Superfund Green 10-Q 2011 Q3 Quarterly report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period endedSeptember 30, 2011

OR

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

For the transition period from              to             

Commission File number:000-51634

SUPERFUND GREEN, L.P.

(Exact name of registrant as specified in charter)

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

(473) 439-2418

(Registrant’s telephone number, including area code)

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

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

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

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

Large Accelerated Filer	¨	Accelerated Filer	¨
Non-Accelerated Filer	¨  (Do not check if a smaller reporting company)	Smaller Reporting Company	x

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

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

The following unaudited financial statements of Superfund Green, L.P., Superfund Green, L.P. - Series A and Superfund Green, L.P. - Series B are included in Item 1:

	Page
Unaudited Financial Statements: Superfund Green, L.P.
Statements of Assets and Liabilities as of September 30, 2011 and December 31, 2010	3
Condensed Schedule of Investments as of September 30, 2011	4
Condensed Schedule of Investments as of December 31, 2010	5
Statements of Operations for the Three and Nine Months Ended September 30, 2011 and September  30, 2010	6
Statements of Changes in Net Assets for the Nine Months Ended September 30, 2011 and September  30, 2010	7
Statements of Cash Flows for the Nine Months Ended September 30, 2011 and September 30, 2010	8
Unaudited Financial Statements: Superfund Green, L.P. – Series A
Statements of Assets and Liabilities as of September 30, 2011 and December 31, 2010	9
Condensed Schedule of Investments as of September 30, 2011	10
Condensed Schedule of Investments as of December 31, 2010	11
Statements of Operations for the Three and Nine Months Ended September 30, 2011 and September  30, 2010	12
Statements of Changes in Net Assets for the Nine Months Ended September 30, 2011 and September  30, 2010	13
Statements of Cash Flows for the Nine Months Ended September 30, 2011 and September 30, 2010	14
Unaudited Financial Statements: Superfund Green, L.P. – Series B
Statements of Assets and Liabilities as of September 30, 2011 and December 31, 2010	15
Condensed Schedule of Investments as of September 30, 2011	16
Condensed Schedule of Investments as of December 31, 2010	17
Statements of Operations for the Three and Nine Months Ended September 30, 2011 and September  30, 2010	18
Statements of Changes in Net Assets for the Nine Months Ended September 30, 2011 and September  30, 2010	19
Statements of Cash Flows for the Nine Months Ended September 30, 2011 and September 30, 2010	20
Notes to Unaudited Financial Statements as of and for the Three and Nine Months ended September  30, 2011	21-42

2

SUPERFUND GREEN, L.P.

UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES

as of September 30, 2011 and December 31, 2010

	September 30, 2011		December 31, 2010
ASSETS
U.S. Government securities, at fair value (amortized cost of $20,750,000 and $38,347,223 as of September 30, 2011 and December 31, 2010, respectively)	$	20,750,000	$	38,347,223
Due from brokers		58,281,393		49,302,554
Unrealized appreciation on open forward contracts		883,643		865,855
Futures contracts sold		5,917,656		—
Futures contracts purchased		—		8,737,815
Cash		1,199,946		2,069,942
Total assets		87,032,638		99,323,389
LIABILITIES
Unrealized depreciation on open forward contracts		585,920		198,269
Futures contracts purchased		1,123,438		—
Futures contracts sold		—		1,410,287
Subscriptions received in advance		354,800		1,180,791
Redemptions payable		1,226,787		3,004,972
Management fees payable		131,136		148,834
Fees payable		259,443		314,765
Total liabilities		3,681,524		6,257,918
NET ASSETS	$	83,351,114	$	93,065,471

See accompanying notes to unaudited financial statements.

3

SUPERFUND GREEN, L.P.

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of September 30, 2011

	Face Value		Percentage of Net Assets			Fair Value
Debt Securities United States, at fair value
United States Treasury Bills due November 25, 2011 (amortized cost $20,750,000), securities are held in margin accounts as collateral for open futures and forwards	$	20,750,000		24.9	%	$	20,750,000
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency				1.1			883,643
Total unrealized appreciation on forward contracts				1.1			883,643
Unrealized depreciation on forward contracts
Currency				(0.7	)		(585,920	)
Total unrealized depreciation on forward contracts				(0.7	)		(585,920	)
Total forward contracts, at fair value				0.4	%	$	297,723
Futures contracts, at fair value
Futures contracts purchased
Currency				(0.2	)%	$	(163,888	)
Financial				(0.7	)		(523,614	)
Food & Fiber				(0.2	)		(151,728	)
Indices				(0.2	)		(178,420	)
Livestock				0.1			47,200
Metals				(0.2	)		(152,988	)
Total futures contracts purchased				(1.4	)		(1,123,438	)
Futures contracts sold
Currency				0.8			629,518
Energy				4.0			3,329,792
Financial				0.2			185,751
Food & Fiber				0.9			767,997
Indices				0.0	*		5,454
Metals				1.2			999,144
Total futures contracts sold				7.1			5,917,656
Total futures contracts, at fair value				5.7	%	$	4,794,218
Futures and forward contracts by country composition
Australia				0.1	%	$	71,524
European Monetary Union				0.4			295,917
Great Britain				0.2			152,059
Japan				(0.6	)		(522,357	)
United States				5.4			4,512,591
Other				0.7			582,207
Total futures and forward contracts by country				6.1	%	$	5,091,941

* Due to rounding

See accompanying notes to unaudited financial statements.

4

SUPERFUND GREEN, L.P.

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of December 31, 2010

	Face Value		Percentage of 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

See accompanying notes to unaudited financial statements.

5

SUPERFUND GREEN, L.P.

UNAUDITED STATEMENTS OF OPERATIONS

	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
Investment income
Interest income	$	6,680		$	23,837		$	40,189		$	37,078
Total income		6,680			23,837			40,189			37,078
Expenses
Selling commission		885,105			886,915			2,741,855			2,576,725
Brokerage commissions		337,609			385,717			1,270,840			1,739,877
Management fee		409,457			377,784			1,268,207			1,159,321
Ongoing offering expenses		221,327			204,209			685,514			626,661
Operating expenses		33,199			30,630			102,828			93,997
Other		13,561			4,423			47,243			18,635
Total expenses		1,900,258			1,889,678			6,116,487			6,215,216
Net investment loss		(1,893,578	)		(1,865,841	)		(6,076,298	)		(6,178,138	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts		1,095,039			2,527,970			9,098,897			(1,708,164	)
Net change in unrealized appreciation (depreciation) on futures and forward contracts:		3,626,932			5,930,230			(2,903,173	)		8,643,200
Net gain on investments		4,721,971			8,458,200			6,195,724			6,935,036
Net increase in net assets from operations	$	2,828,393		$	6,592,359		$	119,426		$	756,898

See accompanying notes to unaudited financial statements.

6

SUPERFUND GREEN, L.P.

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS

	Nine Months Ended September 30,
	2011			2010
Increase in net assets from operations
Net investment loss	$	(6,076,298	)	$	(6,178,138	)
Net realized gain (loss) on futures and forward contracts		9,098,897			(1,708,164	)
Net change in unrealized appreciation (depreciation) on futures and forward contracts		(2,903,173	)		8,643,200
Net increase in net assets from operations		119,426			756,898
Capital share transactions
Issuance of Units		7,823,754			9,488,927
Redemption of Units		(17,657,537	)		(11,805,989	)
Net decrease in net assets from capital share transactions		(9,833,783	)		(2,317,062	)
Net decrease in net assets		(9,714,357	)		(1,560,164	)
Net assets, beginning of period		93,065,471			85,135,843
Net assets, end of period	$	83,351,114		$	83,575,679

See accompanying notes to unaudited financial statements.

7

SUPERFUND GREEN, L.P.

UNAUDITED STATEMENTS OF CASH FLOWS

	Nine Months Ended September 30,
	2011			2010
Cash flows from operating activities
Net increase in net assets from operations	$	119,426		$	756,898
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Changes in operating assets and liabilities:
Purchases of U.S. government securities		(93,196,760	)		(106,579,648	)
Sales and maturities of U.S. government securities		110,810,024			113,265,000
Amortization of discounts and premiums		(16,041	)		(29,365	)
Due from brokers		(8,978,839	)		3,025,487
Unrealized appreciation on open forward contracts		(17,788	)		(702,683	)
Futures contracts purchased		9,861,253			(6,715,543	)
Unrealized depreciation on open forward contracts		387,651			(850,310	)
Futures contracts sold		(7,327,943	)		(374,664	)
Receivable from Superfund Green L.P. – Series A		—			(73,411	)
Payable to Superfund Green L.P. – Series B		—			73,411
Management fees payable		(17,698	)		123,790
Fees payable		(55,322	)		92,042
Net cash provided by operating activities		11,567,963			2,011,004
Cash flows from financing activities
Subscriptions, net of change in advance subscriptions		6,997,763			9,872,922
Redemptions, net of change in redemptions payable		(19,435,722	)		(11,426,874	)
Net cash used in financing activities		(12,437,959	)		(1,553,952	)
Net increase (decrease) in cash		(869,996	)		457,052
Cash, beginning of period		2,069,942			642,058
Cash, end of period	$	1,199,946		$	1,099,110

See accompanying notes to unaudited financial statements.

8

SUPERFUND GREEN, L.P. - SERIES A

UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES

as of September 30, 2011 and December 31, 2010

	September 30, 2011		December 31, 2010
ASSETS
U.S. Government securities, at fair value (amortized cost of $9,350,000 and $16,066,728 as of September 30, 2011 and December 31, 2010, respectively)	$	9,350,000	$	16,066,728
Due from brokers		26,759,765		20,354,921
Unrealized appreciation on open forward contracts		293,636		280,718
Futures contracts sold		2,144,470		—
Futures contracts purchased		—		2,839,432
Cash		990,297		770,535
Total assets		39,538,168		40,312,334
LIABILITIES
Unrealized depreciation on open forward contracts		202,610		57,275
Futures contracts purchased		402,892		—
Futures contracts sold		—		445,767
Subscriptions received in advance		306,000		259,196
Redemptions payable		712,837		806,835
Management fees		59,607		60,901
Fees payable		115,773		125,422
Total liabilities		1,799,719		1,755,396
NET ASSETS	$	37,738,449	$	38,556,938
Number of Units		24,537.226		24,863.954
Net asset value per Unit	$	1,538.01	$	1,550.72

See accompanying notes to unaudited financial statements.

9

SUPERFUND GREEN, L.P. - SERIES A

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of September 30, 2011

	Face Value		Percentage of Net Assets			Fair Value
Debt Securities United States, at fair value
United States Treasury Bills due November 25, 2011 (amortized cost $9,350,000), securities are held in margin accounts as collateral for open futures and forwards	$	9,350,000		24.8	%	$	9,350,000
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency				0.8			293,636
Total unrealized appreciation on forward contracts				0.8			293,636
Unrealized depreciation on forward contracts
Currency				(0.5	)		(202,610	)
Total unrealized depreciation on forward contracts				(0.5	)		(202,610	)
Total forward contracts, at fair value				0.3	%	$	91,026
Futures Contracts Purchased
Currency				(0.2	)%	$	(61,213	)
Financial				(0.5	)		(192,226	)
Food & Fiber				(0.1	)		(51,134	)
Indices				(0.2	)		(60,410	)
Livestock				0.0	*		15,810
Metals				(0.1	)		(53,719	)
Total futures contracts purchased				(1.1	)		(402,892	)
Futures Contracts Sold
Currency				0.6			228,735
Energy				3.2			1,189,382
Financial				0.2			74,038
Food & Fiber				0.7			274,218
Indices				0.0	*		15,164
Metals				1.0			362,933
Total futures contracts sold				5.7			2,144,470
Total futures contracts, at fair value				4.6	%	$	1,741,578
Futures and forward contracts by country composition
Australia				0.1	%	$	29,655
European Monetary Union				0.3			113,578
Great Britain				0.1			56,602
Japan				(0.5	)		(195,299	)
United States				4.4			1,644,672
Other				0.5			183,396
Total futures and forward contracts by country composition				4.9	%	$	1,832,604

* Due to rounding

See accompanying notes to unaudited financial statements.

10

SUPERFUND GREEN, L.P. - SERIES A

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

December 31, 2010

	Face Value		Percentage of 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

See accompanying notes to financial statements.

11

SUPERFUND GREEN, L.P. - SERIES A

UNAUDITED STATEMENTS OF OPERATIONS

	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
Investment income
Interest income	$	3,411		$	12,773		$	18,090		$	18,880
Total income		3,411			12,773			18,090			18,880
Expenses
Selling commissions		391,028			348,370			1,162,531			1,042,268
Brokerage commissions		118,611			149,258			420,894			562,861
Management fees		180,949			161,115			537,770			482,043
Ongoing offering expenses		97,810			87,089			290,687			260,563
Operating expenses		14,671			13,063			43,603			39,084
Other		5,388			2,513			17,738			9,039
Total expenses		808,457			761,408			2,473,223			2,395,858
Net investment loss		(805,046	)		(748,635	)		(2,455,133	)		(2,376,978	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts		377,241			922,475			2,903,223			(8,433	)
Net change in unrealized appreciation (depreciation) on futures and forward contracts:		1,342,148			1,903,438			(784,504	)		2,839,867
Net gain on investments		1,719,389			2,825,913			2,118,719			2,831,434
Net increase (decrease) in net assets from operations	$	914,343		$	2,077,278		$	(336,414	)	$	454,456
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of units outstanding during period)*	$	36.69		$	77.85		$	(13.59	)	$	17.41
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per unit during period)	$	37.39		$	78.88		$	(12.71	)	$	14.68

See accompanying notes to unaudited financial statements.

* Weighted average number of Units outstanding for Series A for the Three Months Ended September 30, 2011 and September 30, 2010: 24,922.98 and 26,683.81, respectively; and for the Nine Months Ended September 30, 2011 and September 30, 2010: 24,748.41 and 26,099.06, respectively.

12

SUPERFUND GREEN, L.P. - SERIES A

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS

	Nine Months Ended September 30,
	2011			2010
Increase (decrease) in net assets from operations
Net investment loss	$	(2,455,133	)	$	(2,376,978	)
Net realized gain (loss) on futures and forward contracts		2,903,223			(8,433	)
Net change in unrealized appreciation (depreciation) on futures and forward contracts		(784,504	)		2,839,867
Net increase (decrease) in net assets from operations		(336,414	)		454,456
Capital share transactions
Issuance of Units		4,025,158			6,324,488
Redemption of Units		(4,507,233	)		(4,908,525	)
Net increase (decrease) in net assets from capital share transactions		(482,075	)		1,415,963
Net increase (decrease) in net assets		(818,489	)		1,870,419
Net assets, beginning of period		38,556,938			33,312,495
Net assets, end of period	$	37,738,449		$	35,182,914
Units, beginning of period		24,863.954			24,594.117
Issuance of Units		2,578.344			4,779.538
Redemption of Units		(2,905.072	)		(3,677.030	)
Units,end of period		24,537.226			25,696.626

See accompanying notes to unaudited financial statements.

13

SUPERFUND GREEN, L.P. - SERIES A

UNAUDITED STATEMENTS OF CASH FLOWS

	Nine Months Ended September 30,
	2011			2010
Cash flows from operating activities
Net increase (decrease) in net assets from operations	$	(336,414	)	$	454,456
Adjustments to reconcile net 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		(39,384,521	)		(44,745,121	)
Sales and maturities of U.S. government securities		46,107,937			45,510,000
Amortization of discounts and premiums		(6,688	)		(12,223	)
Due from brokers		(6,404,844	)		(500,075	)
Unrealized appreciation on open forward contracts		(12,918	)		(222,614	)
Futures contracts purchased		3,242,324			(2,256,749	)
Unrealized depreciation on open forward contracts		145,335			(237,208	)
Futures contracts sold		(2,590,237	)		(123,296	)
Payable to Superfund Green, L.P. – Series B		—			73,411
Management fees payable		(1,294	)		57,030
Fees payable		(9,649	)		47,318
Net cash provided by (used in) operating activities		749,031			(1,955,071	)
Cash flows from financing activities
Subscriptions, net of change in advance subscriptions		4,071,962			6,640,983
Redemptions, net of change in redemptions payable		(4,601,231	)		(4,571,740	)
Net cash provided by (used in) financing activities		(529,269	)		2,069,243
Net increase in cash		219,762			114,172
Cash, beginning of period		770,535			611,470
Cash, end of period	$	990,297		$	725,642

See accompanying notes to unaudited financial statements.

14

SUPERFUND GREEN, L.P. - SERIES B

UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES

as of September 30, 2011 and December 31, 2010

	September 30, 2011		December 31, 2010
ASSETS
U.S. Government securities, at fair value (amortized cost of $11,400,000 and $22,280,495 as of September 30, 2011, and December 31, 2010, respectively)	$	11,400,000	$	22,280,495
Due from brokers		31,521,628		28,947,633
Unrealized appreciation on open forward contracts		590,007		585,137
Futures contracts sold		3,773,186		—
Futures contracts purchased		—		5,898,383
Cash		209,649		1,299,407
Total assets		47,494,470		59,011,055
LIABILITIES
Unrealized depreciation on open forward contracts		383,310		140,994
Futures contracts purchased		720,546		—
Futures contracts sold		—		964,520
Subscriptions received in advance		48,800		921,595
Redemptions payable		513,950		2,198,137
Management fees		71,529		87,933
Fees payable		143,670		189,343
Total liabilities		1,881,805		4,502,522
NET ASSETS	$	45,612,665	$	54,508,533
Number of Units		25,599.587		30,734.730
Net asset value per Unit	$	1,781.77	$	1,773.52

See accompanying notes to unaudited financial statements.

15

SUPERFUND GREEN, L.P. - SERIES B

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of September 30, 2011

	Face Value		Percentage of Net Assets			Fair Value
Debt Securities United States, at fair value
United States Treasury Bills due November 25, 2011 (amortized cost $11,400,000), securities are held in margin accounts as collateral for open futures and forwards		$11,400,000		25.0	%	$	11,400,000
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency				1.3			590,007
Total unrealized appreciation on forward contracts				1.3			590,007
Unrealized depreciation on forward contracts
Currency				(0.8	)		(383,310	)
Total unrealized depreciation on forward contracts				(0.8	)		(383,310	)
Total forward contracts, at fair value				0.5	%	$	206,697
Futures contracts, at fair value
Futures contracts purchased
Currency				(0.2	)%	$	(102,675	)
Financial				(0.7	)		(331,388	)
Food & Fiber				(0.2	)		(100,594	)
Indices				(0.3	)		(118,010	)
Livestock				0.1			31,390
Metals				(0.2	)		(99,269	)
Total futures contracts purchased				(1.5	)		(720,546	)
Futures contracts sold
Currency				0.9			400,783
Energy				4.7			2,140,410
Financial				0.2			111,713
Food & Fiber				1.1			493,779
Indices				(0.0	)*		(9,710	)
Metals				1.4			636,211
Total futures contracts sold				8.3			3,773,186
Total futures contracts, at fair value				6.8	%	$	3,052,640
Futures and forward contracts by country composition
Australia				0.1	%	$	41,869
European Monetary Union				0.4			182,339
Great Britain				0.2			95,457
Japan				(0.7	)		(327,058	)
United States				6.3			2,867,919
Other				1.0			398,811
Total futures and forward contracts by country				7.3	%	$	3,259,337

* Due to rounding

See accompanying notes to unaudited financial statements

16

SUPERFUND GREEN, L.P. - SERIES B

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of December 31, 2010

	Face Value		Percentage of 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

See accompanying notes to unaudited financial statements

17

SUPERFUND GREEN, L.P. - SERIES B

UNAUDITED STATEMENTS OF OPERATIONS

	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
Investment income
Interest income	$	3,269		$	11,064		$	22,099		$	18,198
Total income		3,269			11,064			22,099			18,198
Expenses
Selling commission		494,077			538,545			1,579,324			1,534,457
Brokerage commissions		218,998			236,459			849,946			1,177,016
Management fee		228,508			216,669			730,437			677,278
Ongoing offering expenses		123,517			117,120			394,827			366,098
Operating expenses		18,528			17,567			59,225			54,913
Other		8,173			1,910			29,505			9,596
Total expenses		1,091,801			1,128,270			3,643,264			3,819,358
Net investment loss		(1,088,532	)		(1,117,206	)		(3,621,165	)		(3,801,160	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts		717,798			1,605,495			6,195,674			(1,699,731	)
Net change in unrealized appreciation (depreciation) on futures and forward contracts:		2,284,784			4,026,792			(2,118,669	)		5,803,333
Net gain on investments		3,002,582			5,632,287			4,077,005			4,103,602
Net increase in net assets from operations	$	1,914,050		$	4,515,081		$	455,840		$	302,442
Net increase in net assets from operations per Unit (based upon weighted average number of units outstanding during period)*	$	71.05		$	131.54		$	15.80		$	8.69
Net increase in net assets from operations per Unit (based upon change in net asset value per unit during period)	$	63.19		$	134.38		$	8.25		$	13.39

See accompanying notes to unaudited financial statements.

* Weighted average number of Units outstanding for Series B for the Three Months Ended September 30, 2011 and September 30, 2010: 26,938.23 and 34,323.71, respectively; and for the Nine Months Ended September 30, 2011 and September 30, 2010: 28,856.74 and 34,795.34, respectively

18

SUPERFUND GREEN, L.P. - SERIES B

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS

	Nine Months Ended September 30,
	2011			2010
Increase in net assets from operations
Net investment loss	$	(3,621,165	)	$	(3,801,160	)
Net realized gain (loss) on futures and forward contracts		6,195,674			(1,699,731	)
Net change in unrealized appreciation (depreciation) on futures and forward contracts		(2,118,669	)		5,803,333
Net increase in net assets from operations		455,840			302,442
Capital share transactions
Issuance of Units		3,798,596			3,164,439
Redemption of Units		(13,150,304	)		(6,897,464	)
Net decrease in net assets from capital share transactions		(9,351,708	)		(3,733,025	)
Net decrease in net assets		(8,895,868	)		(3,430,583	)
Net assets, beginning of period		54,508,533			51,823,348
Net assets, end of period	$	45,612,665		$	48,392,765
Units, beginning of period		30,734.730			35,626.349
Issuance of Units		2,121.401			2,241.350
Redemption of Units		(7,256.544	)		(4,903.143	)
Units, end of period		25,599.587			32,964.556

See accompanying notes to unaudited financial statements.

19

SUPERFUND GREEN, L.P. - SERIES B

UNAUDITED STATEMENTS OF CASH FLOWS

	Nine Months Ended September 30,
	2011			2010
Cash flows from operating activities
Net increase in net assets from operations	$	455,840		$	302,442
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Changes in operating assets and liabilities:
Purchases of U.S. government securities		(53,812,239	)		(61,834,527	)
Sales and maturities of U.S. government securities		64,702,087			67,755,000
Amortization of discounts and premiums		(9,353	)		(17,142	)
Due from brokers		(2,573,995	)		3,525,562
Unrealized appreciation on open forward contracts		(4,870	)		(480,069	)
Futures contracts purchased		6,618,929			(4,458,794	)
Unrealized depreciation on open forward contracts		242,316			(613,102	)
Futures contracts sold		(4,737,706	)		(251,368	)
Receivable from Superfund Green, L.P. – Series A		—			(73,411	)
Management fees payable		(16,404	)		66,760
Fees payable		(45,673	)		44,724
Net cash provided by operating activities		10,818,932			3,966,075
Cash flows from financing activities
Subscriptions, net of change in advance subscriptions		2,925,801			3,231,939
Redemptions, net of change in redemptions payable		(14,834,491	)		(6,855,134	)
Net cash used in financing activities		(11,908,690	)		(3,623,195	)
Net increase (decrease) in cash		(1,089,758	)		342,880
Cash, beginning of period		1,299,407			30,588
Cash, end of period	$	209,649		$	373,468

See accompanying notes to unaudited financial statements.

20

SUPERFUND GREEN, L.P., SUPERFUND GREEN, L.P. - SERIES A and SUPERFUND GREEN, L.P. - SERIES B

NOTES TO UNAUDITED FINANCIAL STATEMENTS

September 30, 2011

1. Nature of operations

Organization and Business

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

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

2. Basis of presentation and significant accounting policies

Basis of Presentation

The unaudited financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the U.S. (“U.S. GAAP”) with respect to the Form 10-Q and reflect all adjustments which in the opinion of management are normal and recurring, and which are necessary for a fair statement of the results of interim periods presented. It is suggested that these financial statements be read in conjunction with the financial statements and the related notes included in the Fund’s Annual Report on Form 10-K for the year ended December 31, 2010.

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

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

Exchange-traded futures contracts are valued at settlement prices published by the recognized exchange. Any spot and forward foreign currency contracts held by the Fund will be valued at published settlement prices or at dealers’ quotes. The Fund uses the amortized cost method for valuing U.S. Treasury Bills due to the short-term nature of such instruments; accordingly, the cost of securities plus accreted discount, or minus amortized premium approximates fair value (See Section 3 – Fair Value Measurements).

Translation of Foreign Currency

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

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

21

Investment Transactions, Investment Income and Expenses

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

Gains or losses are realized when contracts are liquidated. Unrealized gains and losses on open contracts (the difference between contract trade price and market price) are reported in the statements of assets and liabilities as a net gain or loss, as there exists a right of offset of unrealized gains or losses in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 210-20,Offsetting – Balance Sheet.

Income Taxes

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

Superfund Capital Management has evaluated the application of ASC 740,Income Taxes (“ASC 740”), to the Fund, to determine whether or not there are uncertain tax positions that require financial statement recognition. Based on this evaluation, Superfund Capital Management has determined no reserves for uncertain tax positions are required to be recorded as a result of the application of ASC 740. Superfund Capital Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. As a result, no income tax liability or expense has been recorded in the accompanying financial statements. The Fund files federal and various state tax returns. The 2008 through 2010 tax years generally remain subject to examination by the U.S. federal and most state tax authorities.

Use of Estimates

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

3. Fair Value Measurements

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

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

In May 2011, the FASB issued Accounting Standards Update (“ASU”) 20011-04,Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurements and Disclosure Requirements in U.S. GAAP and IFRS. These amendments, effective for the interim and annual periods beginning on or after December 15, 2011 (early adoption is prohibited), result in a common definition of fair value and common requirements for measurement of and disclosure requirements between U.S. GAAP and International Financial Reporting Standards (“IFRS”). The amendments change some fair value measurement principles and disclosure requirements. The adoption of this guidance is not expected to have a material impact upon the Fund’s financial position and results of operations.

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

In January 2010, FASB issued ASU No. 2010-06,Improving Disclosures about Fair Value Measurements(“ASU 2010-06”), which amends the disclosure requirements of ASC 820, and requires new disclosures regarding transfers in and out of Level 1

22

and 2 categories, as well as requires entities to separately present purchases, sales, issuance, and settlements in their reconciliation of Level 3 fair value measurements (i.e. to present such items on a gross basis rather than on a net basis), and which clarifies existing disclosure requirements provided by ASC 820 regarding the level of disaggregation and the inputs and valuation techniques used to measure fair value for measurements that fall within either Level 2 or Level 3 of the fair value hierarchy. As of January 1, 2010, the Fund adopted ASU 2010-06 except for the disclosures about purchases, sales, issuance, and settlements in the rollforward activity in Level 3 fair value measurements, which were adopted as of January 1, 2011. The adoption of the remaining provisions has not had a material impact on the Fund’s financial statement disclosures.

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

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

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

Certain OTC derivatives trade in less liquid markets with limited pricing information, and the determination of fair value for these derivatives is inherently more difficult. Such instruments are classified within Level 3 of the fair value hierarchy. Where the Fund does not have corroborating market evidence to support significant model inputs and cannot verify the model to market transactions, transaction price is initially used as the best estimate of fair value. Accordingly, when a pricing model is used to value such an instrument, the model is adjusted so that the model value at inception equals the transaction price. The valuations of these less liquid OTC derivatives are typically based on Level 1 and/or Level 2 inputs that can be observed in the market, as well as unobservable Level 3 inputs. Subsequent to initial recognition, the Fund updates the Level 1 and Level 2 inputs to reflect observable market changes, with resulting gains and losses reflected within Level 3. Level 3 inputs are changed only when corroborated by evidence such as similar market transactions, third-party pricing services and/or broker or dealer quotations, or other empirical market data. In circumstances in which the Fund cannot verify the model value to market transactions, it is possible that a different valuation model could produce a materially different estimate of fair value. The Fund attempts to avoid holding less liquid OTC derivatives. However, once held, the market for any particular derivative contract could become less liquid during the holding period. As of and during the quarter ended September 30, 2011, the Fund held no derivative contracts valued using Level 3 inputs.

The following table summarizes the valuation of the Fund’s assets and liabilities by the ASC 820 fair value hierarchy as of September 30, 2011, and December 31, 2010:

Superfund Green, L.P.

	Balance September  30, 2011		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	20,750,000	$	—	$	20,750,000	$	—
Unrealized appreciation on open forward contracts		883,643		—		883,643		—
Futures contracts sold		5,917,656		5,917,656		—		—
Total Assets Measured at Fair Value	$	27,551,299	$	5,917,656	$	21,633,643	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	585,920	$	—	$	585,920	$	—
Futures contract purchased		1,123,438		1,123,438		—		—
Total Liabilities Measured at Fair Value	$	1,709,358	$	1,123,438	$	585,920	$	—

23

	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	$	—

Superfund Green, L.P. – Series A

		$00,000,000		$00,000,000		$00,000,000		$00,000,000
	Balance September  30, 2011		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	9,350,000	$	—	$	9,350,000	$	—
Unrealized appreciation on open forward contracts		293,636		—		293,636		—
Futures contracts sold		2,144,470		2,144,470		—		—
Total Assets Measured at Fair Value	$	11,788,106	$	2,144,470	$	9,643,636	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	202,610	$	—	$	202,610	$	—
Futures contract purchased		402,892		402,892		—		—
Total Liabilities Measured at Fair Value	$	605,502	$	402,892	$	202,610	$

		$00,000,000		$00,000,000		$00,000,000		$00,000,000
	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	$	—

24

Superfund Green, L.P. - Series B

	Balance September  30, 2011		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	11,400,000	$	—	$	11,400,000	$	—
Unrealized appreciation on open forward contracts		590,007		—		590,007		—
Futures contracts sold		3,773,186		3,773,186		—		—
Total Assets Measured at Fair Value	$	15,763,193	$	3,773,186	$	11,990,007	$
LIABILITIES
Unrealized depreciation on open forward contracts	$	383,310	$	—	$	383,310	$	—
Futures contracts purchased		720,546		720,546		—		—
Total Liabilities Measured at Fair Value	$	1,103,856	$	720,546	$	383,310	$

	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	$	—

4. Disclosure of derivative instruments and hedging activities

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

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

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

25

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

Superfund Green, L.P.

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statements of Assets and Liabilities, as of September 30, 2011 and December 31, 2010, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at September 30, 2011		Liability Derivatives at September 30, 2011			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	883,643	$	—		$	883,643
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(585,920	)		(585,920	)
Futures contracts	Futures contracts purchased		—		(1,123,438	)		(1,123,438	)
Futures contracts	Futures contracts sold		5,917,656		—			5,917,656
Totals		$	6,801,299	$	(1,709,358	)	$	5,091,941

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at December 31, 2010		Liability Derivatives at 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

Effects of Derivative Instruments on the Statement of Operations for the Quarter Ended September 30, 2011:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in  Income			Net Change in Unrealized Appreciation on Derivatives Recognized in  Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	(940,516	)	$	319,538
Futures contracts	Net realized gain on futures and forward contracts		2,035,555			3,307,394
Total		$	1,095,039		$	3,626,932

26

Effects of Derivative Instruments on the Statement of Operations for the Nine Months Ended September 30, 2011:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain on Derivatives Recognized in Income		Net Change in Unrealized Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	123,404	$	(369,861	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		8,975,493		(2,533,312	)
Total		$	9,098,897	$	(2,903,173	)

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

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

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

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

27

Superfund Green, L.P. gross and net unrealized gains and losses by long and short positions as of September 30, 2011 and December 31, 2010:

	As of September 30, 2011
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets		Losses			% of Net Assets			Net Unrealized Gain  (Loss) on Open Positions
Foreign Exchange	$	21,905		0.0	*	$	(542,427	)		(0.7	)	$	861,738		1.0	$	(43,493	)		(0.1	)	$	297,723
Currency		—		—			(163,888	)		(0.2	)		629,518		0.8		—			—			465,630
Financial		244,697		0.3			(768,311	)		(0.9	)		231,892		0.3		(46,141	)		(0.1	)		(337,863	)
Food & Fiber		—		—			(151,728	)		(0.2	)		772,370		0.9		(4,373	)		(0.0	)*		616,269
Indices		—		—			(178,420	)		(0.2	)		182,194		0.2		(176,740	)		(0.2	)		(172,966	)
Metals		6,150		0.0	*		(159,138	)		(0.2	)		999,175		1.2		(31	)		(0.0	)*		846,156
Energy		—		—			—			—			3,330,762		4.0		(970	)		(0.0	)*		3,329,792
Livestock		47,510		0.1			(310	)		(0.0	)*		—		—		—			—			47,200
Totals	$	320,262		0.4		$	(1,964,222	)		(2.4	)	$	7,007,649		8.4	$	(271,748	)		(0.3	)	$	5,091,941

* Due to rounding

	As of December 31, 2010
	Long Positions Gross Unrealized										Short Positions Gross Unrealized
	Gains		% of Net Assets		Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain  (Loss) on 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

Superfund Green, L.P. average* monthly contract volume by market sector as of quarter ended September 30, 2011:

	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		116		154	$	1,015,396	$	1,090,392

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		2,872		448
Financial		4,189		753
Food & Fiber		616		214
Indices		1,478		1620
Metals		584		351
Energy		741		1,260
Livestock		182		114
Total		10,778		4,914

* Based on quarterly holdings

28

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

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

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		2,085		660
Financial		5,293		1,819
Food & Fiber		536		230
Indices		4,500		1,239
Metals		1,094		65
Energy		458		612
Livestock		735		1,191
Total		14,903		5,976

* Based on quarterly holdings

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

		$0,000,000			$0,000,000			$0,000,000
	For the Three Months Ended September 30, 2011
	Net Realized Gain (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(940,516	)	$	319,538		$	(620,978	)
Currency		(3,017,759	)		239,967			(2,777,792	)
Financial		10,261,015			(1,227,849	)		9,033,166
Food & Fiber		(1,522,865	)		388,804			(1,134,061	)
Indices		(949,356	)		(987,513	)		(1,936,869	)
Metals		1,321,443			1,014,184			2,335,627
Livestock		(494,180	)		57,270			(436,910	)
Energy		(3,562,743	)		3,822,531			259,788
Total net trading gains	$	1,095,039		$	3,626,932		$	4,721,971

		$0,000,000			$0,000,000			$0,000,000
	For the Nine Months Ended September 30, 2011
	Net Realized Gain (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	123,404		$	(369,861	)	$	(246,457	)
Currency		974,851			(2,042,215	)		(1,067,364	)
Financial		11,392,830			(782,518	)		10,610,312
Food & Fiber		(2,108,744	)		(284,137	)		(2,392,881	)
Indices		(4,535,244	)		(649,427	)		(5,184,671	)
Metals		4,170,620			(1,218,936	)		2,951,684
Livestock		(233,690	)		(292,960	)		(526,650	)
Energy		(685,130	)		2,736,881			2,051,751
Total net trading gains (losses)	$	9,098,897		$	(2,903,173	)	$	6,195,724

29

		$0,000,000			$0,000,000			$0,000,000
	For the Three Months Ended September 30, 2010
	Net Realized Gain (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	753,210		$	796,489		$	1,549,699
Currency		3,571,998			777,899			4,349,897
Financial		3,092,386			(3,331,431	)		(239,045	)
Food & Fiber		(550,285	)		1,327,047			776,762
Indices		(1,404,650	)		1,021,441			(383,209	)
Metals		332,880			3,788,411			4,121,291
Livestock		(6,980	)		82,280			75,300
Energy		(3,260,589	)		1,468,094			(1,792,495	)
Total net trading gains	$	2,527,970		$	5,930,230		$	8,458,200

		$0,000,000			$0,000,000			$0,000,000
	For the Nine Months Ended September 30, 2010
	Net Realized Gain (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(2,965,723	)	$	1,552,992		$	(1,412,731	)
Currency		(696,270	)		2,224,949			1,528,679
Financial		12,291,242			209,500			12,500,742
Food & Fiber		(1,296,991	)		205,073			(1,091,918	)
Indices		(1,642,649	)		(1,854,718	)		(3,497,367	)
Metals		(682,817	)		5,177,931			4,495,114
Livestock		(520,650	)		103,720			(416,930	)
Energy		(6,194,306	)		1,023,753			(5,170,553	)
Total net trading gains (losses)	$	(1,708,164	)	$	8,643,200		$	6,935,036

Superfund Green, L.P. – Series A

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statements of Assets and Liabilities, as of September 30, 2011 and December 31, 2010, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at September 30, 2011		Liability Derivatives at September 30, 2011			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	293,636	$	—		$	293,636
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(202,610	)		(202,610	)
Futures contracts	Futures contracts purchased		—		(402,892	)		(402,892	)
Futures contracts	Futures contracts sold		2,144,470		—			2,144,470
Totals		$	2,438,106	$	(605,502	)	$	1,832,604

30

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives��at December 31, 2010		Liability Derivatives at 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

Effects of Derivative Instruments on the Statement of Operations for the Quarter Ended September 30, 2011:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in  Income			Net Change in Unrealized Appreciation on Derivatives Recognized in  Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	(320,274	)	$	101,711
Futures contracts	Net realized gain on futures and forward contracts		697,515			1,240,437
Total		$	377,241		$	1,342,148

Effects of Derivative Instruments on the Statement of Operations for the Nine Months Ended September 30, 2011:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain on Derivatives Recognized in Income		Net Change in Unrealized Depreciation on Derivatives Recognized in  Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	45,281	$	(132,417	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		2,857,942		(652,087	)
Total		$	2,903,223	$	(784,504	)

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

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

31

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

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

Superfund Green, L.P. – Series A gross and net unrealized gains and losses by long and short positions as of September 30, 2011 and December 31, 2010:

	As of September 30, 2011
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets		Losses			% of Net Assets			Net Unrealized Gain  (Loss) on Open Positions
Foreign Exchange	$	9,007		0.0	*	$	(189,593	)		(0.5	)	$	284,629		0.8	$	(13,017	)		(0.0	)*	$	91,026
Currency		—		—			(61,213	)		(0.2	)		228,735		0.6		—			—			167,522
Financial		82,538		0.2			(274,764	)		(0.7	)		86,171		0.2		(12,133	)		(0.0	)*		(118,188	)
Food & Fiber		—		—			(51,134	)		(0.1	)		276,122		0.7		(1,904	)		(0.0	)*		223,084
Indices		—		—			(60,410	)		(0.2	)		67,891		0.2		(52,727	)		(0.2	)		(45,246	)
Metals		3,425		0.1			(57,144	)		(0.2	)		362,933		1.0		—						309,214
Energy		—		—			—			—			1,189,552		3.2		(170	)		(0.0	)*		1,189,382
Livestock		15,910		0.0	*		(100	)		(0.0	)*		—		—		—			—			15,810
Totals	$	110,880		0.3		$	(694,358	)		(1.9	)	$	2,496,033		6.7	$	(79,951	)		(0.2	)	$	1,832,604

* Due to rounding

	As of December 31, 2010
	Long Positions Gross Unrealized										Short Positions Gross Unrealized
	Gains		% of Net Assets		Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain  on 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

32

Series A average* monthly contract volume by market sector as of quarter ended September 30, 2011:

	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		51		68	$	320,692	$	355,831

	Average Number of Long Contracts		Average Number of  Short Contracts
Currency		961		167
Financial		1,427		274
Food & Fiber		229		76
Indices		558		563
Metals		199		123
Energy		251		445
Livestock		61		39
Total		3,737		1,755

* Based on quarterly holdings

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

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

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

* Based on quarterly holdings

Series A trading results by market sector:

	For the Three Months Ended September 30, 2011
	Net Realized Gains  (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains  (Losses)
Foreign Exchange	$	(320,274	)	$	101,711		$	(218,563	)
Currency		(1,083,305	)		85,425			(997,880	)
Financial		3,537,672			(421,554	)		3,116,118
Food & Fiber		(568,854	)		154,381			(414,473	)
Indices		(355,453	)		(315,621	)		(671,074	)
Metals		518,876			358,656			877,532
Livestock		(165,410	)		19,640			(145,770	)
Energy		(1,186,011	)		1,359,510			173,499
Total net trading gains (losses)	$	377,241		$	1,342,148		$	1,719,389

33

		$0,000,000			$0,000,000			$0,000,000
	For the Nine Months Ended September 30, 2011
	Net Realized Gains (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains  (Losses)
Foreign Exchange	$	45,281		$	(132,417	)	$	(87,136	)
Currency		249,122			(657,369	)		(408,247	)
Financial		3,866,587			(264,988	)		3,601,599
Food & Fiber		(765,814	)		(66,384	)		(832,198	)
Indices		(1,411,370	)		(194,007	)		(1,605,377	)
Metals		1,533,810			(385,529	)		1,148,281
Livestock		(83,850	)		(93,810	)		(177,660	)
Energy		(530,543	)		1,010,000			479,457
Total net trading gains (losses)	$	2,903,223		$	(784,504	)	$	2,188,719

		$0,000,000			$0,000,000			$0,000,000
	For the Three Months Ended September 30, 2010
	Net Realized Gains (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	218,000		$	259,422		$	477,422
Currency		1,195,663			254,913			1,450,576
Financial		1,036,289			(1,082,926	)		(46,637	)
Food & Fiber		(175,293	)		420,277			244,984
Indices		(521,452	)		324,133			(197,319	)
Metals		159,677			1,198,546			1,358,223
Livestock		(600	)		29,960			29,360
Energy		(989,809	)		499,113			(490,696	)
Total net trading gains	$	922,475		$	1,903,438		$	2,825,913

		$0,000,000			$0,000,000			$0,000,000
	For the Nine Months Ended September 30, 2010
	Net Realized Gains (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(815,878	)	$	459,821		$	(356,057	)
Currency		(83,225	)		699,458			616,233
Financial		3,920,646			33,843			3,954,489
Food & Fiber		(458,064	)		109,031			(349,033	)
Indices		(560,533	)		(492,437	)		(1,052,970	)
Metals		(85,092	)		1,623,549			1,538,457
Livestock		(156,600	)		34,560			(122,040	)
Energy		(1,769,687	)		372,042			(1,397,645	)
Total net trading gains (losses)	$	(8,433	)	$	2,839,867		$	2,831,434

Superfund Green, L.P. – Series B

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statements of Assets and Liabilities, as of September 30, 2011 and December 31, 2010, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at September 30, 2011		Liability Derivatives at September 30, 2011			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	590,007	$	—		$	590,007
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(383,310	)		(383,310	)
Futures contracts	Futures contracts purchased		—		(720,546	)		(720,546	)
Futures contracts	Futures contracts sold		3,773,186		—			3,773,186
Totals		$	4,363,193	$	(1,103,856	)	$	3,259,337

34

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at December 31, 2010		Liability Derivatives at 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

Effects of Derivative Instruments on the Statement of Operations for the Quarter Ended September 30, 2011:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation on Derivatives Recognized in  Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	(620,242	)	$	217,827
Futures contracts	Net realized gain on futures and forward contracts		1,338,040			2,066,957
Total		$	717,798		$	2,284,784

Effects of Derivative Instruments on the Statement of Operations for the Nine Months Ended September 30, 2011:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain on Derivatives Recognized in Income		Net Change in Unrealized Depreciation on Derivatives Recognized in  Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	78,123	$	(237,444	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		6,117,551		(1,881,225	)
Total		$	6,195,674	$	(2,188,669	)

35

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

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain on Derivatives Recognized in Income	Net Realized Gain on Derivatives Recognized in Income		Net Change in Unrealized Appreciation on Derivatives Recognized in  Income
Foreign exchange contracts	Net realized gain on futures and forward contracts	$	535,210	$	537,067
Futures contracts	Net realized gain on futures and forward contracts		1,070,285		3,489,725
Total		$	1,605,495	$	4,026,792

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

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

Superfund Green, L.P. – Series B gross and net unrealized gains and losses by long and short positions as of September 30, 2011 and December 31, 2010:

	As of September 30, 2011
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets		Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Foreign Exchange	$	12,898		0.0	*	$	(352,834	)		(0.8	)	$	577,109		1.4	$	(30,476	)		(0.1	)	$	206,697
Currency		—		—			(102,675	)		(0.2	)		400,783		0.9		—			—			298,108
Financial		162,159		0.4			(493,547	)		(1.1	)		145,721		0.3		(34,008	)		(0.1	)		(219,675	)
Food & Fiber		—		—			(100,594	)		(0.2	)		496,248		1.1		(2,469	)		(0.0	)*		393,185
Indices		—		—			(118,010	)		(0.3	)		114,303		0.3		(124,013	)		(0.3	)		(127,720	)
Metals		2,725		0.0	*		(101,994	)		(0.2	)		636,242		1.4		(31	)		(0.0	)*		536,942
Energy		—		—			—			—			2,141,210		4.7		(800	)		(0.0	)*		2,140,410
Livestock		31,600		0.1			(210	)		(0.0	)*		—		—		—			—			31,390
Totals	$	209,382		0.5		$	(1,269,864	)		2.8		$	4,511,616		10.1	$	(191,797	)		0.5		$	3,259,337

* Due to rounding

	As of December 31, 2010
	Long Positions Gross Unrealized										Short Positions Gross Unrealized
	Gains		% of Net Assets		Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain  on 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

36

Series B average* monthly contract volume by market sector as of quarter ended September 30, 2011:

	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		65		86	$	694,704	$	734,561

	Average Number of Long Contracts		Average Number of  Short Contracts
Currency		1,911		281
Financial		2,762		479
Food & Fiber		387		138
Indices		920		1,057
Metals		385		228
Energy		490		815
Livestock		121		75
Total		7,041		3,159

* Based on quarterly holdings

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

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

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

* Based on quarterly holdings

37

Series B trading results by market sector:

		$0,000,000			$0,000,000			$0,000,000
	For the Three Months Ended September 30, 2011
	Net Realized Gains  (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains  (Losses)
Foreign Exchange	$	(620,242	)	$	217,827		$	(402,415	)
Currency		(1,934,454	)		154,542			(1,779,912	)
Financial		6,723,343			(806,295	)		5,917,048
Food & Fiber		(954,011	)		234,423			(719,588	)
Indices		(593,903	)		(671,892	)		(1,265,795	)
Metals		802,567			655,528			1,458,095
Livestock		(328,770	)		37,630			(291,140	)
Energy		(2,376,732	)		2,463,021			86,289
Total net trading gains (losses)	$	717,798		$	2,284,784		$	3,002,582

		$0,000,000			$0,000,000			$0,000,000
	For the Nine Months Ended September 30, 2011
	Net Realized Gains  (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains  (Losses)
Foreign Exchange	$	78,123		$	(237,444	)	$	(159,321	)
Currency		725,729			(1,384,846	)		(659,117	)
Financial		7,526,243			(517,530	)		7,008,713
Food & Fiber		(1,342,930	)		(217,753	)		(1,560,683	)
Indices		(3,123,874	)		(455,420	)		(3,579,294	)
Metals		2,636,810			(833,407	)		1,803,403
Livestock		(149,840	)		(199,150	)		(348,990	)
Energy		(154,587	)		1,726,881			1,572,294
Total net trading gains (losses)	$	6,195,674		$	(2,118,669	)	$	4,077,005

		$0,000,000			$0,000,000			$0,000,000
	For the Three Months Ended September 30, 2010
	Net Realized Gains (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	535,210		$	537,067		$	1,072,277
Currency		2,376,335			522,986			2,899,321
Financial		2,056,097			(2,248,505	)		(192,408	)
Food & Fiber		(374,992	)		906,770			531,778
Indices		(883,198	)		697,308			(185,890	)
Metals		173,203			2,589,865			2,763,068
Livestock		(6,380	)		52,320			45,940
Energy		(2,270,780	)		968,981			(1,301,799	)
Total net trading gains	$	1,605,495		$	4,026,792		$	5,632,287

		$0,000,000			$0,000,000			$0,000,000
	For the Nine Months Ended September 30, 2010
	Net Realized Gains (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(2,149,845	)	$	1,093,171		$	(1,056,674	)
Currency		(613,045	)		1,525,491			912,446
Financial		8,370,596			175,657			8,546,253
Food & Fiber		(838,927	)		96,042			(742,885	)
Indices		(1,082,116	)		(1,362,281	)		(2,444,397	)
Metals		(597,725	)		3,554,382			2,956,657
Livestock		(364,050	)		69,160			(294,890	)
Energy		(4,424,619	)		651,711			(3,772,908	)
Total net trading gains (losses)	$	(1,699,731	)	$	5,803,333		$	4,103,602

38

5. Due from/to brokers

Due from brokers consists of proceeds from securities sold. Amounts due from brokers may be restricted to the extent that they serve as deposits for securities sold short. Amounts due to brokers represent margin borrowings that are collateralized by certain securities. As of September 30, 2011 and December 31, 2010, there were no amounts due to brokers.

In the normal course of business, all of the Fund’s marketable securities transactions, money balances and marketable security positions are transacted with brokers. The Fund is subject to credit risk to the extent any broker with whom it conducts business is unable to fulfill contractual obligations on its behalf. On October 31, 2011, MF Global, Inc. (“MF Global”) reported to the SEC and Commodity Futures Trading Commission (“CFTC”) possible deficiencies in customer segregated accounts held at the firm. As a result, the SEC and CFTC determined that a liquidation proceeding led by the Securities Investor Protection Corporation (“SIPC”) would be the safest and most prudent course of action to protect customer accounts and assets, and SIPC initiated the liquidation of MF Global under the Securities Investor Protection Act. Superfund Capital Management closely monitored MF Global in recent weeks and began reducing its exposure to MF Global. In October, total trading positions and assets of the Fund held at MF Global have been reduced by almost 75% and steps were initiated to transfer all remaining trading positions and assets from MF Global to other clearing brokers prior to the bankruptcy filing. Refer to the Subsequent events note for the Fund’s potential exposure to the MF Global liquidation.

6. Allocation of net profits and losses

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

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

7. Related party transactions

Superfund Capital Management shall be paid a management fee equal to one-twelfth of 1.85% of month-end net assets (1.85% per annum) of net assets, ongoing offering expenses equal to one-twelfth of 1% of month-end net assets (1% per annum), not to exceed the amount of actual expenses incurred, and monthly operating expenses equal to one-twelfth of 0.15% of month-end net assets (0.15% per annum), not to exceed the amount of actual expenses incurred. Superfund Capital Management will also be paid a monthly performance/incentive fee equal to 25% of the new appreciation without respect to interest income. Trading losses will be carried forward and no further performance/incentive fee may be paid until the prior losses have been recovered. In addition, Superfund Asset Management, Inc., an affiliate of Superfund Capital Management, serves as the introducing broker for the Fund’s futures transactions and receives a portion of the brokerage commissions paid by the Fund in connection with its futures trading. Superfund USA, Inc., an entity related to Superfund Capital Management by common ownership, shall be paid monthly selling commissions equal to one-twelfth of 4% (4% per annum) of the month-end net asset value of the Fund. However, the maximum cumulative selling commission per Unit is limited to 10% of the initial public offering price of Units sold. Selling commissions charged as of the end of each month in excess of 10% of the initial public offering price of Units sold shall not be paid out to any selling agent but shall instead be held in a separate account. Accrued monthly performance fees, if any, will then be charged against both net assets of the Fund as of month-end, as well as against amounts held in the separate account. Any increase or decrease in net assets and any accrued interest will then be credited or charged to each investor (a “Limited Partner”) on a pro rata basis. The remainder of the amounts held in the separate account, if any, shall then be reinvested in Units as of such month-end, at the current net asset value, for the benefit of the appropriate Limited Partner. The amount of any distribution to a Limited Partner, any amount paid to a Limited Partner on redemption of Units and any redemption fee paid to Superfund Capital Management upon the redemption of Units will be charged to that Limited Partner. Selling commissions are shown gross on the statement of operations and amounts over the 10% selling commission threshold are rebated to the Limited Partner by purchasing Units of the Fund.

As of September 30, 2011, Superfund Capital Management owned 386.799 Units of Series A, representing 1.55% of the total issued Units of Series A, and 531.231 Units of Series B, representing 2.05% of the total issued Units of Series B, having a combined value of $1,541,431.50.

39

8. Financial highlights

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

	2011						2010
	Series A			Series B			Series A			Series B
Total return before incentive fees*		(0.8	)%		0.5	%		1.1	%		0.9	%
Incentive fees*		0.0	%		0.0	%		0.0	%		0.0	%
Total return after incentive fees*		(0.8	)%		0.5	%		1.1	%		0.9	%
Ratios to average partners’ capital**
Operating expenses before incentive fees		8.6	%		9.2	%		9.3	%		10.4	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
Total expenses		8.6	%		9.2	%		9.3	%		10.4	%
Net investment loss**		(8.5	)%		(9.2	)%		(9.2	)%		(10.4	)%
Net asset value per unit, beginning of period	$	1,550.72		$	1,773.52		$	1,354.49		$	1,454.64
Net investment loss		(99.06	)		(124.40	)		(91.36	)		(108.86	)
Net gain on investments		86.35			132.65			106.04			122.25
Net asset value per unit, end of period	$	1,538.01		$	1,781.77		$	1,369.17		$	1,468.03
Other per Unit information:
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of Units during period) upon weighted average number of Units during period)	$	(13.59	)	$	15.80		$	17.41		$	8.69
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit) upon change in net asset value per Unit)	$	(12.71	)	$	8.25		$	14.68		$	13.39

* Not annualized

** Annualized, except for incentive fees

*** Weighted average number of Units outstanding for Series A for the Nine Months Ended September 30, 2011 and September 30, 2010: 24,748.41 and 26,099.06, respectively; and for Series B the Nine Months Ended September 30, 2011 and September 30, 2010: 28,856.74 and 34,795.34, respectively.

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

	2011						2010
	Series A			Series B			Series A			Series B
Total return before incentive fees*		2.5	%		3.7	%		6.1	%		10.1	%
Incentive fees*		0.0	%		0.0	%		0.0	%		0.0	%
Total return after incentive fees*		2.5	%		3.7	%		6.1	%		10.1	%
Ratios to average partners’ capital**
Operating expenses before incentive fees		8.4	%		8.8	%		8.8	%		9.7	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
Total expenses		8.4	%		8.8	%		8.8	%		9.7	%
Net investment loss**		(8.4	)%		(8.8	)%		(8.6	)%		(9.6	)%
Net asset value per unit, beginning of period	$	1,500.62		$	1,718.58		$	1,290.29		$	1,333.65
Net investment loss		(32.62	)		(40.45	)		(28.35	)		(32.84	)
Net gain on investments		70.01			103.64			107.22			167.22
Net asset value per unit, end of period	$	1,538.01		$	1,781.77		$	1,369.17		$	1,468.03
Other per Unit information:
Net increase in net assets from operations per Unit (based upon weighted average number of Units during period) upon weighted average number of Units during period)	$	36.69		$	71.05		$	77.85		$	131.54
Net increase in net assets from operations per Unit (based upon change in net asset value per Unit) upon change in net asset value per Unit)	$	37.39		$	63.19		$	78.88		$	134.38

* Not annualized

** Annualized, except for incentive fees

*** Weighted average number of Units outstanding for Series A for the Three Months Ended September 30, 2011 and September 30, 2010: 24,922.98 and 26,683.81, respectively; and for Series B for the Three Months Ended September 30, 2011 and September 30, 2010: 26,938.23 and 34,323.71, respectively.

40

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

9. Financial instrument risk

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

For the Fund, gross unrealized gains and losses related to exchange-traded futures were $6,444,268 and $1,650,050, respectively, and gross unrealized gains and losses related to non-exchange-traded forwards were $883,643 and $585,920, respectively, at September 30, 2011.

For Series A, gross unrealized gains and losses related to exchange-traded futures were $2,313,277 and $571,699, respectively, and gross unrealized gains and losses related to non-exchange-traded forwards were $293,636 and $202,610, respectively, at September 30, 2011.

For Series B, gross unrealized gains and losses related to exchange-traded futures were $4,130,991 and $1,078,351, respectively, and gross unrealized gains and losses related to non-exchange-traded forwards were $590,007 and $383,310, respectively, at September 30, 2011.

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

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

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

The majority of these futures and forwards mature within one year of September 30, 2011. However, due to the nature of the Fund’s business, these instruments may not be held to maturity.

10. Subscriptions and redemptions

Investors must submit subscriptions at least five business days prior to the applicable month-end closing date and they will be accepted once payments are received and cleared. All subscription funds are required to be promptly transmitted to the escrow

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agent, HSBC Bank USA. Subscriptions must be accepted or rejected by Superfund Capital Management within five business days of receipt, and the settlement date for the deposit of subscription funds in escrow must be within five business days of acceptance. No fees or costs will be assessed on any subscription while held in escrow, irrespective of whether the subscription is accepted or the subscription funds are returned.

A Limited Partner may request any or all of his investment in a Series be redeemed by such Series at the net asset value of a Unit within such Series as of the end of each month, subject to a minimum redemption of $1,000 and subject further to such limited partner having an investment in such Series, after giving effect to the requested redemption, at least equal to the minimum initial investment amount of $5,000. Limited Partners must transmit a written request of such redemption to Superfund Capital Management not less than five business days prior to the end of the month (or such shorter period as permitted by Superfund Capital Management) as of which redemption is to be effective. Redemptions will generally be paid within twenty days after the date of redemption. However, in special circumstances, including, but not limited to, inability to liquidate dealers’ positions as of a redemption date or default or delay in payments due to each Series from clearing brokers, banks or other persons or entities, each Series may in turn delay payment to persons requesting redemption of the proportionate part of the net assets of each Series represented by the sums that are the subject of such default or delay. The Prospectus of the Fund dated May 13, 2011 included within the Post Effective Amendment No. 2 to the Registration Statement on Form S-1 (File No. 333-162132) provides if the net asset value per Unit within a Series as of the end of any business day declines by 50% or more from either the prior year-end or the prior month-end Unit value of such Series, Superfund Capital Management will suspend trading activities, notify all Limited Partners within such Series of the relevant facts within seven business days and declare a special redemption period.

11. Subsequent events

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

On October 31, 2011, MF Global reported to the SEC and CFTC possible deficiencies in customer segregated accounts held at the firm. As a result, the SEC and CFTC determined that a SIPC-led liquidation proceeding would be the safest and most prudent course of action to protect customer accounts and assets, and SIPC initiated the liquidation of MF Global under the Securities Investor Protection Act. As of October 31, 2011 approximately $1.49 million of Series A assets were still on deposit in accounts at MF Global. These assets represent approximately 4.2% of Series A’s net asset value of approximately $35.20 million. As of October 31, 2011 approximately $2.35 million of Series B’s assets were still on deposit in accounts at MF Global. These assets represent approximately 5.8% of Series B’s net asset value of approximately $40.46 million. Of the approximately $1.49 million of Series A assets and $2.35 million of Series B assets held at MF Global as of October 31, 2011, approximately $360,000 and $40,000, respectively, were held in customer segregated accounts. The remaining assets held at MF Global (approximately $1.31 million for Series A and $2.31 million for Series B) were held in customer secured accounts at the firm. To the best of our knowledge, there have been no reports of any deficiencies in the customer secured accounts. Superfund Capital Management, Inc. does not believe that the MF Global liquidation will have a material impact on the ongoing trading operations of either Series. However, because MF Global is still in the liquidation process, the MF Global liquidation proceedings may have an impact on the ability of Superfund Green, L.P. to: satisfy redemptions requests in the normal 20-day time period; adequately value redemption requests in the ordinary timeframe; accept new subscriptions and properly value the net asset value for new subscribers; and provide for accurate valuation in the Superfund Green, L.P.’s account statements provided to participants. There can be no assurances that Superfund Green, L.P. will have immediate access to any or all of its assets in accounts held at MF Global and as to the amount or value of those assets in the context of the bankruptcy.

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

INTRODUCTION

The Fund commenced the offering of its Units on October 22, 2002. The initial offering terminated on October 31, 2002 and the Fund commenced operations on November 5, 2002. The continuing offering period commenced at the termination of the initial offering period and is ongoing. Subscription and redemption data is presented for both the Fund, as the SEC registrant, and for Series A and Series B, individually. For the quarter ended September 30, 2011, the Fund has accepted subscriptions totaling $2,113,325, and redemptions over the same period totaled $5,548,412. For the quarter ended September 30, 2011, subscriptions totaling $1,525,249 in Series A and $588,076 in Series B have been accepted and redemptions over the same period totaled $1,461,992 in Series A and $4,086,420 in Series B.

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LIQUIDITY

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

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

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

CAPITAL RESOURCES

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

RESULTS OF OPERATIONS

Three Months Ended September 30, 2011

Series A:

Net results for the quarter ended September 30, 2011, were a gain of 2.5% in net asset value compared to the quarter ending June 30, 2011. In this period, Series A experienced a net increase in net assets from operations of $914,343. This increase consisted of interest income of $3,411, trading gains of $1,719,389, and total expenses of $808,457. Expenses included $180,949 in management fees, $97,810 in ongoing offering expenses, $14,671 in operating expenses, $391,028 in selling commissions, $118,611 in brokerage commissions, and $5,388 in other expenses. At September 30, 2011, and June 30, 2011, the net asset value per Unit of Series A was $1,538.01 and $1,500.62, respectively.

Series B:

Net results for the quarter ended September 30, 2011, were a gain of 3.7% in net asset value compared to the quarter ending June 30, 2011. In this period, Series B experienced a net increase in net assets from operations of $1,914,050. This increase consisted of interest income of $3,269, trading gains of $3,002,582, and total expenses of $1,091,801. Expenses included $228,508 in management fees, $123,517 in ongoing offering expenses, $18,528 in operating expenses, $494,077 in selling commissions, $218,998 in brokerage commissions, and $8,173 in other expenses. At September 30, 2011 and June 30, 2011, the net asset value per Unit of Series B was $1,781.77 and $1,718.58, respectively.

Nine Months Ended September 30, 2011

Series A:

Net results for the nine-month period ended September 30, 2011, were a loss of 0.8% in net asset value compared to the year ending December 31, 2010. In this period, Series A experienced a net decrease in net assets from operations of $336,414. This decrease consisted of interest income of $18,090, trading gains of $2,118,719, and total expenses of $2,473,223. Expenses included $537,770 in management fees, $290,687 in ongoing offering expenses, $43,603 in operating expenses, $1,162,531 in selling commissions, $420,894 in brokerage commissions, and $17,738 in other expenses. At September 30, 2011 and December 31, 2010, the net asset value per Unit of Series A was $1,538.01 and $1,550.72, respectively.

Series B:

Net results for the nine-month period ended September 30, 2011, were a gain of 1.1% in net asset value compared to the year ending December 31, 2010. In this period, Series B experienced a net increase in net assets from operations of $455,840. This increase consisted of interest income of $22,099, trading gains of $4,077,005, and total expenses of $3,643,264. Expenses included $730,437 in management fees, $394,827 in ongoing offering expenses, $59,225 in operating expenses, $1,579,324 in selling commissions, $849,946 in brokerage commissions, and $29,505 in other expenses. At September 30, 2011, and December 31, 2010, the net asset value per Unit of Series B was $1,781.77 and $1,773.52, respectively.

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Fund Results as of 3rd Quarter 2011:

In September, the Fund’s trading strategies posted disappointing results as economic uncertainty spiked, precipitating a severe bout of commodity market liquidation and corresponding flight to the U.S. dollar and treasuries. Equities came under pressure early as poor U.S. unemployment data and growing dysfunction in European money markets prompted liquidation. Values remained under duress for the balance of the month as the International Monetary Fund, the U.S. Federal Reserve (the “Fed”), and the European Central Bank (“ECB”) offered bearish assessments of downside risks to global growth. The U.S. dollar gained along with U.S. and European treasuries as investors flocked to safe haven assets while awaiting further clarity from European authorities. Gold and silver reversed August’s gains on a stronger U.S. dollar, increased margin requirements, and collateral damage from commodity and equity market liquidation. Grains and soft commodities were hit particularly hard amid the fundamental reassessment of demand, a stronger U.S. dollar and improved production prospects. The Fund’s short-term strategies further detracted from overall performance as losses in currencies and energies offset gains in bonds, metals, and stocks. The Fund experienced significant losses in grains and agricultural markets in September. Losses were seen in grain market trades amid global economic concerns, weakening demand, seasonal harvest pressure and a strong U.S. dollar. Positions in agricultural products underperformed as the combination of excellent production and the increasing likelihood of a global recession resulted in heavy liquidation. Allocations to currencies and money markets also yielded negative returns in September. Losses in currency markets resulted from a massive flight out of risk assets, including commodities, commodity currencies, and emerging market equities, which propelled the dollar sharply higher against a global basket of currencies. Positions in global money markets lost ground in September as continued instability in financial markets led to choppy action at the top of the recent range. Pressure continued to mount on European officials as major bank shares fell amid reports of rising dysfunction in the inter-bank lending market. This prompted the major central banks to coordinate funding and stability to the system. The Fund’s models produced gains in metals and bonds in September. Metals markets saw positive results overall as the seemingly intractable European debt crisis escalated pessimism regarding industrial metal demand. The Fund’s bond portfolio continued to perform well during September as fear and central bank intervention drove major sovereign debt prices higher. As world commodity and equity prices fell, investors invested in cash into the safe haven assets of medium and long-term sovereign debt. Other markets, relative to those discussed above, did not have a substantial impact on the month’s overall negative performance.

In August, the Fund’s trading strategies yielded mixed results as volatility continued to rise in conjunction with political and economic uncertainty. Global contagion fears escalated to new levels during the month following the downgrade of U.S. debt and heightened fears of a downgrade of French debt. The Fund’s trend following models produced gains in bonds and money markets as safe haven capital flooded to sovereign debt. The Fund’s short-term strategies also contributed positively to overall performance as gains in bonds, metals, and energies offset losses in stocks and currencies. The Fund’s allocation to bond markets outperformed once again in August as the fear trade picked up momentum amid flagging consumer sentiment as governments continued to fail to address long-term deficit challenges. U.S. bonds increased over 7% as safe haven demand surged with the S&P downgrade of U.S. debt and subsequent heavy liquidation in global equity markets. The trading strategies also produced gains from short-term interest rate futures positions in August as the uptrend remained firmly entrenched. Short-term rate futures around the world spiked higher early in the month as equities sold off in response to uncertainty surrounding the debt of both sovereigns as well as major financial institutions. Somewhat paradoxically this led to a flight to safety to some of the very sovereigns that were coming under fire, most notably the U.S. Allocations to equities markets yielded negative results in August as global markets collapsed under the weight of fears surrounding the stability of major international banks. Equity market volatility skyrocketed as S&P’s downgrade of U.S. debt was followed by fears of a French downgrade due to exposure to Italy. Global growth expectations contracted quickly sending Italian (-15.7%), Spanish (-8.9%), and French (-11.4%) indices sharply lower, prompting regulators to establish short-selling bans. Short sellers responded by attacking Europe’s leading economy, sending Germany’s DAX to a loss of 19.4%. Asian markets also suffered amid global contagion fears, as Japan (-9%), Korea (-13%), and Singapore (-9.7%) witnessed double-digit declines. Late month news that Warren Buffet was investing $5 billion in embattled Bank of America shares along with a surprisingly strong U.S. durable goods number and a Greek bank merger restored some measure of confidence while limiting losses in the Dow Jones Industrial Average (the “Dow”) to 4.1%. The Fund’s currencies positions also yielded negative returns in August as the euro and U.S. dollar settled into tight ranges while risk currencies reversed lower. Other market sectors, relative to those discussed above, did not have a substantial influence on the Fund’s relatively flat performance in the month of August.

In July, the Fund’s trading strategies bounced back to produce strong returns as global contagion fears resulted in strong moves for safe haven assets at the expense of risk. The Fund’s short-term strategies contributed positively to overall performance as gains in bonds and stocks offset small losses in currencies, metals and energies. The strongest performing sectors on the month were bonds, metals, and currencies, with bonds having the most substantial returns. Meanwhile, stock indices and grains produced moderate losses. The Fund’s bond positions performed well in July on speculation that there is an increasing likelihood of a debt-related slowdown in Europe and the U.S. German bonds rallied on demand for safe haven assets as CPI

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figures remained muted despite factory orders and exports easily surpassing expectations. The health of major banks in Italy and Spain came into question forcing Spanish and Italian yield to soar amid increasing loan losses for private banks. In the U.S., the combination of a disappointing early month jobs report and debt ceiling related slowdown fears supported the steady trend higher. Allocations to metals produced positive results on the month as policy maker deadlocks in Europe and the U.S. drove investors to the perceived safety of gold and silver. December gold finished 8.4% higher, surpassing the $1,637 level, while September silver added 15.2% to finish just over the $40 mark. London copper added 4.5% due to strong U.S. corporate earnings and a 20% increase in Chinese refined copper imports following May’s domestic stocks drawdown. An early month Chinese rate hike and a somewhat disappointing gross domestic product (“GDP”) report did little to slow the advance. The Fund’s currency market positions yielded positive results in July as early U.S. dollar strength reversed mid-month, giving way to concern over the risks associated with a failure to raise the U.S. debt ceiling. The first half of the month saw significant euro weakness amid conflicting signals from various euro zone officials as to the ultimate fate of their heavily indebted members and the monetary union itself. The U.S. dollar rallied over 2% while the euro gave up over 3% amid Greek default talk and heightening Italian solvency concerns. From there, the U.S dollar reversed as global investors sought protection from a potential U.S. default as debt ceiling negotiations faltered. The Fund yielded slightly negative results in the stock indices sector in July as global markets continued to retrace from spring highs amid debt worries. Grain positions also experienced moderate losses in July on weather related yield uncertainty.

For the 3rd quarter of 2011, the most profitable market group overall was the bonds sector, while the greatest losses were attributable to positions in the currencies sector.

In June, the Fund’s trading strategies yielded negative results as the correction in stocks and commodities that began in May continued, only to reverse late in the month. The Fund’s short-term strategies contributed positively to overall performance as gains in bonds, metals, and stocks offset losses in currencies and energies. The Fund underperformed in equities futures trading in June as stagnating growth and European sovereign debt worries sent indices sharply lower. European equities plummeted as EU officials, private creditors, and the Greek government struggled to find a workable solution to the crisis. Meanwhile, the Fund’s bond strategies outperformed across the board in June, responding in a classic inverse manner to the factors affecting equities. German bonds moved steadily higher early as uncertainty over the status of Greek debt intensified. Lower than expected German factory orders and industrial production supported values as well. Australian bonds rallied, due in part to the attractive yield differential versus the U.S., Europe, and Japan. The Fund’s allocation to global energy markets produced losses as the recent correction continued in June, reflecting increasing pessimism for economic prospects. Energy markets and commodity currencies sold off while treasuries gained on safe haven flows as softening manufacturing data prompted the ECB and the Fed to lower their longer term inflation estimates. However, with a late month agreement on a new aid package, equities and other risk assets reversed higher, while treasuries gave back earlier gains. Late month losses in previous metals and choppy action in base metals led to negative performance in that sector. The Fund’s trading models also produced losses in grains in June as improving weather and declining demand prospects associated with macroeconomic concerns led to sharp reversals. Gold and silver finished lower on the inflation outlook while grains sold off as excellent weather and an uncertain demand outlook led to higher inventory estimates.

In May, the Fund’s medium to long term trading strategies underperformed as investors temporarily abandoned risk assets in favor of safe haven alternatives. The Fund’s short-term strategies also contributed negatively to overall performance as losses in equities, metals, and currencies offset gains in bonds and energies. Equities reversed as declines in U.S. employment, housing, and GDP combined with disappointing German factory orders to unnerve bullish investors. The Fund’s allocation to global stock indices underperformed despite a late recovery as the European debt crisis and a slowdown in manufacturing heightened fears of stagnant growth. The Fund’s bond strategies produced positive results across the board in May as safe haven assets pressed higher amid uncertainty concerning the sustainability of global economic growth. Treasuries rallied as bond yields in peripheral European states soared amid growing concern that a Greek default or restructuring was a real possibility. Allocations to currencies yielded poor results for the Fund in May as the U.S. dollar and euro reversed April’s action following the ECB’s unexpected removal of the “strong vigilance” on higher prices language from their May policy statement. The growing focus on the European sovereign debt situation prompted a flight out of risk assets and into the U.S dollar and the Swiss franc, which established a new record high against the euro. Energies and base metals saw sharp declines as a bearish Goldman Sachs commodity call, along with heightened volatility in forex markets tied to the problems in Europe spurred liquidation. The Fund’s performance in the metals sector reversed as gold futures opened the month retracing over 6% from all-time highs established on May 2nd. The weakness stemmed from massive liquidation in silver and receding inflation fears as European sovereign debt instability delayed near term prospects for an ECB rate hike. April gains turned into May losses for the Fund in energies as recent upward trends in crude oil, heating oil, and gasoline gave way to significant declines. Grains endured more volatile action as extreme weather in the Northern Hemisphere continued to threaten production prospects. The Fund’s position in grains suffered due to continued volatility from broad based commodity selling, a reversal in the dollar, and a surprise 8% upward revision in 2010-11 the U.S. Department of Agriculture (“USDA”) corn ending stocks.

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In April, the Fund’s allocation to global stock indices performed well in April as the uptrend in equities continued. The Dow rose 4.4%, reaching mid-2008 highs on excellent quarterly earnings. Late-month results from Apple and IBM easily offset the downgrade of the U.S. credit outlook by S&P. European equities generally ignored sovereign debt worries, finishing broadly higher as surging Germany factory orders and industrial production set a positive tone. However, Greece’s ASE-20 moved back to its lows as debt restructuring rumors rattled investors. Asian indices tracked steadily higher, continuing to capitalize on China’s dynamic growth. Japan’s Nikkei (+1.3%) broke higher late as disaster recovery efforts progressed. The Fund yielded negative results in global bond markets in April as a mid-month reversal produced losses. German bunds continued their recent trend lower early in the month as strong economic data at home combined with sovereign debt fears on the periphery to drive yields higher. Ongoing inflation fears ahead of the ECB’s 25 basis point rate hike also exerted pressure. Values then recovered somewhat before vaulting higher in conjunction with the downgrade of the U.S. credit outlook by S&P as investors received a sobering reminder of the potential long-term risks to global growth prospects. The Fund experienced minor gains from its allocation to short-term interest rate futures in April in mixed action. Eurodollar futures trended higher as the Fed officially reiterated its commitment to completing the second round of quantitative easing (“QE2”) after some doubts were expressed last month. Euribor futures finished mixed as the ECB maintained its vigilant stance on inflation by raising their discount rate 25 basis points as expected. Allocations to currency markets yielded strong results in April as recent trends extended amid accelerating U.S. dollar weakness. The euro surged to its highest level since December of 2009 as an S&P downgrade of the U.S. credit outlook prompted severe U.S dollar weakness as the month came to a close. The Australian dollar marched 6.2% higher amid excellent export growth, while the New Zealand dollar rose by approximately the same percentage on a rising appetite for yield and risk as global investors sought to offset asset deterioration linked to inflation. The Colombian peso added another 5.5% amid heavy foreign direct investment flows into the oil and mining industries. Sweden’s krona and Brazil’s real also gained significantly as rate hikes attracted yield hungry investors. The Fund’s grain positions suffered losses in April amid heightened volatility as values fluctuated along with uncertain weather. Soybeans finished lower on the prospect of U.S. corn acres shifting to soybeans due to an excessively wet spring. A potentially record breaking South American crop led China to cancel U.S. purchases, while a bearish commodity call by Goldman Sachs pressured values as well. Wheat sold off late, losing 7% of its value as forecasts for badly needed rains in winter wheat areas offset the bullish effects of excessive moisture in spring wheat regions. Corn traded to all-time highs above $7.80 as poor planting progress threatened to exacerbate historically tight supplies. The Fund’s allocation to agricultural markets also resulted in losses for April as growing supplies offset the weaker U.S. dollar. June cattle (-6.2%) fell throughout the month after establishing record highs on April 4th as the USDA reported that commercial red-meat production reached a record high. June hogs also reversed to finish 8.4% lower as the after a reported 12% increase in frozen pork stocks versus last year. Cotton fell sharply on concern that China’s attempts to slow inflation using higher interest rates and reserve rate requirements would cut into demand. Meanwhile, July NY coffee established 14-year highs amid poor weather in South America. Allocations to metals outperformed in April as exceptional U.S. dollar weakness and rising inflation throughout the world propelled precious metals sharply higher. Gold saw an 8.1% gain, surpassing the $1,550 per ounce mark. July silver tacked on another 28%, pushing its year to date return to over 50% in frenzied action. Copper futures lost 3.4% as the U.S. credit downgrade and another reserve requirement hike in China dampened the growth outlook for the world’s two largest copper consumers.

For the 2^nd quarter of 2011, the most profitable market group overall was the bonds sector, while the greatest losses were attributable to positions in the energy sector.

In March, the Fund’s allocation to global equity markets underperformed as a sharp countertrend reversal following the disaster in Japan produced losses for the Fund’s strategies. Equity markets opened the month moving sideways as the reemergence of sovereign debt and inflation worries in Europe offset steady expansion in global manufacturing. From there the Nikkei plunged 25.0% on panic-induced selling following the events of March 11th. Results for the Fund’s models experienced losses as most leading indices participated in the selloff as risk appetite abated. Equities quickly recovered as the focus shifted to the growth to be generated by rebuilding Japan. Nikkei futures finished only 7.7% lower on the month while shares in South Korea and Hong Kong finished 9.1% and 0.9% higher, respectively, on the belief that these markets are well positioned to fill the temporary void left by the decimated Japanese manufacturing sector. U.S. equity markets also experienced small gains as macroeconomic data continued on a positive trajectory. A mixture of long and short positions in equity markets led the Fund to an overall loss. The Fund’s positions in the bond sector experienced gains in March despite volatile market conditions as geopolitical instability in Libya and Japan and financial instability in Europe led investors to the relative safety of treasuries. Positions in Japanese government 10-year bonds experienced gains as the market opened the month near unchanged before rallying sharply in response to a nearly 20.0% washout in equities following the disaster. The Fund experienced losses in German bund futures as the market finished lower on news of improving employment, factory orders and retail sales. Meanwhile, the sovereign debt situation continued to evolve amid several debt downgrades of peripheral states, prompting investors to demand more yield to hold German debt even as European Union leaders agreed to an expanded bailout package for troubled states. Results in U.S. bonds also experienced losses in turbulent trading activity as strong economic prospects offset geopolitical safe haven buying. A mixture of long and short bond positions led the Fund to an overall gain on the month. The Fund’s currency positions experienced gains in March as interest rate expectations and unsettling geopolitical developments dominated trading activity. June euro futures advanced 2.9% despite debt downgrades of Greece, Portugal and Spain as the ECB chairman continued to express the need for extreme vigilance with respect to the growing threat of inflation.

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The Swiss franc benefitted as investors sought shelter from the U.S.’s quantitative easing and Europe’s sovereign debt troubles. The yen rose over 4.0% following the catastrophic earthquake, amid expectations for a massive repatriation of capital to rebuild the stricken nation. However, in the first coordinated G7 intervention since the 2000 support for the euro, central bankers crushed the rally on March 18th, leading to a loss of 1.6% on the month. The Mexican peso outperformed as the oil producing nation saw slowing inflation complimented by expectations for continuing strong GDP growth. A mixture of long and short currency positions led the Fund to an overall gain on the month.

In February, the Fund’s allocation to equity markets performed well in February as major indices in the U.S. and Europe continued to press higher on improving economic conditions and strong corporate results. Late in the month, European and U.S. equities were shaken as the political unrest in Egypt spread to Libya and Bahrain, where protesters were met with force. The outbreak of violence triggered a spike in energy markets, which, when combined with uncertainty surrounding the severity of the crisis, prompted liquidation. Most major U.S. and European indices recovered late amid reassuring comments that the Saudis would cover any oil supply shortfalls. Asian shares struggled as inflation took a toll on growth prospects. Chinese H-shares lagged, finishing unchanged as inflation and consequent fiscal tightening dominated the action. Spillover pressure also affected shares in Singapore and Taiwan, which finished 5.9% and 5.6% lower, respectively. Japan’s Nikkei and Australia’s SPI finished 3.7% and 2.1% higher, respectively, in relatively quiet trading. A mixture of long and short positions in equity markets led the Fund to an overall gain in February. The Fund experienced losses in the bond sector in February as existing positions suffered amid a reversal in investors’ perception of the current risk environment. After breaking lower early in the month on strong corporate earnings and forward guidance, U.S. 30-year bond futures surged to January highs as growing unrest across the Middle East unnerved investors, prompting a general flight to safety. Germany’s bund futures opened the month under pressure as anecdotal evidence of exceptional demand from China offset disappointing December factory orders and retail sales data. However, the deteriorating geopolitical situation and local election losses by the majority ruling party in Germany spurred a reversal that led to losses for the Fund. Trade in Australian bond futures was particularly volatile, to the Fund’s detriment, as weakness associated with a strong early month employment report faded as the Reserve Bank of Australia chief indicated that the central bank was not considering a rate hike at the current time. A mixture of long and short bond positions led the Fund to an overall loss on the month. The Fund obtained gains in currencies in February as the U.S. dollar continued to trend lower, extending January’s losses by another 0.7%. The Swiss franc and Japanese yen finished 1.5% and 0.3% higher, respectively, amid safe haven buying as the situation deteriorated in the Middle East. The Fund experienced gains in the British pound, which finished the month 1.5% higher, after CPI readings showed that prices were increasing at a 4.0% annualized rate, the highest level since fall of 2008. Meanwhile, central bankers in Peru, Colombia, Indonesia and Russia raised rates as they continued to battle inflation while also attempting to fend off the negative effects that massive currency inflows are having on domestic currency appreciation. Colombia extended its dollar purchase program for another three months, hoping to cap currency gains to protect its export prospects. The Australian dollar finished 2.5% higher against the U.S. dollar as strong commodity markets supported full employment. A mixture of long and short positions in the currency sector led the Fund to an overall gain on the month. The Fund’s allocation to global energy markets yielded gains as growing instability in the Middle East and Northern Africa sent prices significantly higher. Short positions in West Texas Intermediate (“WTI”) crude oil performed well early in the month, falling over 5.0% following the Egyptian president’s resignation and total U.S. fuel supplies moving to twenty year highs at the Cushing, Oklahoma delivery point. From there, the Fund experienced gains on long positions in April gasoline, heating oil, and brent crude, which finished 9.8%, 7.6% and 10.9% higher, respectively, at the expense of the Fund’s WTI crude position as civil unrest spread to Bahrain, Libya, and Oman. The markets gathered momentum as speculation surrounding the stability of the Saudi regime intensified. Short positions in April natural gas also performed well, falling 8.9% on the month as forecasts for mild weather contributed to a convincing breach of the $4 British thermal unit (“btu’) level. A mixture of long and short positions in the energy sector led the Fund to an overall gain on the month.

In January, the Fund’s allocation to global equities finished mixed in January as disappointing performances in several peripheral markets offset steady trends in major indices. In Europe, several past laggards, including Greece, Italy and Spain finished the month 13.9%, 9.2% and 10.2% higher, respectively, as heavy ECB participation in secondary market debt auctions and plans for a comprehensive debt relief structure reassured investors. Small gains on positions in Germany’s DAX, France’s CAC40 and the Amsterdam EOE Index, which finished 2.5%, 5.1% and 1.3% higher, respectively, offset losses in the sector as several core European economies improved. U.S. equities pressed higher as improving employment figures and solid consumer demand elevated corporate earnings. The Fund experienced early losses in Australia’s SPI as epic flooding cut into 2011 GDP prospects. Chinese H-Shares reversed lower late in the month to the Fund’s detriment as authorities continued to struggle with inflation. Overall, a mixture of long and short stock indices positions led the Fund to an overall loss. The Fund’s allocation to global bond markets underperformed in January as investors exited safe haven assets in response to improving global economic conditions. The Fund experienced losses in its Japanese government bond positions as large auctions and generally poor economic performance resulted in a ratings agency debt downgrade, encouraging investors to put money to work outside the country. In Europe, investors sold bund and bobl futures as Euro-zone industrial production readings easily surpassed expectations. Additionally, positive dialogue from various heads of state regarding a comprehensive crisis solution was backed up by aggressive ECB purchases of Italian, Portuguese, and Spanish debt in secondary markets, ensuring successful auctions for the embattled countries. In the U.S., performance suffered in choppy countertrend action as bond and note futures moved

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sideways to slightly higher as QE2 program persisted in spite of rising inflation concerns in the rest of the world. A mixture of long and short bond positions led the Fund to an overall loss on the month. The Fund experienced losses in the interest rates sector as European short rates reversed sharply from December’s strong close. While the ECB left rates unchanged in January, their policy minutes emphasized vigilance over price stability in the midst of rising commodity prices. Policy makers also noted that uncertainty remains elevated and some financial institutions still face the threat of balance sheet adjustments despite positive underlying momentum in the economy. They also stressed the need for Euro members to reduce debt-to-GDP ratios. Short rate futures in the U.S. finished near their highs as early weakness associated with a strong employment report was offset by staunchly accommodative Fed monetary policy. Their focus, in contrast to the ECB, continues to be focused on growth and full employment at the expense of inflation. Meanwhile, Australian short rate futures moved higher to the Fund’s benefit as epic flooding cut into 2011 GDP estimates, thereby reducing prospects for previously expected rate hikes. A mixture of long and short interest rate positions led the Fund to an overall loss on the month. The Fund’s allocation to currency markets underperformed in January as the euro and British pound finished 2.4% and 2.8% higher against the U.S. dollar, respectively, and euro-zone regionals reversed late 2010 losses. Early month news that Japan would buy distressed sovereign debt and strong ECB secondary market participation in Portugal, Spain, and Italian bond auctions provided support to these recently battered economies. As confidence in the euro improved, investors moved out of the Swiss franc, which finished 0.9% lower against the U.S. dollar, and back into risk plays in Hungary and Poland, which finished 5.4% and 4.1% higher, respectively, resulting in losses for the Fund. The Australian dollar finished 2.1% lower against the U.S. dollar as flood damage triggered a one-time levy, which tempered 2011 growth estimates and rate hike expectations. The Fund experienced losses in the yen following a credit rating downgrade as Japan’s huge debt load and limited policy options unnerved investors. Gains in the Mexican peso, which finished 1.8% higher against the U.S. dollar, offset some losses in the sector as the peso rallied on prospects for a sustained U.S. economic recovery. The Fund��s mixture of long and short currency positions led to an overall loss on the month. The Fund experienced losses in the metals sector in January as gold and silver futures traded sharply lower amid growing optimism that the global economic recovery is gaining momentum. April gold finished with a loss of 6.2% as strong early month U.S. employment figures and ebbing contagion fears in Europe limited investors’ appetite for the alternative asset. March silver finished the month 8.8% lower in correlated action. The Fund’s allocation to industrial metals also suffered. The Fund’s positions in March Comex copper were stopped out after a 6.0% intra-month decline due to China raising its reserve requirement in response to elevated GDP and CPI reports. Fears that China would take more aggressive measures to limit growth led to losses in London aluminum, lead, and zinc as several Chinese banks were forced to cease lending for the remainder of the month. A mixture of long and short metals positions led the Fund to an overall loss on the month. The Fund’s allocation to global energy markets produced positive returns in January as economic, logistical, and geopolitical factors underpinned values. Strong U.S. employment figures and a pipeline shutdown in Alaska supported the Fund’s New York crude oil positions early in the month. However, elevated Chinese GDP and CPI readings precipitated another reserve requirement hike while increasing expectations for additional measures to slow their economy. This scenario, along with a bearish U.S. inventory report, contributed to losses for the Fund amid an 8.0% drop from intra-month highs. Long positions in brent crude finished 6.6% higher, surpassing $100 per barrel following a reversal in European demand expectations, an accident in the North Sea which idled 200k barrels of production, and heightening unrest in Egypt. Front-month heating oil surged as well, adding 7.4% as exceptionally cold weather gripped the northern hemisphere, providing excellent returns for the Fund. A mixture of long and short energy positions led the Fund to an overall gain on the month.

For the 1^st quarter of 2011, the most profitable market group overall was the energy sector, while the greatest losses were attributable to positions in the bonds sector.

Three Months Ended September 30, 2010

Series A:

Net results for the quarter ended September 30, 2010, were a gain of 6.1% in net asset value compared to the quarter ending June 30, 2010. In this period, Series A experienced a net increase in net assets from operations of $2,077,278. This increase consisted of interest income of $12,773, trading gains of $2,825,913, and total expenses of $761,408. Expenses included $161,115 in management fees, $87,089 in ongoing offering expenses, $13,063 in operating expenses, $348,370 in selling commissions, $149,258 in brokerage commissions, and $2,513 in other expenses. At September 30, 2011, and June 30, 2010, the net asset value per Unit of Series A was $1,369.17 and $1,290.29, respectively.

Series B:

Net results for the quarter ended September 30, 2010, were a gain of 10.1% in net asset value compared to the quarter ending June 30, 2010. In this period, Series B experienced a net increase in net assets from operations of $4,515,081. This increase consisted of interest income of $11,064, trading gains of $5,632,287, and total expenses of $1,128,270. Expenses included $216,669 in management fees, $117,120 in ongoing offering expenses, $17,567 in operating expenses, $538,545 in selling commissions, $236,459 in brokerage commissions, and $1,910 in other expenses. At September 30, 2010, and June 30, 2010, the net asset value per Unit of Series B was $1,468.03 and $1,333.65, respectively.

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Nine Months Ended September 30, 2010

Series A:

Net results for the nine months ended September 30, 2011, were a gain of 1.1% in net asset value compared to year ending December 31, 2009. In this period, Series A experienced a net increase in net assets from operations of $454,456. This increase consisted of interest income of $18,880, trading gains of $2,831,434, and total expenses of $2,395,858. Expenses included $482,043 in management fees, $260,563 in ongoing offering expenses, $39,084 in operating expenses, $1,042,268 in selling commissions, $562,861 in brokerage commissions, and $9,039 in other expenses. At September 30, 2010, and December 31, 2009, the net asset value per Unit of Series A was $1,369.17 and $1,354.49, respectively.

Series B:

Net results for the nine months ended September 30, 2011, were a gain of 0.9% in net asset value compared to the year ending December 31, 2009. In this period, Series B experienced a net increase in net assets from operations of $302,442. This increase consisted of interest income of $18,198, trading gains of $4,103,602, and total expenses of $3,819,358. Expenses included $677,278 in management fees, $366,098 in ongoing offering expenses, $54,913 in operating expenses, $1,534,457 in selling commissions, $1,177,016 in brokerage commissions, and $9,596 in other expenses. At September 30, 2010, and December 31, 2009, the net asset value per Unit of Series B was $1,468.03 and $1,454.64, respectively.

Fund Results as of 3rd Quarter 2010:

In September, the Fund’s allocation to global equities proved successful as equities moved sharply higher. Indices in the United States (“U.S.”) experienced gains as the combined effects of excellent technology earnings and elevated M&A activity drove the Nasdaq index 13.1% higher. Although short positions in European indices experienced losses as the Dow Jones Eurostoxx, France’s CAC-40 and Spain’s IBEX finished 5.0%, 6.4% and 2.5% higher, respectively, long positions in Korea’s Kospi index, which finished 7.4% higher, performed well amid upward revisions in the country’s current account surplus. A mixture of long and short positions led the Fund to an overall gain in the stock indices sector. The long-term upward trend in Canadian 3-month bank acceptance and Australian 90-day bank bill futures reversed, resulting in losses for the Fund’s short rates allocation. The selloff in Canada of 3-month bank notes was attributed to the Bank of Canada raising rates by 25 basis points for the third time since June, along with a better than expected rebound in Canadian employment and household spending. Australian short-term interest rates sold off dramatically in response to employers adding more jobs than forecast. In the U.S., 3-month Eurodollar futures bucked the global trend, trading higher as better than expected economic data was overshadowed by statements that the Fed was prepared to implement a second wave of unconventional monetary easing. Long positions in short-term interest rate products led the Fund to an overall loss on the month. Negative dollar statements by the Fed served as a catalyst for extreme currency market moves worldwide. The Australian dollar led the way, finishing 9.0% higher on the U.S. dollar. The Swiss franc finished 3.5% higher as investors perceived a safe haven play with the Japanese yen and U.S. dollar in tumult. Emerging market currencies also performed well as the South African rand, Brazilian real, and Korean won finished 6.0%, 3.7% and 4.8% higher, respectively. The Fund’s long positions in currency markets led to an overall gain on the month. The Fund obtained strong results from its allocation to the metals markets in September as investors sought safety from the devaluation of fiat currencies and exposure to alternative assets. As the dollar collapsed to a seven-month low, silver gained 12.2% on the month, breeching a 30-year high. Long positions in base metals performed well as positive early month manufacturing readings in the U.S. and China sent copper futures higher. London copper added 8.5% amid falling inventories while aluminum and nickel posted gains of 14.7% and 12.4%, respectively. December gold futures marched higher in September, finishing up 4.7% on the month and establishing a new all-time high above $1,300 per ounce. Long positions in the metals sector led the Fund to an overall gain on the month.

In August, the Fund’s allocations to global equity futures markets underperformed as heightening uncertainty continued to drive market volatility. The Dow Jones index finished the month down 3.9% as a poor labor market, deteriorating durable goods sales, and acute housing market declines challenged investor confidence. The Fund also lost ground in Europe as markets reversed lower with France’s CAC 40, Spain’s IBEX 35 and Italy’s MIB 40 finishing 4.2%, 2.7%, and 6.3% lower, respectively. A mixture of long and short positions in the stock indices sector led the Fund to an overall loss on the month. The strong upward trend in U.S. Treasury bond futures persisted with the front-month contract trading to an 18-month high while front-month 10-year Japanese government bond futures traded up to their highest level since 2003 as Japan’s gross domestic product (“GDP”) growth missed expectations by rising at an annualized rate of only 0.4%. A mixture of long and short bond futures positions led the Fund to an overall gain on the month. The Fund’s net long allocation to short-term interest rate futures yielded positive returns in August due to the prevailing fear that global growth was languishing. The long-term upward trend in 3-month Eurodollar futures extended higher after the U.S. Federal Reserve reversed plans to exit from monetary stimulus and decided to keep its bond holdings level with the possibility of resuming purchases. Long positions in the interest rate sector led the Fund to an overall gain on the month. The Fund experienced gains from its allocation to currency markets as positions in

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the Japanese yen and the Swiss franc performed well amid a growing sense of uncertainty surrounding the global economic recovery. Japan’s currency rallied to a 15-year high against the U.S. dollar while the Swiss franc ended the month 2.2% higher. Alternatively, long positions in the Canadian dollar and Mexican peso ended the month 3.5% and 4.1% lower against the U.S. dollar as investors curbed exposure to these major U.S. trade partners’ currencies amid flagging U.S. data. A mixture of long and short positions in the currency sector led the Fund to an overall gain on the month. The Fund’s trading systems yielded positive results in the metals sector as strong gains on long positions in gold outweighed negative performance in base metals. December gold contracts finished 5.5% higher as investment demand surged, more than doubling in the second quarter. Meanwhile, results suffered in the base metals as these markets succumbed to the same inputs that supported gold. In China, aluminum production was shuttered by another 330,000 tons while manufacturing grew at the slowest pace in 17 months, sparking fears of a double dip recession. These factors led to the possibility of weakening demand, subsequently putting downside pressure on London aluminum and nickel, which ended the month down 5.3% and 1.5%, respectively. A mixture of long and short metals positions led the Fund to an overall gain on the month. The Fund also saw strong results in global energy markets as these products established solid trends for most of August. Demand prospects for natural gas declined as July’s new and existing home sales data unexpectedly fell while initial jobless claims rose. Milder weather and the reduced threat of Atlantic hurricanes moving into the Gulf of Mexico pushed stockpiles to near-record highs. The Fund’s short positions in natural gas produced substantial gains as front-month futures traded well below the 50/100/200 day moving averages, finishing with a loss of 22.4% on the month. Rising U.S. jobless claims, contracting manufacturing and a widening trade deficit sent October crude down 9.3% on the month. A mixture of long and short positions in the energy sector led the Fund to an overall gain for the month.

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

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

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

In May, the Fund’s allocation to global equities lost ground as weakness in the global financial system from April carried over into the month. Germany’s Dax, the U.K.’s FTSE, and the Dow finished the month down 2.1%, 5.2%, and 7.6%, respectively. A mixture of long and short positions led the Fund to an overall loss in the stock indices sector on the month. The Fund’s long positions in the global bond futures markets provided positive returns as the sovereign debt crisis in the euro area intensified,

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

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

For the 2^nd quarter of 2010, the most profitable market group overall was the bonds sector, while the greatest losses were attributable to positions in the energy sector

Fund results for 1^st Quarter 2010:

In March, the Fund saw excellent results in the equities sector as global stock markets throughout the world surged. Rising business confidence in Germany propelled the DAX to a gain of 9.7%, while Italy’s MIB40, Spain’s IBEX, and Poland’s WIG20 finished up 8.5%, 4.8% and 12.6%, respectively. In Asia, Japan’s Nikkei finished up 10.3% and in the U.S., the S&P 500 and the Dow finished up 6.0% and 5.3%, respectively. A mixture of long and short positions in the stock indices sector led to a gain for the Fund for the month. The Fund continued to experience significant gains from its energy positions as global economic strength propelled crude oil demand expectations higher while warm weather and inflated inventories extended the downtrend in natural gas prices. Front-month crude oil futures finished up 4.7% on the month. The U.S. increased the number of natural gas rigs to 941, up 16.0% from a year earlier. These factors, combined with a mild weather forecast, sent front-month natural gas down, finishing 19.6% lower on the month. A mixture of long and short positions in the energy sector led to a gain for the Fund for the month. The Fund also experienced positive results in its long metals positions as base metals surged despite the stronger U.S. dollar. London copper finished 8.4% higher as exchange inventories fell for most of the month. London nickel rose to its highest level since June 2008, finishing 17.9% higher. The Fund’s long positions in the metals sector resulted in an overall gain for the month.

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

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

For the 1^st quarter of 2010, the most profitable market group overall was the energy sector, while the greatest losses were attributable to positions in the currency sector.

OFF-BALANCE SHEET RISK

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

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

Prior to its insolvency filing, the Fund used MF Global as one of its futures commission merchants. On October 31, 2011, MF Global reported to the SEC and CFTC possible deficiencies in customer segregated accounts held at the firm. As a result, the SEC and CFTC determined that a SIPC-led liquidation proceeding would be the safest and most prudent course of action to protect customer accounts and assets, and SIPC initiated the liquidation of MF Global under the Securities Investor Protection Act. As of October 31, 2011 approximately $1.49 million of Series A assets were still on deposit in accounts at MF Global. These assets represent approximately 4.2% of Series A’s net asset value of approximately $35.20 million. As of October 31, 2011 approximately $2.35 million of Series B’s assets were still on deposit in accounts at MF Global. These assets represent approximately 5.8% of Series B’s net asset value of approximately $40.46 million. Superfund Capital Management does not believe that the MF Global liquidation will have a material impact on the ongoing trading operations of either Series.

OFF-BALANCE SHEET ARRANGEMENTS

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

CONTRACTUAL OBLIGATIONS

The Fund does not enter into contractual obligations or commercial commitments to make future payments of a type that would be typical for an operating company. The Fund’s sole business is trading futures, currency, forward and certain swap contracts,

52

both long (contracts to buy) and short (contracts to sell). All such contracts are settled by offset, not delivery. Substantially all such contracts are for settlement within four months of the trade date and substantially all such contracts are held by the Fund for less than four months before being offset or rolled over into new contracts with similar maturities. The Financial Statements of Series A and Series B each present a Condensed Schedule of Investments setting forth net unrealized appreciation (depreciation) of each Series’ open forward contracts as well as the fair value of the futures contracts purchased and sold by each Series at September 30, 2011 and December 31, 2010.

CRITICAL ACCOUNTING POLICIES – VALUATION OF THE FUND’S POSITIONS

Superfund Capital Management believes that the accounting policies that will be most critical to the Fund’s financial condition and results of operations relate to the valuation of the Fund’s positions. The Fund uses the amortized cost method for valuing U.S. Treasury Bills. Superfund Capital Management believes the cost of securities plus accreted discount, or minus amortized premium, approximates fair value. The majority of the Fund’s positions will be exchange-traded futures contracts, which will be valued daily at settlement prices published by the exchanges. Any spot and forward foreign currency or swap contracts held by the Fund will also be valued at published daily settlement prices or at dealers’ quotes. Thus, Superfund Capital Management expects that under normal circumstances substantially all of the Fund’s assets will be valued on a daily basis using objective measures. Please see Note 3 of the Financial Statements, Fair Value Measurements, for more detailed information regarding valuation of the Fund’s positions.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not required.

ITEM 4. CONTROLS AND PROCEDURES

Superfund Capital Management, the Fund’s general partner, with the participation of Superfund Capital Management’s principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures with respect to each Series individually, as well as the Fund as a whole, as of the end of the period covered by this quarterly report, and, based on their evaluation, have concluded that these disclosure controls and procedures are effective. There were no formal changes in Superfund Capital Management’s internal controls over financial reporting during the quarter ended September 30, 2011 that have materially affected, or are reasonably likely to materially affect, Superfund Capital Management’s internal control over financial reporting with respect to each Series individually, as well as the Fund as a whole.

The Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer, Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer, Section 1350 Certification of Principal Executive Officer and Section 1350 Certification of Principal Financial Officer, Exhibit 31.1, Exhibit 31.2, Exhibit 32.1 and Exhibit 32.2 hereto, respectively, are applicable with respect to each Series individually, as well as to the Fund as a whole.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

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

ITEM 1A. RISK FACTORS

Not required.

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

(a) There were no sales of unregistered securities during the quarter ended September 30, 2011.

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

53

The following tables summarize the redemptions by investors during the three months ended September 30, 2011:

Series A:
Month	Units Redeemed		NAV per Unit ($)
July 31, 2011		314.415		1,583.91
August 31, 2011		202.469		1,582.54
September 30, 2011		455.140		1,538.01
		972.024

Series B:
Month	Units Redeemed		NAV per Unit ($)
July 31, 2011		1,417.837		1,864.46
August 31, 2011		641.418		1,867.42
September 30, 2011		288.449		1,781.77
		2,347.704

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. (REMOVED AND RESERVED)

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

The following exhibits are included herewith:

31.1	Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer
31.2	Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer
32.1	Section 1350 Certification of Principal Executive Officer
32.2	Section 1350 Certification of Principal Financial Officer
101.INS*	XBRL Instance Document
101.SCH*	XBRL Taxonomy Extension Schema Document
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*	XBRL Taxonomy Extension Label Linkbase Document
101.PRE*	XBRL Taxonomy Extension Presentation Linkbase Document

* XBRL information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934, and is not subject to liability under those sections, is not part of any registration statement or prospectus to which it relates and is not incorporated or deemed to be incorporated by reference into any registration statement, prospectus or other document.

54

SIGNATURES

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

Date:November 14, 2011	SUPERFUND GREEN, L.P.
	(Registrant)
	By: Superfund Capital Management, Inc.
	General Partner
	By: /s/ Nigel James
	Nigel James
	President and Principal Executive Officer
	By: /s/ Martin Schneider
	Martin Schneider
	Vice President and Principal Financial Officer

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EXHIBIT INDEX

Exhibit Number	Description of Document	Page Number
31.1	Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer		E-2
31.2	Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer		E-3
32.1	Section 1350 Certification of Principal Executive Officer		E-4
32.2	Section 1350 Certification of Principal Financial Officer		E-5
101.INS*	XBRL Instance Document
101.SCH*	XBRL Taxonomy Extension Schema Document
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*	XBRL Taxonomy Extension Label Linkbase Document
101.PRE*	XBRL Taxonomy Extension Presentation Linkbase Document

* XBRL information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934, and is not subject to liability under those sections, is not part of any registration statement or prospectus to which it relates and is not incorporated or deemed to be incorporated by reference into any registration statement, prospectus or other document.

E-1