##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-Q
  þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended June 30, 2010
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to
 Commission File number: 000-51634
 SUPERFUND GREEN, L.P.
 
 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, GrenadaWest Indies
    
    Not applicable(Address of principal executive offices)
    
    (Zip Code)
 (473) 439-2418
 
 Not applicable
 
  þ o
  o o
  Large Accelerated Filer o
    
    Accelerated Filer o
    
    Non-Accelerated Filer o
    
    Smaller Reporting Company þ(Do not check if a smaller reporting company)
  o þ




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##### 



PagePART I  FINANCIAL INFORMATIONITEM 1. FINANCIAL STATEMENTSThe 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:Unaudited Financial Statements: Superfund Green, L.P.Statements of Assets and Liabilities as of June 30, 2010 and December 31, 2009
    
    
    3Condensed Schedule of Investments as of June 30, 2010
    
    
    4Condensed Schedule of Investments as of December 31, 2009
    
    
    5Statements of Operations for the Three Months Ended June 30, 2010 and June 30,
2009 and the Six Months Ended June 30, 2010 and June 30, 2009
    
    
    6Statements of Changes in Net Assets for the Six Months Ended June 30, 2010 and
June 30, 2009
    
    
    7Statements of Cash Flows for the Six Months Ended June 30, 2010 and June 30, 2009
    
    
    8Unaudited Financial Statements: Superfund Green, L.P.  Series AStatements of Assets and Liabilities as of June 30, 2010 and December 31, 2009
    
    
    9Condensed Schedule of Investments as of June 30, 2010
    
    
    10Condensed Schedule of Investments as of December 31, 2009
    
    
    11Statements of Operations for the Three Months Ended June 30, 2010 and June 30,
2009 and the Six Months Ended June 30, 2010 and June 30, 2009
    
    
    12Statements of Changes in Net Assets for the Six Months Ended June 30, 2010 and June 30, 2009
    
    
    13Statements of Cash Flows for the Six Months Ended June 30, 2010 and June 30, 2009
    
    
    14Unaudited Financial Statements: Superfund Green, L.P.  Series BStatements of Assets and Liabilities as of June 30, 2010 and December 31, 2009
    
    
    15Condensed Schedule of Investments as of June 30, 2010
    
    
    16Condensed Schedule of Investments as of December 31, 2009
    
    
    17Statements of Operations for the Three Months Ended June 30, 2010 and June 30, 2009
and the Six Months Ended June 30, 2010 and June 30, 2009
    
    
    18Statements of Changes in Net Assets for the Six Months Ended June 30, 2010 and
June 30, 2009
    
    
    19Statements of Cash Flows for the Six Months Ended June 30, 2010 and
June 30, 2009
    
    
    20Notes to Unaudited Financial Statements Dated June 30, 2010
    
    
    21-44EX-31.1EX-31.2EX-32.1EX-32.2
  2




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SUPERFUND GREEN, L.P.
 
 UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES
as of June 30, 2010 and December 31, 2009
 June 30, 2010
    
    
    December 31, 2009ASSETSU.S. Government securities, at fair value (amortized cost of $36,346,335 and $42,403,057 as of
June 30, 2010, and December 31, 2009, respectively)
    
    $
    36,346,335
    
    
    $
    42,403,057Due from brokers
    
    
    40,517,747
    
    
    
    43,238,109Unrealized appreciation on open forward contracts
    
    
    224,147
    
    
    
    696,512Futures contracts purchased
    
    
    3,879,238
    
    
    
    1,573,761Cash
    
    
    170,585
    
    
    
    642,058Total assets
    
    
    81,138,052
    
    
    
    88,553,497LIABILITIESUnrealized depreciation on open forward contracts
    
    
    323,379
    
    
    
    1,552,248Futures contracts sold
    
    
    384,643
    
    
    
    35,632Redemptions payable
    
    
    1,050,703
    
    
    
    1,437,508Management fees payable
    
    
    124,144
    
    
    
    134,250Fees payable
    
    
    249,692
    
    
    
    258,016Total liabilities
    
    
    2,132,561
    
    
    
    3,417,654NET ASSETS
    
    $
    79,005,491
    
    
    $
    85,135,843
  3




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##### Table of Contents



SUPERFUND GREEN, L.P.
 
 UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS
as of June 30, 2010
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due August 26, 2010
(amortized cost $36,346,335), securities are held in margin
accounts as collateral for open futures and forwards
    
    $
    36,355,000
    
    
    
    46.0
    %
    
    $
    36,346,335Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    0.3
    
    
    
    224,147Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    0.3
    
    
    
    224,147Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (0.4
    )
    
    
    (323,379
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (0.4
    )
    
    
    (323,379
    )Total forward contracts, at fair value
    
    
    
    
    
    
    (0.1
    )
    
    
    (99,232
    )Futures Contracts PurchasedCurrency
    
    
    
    
    
    
    1.0
    
    
    
    815,913Energy
    
    
    
    
    
    
    0.0
    *
    
    
    (15,265
    )Financial
    
    
    
    
    
    
    4.1
    
    
    
    3,257,403Food & Fiber
    
    
    
    
    
    
    0.1
    
    
    
    85,355Indices
    
    
    
    
    
    
    (0.9
    )
    
    
    (724,273
    )Livestock
    
    
    
    
    
    
    (0.1
    )
    
    
    (49,120
    )Metals
    
    
    
    
    
    
    0.6
    
    
    
    509,225Total futures contracts purchased
    
    
    
    
    
    
    4.9
    
    
    
    3,879,238Futures Contracts SoldEnergy
    
    
    
    
    
    
    0.0
    *
    
    
    (13,020
    )Financial
    
    
    
    
    
    
    (0.1
    )
    
    
    (52,475
    )Food & Fiber
    
    
    
    
    
    
    (0.2
    )
    
    
    (146,867
    )Metals
    
    
    
    
    
    
    (0.2
    )
    
    
    (172,281
    )Total futures contracts sold
    
    
    
    
    
    
    (0.5
    )
    
    
    (384,643
    )Total futures contracts, at fair value
    
    
    
    
    
    
    4.4
    
    
    
    3,494,595Futures and forward contracts by country compositionAustralia
    
    
    
    
    
    
    (0.1)
    %
    
    $
    (46,097
    )Canada
    
    
    
    
    
    
    0.2
    
    
    
    173,434European Monetary Union
    
    
    
    
    
    
    1.2
    
    
    
    954,376Great Britain
    
    
    
    
    
    
    0.9
    
    
    
    704,614Japan
    
    
    
    
    
    
    1.8
    
    
    
    1,427,360United States
    
    
    
    
    
    
    1.3
    
    
    
    1,016,126Other
    
    
    
    
    
    
    (1.1
    )
    
    
    (834,450
    )Total futures and forward contracts by country composition
    
    
    
    
    
    
    4.3
    %
    
    $
    3,395,363
 
 *
    
    Due to rounding  4




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##### Table of Contents



SUPERFUND GREEN, L.P.
 
 UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS
as of December 31, 2009
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due February 25, 2010
(amortized cost $42,403,057), securities are held in
margin accounts as collateral for open futures and
forwards$
    42,405,000
    
    
    
    49.8
    %
    
    $
    42,403,057Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    0.8
    
    
    
    696,512Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    0.8
    
    
    
    696,512Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (1.8
    )
    
    
    (1,552,248
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (1.8
    )
    
    
    (1,552,248
    )Total forward contracts, at fair value
    
    
    
    
    
    
    (1.0
    )
    
    
    (855,736
    )Futures contracts, at fair valueFutures contracts purchasedCurrency
    
    
    
    
    
    
    (0.7
    )
    
    
    (631,137
    )Energy
    
    
    
    
    
    
    0.5
    
    
    
    464,616Financial
    
    
    
    
    
    
    (0.7
    )
    
    
    (592,735
    )Food & Fiber
    
    
    
    
    
    
    1.4
    
    
    
    1,206,762Indices
    
    
    
    
    
    
    2.6
    
    
    
    2,178,831Metals
    
    
    
    
    
    
    (1.2
    )
    
    
    (1,052,576
    )Total futures contracts purchased
    
    
    
    
    
    
    1.8
    
    
    
    1,573,761Futures contracts soldEnergy
    
    
    
    
    
    
    (0.1
    )
    
    
    (48,560
    )Financial
    
    
    
    
    
    
    0.3
    
    
    
    256,733Food & Fiber
    
    
    
    
    
    
    (0.2
    )
    
    
    (146,300
    )Indices
    
    
    
    
    
    
    0.0
    *
    
    
    (26,945
    )Livestock
    
    
    
    
    
    
    (0.1
    )
    
    
    (70,560
    )Total futures contracts sold
    
    
    
    
    
    
    0.0
    *
    
    
    (35,632
    )Total futures contracts, at fair value
    
    
    
    
    
    
    1.8
    
    
    
    1,538,129Futures and forward contracts by country compositionEuropean Monetary Union
    
    
    
    
    
    
    (0.2
    )
    
    
    (166,738
    )Great Britain
    
    
    
    
    
    
    0.2
    
    
    
    186,129Japan
    
    
    
    
    
    
    0.5
    
    
    
    406,969United States
    
    
    
    
    
    
    0.1
    
    
    
    48,897Other
    
    
    
    
    
    
    0.2
    
    
    
    207,136Total futures and forward contracts by country composition
    
    
    
    
    
    
    0.8
    %
    
    $
    682,393
 
 *
    
    Due to rounding  5




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SUPERFUND GREEN, L.P.
 
 UNAUDITED STATEMENTS OF OPERATIONS
 Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Investment incomeInterest income
    
    $
    10,188
    
    
    $
    30,801
    
    
    $
    13,241
    
    
    $
    71,760Total income
    
    
    10,188
    
    
    
    30,801
    
    
    
    13,241
    
    
    
    71,760ExpensesSelling commission
    
    
    863,602
    
    
    
    919,105
    
    
    
    1,689,810
    
    
    
    1,963,903Brokerage commissions
    
    
    677,330
    
    
    
    732,478
    
    
    
    1,354,160
    
    
    
    921,386Management fee
    
    
    399,416
    
    
    
    425,087
    
    
    
    781,537
    
    
    
    908,305Ongoing offering expenses
    
    
    215,901
    
    
    
    229,776
    
    
    
    422,452
    
    
    
    490,976Operating expenses
    
    
    32,385
    
    
    
    34,466
    
    
    
    63,367
    
    
    
    73,646Incentive fee
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    301,233Other
    
    
    7,612
    
    
    
    15,638
    
    
    
    14,212
    
    
    
    25,437Total expenses
    
    
    2,196,246
    
    
    
    2,356,550
    
    
    
    4,325,538
    
    
    
    4,684,886Net investment loss
    
    
    (2,186,058
    )
    
    
    (2,325,749
    )
    
    
    (4,312,297
    )
    
    
    (4,613,126
    )Realized and unrealized gain (loss) on
investmentsNet realized gain (loss) on futures
and forward contracts
    
    
    2,475,230
    
    
    
    (31,055,483
    )
    
    
    (4,236,134
    )
    
    
    (27,800,434
    )Net change in unrealized appreciation
(depreciation) on futures and forward
contracts:
    
    
    (11,961,548
    )
    
    
    2,896,084
    
    
    
    2,712,970
    
    
    
    (843,037
    )Net loss on investments
    
    
    (9,486,318
    )
    
    
    (28,159,399
    )
    
    
    (1,523,164
    )
    
    
    (28,643,471
    )Net decrease in net assets from operations
    
    $
    (11,672,376
    )
    
    $
    (30,485,148
    )
    
    $
    (5,835,461
    )
    
    $
    (33,256,597
    )
  6




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##### Table of Contents



SUPERFUND GREEN, L.P.
 
 UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS
 Six Months EndedJune 30,2010
    
    
    2009Decrease in net assets from operationsNet investment loss
    
    $
    (4,312,297
    )
    
    $
    (4,613,126
    )Net realized loss on futures and forward contracts
    
    
    (4,236,134
    )
    
    
    (27,800,434
    )Net change in unrealized appreciation (depreciation) on futures
and forward contracts
    
    
    2,712,970
    
    
    
    (843,037
    )Net decrease in net assets from operations
    
    
    (5,835,461
    )
    
    
    (33,256,597
    )Capital share transactionsIssuance of Units
    
    
    7,554,722
    
    
    
    44,402,169Redemption of Units
    
    
    (7,849,613
    )
    
    
    (21,168,596
    )Net increase (decrease) in net assets from capital share transactions
    
    
    (294,891
    )
    
    
    23,233,573Net decrease in net assets
    
    
    (6,130,352
    )
    
    
    (10,023,024
    )Net assets,beginning of period
    
    
    85,135,843
    
    
    
    95,589,385Net assets,end of period
    
    $
    79,005,491
    
    
    $
    85,566,361
  7




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SUPERFUND GREEN, L.P.
 
 UNAUDITED STATEMENTS OF CASH FLOWS
 Six Months EndedJune 30,2010
    
    
    2009Cash flows from operating activitiesNet decrease in net assets from operations
    
    $
    (5,835,461
    )
    
    $
    (33,256,597
    )Adjustments to reconcile net decrease in net assets from operations to net cash provided by (used in) operating activities:Changes in operating assets and liabilities:Purchases of U.S. government securities
    
    
    (70,837,606
    )
    
    
    (133,563,236
    )Sales and maturities of U.S. government securities
    
    
    76,910,000
    
    
    
    182,275,468Amortization of discounts and premiums
    
    
    (15,672
    )
    
    
    63,362Due from brokers
    
    
    2,720,362
    
    
    
    (39,701,839
    )Due to affiliate
    
    
    
    
    
    
    (300,000
    )Unrealized appreciation on open forward contracts
    
    
    472,365
    
    
    
    (68,387
    )Futures contracts purchased
    
    
    (2,305,477
    )
    
    
    (139,895
    )Unrealized depreciation on open forward contracts
    
    
    (1,228,869
    )
    
    
    217,332Futures contracts sold
    
    
    349,011
    
    
    
    833,987Management fees payable
    
    
    (10,106
    )
    
    
    (22,384
    )Fees payable
    
    
    (8,324
    )
    
    
    (78,281
    )Net cash provided by (used in) operating activities
    
    
    210,223
    
    
    
    (23,740,470
    )Cash flows from financing activitiesSubscriptions
    
    
    7,554,722
    
    
    
    44,402,169Redemptions, net of change in redemptions payable
    
    
    (8,236,418
    )
    
    
    (21,346,154
    )Net cash provided by (used in) financing activities
    
    
    (681,696
    )
    
    
    23,056,015Net decrease in cash
    
    
    (471,473
    )
    
    
    (684,455
    )Cash, beginning of period
    
    
    642,058
    
    
    
    1,479,277Cash, end of period
    
    $
    170,585
    
    
    $
    794,822
  8




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##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES A
 
 UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES
as of June 30, 2010 and December 31, 2009
 June 30, 2010
    
    
    December 31, 2009ASSETSU.S. Government securities, at fair value (amortized cost of $15,316,350 and $16,019,268 as of
June 30, 2010, and December 31, 2009, respectively)
    
    $
    15,316,350
    
    
    $
    16,019,268Due from brokers
    
    
    17,525,942
    
    
    
    17,161,443Unrealized appreciation on open forward contracts
    
    
    69,229
    
    
    
    187,448Futures contracts purchased
    
    
    1,301,646
    
    
    
    465,462Cash
    
    
    82,950
    
    
    
    611,470Total assets
    
    
    34,296,117
    
    
    
    34,445,091LIABILITIESUnrealized depreciation on open forward contracts
    
    
    102,648
    
    
    
    421,267Futures contracts sold
    
    
    110,828
    
    
    
    10,673Redemptions payable
    
    
    370,684
    
    
    
    550,221Management fees payable
    
    
    52,611
    
    
    
    52,511Fees payable
    
    
    102,703
    
    
    
    97,924Total liabilities
    
    
    739,474
    
    
    
    1,132,596NET ASSETS
    
    $
    33,556,643
    
    
    $
    33,312,495Number of Units
    
    
    26,007.027
    
    
    
    24,594.117Net asset value per Unit
    
    $
    1,290.29
    
    
    $
    1,354.49
  9




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##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES A
 
 UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS
as of June 30, 2010
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due August 26, 2010
(amortized cost $15,316,350), securities are held in margin
accounts as collateral for open futures and forwards
    
    $
    15,320,000
    
    
    
    45.6
    %
    
    $
    15,316,350Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    0.2
    
    
    
    69,229Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    0.2
    
    
    
    69,229Unrealized depreciation on forward contracts
Currency
    
    
    
    
    
    
    (0.3
    )
    
    
    (102,648
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (0.3
    )
    
    
    (102,648
    )Total forward contracts, at fair value
    
    
    
    
    
    
    (0.1
    )
    
    
    (33,419
    )Futures Contracts PurchasedCurrency
    
    
    
    
    
    
    0.8
    
    
    
    267,950Energy
    
    
    
    
    
    
    (0.0)
    *
    
    
    (3,595
    )Financial
    
    
    
    
    
    
    3.1
    
    
    
    1,056,338Food & Fiber
    
    
    
    
    
    
    0.1
    
    
    
    31,478Indices
    
    
    
    
    
    
    (0.7
    )
    
    
    (219,024
    )Livestock
    
    
    
    
    
    
    (0.0)
    *
    
    
    (15,460
    )Metals
    
    
    
    
    
    
    0.5
    
    
    
    183,959Total futures contracts purchased
    
    
    
    
    
    
    3.8
    
    
    
    1,301,646Futures Contracts SoldEnergy
    
    
    
    
    
    
    (0.0)
    *
    
    
    (3,330
    )Financial
    
    
    
    
    
    
    (0.1
    )
    
    
    (16,997
    )Food & Fiber
    
    
    
    
    
    
    (0.1
    )
    
    
    (47,750
    )Metals
    
    
    
    
    
    
    (0.1
    )
    
    
    (42,751
    )Total futures contracts sold
    
    
    
    
    
    
    (0.3
    )
    
    
    (110,828
    )Total futures contracts, at fair value
    
    
    
    
    
    
    3.5
    %
    
    $
    1,190,818Futures and forward contracts by country compositionAustralia
    
    
    
    
    
    
    (0.1)
    %
    
    $
    (17,448
    )Canada
    
    
    
    
    
    
    0.2
    
    
    
    58,546European Monetary Union
    
    
    
    
    
    
    0.9
    
    
    
    319,968Great Britain
    
    
    
    
    
    
    0.7
    
    
    
    230,873Japan
    
    
    
    
    
    
    1.4
    
    
    
    465,538United States
    
    
    
    
    
    
    1.1
    
    
    
    365,920Other
    
    
    
    
    
    
    (0.8
    )
    
    
    (265,998
    )Total futures and forward contracts by country composition
    
    
    
    
    
    
    3.4
    %
    
    $
    1,157,399
 
 *
    
    Due to rounding  10




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##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES A
 
 UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2009
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due February 25, 2010
(amortized cost $16,019,268), securities are held in margin
accounts as collateral for open futures and forwards
    
    $
    16,020,000
    
    
    
    48.1
    %
    
    $
    16,019,268Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    0.6
    
    
    
    187,448Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    0.6
    
    
    
    187,448Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (1.3
    )
    
    
    (421,267
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (1.3
    )
    
    
    (421,267
    )Total forward contracts, at fair value
    
    
    
    
    
    
    (0.7
    )
    
    
    (233,819
    )Futures Contracts PurchasedCurrency
    
    
    
    
    
    
    (0.5
    )
    
    
    (176,595
    )Energy
    
    
    
    
    
    
    0.4
    
    
    
    132,156Financial
    
    
    
    
    
    
    (0.4
    )
    
    
    (149,774
    )Food & Fiber
    
    
    
    
    
    
    1.0
    
    
    
    337,999Indices
    
    
    
    
    
    
    1.8
    
    
    
    605,471Metals
    
    
    
    
    
    
    (0.9
    )
    
    
    (283,795
    )Total futures contracts purchased
    
    
    
    
    
    
    1.4
    
    
    
    465,462Futures Contracts SoldEnergy
    
    
    
    
    
    
    (0.0)
    *
    
    
    (12,010
    )Financial
    
    
    
    
    
    
    0.2
    
    
    
    72,347Food & Fiber
    
    
    
    
    
    
    (0.1
    )
    
    
    (43,025
    )Indices
    
    
    
    
    
    
    (0.0)
    *
    
    
    (7,925
    )Livestock
    
    
    
    
    
    
    (0.1
    )
    
    
    (20,060
    )Total futures contracts sold
    
    
    
    
    
    
    (0.0)
    *
    
    
    (10,673
    )Total futures contracts, at fair value
    
    
    
    
    
    
    1.4
    
    
    
    454,789Futures and forward contracts by country compositionEuropean Monetary Union
    
    
    
    
    
    
    (0.1
    )
    
    
    (51,393
    )Great Britain
    
    
    
    
    
    
    0.2
    
    
    
    61,549Japan
    
    
    
    
    
    
    0.3
    
    
    
    108,985United States
    
    
    
    
    
    
    0.1
    
    
    
    30,577Other
    
    
    
    
    
    
    0.2
    
    
    
    71,252Total futures and forward contracts by country composition
    
    
    
    
    
    
    0.7
    %
    
    $
    220,970
 
 *
    
    Due to rounding  11




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##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES A
 
 UNAUDITED STATEMENTS OF OPERATIONS
 Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Investment incomeInterest income
    
    $
    4,568
    
    
    $
    10,036
    
    
    $
    6,107
    
    
    $
    24,116Total income
    
    
    4,568
    
    
    
    10,036
    
    
    
    6,107
    
    
    
    24,116ExpensesSelling commissions
    
    
    357,235
    
    
    
    339,385
    
    
    
    693,898
    
    
    
    704,227Brokerage commissions
    
    
    207,661
    
    
    
    191,989
    
    
    
    413,603
    
    
    
    235,451Management fees
    
    
    165,221
    
    
    
    156,966
    
    
    
    320,928
    
    
    
    325,705Ongoing offering expenses
    
    
    89,309
    
    
    
    84,846
    
    
    
    173,474
    
    
    
    176,057Operating expenses
    
    
    13,396
    
    
    
    12,727
    
    
    
    26,021
    
    
    
    26,408Other
    
    
    3,815
    
    
    
    5,409
    
    
    
    6,526
    
    
    
    9,426Total expenses
    
    
    836,637
    
    
    
    791,322
    
    
    
    1,634,450
    
    
    
    1,477,274Net investment loss
    
    
    (832,069
    )
    
    
    (781,286
    )
    
    
    (1,628,343
    )
    
    
    (1,453,158
    )Realized and unrealized gain (loss) on
investmentsNet realized gain (loss) on futures
and forward contracts
    
    
    972,793
    
    
    
    (7,811,988
    )
    
    
    (930,908
    )
    
    
    (6,994,092
    )Net change in unrealized appreciation
(depreciation) on futures and forward
contracts:
    
    
    (3,697,877
    )
    
    
    669,495
    
    
    
    936,429
    
    
    
    (192,032
    )Net gain (loss) on investments
    
    
    (2,725,084
    )
    
    
    (7,142,493
    )
    
    
    5,521
    
    
    
    (7,186,124
    )Net decrease in net assets from operations
    
    $
    (3,557,153
    )
    
    $
    (7,923,779
    )
    
    $
    (1,622,822
    )
    
    $
    (8,639,282
    )Net decrease in net assets from
operations per Unit (based upon weighted
average number of units outstanding
during period)*
    
    $
    (136.00
    )
    
    $
    (376.67
    )
    
    $
    (62.54
    )
    
    $
    (432.91
    )Net decrease in net assets from
operations per Unit (based upon change in
net asset value per unit during period)
    
    $
    (134.86
    )
    
    $
    (380.23
    )
    
    $
    (64.20
    )
    
    $
    (417.91
    )
  
 *
    
    Weighted average number of Units outstanding for Series A for the Three Months Ended June 30, 2010, and June 30, 2009:
26,156.23 and 21,036.57, respectively; and for the Six Months Ended June 30, 2010, and June 30, 2009: 25,947.12 and 19,956.13,
respectively. 12




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##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES A
 
 UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS
 Six Months EndedJune 30,2010
    
    
    2009Increase (decrease) in net assets from operationsNet investment loss
    
    $
    (1,628,343
    )
    
    $
    (1,453,158
    )Net realized loss on futures and forward contracts
    
    
    (930,908
    )
    
    
    (6,994,092
    )Net change in unrealized appreciation (depreciation) on
futures and forward contracts
    
    
    936,429
    
    
    
    (192,032
    )Net decrease in net assets from operations
    
    
    (1,622,822
    )
    
    
    (8,639,282
    )Capital share transactionsIssuance of Units
    
    
    5,023,817
    
    
    
    13,773,932Redemption of Units
    
    
    (3,156,847
    )
    
    
    (9,150,914
    )Net increase in net assets from capital share transactions
    
    
    1,866,970
    
    
    
    4,623,018Net increase (decrease) in net assets
    
    
    244,148
    
    
    
    (4,016,264
    )Net assets,beginning of period
    
    
    33,312,495
    
    
    
    34,972,334Net assets,end of period
    
    $
    33,556,643
    
    
    $
    30,956,070Units,beginning of period
    
    
    24,594.117
    
    
    
    18,098.830Issuance of Units
    
    
    3,766.661
    
    
    
    7,600.926Redemption of Units
    
    
    (2,353.751
    )
    
    
    (5,258.528
    )Units,end of period
    
    
    26,007.027
    
    
    
    20,441.228
  13




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##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES A
 
 UNAUDITED STATEMENTS OF CASH FLOWS
 Six Months EndedJune 30,2010
    
    
    2009Cash flows from operating activitiesNet decrease in net assets from operations
    
    $
    (1,622,822
    )
    
    $
    (8,639,282
    )Adjustments to reconcile net decrease in net assets from
operations to net cash used in operating activities:Changes in operating assets and liabilities:Purchases of U.S. government securities
    
    
    (29,480,657
    )
    
    
    (48,693,051
    )Sales and maturities of U.S. government securities
    
    
    30,190,000
    
    
    
    66,399,409Amortization of discounts and premiums
    
    
    (6,425
    )
    
    
    22,115Due from brokers
    
    
    (364,499
    )
    
    
    (14,928,760
    )Due to affiliate
    
    
    
    
    
    
    (300,000
    )Unrealized appreciation on open forward contracts
    
    
    118,219
    
    
    
    (20,576
    )Futures contracts purchased
    
    
    (836,184
    )
    
    
    (49,895
    )Unrealized depreciation on open forward contracts
    
    
    (318,619
    )
    
    
    69,730Futures contracts sold
    
    
    100,155
    
    
    
    192,773Management fees payable
    
    
    100
    
    
    
    (16,010
    )Fees payable
    
    
    4,779
    
    
    
    (13,551
    )Net cash used in operating activities
    
    
    (2,215,953
    )
    
    
    (5,977,098
    )Cash flows from financing activitiesSubscriptions
    
    
    5,023,817
    
    
    
    13,773,932Redemptions, net of change in redemptions payable
    
    
    (3,336,384
    )
    
    
    (8,211,094
    )Net cash provided by financing activities
    
    
    1,687,433
    
    
    
    5,562,838Net decrease in cash
    
    
    (528,520
    )
    
    
    (414,260
    )Cash, beginning of period
    
    
    611,470
    
    
    
    810,576Cash, end of period
    
    $
    82,950
    
    
    $
    396,316
  14




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##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES B
 
 UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES
as of June 30, 2010 and December 31, 2009
 June 30, 2010
    
    
    December 31, 2009ASSETSU.S. Government securities, at fair value
(amortized cost of $21,029,985 and $26,383,789 as of
June 30, 2010, and December 31, 2009, respectively)
    
    $
    21,029,985
    
    
    $
    26,383,789Due from brokers
    
    
    22,991,805
    
    
    
    26,076,666Unrealized appreciation on open forward contracts
    
    
    154,918
    
    
    
    509,064Futures contracts purchased
    
    
    2,577,592
    
    
    
    1,108,299Cash
    
    
    87,635
    
    
    
    30,588Total assets
    
    
    46,841,935
    
    
    
    54,108,406LIABILITIESUnrealized depreciation on open forward contracts
    
    
    220,731
    
    
    
    1,130,981Futures contracts sold
    
    
    273,815
    
    
    
    24,959Redemptions payable
    
    
    680,019
    
    
    
    887,287Management fees payable
    
    
    71,533
    
    
    
    81,739Fees payable
    
    
    146,989
    
    
    
    160,092Total liabilities
    
    
    1,393,087
    
    
    
    2,285,058NET ASSETS
    
    $
    45,448,848
    
    
    $
    51,823,348Number of Units
    
    
    34,078.542
    
    
    
    35,626.349Net asset value per Unit
    
    $
    1,333.65
    
    
    $
    1,454.64
  15




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##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES B
 
 UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS
as of June 30, 2010
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due August 26, 2010
(amortized cost $21,029,985), securities are held in margin
accounts as collateral for open futures and forwards
    
    $
    21,035,000
    
    
    
    46.3
    %
    
    $
    21,029,985Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    0.3
    
    
    
    154,918Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    0.3
    
    
    
    154,918Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (0.4
    )
    
    
    (220,731
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (0.4
    )
    
    
    (220,731
    )Total forward contracts, at fair value
    
    
    
    
    
    
    (0.1
    )
    
    
    (65,813
    )Futures Contracts PurchasedCurrency
    
    
    
    
    
    
    1.2
    
    
    
    547,963Energy
    
    
    
    
    
    
    (0.0)
    *
    
    
    (11,670
    )Financial
    
    
    
    
    
    
    4.8
    
    
    
    2,201,065Food & Fiber
    
    
    
    
    
    
    0.1
    
    
    
    53,877Indices
    
    
    
    
    
    
    (1.1
    )
    
    
    (505,249
    )Livestock
    
    
    
    
    
    
    (0.1
    )
    
    
    (33,660
    )Metals
    
    
    
    
    
    
    0.7
    
    
    
    325,266Total futures contracts purchased
    
    
    
    
    
    
    5.6
    
    
    
    2,577,592Futures Contracts SoldEnergy
    
    
    
    
    
    
    (0.0)
    *
    
    
    (9,690
    )Financial
    
    
    
    
    
    
    (0.1
    )
    
    
    (35,478
    )Food & Fiber
    
    
    
    
    
    
    (0.2
    )
    
    
    (99,117
    )Metals
    
    
    
    
    
    
    (0.3
    )
    
    
    (129,530
    )Total futures contracts sold
    
    
    
    
    
    
    (0.6
    )
    
    
    (273,815
    )Total futures contracts, at fair value
    
    
    
    
    
    
    5.0
    
    
    
    2,303,777Futures and forward contracts by country compositionAustralia
    
    
    
    
    
    
    (0.1)
    %
    
    $
    (28,649
    )Canada
    
    
    
    
    
    
    0.3
    
    
    
    114,888European Monetary Union
    
    
    
    
    
    
    1.4
    
    
    
    634,408Great Britain
    
    
    
    
    
    
    1.0
    
    
    
    473,741Japan
    
    
    
    
    
    
    2.1
    
    
    
    961,822United States
    
    
    
    
    
    
    1.4
    
    
    
    650,206Other
    
    
    
    
    
    
    (1.2
    )
    
    
    (568,452
    )Total futures and forward contracts by country composition
    
    
    
    
    
    
    4.9
    %
    
    $
    2,237,964
 
 *
    
    Due to rounding  16




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##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES B
 
 UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS
as of December 31, 2009
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due February 25, 2010
(amortized cost $26,383,789), securities are held in
margin accounts as collateral for open futures and
forwards
    
    $
    26,385,000
    
    
    
    50.9
    %
    
    $
    26,383,789Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    1.0
    
    
    
    509,064Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    1.0
    
    
    
    509,064Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (2.2
    )
    
    
    (1,130,981
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (2.2
    )
    
    
    (1,130,981
    )Total forward contracts, at fair value
    
    
    
    
    
    
    (1.2
    )
    
    
    (621,917
    )Futures contracts, at fair valueFutures contracts purchasedCurrency
    
    
    
    
    
    
    (0.9
    )
    
    
    (454,542
    )Energy
    
    
    
    
    
    
    0.6
    
    
    
    332,460Financial
    
    
    
    
    
    
    (0.8
    )
    
    
    (442,961
    )Food & Fiber
    
    
    
    
    
    
    1.7
    
    
    
    868,763Indices
    
    
    
    
    
    
    3.0
    
    
    
    1,573,360Metals
    
    
    
    
    
    
    (1.5
    )
    
    
    (768,781
    )Total futures contracts purchased
    
    
    
    
    
    
    2.1
    
    
    
    1,108,299Futures contracts soldEnergy
    
    
    
    
    
    
    (0.1
    )
    
    
    (36,550
    )Financial
    
    
    
    
    
    
    0.4
    
    
    
    184,386Food & Fiber
    
    
    
    
    
    
    (0.2
    )
    
    
    (103,275
    )Livestock
    
    
    
    
    
    
    (0.1
    )
    
    
    (50,500
    )Indices
    
    
    
    
    
    
    (0.0)
    *
    
    
    (19,020
    )Total futures contracts sold
    
    
    
    
    
    
    (0.0)
    *
    
    
    (24,959
    )Total futures contracts, at fair value
    
    
    
    
    
    
    2.1
    
    
    
    1,083,340Futures and forward contracts by country compositionEuropean Monetary Union
    
    
    
    
    
    
    (0.2
    )
    
    
    (115,345
    )Great Britain
    
    
    
    
    
    
    0.2
    
    
    
    124,580Japan
    
    
    
    
    
    
    0.6
    
    
    
    297,984United States
    
    
    
    
    
    
    0.0
    *
    
    
    18,320Other
    
    
    
    
    
    
    0.3
    
    
    
    135,884Total futures and forward contracts by country composition
    
    
    
    
    
    
    0.9
    %
    
    $
    461,423
 
 *
    
    Due to rounding  17




---



##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES B
 
 UNAUDITED STATEMENTS OF OPERATIONS
 Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Investment incomeInterest income
    
    $
    5,620
    
    
    $
    20,765
    
    
    $
    7,134
    
    
    $
    47,644Total income
    
    
    5,620
    
    
    
    20,765
    
    
    
    7,134
    
    
    
    47,644ExpensesSelling commission
    
    
    506,367
    
    
    
    579,720
    
    
    
    995,912
    
    
    
    1,259,676Brokerage commissions
    
    
    469,669
    
    
    
    540,489
    
    
    
    940,557
    
    
    
    685,935Management fee
    
    
    234,195
    
    
    
    268,121
    
    
    
    460,609
    
    
    
    582,600Ongoing offering expenses
    
    
    126,592
    
    
    
    144,930
    
    
    
    248,978
    
    
    
    314,919Operating expenses
    
    
    18,989
    
    
    
    21,739
    
    
    
    37,346
    
    
    
    47,238Incentive fee
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    301,233Other
    
    
    3,797
    
    
    
    10,229
    
    
    
    7,686
    
    
    
    16,011Total expenses
    
    
    1,359,609
    
    
    
    1,565,228
    
    
    
    2,691,088
    
    
    
    3,207,612Net investment loss
    
    
    (1,353,989
    )
    
    
    (1,544,463
    )
    
    
    (2,683,954
    )
    
    
    (3,159,968
    )Realized and unrealized gain (loss) on
investmentsNet realized gain (loss) on futures
and forward contracts
    
    
    1,502,437
    
    
    
    (23,243,495
    )
    
    
    (3,305,226
    )
    
    
    (20,806,342
    )Net change in unrealized appreciation
(depreciation) on futures and forward
contracts:
    
    
    (8,263,671
    )
    
    
    2,226,589
    
    
    
    1,776,541
    
    
    
    (651,005
    )Net loss on investments
    
    
    (6,761,234
    )
    
    
    (21,016,906
    )
    
    
    (1,528,685
    )
    
    
    (21,457,347
    )Net decrease in net assets from operations
    
    $
    (8,115,223
    )
    
    $
    (22,561,369
    )
    
    $
    (4,212,639
    )
    
    $
    (24,617,315
    )Net decrease in net assets from
operations per Unit (based upon weighted
average number of units outstanding
during period)*
    
    $
    (233.74
    )
    
    $
    (755.98
    )
    
    $
    (119.59
    )
    
    $
    (881.28
    )Net decrease in net assets from
operations per Unit (based upon change in
net asset value per unit during period)
    
    $
    (233.78
    )
    
    $
    (772.53
    )
    
    $
    (120.99
    )
    
    $
    (847.25
    )
  
 *
    
    Weighted average number of Units outstanding for Series B for the Three Months Ended June 30, 2010, and June 30, 2009:
34,719.56 and 29,843.97, respectively; and for the Six Months Ended June 30, 2010, and June 30, 2009: 35,226.16 and 27,933.54,
respectively 18




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##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES B
 
 UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS
 Six Months EndedJune 30,2010
    
    
    2009Increase (decrease) in net assets from operationsNet investment loss
    
    $
    (2,683,954
    )
    
    $
    (3,159,968
    )Net realized loss on futures and forward contracts
    
    
    (3,305,226
    )
    
    
    (20,806,342
    )Net change in unrealized appreciation (depreciation) on futures
and forward contracts
    
    
    1,776,541
    
    
    
    (651,005
    )Net decrease in net assets from operations
    
    
    (4,212,639
    )
    
    
    (24,617,315
    )Capital share transactionsIssuance of Units
    
    
    2,530,905
    
    
    
    30,628,237Redemption of Units
    
    
    (4,692,766
    )
    
    
    (12,017,682
    )Net increase (decrease) in net assets from capital share transactions
    
    
    (2,161,861
    )
    
    
    18,610,555Net decrease in net assets
    
    
    (6,374,500
    )
    
    
    (6,006,760
    )Net assets,beginning of period
    
    
    51,823,348
    
    
    
    60,617,051Net assets,end of period
    
    $
    45,448,848
    
    
    $
    54,610,291Units,beginning of period
    
    
    35,626.349
    
    
    
    23,305.633Issuance of Units
    
    
    1,759.868
    
    
    
    12,941.955Redemption of Units
    
    
    (3,307.675
    )
    
    
    (5,107.764
    )Units,end of period
    
    
    34,078.542
    
    
    
    31,139.824
  19




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##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES B
 
 UNAUDITED STATEMENTS OF CASH FLOWS
 Six Months EndedJune 30,2010
    
    
    2009Cash flows from operating activitiesNet decrease in net assets from operations
    
    $
    (4,212,639
    )
    
    $
    (24,617,315
    )Adjustments to reconcile net decrease in net assets
from operations to net cash provided by (used in) operating activities:Changes in operating assets and liabilities:Purchases of U.S. government securities
    
    
    (41,356,949
    )
    
    
    (84,870,185
    )Sales and maturities of U.S. government securities
    
    
    46,720,000
    
    
    
    115,876,059Amortization of discounts and premiums
    
    
    (9,247
    )
    
    
    41,247Due from brokers
    
    
    3,084,861
    
    
    
    (24,773,079
    )Unrealized appreciation on open forward contracts
    
    
    354,146
    
    
    
    (47,811
    )Futures contracts purchased
    
    
    (1,469,293
    )
    
    
    (90,000
    )Unrealized depreciation on open forward contracts
    
    
    (910,250
    )
    
    
    147,602Futures contracts sold
    
    
    248,856
    
    
    
    641,214Management fees payable
    
    
    (10,206
    )
    
    
    (6,374
    )Fees payable
    
    
    (13,103
    )
    
    
    (64,730
    )Net cash provided by (used in) operating activities
    
    
    2,426,176
    
    
    
    (17,763,372
    )Cash flows from financing activitiesSubscriptions
    
    
    2,530,905
    
    
    
    30,628,237Redemptions, net of change in redemptions payable
    
    
    (4,900,034
    )
    
    
    (13,135,060
    )Net cash provided by (used in) financing activities
    
    
    (2,369,129
    )
    
    
    17,493,177Net increase (decrease) in cash
    
    
    57,047
    
    
    
    (270,195
    )Cash, beginning of period
    
    
    30,588
    
    
    
    668,701Cash, end of period
    
    $
    87,635
    
    
    $
    398,506
  20




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##### Table of Contents



SUPERFUND GREEN, L.P.
 
 NOTES TO UNAUDITED FINANCIAL STATEMENTS
June 30, 2010
 SUPERFUND GREEN, L.P.
 1. Nature of operations
 Organization and Business
   2. Basis of presentation and significant accounting policies
 Basis of Presentation
   Valuation of Investments in Futures Contracts, Forward Contracts, and U.S. Treasury Bills
   Translation of Foreign Currency
   21




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##### Table of Contents



Investment Transactions, Investment Income and Expenses
  Income Taxes
  Income Taxes
 Use of Estimates
  Recently Issued Accounting Pronouncements
 ASU 2010-06
 Improving Disclosures about
Fair Value Measurements Fair
Value Measurements and Disclosures
 3. Fair Value Measurements
 Fair Value Measurements and Disclosures
 Level 1:
    
    Unadjusted quoted prices in active markets that are accessible
at the measurement date for identical, unrestricted assets or
liabilities;Level 2:
    
    Quoted prices in markets that are not considered to be active
or financial instruments for which all significant inputs are
observable, either directly or indirectly;Level 3:
    
    Prices or valuations that require inputs that are both
significant to the fair value measurement and unobservable.
 22




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##### Table of Contents



U.S. Government Securities.
 Derivative Contracts.
     BalanceJune 30,2010
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government securities
    
    $
    36,346,335
    
    
    $
    
    
    
    $
    36,346,335
    
    
    $
    Unrealized appreciation on open forward contracts
    
    
    224,147
    
    
    
    
    
    
    
    224,147
    
    
    
    Futures contracts purchased
    
    
    3,879,238
    
    
    
    3,879,238
    
    
    
    
    
    
    
    Total Assets Measured at Fair Value
    
    $
    40,449,720
    
    
    $
    3,879,238
    
    
    $
    36,570,482
    
    
    $
    LIABILITIESUnrealized depreciation on open forward contracts
    
    $
    323,379
    
    
    $
    
    
    
    $
    323,379
    
    
    $
    Futures contract sold
    
    
    384,643
    
    
    
    384,643
    
    
    
    
    
    
    
    Total Liabilities Measured at Fair Value
    
    $
    708,022
    
    
    $
    384,643
    
    
    $
    323,379
    
    
    $
    
 23




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##### Table of Contents



BalanceDecember 31,2009
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government securities
    
    $
    42,403,057
    
    
    $
    
    
    
    $
    42,403,057
    
    
    $
    Unrealized appreciation on open forward contracts
    
    
    696,512
    
    
    
    
    
    
    
    696,512
    
    
    
    Futures contracts purchased
    
    
    1,573,761
    
    
    
    1,573,761
    
    
    
    
    
    
    
    Total Assets Measured at Fair Value
    
    $
    44,673,330
    
    
    $
    1,573,761
    
    
    $
    43,099,569
    
    
    $
    LIABILITIESUnrealized depreciation on open forward contracts
    
    $
    1,552,248
    
    
    $
    
    
    
    $
    1,552,248
    
    
    $
    Futures contracts sold
    
    
    35,632
    
    
    
    35,632
    
    
    
    
    
    
    
    Total Liabilities Measured at Fair Value
    
    $
    1,587,880
    
    
    $
    35,632
    
    
    $
    1,552,248
    
    
    $
    
  BalanceJune 30,2010
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government securities
    
    $
    15,316,350
    
    
    $
    
    
    
    $
    15,316,350
    
    
    $
    Unrealized appreciation on open forward contracts
    
    
    69,229
    
    
    
    
    
    
    
    69,229
    
    
    
    Futures contracts purchased
    
    
    1,301,646
    
    
    
    1,301,646
    
    
    
    
    
    
    
    Total Assets Measured at Fair Value
    
    $
    16,687,225
    
    
    $
    1,301,646
    
    
    $
    15,385,579
    
    
    $
    LIABILITIESUnrealized depreciation on open forward contracts
    
    $
    102,648
    
    
    $
    
    
    
    $
    102,648
    
    
    $
    Futures contract sold
    
    
    110,828
    
    
    
    110,828
    
    
    
    
    
    
    
    Total Liabilities Measured at Fair Value
    
    $
    213,476
    
    
    $
    110,828
    
    
    $
    102,648
    
    
    $
    
  BalanceJune 30,2010
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government securities
    
    $
    21,029,985
    
    
    $
    
    
    
    $
    21,029,985
    
    
    $
    Unrealized appreciation on open forward contracts
    
    
    154,918
    
    
    
    
    
    
    
    154,918
    
    
    
    Futures contracts purchased
    
    
    2,577,592
    
    
    
    2,577,592
    
    
    
    
    
    
    
    Total Assets Measured at Fair Value
    
    $
    23,762,495
    
    
    $
    2,577,592
    
    
    $
    21,184,903
    
    
    $
    LIABILITIESUnrealized depreciation on open forward contracts
    
    $
    220,731
    
    
    $
    
    
    
    $
    220,731
    
    
    $
    Futures contracts sold
    
    
    273,815
    
    
    
    273,815
    
    
    
    
    
    
    
    Total Liabilities Measured at Fair Value
    
    $
    494,546
    
    
    $
    273,815
    
    
    $
    220,731
    
    
    $
    
 24




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##### Table of Contents



BalanceDecember 31,2009
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government securities
    
    $
    16,019,268
    
    
    $
    
    
    
    $
    16,019,268
    
    
    $
    Unrealized appreciation on open forward contracts
    
    
    187,448
    
    
    
    
    
    
    
    187,448
    
    
    
    Futures contracts purchased
    
    
    465,462
    
    
    
    465,462
    
    
    
    
    
    
    
    Total Assets Measured at Fair Value
    
    $
    16,672,178
    
    
    $
    465,462
    
    
    $
    16,206,716
    
    
    $
    LIABILITIESUnrealized depreciation on open forward contracts
    
    $
    421,267
    
    
    $
    
    
    
    $
    421,267
    
    
    $
    Futures contracts sold
    
    
    10,673
    
    
    
    10,673
    
    
    
    
    
    
    
    Total Liabilities Measured at Fair Value
    
    $
    431,940
    
    
    $
    10,673
    
    
    $
    421,267
    
    
    $
    
  BalanceDecember 31,2009
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government securities
    
    $
    26,383,789
    
    
    $
    
    
    
    $
    26,383,789
    
    
    $
    Unrealized appreciation on open forward contracts
    
    
    509,064
    
    
    
    
    
    
    
    509,064
    
    
    
    Futures contracts purchased
    
    
    1,108,299
    
    
    
    1,108,299
    
    
    
    
    
    
    
    Total Assets Measured at Fair Value
    
    $
    28,001,152
    
    
    $
    1,108,299
    
    
    $
    26,892,853
    
    
    $
    LIABILITIESUnrealized depreciation on open forward contracts
    
    $
    1,130,981
    
    
    $
    
    
    
    $
    1,130,981
    
    
    $
    Futures contracts sold
    
    
    24,959
    
    
    
    24,959
    
    
    
    
    
    
    
    Total Liabilities Measured at Fair Value
    
    $
    1,155,940
    
    
    $
    24,959
    
    
    $
    1,130,981
    
    
    $
    
 4. Disclosure of derivative instruments and hedging activities
 Disclosures about Derivative Instruments and Hedging Activities
   25




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Statement of Assets and and
    
    Asset Derivatives at
    
    Liability DerivativesType of Instrument
    
    Liabilities Location
    
    June 30, 2010
    
    at June 30, 2010
    
    NetForeign exchange
contracts
    
    Unrealized
appreciation on open
forward contracts
    
    $
    224,147
    
    
    $
    
    
    
    $
    224,147Foreign exchange
contracts
    
    Unrealized depreciation
on open forward contracts
    
    
    
    
    
    
    (323,379
    )
    
    
    (323,379
    )Futures contracts
    
    Futures contracts
purchased
    
    
    3,879,238
    
    
    
    
    
    
    
    3,879,238Futures contracts
    
    Futures contracts sold
    
    
    
    
    
    
    (384,643
    )
    
    
    (384,643
    )Totals
    
    
    
    $
    4,103,385
    
    
    $
    (708,022
    )
    
    $
    3,395,363
  Change in UnrealizedDerivatives not
    
    
    
    
    
    
    
    AppreciationDesignated as Hedging
    
    Location of Gain(Loss) on
    
    Realized Gain (Loss) on
    
    
    (Depreciation) onInstruments under ASC
    
    Derivatives Recognized in
    
    Derivatives Recognized in
    
    
    Derivatives Recognized in815
    
    Income
    
    Income
    
    
    in IncomeForeign exchange contracts
    
    Net realized loss on futures and forward contracts
    
    $
    (1,796,902
    )
    
    $
    (139,611
    )Futures contracts
    
    Net realized gain (loss) on futures and forward  contracts
    
    
    4,272,132
    
    
    
    (11,821,937
    )Total
    
    
    
    $
    2,475,230
    
    
    $
    (11,961,548
    )
  Change in UnrealizedDerivatives not
    
    
    
    
    
    
    
    AppreciationDesignated as Hedging
    
    Location of Gain(Loss) on
    
    Realized Gain (Loss) on
    
    
    (Depreciation) onInstruments under ASC
    
    Derivatives Recognized in
    
    Derivatives Recognized in
    
    
    Derivatives Recognized in815
    
    Income
    
    Income
    
    
    in IncomeForeign exchange contracts
    
    Net realized gain (loss) on futures and forward contracts
    
    $
    (3,718,933
    )
    
    $
    756,504Futures contracts
    
    Net realized gain on futures and forward contracts
    
    
    (517,201
    )
    
    
    1,956,466Total
    
    
    
    $
    (4,236,134
    )
    
    $
    2,712,970
 26




---



##### Table of Contents



Change in UnrealizedDerivatives not
    
    
    
    
    
    
    
    AppreciationDesignated as Hedging
    
    Location of Gain(Loss) on
    
    Realized Gain (Loss) on
    
    
    (Depreciation) onInstruments under ASC
    
    Derivatives Recognized in
    
    Derivatives Recognized in
    
    
    Derivatives Recognized in815
    
    Income
    
    Income
    
    
    in IncomeForeign exchange contracts
    
    Net realized loss on futures and forward contracts
    
    $
    (5,844,157
    )
    
    $
    (704,912
    )Futures contracts
    
    Net realized gain  (loss) on futures and forward contracts
    
    
    (29,998,081
    )
    
    
    (1,692,797
    )Total
    
    
    
    $
    (35,842,238
    )
    
    $
    (2,397,709
    )
 As of June 30, 2010Long Positions Gross Unrealized
    
    
    Short Positions Gross Unrealized% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    Net UnrealizedNet
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    Gain (Loss) onGains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Gains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Open PositionsForeign Exchange
    
    $
    177,463
    
    
    
    0.2
    
    
    $
    (313,210
    )
    
    
    (0.4
    )
    
    $
    46,684
    
    
    
    0.1
    
    
    $
    (10,169
    )
    
    
    (0.0)
    *
    
    $
    (99,232
    )Currency
    
    
    1,022,013
    
    
    
    1.3
    
    
    
    (206,100
    )
    
    
    (0.3
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    815,913Financial
    
    
    3,257,403
    
    
    
    4.1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (52,475
    )
    
    
    (0.1
    )
    
    
    3,204,928Food & Fiber
    
    
    115,838
    
    
    
    0.1
    
    
    
    (30,483
    )
    
    
    (0.0)
    *
    
    
    36,074
    
    
    
    0.0
    *
    
    
    (182,941
    )
    
    
    (0.2
    )
    
    
    (61,512
    )Indices
    
    
    79
    
    
    
    0.0
    *
    
    
    (724,352
    )
    
    
    (0.9
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (724,273
    )Metals
    
    
    882,272
    
    
    
    1.1
    
    
    
    (373,047
    )
    
    
    (0.5
    )
    
    
    
    
    
    
    
    
    
    
    (172,281
    )
    
    
    (0.2
    )
    
    
    336,944Energy
    
    
    
    
    
    
    
    
    
    
    (15,265
    )
    
    
    (0.0)
    *
    
    
    
    
    
    
    
    
    
    
    (13,020
    )
    
    
    (0.0)
    *
    
    
    (28,285
    )Livestock
    
    
    
    
    
    
    
    
    
    
    (49,120
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (49,120
    )Totals
    
    $
    5,455,068
    
    
    
    6.9
    
    
    $
    (1,711,577
    )
    
    
    (2.2
    )
    
    $
    82,758
    
    
    
    0.1
    
    
    $
    (430,886
    )
    
    
    (0.5
    )
    
    $
    3,395,363
 
   Average Number of
    
    
    Average Number of
    
    
    Average Value of Long
    
    
    Average Value ofLong Contracts
    
    
    Short Contracts
    
    
    Positions
    
    
    Short PositionsForeign Exchange
    
    
    131
    
    
    
    165
    
    
    $
    2,207,343
    
    
    $
    2,597,392
 AverageAverage Number of
    
    
    Number of ShortLong Contracts
    
    
    ContractsCurrency
    
    
    2,553
    
    
    
    Financial
    
    
    5,684
    
    
    
    1,315Food & Fiber
    
    
    719
    
    
    
    1,468Indices
    
    
    2,667
    
    
    
    16Metals
    
    
    915
    
    
    
    260Energy
    
    
    331
    
    
    
    260Livestock
    
    
    696
    
    
    
    586Total
    
    
    13,696
    
    
    
    4,070
 27




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##### Table of Contents



For the Three Months Ended June 30, 2010Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGain (Losses)
    
    
    Losses
    
    
    Gains (Losses)Foreign Exchange
    
    $
    (1,796,902
    )
    
    $
    (139,611
    )
    
    $
    (1,936,513
    )Currency
    
    
    (1,905,799
    )
    
    
    (258,979
    )
    
    
    (2,164,778
    )Financial
    
    
    8,000,870
    
    
    
    (372,255
    )
    
    
    7,628,615Food & Fiber
    
    
    (243,241
    )
    
    
    (1,124,193
    )
    
    
    (1,367,434
    )Indices
    
    
    (2,347,515
    )
    
    
    (2,298,894
    )
    
    
    (4,646,409
    )Metals
    
    
    2,962,908
    
    
    
    (1,792,290
    )
    
    
    1,170,618Livestock
    
    
    (68,440
    )
    
    
    (49,120
    )
    
    
    (117,560
    )Energy
    
    
    (2,126,651
    )
    
    
    (5,926,206
    )
    
    
    (8,052,857
    )Total net trading gains (losses)
    
    $
    2,475,230
    
    
    $
    (11,961,548
    )
    
    $
    (9,486,318
    )
 For the Six Months Ended June 30, 2010Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGain (Losses)
    
    
    Gains (Losses)
    
    
    Gains (Losses)Foreign Exchange
    
    $
    (3,718,933
    )
    
    $
    756,504
    
    
    $
    (2,962,429
    )Currency
    
    
    (4,268,268
    )
    
    
    1,447,050
    
    
    
    (2,821,218
    )Financial
    
    
    9,198,856
    
    
    
    3,540,930
    
    
    
    12,739,786Food & Fiber
    
    
    (746,706
    )
    
    
    (1,121,974
    )
    
    
    (1,868,680
    )Indices
    
    
    (237,999
    )
    
    
    (2,876,159
    )
    
    
    (3,114,158
    )Metals
    
    
    (1,015,697
    )
    
    
    1,389,520
    
    
    
    373,823Livestock
    
    
    (513,670
    )
    
    
    21,440
    
    
    
    (492,230
    )Energy
    
    
    (2,933,717
    )
    
    
    (444,341
    )
    
    
    (3,378,058
    )Total net trading gains (losses)
    
    $
    (4,236,134
    )
    
    $
    2,712,970
    
    
    $
    (1,523,164
    )
   LiabilityStatement of Assets
    
    Asset Derivatives
    
    
    Derivatives at JuneType of Instrument
    
    and Liabilities Location
    
    at June 30, 2010
    
    
    30, 2010
    
    
    NetForeign exchange contracts
    
    Unrealized appreciation on open forward contracts
    
    $
    69,229
    
    
    $
    
    
    
    $
    69,229Foreign exchange contracts
    
    Unrealized depreciation on open forward contracts
    
    
    
    
    
    
    (102,648
    )
    
    
    (102,648
    )Futures contracts
    
    Futures contracts purchased
    
    
    1,301,646
    
    
    
    
    
    
    
    1,301,646Futures contracts
    
    Futures contracts sold
    
    
    
    
    
    
    (110,828
    )
    
    
    (110,828
    )Totals
    
    
    
    $
    1,370,875
    
    
    $
    (213,476
    )
    
    $
    1,157,399
 28




---



##### Table of Contents



Change inUnrealizedRealized Gain
    
    
    AppreciationDerivatives not
    
    
    
    (Loss) on
    
    
    (Depreciation) onDesignated as
    
    Location of Gain (Loss) on
    
    Derivatives
    
    
    DerivativesHedging Instruments
    
    Derivatives Recognized in
    
    Recognized in
    
    
    Recognized inunder ASC 815
    
    Income
    
    Income
    
    
    IncomeForeign exchange contracts
    
    Net realized loss on futures and  forward contracts
    
    $
    (517,351
    )
    
    $
    (39,863
    )Futures contracts
    
    Net realized gain (loss) on futures  and forward contracts
    
    
    1,490,144
    
    
    
    (3,658,014
    )Total
    
    
    
    $
    972,793
    
    
    $
    (3,697,877
    )
  Change inUnrealizedLocation of Gain
    
    Realized Gain
    
    
    AppreciationDerivatives not
    
    (Loss) on
    
    (Loss) on
    
    
    (Depreciation) onDesignated as
    
    Derivatives
    
    Derivatives
    
    
    DerivativesHedging Instruments
    
    Recognized in
    
    Recognized in
    
    
    Recognized inunder ASC 815
    
    Income
    
    Income
    
    
    IncomeForeign exchange contracts
    
    Net realized gain (loss) on futures  and forward contracts
    
    $
    (1,033,878
    )
    
    $
    200,400Futures contracts
    
    Net realized gain on futures and forward contracts
    
    
    102,970
    
    
    
    736,029Total
    
    
    
    $
    (930,908
    )
    
    $
    936,429
  Change inUnrealizedLocation of Gain
    
    Realized Gain
    
    
    AppreciationDerivatives not
    
    (Loss) on
    
    (Loss) on
    
    
    (Depreciation) onDesignated as
    
    Derivatives
    
    Derivatives
    
    
    DerivativesHedging Instruments
    
    Recognized in
    
    Recognized in
    
    
    Recognized inunder ASC 815
    
    Income
    
    Income
    
    
    IncomeForeign exchange contracts
    
    Net realized loss  on futures and forward contracts
    
    $
    (1,475,144
    )
    
    $
    (201,621
    )Futures contracts
    
    Net realized gain (loss) on futures   and forward contracts
    
    
    (7,292,990
    )
    
    
    (390,070
    )Total
    
    
    
    $
    (8,768,134
    )
    
    $
    (591,691
    )
 29




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##### Table of Contents



As of June 30, 2010Long Positions Gross Unrealized
    
    
    Short Positions Gross Unrealized% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    Net UnrealizedNet
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    Gain (Loss) onGains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Gains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Open PositionsForeign Exchange
    
    $
    54,295
    
    
    
    0.2
    
    
    $
    (99,491
    )
    
    
    (0.3
    )
    
    $
    14,934
    
    
    
    0.0
    *
    
    $
    (3,157
    )
    
    
    (0.0)
    *
    
    $
    (33,419
    )Currency
    
    
    336,050
    
    
    
    1.0
    
    
    
    (68,100
    )
    
    
    (0.2
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    267,950Financial
    
    
    1,056,338
    
    
    
    3.1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (16,997
    )
    
    
    (0.1
    )
    
    
    1,039,341Food & Fiber
    
    
    39,879
    
    
    
    0.2
    
    
    
    (8,401
    )
    
    
    (0.0)
    *
    
    
    11,762
    
    
    
    0.0
    *
    
    
    (59,512
    )
    
    
    (0.2
    )
    
    
    (16,272
    )Indices
    
    
    
    
    
    
    
    
    
    
    (219,024
    )
    
    
    (0.7
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (219,024
    )Metals
    
    
    289,410
    
    
    
    0.8
    
    
    
    (105,451
    )
    
    
    (0.3
    )
    
    
    
    
    
    
    
    
    
    
    (42,751
    )
    
    
    (0.1
    )
    
    
    141,208Energy
    
    
    
    
    
    
    
    
    
    
    (3,595
    )
    
    
    (0.0)
    *
    
    
    
    
    
    
    
    
    
    
    (3,330
    )
    
    
    (0.0)
    *
    
    
    (6,925
    )Livestock
    
    
    
    
    
    
    
    
    
    
    (15,460
    )
    
    
    (0.0)
    *
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (15,460
    )Totals
    
    $
    1,775,972
    
    
    
    5.3
    
    
    $
    (519,522
    )
    
    
    (1.5
    )
    
    $
    26,696
    
    
    
    0.0
    *
    
    $
    (125,747
    )
    
    
    (0.4
    )
    
    $
    1,157,399
 
 *
    
    Due to rounding  Average Number of
    
    
    Average Number of
    
    
    Average Value of Long
    
    
    Average Value ofLong Contracts
    
    
    Short Contracts
    
    
    Positions
    
    
    Short PositionsForeign Exchange
    
    
    62
    
    
    
    81
    
    
    $
    654,436
    
    
    $
    763,056
 Average Number of Long Contracts
    
    Average Number of Short ContractsCurrency
    
    
    793
    
    
    
    Financial
    
    
    1,750
    
    
    
    400Food & Fiber
    
    
    217
    
    
    
    454Indices
    
    
    826
    
    
    
    4Metals
    
    
    275
    
    
    
    77Energy
    
    
    294
    
    
    
    260Livestock
    
    
    17
    
    
    
    Totals
    
    
    4,234
    
    
    
    1,276
  For the Three Months Ended June 30, 2010Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGain (Losses)
    
    
    Losses
    
    
    Gains (Losses)Foreign Exchange
    
    $
    (517,351
    )
    
    $
    (39,863
    )
    
    $
    (557,214
    )Currency
    
    
    (570,828
    )
    
    
    (78,811
    )
    
    
    (649,639
    )Financial
    
    
    2,522,461
    
    
    
    (130,607
    )
    
    
    2,391,854Food & Fiber
    
    
    (66,381
    )
    
    
    (357,693
    )
    
    
    (424,074
    )Indices
    
    
    (687,977
    )
    
    
    (716,568
    )
    
    
    (1,404,545
    )Metals
    
    
    912,058
    
    
    
    (491,113
    )
    
    
    420,945Livestock
    
    
    (21,320
    )
    
    
    (15,460
    )
    
    
    (36,780
    )Energy
    
    
    (597,869
    )
    
    
    (1,867,762
    )
    
    
    (2,465,631
    )Total net trading gains (losses)
    
    $
    972,793
    
    
    $
    (3,697,877
    )
    
    $
    (2,725,084
    )
 30




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##### Table of Contents



For the Six Months Ended June 30, 2010Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGain (Losses)
    
    
    Gains (Losses)
    
    
    Gains (Losses)Foreign Exchange
    
    $
    (1,033,878
    )
    
    $
    200,400
    
    
    $
    (833,478
    )Currency
    
    
    (1,278,888
    )
    
    
    444,545
    
    
    
    (834,343
    )Financial
    
    
    2,884,357
    
    
    
    1,116,768
    
    
    
    4,001,125Food & Fiber
    
    
    (282,771
    )
    
    
    (311,246
    )
    
    
    (594,017
    )Indices
    
    
    (39,081
    )
    
    
    (816,570
    )
    
    
    (855,651
    )Metals
    
    
    (244,769
    )
    
    
    425,003
    
    
    
    180,234Livestock
    
    
    (156,000
    )
    
    
    4,600
    
    
    
    (151,400
    )Energy
    
    
    (779,878
    )
    
    
    (127,071
    )
    
    
    (906,949
    )Total net trading gains (losses)
    
    $
    (930,908
    )
    
    $
    936,429
    
    
    $
    5,521
   LiabilityAsset Derivatives
    
    
    Derivatives at JuneType of Instrument
    
    
    Statement of Assets and Liabilities Location
    
    at June 30, 2010
    
    
    30, 2010
    
    
    NetForeign exchange contracts
    
    Unrealized appreciation on open forward contracts
    
    $
    154,918
    
    
    $
    
    
    
    $
    154,918Foreign exchange contracts
    
    Unrealized depreciation on open forward contracts
    
    
    
    
    
    
    (220,731
    )
    
    
    (220,731
    )Futures contracts
    
    Futures contracts purchased
    
    
    2,577,592
    
    
    
    
    
    
    
    2,577,592Futures contracts
    
    Futures contracts sold
    
    
    
    
    
    
    (273,815
    )
    
    
    (273,815
    )Totals
    
    
    
    $
    2,732,510
    
    
    $
    (494,546
    )
    
    $
    2,237,964
  Change inUnrealizedRealized Gain
    
    
    AppreciationDerivatives Not
    
    
    
    
    (Loss) on
    
    
    (Depreciation) onAccounted for as
    
    
    
    
    Derivatives
    
    
    DerivativesHedging Instruments
    
    
    Location of Gain (Loss) on Derivatives Recognized in
    
    Recognized in
    
    
    Recognized inunder ASC 815
    
    
    Income
    
    Income
    
    
    IncomeForeign exchange contracts
    
    Net realized loss on futures and forward contracts
    
    $
    (1,279,551
    )
    
    $
    (99,748
    )Futures contracts
    
    Net realized gain (loss) on futures and forward contracts
    
    
    2,781,988
    
    
    
    (8,163,923
    )Total
    
    
    
    $
    1,502,437
    
    
    $
    (8,263,671
    )
 31




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##### Table of Contents



Change inUnrealizedRealized Gain
    
    
    Appreciation(Loss) on
    
    
    (Depreciation) onDerivatives Not Accounted
    
    
    Location of Gain (Loss) on
    
    Derivatives
    
    
    Derivativesfor as Hedging
    
    
    Derivatives Recognized in
    
    Recognized in
    
    
    Recognized inInstruments under ASC 815
    
    
    Income
    
    Income
    
    
    IncomeForeign exchange contracts
    
    Net realized loss on futures and forward contracts
    
    $
    (2,685,055
    )
    
    $
    556,104Futures contracts
    
    Net realized gain (loss) on futures and forward contracts
    
    
    (620,171
    )
    
    
    1,220,437Total
    
    
    
    $
    (3,305,226
    )
    
    $
    1,776,541
  Change inUnrealizedRealized Gain
    
    
    Appreciation(Loss) on
    
    
    (Depreciation) onDerivatives Not Accounted
    
    
    Location of Gain (Loss) on
    
    Derivatives
    
    
    Derivativesfor as Hedging
    
    
    Derivatives Recognized in
    
    Recognized in
    
    
    Recognized inInstruments under ASC 815
    
    
    Income
    
    Income
    
    
    IncomeForeign exchange contracts
    
    Net realized loss on futures and forward contracts
    
    $
    (4,369,013
    )
    
    $
    (503,291
    )Futures contracts
    
    Net realized gain (loss) on futures and forward contracts
    
    
    (22,705,091
    )
    
    
    (1,302,727
    )Total
    
    
    
    $
    (27,074,104
    )
    
    $
    (1,806,018
    )
 As of June 30, 2010Long Positions Gross Unrealized
    
    
    Short Positions Gross Unrealized% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    Net UnrealizedNet
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    Gain (Loss) onGains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Gains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Open PositionsForeign Exchange
    
    $
    123,168
    
    
    
    0.3
    
    
    $
    (213,719
    )
    
    
    (0.5
    )
    
    $
    31,750
    
    
    
    0.1
    
    
    $
    (7,012
    )
    
    
    (0.0)
    *
    
    $
    (65,813
    )Currency
    
    
    685,963
    
    
    
    1.5
    
    
    
    (138,000
    )
    
    
    (0.3
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    547,963Financial
    
    
    2,201,065
    
    
    
    4.8
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (35,478
    )
    
    
    (0.1
    )
    
    
    2,165,587Food & Fiber
    
    
    75,959
    
    
    
    0.2
    
    
    
    (22,082
    )
    
    
    (0.1
    )
    
    
    24,312
    
    
    
    0.1
    
    
    
    (123,429
    )
    
    
    (0.3
    )
    
    
    (45,240
    )Indices
    
    
    79
    
    
    
    0.0
    *
    
    
    (505,328
    )
    
    
    (1.1
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (505,249
    )Metals
    
    
    592,862
    
    
    
    1.3
    
    
    
    (267,596
    )
    
    
    (0.6
    )
    
    
    
    
    
    
    
    
    
    
    (129,530
    )
    
    
    (0.3
    )
    
    
    195,736Energy
    
    
    
    
    
    
    
    
    
    
    (11,670
    )
    
    
    (0.0)
    *
    
    
    
    
    
    
    
    
    
    
    (9,690
    )
    
    
    (0.0)
    *
    
    
    (21,360
    )Livestock
    
    
    
    
    
    
    
    
    
    
    (33,660
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (33,660
    )Totals
    
    $
    3,679,096
    
    
    
    8.1
    
    
    $
    (1,192,055
    )
    
    
    (2.7
    )
    
    $
    56,062
    
    
    
    0.2
    
    
    $
    (305,139
    )
    
    
    (0.7
    )
    
    $
    2,237,964
 
 *
    
    Due to rounding 32




---



##### Table of Contents



Series B average monthly contract volume by market sector for quarter ended June 30, 2010: Average Number of
    
    
    Average Number of
    
    
    Average Value of
    
    
    Average Value ofLong Contracts
    
    
    Short Contracts
    
    
    Long Positions
    
    
    Short PositionsForeign Exchange
    
    
    69
    
    
    
    84
    
    
    $
    1,552,907
    
    
    $
    1,834,336
 Average Number of
    
    
    Average Number ofLong Contracts
    
    
    Short ContractsCurrency
    
    
    1,760
    
    
    
    Financial
    
    
    3,934
    
    
    
    915Food & Fiber
    
    
    502
    
    
    
    1,014Indices
    
    
    1,841
    
    
    
    12Metals
    
    
    640
    
    
    
    183Livestock
    
    
    37
    
    
    
    Energy
    
    
    679
    
    
    
    586Totals
    
    
    9,462
    
    
    
    2,794
  For the Three Months Ended June 30, 2010Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGain (Losses)
    
    
    Gains (Losses)
    
    
    Gains (Losses)Foreign Exchange
    
    $
    (1,279,551
    )
    
    $
    (99,748
    )
    
    $
    (1,379,299
    )Currency
    
    
    (1,334,971
    )
    
    
    (180,168
    )
    
    
    (1,515,139
    )Financial
    
    
    5,478,409
    
    
    
    (241,648
    )
    
    
    5,236,761Food & Fiber
    
    
    (176,860
    )
    
    
    (766,500
    )
    
    
    (943,360
    )Indices
    
    
    (1,659,538
    )
    
    
    (1,582,326
    )
    
    
    (3,241,864
    )Metals
    
    
    2,050,850
    
    
    
    (1,301,177
    )
    
    
    749,673Livestock
    
    
    (47,120
    )
    
    
    (33,660
    )
    
    
    (80,780
    )Energy
    
    
    (1,528,782
    )
    
    
    (4,058,444
    )
    
    
    (5,587,226
    )Total net trading gains (losses)
    
    $
    1,502,437
    
    
    $
    (8,263,671
    )
    
    $
    (6,761,234
    )
 For the Six Months Ended June 30, 2010Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGain (Losses)
    
    
    Gains (Losses)
    
    
    Gains (Losses)Foreign Exchange
    
    $
    (2,685,055
    )
    
    $
    556,104
    
    
    $
    (2,128,951
    )Currency
    
    
    (2,989,380
    )
    
    
    1,002,505
    
    
    
    (1,986,875
    )Financial
    
    
    6,314,499
    
    
    
    2,424,162
    
    
    
    8,738,661Food & Fiber
    
    
    (463,935
    )
    
    
    (810,728
    )
    
    
    (1,274,663
    )Indices
    
    
    (198,918
    )
    
    
    (2,059,589
    )
    
    
    (2,258,507
    )Metals
    
    
    (770,928
    )
    
    
    964,517
    
    
    
    193,589Livestock
    
    
    (357,670
    )
    
    
    16,840
    
    
    
    (340,830
    )Energy
    
    
    (2,153,839
    )
    
    
    (317,270
    )
    
    
    (2,471,109
    )Total net trading gains (losses)
    
    $
    (3,305,226
    )
    
    $
    1,776,541
    
    
    $
    (1,528,685
    )
 5. Due from/to brokers
   33




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##### Table of Contents



6. Allocation of net profits and losses
   7. Related party transactions
   8. Financial highlights
  2010
    
    
    2009Series A
    
    
    Series B
    
    
    Series A
    
    
    Series BTotal return before incentive fees*
    
    
    (4.7
    )%
    
    
    (8.3
    )%
    
    
    (21.6
    )%
    
    
    (32.2
    )%Incentive fees*
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    (0.4
    )%Total return after incentive fees*
    
    
    (4.7
    )%
    
    
    (8.3
    )%
    
    
    (21.6
    )%
    
    
    (32.6
    )%Ratios to average partners capital**Operating expenses before incentive fees
    
    
    9.6
    %
    
    
    10.9
    %
    
    
    8.4
    %
    
    
    9.3
    %Incentive fees
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    1.0
    %Total expenses
    
    
    9.6
    %
    
    
    10.9
    %
    
    
    8.4
    %
    
    
    10.3
    %Net investment
    
    
    (9.5
    )%
    
    
    (10.8
    )%
    
    
    (8.3
    )%
    
    
    (9.1
    )%Net asset value per unit, beginning of period
    
    $
    1,354.49
    
    
    $
    1,454.64
    
    
    $
    1,932.30
    
    
    $
    2,600.96Net investment loss
    
    
    (62.98
    )
    
    
    (75.96
    )
    
    
    (73.35
    )
    
    
    (114.58
    )Net loss on investments
    
    
    (1.22
    )
    
    
    (45.03
    )
    
    
    (344.56
    )
    
    
    (732.67
    )Net asset value per unit, end of period
    
    $
    1,290.29
    
    
    $
    1,333.65
    
    
    $
    1,514.39
    
    
    $
    1,753.71Other per Unit information:Net decrease in net assets from operations
per Unit (based upon weighted average
number of Units during period)
    
    $
    (62.54
    )
    
    $
    (119.59
    )
    
    $
    (432.91
    )
    
    $
    (881.28
    )Net decrease in net assets from operations
per Unit (based upon change in net asset
value per Unit)
    
    $
    (64.20
    )
    
    $
    (120.99
    )
    
    $
    (417.91
    )
    
    $
    (847.25
    )
 34




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##### Table of Contents



2010
    
    
    2009Series A
    
    
    Series B
    
    
    Series A
    
    
    Series BTotal return before incentive fees*
    
    
    (9.5
    )%
    
    
    (14.9
    )%
    
    
    (20.1
    )%
    
    
    (30.6
    )%Incentive fees*
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %Total return after incentive fees*
    
    
    (9.5
    )%
    
    
    (14.9
    )%
    
    
    (20.1
    )%
    
    
    (30.6
    )%Ratios to average partners capital**Operating expenses before incentive fees
    
    
    9.4
    %
    
    
    10.6
    %
    
    
    9.3
    %
    
    
    10.4
    %Incentive fees
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %Total expenses
    
    
    9.4
    %
    
    
    10.6
    %
    
    
    9.3
    %
    
    
    10.4
    %Net investment
    
    
    (9.3
    )%
    
    
    (10.6
    )%
    
    
    (9.1
    )%
    
    
    (10.3
    )%Net asset value per unit, beginning of period
    
    $
    1,425.15
    
    
    $
    1,567.43
    
    
    $
    1,894.62
    
    
    $
    2,526.24Net investment loss
    
    
    (31.88
    )
    
    
    (38.98
    )
    
    
    (38.07
    )
    
    
    (53.09
    )Net loss on investments
    
    
    (102.98
    )
    
    
    (194.80
    )
    
    
    (342.16
    )
    
    
    (719.44
    )Net asset value per unit, end of period
    
    $
    1,290.29
    
    
    $
    1,333.65
    
    
    $
    1,514.39
    
    
    $
    1,753.71Other per Unit information:Net decrease in net
assets from operations
per Unit (based upon
weighted average number
of Units during period)
    
    $
    (136.00
    )
    
    $
    (233.74
    )
    
    $
    (376.67
    )
    
    $
    (755.98
    )Net decrease in net
assets from operations
per Unit (based upon
change in net asset value
per Unit)
    
    $
    (134.86
    )
    
    $
    (233.78
    )
    
    $
    (380.23
    )
    
    $
    (772.53
    )
 
 *
    
    Not annualized**
    
    Annualized, except for incentive fees  9. Financial instrument risk
     35




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##### Table of Contents



10. Subscriptions and redemptions
   11. Subsequent events
  36




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##### Table of Contents



ITEM 2.

    MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 INTRODUCTION
  LIQUIDITY
    CAPITAL RESOURCES
  RESULTS OF OPERATIONS
 Three Months Ended June 30, 2010
    37




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st
   38




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##### Table of Contents



Three Months Ended June 30, 2009
 nd
    39




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##### Table of Contents



Three Months Ended March 31, 2009
 st
    40




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##### Table of Contents



OFF-BALANCE SHEET RISK
   OFF-BALANCE SHEET ARRANGEMENTS
  CONTRACTUAL OBLIGATIONS
  CRITICAL ACCOUNTING POLICIES  VALUATION OF THE FUNDS POSITIONS
  RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
 ASU 2010-06
 Improving Disclosures
about Fair Value Measurements Fair Value Measurements and Disclosures
 41




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##### Table of Contents



ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
  ITEM 4T. CONTROLS AND PROCEDURES
   PART II  OTHER INFORMATION
 ITEM 1. LEGAL PROCEEDINGS
  ITEM 1A. RISK FACTORS
  ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
     Month
    
    Units Redeemed
    
    
    NAV per Unit ($)April 30, 2010
    
    
    281.265
    
    
    
    1,490.54May 31, 2010
    
    
    343.037
    
    
    
    1,294.62June 30, 2010
    
    
    287.287
    
    
    
    1,290.29911.589
 42




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##### Table of Contents



Month
    
    Units Redeemed
    
    
    NAV per Unit ($)April 30, 2010
    
    
    362.660
    
    
    
    1,677.77May 31, 2010
    
    
    330.919
    
    
    
    1,338.41June 30, 2010
    
    
    509.893
    
    
    
    1,333.651,203.472
 ITEM 3. DEFAULTS UPON SENIOR SECURITIES
  ITEM 4. (REMOVED AND RESERVED)
 ITEM 5. OTHER INFORMATION
  ITEM 6. EXHIBITS
  31.1
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer31.2
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer32.1
    
    Section 1350 Certification of Principal Executive Officer32.2
    
    Section 1350 Certification of Principal Financial Officer
 43




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##### Table of Contents



SIGNATURES
  Date: August 23, 2010
    SUPERFUND GREEN, L.P.
(Registrant)
By: Superfund Capital Management, Inc.
General PartnerBy:
    /s/ Nigel JamesNigel JamesPresident and Principal Executive OfficerBy:
    /s/ Martin SchneiderMartin SchneiderVice President and Principal Financial Officer 44




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##### Table of Contents



Exhibit Number
    
    Description of Document
    
    Page Number31.1
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer
    
    E-231.2
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer
    
    E-332.1
    
    Section 1350 Certification of Principal Executive Officer
    
    E-432.2
    
    Section 1350 Certification of Principal Financial Officer
    
    E-5
 E-1