5,000 for new investors) 3. I hereby request that the initial issuance of Units subscribed for by the accompanying Subscription Agreement and this Subscription Agreement Addendum be in the amount of USD (not less than USD $1,000), Units being issued at the Net Asset Value per Unit as of the applicable month-end or calendar quarter-end closing date, as the case may be.4. I hereby request the Fund to issue to me USD of Units (not less than USD $1,000) as of each month-end OR calendar quarter-end (check one) following the initial issuance of Units to me as requested under Item 3 above until the dollar amount of Units issued to me under this Item 4 and Item 3 above equals the amount of my total subscription set forth in Item 2 above. 5. I hereby authorize and instruct (insert broker-dealer name) to submit to the Fund cash held in my customer securities account with such broker-dealer on a monthly or quarterly basis, as indicated above, until the amounts submitted in connection with the issuances requested under Items 3 and 4 above equal the amount of my total subscription set forth in Item 2 above and in the accompanying Subscription Agreement. 6. I understand that (i) my broker will not advance any funds due under the accompanying Subscription Agreement and this Subscription Agreement Addendum and that (ii) if I do not have adequate cash available in my customer securities account with my broker for my broker to remit to the Fund, or do not separately send a check or wire funds to the Fund, at each month-end or calendar quarter-end, as the case may be, for which I have requested the issuance of the Units subscribed for under the accompanying Subscription Agreement and this Subscription Agreement Addendum, no Units will be issued to me as of such month-end or calendar quarter-end, as the case may be. I understand that my subscription in the amount set forth in the Subscription Agreement and above is irrevocable and that I am responsible for submitting timely payments for the Units subscribed for in the accompanying Subscription Agreement in the amount(s) set forth above at least _ve (5) business days prior to the cut o_-days set forth in the Subscription Agreement. I hereby agree not to hold the Fund or Superfund Capital Management liable for the failure of my broker to submit funds to the Fund in a timely manner.7. I understand that the instructions contained in this Subscription Agreement Addendum may be modi_ed only by a writing delivered to the Fund and my broker identi_ed in Item 5 above.8. I hereby acknowledge and agree that the instructions contained in this Subscription Agreement Addendum shall survive my death or disability, but shall terminate with the full redemption of all of my Units. This Subscription Agreement Addendum shall be governed by and interpreted in accordance with the laws of the State of Delaware. Subscription Agreement Addendum Superfund Green, L.P. – page 1/2 |
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Superfund Green, L.P. Subscription Agreement Addendum — Dollar Cost Averaging Purchase |
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Superfund Green, L.P. Request for Transfer Form Please complete and return this form to: Superfund Green, L.P. c/o Superfund USA, Inc. 489 Fifth Ave New York, NY 10017 Dear Sir/Madam: The undersigned hereby requests a transfer of units (“Units”) in Series A or Series B (check one) in Superfund Green, L.P. (the “Fund”). The undersigned hereby represents and warrants that the undersigned is the true, lawful and beneficial owner of the Units to which this request for transfer relates with full power and authority to request transfer of such Units. Such Units are not subject to any pledge or otherwise encumbered in any fashion. The undersigned represents that the signature(s) appearing below is/are true and correct. Signatures (Must be identical to name(s) in which Units are registered.) Date Signature of Limited Partner Date Signature of Joint Limited Partner (if any) or Custodian Date Authorized Signatory Title By: (Authorized Corporate Officer, Partner, Custodian or Trustee) The undersigned, as Transferee, represents that all information provided to the Fund in the form of an executed Subscription Agreement is true and correct as of the date of submission of the Request for Transfer. The undersigned further consents to the transfer of Units in the Fund as described above and agrees to accept such transferred Units for its account and risk. Date Signature of Transferee Date Signature of Joint Transferee (if applicable) Date Authorized Signatory Title By: (Authorized Corporate Officer, Partner, Custodian or Trustee) Request for Transfer Form Superfund Green, L.P. – page 1/1 |
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Approximate | ||||
Amount | ||||
Securities and Exchange Commission Registration Fee | $ | 8,665.74 | * | |
Financial Industry Regulatory Authority, Inc. Filing Fee | 16,030.00 | * | ||
Printing Expenses | 623,000.00 | |||
Fees of Certified Public Accountants | 550,000.00 | |||
Blue Sky Expenses (Excluding Legal Fees) | 215,000.00 | |||
Fees of Counsel | 500,000.00 | |||
Total | $ | 1,912,695.74 | ||
* | Actual, not estimated. |
Exhibit | ||
Number | Description of Document | |
3.01 | Form of Fifth Amended and Restated Limited Partnership Agreement of Superfund Green, L.P. (included as Exhibit A to the Prospectus). | |
10.02 | Form of Subscription Agreement (included as Exhibit D to the Prospectus). | |
23.01 | Consent of Deloitte & Touche LLP. | |
23.02 | Consent of Sidley Austin LLP. |
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(b) | The undersigned registrant hereby undertakes that: |
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Superfund green, l.p. | ||||||||
By: | Superfund Capital Management, Inc. | |||||||
General Partner | ||||||||
By: | /s/Nigel James | |||||||
Title: President |
/s/Nigel James | Principal Executive Officer | May 3, 2011 | ||
/s/Martin Schneider | Principal Financial Officer, Principal Accounting Officer And Director | May 3, 2011 |
and accounting officer and the sole director of Superfund Capital Management, Inc.)
Superfund Capital Management, Inc. | ||||||
General Partner of Registrant | ||||||
By: | /s/Nigel James | |||||
Date: May 3, 2011 | ||||||
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The following documents (unless indicted) are filed herewith and made a part of this Post-Effective Amendment No. 2 to the Registration Statement. | ||
(a) | Exhibits. |
Exhibit | ||
Number | Description of Document | |
3.01 | Form of Firth Amended and Restated Limited Partnership Agreement of Superfund Green, L.P. (included as Exhibit A to the Prospectus). | |
10.02 | Form of Subscription Agreement (included as Exhibit D to the Prospectus). | |
23.01 | Consent of Deloitte & Touche LLP. | |
23.02 | Consent of Sidley Austin LLP. |
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