##### 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 March 31, 2011
 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, Grenada 
West 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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##### 



PART I  FINANCIAL INFORMATION
 ITEM 1.
    
    FINANCIAL STATEMENTS
  PageUnaudited Financial Statements: Superfund Green, L.P.Statements of Assets and Liabilities as of March 31, 2011 and December 31, 2010
    
    3Condensed Schedule of Investments as of March 31, 2011
    
    4Condensed Schedule of Investments as of December 31, 2010
    
    5Statements of Operations for the Three Months Ended March 31, 2011 and March 31,
2010
    
    6Statements of Changes in Net Assets for the Three Months Ended March 31, 2011 and
March 31, 2010
    
    7Statements of Cash Flows for the Three Months Ended March 31, 2011 and March 31,
2010
    
    8Unaudited Financial Statements: Superfund Green, L.P.  Series AStatements of Assets and Liabilities as of March 31, 2011 and December 31, 2010
    
    9Condensed Schedule of Investments as of March 31, 2011
    
    10Condensed Schedule of Investments as of December 31, 2010
    
    11Statements of Operations for the Three Months Ended March 31, 2011 and March 31,
2010
    
    12Statements of Changes in Net Assets for the Three Months Ended March 31, 2011 and
March 31, 2010
    
    13Statements of Cash Flows for the Three Months Ended March 31, 2011 and March 31,
2010
    
    14Unaudited Financial Statements: Superfund Green, L.P.  Series BStatements of Assets and Liabilities as of March 31, 2011 and December 31, 2010
    
    15Condensed Schedule of Investments as of March 31, 2011
    
    16Condensed Schedule of Investments as of December 31, 2010
    
    17Statements of Operations for the Three Months Ended March 31, 2011 and March 31,
2010
    
    18Statements of Changes in Net Assets for the Three Months Ended March 31, 2011 and
March 31, 2010
    
    19Statements of Cash Flows for the Three Months Ended March 31, 2011 and March 31,
2010
    
    20Notes to Unaudited Financial Statements.
    
    21-39EX-31.1EX-31.2EX-32.1EX-32.2
  2




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##### Table of Contents



SUPERFUND GREEN, L.P.
 
 UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES
as of March 31, 2011 and December 31, 2010
 March 31, 2011
    
    
    December 31, 2010ASSETSUS Government securities, at fair value,
(amortized cost 36,649,223 and $38,347,223 as of
March 31, 2011 and December 31, 2010, respectively)
    
    $
    36,649,223
    
    
    $
    38,347,223Due from brokers
    
    
    54,053,153
    
    
    
    49,302,554Unrealized appreciation on open forward contracts
    
    
    1,081,260
    
    
    
    865,855Futures contracts purchased
    
    
    3,089,860
    
    
    
    8,737,815Cash
    
    
    1,867,686
    
    
    
    2,069,942Total assets
    
    
    96,741,182
    
    
    
    99,323,389LIABILITIESUnrealized depreciation on open forward contracts
    
    
    964,573
    
    
    
    198,269Futures contracts sold
    
    
    1,295,032
    
    
    
    1,410,287Subscriptions received in advance
    
    
    1,628,217
    
    
    
    1,180,791Redemptions payable
    
    
    3,378,248
    
    
    
    3,004,972Management fees
    
    
    143,051
    
    
    
    148,834Fees payable
    
    
    289,444
    
    
    
    314,765Total liabilities
    
    
    7,698,565
    
    
    
    6,257,918NET ASSETS
    
    $
    89,042,617
    
    
    $
    93,065,471
  3




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##### Table of Contents



SUPERFUND GREEN, L.P.
 
 UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS
as of March 31, 2011
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due May 26, 2011 (amortized
cost $36,649,223), securities are held in margin accounts as
collateral for open futures and forwards
    
    $
    36,655,000
    
    
    
    41.2
    %
    
    $
    36,649,223Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    1.2
    
    
    
    1,081,260Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    1.2
    
    
    
    1,081,260Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (1.1
    )
    
    
    (964,573
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (1.1
    )
    
    
    (964,573
    )Total forward contracts, at fair value
    
    
    
    
    
    
    0.1
    
    
    
    116,687Futures contracts, at fair valueFutures contracts purchasedCurrency
    
    
    
    
    
    
    1.1
    
    
    
    998,614Energy
    
    
    
    
    
    
    1.0
    
    
    
    903,344Financial
    
    
    
    
    
    
    0.1
    
    
    
    56,251Food & Fiber
    
    
    
    
    
    
    (0.0)
    *
    
    
    (13,624
    )Indices
    
    
    
    
    
    
    0.3
    
    
    
    295,456Livestock
    
    
    
    
    
    
    0.3
    
    
    
    292,560Metals
    
    
    
    
    
    
    0.6
    
    
    
    557,259Total futures contracts purchased
    
    
    
    
    
    
    3.4
    
    
    
    3,089,860Futures contracts soldEnergy
    
    
    
    
    
    
    (0.6
    )
    
    
    (565,901
    )Financial
    
    
    
    
    
    
    (0.1
    )
    
    
    (125,732
    )Food & Fiber
    
    
    
    
    
    
    0.0
    *
    
    
    28,595Indices
    
    
    
    
    
    
    (0.3
    )
    
    
    (286,536
    )Metals
    
    
    
    
    
    
    (0.4
    )
    
    
    (345,458
    )Total futures contracts sold
    
    
    
    
    
    
    (1.4
    )
    
    
    (1,295,032
    )Total futures contracts, at fair value
    
    
    
    
    
    
    2.0
    %
    
    $
    1,794,828Futures and forward contracts by country compositionAustralia
    
    
    
    
    
    
    0.6
    %
    
    $
    497,986European Monetary Union
    
    
    
    
    
    
    0.2
    
    
    
    172,898Great Britain
    
    
    
    
    
    
    (0.2
    )
    
    
    (221,218
    )Japan
    
    
    
    
    
    
    (0.2
    )
    
    
    (221,136
    )United States
    
    
    
    
    
    
    0.6
    
    
    
    526,252Other
    
    
    
    
    
    
    1.3
    
    
    
    1,156,733Total futures and forward contracts by country composition
    
    
    
    
    
    
    2.3
    %
    
    $
    1,911,515
 
 *
    
    Due to rounding  4




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##### Table of Contents



SUPERFUND GREEN, L.P.
 
 CONDENSED SCHEDULE OF INVESTMENTS
 as of December 31, 2010
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due February 24,
2011(amortized cost $38,347,223), securities are held
in margin accounts as collateral for open futures and
forwards
    
    $
    38,355,000
    
    
    
    41.2
    %
    
    $
    38,347,223Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    0.9
    
    
    
    865,855Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    0.9
    
    
    
    865,855Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (0.2
    )
    
    
    (198,269
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (0.2
    )
    
    
    (198,269
    )Total forward contracts, at fair value
    
    
    
    
    
    
    0.7
    
    
    
    667,586Futures contracts, at fair valueFutures contracts purchasedCurrency
    
    
    
    
    
    
    2.6
    
    
    
    2,392,982Energy
    
    
    
    
    
    
    0.7
    
    
    
    695,307Financial
    
    
    
    
    
    
    0.6
    
    
    
    528,488Food & Fiber
    
    
    
    
    
    
    1.0
    
    
    
    900,409Indices
    
    
    
    
    
    
    0.5
    
    
    
    423,138Livestock
    
    
    
    
    
    
    0.4
    
    
    
    340,160Metals
    
    
    
    
    
    
    3.7
    
    
    
    3,457,331Total futures contracts purchased
    
    
    
    
    
    
    9.4
    
    
    
    8,737,815Futures contracts soldCurrency
    
    
    
    
    
    
    0.1
    
    
    
    114,862Energy
    
    
    
    
    
    
    (0.1
    )
    
    
    (102,401
    )Financial
    
    
    
    
    
    
    (0.1
    )
    
    
    (83,833
    )Indices
    
    
    
    
    
    
    0.1
    
    
    
    53,323Metals
    
    
    
    
    
    
    (1.5
    )
    
    
    (1,392,238
    )Total futures contracts sold
    
    
    
    
    
    
    (1.5
    )
    
    
    (1,410,287
    )Total futures contracts, at fair value
    
    
    
    
    
    
    7.9
    
    
    
    7,327,528Futures and forward contracts by country compositionAustralia
    
    
    
    
    
    
    0.0
    *
    
    
    30,575Canada
    
    
    
    
    
    
    0.2
    
    
    
    229,304European Monetary Union
    
    
    
    
    
    
    0.4
    
    
    
    369,324Great Britain
    
    
    
    
    
    
    0.3
    
    
    
    255,318Japan
    
    
    
    
    
    
    1.7
    
    
    
    1,536,949United States
    
    
    
    
    
    
    4.1
    
    
    
    3,853,276Other
    
    
    
    
    
    
    1.9
    
    
    
    1,720,368Total futures and forward contracts by country
    
    
    
    
    
    
    8.6
    %
    
    $
    7,995,114
 
 *
    
    Due to rounding  5




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SUPERFUND GREEN, L.P.
 
 UNAUDITED STATEMENTS OF OPERATIONS
 Three Months EndedMarch 31,2011
    
    
    2010Investment incomeInterest income
    
    $
    20,045
    
    
    $
    3,052Total income
    
    
    20,045
    
    
    
    3,052ExpensesSelling commission
    
    
    927,426
    
    
    
    826,207Brokerage commissions
    
    
    503,803
    
    
    
    676,830Management fee
    
    
    428,936
    
    
    
    382,121Ongoing offering expenses
    
    
    231,857
    
    
    
    206,552Operating expenses
    
    
    34,779
    
    
    
    30,983Other
    
    
    18,720
    
    
    
    6,600Total expenses
    
    
    2,145,521
    
    
    
    2,129,293Net investment loss
    
    
    (2,125,476
    )
    
    
    (2,126,241
    )Realized and unrealized gain (loss) on investmentsNet realized gain (loss) on futures and forward contracts
    
    
    8,251,746
    
    
    
    (6,711,364
    )Net change in unrealized appreciation (depreciation) on
futures and forward contracts:
    
    
    (6,083,599
    )
    
    
    14,674,518Net gain on investments
    
    
    2,168,147
    
    
    
    7,963,154Net increase in net assets from operations
    
    $
    42,671
    
    
    $
    5,836,913
  6




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SUPERFUND GREEN, L.P.
 
 UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS
 Three Months EndedMarch 31,2011
    
    
    2010Increase in net assets from operationsNet investment loss
    
    $
    (2,125,476
    )
    
    $
    (2,126,241
    )Net realized gain (loss) on futures and forward contracts
    
    
    8,251,746
    
    
    
    (6,711,364
    )Net change in unrealized appreciation (depreciation) on
futures and forward contracts
    
    
    (6,083,599
    )
    
    
    14,674,518Net increase in net assets from operations
    
    
    42,671
    
    
    
    5,836,913Capital share transactionsIssuance of Units
    
    
    2,564,652
    
    
    
    4,040,178Redemption of Units
    
    
    (6,630,177
    )
    
    
    (4,884,626
    )Net increase (decrease) in net assets from capital share
transactions
    
    
    (4,065,525
    )
    
    
    (844,448
    )Net increase (decrease) in net assets
    
    
    (4,022,854
    )
    
    
    4,992,465Net assets,beginning of period
    
    
    93,065,471
    
    
    
    85,135,843Net assets,end of period
    
    $
    89,042,617
    
    
    $
    90,128,308
  7




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##### Table of Contents



SUPERFUND GREEN, L.P.
 
 UNAUDITED STATEMENTS OF CASH FLOWS
 Three Months EndedMarch 31,2011
    
    
    2010Cash flows from operating activitiesNet increase in net assets from operations
    
    $
    42,671
    
    
    $
    5,836,913Adjustments to reconcile net increase (decrease) in net assets from
operations to net cash provided by (used in) operating activities:Changes in operating assets and liabilities:Purchases of U.S. government securities
    
    
    (36,645,497
    )
    
    
    (34,496,609
    )Sales and maturities of U.S. government securities
    
    
    38,355,000
    
    
    
    42,405,000Amortization of discounts and premiums
    
    
    (11,503
    )
    
    
    (5,145
    )Due from brokers
    
    
    (4,750,599
    )
    
    
    681,897Unrealized appreciation on open forward contracts
    
    
    (215,405
    )
    
    
    90,654Futures contracts purchased
    
    
    5,647,955
    
    
    
    (8,793,265
    )Unrealized depreciation on open forward contracts
    
    
    766,304
    
    
    
    (986,769
    )Futures contracts sold
    
    
    (115,255
    )
    
    
    (4,985,138
    )Management fee
    
    
    (5,783
    )
    
    
    Fees payable
    
    
    (25,321
    )
    
    
    59,070Net cash provided by (used in) operating activities
    
    
    3,042,567
    
    
    
    (193,392
    )Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    3,012,078
    
    
    
    4,040,178Redemptions, net of redemptions payable
    
    
    (6,256,901
    )
    
    
    (3,660,137
    )Net cash provided by (used in) financing activities
    
    
    (3,244,823
    )
    
    
    380,041Net increase (decrease) in cash
    
    
    (202,256
    )
    
    
    186,649Cash, beginning of period
    
    
    2,069,942
    
    
    
    642,058Cash, end of period
    
    $
    1,867,686
    
    
    $
    828,707
  8




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##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES A
 
 STATEMENTS OF ASSETS AND LIABILITIES
 as of March 31, 2011 and December 31, 2010
 March 31, 2011
    
    
    December 31, 2010ASSETSUS Government securities, at fair value
(amortized cost $15,167,609 and $16,066,728 as of
March 31, 2011, and December 31, 2010,
respectively)
    
    $
    15,167,609
    
    
    $
    16,066,728Due from brokers
    
    
    22,290,806
    
    
    
    20,354,921Unrealized appreciation on open forward contracts
    
    
    332,291
    
    
    
    280,718Futures contracts purchased
    
    
    974,830
    
    
    
    2,839,432Cash
    
    
    722,179
    
    
    
    770,535Total assets
    
    
    39,487,715
    
    
    
    40,312,334LIABILITIESUnrealized depreciation on open forward contracts
    
    
    291,302
    
    
    
    57,275Futures contracts sold
    
    
    405,847
    
    
    
    445,767Subscriptions received in advance
    
    
    585,832
    
    
    
    259,196Redemptions payable
    
    
    889,208
    
    
    
    806,835Management fee
    
    
    58,834
    
    
    
    60,901Fees payable
    
    
    115,804
    
    
    
    125,422Total liabilities
    
    
    2,346,827
    
    
    
    1,755,396NET ASSETS
    
    $
    37,140,888
    
    
    $
    38,556,938Number of Units
    
    
    24,165.833
    
    
    
    24,863.954Net asset value per Unit
    
    $
    1,536.92
    
    
    $
    1,550.72
  9




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##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES A
 
 CONDENSED SCHEDULE OF INVESTMENTS
 as of March 31, 2011
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due May 26, 2011
(amortized cost $15,167,609), securities are held in
margin
accounts as collateral for open futures and forwards
    
    $
    15,170,000
    
    
    
    40.8
    %
    
    $
    15,167,609Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    0.9
    
    
    
    332,291Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    0.9
    
    
    
    332,291Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (0.8
    )
    
    
    (291,302
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (0.8
    )
    
    
    (291,302
    )Total forward contracts, at fair value
    
    
    
    
    
    
    0.1
    
    
    
    40,989Futures Contracts, at fair valueFutures Contracts PurchasedCurrency
    
    
    
    
    
    
    0.9
    
    
    
    327,300Energy
    
    
    
    
    
    
    0.7
    
    
    
    264,433Financial
    
    
    
    
    
    
    0.0
    *
    
    
    13,573Food & Fiber
    
    
    
    
    
    
    (0.0)
    *
    
    
    (3,958
    )Indices
    
    
    
    
    
    
    0.3
    
    
    
    96,734Livestock
    
    
    
    
    
    
    0.3
    
    
    
    106,760Metals
    
    
    
    
    
    
    0.5
    
    
    
    169,988Total futures contracts purchased
    
    
    
    
    
    
    2.7
    
    
    
    974,830Futures Contracts SoldEnergy
    
    
    
    
    
    
    (0.5
    )
    
    
    (183,560
    )Financial
    
    
    
    
    
    
    0.0
    *
    
    
    6,599Food & Fiber
    
    
    
    
    
    
    0.0
    *
    
    
    8,249Indices
    
    
    
    
    
    
    (0.4
    )
    
    
    (134,784
    )Metals
    
    
    
    
    
    
    (0.3
    )
    
    
    (102,351
    )Total futures contracts sold
    
    
    
    
    
    
    (1.2
    )
    
    
    (405,847
    )Total futures contracts, at fair value
    
    
    
    
    
    
    1.5
    %
    
    $
    568,983Futures and forward contracts by country compositionAustralian
    
    
    
    
    
    
    0.5
    
    
    $
    167,344European Monetary Union
    
    
    
    
    
    
    0.1
    
    
    
    60,393Great Britain
    
    
    
    
    
    
    (0.2
    )
    
    
    (75,752
    )Japan
    
    
    
    
    
    
    (0.2
    )
    
    
    (56,972
    )United States
    
    
    
    
    
    
    0.4
    
    
    
    152,792Other
    
    
    
    
    
    
    1.0
    
    
    
    362,167Total futures and forward contracts by country
    
    
    
    
    
    
    1.6
    %
    
    $
    609,972
 
 *
    
    Due to rounding  10




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##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES A
 
 CONDENSED SCHEDULE OF INVESTMENTS
 as of December 31, 2010
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due February 24, 2011
(amortized cost $16,066,728), securities are held in
margin
accounts as collateral for open futures and forwards
    
    $
    16,070,000
    
    
    
    41.7
    %
    
    $
    16,066,728Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    0.7
    
    
    
    280,718Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    0.7
    
    
    
    280,718Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (0.1
    )
    
    
    (57,275
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (0.1
    )
    
    
    (57,275
    )Total forward contracts, at fair value
    
    
    
    
    
    
    0.6
    
    
    
    223,443Futures Contracts, at fair valueFutures Contracts PurchasedCurrency
    
    
    
    
    
    
    2.0
    
    
    
    786,137Energy
    
    
    
    
    
    
    0.5
    
    
    
    210,169Financial
    
    
    
    
    
    
    0.5
    
    
    
    179,475Food & Fiber
    
    
    
    
    
    
    0.8
    
    
    
    289,469Indices
    
    
    
    
    
    
    0.3
    
    
    
    125,631Livestock
    
    
    
    
    
    
    0.3
    
    
    
    109,620Metals
    
    
    
    
    
    
    3.0
    
    
    
    1,138,931Total futures contracts purchased
    
    
    
    
    
    
    7.4
    
    
    
    2,839,432Futures Contracts SoldCurrency
    
    
    
    
    
    
    0.1
    
    
    
    38,756Energy
    
    
    
    
    
    
    (0.1
    )
    
    
    (30,790
    )Financial
    
    
    
    
    
    
    (0.1
    )
    
    
    (32,675
    )Indices
    
    
    
    
    
    
    0.1
    
    
    
    23,130Metals
    
    
    
    
    
    
    (1.2
    )
    
    
    (444,188
    )Total futures contracts sold
    
    
    
    
    
    
    (1.2
    )
    
    
    (445,767
    )Total futures contracts, at fair value
    
    
    
    
    
    
    6.2
    
    
    
    2,393,665Futures and forward contracts by country compositionAustralian
    
    
    
    
    
    
    0.1
    
    
    
    8,946Canada
    
    
    
    
    
    
    0.2
    
    
    
    72,644European Monetary Union
    
    
    
    
    
    
    0.3
    
    
    
    127,982Great Britain
    
    
    
    
    
    
    0.2
    
    
    
    84,669Japan
    
    
    
    
    
    
    1.3
    
    
    
    503,875United States
    
    
    
    
    
    
    3.3
    
    
    
    1,263,872Other
    
    
    
    
    
    
    1.4
    
    
    
    555,120Total futures and forward contracts by country
    
    
    
    
    
    
    6.8
    %
    
    $
    2,617,108
 
 *
    
    Due to rounding  11




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##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES A
 
 UNAUDITED STATEMENTS OF OPERATIONS
 Three Months EndedMarch 31,2011
    
    
    2010Investment incomeInterest income
    
    $
    8,823
    
    
    $
    1,538Total income
    
    
    8,823
    
    
    
    1,538ExpensesManagement fee
    
    
    176,809
    
    
    
    155,707Ongoing offering expenses
    
    
    95,573
    
    
    
    84,166Operating expenses
    
    
    14,336
    
    
    
    12,625Selling commission
    
    
    382,289
    
    
    
    336,663Brokerage commissions
    
    
    162,418
    
    
    
    205,942Other
    
    
    6,780
    
    
    
    2,711Total expenses
    
    
    838,205
    
    
    
    797,814Net investment loss
    
    
    (829,382
    )
    
    
    (796,276
    )Realized and unrealized gain
(loss) on investmentsNet realized gain (loss) on
futures and forward contracts
    
    
    2,495,194
    
    
    
    (1,903,701
    )Net change in unrealized
appreciation (depreciation) on
futures and forward contracts:
    
    
    (2,007,136
    )
    
    
    4,634,306Net gain on investments
    
    
    488,058
    
    
    
    2,730,605Net increase (decrease) in
net assets from operations
    
    $
    (341,324
    )
    
    $
    1,934,329Net increase (decrease) in net
assets from operations per Unit
(based upon weighted average
number of units outstanding
during period)*
    
    $
    (13.53
    )
    
    $
    75.16Net increase (decrease) in net
assets from operations per Unit
(based upon change in net asset
value per unit during period)
    
    $
    (13.80
    )
    
    $
    70.66
 
 *
    
    Weighted average number of Units outstanding for Series A for Three Months Ended March 31, 2011
and March 31, 2010: 25,233.37 and 25,737.22, respectively.  12




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##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES A
 
 UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS
 Three Months EndedMarch 31,2011
    
    
    2010Increase (decrease) in net assets from operationsNet investment loss
    
    $
    (829,382
    )
    
    $
    (796,276
    )Net realized gain (loss) on futures and forward contracts
    
    
    2,495,194
    
    
    
    (1,903,701
    )Net change in unrealized appreciation (depreciation) on
futures and forward contracts
    
    
    (2,007,136
    )
    
    
    4,634,306Net increase (decrease) in net assets from operations
    
    
    (341,324
    )
    
    
    1,934,329Capital share transactionsIssuance of Units
    
    
    894,754
    
    
    
    2,798,144Redemption of Units
    
    
    (1,969,480
    )
    
    
    (1,922,973
    )Net increase (decrease) in net assets from capital share
transactions
    
    
    (1,074,726
    )
    
    
    875,171Net increase (decrease) in net assets
    
    
    (1,416,050
    )
    
    
    2,809,500Net assets,beginning of period
    
    
    38,556,938
    
    
    
    33,312,495Net assets,end of period
    
    $
    37,140,888
    
    
    $
    36,121,995Units,beginning of period
    
    
    24,863.954
    
    
    
    24,594.117Issuance of Units
    
    
    588.064
    
    
    
    2,194.177Redemption of Units
    
    
    (1,286.185
    )
    
    
    (1,442.162
    )Units,end of period
    
    
    24,165.833
    
    
    
    25,346.132
  13




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##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES A
 
 UNAUDITED STATEMENTS OF CASH FLOWS
 Three Months EndedMarch 31,2011
    
    
    2010Cash flows from operating activitiesNet increase (decrease) in net assets from operations
    
    $
    (341,324
    )
    
    $
    1,934,329Adjustments to reconcile net increase (decrease) in net assets from
operations to net cash provided by (used in) operating activities:Changes in operating assets and liabilities:Purchases of U.S. government securities
    
    
    (15,166,066
    )
    
    
    (14,166,555
    )Sales and maturities of U.S. government securities
    
    
    16,070,000
    
    
    
    16,020,000Amortization of discounts and premiums
    
    
    (4,815
    )
    
    
    (2,045
    )Due from brokers
    
    
    (1,935,885
    )
    
    
    (743,295
    )Unrealized appreciation on open forward contracts
    
    
    (51,573
    )
    
    
    6,498Futures contracts purchased
    
    
    1,864,602
    
    
    
    (2,814,592
    )Unrealized depreciation on open forward contracts
    
    
    234,027
    
    
    
    (246,761
    )Futures contracts sold
    
    
    (39,920
    )
    
    
    (1,579,451
    )Management fee
    
    
    (2,067
    )
    
    
    Fees payable
    
    
    (9,618
    )
    
    
    26,069Net cash provided by (used in) operating activities
    
    
    617,361
    
    
    
    (1,565,803
    )Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    1,221,390
    
    
    
    2,798,144Redemptions, net of redemptions payable
    
    
    (1,887,107
    )
    
    
    (1,396,933
    )Net cash provided by (used in) financing activities
    
    
    (665,717
    )
    
    
    1,401,211Net decrease in cash
    
    
    (48,365
    )
    
    
    (164,592
    )Cash, beginning of period
    
    
    770,535
    
    
    
    611,470Cash, end of period
    
    $
    722,179
    
    
    $
    446,878
  14




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##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES B
 
 UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES
 as of March 31, 2011 and December 31, 2010
 March 31, 2011
    
    
    December 31, 2010ASSETSUS Government securities, at fair value,
(amortized cost $21,481,614 and $22,280,495 as of
March 31, 2011 and December 31, 2010, respectively)
    
    $
    21,481,614
    
    
    $
    22,280,495Due from brokers
    
    
    31,762,347
    
    
    
    28,947,633Unrealized appreciation on open forward contracts
    
    
    748,969
    
    
    
    585,137Futures contracts purchased
    
    
    2,115,030
    
    
    
    5,898,383Cash
    
    
    1,145,507
    
    
    
    1,299,407Total assets
    
    
    57,253,467
    
    
    
    59,011,055LIABILITIESUnrealized depreciation on open forward contracts
    
    
    673,271
    
    
    
    140,994Futures contracts sold
    
    
    889,185
    
    
    
    964,520Subscriptions received in advance
    
    
    1,042,385
    
    
    
    921,595Redemptions payable
    
    
    2,489,040
    
    
    
    2,198,137Management fee
    
    
    84,217
    
    
    
    87,933Fees payable
    
    
    173,640
    
    
    
    189,343Total liabilities
    
    
    5,351,738
    
    
    
    4,502,522NET ASSETS
    
    $
    51,901,729
    
    
    $
    54,508,533Number of Units
    
    
    29,047.825
    
    
    
    30,734.730Net asset value per Unit
    
    $
    1,786.77
    
    
    $
    1,773.52
  15




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##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES B
 
 UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS
 as of March 31, 2011
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due May 26, 2011
(amortized cost $21,481,614), securities are held in
margin accounts as collateral for open futures
and forwards
    
    $
    $21,485,000
    
    
    
    41.4
    %
    
    $
    21,481,614Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    1.4
    
    
    
    748,969Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    1.4
    
    
    
    748,969Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (1.3
    )
    
    
    (673,271
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (1.3
    )
    
    
    (673,271
    )Total forward contracts, at fair value
    
    
    
    
    
    
    0.1
    
    
    
    75,698Futures contracts, at fair valueFutures contracts purchasedCurrency
    
    
    
    
    
    
    1.3
    
    
    
    671,314Energy
    
    
    
    
    
    
    1.2
    
    
    
    638,911Financial
    
    
    
    
    
    
    0.1
    
    
    
    42,678Food & Fiber
    
    
    
    
    
    
    (0.0)
    *
    
    
    (9,666
    )Indices
    
    
    
    
    
    
    0.4
    
    
    
    198,722Livestock
    
    
    
    
    
    
    0.4
    
    
    
    185,800Metals
    
    
    
    
    
    
    0.7
    
    
    
    387,271Total futures contracts purchased
    
    
    
    
    
    
    4.1
    
    
    
    2,115,030Futures contracts soldEnergy
    
    
    
    
    
    
    (0.7
    )
    
    
    (382,341
    )Financial
    
    
    
    
    
    
    (0.3
    )
    
    
    (132,331
    )Food & Fiber
    
    
    
    
    
    
    0.0
    *
    
    
    20,346Indices
    
    
    
    
    
    
    (0.3
    )
    
    
    (151,752
    )Metals
    
    
    
    
    
    
    (0.5
    )
    
    
    (243,107
    )Total futures contracts sold
    
    
    
    
    
    
    (1.8
    )
    
    
    (889,185
    )Total futures contracts, at fair value
    
    
    
    
    
    
    2.3
    %
    
    $
    1,225,845Futures and forward contracts by country compositionAustralia
    
    
    
    
    
    
    0.6
    %
    
    $
    330,642European Monetary Union
    
    
    
    
    
    
    0.2
    
    
    
    112,505Great Britain
    
    
    
    
    
    
    (0.3
    )
    
    
    (145,466
    )Japan
    
    
    
    
    
    
    (0.3
    )
    
    
    (164,164
    )United States
    
    
    
    
    
    
    0.7
    
    
    
    373,460Other
    
    
    
    
    
    
    1.5
    
    
    
    794,566Total futures and forward contracts by country composition
    
    
    
    
    
    
    2.4
    %
    
    $
    1,301,543
 
 *
    
    Due to rounding  16




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##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES B 
 CONDENSED SCHEDULE OF INVESTMENTS
as of December 31, 2010
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due February 24, 2011
(amortized cost $22,280,495), securities are held in
margin
accounts as collateral for open futures and forwards
    
    $
    22,285,000
    
    
    
    40.9
    %
    
    $
    22,280,495Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    1.1
    
    
    
    585,137Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    1.1
    
    
    
    585,137Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (0.3
    )
    
    
    (140,994
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (0.3
    )
    
    
    (140,994
    )Total forward contracts, at fair value
    
    
    
    
    
    
    0.8
    
    
    
    444,143Futures contracts, at fair valueFutures contracts purchasedCurrency
    
    
    
    
    
    
    2.9
    
    
    
    1,606,845Energy
    
    
    
    
    
    
    0.9
    
    
    
    485,138Financial
    
    
    
    
    
    
    0.6
    
    
    
    349,013Food & Fiber
    
    
    
    
    
    
    1.1
    
    
    
    610,940Indices
    
    
    
    
    
    
    0.5
    
    
    
    297,507Livestock
    
    
    
    
    
    
    0.4
    
    
    
    230,540Metals
    
    
    
    
    
    
    4.3
    
    
    
    2,318,400Total futures contracts purchased
    
    
    
    
    
    
    10.7
    
    
    
    5,898,383Futures contracts soldCurrency
    
    
    
    
    
    
    0.1
    
    
    
    76,106Energy
    
    
    
    
    
    
    (0.1
    )
    
    
    (71,611
    )Financial
    
    
    
    
    
    
    (0.1
    )
    
    
    (51,158
    )Indices
    
    
    
    
    
    
    0.1
    
    
    
    30,193Metals
    
    
    
    
    
    
    (1.7
    )
    
    
    (948,050
    )Total futures contracts sold
    
    
    
    
    
    
    (1.7
    )
    
    
    (964,520
    )Total futures contracts, at fair value
    
    
    
    
    
    
    9.0
    
    
    
    4,933,863Futures and forward contracts by country compositionAustralia
    
    
    
    
    
    
    0.0
    *
    
    
    21,629Canada
    
    
    
    
    
    
    0.3
    
    
    
    156,660European Monetary Union
    
    
    
    
    
    
    0.4
    
    
    
    241,342Great Britain
    
    
    
    
    
    
    0.3
    
    
    
    170,649Japan
    
    
    
    
    
    
    1.9
    
    
    
    1,033,074United States
    
    
    
    
    
    
    4.8
    
    
    
    2,589,404Other
    
    
    
    
    
    
    2.1
    
    
    
    1,165,248Total futures and forward contracts by country
    
    
    
    
    
    
    9.8
    %
    
    $
    5,378,006
 
 *
    
    Due to rounding  17




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##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES B


UNAUDITED STATEMENTS OF OPERATIONS
 Three Months EndedMarch 31,2011
    
    
    2010Investment incomeInterest income
    
    $
    11,222
    
    
    $
    1,514Total income
    
    
    11,222
    
    
    
    1,514ExpensesManagement fee
    
    
    252,127
    
    
    
    226,414Ongoing offering expenses
    
    
    136,284
    
    
    
    122,386Operating expenses
    
    
    20,443
    
    
    
    18,358Selling commission
    
    
    545,137
    
    
    
    489,544Brokerage commissions
    
    
    341,385
    
    
    
    470,888Other
    
    
    11,940
    
    
    
    3,889Total expenses
    
    
    1,307,316
    
    
    
    1,331,479Net investment loss
    
    
    (1,296,094
    )
    
    
    (1,329,965
    )Realized and unrealized gain(loss) on investmentsNet realized gain (loss) on futures and
forward contracts
    
    
    5,756,552
    
    
    
    (4,807,663
    )Net change in unrealized appreciation
(depreciation) on futures and forward
contracts:
    
    
    (4,076,463
    )
    
    
    10,040,212Net gain on investments
    
    
    1,680,089
    
    
    
    5,232,549Net increase in net assets from operations
    
    $
    383,995
    
    
    $
    3,902,584Net increase in net assets from
operations per Unit (based upon weighted
average number of units outstanding
during period)*
    
    $
    12.30
    
    
    $
    109.18Net increase in net assets from
operations per Unit (based upon change in
net asset value per unit during period)
    
    $
    13.25
    
    
    $
    112.79
 
 *
    
    Weighted average number of Units outstanding for Series B for Three Months Ended March 31,
2011 and March 31, 2010: 31,210.46 and 35,745.56, respectively.  18




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##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES B

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS
 Three Months EndedMarch 31,2011
    
    
    2010Increase in net assets from operationsNet investment loss
    
    $
    (1,296,094
    )
    
    $
    (1,329,965
    )Net realized gain (loss) on futures and forward contracts
    
    
    5,756,552
    
    
    
    (4,807,663
    )Net change in unrealized appreciation (depreciation) on
futures and forward contracts
    
    
    (4,076,463
    )
    
    
    10,040,212Net increase in net assets from operations
    
    
    383,995
    
    
    
    3,902,584Capital share transactionsIssuance of Units
    
    
    1,669,898
    
    
    
    1,242,034Redemption of Units
    
    
    (4,660,697
    )
    
    
    (2,961,653
    )Net decrease in net assets from capital share transactions
    
    
    (2,990,799
    )
    
    
    (1,719,619
    )Net increase (decrease) in net assets
    
    
    (2,606,804
    )
    
    
    2,182,965Net assets,beginning of period
    
    
    54,508,533
    
    
    
    51,823,348Net assets,end of period
    
    $
    51,901,729
    
    
    $
    54,006,313Units,beginning of period
    
    
    30,734.730
    
    
    
    35,626.349Issuance of Units
    
    
    952.148
    
    
    
    933.078Redemption of Units
    
    
    (2,639.053
    )
    
    
    (2,104.203
    )Units,end of period
    
    
    29,047.825
    
    
    
    34,455.224
  19




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##### Table of Contents



SUPERFUND GREEN, L.P. - SERIES B 
 UNAUDITED STATEMENTS OF CASH FLOWS
 Three Months EndedMarch 31,2011
    
    
    2010Cash flows from operating activitiesNet increase in net assets from operations
    
    $
    383,995
    
    
    $
    3,902,584Adjustments to reconcile net increase (decrease) in net assets
from operations to net cash provided by (used in) operating
activities:Changes in operating assets and liabilities:Purchases of U.S. government securities
    
    
    (21,479,431
    )
    
    
    (20,330,054
    )Sales and maturities of U.S. government securities
    
    
    22,285,000
    
    
    
    26,385,000Amortization of discounts and premiums
    
    
    (6,688
    )
    
    
    (3,100
    )Due from brokers
    
    
    (2,814,714
    )
    
    
    1,425,192Unrealized appreciation (on open forward contracts
    
    
    (163,832
    )
    
    
    84,156Futures contracts purchased
    
    
    3,783,353
    
    
    
    (5,978,673
    )Unrealized depreciation on open forward contracts
    
    
    532,277
    
    
    
    (740,008
    )Futures contracts sold
    
    
    (75,335
    )
    
    
    (3,405,687
    )Management fee
    
    
    (3,716
    )
    
    
    Fees payable
    
    
    (15,703
    )
    
    
    33,001Net cash provided by operating activities
    
    
    2,425,206
    
    
    
    1,372,411Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    1,790,688
    
    
    
    1,242,034Redemptions, net of change in redemptions payable
    
    
    (4,369,794
    )
    
    
    (2,263,204
    )Net cash used in financing activities
    
    
    (2,579,106
    )
    
    
    (1,021,170
    )Net increase (decrease) in cash
    
    
    (153,900
    )
    
    
    351,241Cash, beginning of period
    
    
    1,299,407
    
    
    
    30,588Cash, end of period
    
    $
    1,145,507
    
    
    $
    381,829
  20




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##### Table of Contents



SUPERFUND GREEN, L.P., SUPERFUND GREEN, L.P.  SERIES A and SUPERFUND GREEN, L.P.  SERIES B
 
 NOTES TO UNAUDITED FINANCIAL STATEMENTS
March 31, 2011
 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
  Offsetting  Balance Sheet
 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;
 22




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##### Table of Contents



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.
  U.S. Government Securities.
 Derivative Contracts.
    Superfund Green, L.P.
 BalanceMarch 31,2011
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government securities
    
    $
    36,649,223
    
    
    $
    
    
    
    $
    36,649,223
    
    
    $
    Unrealized appreciation on open forward contracts
    
    
    1,081,260
    
    
    
    
    
    
    
    1,081,260
    
    
    
    Futures contracts purchased
    
    
    3,089,860
    
    
    
    3,089,860
    
    
    
    
    
    
    
    Total Assets Measured at Fair Value
    
    $
    40,820,343
    
    
    $
    3,089,860
    
    
    $
    37,730,483
    
    
    $
    
 23




---



##### Table of Contents



BalanceMarch 31,2011
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3LIABILITIESUnrealized depreciation on open forward contracts
    
    $
    964,573
    
    
    $
    
    
    
    $
    964,573
    
    
    $
    Futures contracts sold
    
    
    1,295,032
    
    
    
    1,295,032
    
    
    
    
    
    
    
    Total Liabilities Measured at Fair Value
    
    $
    2,259,605
    
    
    $
    1,295,032
    
    
    $
    964,573
    
    
    $
    
 BalanceDecember 31,2010
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government securities
    
    $
    38,347,223
    
    
    $
    
    
    
    $
    38,347,223
    
    
    $
    Unrealized appreciation on open forward contracts
    
    
    865,855
    
    
    
    
    
    
    
    865,855
    
    
    
    Futures contracts purchased
    
    
    8,737,815
    
    
    
    8,737,815
    
    
    
    
    
    
    
    Total Assets Measured at Fair Value
    
    $
    47,950,893
    
    
    $
    8,737,815
    
    
    $
    39,213,078
    
    
    $
    LIABILITIESUnrealized depreciation on open forward contracts
    
    $
    198,269
    
    
    $
    
    
    
    $
    198,269
    
    
    $
    Futures contracts sold
    
    
    1,410,287
    
    
    
    1,410,287
    
    
    
    
    
    
    
    Total Liabilities Measured at Fair Value
    
    $
    1,608,556
    
    
    $
    1,410,287
    
    
    $
    198,269
    
    
    $
    
 Superfund Green, L.P.  Series A
 BalanceMarch 31,2011
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government securities
    
    $
    15,167,609
    
    
    $
    
    
    
    $
    15,167,609
    
    
    $
    Unrealized appreciation on open forward contracts
    
    
    332,291
    
    
    
    
    
    
    
    332,291
    
    
    
    Futures contracts purchased
    
    
    974,830
    
    
    
    974,830
    
    
    
    
    
    
    
    Total Assets Measured at Fair Value
    
    $
    16,474,730
    
    
    $
    974,830
    
    
    $
    15,499,900
    
    
    $
    LIABILITIESUnrealized depreciation on open forward contracts
    
    $
    291,302
    
    
    $
    
    
    
    $
    291,302Futures contracts sold
    
    
    405,847
    
    
    $
    405,847
    
    
    $
    
    
    
    $
    Total Liabilities Measured at Fair Value
    
    $
    697,149
    
    
    $
    405,847
    
    
    $
    291,302
    
    
    $
    
 BalanceDecember 31,2010
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government securities
    
    $
    16,066,728
    
    
    $
    
    
    
    $
    16,066,728
    
    
    $
    Unrealized appreciation on open forward contracts
    
    
    280,718
    
    
    
    
    
    
    
    280,718
    
    
    
    Futures contracts purchased
    
    
    2,839,432
    
    
    
    2,839,432
    
    
    
    
    
    
    
    Total Assets Measured at Fair Value
    
    $
    19,186,878
    
    
    $
    2,839,432
    
    
    $
    16,347,446
    
    
    $
    LIABILITIESUnrealized depreciation on open forward contracts
    
    $
    57,275
    
    
    $
    
    
    
    $
    57,275
    
    
    $
    Futures contracts sold
    
    
    445,767
    
    
    
    445,767
    
    
    
    
    
    
    
    Total Liabilities Measured at Fair Value
    
    $
    503,042
    
    
    $
    445,767
    
    
    $
    57,275
    
    
    $
    
 24




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##### Table of Contents



Superfund Green, L.P.  Series B
 BalanceMarch 31,2011
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government securities
    
    $
    21,481,614
    
    
    $
    
    
    
    $
    21,481,614
    
    
    $
    Unrealized appreciation on open forward contracts
    
    
    748,969
    
    
    
    
    
    
    
    748,969
    
    
    
    Futures contracts purchased
    
    
    2,115,030
    
    
    
    2,115,030
    
    
    
    
    
    
    
    Total Assets Measured at Fair Value
    
    $
    24,345,613
    
    
    $
    2,115,030
    
    
    $
    22,230,583
    
    
    $
    LIABILITIESUnrealized depreciation on open forward contracts
    
    $
    673,271
    
    
    $
    
    
    
    $
    673,271Futures contracts sold
    
    $
    889,185
    
    
    $
    889,185
    
    
    $
    
    
    
    $
    Total Liabilities Measured at Fair Value
    
    $
    1,562,456
    
    
    $
    889,185
    
    
    $
    673,271
    
    
    $
    
 BalanceDecember 31,2010
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government securities
    
    $
    22,280,495
    
    
    $
    
    
    
    $
    22,280,495
    
    
    $
    Unrealized appreciation on open forward contracts
    
    
    585,137
    
    
    
    
    
    
    
    585,137
    
    
    
    Futures contracts purchased
    
    
    5,898,383
    
    
    
    5,898,383
    
    
    
    
    
    
    
    Total Assets Measured at Fair Value
    
    $
    28,764,015
    
    
    $
    5,898,383
    
    
    $
    22,865,632
    
    
    $
    LIABILITIESUnrealized depreciation on open forward contracts
    
    $
    140,994
    
    
    $
    
    
    
    $
    140,994
    
    
    $
    Futures contracts sold
    
    
    964,520
    
    
    
    964,520
    
    
    
    
    
    
    
    Total Liabilities Measured at Fair Value
    
    $
    1,105,514
    
    
    $
    964,520
    
    
    $
    140,994
    
    
    $
    
 4. Disclosure of derivative instruments and hedging activities
 Disclosures about Derivative Instruments and Hedging Activities
    25




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##### Table of Contents



Superfund Green, L.P.
  Statement of Assets
    
    
    
    
    
    Liabilityand Liabilities
    
    Asset Derivatives
    
    
    Derivatives atType of Instrument
    
    
    Location
    
    at March 31, 2011
    
    
    March 31, 2011
    
    
    NetForeign exchange contracts
    
    Unrealized
appreciation on open
forward contracts
    
    $
    1,081,260
    
    
    $
    
    
    
    $
    1,081,260Foreign exchange contracts
    
    Unrealized
depreciation on open
forward contracts
    
    
    
    
    
    
    (964,573
    )
    
    
    (964,573
    )Futures contracts
    
    Futures contracts
purchased
    
    
    3,089,860
    
    
    
    
    
    
    
    3,089,860Futures contracts
    
    Futures contracts sold
    
    
    
    
    
    
    (1,295,032
    )
    
    
    (1,295,032
    )Totals
    
    
    
    $
    4,171,120
    
    
    $
    (2,259,605
    )
    
    $
    1,911,515
  Statement of Assets
    
    Asset Derivatives
    
    
    Liabilityand Liabilities
    
    at December 31,
    
    
    Derivatives atType of Instrument
    
    
    Location
    
    2010
    
    
    December 31, 2010
    
    
    NetForeign exchange contracts
    
    Unrealized
appreciation on open
forward contracs
    
    $
    865,855
    
    
    $
    
    
    
    $
    865,855Foreign exchange contracts
    
    Unrealized
depreciation on open
forward contracts
    
    
    
    
    
    
    (198,269
    )
    
    
    (198,269
    )Futures contracts
    
    Futures contracts
purchased
    
    
    8,737,815
    
    
    
    
    
    
    
    8,737,815Futures contracts
    
    Futures contracts sold
    
    
    
    
    
    
    (1,410,287
    )
    
    
    (1,410,287
    )Totals
    
    
    
    $
    9,603,670
    
    
    $
    (1,608,556
    )
    
    $
    7,995,114
  Net Change inLocation of Gain
    
    
    
    
    
    UnrealizedDerivatives not
    
    
    (Loss) on
    
    Net Realized Gain
    
    
    Depreciation onDesignated as
    
    
    Derivatives
    
    on Derivatives
    
    
    DerivativesHedging Instruments
    
    
    Recognized in
    
    Recognized in
    
    
    Recognized inunder ASC 815
    
    
    Income
    
    Income
    
    
    IncomeForeign exchange contracts
    
    Realized and
unrealized gain
(loss) on futures
and forward
contracts
    
    $
    298,722
    
    
    $
    (550,899
    )Futures contracts
    
    Realized and
unrealized gain
(loss) on futures
and forward
contracts
    
    
    7,953,024
    
    
    
    (5,532,700
    )Total
    
    
    
    $
    8,251,746
    
    
    $
    (6,083,599
    )
 26




---



##### Table of Contents



Net Change inLocation of Gain
    
    
    
    
    
    UnrealizedDerivatives not
    
    (Loss) on
    
    Net Realized Loss
    
    Appreciation onDesignated as
    
    Derivatives
    
    on Derivatives
    
    DerivativesHedging Instruments
    
    Recognized in
    
    Recognized in
    
    Recognized inunder ASC 815
    
    Income
    
    Income
    
    IncomeForeign exchange 
contracts
    
    Realized and
unrealized gain
(loss) on futures
and forward
contracts
    
    $
    (1,922,031
    )
    
    $
    896,115Futures contracts
    
    Realized and
unrealized gain
(loss) on futures
and forward
contracts
    
    
    (4,789,333
    )
    
    
    13,778,403Total
    
    
    
    $
    (6,711,364
    )
    
    $
    14,764,518
  As of March 31, 2011Long 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
    
    $
    1,066,954
    
    
    
    1.2
    
    
    $
    (74,237
    )
    
    
    (0.1
    )
    
    $
    14,306
    
    
    
    0.0
    *
    
    $
    (890,336
    )
    
    
    (1.0
    )
    
    $
    116,687Currency
    
    
    1,677,370
    
    
    
    1.9
    
    
    
    (678,756
    )
    
    
    (0.8
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    998,614Financial
    
    
    764,562
    
    
    
    0.9
    
    
    
    (708,311
    )
    
    
    (0.8
    )
    
    
    28,848
    
    
    
    0.0
    *
    
    
    (154,580
    )
    
    
    (0.2
    )
    
    
    (69,481
    )Food & Fiber
    
    
    2,735
    
    
    
    0.0
    *
    
    
    (16,359
    )
    
    
    (0.0)
    *
    
    
    28,595
    
    
    
    0.0
    *
    
    
    
    
    
    
    
    
    
    
    14,971Indices
    
    
    405,709
    
    
    
    0.5
    
    
    
    (110,254
    )
    
    
    (0.1
    )
    
    
    57,190
    
    
    
    0.1
    
    
    
    (343,725
    )
    
    
    (0.4
    )
    
    
    8,920Metals
    
    
    878,856
    
    
    
    1.0
    
    
    
    (321,598
    )
    
    
    (0.4
    )
    
    
    14,138
    
    
    
    0.0
    *
    
    
    (359,595
    )
    
    
    (0.4
    )
    
    
    211,801Energy
    
    
    910,838
    
    
    
    1.0
    
    
    
    (7,494
    )
    
    
    (0.0)
    *
    
    
    
    
    
    
    
    
    
    
    (565,901
    )
    
    
    (0.6
    )
    
    
    337,443Livestock
    
    
    292,560
    
    
    
    0.3
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    292,560Totals
    
    $
    5,999,584
    
    
    
    6.8
    
    
    $
    (1,917,009
    )
    
    
    (2.2
    )
    
    $
    143,077
    
    
    
    0.1
    
    
    $
    (2,314,137
    )
    
    
    (2.6
    )
    
    $
    1,911,515
 
 *
    
    Due to rounding As of December 31, 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
    
    $
    738,372
    
    
    
    0.8
    
    
    $
    (54,386
    )
    
    
    (0.1
    )
    
    $
    127,483
    
    
    
    0.1
    
    
    $
    (143,883
    )
    
    
    (1.0
    )
    
    $
    667,586Currency
    
    
    2,396,944
    
    
    
    2.6
    
    
    
    (3,962
    )
    
    
    (0.0)
    *
    
    
    191,700
    
    
    
    0.2
    
    
    
    (76,838
    )
    
    
    (0.1
    )
    
    
    2,507,844Financial
    
    
    560,237
    
    
    
    0.6
    
    
    
    (31,749
    )
    
    
    (0.8
    )
    
    
    29,494
    
    
    
    0.0
    *
    
    
    (113,327
    )
    
    
    (0.1
    )
    
    
    444,655Food & Fiber
    
    
    902,002
    
    
    
    1.0
    
    
    
    (1,593
    )
    
    
    (0.0)
    *
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    900,409Indices
    
    
    762,166
    
    
    
    0.8
    
    
    
    (339,028
    )
    
    
    (0.4
    )
    
    
    61,638
    
    
    
    0.1
    
    
    
    (8,315
    )
    
    
    (0.0)
    *
    
    
    476,461Metals
    
    
    3,486,182
    
    
    
    3.7
    
    
    
    (28,851
    )
    
    
    (0.0)
    *
    
    
    
    
    
    
    
    
    
    
    (1,392,238
    )
    
    
    (1.5
    )
    
    
    2,065,093Energy
    
    
    791,456
    
    
    
    0.9
    
    
    
    (96,149
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    (102,241)
    )
    
    
    (0.1
    )
    
    
    592,906Livestock
    
    
    340,330
    
    
    
    0.4
    
    
    
    (170
    )
    
    
    (0.0)
    *
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    340,160Totals
    
    $
    9,977,689
    
    
    
    10.7
    
    
    $
    (555,888
    )
    
    
    (0.6
    )
    
    $
    410,315
    
    
    
    0.4
    
    
    $
    (2,314,137
    )
    
    
    (2.6
    )
    
    $
    7,995,114
 
 *
    
    Due to rounding 27




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##### Table of Contents



Average Number of
    
    
    Average Number of
    
    
    Average Value of Long
    
    
    Average Value ofLong Contracts
    
    
    Short Contracts
    
    
    Positions
    
    
    Short PositionsForeign Exchange
    
    
    276
    
    
    
    186
    
    
    $
    1,356,841
    
    
    $
    1,217,946
 Average Number of Long
    
    
    Average Number of ShortContracts
    
    
    ContractsCurrency
    
    
    4,292
    
    
    
    174Financial
    
    
    6,732
    
    
    
    1,821Food & Fiber
    
    
    300
    
    
    
    13Indices
    
    
    3,716
    
    
    
    1,633Metals
    
    
    1,234
    
    
    
    295Energy
    
    
    301
    
    
    
    0Livestock
    
    
    1,589
    
    
    
    1,140Total
    
    
    18,441
    
    
    
    5,262
 
 *
    
    Based on quarterly holdings  Average Number of
    
    
    Average Number of
    
    Average Value of Long
    
    
    Average Value ofLong Contracts
    
    
    Short Contracts
    
    Positions
    
    
    Short PositionsForeign Exchange
    
    
    167
    
    
    
    170
    
    $
    1,776,270
    
    
    $
    3,547,175
 Average Number of Long
    
    
    Average Number of ShortContracts
    
    
    ContractsCurrency
    
    
    3,039
    
    
    
    0Financial
    
    
    4,201
    
    
    
    1,921Food & Fiber
    
    
    802
    
    
    
    794Indices
    
    
    3,083
    
    
    
    110Metals
    
    
    1,284
    
    
    
    190Energy
    
    
    0
    
    
    
    256Livestock
    
    
    1,324
    
    
    
    512Total
    
    
    13,900
    
    
    
    3,593
 
 *
    
    Based on quarterly holdings 28




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##### Table of Contents



For the Three Months Ended March 31, 2011Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGain (Losses)
    
    
    Losses
    
    
    Gains (Losses)Foreign Exchange
    
    $
    298,722
    
    
    $
    (550,899
    )
    
    $
    (252,177
    )Currency
    
    
    1,409,990
    
    
    
    (1,509,230
    )
    
    
    (99,240
    )Financial
    
    
    (1,911,340
    )
    
    
    (514,134
    )
    
    
    (2,425,474
    )Food & Fiber
    
    
    766,470
    
    
    
    (885,436
    )
    
    
    (118,966
    )Indices
    
    
    (727,490
    )
    
    
    (467,542
    )
    
    
    (1,195,032
    )Metals
    
    
    1,826,873
    
    
    
    (1,853,292
    )
    
    
    (26,419
    )Livestock
    
    
    506,630
    
    
    
    (47,600
    )
    
    
    459,030Energy
    
    
    6,081,891
    
    
    
    (255,466
    )
    
    
    5,826,425Total net trading gains
    
    $
    8,251,746
    
    
    $
    (6,083,599
    )
    
    $
    2,168,147
 For the Three Months Ended March 31, 2010Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGain (Losses)
    
    
    Losses
    
    
    Gains (Losses)Foreign Exchange
    
    $
    (1,922,031
    )
    
    $
    896,115
    
    
    $
    (1,025,916
    )Currency
    
    
    (2,362,469
    )
    
    
    1,706,029
    
    
    
    (656,440
    )Financial
    
    
    1,197,986
    
    
    
    3,913,185
    
    
    
    5,111,171Food & Fiber
    
    
    (503,465
    )
    
    
    2,219
    
    
    
    (501,246
    )Indices
    
    
    2,109,516
    
    
    
    (577,265
    )
    
    
    1,532,251Metals
    
    
    (3,978,605
    )
    
    
    3,181,809
    
    
    
    (796,796
    )Livestock
    
    
    (445,230
    )
    
    
    70,560
    
    
    
    (374,670
    )Energy
    
    
    (807,066
    )
    
    
    5,481,866
    
    
    
    4,674,800Total net trading gains
    
    $
    (6,711,364
    )
    
    $
    14,764,518
    
    
    $
    7,963,154
 Superfund Green, L.P.  Series A
  Statement of Assets
    
    
    
    
    
    Liabilityand Liabilities
    
    Asset Derivatives
    
    
    Derivatives atType of Instrument
    
    Location
    
    at March 31, 2011
    
    
    March 31, 2011
    
    
    NetForeign exchange
contracts
    
    Unrealized appreciation on open forward contracts
    
    $
    332,291
    
    
    $
    
    
    
    $
    332,291Foreign exchange contracts
    
    Unrealized
depreciation on open
forward contracts
    
    
    
    
    
    
    (291,302
    )
    
    
    (291,302
    )Futures contracts
    
    Futures contracts
purchased
    
    
    974,830
    
    
    
    
    
    
    
    974,830Futures contracts
    
    Futures contracts sold
    
    
    
    
    
    
    (405,847
    )
    
    
    (405,847
    )Totals
    
    
    
    $
    1,307,121
    
    
    $
    (697,149
    )
    
    $
    609,972
 Statement of Assets
    
    Asset Derivatives
    
    
    Liabilityand Liabilities
    
    at December 31,
    
    
    Derivatives atType of Instrument
    
    Location
    
    2010
    
    
    December 31, 2010
    
    
    NetForeign exchange
contracts
    
    Unrealized
appreciation on open
forward contracts
    
    $
    280,718
    
    
    $
    
    
    
    $
    280,718Foreign exchange
contracts
    
    Unrealized
depreciation on open
forward contracts
    
    
    
    
    
    
    (57,275
    )
    
    
    (57,275
    )Futures contracts
    
    Futures contracts
purchased
    
    
    2,839,432
    
    
    
    
    
    
    
    2,839,432Futures contracts
    
    Futures contracts sold
    
    
    
    
    
    
    (445,767
    )
    
    
    (445,767
    )Totals
    
    
    
    $
    3,120,150
    
    
    $
    (503,042
    )
    
    $
    2,617,108
 29




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##### Table of Contents



Net Change inLocation of Gain
    
    
    
    
    
    UnrealizedDerivatives not
    
    (Loss) on
    
    Net Realized Gain
    
    
    Depreciation onDesignated as
    
    Derivatives
    
    on Derivatives
    
    
    DerivativesHedging Instruments
    
    Recognized in
    
    Recognized in
    
    
    Recognized inunder ASC 815
    
    Income
    
    Income
    
    
    IncomeForeign exchange 
contracts
    
    Net realized and
unrealized gain
(loss) on futures
and forward
contracts
    
    $
    96,792
    
    
    $
    (182,455
    )Futures contracts
    
    Net realized and
unrealized gain
(loss) on futures
and forward
contracts
    
    
    2,398,402
    
    
    
    (1,824,681
    )Total
    
    
    
    $
    2,495,194
    
    
    $
    (2,007,136
    )
  Net Change inLocation of Gain
    
    
    
    
    
    UnrealizedDerivatives not
    
    (Loss) on
    
    Net Realized Loss
    
    
    Appreciation onDesignated as
    
    Derivatives
    
    on 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
    
    $
    (516,527
    )
    
    $
    240,263Futures contracts
    
    Net realized gain
(loss) on futures
and forward
contracts
    
    
    (1,387,174
    )
    
    
    4,394,043Total
    
    
    
    $
    (1,903,701
    )
    
    $
    4,634,306
 30




---



##### Table of Contents



As of March 31, 2011Long 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
    
    $
    328,001
    
    
    
    0.9
    
    
    $
    (21,094
    )
    
    
    (0.1
    )
    
    $
    4,290
    
    
    
    0.0
    *
    
    $
    (270,208
    )
    
    
    (0.7
    )
    
    $
    40,989Currency
    
    
    551,106
    
    
    
    1.5
    
    
    
    (223,806
    )
    
    
    (0.6
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    327,300Financial
    
    
    243,020
    
    
    
    0.7
    
    
    
    (229,447
    )
    
    
    (0.7
    )
    
    
    10,359
    
    
    
    0.0
    *
    
    
    (3,760
    )
    
    
    (0.0)
    *
    
    
    20,172Food & Fiber
    
    
    762
    
    
    
    (0.0)
    *
    
    
    (4,720
    )
    
    
    (0.0)
    *
    
    
    8,249
    
    
    
    0.0
    *
    
    
    
    
    
    
    
    
    
    
    4,291Indices
    
    
    130,236
    
    
    
    0.4
    
    
    
    (33,503
    )
    
    
    (0.1
    )
    
    
    14,986
    
    
    
    0.0
    *
    
    
    (149,769
    )
    
    
    (0.4
    )
    
    
    (38,050
    )Metals
    
    
    287,751
    
    
    
    0.8
    
    
    
    (117,764
    )
    
    
    (0.3
    )
    
    
    4,638
    
    
    
    0.0
    *
    
    
    (106,988
    )
    
    
    (0.3
    )
    
    
    67,637Energy
    
    
    266,407
    
    
    
    0.7
    
    
    
    (1,974
    )
    
    
    (0.0)
    *
    
    
    
    
    
    
    
    
    
    
    (183,560
    )
    
    
    (0.5
    )
    
    
    80,873Livestock
    
    
    106,760
    
    
    
    0.3
    
    
    
    
    
    
    
    (0.0
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    106,760Totals
    
    $
    1,914,043
    
    
    
    5.3
    
    
    $
    (632,308
    )
    
    
    (1.8
    )
    
    $
    42,522
    
    
    
    0.0
    *
    
    $
    (714,285
    )
    
    
    (1.9
    )
    
    $
    609,972
 
 *
    
    Due to rounding As of December 31, 2010Long Positions Gross Unrealized
    
    
    Short Positions Gross Unrealized% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    Net UnrealizedNet
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    Gain onGains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Gains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Open PositionsForeign Exchange
    
    $
    239,419
    
    
    
    0.6
    
    
    $
    (21,762
    )
    
    
    (0.0)
    *
    
    $
    41,299
    
    
    
    0.1
    
    
    $
    (35,513
    )
    
    
    (0.1
    )
    
    $
    223,443Currency
    
    
    787,461
    
    
    
    2.0
    
    
    
    (1,324
    )
    
    
    (0.0)
    *
    
    
    63,900
    
    
    
    0.2
    
    
    
    (25,144
    )
    
    
    (0.1
    )
    
    
    824,893Financial
    
    
    189,781
    
    
    
    0.5
    
    
    
    (10,306
    )
    
    
    (0.0)
    *
    
    
    5,112
    
    
    
    0.0
    *
    
    
    (37,787
    )
    
    
    (0.1
    )
    
    
    146,800Food & Fiber
    
    
    290,036
    
    
    
    0.8
    
    
    
    (567
    )
    
    
    (0.0)
    *
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    289,469Indices
    
    
    236,418
    
    
    
    0.6
    
    
    
    (110,787
    )
    
    
    (0.3
    )
    
    
    27,165
    
    
    
    0.1
    
    
    
    (4,035
    )
    
    
    (0.0)
    *
    
    
    148,761Metals
    
    
    1,148,734
    
    
    
    3.0
    
    
    
    (9,803
    )
    
    
    (0.0)
    *
    
    
    
    
    
    
    
    
    
    
    (444,188
    )
    
    
    (1.2
    )
    
    
    694,743Energy
    
    
    241,741
    
    
    
    0.6
    
    
    
    (31,572
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    (30,790
    )
    
    
    (0.1
    )
    
    
    179,379Livestock
    
    
    109,680
    
    
    
    0.3
    
    
    
    (60
    )
    
    
    (0.0)
    *
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    109,620Totals
    
    $
    3,243,270
    
    
    
    8.4
    
    
    $
    (186,181
    )
    
    
    (0.4
    )
    
    $
    137,476
    
    
    
    0.4
    
    
    $
    (577,457
    )
    
    
    (1.6
    )
    
    $
    2,617,108
 
 *
    
    Due to rounding  Average
    
    
    Average Value
    
    
    Average ValueAverage Number
    
    
    Number of Short
    
    
    of Long
    
    
    of Shortof Long Contracts
    
    
    Contracts
    
    
    Positions
    
    
    PositionsForeign Exchange
    
    
    123
    
    
    
    88
    
    
    $
    401,376
    
    
    $
    332,179
 Average
    
    
    AverageNumber of Long
    
    
    Number of ShortContracts
    
    
    ContractsCurrency
    
    
    1,412
    
    
    
    57Financial
    
    
    2,173
    
    
    
    536Food & Fiber
    
    
    109
    
    
    
    4Indices
    
    
    1,302
    
    
    
    499Metals
    
    
    391
    
    
    
    138Livestock
    
    
    95Energy
    
    
    486
    
    
    
    374Totals
    
    
    6,091
    
    
    
    1,696
 
 *
    
    Based on quarterly holdings 31




---



##### Table of Contents



Average number
    
    
    Average value
    
    
    Average valueAverage number of
    
    
    of Short
    
    
    of Long
    
    
    of ShortLong Contracts
    
    
    Contracts
    
    
    Positions
    
    
    PositionsForeign Exchange
    
    
    82
    
    
    
    77
    
    
    $
    486,542
    
    
    $
    984,985
 Average number
    
    
    Average numberof Long
    
    
    of ShortContracts
    
    
    ContractsCurrency
    
    
    944
    
    
    
    Financial
    
    
    1,250
    
    
    
    594Food & Fiber
    
    
    244
    
    
    
    243Indices
    
    
    1,043
    
    
    
    35Metals
    
    
    387
    
    
    
    58Livestock
    
    
    
    
    
    
    78Energy
    
    
    399
    
    
    
    154Totals
    
    
    4,349
    
    
    
    1,239
  For the Three Months Ended March 31, 2011Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGain (Losses)
    
    
    Losses
    
    
    Gains (Losses)Foreign Exchange
    
    $
    96,792
    
    
    $
    (182,455
    )
    
    $
    (85,663
    )Currency
    
    
    461,955
    
    
    
    (497,591
    )
    
    
    (35,636
    )Financial
    
    
    (600,646
    )
    
    
    (126,627
    )
    
    
    (727,273
    )Food & Fiber
    
    
    243,842
    
    
    
    (285,178
    )
    
    
    (41,336
    )Indices
    
    
    (209,772
    )
    
    
    (186,812
    )
    
    
    (396,584
    )Metals
    
    
    613,621
    
    
    
    (627,106
    )
    
    
    (13,485
    )Livestock
    
    
    151,440
    
    
    
    (2,860
    )
    
    
    148,580Energy
    
    
    1,737,962
    
    
    
    (98,507
    )
    
    
    1,639,455Total net trading gains
    
    $
    2,495,194
    
    
    $
    (2,007,136
    )
    
    $
    488,058
 For the Three Months Ended March 31, 2010Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGain (Loss)
    
    
    Gain (Loss)
    
    
    Gain (Loss)Foreign Exchange
    
    $
    (516,527
    )
    
    $
    240,263
    
    
    $
    (276,264
    )Currency
    
    
    (708,060
    )
    
    
    523,356
    
    
    
    (184,704
    )Financial
    
    
    361,896
    
    
    
    1,247,375
    
    
    
    1,609,271Food & Fiber
    
    
    (216,390
    )
    
    
    46,447
    
    
    
    (169,943
    )Indices
    
    
    648,896
    
    
    
    (100,002
    )
    
    
    548,894Metals
    
    
    (1,156,827
    )
    
    
    916,116
    
    
    
    (240,711
    )Livestock
    
    
    (134,680
    )
    
    
    20,060
    
    
    
    (114,620
    )Energy
    
    
    (182,009
    )
    
    
    1,740,691
    
    
    
    1,158,682Total net trading gain
    
    $
    (1,903,701
    )
    
    $
    4,634,306
    
    
    $
    2,730,605
 32




---



##### Table of Contents



Superfund Green, L.P.  Series B
  LiabilityAsset Derivatives
    
    
    Derivatives atType of Instrument
    
    
    Statement of Assets and Liabilities Location
    
    at March 31, 2011
    
    
    March 31, 2011
    
    
    NetForeign exchange contracts
    
    Unrealized appreciation on open
forward contracts
    
    $
    748,969
    
    
    $
    
    
    
    $
    748,969Foreign exchange contracts
    
    Unrealized depreciation on open
forward contracts
    
    
    
    
    
    
    (673,271
    )
    
    
    (673,271
    )Futures contracts
    
    Futures contracts purchased
    
    
    2,115,030
    
    
    
    
    
    
    
    2,115,030Futures contracts
    
    Futures contracts sold
    
    
    
    
    
    
    (889,185
    )
    
    
    (889,185
    )Totals
    
    
    
    $
    2,863,999
    
    
    $
    (1,562,456
    )
    
    $
    1,301,543
  Statement of Assets
    
    Asset Derivatives
    
    
    Liabilityand Liabilities
    
    at December 31,
    
    
    Derivatives atType of Instrument
    
    
    Location
    
    2010
    
    
    December 31, 2010
    
    
    NetForeign exchange contracts
    
    Unrealized appreciation on open
forward contracts
    
    $
    585,137
    
    
    $
    
    
    
    $
    585,137Foreign exchange contracts
    
    Unrealized depreciation on open
forward contracts
    
    
    
    
    
    
    (140,994
    )
    
    
    (140,994
    )Futures contracts
    
    Futures contracts purchased
    
    
    5,898,383
    
    
    
    
    
    
    
    5,898,383Futures contracts
    
    Futures contracts sold
    
    
    
    
    
    
    (964,520
    )
    
    
    (964,520
    )Totals
    
    
    
    $
    6,483,520
    
    
    $
    (1,105,514
    )
    
    $
    5,378,006
  Net Change inLocation of Gain
    
    
    
    
    
    UnrealizedDerivatives Not
    
    
    (Loss) on
    
    Net Realized Gain
    
    
    Depreciation onAccounted for as
    
    
    Derivatives
    
    on Derivatives
    
    
    DerivativesHedging Instruments
    
    
    Recognized in
    
    Recognized in
    
    
    Recognized inunder ASC 815
    
    
    Income
    
    Income
    
    
    IncomeForeign exchange contracts
    
    Net realized and
unrealized gain
(loss) on futures
and forward
contracts
    
    $
    201,930
    
    
    $
    (368,444
    )Futures contracts
    
    Net realized and
unrealized gain
(loss) on futures
and forward
contracts
    
    
    5,554,622
    
    
    
    (3,708,019
    )Total
    
    
    
    $
    5,756,552
    
    
    $
    (4,076,463
    )
 33




---



##### Table of Contents



Net Change inLocation of Gain
    
    
    
    
    
    UnrealizedDerivatives Not
    
    
    (Loss) on
    
    Net Realized Loss
    
    
    Appreciation onAccounted for as
    
    
    Derivatives
    
    on Derivatives
    
    
    DerivativesHedging Instruments
    
    
    Recognized in
    
    Recognized in
    
    
    Recognized inunder Statement 133
    
    
    Income
    
    Income
    
    
    IncomeForeign Exchange contracts
    
    Net realized gain
(loss) on futures
and forward
contracts
    
    
    ($1,405,504
    )
    
    $
    655,852Futures contracts
    
    Net realized gain
(loss) on futures
and forward
contracts
    
    
    (3,402,159
    )
    
    
    9,384,360Total
    
    
    
    
    ($4,807,663
    )
    
    $
    10,040,212
  As of March 31, 2011Long 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
    
    $
    738,953
    
    
    
    1.4
    
    
    $
    (53,143
    )
    
    
    (0.1
    )
    
    $
    10,016
    
    
    
    0.0
    *
    
    $
    (620,128
    )
    
    
    (1.2
    )
    
    $
    75,698Currency
    
    
    1,126,264
    
    
    
    2.2
    
    
    
    (454,950
    )
    
    
    (0.1
    )
    
    
     ̄
    
    
    
     ̄
    
    
    
     ̄
    
    
    
     ̄
    
    
    
    671,314Financial
    
    
    521,542
    
    
    
    1.0
    
    
    
    (478,864
    )
    
    
    (0.9
    )
    
    
    18,489
    
    
    
    0.0
    *
    
    
    (150,820
    )
    
    
    (0.3
    )
    
    
    (89,653
    )Food & Fiber
    
    
    1,973
    
    
    
    0.0
    *
    
    
    (11,639
    )
    
    
    (0.0)
    *
    
    
    20,346
    
    
    
    0.1
    *
    
    
     ̄
    
    
    
     ̄
    
    
    
    10,680Indices
    
    
    275,473
    
    
    
    0.5
    
    
    
    (76,751
    )
    
    
    (0.2
    )
    
    
    42,204
    
    
    
    0.1
    *
    
    
    (193,956
    )
    
    
    (0.4
    )
    
    
    46,970Metals
    
    
    591,105
    
    
    
    1.1
    
    
    
    (203,834
    )
    
    
    (0.4
    )
    
    
    9,500
    
    
    
    0.0
    
    
    
    (252,607
    )
    
    
    (0.5
    )
    
    
    144,163Energy
    
    
    644,431
    
    
    
    1.2
    
    
    
    (5,520
    )
    
    
    (0.0)
    *
    
    
     ̄
    
    
    
     ̄
    
    
    
    (382,341
    )
    
    
    (0.7
    )
    
    
    256,571Livestock
    
    
    185,800
    
    
    
    0.4
    
    
    
     ̄
    
    
    
     ̄
    
    
    
     ̄
    
    
    
     ̄
    
    
    
     ̄
    
    
    
     ̄
    
    
    
    185,800Totals
    
    $
    4,085,541
    
    
    
    7.8
    
    
    $
    (1,284,701
    )
    
    
    (1.7
    )
    
    $
    100,555
    
    
    
    0.2
    
    
    $
    (1,599,852
    )
    
    
    (3.1
    )
    
    $
    1,301,543
 
 *
    
    Due to rounding As of December 31, 2010Long Positions Gross Unrealized
    
    
    Short Positions Gross Unrealized% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    Net UnrealizedNet
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    Gain onGains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Gains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Open PositionsForeign Exchange
    
    $
    498,953
    
    
    
    0.9
    
    
    $
    (32,624
    )
    
    
    (0.1
    )
    
    $
    86,184
    
    
    
    0.2
    
    
    $
    (108,370
    )
    
    
    (0.2
    )
    
    $
    444,143Currency
    
    
    1,609,483
    
    
    
    2.9
    
    
    
    (2,638
    )
    
    
    (0.0)
    *
    
    
    127,800
    
    
    
    0.2
    
    
    
    (51,694
    )
    
    
    (0.1
    )
    
    
    1,682,951Financial
    
    
    370,456
    
    
    
    0.6
    
    
    
    (21,443
    )
    
    
    (0.0)
    *
    
    
    24,382
    
    
    
    0.0
    *
    
    
    (75,540
    )
    
    
    (0.1
    )
    
    
    297,855Food & Fiber
    
    
    611,966
    
    
    
    1.1
    
    
    
    (1,026
    )
    
    
    (0.0)
    *
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    610,940Indices
    
    
    525,748
    
    
    
    0.9
    
    
    
    (228,241
    )
    
    
    (0.4
    )
    
    
    34,473
    
    
    
    0.1
    
    
    
    (4,280
    )
    
    
    (0.0)
    *
    
    
    327,700Metals
    
    
    2,337,448
    
    
    
    4.3
    
    
    
    (19,048
    )
    
    
    (0.0)
    *
    
    
     ̄
    
    
    
     ̄
    
    
    
    (948,050
    )
    
    
    (1.7
    )
    
    
    1,370,350Energy
    
    
    549,715
    
    
    
    1.0
    
    
    
    (64,577
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    (71,611
    )
    
    
    (0.1
    )
    
    
    413,527Livestock
    
    
    230,650
    
    
    
    0.4
    
    
    
    (110
    )
    
    
    (0.0)
    *
    
    
     ̄
    
    
    
     ̄
    
    
    
     ̄
    
    
    
     ̄
    
    
    
    230,540Totals
    
    $
    6,734,419
    
    
    
    12.1
    
    
    $
    (369,707
    )
    
    
    (0.6
    )
    
    $
    272,839
    
    
    
    0.5
    
    
    $
    (1,259,545
    )
    
    
    (2.2
    )
    
    $
    5,378,006
 34




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Average Number of
    
    
    Average Number of
    
    
    Average Value of
    
    
    Average Value ofLong Contracts
    
    
    Short Contracts
    
    
    Long Positions
    
    
    Short PositionsForeign Exchange
    
    
    153
    
    
    
    98
    
    
    $
    955,465
    
    
    $
    885,767
 Average Number of
    
    
    Average Number ofLong Contracts
    
    
    Short ContractsCurrency
    
    
    2,880
    
    
    
    117Financial
    
    
    4,559
    
    
    
    1,285Food & Fiber
    
    
    191
    
    
    
    9Indices
    
    
    2,414
    
    
    
    1,134Metals
    
    
    843
    
    
    
    157Livestock
    
    
    206
    
    
    
    Energy
    
    
    1,103
    
    
    
    766Totals
    
    
    12,349
    
    
    
    3,566
 
 *
    
    Based on quarterly holdings  Average Number of
    
    
    Average Number of
    
    
    Average Value of
    
    
    Average Value ofLong Contracts
    
    
    Short Contracts
    
    
    Long Positions
    
    
    Short PositionsForeign Exchange
    
    
    85
    
    
    
    93
    
    
    $
    1,279,728
    
    
    $
    2,562,190
 Average Number of
    
    
    Average Number ofLong Contracts
    
    
    Short ContractsCurrency
    
    
    2,095
    
    
    
    Financial
    
    
    2,951
    
    
    
    1,327Food & Fiber
    
    
    558
    
    
    
    551Indices
    
    
    2,040
    
    
    
    75Metals
    
    
    897
    
    
    
    132Livestock
    
    
    
    
    
    
    178Energy
    
    
    925
    
    
    
    358Totals
    
    
    9,551
    
    
    
    2,714
 
 *
    
    Based on quarterly holdings  For the Three Months Ended March 31, 2011Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGains (Losses)
    
    
    Losses
    
    
    Gains (Losses)Foreign Exchange
    
    $
    201,930
    
    
    $
    (368,444
    )
    
    $
    (166,514
    )Currency
    
    
    948,035
    
    
    
    (1,011,639
    )
    
    
    (63,604
    )Financial
    
    
    (1,310,694
    )
    
    
    (387,507
    )
    
    
    (1,698,201
    )Food & Fiber
    
    
    522,628
    
    
    
    (600,258
    )
    
    
    (77,630
    )Indices
    
    
    (517,718
    )
    
    
    (280,730
    )
    
    
    (798,448
    )Metals
    
    
    1,213,252
    
    
    
    (1,226,186
    )
    
    
    (12,934
    )Livestock
    
    
    355,190
    
    
    
    (44,740
    )
    
    
    310,450Energy
    
    
    4,343,929
    
    
    
    (156,959
    )
    
    
    4,186,970Total net trading gains
    
    $
    5,756,552
    
    
    $
    (4,076,463
    )
    
    $
    1,680,089
 35




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For the Three Months Ended March 31, 2010Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGains (Losses)
    
    
    Gains (Losses)
    
    
    Gains (Losses)Foreign Exchange
    
    $
    (1,405,504
    )
    
    $
    655,852
    
    
    $
    (749,652
    )Currency
    
    
    (1,654,409
    )
    
    
    1,182,673
    
    
    
    (471,736
    )Financial
    
    
    836,090
    
    
    
    2,665,810
    
    
    
    3,501,900Food & Fiber
    
    
    (287,075
    )
    
    
    (44,228
    )
    
    
    (331,303
    )Indices
    
    
    1,460,620
    
    
    
    (477,263
    )
    
    
    983,357Metals
    
    
    (2,821,778
    )
    
    
    2,265,693
    
    
    
    (556,085
    )Livestock
    
    
    (310,550
    )
    
    
    50,500
    
    
    
    (260,050
    )Energy
    
    
    (625,057
    )
    
    
    3,741,175
    
    
    
    3,116,118Total net trading gains
    
    $
    (4,807,663
    )
    
    $
    10,040,212
    
    
    $
    5,232,549
 5. Due from/to brokers
   6. Allocation of net profits and losses
   7. Related party transactions
  36




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##### Table of Contents



8. Financial highlights
  2011
    
    
    2010Series A
    
    
    Series B
    
    
    Series A
    
    
    Series BTotal return before incentive fees*
    
    
    (0.9
    )%
    
    
    0.7
    %
    
    
    5.2
    %
    
    
    7.8
    %Incentive fees*
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %Total return after incentive fees*
    
    
    (0.9
    )%
    
    
    0.7
    %
    
    
    5.2
    %
    
    
    7.8
    %Ratios to average partners capital**Operating expenses before incentive fees
    
    
    8.9
    %
    
    
    9.7
    %
    
    
    9.6
    %
    
    
    10.9
    %Incentive fees
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %Total expenses
    
    
    8.9
    %
    
    
    9.7
    %
    
    
    9.6
    %
    
    
    10.9
    %Net investment
    
    
    (8.8
    )%
    
    
    (9.6
    )%
    
    
    (9.6
    )%
    
    
    (10.9
    )%Net asset value per unit, beginning of period
    
    $
    1,550.72
    
    
    $
    1,773.52
    
    
    $
    1,354.49
    
    
    $
    1,454.64Net investment loss
    
    
    (33.19
    )
    
    
    (41.85
    )
    
    
    (31.06
    )
    
    
    (37.15
    )Net gain on investments
    
    
    19.39
    
    
    
    55.10
    
    
    
    101.72
    
    
    
    149.94Net asset value per unit, end of period
    
    $
    1,536.92
    
    
    $
    1,786.77
    
    
    $
    1,425.15
    
    
    $
    1,567.43Other per Unit information:Net increase (decrease) in net assets from
operations per Unit (based upon weighted
average number of Units during period)
    
    $
    (13.53
    )
    
    $
    12.30
    
    
    $
    75.16
    
    
    $
    109.18Net increase (decrease) in net assets from
operations per Unit (based upon change in
net asset value per Unit)
    
    $
    (13.80
    )
    
    $
    13.25
    
    
    $
    70.66
    
    
    $
    112.79
 
 *
    
    Not annualized**
    
    Annualized, except for incentive fees  9. Financial instrument risk
  37




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10. Subscriptions and redemptions
   38




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##### Table of Contents



11. Subsequent events
  ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 INTRODUCTION
  LIQUIDITY
    CAPITAL RESOURCES
  RESULTS OF OPERATIONS
 Three Months Ended March 31, 2011
   39




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st
   40




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41




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st
 Three Months Ended March 31, 2010
     Fund results for 1st Quarter 2010:
   42




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OFF-BALANCE SHEET RISK
   OFF-BALANCE SHEET ARRANGEMENTS
  CONTRACTUAL OBLIGATIONS
  43




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##### Table of Contents



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
 ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
  ITEM 4. CONTROLS AND PROCEDURES
   44




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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 ($)January 31, 2011
    
    
    233.200
    
    
    
    1485.27February 28, 2011
    
    
    533.188
    
    
    
    1546.12March 31, 2011
    
    
    519.797
    
    
    
    1536.921,286.185
  Month
    
    Units Redeemed
    
    
    NAV per Unit ($)January 31, 2011
    
    
    610.311
    
    
    
    1680.95February 28, 2011
    
    
    681.040
    
    
    
    1801.40March 31, 2011
    
    
    1,347.702
    
    
    
    1786.772,639.053
 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
 45




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SIGNATURES
  Date: May 16, 2011
    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 46




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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