Superfund Green 10-Q 2015 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, 2015

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
Financial Statements: Superfund Green, L.P.
Statements of Assets and Liabilities as of September 30, 2015 (unaudited) and December 31, 2014		3
Unaudited Condensed Schedule of Investments as of September 30, 2015		4
Condensed Schedule of Investments as of December 31, 2014		5
Unaudited Statements of Operations for the Three and Nine Months Ended September 30, 2015 and September  30, 2014		6
Unaudited Statements of Changes in Net Assets for the Nine Months Ended September 30, 2015 and September  30, 2014		7
Unaudited Statements of Cash Flows for the Nine Months Ended September 30, 2015 and September 30, 2014		8
Financial Statements: Superfund Green, L.P. – Series A
Statements of Assets and Liabilities as of September 30, 2015 (unaudited) and December 31, 2014		9
Unaudited Condensed Schedule of Investments as of September 30, 2015		10
Condensed Schedule of Investments as of December 31, 2014		11
Unaudited Statements of Operations for the Three and Nine Months Ended September 30, 2015 and September  30, 2014		12
Unaudited Statements of Changes in Net Assets for the Nine Months Ended September  30, 2015 and September 30, 2014		13
Unaudited Statements of Cash Flows for the Nine Months Ended September 30, 2015 and September 30, 2014		14
Financial Statements: Superfund Green, L.P. – Series B
Statements of Assets and Liabilities as of September 30, 2015 (unaudited) and December 31, 2014		15
Unaudited Condensed Schedule of Investments as of September 30, 2015		16
Condensed Schedule of Investments as of December 31, 2014		17
Unaudited Statements of Operations for the Three and Nine Months Ended September 30, 2015 and September  30, 2014		18
Unaudited Statements of Changes in Net Assets for the Nine Months Ended September  30, 2015 and September 30, 2014		19
Unaudited Statements of Cash Flows for the Nine Months Ended September 30, 2015 and September 30, 2014		20
Notes to Unaudited Financial Statements		21-41

2

SUPERFUND GREEN, L.P.

STATEMENTS OF ASSETS AND LIABILITIES

as of September 30, 2015 and December 31, 2015

	September 30, 2015 (unaudited)		December 31, 2014
ASSETS
Due from brokers	$	4,974,607	$	8,221,595
Unrealized gain on futures contracts purchased		328,261		927,412
Unrealized gain on futures contracts sold		624,838		627,584
Cash		11,180,939		12,702,894
Total assets		17,108,645		22,479,485
LIABILITIES
Unrealized loss on futures contracts purchased		705,164		681,201
Unrealized loss on futures contracts sold		220,553		154,403
Redemptions payable		218,574		991,842
Management fees payable		25,017		33,459
Fees payable		12,291		16,069
Total liabilities		1,181,599		1,876,974
NET ASSETS	$	15,927,046	$	20,602,511

See accompanying notes to unaudited financial statements.

3

SUPERFUND GREEN, L.P.

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of September 30, 2015

	Percentage of Net Assets			Fair Value
Futures contracts purchased
Currency		(0.4	)%	$	(62,962	)
Energy		(0.4	)		(65,452	)
Financial		0.5			77,009
Food & Fiber		(0.3	)		(48,738	)
Indices		(0.9	)		(137,099	)
Livestock		(0.5	)		(73,990	)
Metals		(0.4	)		(65,671	)
Total futures contracts purchased		(2.4	)		(376,903	)
Futures contracts sold
Currency		0.1			21,164
Energy		1.2	*		197,908
Financial		(0.2	)		(34,200	)
Food & Fiber
Soybean Oil expiring December 2015		1.0			162,774
Other		(0.6	)		(97,724	)
Total Food & Fiber		0.4			65,050
Indices		0.4			63,719
Livestock		0.4			70,350
Metals		0.1			20,294
Total futures contracts sold		2.4			404,285
Total futures contracts, at fair value		0.0	%	$	27,382
Futures contracts by country composition
Australia		0.0	**%	$	4,616
Canada		(0.2	)		(29,412	)
European Monetary Union		(0.1	)		(18,291	)
Great Britain		0.2			38,516
Japan		0.3			49,808
United States		(0.7	)		(106,115	)
Other		0.5			88,260
Total futures contracts by country composition		0.0	**%	$	27,382

* No individual contract position constituted one percent or greater of net assets, unless broken out above. Accordingly, the number of contracts and expiration dates are not presented.

** Due to rounding – amount is less than 0.05%

See accompanying notes to unaudited financial statements.

4

SUPERFUND GREEN, L.P.

CONDENSED SCHEDULE OF INVESTMENTS

as of December 31, 2014

	Percentage of Net Assets			Fair Value
Futures Contracts Purchased
Currency		0.0	**%	$	2,110
Energy		(0.7	)		(160,231	)
Financial		2.3	*		491,037
Food & Fiber		(0.2	)		(52,786	)
Indices		1.4	*		294,340
Livestock		(1.0	)*		(210,110	)
Metals		(0.5	)		(118,149	)
Total futures contracts purchased		1.3			246,211
Futures Contracts Sold
Currency		0.4			79,639
Energy		1.0	*		217,842
Financial		(0.1	)		(12,202	)
Food & Fiber		0.3			74,642
Indices		(0.5	)		(101,301	)
Metals		1.0	*		214,561
Total futures contracts sold		2.1			473,181
Total futures contracts, at fair value		3.4	%	$	719,392
Futures contracts by country composition
Australia		0.2	%	$	44,422
Canada		0.4			90,868
European Monetary Union		0.0	**		353
Great Britain		0.4			77,698
Japan		0.9			188,896
United States		0.3			74,579
Other		1.1	*		242,576
Total futures contracts by country composition		3.3	%	$	719,392

* No individual contract position constituted one percent or greater of net assets, unless broken out above. Accordingly, the number of contracts and expiration dates are not presented.

** Due to rounding – amount is less than 0.05%

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,
	2015			2014			2015			2014
Investment Income
Interest income	$	340		$	576		$	1,115		$	2,114
Other income		—			7			—			14
Total investment income		340			583			1,115			2,128
Expenses
Selling commission		169,657			222,965			574,617			735,446
Brokerage commissions		66,393			110,951			202,812			436,376
Management fee		78,466			103,122			265,760			340,144
Ongoing offering expenses		—			—			—			66,809
Operating expenses		6,362			8,361			21,549			27,581
Other		7,883			5,807			27,550			10,478
Total expenses		328,761			451,206			1,092,288			1,616,834
Net investment loss	$	(328,421	)	$	(450,623	)	$	(1,091,173	)	$	(1,614,706	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts	$	(835,551	)	$	1,645,756		$	(191,439	)	$	2,895,900
Net change in unrealized appreciation (depreciation) on futures and forward contracts		140,109			164,519			(692,007	)		(420,301	)
Net gain (loss) on investments	$	(695,442	)	$	1,810,275		$	(883,446	)	$	2,475,599
Net increase (decrease) in net assets from operations	$	(1,023,863	)	$	1,359,652		$	(1,974,619	)	$	860,893

See accompanying notes to unaudited financial statements.

6

SUPERFUND GREEN, L.P.

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS

	Nine Months Ended September 30,
	2015			2014
Increase (decrease) in net assets from operations
Net investment loss	$	(1,091,173	)	$	(1,614,706	)
Net realized gain (loss) on futures and forward contracts		(191,439	)		2,895,900
Net change in unrealized depreciation on futures and forward contracts		(692,007	)		(420,301	)
Net increase (decrease) in net assets from operations		(1,974,619	)		860,893
Capital share transactions
Issuance of Units		460,968			811,597
Redemption of Units		(3,161,814	)		(7,823,479	)
Net decrease in net assets from capital share transactions		(2,700,846	)		(7,011,882	)
Net decrease in net assets		(4,675,465	)		(6,150,989	)
Net assets,beginning of period		20,602,511			27,758,351
Net assets,end of period	$	15,927,046		$	21,607,362

See accompanying notes to unaudited financial statements.

7

SUPERFUND GREEN, L.P.

UNAUDITED STATEMENTS OF CASH FLOWS

	Nine Months Ended September 30,
	2015			2014
Cash flows from operating activities
Net increase (decrease) in net assets from operations	$	(1,974,619	)	$	860,893
Adjustment to reconcile net increase (decrease) in net assets from operations to net cash provided by operating activities:
Changes in operating assets and liabilities:
Decrease in due from brokers		3,246,988			7,844,221
Decrease in futures contracts purchased		623,114			820,453
Decrease in unrealized depreciation on open forward contracts		—			(44	)
Increase (decrease) in futures contracts sold		68,896			(400,108	)
Decrease in management fees payable		(8,442	)		(10,449	)
Decrease in fees payable		(3,778	)		(33,516	)
Net cash provided by operating activities		1,952,159			9,081,450
Cash flows from financing activities
Subscriptions, net of change in advanced subscriptions		460,968			811,597
Redemptions, net of change in redemptions payable		(3,935,082	)		(8,391,758	)
Net cash used in financing activities		(3,474,114	)		(7,580,161	)
Net increase (decrease) in cash		(1,521,955	)		1,501,289
Cash,beginning of period		12,702,894			11,990,898
Cash,end of period	$	11,180,939		$	13,492,187

See accompanying notes to unaudited financial statements.

8

SUPERFUND GREEN, L.P. – SERIES A

STATEMENTS OF ASSETS AND LIABILITIES

as of September 30, 2015 and December 31, 2014

	September 30, 2015 (unaudited)		December 31, 2014
ASSETS
Due from brokers	$	1,735,413	$	3,032,505
Unrealized gain on futures contracts purchased		133,774		341,117
Unrealized gain on futures contracts sold		247,437		237,325
Cash		6,211,776		7,217,637
Total assets		8,328,400		10,828,584
LIABILITIES
Unrealized loss on futures contracts purchased		277,158		251,096
Unrealized loss on futures contracts sold		94,240		58,750
Redemptions payable		49,512		591,594
Management fees payable		12,298		16,258
Fees payable		7,620		9,450
Total liabilities		440,828		927,148
NET ASSETS	$	7,887,572	$	9,901,436
Number of Units outstanding		6,822.628		7,713.806
Net Asset Value per Unit	$	1,156.09	$	1,283.60

See accompanying notes to unaudited financial statements.

9

SUPERFUND GREEN, L.P. – SERIES A

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of September 30, 2015

	Percentage of Net Assets			Fair Value
Futures contracts purchased
Currency		(0.3	)%	$	(25,081	)
Energy		(0.3	)		(27,085	)
Financial		0.4			30,426
Food & Fiber		(0.3	)		(20,615	)
Indices		(0.7	)		(54,208	)
Livestock		(0.4	)		(31,030	)
Metals		(0.2	)		(15,791	)
Total futures contracts purchased		(1.8	)		(143,384	)
Futures contracts sold
Currency		0.1			9,414
Energy		1.0	*		81,272
Financial		(0.2	)		(17,240	)
Food & Fiber		0.3			21,980
Indices		0.3			23,924
Livestock		0.3			26,940
Metals		0.1			6,907
Total futures contracts sold		1.9			153,197
Total futures contracts, at fair value		0.1	%	$	9,813
Futures contracts by country composition
Australia		0.0	**%	$	2,180
Canada		(0.2	)		(12,588	)
European Monetary Union		(0.1	)		(7,243	)
Great Britain		0.2			16,520
Japan		0.2			19,069
United States		(0.5	)		(40,175	)
Other		0.5			32,050
Total futures contracts by country composition		0.1	%	$	9,813

* No individual contract position constituted one percent or greater of net assets, unless broken out above. Accordingly, the number of contracts and expiration dates are not presented.

** Due to rounding – amount is less than 0.05%

See accompanying notes to unaudited financial statements.

10

SUPERFUND GREEN, L.P. – SERIES A

CONDENSED SCHEDULE OF INVESTMENTS

as of December 31, 2014

	Percentage of Net Assets			Fair Value
Futures contracts purchased
Energy		(0.6	)%	$	(57,916	)
Financial		1.8	*		184,415
Food & Fiber		(0.1	)		(13,355	)
Indices		0.9			102,150
Livestock		(0.7	)		(78,470	)
Metals		(0.4	)		(46,803	)
Total futures contracts purchased		0.9			90,021
Futures contracts sold
Currency		0.3			28,808
Energy		0.8			81,210
Financial		(0.0	)**		(4,331	)
Food & Fiber		0.2			27,541
Indices		(0.4	)		(37,750	)
Metals		0.8			83,097
Total futures contracts sold		1.7			178,575
Total futures contracts, at fair value		2.6	%	$	268,596
Futures contracts by country composition
Australia		0.1	%	$	12,933
Canada		0.3			31,434
European Monetary Union		(0.0	)**		(2,640	)
Great Britain		0.2			25,780
Japan		0.6			68,041
United States		0.5			37,619
Other		0.9			95,429
Total futures contracts by country composition		2.6	%	$	268,596

* No individual contract position constituted one percent or greater of net assets, unless broken out above. Accordingly, the number of contracts and expiration dates are not presented.

** Due to rounding – amount is less than 0.05%

See accompanying notes to unaudited financial statements.

11

SUPERFUND GREEN, L.P. – SERIES A

UNAUDITED STATEMENTS OF OPERATIONS

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Investment Income
Interest income	$	101		$	207		$	379		$	801
Other income		—			—			—			3
Total investment income		101			207			379			804
Expenses
Selling commission		82,960			107,380			276,904			351,673
Brokerage commissions		25,570			42,697			73,604			167,583
Management fee		38,369			49,664			128,068			162,649
Ongoing offering expenses		—			—			—			31,599
Operating expenses		3,111			4,027			10,384			13,189
Other		3,545			2,372			11,387			4,297
Total expenses		153,555			206,140			500,347			730,990
Net investment loss	$	(153,454	)	$	(205,933	)	$	(499,968	)	$	(730,186	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts	$	(297,557	)	$	671,825		$	(116,203	)	$	1,105,499
Net change in unrealized appreciation (depreciation) on futures and forward contracts		34,114			32,570			(258,781	)		(163,064	)
Net gain (loss) on investments	$	(263,443	)	$	704,395		$	(374,984	)	$	942,435
Net increase (decrease) in net assets from operations	$	(416,897	)	$	498,462		$	(874,952	)	$	212,249
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of units outstanding during period)*	$	(61.92	)	$	58.06		$	(122.06	)	$	22.56
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per unit during period)*	$	(59.92	)	$	57.83		$	(127.51	)	$	29.80

* Weighted average number of Units outstanding for Series A for the three months ended September 30, 2015 and September 30, 2014: 6,732.97 and 8,585.77, respectively; and for the nine months ended September 30, 2015 and September 30, 2014: 7,168.34 and 9,408.27, respectively.

See accompanying notes to unaudited financial statements.

12

SUPERFUND GREEN, L.P. – SERIES A

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS

	Nine Months Ended September 30,
	2015			2014
Increase (decrease) in net assets from operations
Net investment loss	$	(499,968	)	$	(730,186	)
Net realized gain (loss) on futures and forward contracts		(116,203	)		1,105,499
Net change in unrealized depreciation on futures and forward contracts		(258,781	)		(163,064	)
Net increase (decrease) in net assets from operations		(874,952	)		212,249
Capital share transactions
Issuance of Units		206,542			501,619
Redemption of Units		(1,345,454	)		(3,148,421	)
Net decrease in net assets from capital share transactions		(1,138,912	)		(2,646,802	)
Net decrease in net assets		(2,013,864	)		(2,434,553	)
Net assets,beginning of period		9,901,436			12,974,396
Net assets,end of period	$	7,887,572		$	10,539,843
Units, beginning of period		7,713.806			10,676.154
Issuance of Units		161.490			421.664
Redemption of Units		(1,052.668	)		(2,632.586	)
Units, end of period		6,822.628			8,465.232

See accompanying notes to unaudited financial statements.

13

SUPERFUND GREEN, L.P. – SERIES A

UNAUDITED STATEMENTS OF CASH FLOWS

	Nine Months Ended September 30,
	2015			2014
Cash flows from operating activities
Net increase (decrease) in net assets from operations	$	(874,952	)	$	212,249
Adjustment to reconcile net increase (decrease) in net assets from operations to net cash provided by operating activities:
Changes in operating assets and liabilities:
Decrease in due from brokers		1,297,092			3,441,359
Decrease in futures contracts purchased		233,405			301,087
Decrease in unrealized depreciation on open forward contracts		—			(12	)
Increase (decrease) in futures contracts sold		25,378			(138,011	)
Decrease in management fees payable		(3,960	)		(4,345	)
Decrease in fees payable		(1,830	)		(15,494	)
Net cash provided by operating activities		675,133			3,796,833
Cash flows from financing activities
Subscriptions, net of change in advanced subscriptions		206,542			501,619
Redemptions, net of change in redemptions payable		(1,887,536	)		(3,506,505	)
Net cash used in financing activities		(1,680,994	)		(3,004,886	)
Net increase (decrease) in cash		(1,005,861	)		791,947
Cash,beginning of period		7,217,637			6,593,319
Cash,end of period	$	6,211,776		$	7,385,266

See accompanying notes to unaudited financial statements.

14

SUPERFUND GREEN, L.P. – SERIES B

STATEMENTS OF ASSETS AND LIABILITIES

as of September 30, 2015 and December 31, 2014

	September 30, 2015 (unaudited)		December 31, 2014
ASSETS
Due from brokers	$	3,239,194	$	5,189,090
Unrealized gain on futures contracts purchased		194,487		586,295
Unrealized gain on futures contracts sold		377,401		390,259
Cash		4,969,163		5,485,257
Total assets		8,780,245		11,650,901
LIABILITIES
Unrealized loss on futures contracts purchased		428,006		430,105
Unrealized loss on futures contracts sold		126,313		95,653
Redemptions payable		169,062		400,248
Management fees payable		12,719		17,201
Fees payable		4,671		6,619
Total liabilities		740,771		949,826
NET ASSETS	$	8,039,474	$	10,701,075
Number of Units outstanding		6,278.839		7,316.097
Net Asset Value per Unit	$	1,280.41	$	1,462.68

See accompanying notes to unaudited financial statements.

15

SUPERFUND GREEN, L.P. – SERIES B

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of September 30, 2015

	Percentage of Net Assets			Fair Value
Futures contracts purchased
Currency		(0.5	)%	$	(37,881	)
Energy		(0.5	)		(38,367	)
Financial		0.6			46,583
Food & Fiber		(0.4	)		(28,123	)
Indices		(1.0	)*		(82,891	)
Livestock		(0.5	)		(42,960	)
Metals		(0.6	)		(49,880	)
Total futures contracts purchased		(2.9	)		(233,519	)
Futures contracts sold
Currency		0.1			11,750
Energy		1.5	*		116,636
Financial		(0.2	)		(16,960	)
Food & Fiber
Soybean Oil expiring December 2015		1.3			100,770
Other		(0.8	)		(57,700	)
Total Food & Fiber		0.5			43,070
Indices		0.5			39,795
Livestock		0.5			43,410
Metals		0.2			13,387
Total futures contracts sold		3.1			251,088
Total futures contracts, at fair value		0.2	%	$	17,569
Futures contracts by country composition
Australia		0.0	**%	$	2,436
Canada		(0.2	)		(16,824	)
European Monetary Union		(0.1	)		(11,048	)
Great Britain		0.3			21,996
Japan		0.4			30,739
United States		(0.8	)		(65,940	)
Other		0.6			56,210
Total futures contracts by country composition		0.2	%	$	17,569

* No individual contract position constituted one percent or greater of net assets, unless broken out above. Accordingly, the number of contracts and expiration dates are not presented.

** Due to rounding – amount is less than 0.05%

See accompanying notes to unaudited financial statements.

16

SUPERFUND GREEN, L.P. – SERIES B

CONDENSED SCHEDULE OF INVESTMENTS

as of December 31, 2014

	Percentage of Net Assets			Fair Value
Futures contracts purchased
Currency		0.0	**%	$	2,110
Energy		(0.9	)		(102,315	)
Financial		2.8	*		306,622
Food & Fiber		(0.4	)		(39,431	)
Indices		1.7	*		192,190
Livestock		(1.2	)*		(131,640	)
Metals		(0.6	)		(71,346	)
Total futures contracts purchased		1.4			156,190
Futures contracts sold
Currency		0.6			50,831
Energy		1.2	*		136,632
Financial		(0.1	)		(7,871	)
Food & Fiber		0.4			47,101
Indices		(0.6	)		(63,551	)
Metals		1.2	*		131,464
Total futures contracts sold		2.7			294,606
Total futures contracts, at fair value		4.1	%	$	450,796
Futures contracts by country composition
Australia		0.3	%	$	31,489
Canada		0.5			59,434
European Monetary Union		0.0	**		2,993
Great Britain		0.5			51,918
Japan		1.1	*		120,855
United States		0.3			36,960
Other		1.4	*		147,147
Total futures contracts by country composition		4.1	%	$	450,796

* No individual contract position constituted one percent or greater of net assets, unless broken out above. Accordingly, the number of contracts and expiration dates are not presented.

** Due to rounding – amount is less than 0.05%

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,
	2015			2014			2015			2014
Investment Income
Interest income	$	239		$	369		$	736		$	1,313
Other income		—			7			—			11
Total investment income		239			376			736			1,324
Expenses
Selling commission		86,697			115,585			297,713			383,773
Brokerage commissions		40,823			68,254			129,208			268,793
Management fee		40,097			53,458			137,692			177,495
Ongoing offering expenses		—			—			—			35,210
Operating expenses		3,251			4,334			11,165			14,392
Other		4,338			3,435			16,163			6,181
Total expenses		175,206			245,066			591,941			885,844
Net investment loss	$	(174,967	)	$	(244,690	)	$	(591,205	)	$	(884,520	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts	$	(537,994	)	$	973,931		$	(75,236	)	$	1,790,401
Net change in unrealized appreciation (depreciation) on futures and forward contracts		105,995			131,949			(433,226	)		(257,237	)
Net gain (loss) on investments	$	(431,999	)	$	1,105,880		$	(508,462	)	$	1,533,164
Net increase (decrease) in net assets from operations	$	(606,966	)	$	861,190		$	(1,099,667	)	$	648,644
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of units outstanding during period)*	$	(97.38	)	$	104.22		$	(165.82	)	$	69.02
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per unit during period)*	$	(94.77	)	$	102.68		$	(182.27	)	$	83.73

* Weighted average number of Units outstanding for Series B for the three months ended September 30, 2015 and September 30, 2014: 6,233.22 and 8,262.87, respectively; and for the nine months ended September 30, 2015 and September 30, 2014: 6,631.60 and 9,397.93, respectively.

See accompanying notes to unaudited financial statements.

18

SUPERFUND GREEN, L.P. – SERIES B

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS

	Nine Months Ended September 30,
	2015			2014
Increase (decrease) in net assets from operations
Net investment loss	$	(591,205	)	$	(884,520	)
Net realized gain (loss) on futures and forward contracts		(75,236	)		1,790,401
Net change in unrealized depreciation on futures and forward contracts		(433,226	)		(257,237	)
Net increase (decrease) in net assets from operations		(1,099,667	)		648,644
Capital share transactions
Issuance of Units		254,426			309,978
Redemption of Units		(1,816,360	)		(4,675,058	)
Net decrease in net assets from capital share transactions		(1,561,934	)		(4,365,080	)
Net decrease in net assets		(2,661,601	)		(3,716,436	)
Net assets,beginning of period		10,701,075			14,783,955
Net assets,end of period	$	8,039,474		$	11,067,519
Units, beginning of period		7,316.097			11,363.782
Issuance of Units		171.606			240.191
Redemption of Units		(1,208.864	)		(3,611.239	)
Units, end of period		6,278.839			7,992.734

See accompanying notes to unaudited financial statements.

19

SUPERFUND GREEN, L.P. – SERIES B

UNAUDITED STATEMENTS OF CASH FLOWS

	Nine Months Ended September 30,
	2015			2014
Cash flows from operating activities
Net increase (decrease) in net assets from operations	$	(1,099,667	)	$	648,644
Adjustment to reconcile net increase (decrease) in net assets from operations to net cash provided by operating activities:
Changes in operating assets and liabilities:
Decrease in due from brokers		1,949,896			4,402,862
Decrease in futures contracts purchased		389,709			519,366
Decrease in unrealized depreciation on open forward contracts		—			(32	)
Increase (decrease) in futures contracts sold		43,518			(262,097	)
Decrease in management fees payable		(4,482	)		(6,104	)
Decrease in fees payable		(1,948	)		(18,022	)
Net cash provided by operating activities		1,277,026			5,284,617
Cash flows from financing activities
Subscriptions, net of change in advanced subscriptions		254,426			309,978
Redemptions, net of change in redemptions payable		(2,047,546	)		(4,885,253	)
Net cash used in financing activities		(1,793,120	)		(4,575,275	)
Net increase (decrease) in cash		(516,094	)		709,342
Cash,beginning of period		5,485,257			5,397,579
Cash,end of period	$	4,969,163		$	6,106,921

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, 2015

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 (“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 terms of Series A and Series B each shall continue until December 31, 2050, unless the applicable Series is 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, 2014.

Valuation of Investments in Futures Contracts and Forward Contracts

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 market 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.

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 realized and unrealized 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. Operating expenses of the Fund are allocated to each Series in proportion to the net asset value of the Series at the beginning of each month. Expenses directly attributable to a particular Series are charged directly to that Series.

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 operations 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.

Set forth herein are instruments and transactions eligible for offset in the statements of assets and liabilities and which are subject to derivative clearing agreements with the Fund’s futures commission merchants. Each futures commission merchant nets margin held on behalf of each Series of the Fund or payment obligations of the futures commission merchant to each Series against any payment obligations of that Series to the futures commission merchant. Each Series is required to deposit margin at each futures commission merchant to meet the original and maintenance requirements established by that futures commission merchant, and/or the exchange or clearinghouse associated with the exchange on which the instrument is traded. The derivative clearing agreements give each futures commission merchant a security interest in this margin to secure any liabilities owed to the futures commission merchant arising from a default by the Series. As of September 30, 2015, the Fund had on deposit $2,254,391 at ADM Investor Services, Inc. and $2,720,216 at Merrill Lynch, Pierce, Fenner & Smith Inc. As of September 30, 2015, Series A had on deposit $718,045 at ADM Investor Services, Inc. and $1,017,368 at Merrill Lynch, Pierce, Fenner & Smith Inc. As of September 30, 2015, Series B had on deposit $1,536,346 at ADM Investor Services, Inc. and $1,702,848 at Merrill Lynch, Pierce, Fenner & Smith Inc.

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 Topic 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 2011 through 2014 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.

Recently Issued Accounting Pronouncements

ASU 2011-11

In December 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-11,Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”). ASU 2011-11 requires disclosures to make financial statements that are prepared under U.S. GAAP more comparable to those prepared under International Financial Reporting Standards. The new disclosure requirements mandate that entities disclose both gross and net information about instruments and transactions eligible for offset in the statement of assets and liabilities as well as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, ASU 2011-11 requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements.

22

In January 2013, the FASB issued guidance to clarify the scope of disclosures about offsetting assets and liabilities. The amendments clarify that the scope of guidance issued in December 2011 to enhance disclosures around financial instrument and derivative instruments that are either (a) offset, or (b) subject to a master netting agreement or similar agreement, irrespective of whether they are offset, applies to derivatives, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset or subject to an enforceable master netting arrangement or similar agreement. The amendments are effective for interim and annual periods beginning on or after January 1, 2013. Adoption did not have a material impact on the Fund’s financial statements.

3. Fair Value Measurements

The Fund follows ASC 820,Fair Value Measurements and Disclosures, 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.

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.

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. There were no forward or spot foreign currency contracts held by the Fund at June 30, 2015 or December 31, 2014.

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. There were no Level 3 holdings at September 30, 2015 or December 31, 2014 or during the periods then ended.

23

The following table summarizes the valuation of the Fund’s assets and liabilities by the ASC 820 fair value hierarchy as of September 30, 2015 and December 31, 2014:

Superfund Green, L.P.

	Balance September 30, 2015		Level 1		Level 2		Level 3
ASSETS
Futures contracts sold	$	624,838	$	624,838	$	—	$	—
Futures contracts purchased		328,261		328,261		—		—
Total Assets Measured at Fair Value	$	953,099	$	953,099	$	—	$	—
LIABILITIES
Futures contracts sold	$	220,553	$	220,553	$	—	$	—
Futures contracts purchased		705,164		705,164		—		—
Total Liabilities Measured at Fair Value	$	925,717	$	925,717	$	—	$	—
	Balance December 31, 2014		Level 1		Level 2		Level 3
ASSETS
Futures contracts sold	$	627,584	$	627,584	$	—	$	—
Futures contracts purchased		927,412		927,412		—		—
Total Assets Measured at Fair Value	$	1,554,996	$	1,554,996	$	—	$	—
LIABILITIES
Futures contracts sold	$	154,403	$	154,403	$	—	$	—
Futures contracts purchased		681,201		681,201		—		—
Total Liabilities Measured at Fair Value	$	835,604	$	835,604	$	—	$	—

Superfund Green, L.P. – Series A

	Balance September 30, 2015		Level 1		Level 2		Level 3
ASSETS
Futures contracts sold	$	247,437	$	247,437	$	—	$	—
Futures contracts purchased		133,774		133,774		—		—
Total Assets Measured at Fair Value	$	381,211	$	381,211	$	—	$	—
LIABILITIES
Futures contracts sold	$	94,240	$	94,240	$	—	$	—
Futures contracts purchased		277,158		277,158		—		—
Total Liabilities Measured at Fair Value	$	371,398	$	371,398	$	—	$	—

24

	Balance December 31, 2014		Level 1		Level 2		Level 3
ASSETS
Futures contracts sold	$	237,325	$	237,325	$	—	$	—
Futures contracts purchased		341,117		341,117		—		—
Total Assets Measured at Fair Value	$	578,442	$	578,442	$	—	$	—
LIABILITIES
Futures contracts sold	$	58,750	$	58,750	$	—	$	—
Futures contracts purchased		251,096		251,096		—		—
Total Liabilities Measured at Fair Value	$	309,846	$	309,846	$	—	$	—

Superfund Green, L.P. – Series B

	Balance September 30, 2015		Level 1		Level 2		Level 3
ASSETS
Futures contracts sold	$	377,401	$	377,401	$	—	$	—
Futures contracts purchased		194,487		194,487		—		—
Total Assets Measured at Fair Value	$	571,888	$	571,888	$	—	$	—
LIABILITIES
Futures contracts sold	$	126,313	$	126,313	$	—	$	—
Futures contracts purchased		428,006		428,006		—		—
Total Liabilities Measured at Fair Value	$	554,319	$	554,319	$	—	$	—
	Balance December 31, 2014		Level 1		Level 2		Level 3
ASSETS
Futures contracts sold	$	390,259	$	390,259	$	—	$	—
Futures contracts purchased		586,295		586,295		—		—
Total Assets Measured at Fair Value	$	976,554	$	976,554	$	—	$	—
LIABILITIES
Futures contracts sold	$	95,653	$	95,653	$	—	$	—
Futures contracts purchased		430,105		430,105		—		—
Total Liabilities Measured at Fair Value	$	525,758	$	525,758	$	—	$	—

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 statements of operations.

25

The Fund engages in the speculative trading of 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 commodity futures contracts are recorded in the statements of assets and liabilities as unrealized appreciation or depreciation on 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.

Superfund Capital Management believes futures 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 statement of assets and liabilities, as of September 30, 2015, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at September 30, 2015		Liability Derivatives at September 30, 2015			Net
Futures contracts	Futures contracts purchased	$	328,261	$	(705,164	)	$	(376,903	)
Futures contracts	Futures contracts sold		624,838		(220,553	)		404,285
Totals		$	953,099	$	(925,717	)	$	27,382

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the statement of assets and liabilities, as of December 31, 2014, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at December 31, 2014		Liability Derivatives at December 31, 2014			Net
Futures contracts	Futures contracts purchased	$	927,412	$	(681,201	)	$	246,211
Futures contracts	Futures contracts sold		627,584		(154,403	)		473,181
Totals		$	1,554,996	$	(835,604	)	$	719,392

The Fund’s financial assets, derivative assets and cash collateral held by counterparties as of September 30, 2015 is as follows:

				Gross Amounts Not Offset in the Statement of Assets and Liabilities
	Net Amount of Assets in
Counterparty	the Statement of Assets and Liabilities			Financial Instruments Pledged		Cash Collateral Received		Net Amount
ADMIS	$	(86,082	)	$	—	$	—	$	(86,082	)
Merrill Lynch		113,464			—		—		113,464
Totals	$	27,382		$	—	$	—	$	27,382

The Fund’s financial assets, derivative assets and cash collateral held by counterparties as of December 31, 2014 is as follows:

			Gross Amounts Not Offset in the Statement of Assets and Liabilities
	Net Amount of Assets in
Counterparty	the Statement of Assets and Liabilities		Financial Instruments Pledged		Cash Collateral Received		Net Amount
ADMIS	$	74,729	$	—	$	—	$	74,729
Barclays Capital		594,459		—		—		594,459
Merrill Lynch		50,204		—		—		50,204
Totals	$	719,392	$	—	$	—	$	719,392

26

Effects of derivative instruments on the statement of operations for the three months ended September 30, 2015:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Loss on Derivatives Recognized in Income			Net Change in Unrealized Appreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized/unrealized loss on futures and forward contracts	$	(11,841	)	$	—
Futures contracts	Net realized/unrealized gain (loss) on futures and forward contracts		(823,710	)		140,109
Total		$	(835,551	)	$	140,109

Effects of derivative instruments on the statement of operations for the nine months ended September 30, 2015:

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 Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized/unrealized gain on futures and forward contracts	$	32,932		$	—
Futures contracts	Net realized/unrealized loss on futures and forward contracts		(224,371	)		(692,007	)
Total		$	(191,439	)	$	(692,007	)

Effects of derivative instruments on the statement of operations for the three months ended September 30, 2014:

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/unrealized loss on futures and forward contracts	$	(38,258	)	$	—
Futures contracts	Net realized/unrealized gain on futures and forward contracts		1,684,014			164,519
Total		$	1,645,756		$	164,519

27

Effects of derivative instruments on the statement of operations for the nine months ended September 30, 2014:

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 (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized/unrealized gain (loss) on futures and forward contracts	$	(217,135	)	$	44
Futures contracts	Net realized/unrealized gain (loss) on futures and forward contracts		3,113,035			(420,345	)
Total		$	2,895,900		$	(420,301	)

Superfund Green, L.P. gross and net unrealized gains and losses by long and short positions as of September 30, 2015 and December 31, 2014:

	As of September 30, 2015
	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
Currency	$	—		—		$	(62,962	)		(0.4	)	$	41,983		0.3		$	(20,819	)		(0.1	)	$	(41,798	)
Financial		121,428		0.8			(44,420	)		(0.3	)		30		0.0	*		(34,230	)		(0.2	)		42,808
Food & Fiber		80,285		0.5			(129,023	)		(0.8	)		163,816		1.0			(98,766	)		(0.6	)		16,312
Indices		101,827		0.6			(238,926	)		(1.5	)		90,891		0.6			(27,172	)		(0.2	)		(73,380	)
Metals		21,210		0.1			(86,880	)		(0.5	)		56,614		0.4			(36,320	)		(0.2	)		(45,376	)
Energy		3,141		0.0	*		(68,593	)		(0.4	)		201,155		1.3			(3,247	)		(0.0	)*		132,456
Livestock		370		0.0	*		(74,360	)		(0.5	)		70,350		0.4			—			—			(3,640	)
Totals	$	328,261		2.0		$	(705,164	)		(4.4	)	$	624,839		4.0		$	(220,554	)		(1.3	)	$	27,382

* Due to rounding – amount is less than 0.05%

	As of December 31, 2014
	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
Currency	$	2,110		0.0	*	$	—			—		$	79,895		0.4		$	(256	)		(0.0	)*	$	81,749
Financial		516,998		2.4			(25,961	)		(0.1	)		—		—			(12,202	)		(0.1	)		478,835
Food & Fiber		36,790		0.2			(89,576	)		(0.4	)		107,005		0.5			(32,364	)		(0.1	)		21,855
Indices		312,438		1.4			(18,098	)		(0.1	)		3,206		0.0	*		(104,507	)		(0.5	)		193,039
Metals		55,851		0.3			(174,000	)		(0.8	)		219,636		1.0			(5,075	)		(0.0	)*		96,412
Livestock		3,090		0.0	*		(213,200	)		(1.0	)		—		—			—			—			(210,110	)
Energy		134		0.0	*		(160,365	)		(0.7	)		217,843		1.0			—			—			57,612
Totals	$	927,411		4.3		$	(681,200	)		(3.1	)	$	627,585		2.9		$	(154,404	)		(0.7	)	$	719,392

* Due to rounding – amount is less than 0.05%

Superfund Green, L.P. average* monthly contract volume by market sector as of quarter ended September 30, 2015:

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		41		255
Financial		629		273
Food & Fiber		233		230
Indices		566		757
Metals		242		322
Energy		144		256
Livestock		115		13
Total		1,970		2,106

* Based on quarterly holdings

28

Superfund Green, L.P. average* monthly contract volume by market sector as of quarter ended September 30, 2014:

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		683		469
Financial		3,082		364
Food & Fiber		52		175
Indices		1,502		147
Metals		613		199
Energy		267		216
Livestock		73		6
Total		6,272		1,576

* Based on quarterly holdings

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

	For the Three Months Ended September 30, 2015
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(11,841	)	$	—		$	(11,841	)
Currency		98,969			(89,406	)		9,563
Financial		106,471			12,993			119,464
Food & Fiber		(156,185	)		(58,007	)		(214,192	)
Indices		(766,950	)		27,147			(739,803	)
Metals		211,325			5,483			216,808
Livestock		(295,070	)		80,900			(214,170	)
Energy		(22,270	)		160,999			138,729
Total net trading gains (losses)	$	(835,551	)	$	140,109		$	(695,442	)
	For the Nine Months Ended September 30, 2015
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	32,932		$	—		$	32,932
Currency		449,176			(123,547	)		325,629
Financial		(313,939	)		(436,026	)		(749,965	)
Food & Fiber		(251,813	)		(5,543	)		(257,356	)
Indices		315,853			(266,420	)		49,433
Metals		486,407			(141,788	)		344,619
Livestock		(907,080	)		206,470			(700,610	)
Energy		(2,975	)		74,844			71,869
Total net trading losses	$	(191,439	)	$	(692,010	)	$	(883,449	)
	For the Three Months Ended September 30, 2014
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(38,258	)	$	—		$	(38,258	)
Currency		287,964			33,719			321,683
Financial		718,490			10,280			728,770
Food & Fiber		521,021			64,986			586,007
Indices		536,075			(115,333	)		420,742
Metals		(187,031	)		129,088			(57,943	)
Livestock		1,900			(25,380	)		(23,480	)
Energy		(194,405	)		67,159			(127,246	)
Total net trading gains	$	1,645,756		$	164,519		$	1,810,275

29

	For the Nine Months Ended September 30, 2014
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(217,135	)	$	44		$	(217,091	)
Currency		(137,125	)		(61,407	)		(198,532	)
Financial		1,904,319			(74,366	)		1,829,953
Food & Fiber		1,086,607			73,652			1,160,259
Indices		1,130,234			(691,362	)		438,872
Metals		(687,418	)		98,701			(588,717	)
Livestock		492,230			60,140			552,370
Energy		(675,812	)		174,297			(501,515	)
Total net trading gains (losses)	$	2,895,900		$	(420,301	)	$	2,475,599

Superfund Green, L.P. – Series A

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the statement of assets and liabilities, as of September 30, 2015, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at September 30, 2015		Liability Derivatives at September 30, 2015			Net
Futures contracts	Futures contracts purchased	$	133,774	$	(277,158	)	$	(143,384	)
Futures contracts	Futures contracts sold		247,437		(94,240	)		153,197
Totals		$	381,211	$	(371,398	)	$	9,813

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the statement of assets and liabilities, as of December 31, 2014, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at December 31, 2014		Liability Derivatives at December 31, 2014			Net
Futures contracts	Futures contracts purchased	$	341,117	$	(251,096	)	$	90,021
Futures contracts	Futures contracts sold		237,325		(58,750	)		178,575
Totals		$	578,442	$	(309,846	)	$	268,596

The Fund’s financial assets, derivative assets and cash collateral held by counterparties as of September 30, 2015 is as follows:

				Gross Amounts Not Offset in the Statement of Assets and Liabilities
	Net Amount of Assets in
Counterparty	the Statement of Assets and Liabilities			Financial Instruments Pledged		Cash Collateral Received		Net Amount
ADMIS	$	(38,142	)	$	—	$	—	$	(38,142	)
Merrill Lynch		47,954			—		—		47,954
Totals	$	9,812		$	—	$	—	$	9,812

30

The Fund’s financial assets, derivative assets and cash collateral held by counterparties as of December 31, 2014 is as follows:

	Net Amount of Assets in the Statement of Assets and Liabilities		Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty			Financial Instruments Pledged		Cash Collateral Received		Net Amount
ADMIS	$	29,364	$	—	$	—	$	29,364
Barclays Capital		221,708		—		—		221,708
Merrill Lynch		17,524		—		—		17,524
Totals	$	268,596	$	—	$	—	$	268,596

Effects of derivative instruments on the statement of operations for the three months ended September 30, 2015:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Loss on Derivatives Recognized in Income			Net Change in Unrealized Appreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized/unrealized loss on futures and forward contracts	$	(5,259	)	$	—
Futures contracts	Net realized/unrealized gain (loss) on futures and forward contracts		(292,298	)		34,114
Total		$	(297,557	)	$	34,114

Effects of derivative instruments on the statement of operations for the nine months ended September 30, 2015:

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 Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized/unrealized gain on futures and forward contracts	$	10,552		$	—
Futures contracts	Net realized/unrealized loss on futures and forward contracts		(126,755	)		(258,781	)
Total		$	(116,203	)	$	(258,781	)

Effects of derivative instruments on the statement of operations for the three months ended September 30, 2014:

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/unrealized loss on futures and forward contracts	$	(14,345	)	$	—
Futures contracts	Net realized/unrealized gain on futures and forward contracts		686,170			32,570
Total		$	671,825		$	32,570

31

Effects of derivative instruments on the statement of operations for the nine months ended September 30, 2014:

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 (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized/unrealized gain (loss) on futures and forward contracts	$	(82,436	)	$	12
Futures contracts	Net realized/unrealized gain (loss) on futures and forward contracts		1,187,935			(163,076	)
Total		$	1,105,499		$	(163,064	)

Superfund Green, L.P. – Series A gross and net unrealized gains and losses by long and short positions as of September 30, 2015 and December 31, 2014:

	As of September 30, 2015
	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
Currency	$	—		—		$	(25,081	)		(0.3	)	$	16,744		0.2	$	(7,330	)		(0.1	)	$	(15,667	)
Financial		46,490		0.6			(16,065	)		(0.2	)		—		—		(17,240	)		(0.2	)		13,185
Food & Fiber		31,937		0.4			(52,552	)		(0.7	)		62,175		0.8		(40,195	)		(0.5	)		1,365
Indices		37,192		0.5			(91,400	)		(1.2	)		34,493		0.4		(10,570	)		(0.1	)		(30,285	)
Metals		16,893		0.2			(32,683	)		(0.4	)		24,352		0.3		(17,445	)		(0.2	)		(8,883	)
Energy		1,062		0.0	*		(28,147	)		(0.4	)		82,733		1.0		(1,460	)		(0.0	)*		54,188
Livestock		200		0.0	*		(31,230	)		(0.4	)		26,940		0.3		—			—			(4,090	)
Totals	$	133,774		1.7		$	(277,158	)		(3.6	)	$	247,437		3.0	$	(94,240	)		(1.1	)	$	9,813

* Due to rounding – amount is less than 0.05%

	As of December 31, 2014
	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
Currency	$	—		—		$	—			—		$	29,064		0.3		$	(256	)		(0.0	)*	$	28,808
Financial		194,235		1.9			(9,820	)		(0.1	)		—		—			(4,331	)		(0.0	)*		180,084
Food & Fiber		15,355		0.1			(28,710	)		(0.3	)		41,104		0.4			(13,563	)		(0.1	)		14,186
Indices		108,901		1.0			(6,751	)		(0.1	)		735		0.0	*		(38,485	)		(0.4	)		64,400
Metals		20,662		0.2			(67,465	)		(0.6	)		85,212		0.8			(2,115	)		(0.0	)*		36,294
Livestock		1,830		0.0	*		(80,300	)		(0.8	)		—		—			—			—			(78,470	)
Energy		134		0.0	*		(58,050	)		(0.6	)		81,210		0.8			—			—			23,294
Totals	$	341,117		3.2		$	(251,096	)		(2.5	)	$	237,325		2.3		$	(58,750	)		(0.5	)	$	268,596

* Due to rounding – amount is less than 0.05%

32

Series A average* monthly contract volume by market sector as of quarter ended September 30, 2015:

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		15		100
Financial		239		109
Food & Fiber		87		88
Indices		221		292
Metals		92		127
Energy		51		101
Livestock		45		5
Total		750		822

* Based on quarterly holdings

Series A average* monthly contract volume by market sector as of quarter ended September 30, 2014:

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		265		181
Financial		1,197		146
Food & Fiber		21		63
Indices		568		58
Metals		238		71
Energy		98		80
Livestock		29		3
Total		2,416		602

* Based on quarterly holdings

Series A trading results by market sector:

	For the Three Months Ended September 30, 2015
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(5,259	)	$	—		$	(5,259	)
Currency		23,999			(32,926	)		(8,927	)
Financial		48,056			(2,049	)		46,007
Food & Fiber		(60,891	)		(28,889	)		(89,780	)
Indices		(273,138	)		(2,964	)		(276,102	)
Metals		82,291			7,285			89,576
Livestock		(111,390	)		28,280			(83,110	)
Energy		(1,225	)		65,377			64,152
Total net trading gains (losses)	$	(297,557	)	$	34,114		$	(263,443	)

	For the Nine Months Ended September 30, 2015
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	10,552		$	—		$	10,552
Currency		159,527			(44,475	)		115,052
Financial		(273,280	)		(166,898	)		(440,178	)
Food & Fiber		(82,944	)		(12,821	)		(95,765	)
Indices		(57,165	)		(94,685	)		(151,850	)
Metals		460,497			(45,175	)		415,322
Livestock		(343,320	)		74,380			(268,940	)
Energy		9,930			30,893			40,823
Total net trading losses	$	(116,203	)	$	(258,781	)	$	(374,984	)

33

	For the Three Months Ended September 30, 2014
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(14,345	)	$	—		$	(14,345	)
Currency		106,204			3,973			110,177
Financial		270,608			4,789			275,397
Food & Fiber		197,423			24,438			221,861
Indices		209,090			(40,715	)		168,375
Metals		(67,265	)		41,019			(26,246	)
Livestock		4,740			(12,380	)		(7,640	)
Energy		(34,630	)		11,446			(23,184	)
Total net trading gains	$	671,825		$	32,570		$	704,395

	For the Nine Months Ended September 30, 2014
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(82,436	)	$	12		$	(82,424	)
Currency		(49,642	)		(29,340	)		(78,982	)
Financial		696,706			(37,076	)		659,630
Food & Fiber		412,237			25,806			438,043
Indices		464,100			(251,062	)		213,038
Metals		(235,236	)		40,996			(194,240	)
Livestock		173,510			23,100			196,610
Energy		(273,740	)		64,500			(209,240	)
Total net trading gains (losses)	$	1,105,499		$	(163,064	)	$	942,435

Superfund Green, L.P. – Series B

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the statement of assets and liabilities, as of September 30, 2015, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at September 30, 2015		Liability Derivatives at September 30, 2015			Net
Futures contracts	Futures contracts purchased	$	194,487	$	(428,006	)	$	(233,519	)
Futures contracts	Futures contracts sold		377,401		(126,313	)		251,088
Totals		$	571,888	$	(554,319	)	$	17,569

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 December 31, 2014, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at December 31, 2014		Liability Derivatives at December 31, 2014			Net
Futures contracts	Futures contracts purchased	$	586,295	$	(430,105	)	$	156,190
Futures contracts	Futures contracts sold		390,259		(95,653	)		294,606
Totals		$	976,554	$	(525,758	)	$	450,796

34

The Fund’s financial assets, derivative assets and cash collateral held by counterparties as of September 30, 2015 is as follows:

	Net Amount of Assets in the Statement of Assets and Liabilities			Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty				Financial Instruments Pledged		Cash Collateral Received		Net Amount
ADMIS	$	(47,940	)	$	—	$	—	$	(47,940	)
Merrill Lynch		65,510			—		—		65,510
Totals	$	17,570		$	—	$	—	$	17,570

The Fund’s financial assets, derivative assets and cash collateral held by counterparties as of December 31, 2014 is as follows:

	Net Amount of Assets in the Statement of Assets and Liabilities		Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty			Financial Instruments Pledged		Cash Collateral Received		Net Amount
ADMIS	$	45,365	$	—	$	—	$	45,365
Barclays Capital		372,751		—		—		372,751
Merrill Lynch		32,680		—		—		32,680
Totals	$	450,796	$	—	$	—	$	450,796

Effects of derivative instruments on the statement of operations for the three months ended September 30, 2015:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Loss on Derivatives Recognized in Income			Net Change in Unrealized Appreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized/unrealized loss on futures and forward contracts	$	(6,582	)	$	—
Futures contracts	Net realized/unrealized gain (loss) on futures and forward contracts		(531,412	)		105,995
Total		$	(537,994	)	$	105,995

Effects of derivative instruments on the statement of operations for the nine months ended September 30, 2015:

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 Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized/unrealized gain on futures and forward contracts	$	22,380		$	—
Futures contracts	Net realized/unrealized loss on futures and forward contracts		(97,616	)		(433,226	)
Total		$	(75,236	)	$	(433,226	)

35

Effects of derivative instruments on the statement of operations for the three months ended September 30, 2014:

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/unrealized loss on futures and forward contracts	$	(23,913	)	$	—
Futures contracts	Net realized/unrealized gain on futures and forward contracts		997,844			131,949
Total		$	973,931		$	131,949

Effects of derivative instruments on the statement of operations for the nine months ended September 30, 2014:

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 (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized/unrealized gain (loss) on futures and forward contracts	$	(134,699	)	$	32
Futures contracts	Net realized/unrealized gain (loss) on futures and forward contracts		1,925,100			(257,269	)
Total		$	1,790,401		$	(257,237	)

Series B gross and net unrealized gains and losses by long and short positions as of September 30, 2015 and December 31, 2014:

	As of September 30, 2015
	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
Currency	$	—		—		$	(37,881	)		(0.5	)	$	25,239		0.3		$	(13,489	)		(0.2	)	$	(26,131	)
Financial		74,938		0.9			(28,355	)		(0.4	)		30		0.0	*		(16,990	)		(0.2	)		29,623
Food & Fiber		48,348		0.6			(76,471	)		(1.0	)		101,641		1.3			(58,571	)		(0.7	)		14,947
Indices		64,635		0.8			(147,526	)		(1.8	)		56,397		0.7			(16,602	)		(0.2	)		(43,096	)
Metals		4,317		0.1			(54,197	)		(0.7	)		32,262		0.4			(18,875	)		(0.2	)		(36,493	)
Energy		2,079		0.0	*		(40,446	)		(0.5	)		118,422		1.5			(1,786	)		(0.0	)*		78,269
Livestock		170		0.0	*		(43,130	)		(0.5	)		43,410		0.5			—			—			450
Totals	$	194,487		2.4		$	(428,006	)		(5.4	)	$	377,401		4.7		$	(126,313	)		(1.5	)	$	17,569

* Due to rounding – amount is less than 0.05%

36

	As of December 31, 2014
	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
Currency	$	2,110		0.0	*	$	—			—		$	50,831		0.5		$	—			—		$	52,941
Financial		322,763		2.9			(16,141	)		(0.1	)		—		—			(7,871	)		(0.1	)		298,751
Food & Fiber		21,435		0.2			(60,866	)		(0.5	)		65,901		0.6			(18,801	)		(0.2	)		7,669
Indices		203,537		1.8			(11,347	)		(0.1	)		2,471		0.0	*		(66,022	)		(0.6	)		128,639
Metals		35,189		0.3			(106,535	)		(1.0	)		134,424		1.2			(2,960	)		(0.0	)*		60,118
Livestock		1,260		0.0	*		(132,900	)		(1.2	)		—		—			—			—			(131,640	)
Energy		—		—			(102,315	)		(0.9	)		136,633		1.2			—			—			34,318
Totals	$	586,294		5.2		$	(430,104	)		(3.8	)	$	390,260		3.5		$	(95,654	)		(0.9	)	$	450,796

* Due to rounding – amount is less than 0.05%

Series B average* monthly contract volume by market sector as of quarter ended September 30, 2015:

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		26		155
Financial		390		164
Food & Fiber		146		142
Indices		345		465
Metals		150		195
Energy		93		155
Livestock		70		8
Total		1,220		1,284

* Based on quarterly holdings

Series B average* monthly contract volume by market sector as of quarter ended September 30, 2014:

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		418		288
Financial		1,885		218
Food & Fiber		31		112
Indices		934		89
Metals		375		128
Energy		169		136
Livestock		44		3
Total		3,856		974

* Based on quarterly holdings

Series B trading results by market sector:

	For the Three Months Ended September 30, 2015
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(6,582	)	$	—		$	(6,582	)
Currency		74,970			(56,480	)		18,490
Financial		58,415			15,042			73,457
Food & Fiber		(95,294	)		(29,118	)		(124,412	)
Indices		(493,812	)		30,111			(463,701	)
Metals		129,034			(1,802	)		127,232
Livestock		(183,680	)		52,620			(131,060	)
Energy		(21,045	)		95,622			74,577
Total net trading gains (losses)	$	(537,994	)	$	105,995		$	(431,999	)

37

	For the Nine Months Ended September 30, 2015
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	22,380		$	—		$	22,380
Currency		289,649			(79,072	)		210,577
Financial		(40,659	)		(269,128	)		(309,787	)
Food & Fiber		(168,869	)		7,278			(161,591	)
Indices		373,018			(171,735	)		201,283
Metals		25,910			(96,611	)		(70,701	)
Livestock		(563,760	)		132,090			(431,670	)
Energy		(12,905	)		43,951			31,046
Total net trading losses	$	(75,236	)	$	(433,227	)	$	(508,463	)

	For the Three Months Ended September 30, 2014
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(23,913	)	$	—		$	(23,913	)
Currency		181,760			29,746			211,506
Financial		447,882			5,491			453,373
Food & Fiber		323,598			40,548			364,146
Indices		326,985			(74,618	)		252,367
Metals		(119,766	)		88,069			(31,697	)
Livestock		(2,840	)		(13,000	)		(15,840	)
Energy		(159,775	)		55,713			(104,062	)
Total net trading gains	$	973,931		$	131,949		$	1,105,880

	For the Nine Months Ended September 30, 2014
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(134,699	)	$	32		$	(134,667	)
Currency		(87,483	)		(32,067	)		(119,550	)
Financial		1,207,613			(37,290	)		1,170,323
Food & Fiber		674,370			47,846			722,216
Indices		666,134			(440,300	)		225,834
Metals		(452,182	)		57,705			(394,477	)
Livestock		318,720			37,040			355,760
Energy		(402,072	)		109,797			(292,275	)
Total net trading gains (losses)	$	1,790,401		$	(257,237	)	$	1,533,164

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, if any, represent margin borrowings that are collateralized by certain securities. As of September 30, 2015 and December 31, 2014, 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.

6. Allocation of net profits and losses

In accordance with the Fund’s Sixth 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.

38

7. Related party transactions

Superfund Capital Management shall be paid a management fee equal to one-twelfth of 1.85% of month-end net assets (1.85% per annum), ongoing offering expenses equal to one-twelfth of 1% of month-end net assets (1% per annum), not to exceed the amount of actual expenses incurred, and monthly operating expenses equal to one-twelfth of 0.15% of month-end net assets (0.15% per annum), not to exceed the amount of actual expenses incurred. 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 Brokerage Services, 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, LLC, 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 statements of operations and amounts over the 10% selling commission threshold are rebated to the Limited Partner by purchasing Units of the Fund.

8. Financial highlights

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

	2015						2014
	Series A			Series B			Series A			Series B
Total Return*
Total return before incentive fees		(10.1	)%		(12.4	)%		2.5	%		6.4	%
Incentive fees		0.0			0.0			0.0			0.0
Total return after incentive fees		(10.1	)%		(12.4	)%		2.5	%		6.4	%
Ratios to average partners’ capital
Operating expenses before incentive fees		5.5	%		6.1	%		6.2	%		6.9	%
Incentive fees		0.0			0.0			0.0			0.0
Total expenses		5.5	%		6.1	%		6.2	%		6.9	%
Net investment loss		(5.5	)%		(6.1	)%		(6.2	)%		(6.9	)%
Net asset value per unit, beginning of period	$	1,283.60		$	1,462.68		$	1,215.27		$	1,300.97
Net investment loss		(69.45	)		(88.53	)		(74.48	)		(88.82	)
Net gain (loss) on investments		(58.06	)		(93.74	)		104.28			172.55
Net asset value per unit, end of period	$	1,156.09		$	1,280.41		$	1,245.07		$	1,384.70
Other per Unit information:
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of Units during period)	$	(122.06	)	$	(165.82	)	$	22.56		$	69.02
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit)	$	(127.51	)	$	(182.27	)	$	29.80		$	83.73

39

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

	2015						2014
	Series A			Series B			Series A			Series B
Total Return*
Total return before incentive fees		(5.0	)%		(6.9	)%		4.9	%		8.0	%
Incentive fees		0.0			0.0			0.0			0.0
Total return after incentive fees		(5.0	)%		(6.9	)%		4.9	%		8.0	%
Ratios to average partners’ capital
Operating expenses before incentive fees		1.9	%		2.0	%		1.9	%		2.1	%
Incentive fees		0.0			0.0			0.0			0.0
Total expenses		1.9	%		2.0	%		1.9	%		2.1	%
Net investment loss		(1.9	)%		(2.0	)%		(1.9	)%		(2.1	)%
Net asset value per unit, beginning of period	$	1,216.01		$	1,375.18		$	1,187.24		$	1,282.02
Net investment loss		(22.19	)		(27.31	)		(23.29	)		(27.98	)
Net gain (loss) on investments		(37.73	)		(67.46	)		81.12			130.66
Net asset value per unit, end of period	$	1,156.09		$	1,280.41		$	1,245.07		$	1,384.70
Other per Unit information:
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of Units during period)	$	(61.92	)	$	(97.38	)	$	58.06		$	104.22
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit)	$	(59.92	)	$	(94.77	)	$	57.83		$	102.68

* Total return is calculated for each Series of the Fund taken as a whole. An individual’s return may vary from these returns based on the timing of capital transactions.

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 $953,099 and $925,717, respectively, at September 30, 2015. For the Fund, gross unrealized gains and losses related to exchange-traded futures were $789,304 and $391,805, respectively at September 30, 2014.

For Series A, gross unrealized gains and losses related to exchange-traded futures were $381,211 and $371,398, respectively, at September 30, 2015. For Series A, gross unrealized gains and losses related to exchange-traded futures were $274,841 and $144,854, respectively at September 30, 2014.

For Series B, gross unrealized gains and losses related to exchange-traded futures were $571,888 and $554,319, respectively, at September 30, 2015. For Series B, gross unrealized gains and losses related to exchange-traded futures were $514,463 and $246,951, respectively at September 30, 2014.

40

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. and Merrill Lynch, Pierce, Fenner & Smith Inc.

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 mature within one year of September 30, 2015 or September 30, 2014, respectively. However, due to the nature of the Fund’s business, these instruments may not be held to maturity.

10. Subscriptions and redemptions

Effective May 1, 2014, the Fund no longer accepts subscriptions.

A Limited Partner may request any or all of his investment in such Series be redeemed by such Series at the net asset value of a Unit within such Series as of the end of each month, subject to a minimum redemption of $1,000 and subject further to such Limited Partner having an investment in such Series, after giving effect to the requested redemption, at least equal to the minimum initial investment amount of $10,000. 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 the redemption is to be effective. Redemptions will generally be paid within twenty days after the effective date of the redemption. However, in special circumstances, including, but not limited to, inability to liquidate dealers’ positions as of a redemption date or default or delay in payments due to each Series from clearing brokers, banks or other persons or entities, each Series may in turn delay payment to persons requesting redemption of the proportionate part of the net assets of each Series represented by the sums that are subject of such default or delay. As provided in the Partnership Agreement, 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. Indemnification

In the normal course of business, the Fund enters into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund, and therefore cannot be established; however, based on experience, the risk of loss from such claims is considered remote.

12. 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.

41

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 ended May 1, 2014. 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, 2015, redemptions totaled $685,367 in the Fund. For the quarter ended September 30, 2015, redemptions totaled $293,648 in Series A and $391,719 in Series B.

LIQUIDITY

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

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, 2015

Series A:

Net results for the quarter ended September 30, 2015 were a loss of 5.0% in net asset value compared to the preceding quarter end. In this period, Series A experienced a net decrease in net assets from operations of $416,897. This decrease consisted of interest income of $101, trading losses of $263,443, and total expenses of $153,555. Expenses included $38,369 in management fees, $3,111 in operating expenses, $82,960 in selling commissions, $25,570 in brokerage commissions, and $3,545 in other expenses. At September 30, 2015 and December 31, 2014, the net asset value per Unit of Series A was $1,156.09 and $1,283.60, respectively.

Series B:

Net results for the quarter ended September 30, 2015 were a loss of 6.9% in net asset value compared to the preceding quarter end. In this period, Series B experienced a net decrease in net assets from operations of $606,966. This decrease consisted of interest income of $239, trading losses of $431,999, and total expenses of $175,206. Expenses included $40,097 in management fees, $3,251 in operating expenses, $86,697 in selling commissions, $40,823 in brokerage commissions, and $4,338 in other expenses. At September 30, 2015 and December 31, 2014, the net asset value per Unit of Series B was $1,280.41 and $1,462.68 respectively.

Fund results for the 3rd Quarter 2015:

In September, the Fund’s managed futures strategy produced slightly negative results. The Fund’s positions in equity indices yielded negative returns amid concerns over a global growth decline. The Fund’s allocations to grain, metals and agricultural markets also produced overall negative performance, as prices lagged with the decline in global growth. The Fund’s positions in the energy and bonds sector performed positively for the month, helping to partially offset the negative performance from the Fund’s positions in equity indices.

In August, the Fund’s managed futures strategy yielded negative results. The decline in performance was primarily due to the Fund’s positions in equity indices, as global stock markets were turbulent amid uncertainties in the Chinese economy. The Fund’s positions in TSE Topix and Osaka Nikkei225 contributed the most to these losses. The Fund’s disappointing performance was also attributable to the Fund’s allocation to European bonds, as the Fund was not able to capitalize on intra-month market swings. The Fund’s long positions in U.S. bonds yielded positive results, as investors bet on fears that the U.S. Federal Reserve (the “Fed”) would scale back on an interest rate hike.

42

In July, the Fund’s managed futures strategy produced positive returns. The Fund’s positions in metals, particularly copper, produced strong gains as the market experienced volatility resulting from decreasing demand from China. The Fund’s positions in the bond, currency, equities and energy sectors also produced positive performance in July. With positions in CBOT wheat contributing the most, the Fund’s allocations to the grains and agricultural markets yielded negative returns.

Three Months Ended June 30, 2015

Series A:

Net results for the quarter ended June 30, 2015, were a loss of 9.2% in net asset value compared to the preceding quarter end. In this period, Series A experienced a net decrease in net assets from operations of $872,981. This decrease consisted of investment income of $116, trading losses of $705,168 and total expenses of $167,929. Expenses included $42,632 in management fees, $3,456 in operating expenses, $92,177 in selling commissions, $24,897 in brokerage commissions and $4,767 in other expenses. At June 30, 2015 and December 31, 2014, the net asset value per Unit of Series A was $1,216.01 and $1,283.60, respectively.

Series B:

Net results for the quarter ended June 30, 2015, were a loss of 13.6% in net asset value compared to the preceding quarter end. In this period, Series B experienced a net decrease in net assets from operations of $1,413,990. This decrease consisted of investment income of $225, trading losses of $1,218,759 and total expenses of $195,456. Expenses included $45,226 in management fees, $3,667 in operating expenses, $97,786 in selling commissions, $41,864 in brokerage commissions and $6,913 in other expenses. At June 30, 2015 and December 31, 2014, the net asset value per Unit of Series B was $1,375.18 and $1,462.68 respectively.

Fund results for 2nd Quarter 2015:

In April, the Fund’s managed futures strategy produced negative results. This performance was partly attributable to the Fund’s long bond positions, as continued issues between Greece and its creditors, the Bank of England’s continued policy of low interest rates, and the uncertainty of a U.S. interest rate hike led to large scale sell-offs and falling bond prices. Also contributing to the Fund’s negative return was its long positions in CME Live Cattle, as prices dropped in mid-April due to a lower than expected demand in beef. The Fund’s allocation to the energy sector produced positive results, with long positions in NYMEX Crude Oil benefitting from bullish oil prices. The Fund’s allocation to indices also yielded favorable returns as the Nasdaq reached a fifteen-year high.

In May, the Fund’s managed futures strategy yielded slightly negative returns. The Fund’s positions in the bond sector produced losses on news of increased purchasing by the European Central Bank (“ECB”) and increased speculation that Greece would not be able to make future payments to its creditors. Gains from the Fund’s allocation to indices, specifically positions in Topix Index and Osaka Nikkei 225, helped to counter these losses. The Fund’s positions in currency, agriculture and metals markets also produced gains for the month.

In June, the Fund’s managed futures strategy produced a negative return as global indices reacted negatively to continued unsuccessful debt negotiations between Greece and its creditors, culminating with Greece defaulting on its IMF repayment at the end of the month. The Fund’s short positions on the TSE Topix lost ground with the index rising to an eight-year high as Japan looked to re-inflate its economy. The Fund’s allocation to the bond market also produced negative results as German Bunds and UK Gilts yields rose amidst failed negotiations over Greek debt. In addition, the Fund’s positions in commodity and metal markets produced overall negative results, despite gains from positions in soybeans, wheat and aluminum.

Three Months Ended March 31, 2015

Series A:

Net results for the quarter ended March 31, 2015, were a gain of 4.3% in net asset value compared to the preceding quarter end. In this period, Series A experienced a net increase in net assets from operations of $414,926. This increase consisted of investment income of $59, trading gains of $593,627 and total expenses of $178,860. Expenses included $47,067 in management fees, $3,817 in operating expenses, $101,767 in selling commissions, $23,137 in brokerage commissions and $3,072 in other expenses. At March 31, 2015 and December 31, 2014, the net asset value per Unit of Series A was $1,337.50 and $1,283.60, respectively.

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Series B:

Net results for the quarter ended March 31, 2015, were a gain of 8.9% in net asset value compared to the preceding quarter end. In this period, Series B experienced a net increase in net assets from operations of $921,289. This decrease consisted of investment loss of $45, trading gains of $1,142,296 and total expenses of $220,962. Expenses included $52,369 in management fees, $4,247 in operating expenses, $113,230 in selling commissions, $46,521 in brokerage commissions and $4,595 in other expenses. At March 31, 2015 and December 31, 2014, the net asset value per Unit of Series B was $1,589.57 and $1,462.68 respectively.

Fund results for 1st Quarter 2015:

In March, the Fund’s managed futures strategy produced flat results, with a negative return of 0.14% for Series A and 0.03% for Series B. The Fund’s long positions in cattle and short positions in soybean oil and sugar all produced positive returns. These gains were offset by losses resulting from the Fund’s long positions in indices, as the Nasdaq fell on speculation of increased interest rates by the Fed and a sell-off of biotech and technology stocks. The Fund’s long positions in Canadian bonds also produced negative results, as the Bank of Canada announced that it was maintaining its overnight rate targets.

In February, the Fund’s managed futures strategy produced positive results, primarily on its long positions in indices. In the U.S., the Nasdaq reached its highest level since March 2000. In Japan, both the Tokyo Stock Price Index and the Nikkei 225 both produced substantial gains in March. The Fund’s gains in indices where offset slightly by the Fund’s allocations to the energy sector, as the Fund’s short positions in oil lost ground. The Fund’s allocations to the metals markets also yielded negative returns.

In January, the Fund’s managed futures strategy yielded strong positive results. The Fund’s allocations to the bonds sector brought positive returns as the Bank of Canada lowered its overnight rate to counteract the effect of dropping oil prices on growth. The Fund’s positions in the Canadian dollar also performed positively as Canadian GDP figures contracted while the U.S. dollar strengthened on U.S. jobless claims. The Fund’s allocations to the agricultural sector produced negative results in January as hog futures fell on declining demand and cattle futures hit the lowest level since June 2014.

Three Months Ended September 30, 2014

Series A:

Net results for the quarter ended September 30, 2014 were a gain of 4.9% in net asset value compared to the preceding quarter end. In this period, Series A experienced a net increase in net assets from operations of $498,462. This increase consisted of investment income of $207, trading gains of $704,395, and total expenses of $206,140. Expenses included $49,664 in management fees, $4,027 in operating expenses, $107,380 in selling commissions, $42,697 in brokerage commissions, and $2,372 in other expenses. At September 30, 2014, the net asset value per Unit of Series A was $1,245.07.

Series B:

Net results for the quarter ended September 30, 2014 were a gain of 8.0% in net asset value compared to the preceding quarter end. In this period, Series B experienced a net increase in net assets from operations of $861,190. This increase consisted of investment income of $369, other income of $7, trading gains of $1,105,880, and total expenses of $245,066. Expenses included $53,458 in management fees, $4,334 in operating expenses, $115,585 in selling commissions, $68,254 in brokerage commissions, and $3,435 in other expenses. At September 30, 2014, the net asset value per Unit of Series B was $1,384.70.

Fund results for the 3rd Quarter 2014:

In September, the Fund’s managed futures strategy produced positive returns based primarily on the Fund’s allocations to the currencies, metals and grains markets. The U.S. dollar strengthened to highest level in almost four years as a result of the continued expansion of the U.S. economy. The Fund benefitted from short positions in the Japanese yen and in COMEX gold as both slid throughout the month. The Fund’s long positions in U.S. stock indices produced negative results. These losses were partially offset by the Fund’s long positions in the Tokyo Stock Price Index as increased demand for Japanese exports fuelled Japanese equity markets. The Fund’s short positions in corn futures produced positive returns as the market traced on larger than expected inventories.

In August, the Fund’s managed futures strategy produced strong positive results mainly due to the Fund’s long positions in the bonds and indices markets. The German bund rose throughout the month as German 10-year yields dropped due to inflation. The Fund’s long positions in U.S. stock indices produced positive returns as the S&P500 reached all-time highs after rebounding from an eight week low. The Fund’s allocations to the metals market produced slightly negative results as tensions seemed to ease in the Ukraine. The Fund’s long positions in natural gas gained as hotter weather increased demand.

44

In July, the Fund’s managed futures strategy produced negative results with losses primarily attributable to the metal, stock index and energy markets. The Fund’s long positions in U.S. stock indices yielded negative returns as the S&P500 declined over two percent in a single day, marking the largest decline in the index since 2012. The Fund’s long positions in gold also produced negative returns as speculators continued to offload gold on concerns that the U.S. Federal Reserve (the “Fed”) may increase interest rates in a bid to fight inflation. The Fund’s short positions in the grains market were favorable, with projected yields for corn expected to reach record levels. The Fund’s long positions in the energy market also produced negative returns as crude oil prices dropped to three month lows.

Three Months Ended June 30, 2014

Series A:

Net results for the quarter ended June 30, 2014, were a loss of 2.3% in net asset value compared to the preceding quarter end. In this period, Series A experienced a net decrease in net assets from operations of $52,030. This decrease consisted of investment income of $225, trading gains of $179,448 and total expenses of $231,703. Expenses included $54,526 in management fees, $4,422 in operating expenses, $117,894 in selling commissions, $53,967 in brokerage commissions and $894 in other expenses. At June 30, 2014 and December 31, 2013, the net asset value per Unit of Series A was $1,187.24 and $1,215.27, respectively.

Series B:

Net results for the quarter ended June 30, 2014, were a loss of 1.5% in net asset value compared to the preceding quarter end. In this period, Series B experienced a net decrease in net assets from operations of $4,736. This decrease consisted of investment income of $379, trading gains of $272,413 and total expenses of $277,528. Expenses included $58,899 in management fees, $4,776 in operating expenses, $127,349 in selling commissions, $85,451 in brokerage commissions and $1,053 in other expenses. At June 30, 2014 and December 31, 2013, the net asset value per Unit of Series B was $1,282.02 and $1,300.97 respectively.

Fund results for 2nd Quarter 2014:

In April, the Fund’s managed futures strategy produced negative results, with long positions in U.S. stock indices suffering as the S&P500 retraced from record highs. The Fund’s long positions in U.S. ten-year treasury notes also yielded negative returns. These losses were partially offset by positive performance from the Fund’s long Euro-bund positions. The Fund’s short positions in natural gas and crude oil produced negative results in April as tensions and political crisis in the Ukraine remained high and rising fears that any full-scale armed conflict in the region would disrupt supplies and send oil and gas prices higher. The Fund’s short positions in COMEX gold and silver remained flat as the improving U.S and European economies helped to pressure gold prices.

In May, the Fund’s managed futures strategy produced strong positive performance, mainly due to allocations to the bond, stock index and metal markets. The Fund’s long positions in the CME S&P500 yielded positive returns as the index continued to break all-time highs as manufacturing indices indicated that economic growth would rebound in the second quarter. The Fund’s short positions in COMEX gold and silver also produced strong results as strong U.S. economic data eroded the metal’s “safe-haven” appeal. The Fund’s allocations to currencies produced negative results in May. The Euro tumbled from an almost 2.5-year high as ECB President Mario Draghi said that it would be open to taking further measures to support the Euro-zone economy. The ECB signal of a potential interest-rate cut has also weighed on the Euro.

In June, the Fund’s managed futures strategy yielded slightly negative results as positions in the bond and metal markets suffered. The Fund’s short positions in COMEX gold lost ground as gold gained amid concerns regarding rising violence in Iraq. The Fund’s allocations to the energy, agricultural and equity markets all produced positive results, helping to partially offset the losses from the Fund’s bond and metal positions. The Fund’s long crude oil positions gained as violence in Iraq escalated, threatening the output of OPEC’s second largest producer. The Fund’s short positions in corn and soybeans gained as corn dropped to a five-month low and soybean experienced its biggest slump in five years as USDA reports showed farmers will plant record acreage. The Fund’s long E-mini S&P500 positions gained as the index continued to break record highs with its sixth straight quarterly gain.

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Three Months Ended March 31, 2014

Series A:

Net results for the quarter ended March 31, 2014, were a loss of 1.9% in net asset value compared to the preceding quarter end. In this period, Series A experienced a net decrease in net assets from operations of $234,183. This decrease consisted of investment income of $372, trading gains of $58,592 and total expenses of $293,147. Expenses included $58,459 in management fees, $31,599 in ongoing offering expenses, $4,740 in operating expenses, $126,399 in selling commissions, $70,919 in brokerage commissions and $1,031 in other expenses. At March 31, 2014 and December 31, 2013, the net asset value per Unit of Series A was $1,192.66 and $1,215.27, respectively.

Series B:

Net results for the quarter ended March 31, 2014, were a loss of 1.4% in net asset value compared to the preceding quarter end. In this period, Series B experienced a net decrease in net assets from operations of $207,810. This decrease consisted of investment income of $569, trading gains of $154,871 and total expenses of $363,250. Expenses included $65,138 in management fees, $35,210 in ongoing offering expenses, $5,282 in operating expenses, $140,839 in selling commissions, $115,088 in brokerage commissions and $1,693 in other expenses. At March 31, 2014 and December 31, 2013, the net asset value per Unit of Series B was $1,282.30 and $1,300.97 respectively.

Fund results for 1st Quarter 2014:

In March, the Fund’s managed futures strategy underperformed. The Fund’s bond positions negatively impacted performance as treasuries fell amid hints from the U.S. government of rate increases in 2015. The Fund’s allocations to energy markets also posted losses, as crude fell modestly due to tensions in Ukraine and a drop in Libyan oil production. The Fund’s positions in the metals, grains and agricultural markets, however, yielded positive returns, helping to offset the losses in other sectors. Among these markets, the Fund’s short positions in London Metal Exchange (“LME”) copper profited on concerns that the rising debt in China will curb copper demand. The fund also benefited from long positions soybean meal and cocoa gained amid poor weather conditions in Brazil.

In February, the Fund’s managed futures strategy yielded positive returns in all market groups apart except for metals, currencies and money markets. The Fund’s positions in bonds sector produced positive results as U.S. stocks rallied amid earnings and jobless claims, while German bonds fell as the ECB left interest rates unchanged and refrained from additional stimulus. The Fund’s short positions in silver and gold negatively affected performance as gold made experienced its largest monthly gain since July 2013 after investors and speculators chased prices higher on concerns about the pace of the U.S. economic recovery. The Fund’s long positions in crude oil and natural gas yielded profits as the markets continued to climb as cold weather demand pushed prices up in the first three weeks of the month.

In January, the Fund’s managed futures strategy produced negative results in as positions in the indices and energy sectors underperformed. The Fund’s crude oil positions yielded losses amid speculation that the Fed would curb stimulus measures further following signs of improvement in the U.S. economy. The Fund’s positions in natural gas helped to minimize losses in the energies sector as it rallied throughout the second half of January due to a reported decrease in inventories to its lowest level in almost four years. The Fund’s positions in the metals markets performed poorly as gold and silver continued to rise on increased demand in Asia. The Fund’s allocations to indices also performed negatively as U.S. indices suffered the largest losses since 2012 on fears over emerging markets resulted in significant selloffs.

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 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, 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.

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OFF-BALANCE SHEET ARRANGEMENTS

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

CONTRACTUAL OBLIGATIONS

The Fund does not enter into contractual obligations or commercial commitments to make future payments of a type that would be typical for an operating company. The Fund’s sole business is trading futures, currency, forward and certain swap contracts, both long (contracts to buy) and short (contracts to sell). All such contracts are settled by offset, not delivery. Substantially all such contracts are for settlement within four months of the trade date and substantially all such contracts are held by the Fund for less than four months before being offset or rolled over into new contracts with similar maturities. The financial statements of Series A and Series B each present a condensed schedule of investments setting forth net unrealized appreciation (depreciation) of such Series’ open forward contracts as well as the fair value of the futures contracts purchased and sold by each Series at September 30, 2015 and December 31, 2014.

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 majority of the Fund’s positions will be exchange-traded futures contracts, which will be valued daily at settlement prices published by the exchanges. Any spot and forward foreign currency or swap contracts held by the Fund will also be valued at published daily settlement prices or at dealers’ quotes. Thus, Superfund Capital Management expects that under normal circumstances substantially all of the Fund’s assets will be valued on a daily basis using objective measures.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

ASU 2011-11

In December 2011, the FASB issued ASU No. 2011-11,Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”). ASU 2011-11 requires disclosures to make financial statements that are prepared under U.S. GAAP more comparable to those prepared under International Financial Reporting Standards. The new disclosure requirements mandate that entities disclose both gross and net information about instruments and transactions eligible for offset in the statement of assets and liabilities as well as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, ASU 2011-11 requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements.

In January 2013, the FASB issued guidance to clarify the scope of disclosures about offsetting assets and liabilities. The amendments clarify that the scope of guidance issued in December 2011 to enhance disclosures around financial instrument and derivative instruments that are either (a) offset, or (b) subject to a master netting agreement or similar agreement, irrespective of whether they are offset, applies to derivatives, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset or subject to an enforceable master netting arrangement or similar agreement. The amendments are effective for interim and annual periods beginning on or after January 1, 2013. Adoption did not have a material impact on the Fund’s financial statements.

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, 2014 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.

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

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

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

ITEM 1A. RISK FACTORS

Not required.

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

(a) There were no sales of unregistered securities during the quarter ended September 30, 2015.

(c) Pursuant to the Fund’s Sixth 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.

The following tables summarize the redemptions by investors during the three months ended September 30, 2015:

Series A:
Month	Units Redeemed		NAV per Unit ($)
July 31, 2015		67.551		1,237.31
August 31, 2015		138.187		1,162.05
September 30, 2015		42.835		1,156.09
		248.573
Series B:
Month	Units Redeemed		NAV per Unit ($)
July 31, 2015		100.404		1,425.87
August 31, 2015		61.468		1,293.86
September 30, 2015		132.041		1,280.41
		293.914

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURE

Not applicable.

ITEM 5. OTHER INFORMATION

None.

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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 Labe Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

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SIGNATURES

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

Date: November 12, 2015	SUPERFUND GREEN, L.P.
	(Registrant)
	By:	Superfund Capital Management, Inc.
	General Partner
	By:	/s/ Nigel James
	Nigel James
	President and Principal Executive Officer
	By:	/s/ Martin Schneider
	Martin Schneider
	Vice President and Principal Financial Officer

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EXHIBIT INDEX

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

E-1