##### 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 September 30, 2010
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to
 Commission File number: 000-51634
 SUPERFUND GREEN, L.P.
 
  Delaware
    
    98-0375395(State or other jurisdiction 
of incorporation or organization)
    
    (I.R.S. Employer Identification No.)Superfund Office Building 
P.O. Box 1479
Grand Anse 
St. Georges, 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
(Do not check if a smaller reporting company)
    
    Smaller Reporting Company þ
  o þ




---



##### 



PART I  FINANCIAL INFORMATIONITEM 1. FINANCIAL STATEMENTSThe following unaudited financial statements of Superfund Green, L.P., Superfund Green, L.P. Series
A and Superfund Green, L.P. Series B are included in Item 1:PageUnaudited Financial Statements: Superfund Green, L.P.Statements of Assets and Liabilities as of September 30, 2010 and December 31, 2009
    
    
    3Condensed Schedule of Investments as of September 30, 2010
    
    
    4Condensed Schedule of Investments as of December 31, 2009
    
    
    5Statements of Operations for the Three Months Ended September 30, 2010 and September 30,
2009 and
the Nine Months Ended September 30, 2010 and September 30, 2009
    
    
    6Statements of Changes in Net Assets for the Nine Months Ended September 30, 2010 and
September 30, 2009
    
    
    7Statements of Cash Flows for the Nine Months Ended September 30, 2010 and September 30, 2009
    
    
    8PageUnaudited Financial Statements: Superfund Green, L.P.  Series AStatements of Assets and Liabilities as of September 30, 2010 and December 31, 2009
    
    
    9Condensed Schedule of Investments as of September 30, 2010
    
    
    10Condensed Schedule of Investments as of December 31, 2009
    
    
    11Statements of Operations for the Three Months Ended September 30, 2010 and September 30,
2009 and
the Nine Months Ended September 30, 2010 and September 30, 2009
    
    
    12Statements of Changes in Net Assets for the Nine Months Ended September 30, 2010 and
September 30, 2009
    
    
    13Statements of Cash Flows for the Nine Months Ended September 30, 2010 and September 30, 2009
    
    
    14PageUnaudited Financial Statements: Superfund Green, L.P.  Series BStatements of Assets and Liabilities as of September 30, 2010 and December 31, 2009
    
    
    15Condensed Schedule of Investments as of September 30, 2010
    
    
    16Condensed Schedule of Investments as of December 31, 2009
    
    
    17Statements of Operations for the Three Months Ended September 30, 2010 and
September 30, 2009 and the Nine Months Ended September 30, 2010 and September 30,
2009
    
    
    18Statements of Changes in Net Assets for the Nine Months Ended September 30, 2010 and
September 30, 2009
    
    
    19Statements of Cash Flows for the Nine Months Ended September 30, 2010 and
September 30, 2009
    
    
    20Notes to Unaudited Financial Statements Dated September 30, 2010
    
    
    21-45EX-31.1EX-31.2EX-32.1EX-32.2
  2




---



##### Table of Contents



SUPERFUND GREEN, L.P.
 
 UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES
as of September 30, 2010 and December 31, 2009
 September 30, 2010
    
    
    December 31, 2009ASSETSU.S. Government securities, at fair value
(amortized cost of $35,747,070 and $42,403,057 as of
September 30, 2010 and December 31, 2009, respectively)
    
    $
    35,747,070
    
    
    $
    42,403,057Due from brokers
    
    
    40,212,622
    
    
    
    43,238,109Unrealized appreciation on open forward contracts
    
    
    1,399,195
    
    
    
    696,512Futures contracts sold
    
    
    339,032
    
    
    
    Futures contracts purchased
    
    
    8,289,304
    
    
    
    1,573,761Cash
    
    
    1,099,110
    
    
    
    642,058Total assets
    
    
    87,086,333
    
    
    
    88,553,497LIABILITIESUnrealized depreciation on open forward contracts
    
    
    701,938
    
    
    
    1,552,248Futures contracts sold
    
    
    
    
    
    
    35,632Subscriptions received in advance
    
    
    383,995
    
    
    
    Redemptions payable
    
    
    1,816,623
    
    
    
    1,437,508Management fees payable
    
    
    258,040
    
    
    
    134,250Fees payable
    
    
    350,058
    
    
    
    258,016Total liabilities
    
    
    3,510,654
    
    
    
    3,417,654NET ASSETS
    
    $
    83,575,679
    
    
    $
    85,135,843
  3




---



##### Table of Contents



SUPERFUND GREEN, L.P.
 
 UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS
as of September 30, 2010
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due November 26, 2010
(amortized cost $35,747,070), securities are held in margin
accounts as collateral for open futures and forwards
    
    $
    35,755,000
    
    
    
    42.8
    %
    
    $
    35,747,070Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    1.7
    
    
    
    1,399,195Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    1.7
    
    
    
    1,399,195Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (0.8
    )
    
    
    (701,938
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (0.8
    )
    
    
    (701,938
    )Total forward contracts, at fair value
    
    
    
    
    
    
    0.9
    
    
    
    697,257Futures Contracts PurchasedCurrency
    
    
    
    
    
    
    1.9
    
    
    
    1,593,812Energy
    
    
    
    
    
    
    1.1
    
    
    
    877,256Financial
    
    
    
    
    
    
    0.1
    
    
    
    121,435Food & Fiber
    
    
    
    
    
    
    1.5
    
    
    
    1,267,087Indices
    
    
    
    
    
    
    0.4
    
    
    
    271,199Livestock
    
    
    
    
    
    
    0.0
    *
    
    
    33,160Metals
    
    
    
    
    
    
    4.9
    
    
    
    4,125,355Total futures contracts purchased
    
    
    
    
    
    
    9.9
    
    
    
    8,289,304Futures Contracts SoldEnergy
    
    
    
    
    
    
    0.7
    
    
    
    562,553Financial
    
    
    
    
    
    
    (0.3
    )
    
    
    (247,938
    )Food & Fiber
    
    
    
    
    
    
    (0.0)
    *
    
    
    (1,552
    )Indices
    
    
    
    
    
    
    0.0
    *
    
    
    25,969Total futures contracts sold
    
    
    
    
    
    
    0.4
    
    
    
    339,032Total futures contracts, at fair value
    
    
    
    
    
    
    10.3
    
    
    
    8,628,336Futures and forward contracts by country compositionAustralia
    
    
    
    
    
    
    0.5
    %
    
    $
    379,959Canada
    
    
    
    
    
    
    0.1
    
    
    
    100,161European Monetary Union
    
    
    
    
    
    
    (0.2
    )
    
    
    (192,446
    )Great Britain
    
    
    
    
    
    
    (0.1
    )
    
    
    (56,569
    )Japan
    
    
    
    
    
    
    0.9
    
    
    
    719,277United States
    
    
    
    
    
    
    8.1
    
    
    
    6,759,871Other
    
    
    
    
    
    
    1.9
    
    
    
    1,615,340Total futures and forward contracts by country composition
    
    
    
    
    
    
    11.2
    %
    
    $
    9,325,593
 
 *
    
    Due to rounding  4




---



##### Table of Contents



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




---



##### Table of Contents



SUPERFUND GREEN, L.P.
 
 UNAUDITED STATEMENTS OF OPERATIONS
 Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Investment incomeInterest income
    
    $
    23,837
    
    
    $
    19,208
    
    
    $
    37,078
    
    
    $
    90,968Total income
    
    
    23,837
    
    
    
    19,208
    
    
    
    37,078
    
    
    
    90,968ExpensesSelling commission
    
    
    886,915
    
    
    
    905,795
    
    
    
    2,576,725
    
    
    
    2,869,698Brokerage commissions
    
    
    385,717
    
    
    
    635,423
    
    
    
    1,739,877
    
    
    
    1,556,809Management fee
    
    
    377,784
    
    
    
    418,930
    
    
    
    1,159,321
    
    
    
    1,327,235Ongoing offering expenses
    
    
    204,209
    
    
    
    226,448
    
    
    
    626,661
    
    
    
    717,424Operating expenses
    
    
    30,630
    
    
    
    33,968
    
    
    
    93,997
    
    
    
    107,614Incentive fee
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    301,233Other
    
    
    4,423
    
    
    
    6,705
    
    
    
    18,635
    
    
    
    32,142Total expenses
    
    
    1,889,678
    
    
    
    2,227,269
    
    
    
    6,215,216
    
    
    
    6,912,155Net investment loss
    
    
    (1,865,841
    )
    
    
    (2,208,061
    )
    
    
    (6,178,138
    )
    
    
    (6,821,187
    )Realized and unrealized gain
(loss) on investmentsNet realized gain (loss)
on futures and forward
contracts
    
    
    2,527,970
    
    
    
    (6,032,160
    )
    
    
    (1,708,164
    )
    
    
    (33,832,594
    )Net change in unrealized
appreciation on futures
and forward contracts
    
    
    5,930,230
    
    
    
    6,013,087
    
    
    
    8,643,200
    
    
    
    5,170,050Net gain (loss) on investments
    
    
    8,458,200
    
    
    
    (19,073
    )
    
    
    6,935,036
    
    
    
    (28,662,544
    )Net increase (decrease) in
net assets from operations
    
    $
    6,592,359
    
    
    $
    (2,227,134
    )
    
    $
    756,898
    
    
    
    (35,483,731
    )
  6




---



##### Table of Contents



SUPERFUND GREEN, L.P.
 
 UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS
 Nine Months EndedSeptember 30,2010
    
    
    2009Increase (decrease) in net assets from operationsNet investment loss
    
    $
    (6,178,138
    )
    
    $
    (6,821,187
    )Net realized loss on futures and forward contracts
    
    
    (1,708,164
    )
    
    
    (33,832,594
    )Net change in unrealized appreciation on futures and forward contracts
    
    
    8,643,200
    
    
    
    5,170,050Net increase (decrease) in net assets from operations
    
    
    756,898
    
    
    
    (35,483,731
    )Capital share transactionsIssuance of Units
    
    
    9,488,927
    
    
    
    59,357,017Redemption of Units
    
    
    (11,805,989
    )
    
    
    (24,827,770
    )Net increase (decrease) in net assets from capital share transactions
    
    
    (2,317,062
    )
    
    
    34,529,247Net decrease in net assets
    
    
    (1,560,164
    )
    
    
    (954,484
    )Net assets,beginning of period
    
    
    85,135,843
    
    
    
    95,589,385Net assets,end of period
    
    $
    83,575,679
    
    
    $
    94,634,901
  7




---



##### Table of Contents



SUPERFUND GREEN, L.P.
 
 UNAUDITED STATEMENTS OF CASH FLOWS
 Nine Months EndedSeptember 30,2010
    
    
    2009Cash flows from operating activitiesNet increase (decrease) in net assets from operations
    
    $
    756,898
    
    
    $
    (35,483,731
    )Adjustments to reconcile net increase (decrease) in net assets
from operations to net cash provided by (used in) operating activities:Changes in operating assets and liabilities:Purchases of U.S. government securities
    
    
    (106,579,648
    )
    
    
    (171,104,296
    )Sales and maturities of U.S. government securities
    
    
    113,265,000
    
    
    
    219,800,537Amortization of discounts and premiums
    
    
    (29,365
    )
    
    
    78,282Due from brokers
    
    
    3,025,487
    
    
    
    (38,750,722
    )Due to affiliate
    
    
    
    
    
    
    (300,000
    )Unrealized appreciation on open forward contracts
    
    
    (702,683
    )
    
    
    (987,753
    )Futures contracts purchased
    
    
    (6,715,543
    )
    
    
    (5,681,371
    )Unrealized depreciation on open forward contracts
    
    
    (850,310
    )
    
    
    824,629Futures contracts sold
    
    
    (374,664
    )
    
    
    674,445Management fees payable
    
    
    123,790
    
    
    
    (6,973
    )Fees payable
    
    
    92,042
    
    
    
    (60,692
    )Net cash provided by (used in) operating activities
    
    
    2,011,004
    
    
    
    (30,997,645
    )Cash flows from financing activitiesSubscriptions, net of subscriptions received in advance
    
    
    9,872,922
    
    
    
    59,657,017Redemptions, net of change in redemptions payable
    
    
    (11,426,874
    )
    
    
    (28,213,107
    )Net cash provided by (used in) financing activities
    
    
    (1,553,952
    )
    
    
    31,143,910Net increase in cash
    
    
    457,052
    
    
    
    146,265Cash, beginning of period
    
    
    642,058
    
    
    
    1,479,277Cash, end of period
    
    $
    1,099,110
    
    
    $
    1,625,542
  8




---



##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES A
 
 UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES
as of September 30, 2010 and December 31, 2009
 September 30, 2010
    
    
    December 31, 2009ASSETSU.S. Government securities, at fair value
(amortized cost of $15,266,612 and $16,019,268 as of
September 30, 2010 and December 31, 2009, respectively)
    
    $
    15,266,612
    
    
    $
    16,019,268Due from brokers
    
    
    17,661,518
    
    
    
    17,161,443Unrealized appreciation on open forward contracts
    
    
    410,062
    
    
    
    187,448Futures contracts sold
    
    
    112,623
    
    
    
    Futures contracts purchased
    
    
    2,722,211
    
    
    
    465,462Cash
    
    
    725,642
    
    
    
    611,470Total assets
    
    
    36,898,668
    
    
    
    34,445,091LIABILITIESUnrealized depreciation on open forward contracts
    
    
    184,059
    
    
    
    421,267Futures contracts sold
    
    
    
    
    
    
    10,673Subscriptions received in advance
    
    
    316,495
    
    
    
    Redemptions payable
    
    
    887,006
    
    
    
    550,221Management fees payable
    
    
    109,541
    
    
    
    52,511Payable to Superfund Green, L.P.  Series B
    
    
    73,411
    
    
    
    Fees payable
    
    
    145,242
    
    
    
    97,924Total liabilities
    
    
    1,715,754
    
    
    
    1,132,596NET ASSETS
    
    $
    35,182,914
    
    
    $
    33,312,495Number of Units
    
    
    25,696.626
    
    
    
    24,594.117Net asset value per Unit
    
    $
    1,369.17
    
    
    $
    1,354.49
  9




---



##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES A
 
 UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS
as of September 30, 2010
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due November 26, 2010
(amortized cost $15,266,612), securities are held in margin
accounts as collateral for open futures and forwards
    
    $
    15,270,000
    
    
    
    43.4
    %
    
    $
    15,266,612Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    1.2
    
    
    
    410,062Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    1.2
    
    
    
    410,062Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (0.5
    )
    
    
    (184,059
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (0.5
    )
    
    
    (184,059
    )Total forward contracts, at fair value
    
    
    
    
    
    
    0.7
    
    
    
    226,003Futures Contracts PurchasedCurrency
    
    
    
    
    
    
    1.5
    
    
    
    522,863Energy
    
    
    
    
    
    
    0.9
    
    
    
    305,947Financial
    
    
    
    
    
    
    0.1
    
    
    
    41,423Food & Fiber
    
    
    
    
    
    
    1.1
    
    
    
    402,988Indices
    
    
    
    
    
    
    0.3
    
    
    
    94,736Livestock
    
    
    
    
    
    
    0.0
    *
    
    
    14,500Metals
    
    
    
    
    
    
    3.8
    
    
    
    1,339,754Total futures contracts purchased
    
    
    
    
    
    
    7.7
    
    
    
    2,722,211Futures Contracts SoldEnergy
    
    
    
    
    
    
    0.5
    
    
    
    186,241Financial
    
    
    
    
    
    
    (0.2
    )
    
    
    (85,008
    )Food & Fiber
    
    
    
    
    
    
    0.0
    *
    
    
    1,017Indices
    
    
    
    
    
    
    0.0
    *
    
    
    10,373Total futures contracts sold
    
    
    
    
    
    
    0.3
    
    
    
    112,623Total futures contracts, at fair value
    
    
    
    
    
    
    8.0
    
    
    
    2,834,834Futures and forward contracts by country compositionAustralia
    
    
    
    
    
    
    0.3
    
    
    
    122,158Canada
    
    
    
    
    
    
    0.1
    
    
    
    29,489European Monetary Union
    
    
    
    
    
    
    (0.2
    )
    
    
    (48,115
    )Great Britain
    
    
    
    
    
    
    (0.0
    )
    
    
    (16,647
    )Japan
    
    
    
    
    
    
    0.7
    
    
    
    235,910United States
    
    
    
    
    
    
    6.3
    
    
    
    2,216,196Other
    
    
    
    
    
    
    1.5
    
    
    
    521,846Total futures and forward contracts by country composition
    
    
    
    
    
    
    8.7
    %
    
    $
    3,060,837
 
 *
    
    Due to rounding  10




---



##### Table of Contents



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




---



##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES A
 UNAUDITED STATEMENTS OF OPERATIONS
 Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Investment incomeInterest income
    
    $
    12,773
    
    
    $
    7,733
    
    
    $
    18,880
    
    
    $
    31,849Total income
    
    
    12,773
    
    
    
    7,733
    
    
    
    18,880
    
    
    
    31,849ExpensesSelling commissions
    
    
    348,370
    
    
    
    340,090
    
    
    
    1,042,268
    
    
    
    1,044,317Brokerage commissions
    
    
    149,258
    
    
    
    175,399
    
    
    
    562,861
    
    
    
    410,850Management fees
    
    
    161,115
    
    
    
    157,292
    
    
    
    482,043
    
    
    
    482,997Ongoing offering expenses
    
    
    87,089
    
    
    
    85,022
    
    
    
    260,563
    
    
    
    261,079Operating expenses
    
    
    13,063
    
    
    
    12,754
    
    
    
    39,084
    
    
    
    39,162Other
    
    
    2,513
    
    
    
    3,692
    
    
    
    9,039
    
    
    
    13,118Total expenses
    
    
    761,408
    
    
    
    774,249
    
    
    
    2,395,858
    
    
    
    2,251,523Net investment loss
    
    
    (748,635
    )
    
    
    (766,516
    )
    
    
    (2,376,978
    )
    
    
    (2,219,674
    )Realized and unrealized gain
(loss) on investmentsNet realized gain (loss)
on futures and forward
contracts
    
    
    922,475
    
    
    
    (1,572,831
    )
    
    
    (8,433
    )
    
    
    (8,566,923
    )Net change in unrealized
appreciation on futures
and forward contracts
    
    
    1,903,438
    
    
    
    1,748,399
    
    
    
    2,839,867
    
    
    
    1,556,367Net gain (loss) on investments
    
    
    2,825,913
    
    
    
    175,568
    
    
    
    2,831,434
    
    
    
    (7,010,556
    )Net increase (decrease) in
net assets from operations
    
    $
    2,077,278
    
    
    $
    (590,948
    )
    
    $
    454,456
    
    
    $
    (9,230,230
    )Net increase (decrease) in
net assets from operations
per Unit (based upon weighted
average number of units
outstanding during period)*
    
    $
    77.85
    
    
    $
    (25.22
    )
    
    $
    17.41
    
    
    $
    (436.83
    )Net increase (decrease) in
net assets from operations
per Unit (based upon change
in net asset value per unit
during period)
    
    $
    78.88
    
    
    $
    (29.47
    )
    
    $
    14.68
    
    
    $
    (447.38
    )
  
 *
    
    Weighted average number of Units outstanding for Series A for the Three Months Ended September 30, 2010 and
September 30, 2009: 26,683.81 and 23,434.10, respectively; and for the Nine Months Ended September 30, 2010 and
September 30, 2009: 26,099.06 and 21,129.83, respectively. 12




---



##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES A
 UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS
 Nine Months EndedSeptember 30,2010
    
    
    2009Increase (decrease) in net assets from operationsNet investment loss
    
    $
    (2,376,978
    )
    
    $
    (2,219,674
    )Net realized loss on futures and forward contracts
    
    
    (8,433
    )
    
    
    (8,566,923
    )Net change in unrealized appreciation on futures and forward contracts
    
    
    2,839,867
    
    
    
    1,556,367Net increase (decrease) in net assets from operations
    
    
    454,456
    
    
    
    (9,230,230
    )Capital share transactionsIssuance of Units
    
    
    6,324,488
    
    
    
    20,138,149Redemption of Units
    
    
    (4,908,525
    )
    
    
    (10,704,730
    )Net increase in net assets from capital share transactions
    
    
    1,415,963
    
    
    
    9,433,419Net increase in net assets
    
    
    1,870,419
    
    
    
    203,189Net assets,beginning of period
    
    
    33,312,495
    
    
    
    34,972,334Net assets,end of period
    
    $
    35,182,914
    
    
    $
    35,175,523Units,beginning of period
    
    
    24,594.117
    
    
    
    18,098.830Issuance of Units
    
    
    4,779.538
    
    
    
    11,938.031Redemption of Units
    
    
    (3,677.030
    )
    
    
    (6,348.401
    )Units,end of period
    
    
    25,696.626
    
    
    
    23,688.460
  13




---



##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES A
 UNAUDITED STATEMENTS OF CASH FLOWS
 Nine Months EndedSeptember 30,2010
    
    
    2009Cash flows from operating activitiesNet increase (decrease) in net assets from operations
    
    $
    454,456
    
    
    $
    (9,230,230
    )Adjustments to reconcile net increase (decrease) in net assets from
operations to net cash used in operating activities:Changes in operating assets and liabilities:Purchases of U.S. government securities
    
    
    (44,745,121
    )
    
    
    (62,907,793
    )Sales and maturities of U.S. government securities
    
    
    45,510,000
    
    
    
    80,158,355Amortization of discounts and premiums
    
    
    (12,223
    )
    
    
    27,642Due from brokers
    
    
    (500,075
    )
    
    
    (14,637,528
    )Due to affiliate
    
    
    
    
    
    
    (300,000
    )Unrealized appreciation on open forward contracts
    
    
    (222,614
    )
    
    
    (270,277
    )Futures contracts purchased
    
    
    (2,256,749
    )
    
    
    (1,644,681
    )Unrealized depreciation on open forward contracts
    
    
    (237,208
    )
    
    
    243,065Futures contracts sold
    
    
    (123,296
    )
    
    
    115,526Management fees payable
    
    
    57,030
    
    
    
    (1,865
    )Payable to Superfund Green, L.P.  Series B
    
    
    73,411
    
    
    
    Fees payable
    
    
    47,318
    
    
    
    (15,484
    )Net cash used in operating activities
    
    
    (1,955,071
    )
    
    
    (8,463,270
    )Cash flows from financing activitiesSubscriptions, net of subscriptions received in advance
    
    
    6,640,983
    
    
    
    20,138,149Redemptions, net of change in redemptions payable
    
    
    (4,571,740
    )
    
    
    (12,129,921
    )Net cash provided by financing activities
    
    
    2,069,243
    
    
    
    8,008,228Net increase (decrease) in cash
    
    
    114,172
    
    
    
    (455,042
    )Cash, beginning of period
    
    
    611,470
    
    
    
    810,576Cash, end of period
    
    $
    725,642
    
    
    $
    355,534
  14




---



##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES B
 
 UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES
as of September 30, 2010 and December 31, 2009
 September 30, 2010
    
    
    December 31, 2009ASSETSU.S. Government securities, at fair value
(amortized cost of $20,480,458 and $26,383,789 as of
September 30, 2010, and December 31, 2009, respectively)
    
    $
    20,480,458
    
    
    $
    26,383,789Due from brokers
    
    
    22,551,104
    
    
    
    26,076,666Unrealized appreciation on open forward contracts
    
    
    989,133
    
    
    
    509,064Futures contracts sold
    
    
    226,409
    
    
    
    Receivable from Superfund Green, L.P.  Series A
    
    
    73,411
    
    
    
    Futures contracts purchased
    
    
    5,567,093
    
    
    
    1,108,299Cash
    
    
    373,468
    
    
    
    30,588Total assets
    
    
    50,261,076
    
    
    
    54,108,406LIABILITIESUnrealized depreciation on open forward contracts
    
    
    517,879
    
    
    
    1,130,981Futures contracts sold
    
    
    
    
    
    
    24,959Subscriptions received in advance
    
    
    67,500
    
    
    
    Redemptions payable
    
    
    929,617
    
    
    
    887,287Management fees payable
    
    
    148,499
    
    
    
    81,739Fees payable
    
    
    204,816
    
    
    
    160,092Total liabilities
    
    
    1,868,311
    
    
    
    2,285,058NET ASSETS
    
    $
    48,392,765
    
    
    $
    51,823,348Number of Units
    
    
    32,964.556
    
    
    
    35,626.349Net asset value per Unit
    
    $
    1,468.03
    
    
    $
    1,454.64
  15




---



##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES B
 
 UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS
as of September 30, 2010
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due November 26, 2010
(amortized cost $20,480,458), securities are held in margin
accounts as collateral for open futures and forwards
    
    $
    20,485,000
    
    
    
    42.3
    %
    
    $
    20,480,458Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    2.0
    
    
    
    989,133Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    2.0
    
    
    
    989,133Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (1.1
    )
    
    
    (517,879
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (1.1
    )
    
    
    (517,879
    )Total forward contracts, at fair value
    
    
    
    
    
    
    0.9
    
    
    
    471,254Futures Contracts PurchasedCurrency
    
    
    
    
    
    
    2.2
    
    
    
    1,070,949Energy
    
    
    
    
    
    
    1.2
    
    
    
    571,309Financial
    
    
    
    
    
    
    0.2
    
    
    
    80,012Food & Fiber
    
    
    
    
    
    
    1.8
    
    
    
    864,099Indices
    
    
    
    
    
    
    0.4
    
    
    
    176,463Livestock
    
    
    
    
    
    
    0.0
    *
    
    
    18,660Metals160 contracts of CMX Gold expiring December 2010
    
    
    
    
    
    
    2.4
    
    
    
    1,160,150Other
    
    
    
    
    
    
    3.4
    
    
    
    1,625,451Total Metals
    
    
    
    
    
    
    5.8
    
    
    
    2,785,601Total futures contracts purchased
    
    
    
    
    
    
    11.6
    
    
    
    5,567,093Futures Contracts SoldEnergy
    
    
    
    
    
    
    0.8
    
    
    
    376,312Financial
    
    
    
    
    
    
    (0.3
    )
    
    
    (162,930
    )Food & Fiber
    
    
    
    
    
    
    (0.0)
    *
    
    
    (2,569
    )Indices
    
    
    
    
    
    
    0.0
    *
    
    
    15,596Total futures contracts sold
    
    
    
    
    
    
    0.5
    
    
    
    226,409Total futures contracts, at fair value
    
    
    
    
    
    
    12.1
    
    
    
    5,793,502Futures and forward contracts by country compositionAustralia
    
    
    
    
    
    
    0.5
    
    
    
    257,801Canada
    
    
    
    
    
    
    0.1
    
    
    
    70,672European Monetary Union
    
    
    
    
    
    
    (0.3
    )
    
    
    (144,331
    )Great Britain
    
    
    
    
    
    
    (0.1
    )
    
    
    (39,922
    )Japan
    
    
    
    
    
    
    1.0
    
    
    
    483,367United States
    
    
    
    
    
    
    9.4
    
    
    
    4,543,675Other
    
    
    
    
    
    
    2.4
    
    
    
    1,093,494Total futures and forward contracts by country composition
    
    
    
    
    
    
    13.0
    %
    
    $
    6,264,756
 
 *
    
    Due to rounding  16




---



##### Table of Contents



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




---



##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES B
 
 UNAUDITED STATEMENTS OF OPERATIONS
 Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Investment incomeInterest income
    
    $
    11,064
    
    
    $
    11,475
    
    
    $
    18,198
    
    
    $
    59,119Total income
    
    
    11,064
    
    
    
    11,475
    
    
    
    18,198
    
    
    
    59,119ExpensesSelling commission
    
    
    538,545
    
    
    
    565,705
    
    
    
    1,534,457
    
    
    
    1,825,381Brokerage commissions
    
    
    236,459
    
    
    
    460,024
    
    
    
    1,177,016
    
    
    
    1,145,959Management fee
    
    
    216,669
    
    
    
    261,638
    
    
    
    677,278
    
    
    
    844,238Ongoing offering expenses
    
    
    117,120
    
    
    
    141,426
    
    
    
    366,098
    
    
    
    456,345Operating expenses
    
    
    17,567
    
    
    
    21,214
    
    
    
    54,913
    
    
    
    68,452Incentive fee
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    301,233Other
    
    
    1,910
    
    
    
    3,013
    
    
    
    9,596
    
    
    
    19,024Total expenses
    
    
    1,128,270
    
    
    
    1,453,020
    
    
    
    3,819,358
    
    
    
    4,660,632Net investment loss
    
    
    (1,117,206
    )
    
    
    (1,441,545
    )
    
    
    (3,801,160
    )
    
    
    (4,601,513
    )Realized and unrealized gain
(loss) on investmentsNet realized gain (loss)
on futures and forward
contracts
    
    
    1,605,495
    
    
    
    (4,459,329
    )
    
    
    (1,699,731
    )
    
    
    (25,265,671
    )Net change in unrealized
appreciation on futures
and forward contracts
    
    
    4,026,792
    
    
    
    4,264,688
    
    
    
    5,803,333
    
    
    
    3,613,683Net gain (loss) on investments
    
    
    5,632,287
    
    
    
    (194,641
    )
    
    
    4,103,602
    
    
    
    (21,651,988
    )Net increase (decrease) in
net assets from operations
    
    $
    4,515,081
    
    
    $
    (1,636,186
    )
    
    $
    302,442
    
    
    $
    (26,253,501
    )Net increase (decrease) in
net assets from operations
per Unit (based upon weighted
average number of units
outstanding during period)*
    
    $
    131.54
    
    
    $
    (47.24
    )
    
    $
    8.69
    
    
    $
    (869.39
    )Net increase (decrease) in
net assets from operations
per Unit (based upon change
in net asset value per unit
during period)
    
    $
    134.38
    
    
    $
    (53.76
    )
    
    $
    13.39
    
    
    $
    (901.01
    )
  
 *
    
    Weighted average number of Units outstanding for Series B for the Three Months Ended September 30, 2010 and
September 30, 2009: 34,323.71 and 34,632.28, respectively; and for the Nine Months Ended September 30, 2010 and
September 30, 2009: 34,795.34 and 30,197.57, respectively 18




---



##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES B
 
 UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS
 Nine Months EndedSeptember 30,2010
    
    
    2009Increase (decrease) in net assets from operationsNet investment loss
    
    $
    (3,801,160
    )
    
    $
    (4,601,513
    )Net realized loss on futures and forward contracts
    
    
    (1,699,731
    )
    
    
    (25,265,671
    )Net change in unrealized appreciation on futures and forward contracts
    
    
    5,803,333
    
    
    
    3,613,683Net increase (decrease) in net assets from operations
    
    
    302,442
    
    
    
    (26,253,501
    )Capital share transactionsIssuance of Units
    
    
    3,164,439
    
    
    
    39,218,868Redemption of Units
    
    
    (6,897,464
    )
    
    
    (14,123,040
    )Net increase (decrease) in net assets from capital share transactions
    
    
    (3,733,025
    )
    
    
    25,095,828Net decrease in net assets
    
    
    (3,430,583
    )
    
    
    (1,157,673
    )Net assets,beginning of period
    
    
    51,823,348
    
    
    
    60,617,051Net assets,end of period
    
    $
    48,392,765
    
    
    $
    59,459,378Units,beginning of period
    
    
    35,626.349
    
    
    
    23,305.633Issuance of Units
    
    
    2,241.350
    
    
    
    18,082.552Redemption of Units
    
    
    (4,903.143
    )
    
    
    (6,411.010
    )Units,end of period
    
    
    32,964.556
    
    
    
    34,977.175
  19




---



##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES B
 
 UNAUDITED STATEMENTS OF CASH FLOWS
 Nine Months EndedSeptember 30,2010
    
    
    2009Cash flows from operating activitiesNet increase (decrease) in net assets from operations
    
    $
    302,442
    
    
    $
    (26,253,501
    )Adjustments to reconcile net increase (decrease) in net assets
from operations to net cash provided by (used in) operating activities:Changes in operating assets and liabilities:Purchases of U.S. government securities
    
    
    (61,834,527
    )
    
    
    (108,196,503
    )Sales and maturities of U.S. government securities
    
    
    67,755,000
    
    
    
    139,642,182Amortization of discounts and premiums
    
    
    (17,142
    )
    
    
    50,640Due from brokers
    
    
    3,525,562
    
    
    
    (24,113,194
    )Unrealized appreciation on open forward contracts
    
    
    (480,069
    )
    
    
    (717,476
    )Futures contracts purchased
    
    
    (4,458,794
    )
    
    
    (4,036,690
    )Unrealized depreciation on open forward contracts
    
    
    (613,102
    )
    
    
    581,564Futures contracts sold
    
    
    (251,368
    )
    
    
    558,919Receivable from Superfund Green, L.P.  Series A
    
    
    (73,411
    )
    
    
    Management fees payable
    
    
    66,760
    
    
    
    (5,108
    )Fees payable
    
    
    44,724
    
    
    
    (45,208
    )Net cash provided by (used in) operating activities
    
    
    3,966,075
    
    
    
    (22,534,375
    )Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    3,231,939
    
    
    
    39,218,868Redemptions, net of change in redemptions payable
    
    
    (6,855,134
    )
    
    
    (16,083,186
    )Net cash provided by (used in) financing activities
    
    
    (3,623,195
    )
    
    
    23,135,682Net increase in cash
    
    
    342,880
    
    
    
    601,307Cash, beginning of period
    
    
    30,588
    
    
    
    668,701Cash, end of period
    
    $
    373,468
    
    
    $
    1,270,008
  20




---



##### Table of Contents



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




---



##### Table of Contents



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




---



##### Table of Contents



U.S. Government Securities.
 Derivative Contracts.
    Superfund Green, L.P.
 BalanceSeptember 30,2010
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government securities
    
    $
    35,747,070
    
    
    $
    
    
    
    $
    35,747,070
    
    
    $
    Unrealized appreciation on open forward contracts
    
    
    1,399,195
    
    
    
    
    
    
    
    1,399,195
    
    
    
    Futures contracts sold
    
    
    339,032
    
    
    
    339,032
    
    
    
    Futures contracts purchased
    
    
    8,289,304
    
    
    
    8,289,304
    
    
    
    
    
    
    
    Total Assets Measured at Fair Value
    
    $
    45,774,601
    
    
    $
    8,628,336
    
    
    $
    37,146,265
    
    
    $
    LIABILITIESUnrealized depreciation on open forward contracts
    
    $
    701,938
    
    
    $
    
    
    
    $
    701,938
    
    
    $
    Total Liabilities Measured at Fair Value
    
    $
    701,938
    
    
    $
    
    
    
    $
    701,938
    
    
    $
    
 23




---



##### Table of Contents



BalanceDecember 31,2009
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government securities
    
    $
    42,403,057
    
    
    $
    
    
    
    $
    42,403,057
    
    
    $
    Unrealized appreciation on open forward contracts
    
    
    696,512
    
    
    
    
    
    
    
    696,512
    
    
    
    Futures contracts purchased
    
    
    1,573,761
    
    
    
    1,573,761
    
    
    
    
    
    
    
    Total Assets Measured at Fair Value
    
    $
    44,673,330
    
    
    $
    1,573,761
    
    
    $
    43,099,569
    
    
    $
    LIABILITIESUnrealized depreciation on open forward contracts
    
    $
    1,552,248
    
    
    $
    
    
    
    $
    1,552,248
    
    
    $
    Futures contracts sold
    
    
    35,632
    
    
    
    35,632
    
    
    
    
    
    
    
    Total Liabilities Measured at Fair Value
    
    $
    1,587,880
    
    
    $
    35,632
    
    
    $
    1,552,248
    
    
    $
    
 Superfund Green, L.P.  Series A
 BalanceSeptember 30,2010
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government securities
    
    $
    15,266,612
    
    
    $
    
    
    
    $
    15,266,612
    
    
    $
    Unrealized appreciation on open forward contracts
    
    
    410,062
    
    
    
    
    
    
    
    410,062
    
    
    
    Futures contracts sold
    
    
    112,623
    
    
    
    112,623
    
    
    
    
    
    
    
    Futures contracts purchased
    
    
    2,722,211
    
    
    
    2,722,211
    
    
    
    
    
    
    
    Total Assets Measured at Fair Value
    
    $
    18,511,508
    
    
    $
    2,834,834
    
    
    $
    15,676,674
    
    
    $
    LIABILITIESUnrealized depreciation on open forward contracts
    
    $
    184,059
    
    
    $
    184,059
    
    
    $
    
    
    
    $
    Total Liabilities Measured at Fair Value
    
    $
    184,059
    
    
    $
    184,059
    
    
    $
    
    
    
    $
    
 BalanceDecember 31,2009
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government securities
    
    $
    16,019,268
    
    
    $
    
    
    
    $
    16,019,268
    
    
    $
    Unrealized appreciation on open forward contracts
    
    
    187,448
    
    
    
    
    
    
    
    187,448
    
    
    
    Futures contracts purchased
    
    
    465,462
    
    
    
    465,462
    
    
    
    
    
    
    
    Total Assets Measured at Fair Value
    
    $
    16,672,178
    
    
    $
    465,462
    
    
    $
    16,206,716
    
    
    $
    LIABILITIESUnrealized depreciation on open forward contracts
    
    $
    421,267
    
    
    $
    
    
    
    $
    421,267
    
    
    $
    Futures contracts sold
    
    
    10,673
    
    
    
    10,673
    
    
    
    
    
    
    
    Total Liabilities Measured at Fair Value
    
    $
    431,940
    
    
    $
    10,673
    
    
    $
    421,267
    
    
    $
    
 24




---



##### Table of Contents



Superfund Green, L.P.  Series B
 BalanceSeptember 30,2010
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government securities
    
    $
    20,480,458
    
    
    $
    
    
    
    $
    20,480,458
    
    
    $
    Unrealized appreciation on open forward contracts
    
    
    989,133
    
    
    
    
    
    
    
    989,133
    
    
    
    Futures contracts sold
    
    
    226,409
    
    
    
    226,409
    
    
    
    
    
    
    
    Futures contracts purchased
    
    
    5,567,093
    
    
    
    5,567,093
    
    
    
    
    
    
    
    Total Assets Measured at Fair Value
    
    $
    27,263,093
    
    
    $
    5,793,502
    
    
    $
    21,469,591
    
    
    $
    LIABILITIESUnrealized depreciation on open forward contracts
    
    $
    517,879
    
    
    $
    517,879
    
    
    $
    
    
    
    $
    Total Liabilities Measured at Fair Value
    
    $
    517,879
    
    
    $
    517,879
    
    
    $
    
    
    
    $
    
 BalanceDecember 31,2009
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government securities
    
    $
    26,383,789
    
    
    $
    
    
    
    $
    26,383,789
    
    
    $
    Unrealized appreciation on open forward contracts
    
    
    509,064
    
    
    
    
    
    
    
    509,064
    
    
    
    Futures contracts purchased
    
    
    1,108,299
    
    
    
    1,108,299
    
    
    
    
    
    
    
    Total Assets Measured at Fair Value
    
    $
    28,001,152
    
    
    $
    1,108,299
    
    
    $
    26,892,853
    
    
    $
    LIABILITIESUnrealized depreciation on open forward contracts
    
    $
    1,130,981
    
    
    $
    
    
    
    $
    1,130,981
    
    
    $
    Futures contracts sold
    
    
    24,959
    
    
    
    24,959
    
    
    
    
    
    
    
    Total Liabilities Measured at Fair Value
    
    $
    1,155,940
    
    
    $
    24,959
    
    
    $
    1,130,981
    
    
    $
    
 4. Disclosure of derivative instruments and hedging activities
 Disclosures about Derivative Instruments and Hedging Activities
    25




---



##### Table of Contents



Superfund Green, L.P.
  Statement of Assets and
    
    Asset Derivatives at
    
    
    Liability DerivativesType of Instrument
    
    Liabilities Location
    
    September 30, 2010
    
    
    at September 30, 2010
    
    
    NetForeign exchange contracts
    
    Unrealized appreciation on open forward contracts
    
    $
    1,399,195
    
    
    $
    
    
    
    $
    1,399,195Foreign exchange contracts
    
    Unrealized depreciation on open forward contracts
    
    
    
    
    
    
    (701,938
    )
    
    
    (701,938
    )Futures contracts
    
    Futures contracts purchased
    
    
    8,289,304
    
    
    
    
    
    
    
    8,289,304Futures contracts
    
    Futures contracts sold
    
    
    339,032
    
    
    
    
    
    
    
    339,032Totals
    
    
    
    $
    10,027,531
    
    
    $
    (701,938
    )
    
    $
    9,325,593
  Change in UnrealizedDerivatives not Designated as
    
    
    
    Realized Gain (Loss) on
    
    
    Appreciation (Depreciation)Hedging Instruments under
    
    Location of Gain (Loss) on
    
    Derivatives Recognized in
    
    
    on Derivatives Recognized inASC 815
    
    Derivatives Recognized in Income
    
    Income
    
    
    IncomeForeign exchange contracts
    
    Realized and unrealized gain (loss) on futures and forward contracts
    
    $
    753,210
    
    
    $
    796,489Futures contracts
    
    Realized and unrealized gain (loss) on futures and forward contracts
    
    
    1,774,760
    
    
    
    5,133,741Total
    
    
    
    $
    2,527,970
    
    
    $
    5,930,230
  Change in UnrealizedDerivatives not Designated as
    
    
    
    Realized Gain (Loss) on
    
    
    Appreciation (Depreciation)Hedging Instruments under
    
    Location of Gain (Loss) on
    
    Derivatives Recognized in
    
    
    on Derivatives Recognized inASC 815
    
    Derivatives Recognized in Income
    
    Income
    
    
    IncomeForeign exchange contracts
    
    Realized and unrealized gain (loss) on futures and forward contracts
    
    $
    (2,965,723
    )
    
    $
    1,552,992Futures contracts
    
    Realized and unrealized gain (loss) on futures and forward contracts
    
    
    1,257,559
    
    
    
    7,090,208Total
    
    
    
    $
    (1,708,164
    )
    
    $
    8,643,200
 26




---



##### Table of Contents



Change in UnrealizedDerivatives not Designated as
    
    
    
    Realized Gain (Loss) on
    
    
    Appreciation (Depreciation)Hedging Instruments under
    
    Location of Gain (Loss) on
    
    Derivatives Recognized in
    
    
    on Derivatives Recognized inASC 815
    
    Derivatives Recognized in Income
    
    Income
    
    
    IncomeForeign exchange contracts
    
    Realized and unrealized gain (loss) on futures and forward contracts
    
    $
    (5,844,157
    )
    
    $
    (704,912
    )Futures contracts
    
    Realized and unrealized gain (loss) on futures and forward contracts
    
    
    (29,998,081
    )
    
    
    (1,692,797
    )Total
    
    
    
    $
    (35,842,238
    )
    
    $
    (2,397,709
    )
 As of September 30, 2010Long Positions Gross Unrealized
    
    
    Short Positions Gross Unrealized% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    Net UnrealizedNet
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    Gain (Loss) onGains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Gains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Open PositionsForeign Exchange
    
    $
    1,398,493
    
    
    
    1.7
    
    
    $
    (24,405
    )
    
    
    (0.0)
    *
    
    $
    702
    
    
    
    0.0
    *
    
    $
    (677,533
    )
    
    
    (0.8
    )
    
    $
    697,257Currency
    
    
    1,647,144
    
    
    
    2.0
    
    
    
    (53,332
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,593,812Financial
    
    
    155,242
    
    
    
    0.2
    
    
    
    (33,807
    )
    
    
    (0.0)
    *
    
    
    
    
    
    
    
    
    
    
    (247,938
    )
    
    
    (0.3
    )
    
    
    (126,503
    )Food & Fiber
    
    
    1,294,239
    
    
    
    1.5
    
    
    
    (27,152
    )
    
    
    (0.0)
    *
    
    
    3,540
    
    
    
    0.0
    *
    
    
    (5,092
    )
    
    
    (0.0)
    *
    
    
    1,265,535Indices
    
    
    648,766
    
    
    
    0.8
    
    
    
    (377,567
    )
    
    
    (0.5
    )
    
    
    31,962
    
    
    
    0.0
    *
    
    
    (5,993
    )
    
    
    (0.0)
    *
    
    
    297,168Metals
    
    
    4,125,355
    
    
    
    4.9
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,125,355Energy
    
    
    877,255
    
    
    
    1.0
    
    
    
    
    
    
    
    
    
    
    
    880,730
    
    
    
    1.1
    
    
    
    (318,176
    )
    
    
    (0.4
    )
    
    
    1,439,809Livestock
    
    
    78,000
    
    
    
    0.1
    
    
    
    (44,840
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    33,160Totals
    
    $
    10,224,494
    
    
    
    12.2
    
    
    $
    (561,103
    )
    
    
    (0.7
    )
    
    $
    916,934
    
    
    
    1.1
    
    
    $
    (1,254,732
    )
    
    
    (1.5
    )
    
    $
    9,325,593
 
 *
    
    Due to rounding  Average Number of
    
    Average Number of
    
    Average Value of
    
    Average Value ofLong Contracts
    
    Short Contracts
    
    Long Positions
    
    Short PositionsForeign Exchange
    
    
    202
    
    
    
    160
    
    
    $
    1,626,165
    
    
    $
    1,161,403
 Average Number of
    
    
    Average Number ofLong Contracts
    
    
    Short ContractsCurrency
    
    
    2,085
    
    
    
    660Financial
    
    
    5,293
    
    
    
    1,819Food & Fiber
    
    
    536
    
    
    
    211Indices
    
    
    4,500
    
    
    
    1,239Metals
    
    
    1,094
    
    
    
    65Energy
    
    
    458
    
    
    
    612Livestock
    
    
    735
    
    
    
    1,191Total
    
    
    14,903
    
    
    
    5,957
 27




---



##### Table of Contents



For the Three Months Ended September 30, 2010Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGain (Losses)
    
    
    Losses
    
    
    Gains (Losses)Foreign Exchange
    
    $
    753,210
    
    
    $
    796,489
    
    
    $
    1,549,699Currency
    
    
    3,571,998
    
    
    
    777,899
    
    
    
    4,439,897Financial
    
    
    3,092,386
    
    
    
    (3,331,431
    )
    
    
    (239,045
    )Food & Fiber
    
    
    (550,285
    )
    
    
    1,327,047
    
    
    
    776,762Indices
    
    
    (1,404,650
    )
    
    
    1,021,441
    
    
    
    (383,209
    )Metals
    
    
    332,880
    
    
    
    3,788,411
    
    
    
    4,121,291Livestock
    
    
    (6,980
    )
    
    
    82,280
    
    
    
    75,300Energy
    
    
    (3,260,589
    )
    
    
    1,468,094
    
    
    
    (1,792,495
    )Total net trading gains
    
    $
    2,527,970
    
    
    $
    5,930,230
    
    
    $
    8,458,200
 For the Nine Months Ended September 30, 2010Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGain (Losses)
    
    
    Gains (Losses)
    
    
    Gains (Losses)Foreign Exchange
    
    $
    (2,965,723
    )
    
    $
    1,552,992
    
    
    $
    (1,412,731
    )Currency
    
    
    (696,270
    )
    
    
    2,224,949
    
    
    
    1,528,679Financial
    
    
    12,291,242
    
    
    
    209,500
    
    
    
    12,500,742Food & Fiber
    
    
    (1,296,991
    )
    
    
    205,073
    
    
    
    (1,091,918
    )Indices
    
    
    (1,642,649
    )
    
    
    (1,854,718
    )
    
    
    (3,497,367
    )Metals
    
    
    (682,817
    )
    
    
    5,177,931
    
    
    
    4,495,114Livestock
    
    
    (520,650
    )
    
    
    103,720
    
    
    
    (416,930
    )Energy
    
    
    (6,194,306
    )
    
    
    1,023,753
    
    
    
    (5,170,553
    )Total net trading gains (losses)
    
    $
    (1,708,164
    )
    
    $
    8,643,200
    
    
    $
    6,935,036
 Superfund Green, L.P.  Series A
  Statement of Assets and
    
    Asset Derivatives at
    
    
    Liability Derivatives atType of Instrument
    
    Liabilities Location
    
    September 30, 2010
    
    
    September 30, 2010
    
    
    NetForeign exchange contracts
    
    Unrealized appreciation on open forward contracts
    
    $
    410,062
    
    
    $
    
    
    
    $
    410,062Foreign exchange contracts
    
    Unrealized depreciation on open forward contracts
    
    
    
    
    
    
    (184,059
    )
    
    
    (184,059
    )Futures contracts
    
    Futures contracts purchased
    
    
    2,722,211
    
    
    
    
    
    
    
    2,722,211Futures contracts
    
    Futures contracts sold
    
    
    112,623
    
    
    
    
    
    
    
    112,623Totals
    
    
    
    $
    3,244,896
    
    
    $
    (184,059
    )
    
    $
    3,060,837
 28




---



##### Table of Contents



Change in UnrealizedDerivatives not Designated as
    
    
    
    Realized Gain (Loss) on
    
    
    Appreciation (Depreciation)Hedging Instruments under
    
    Location of Gain (Loss) on
    
    Derivatives Recognized in
    
    
    on Derivatives Recognized inASC 815
    
    Derivatives Recognized in Income
    
    Income
    
    
    IncomeForeign exchange contracts
    
    Realized and unrealized gain (loss) on futures and forward contracts
    
    $
    218,000
    
    
    $
    259,422Futures contracts
    
    Realized and unrealized gain (loss) on futures and forward contracts
    
    
    704,475
    
    
    
    1,644,016Total
    
    
    
    $
    922,475
    
    
    $
    1,903,438
  Change in UnrealizedDerivatives not Designated as
    
    
    
    Realized Gain (Loss) on
    
    
    Appreciation (Depreciation)Hedging Instruments under
    
    Location of Gain (Loss) on
    
    Derivatives Recognized in
    
    
    on Derivatives Recognized inASC 815
    
    Derivatives Recognized in Income
    
    Income
    
    
    IncomeForeign exchange contracts
    
    Realized and unrealized gain (loss) on futures and forward contracts
    
    $
    (815,878
    )
    
    $
    459,821Futures contracts
    
    Realized and unrealized gain (loss) on futures and forward contracts
    
    
    807,445
    
    
    
    2,380,046Total
    
    
    
    $
    (8,433
    )
    
    $
    2,839,867
  Change in UnrealizedDerivatives not Designated as
    
    
    
    Realized Gain (Loss) on
    
    
    Appreciation (Depreciation)Hedging Instruments under
    
    Location of Gain (Loss) on
    
    Derivatives Recognized in
    
    
    on Derivatives Recognized inASC 815
    
    Derivatives Recognized in Income
    
    Income
    
    
    IncomeForeign exchange contracts
    
    Realized and unrealized gain (loss) on futures and forward contracts
    
    $
    (1,475,144
    )
    
    $
    (201,621
    )Futures contracts
    
    Realized and unrealized gain (loss) on futures and forward contracts
    
    
    (7,292,990
    )
    
    
    (390,070
    )Total
    
    
    
    $
    (8,768,134
    )
    
    $
    (591,691
    )
 29




---



##### Table of Contents



As of September 30, 2010Long Positions Gross Unrealized
    
    
    Short Positions Gross Unrealized% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    Net UnrealizedNet
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    Gain (Loss) onGains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Gains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Open PositionsForeign Exchange
    
    $
    409,828
    
    
    
    1.2
    
    
    $
    (10,582
    )
    
    
    (0.0)
    *
    
    $
    234
    
    
    
    0.0
    *
    
    $
    (173,477
    )
    
    
    (0.5
    )
    
    $
    226,003Currency
    
    
    540,076
    
    
    
    1.5
    
    
    
    (17,213
    )
    
    
    (0.0)
    *
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    522,863Financial
    
    
    52,909
    
    
    
    0.1
    
    
    
    (11,486
    )
    
    
    (0.0)
    *
    
    
    
    
    
    
    
    
    
    
    (85,008
    )
    
    
    (0.2
    )
    
    
    (43,585
    )Food & Fiber
    
    
    411,251
    
    
    
    1.1
    
    
    
    (8,263
    )
    
    
    (0.0)
    *
    
    
    2,290
    
    
    
    0.0
    *
    
    
    (1,273
    )
    
    
    (0.0)
    *
    
    
    404,005Indices
    
    
    215,691
    
    
    
    0.6
    
    
    
    (120,955
    )
    
    
    (0.3
    )
    
    
    12,291
    
    
    
    0.0
    *
    
    
    (1,918
    )
    
    
    (0.0)
    *
    
    
    105,109Metals
    
    
    1,339,754
    
    
    
    3.8
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,339,754Energy
    
    
    305,947
    
    
    
    0.9
    
    
    
    
    
    
    
    
    
    
    
    289,130
    
    
    
    0.8
    
    
    
    (102,889
    )
    
    
    (0.3
    )
    
    
    492,188Livestock
    
    
    29,430
    
    
    
    0.1
    
    
    
    (14,930
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    14,500Totals
    
    $
    3,304,886
    
    
    
    9.3
    
    
    $
    (183,429
    )
    
    
    (0.4
    )
    
    $
    303,945
    
    
    
    0.8
    
    
    $
    (364,565
    )
    
    
    (1.0
    )
    
    $
    3,060,837
 
 *
    
    Due to rounding  AverageAverage
    
    Average
    
    Value ofNumber of
    
    Number of
    
    Long
    
    Average Value ofLong Contracts
    
    Short Contracts
    
    Positions
    
    Short PositionsForeign Exchange
    
    
    81
    
    
    
    56
    
    
    $
    483,120
    
    
    $
    343,572
 Average
    
    
    AverageNumber of
    
    
    Number ofLong Contracts
    
    
    Short ContractsCurrency
    
    
    695
    
    
    
    215Financial
    
    
    1,346
    
    
    
    759Food & Fiber
    
    
    224
    
    
    
    52Indices
    
    
    1,607
    
    
    
    350Metals
    
    
    361
    
    
    
    28Energy
    
    
    287
    
    
    
    590Livestock
    
    
    81
    
    
    
    12Totals
    
    
    4,682
    
    
    
    2,062
  For the Three Months Ended September 30, 2010Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGain (Losses)
    
    
    Losses
    
    
    Gains (Losses)Foreign Exchange
    
    $
    218,000
    
    
    $
    259,422
    
    
    $
    477,422Currency
    
    
    1,195,663
    
    
    
    254,913
    
    
    
    1,450,576Financial
    
    
    1,036,289
    
    
    
    (1,082,926
    )
    
    
    (46,637
    )Food & Fiber
    
    
    (175,293
    )
    
    
    420,277
    
    
    
    244,984Indices
    
    
    (521,452
    )
    
    
    324,133
    
    
    
    (197,319
    )Metals
    
    
    159,677
    
    
    
    1,198,546
    
    
    
    1,358,223Livestock
    
    
    (600
    )
    
    
    29,960
    
    
    
    29,360Energy
    
    
    (989,809
    )
    
    
    499,113
    
    
    
    (490,696
    )Total net trading gains
    
    $
    922,475
    
    
    $
    1,903,438
    
    
    $
    2,825,913
 30




---



##### Table of Contents



For the Nine Months Ended September 30, 2010Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGain (Losses)
    
    
    Gains (Losses)
    
    
    Gains (Losses)Foreign Exchange
    
    $
    (815,878
    )
    
    $
    459,821
    
    
    $
    (356,057
    )Currency
    
    
    (83,225
    )
    
    
    699,458
    
    
    
    616,233Financial
    
    
    3,920,646
    
    
    
    33,843
    
    
    
    3,954,489Food & Fiber
    
    
    (458,064
    )
    
    
    109,031
    
    
    
    (349,033
    )Indices
    
    
    (560,533
    )
    
    
    (492,437
    )
    
    
    (1,052,970
    )Metals
    
    
    (85,092
    )
    
    
    1,623,549
    
    
    
    1,538,457Livestock
    
    
    (156,600
    )
    
    
    34,560
    
    
    
    (122,040
    )Energy
    
    
    (1,769,687
    )
    
    
    372,042
    
    
    
    (1,397,645
    )Total net trading gains (losses)
    
    $
    (8,433
    )
    
    $
    2,839,867
    
    
    $
    2,831,434
 Superfund Green, L.P.  Series B
  Statement of Assets and
    
    Asset Derivatives at
    
    
    Liability DerivativesType of Instrument
    
    Liabilities Location
    
    September 30, 2010
    
    
    at September 30, 2010
    
    
    NetForeign exchange contracts
    
    Unrealized appreciation on open forward contracts
    
    $
    989,133
    
    
    $
    
    
    
    $
    989,133Foreign exchange contracts
    
    Unrealized depreciation on open forward contracts
    
    
    
    
    
    
    (517,879
    )
    
    
    (517,879
    )Futures contracts
    
    Futures contracts purchased
    
    
    5,567,093
    
    
    
    
    
    
    
    5,567,093Futures contracts
    
    Futures contracts sold
    
    
    226,409
    
    
    
    
    
    
    
    226,409Totals
    
    
    
    $
    6,782,635
    
    
    $
    (517,879
    )
    
    $
    6,264,756
  Change in UnrealizedAppreciationDerivatives Not
    
    
    
    
    
    
    
    (Depreciation) onAccounted for as
    
    Location of Gain (Loss) on
    
    Realized Gain (Loss) on
    
    
    DerivativesHedging Instruments
    
    Derivatives Recognized in
    
    Derivatives Recognized in
    
    
    Recognizedunder ASC 815
    
    Income
    
    Income
    
    
    in IncomeForeign exchange contracts
    
    Realized and unrealized  gain (loss) on futures and forward contracts
    
    $
    535,210
    
    
    $
    537,067Futures contracts
    
    Realized and unrealized gain (loss) on futures and forward contracts
    
    
    1,070,285
    
    
    
    3,489,725Total
    
    
    
    $
    1,605,495
    
    
    $
    4,026,792
 31




---



##### Table of Contents



Change in UnrealizedAppreciationDerivatives Not
    
    
    
    
    
    
    
    (Depreciation) onAccounted for as
    
    Location of Gain (Loss) on
    
    Realized Gain (Loss) on
    
    
    DerivativesHedging Instruments
    
    Derivatives Recognized in
    
    Derivatives Recognized in
    
    
    Recognizedunder ASC 815
    
    Income
    
    Income
    
    
    in IncomeForeign exchange contracts
    
    Realized and unrealized  gain (loss) on futures and forward contracts
    
    $
    (2,149,845
    )
    
    $
    1,093,171Futures contracts
    
    Realized and unrealized gain (loss) on futures and forward contracts
    
    
    450,114
    
    
    
    4,710,162Total
    
    
    
    $
    (1,699,731
    )
    
    $
    5,803,333
  Change in UnrealizedAppreciationDerivatives Not
    
    
    
    
    
    
    
    (Depreciation) onAccounted for as
    
    Location of Gain (Loss) on
    
    Realized Gain (Loss) on
    
    
    DerivativesHedging Instruments
    
    Derivatives Recognized in
    
    Derivatives Recognized in
    
    
    Recognizedunder ASC 815
    
    Income
    
    Income
    
    
    in IncomeForeign exchange contracts
    
    Realized and unrealized  gain (loss) on futures and forward contracts
    
    $
    (4,369,013
    )
    
    $
    (503,291
    )Futures contracts
    
    Realized and unrealized gain (loss) on futures and forward contracts
    
    
    (22,705,091
    )
    
    
    (1,302,727
    )Total
    
    
    
    $
    (27,074,104
    )
    
    $
    (1,806,018
    )
 As of September 30, 2010Long Positions Gross Unrealized
    
    
    Short Positions Gross Unrealized% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    Net UnrealizedNet
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    Gain (Loss) onGains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Gains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Open PositionsForeign Exchange
    
    $
    988,665
    
    
    
    1.9
    
    
    $
    (13,823
    )
    
    
    (0.0)
    *
    
    $
    468
    
    
    
    0.0
    *
    
    $
    (504,056
    )
    
    
    (1.0
    )
    
    $
    471,254Currency
    
    
    1,107,068
    
    
    
    2.3
    
    
    
    (36,119
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,070,949Financial
    
    
    102,333
    
    
    
    0.2
    
    
    
    (22,321
    )
    
    
    (0.0)
    *
    
    
    
    
    
    
    
    
    
    
    (162,930
    )
    
    
    (0.3
    )
    
    
    (82,918
    )Food & Fiber
    
    
    882,988
    
    
    
    1.8
    
    
    
    (18,889
    )
    
    
    (0.0)
    *
    
    
    1,250
    
    
    
    0.0
    *
    
    
    (3,819
    )
    
    
    (0.0)
    *
    
    
    861,530Indices
    
    
    433,075
    
    
    
    0.9
    
    
    
    (256,612
    )
    
    
    (0.5
    )
    
    
    19,671
    
    
    
    0.0
    *
    
    
    (4,075
    )
    
    
    (0.0)
    *
    
    
    192,059Metals
    
    
    2,785,601
    
    
    
    5.8
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,785,601Energy
    
    
    571,308
    
    
    
    1.2
    
    
    
    
    
    
    
    
    
    
    
    591,600
    
    
    
    1.2
    
    
    
    (215,287
    )
    
    
    (0.4
    )
    
    
    947,621Livestock
    
    
    48,570
    
    
    
    0.1
    
    
    
    (29,910
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    18,660Totals
    
    $
    6,919,608
    
    
    
    14.2
    
    
    $
    (377,674
    )
    
    
    (0.7
    )
    
    $
    612,989
    
    
    
    1.2
    
    
    $
    (890,167
    )
    
    
    (1.7
    )
    
    $
    6,264,756
 
 *
    
    Due to rounding 32




---



##### Table of Contents



Average Number
    
    Average
    
    Average Value
    
    Average Valueof Long
    
    Number of Short
    
    of Long
    
    of ShortContracts
    
    Contracts
    
    Positions
    
    PositionsForeign Exchange
    
    
    121
    
    
    
    104
    
    
    $
    1,143,045
    
    
    $
    817,831
 Average Number
    
    
    Averageof Long
    
    
    Number of ShortContracts
    
    
    ContractsCurrency
    
    
    1,390
    
    
    
    445Financial
    
    
    3,947
    
    
    
    1,060Food & Fiber
    
    
    312
    
    
    
    159Indices
    
    
    2,893
    
    
    
    889Metals
    
    
    733
    
    
    
    37Livestock
    
    
    171
    
    
    
    22Energy
    
    
    654
    
    
    
    1,179Totals
    
    
    10,221
    
    
    
    3,895
  For the Three Months Ended September 30, 2010Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGain (Losses)
    
    
    Gains (Losses)
    
    
    Gains (Losses)Foreign Exchange
    
    $
    535,210
    
    
    $
    537,067
    
    
    $
    1,072,277Currency
    
    
    2,376,335
    
    
    
    522,986
    
    
    
    2,899,321Financial
    
    
    2,056,097
    
    
    
    (2,248,505
    )
    
    
    (192,408
    )Food & Fiber
    
    
    (374,992
    )
    
    
    906,770
    
    
    
    531,778Indices
    
    
    (883,198
    )
    
    
    697,308
    
    
    
    (185,890
    )Metals
    
    
    173,203
    
    
    
    2,589,865
    
    
    
    2,763,068Livestock
    
    
    (6,380
    )
    
    
    52,320
    
    
    
    45,940Energy
    
    
    (2,270,780
    )
    
    
    968,981
    
    
    
    (1,301,799
    )Total net trading gains
    
    $
    1,605,495
    
    
    $
    4,026,792
    
    
    $
    5,632,287
 For the Nine Months Ended September 30, 2010Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGain (Losses)
    
    
    Gains (Losses)
    
    
    Gains (Losses)Foreign Exchange
    
    $
    (2,149,845
    )
    
    $
    1,093,171
    
    
    $
    (1,056,674
    )Currency
    
    
    (613,045
    )
    
    
    1,525,491
    
    
    
    912,446Financial
    
    
    8,370,596
    
    
    
    175,657
    
    
    
    8,546,253Food & Fiber
    
    
    (838,927
    )
    
    
    96,042
    
    
    
    (742,885
    )Indices
    
    
    (1,082,116
    )
    
    
    (1,362,281
    )
    
    
    (2,444,397
    )Metals
    
    
    (597,725
    )
    
    
    3,554,382
    
    
    
    2,956,657Livestock
    
    
    (364,050
    )
    
    
    69,160
    
    
    
    (294,890
    )Energy
    
    
    (4,424,619
    )
    
    
    651,711
    
    
    
    (3,772,908
    )Total net trading gains (losses)
    
    $
    (1,699,731
    )
    
    $
    5,803,333
    
    
    $
    4,103,602
 5. Due from/to brokers
   33




---



##### Table of Contents



6. Allocation of net profits and losses
   7. Related party transactions
    8. Financial highlights
  2010
    
    
    2009Series A
    
    
    Series B
    
    
    Series A
    
    
    Series BTotal return before incentive fees*
    
    
    1.1
    %
    
    
    0.9
    %
    
    
    (23.2
    )%
    
    
    (34.3
    )%Incentive fees*
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.03
    %Total return after incentive fees*
    
    
    1.1
    %
    
    
    0.9
    %
    
    
    (23.2
    )%
    
    
    (34.6
    )%Ratios to average partners capital**Operating expenses before incentive fees
    
    
    9.3
    %
    
    
    10.4
    %
    
    
    8.6
    %
    
    
    9.5
    %Incentive fees
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.7
    %Total expenses
    
    
    9.3
    %
    
    
    10.4
    %
    
    
    8.6
    %
    
    
    10.2
    %Net investment
    
    
    (9.2
    )%
    
    
    (10.4
    )%
    
    
    (8.5
    )%
    
    
    (9.4
    )%Net asset value per unit, beginning of period
    
    $
    1,354.49
    
    
    $
    1,454.64
    
    
    $
    1,932.30
    
    
    $
    2,600.96Net investment loss
    
    
    (91.36
    )
    
    
    (108.86
    )
    
    
    (106.20
    )
    
    
    (154.92
    )Net loss on investments
    
    
    106.04
    
    
    
    122.25
    
    
    
    (341.18
    )
    
    
    (746.09
    )Net asset value per unit, end of period
    
    $
    1,369.17
    
    
    $
    1,468.03
    
    
    $
    1,484.92
    
    
    $
    1,699.95Other per Unit information:Net increase (decrease) in net assets from
operations per Unit (based upon weighted
average number of Units during period)
    
    $
    17.41
    
    
    $
    8.69
    
    
    $
    (436.83
    )
    
    $
    (869.39
    )Net increase (decrease) in net assets from
operations per Unit (based upon change in
net asset value per Unit)
    
    $
    14.68
    
    
    $
    13.39
    
    
    $
    (447.38
    )
    
    $
    (901.01
    )
 34




---



##### Table of Contents



2010
    
    
    2009Series A
    
    
    Series B
    
    
    Series A
    
    
    Series BTotal return before incentive fees*
    
    
    6.1
    %
    
    
    10.1
    %
    
    
    (1.9
    )%
    
    
    (3.1
    )%Incentive fees*
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %Total return after incentive fees*
    
    
    6.1
    %
    
    
    10.1
    %
    
    
    (1.9
    )%
    
    
    (3.1
    )%Ratios to average partners capital**Operating expenses before incentive fees
    
    
    8.8
    %
    
    
    9.7
    %
    
    
    9.1
    %
    
    
    10.2
    %Incentive fees
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %Total expenses
    
    
    8.8
    %
    
    
    9.7
    %
    
    
    9.1
    %
    
    
    10.2
    %Net investment
    
    
    (8.6
    )%
    
    
    (9.6
    )%
    
    
    (9.0
    )%
    
    
    (10.2
    )%Net asset value per unit, beginning of period
    
    $
    1,290.29
    
    
    $
    1,333.65
    
    
    $
    1,514.39
    
    
    $
    1,753.71Net investment loss
    
    
    (28.35
    )
    
    
    (32.84
    )
    
    
    (33.14
    )
    
    
    (42.38
    )Net loss on investments
    
    
    107.22
    
    
    
    167.22
    
    
    
    3.67
    
    
    
    (11.38
    )Net asset value per unit, end of period
    
    $
    1,369.17
    
    
    $
    1,468.03
    
    
    $
    1,484.92
    
    
    $
    1,699.95Other per Unit information:Net increase (decrease)
in net assets from
operations per Unit
(based upon weighted
average number of Units
during period)
    
    $
    77.85
    
    
    $
    131.54
    
    
    $
    (25.22
    )
    
    $
    (47.24
    )Net increase (decrease)
in net assets from
operations per Unit
(based upon change in net
asset value per Unit)
    
    $
    78.88
    
    
    $
    134.38
    
    
    $
    (29.47
    )
    
    $
    (53.76
    )
 
 *
    
    Not annualized**
    
    Annualized, except for incentive fees  9. Financial instrument risk
     35




---



##### Table of Contents



10. Subscriptions and redemptions
   11. Subsequent events
  36




---



##### Table of Contents



ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 INTRODUCTION
  LIQUIDITY
    CAPITAL RESOURCES
  RESULTS OF OPERATIONS
 Three Months Ended September 30, 2010
  37




---



##### Table of Contents



38




---



##### Table of Contents



Three Months Ended June 30, 2010
     Three Months Ended March 31, 2010
  39




---



##### Table of Contents



Three Months Ended September 30, 2009
  40




---



##### Table of Contents



Three Months Ended June 30, 2009
    41




---



##### Table of Contents



Three Months Ended March 31, 2009
    42




---



##### Table of Contents



OFF-BALANCE SHEET RISK
   OFF-BALANCE SHEET ARRANGEMENTS
  CONTRACTUAL OBLIGATIONS
  CRITICAL ACCOUNTING POLICIES  VALUATION OF THE FUNDS POSITIONS
  RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
 ASU 2010-06
 Improving Disclosures about
Fair Value Measurements Fair
Value Measurements and Disclosures
 43




---



##### Table of Contents



ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
  ITEM 4T. CONTROLS AND PROCEDURES
   PART II  OTHER INFORMATION
 ITEM 1. LEGAL PROCEEDINGS
  ITEM 1A. RISK FACTORS
  ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
   44




---



##### Table of Contents



Month
    
    Units Redeemed
    
    
    NAV per Unit ($)July 31, 2010
    
    
    392.236
    
    
    
    1,257.40August 31, 2010
    
    
    283.670
    
    
    
    1,309.53September 30, 2010
    
    
    647.373
    
    
    
    1,369.171,323.279
  Month
    
    Units Redeemed
    
    
    NAV per Unit ($)July 31, 2010
    
    
    485.574
    
    
    
    1,283.78August 31, 2010
    
    
    477.002
    
    
    
    1,366.27September 30, 2010
    
    
    632.892
    
    
    
    1,468.031,595.468
 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




---



##### Table of Contents



SIGNATURES
  Date: November 15, 2010
    SUPERFUND GREEN, L.P.
            (Registrant)By:
    Superfund Capital Management, Inc.General Partner By:
    /s/ Nigel JamesNigel JamesPresident and Principal Executive Officer By:
    /s/ Martin SchneiderMartin SchneiderVice President and Principal Financial Officer 46




---



##### Table of Contents



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