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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-K
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the Fiscal Year Ended December 31, 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)
    
    (IRS Employer Identification Number)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
 None
  Units of Limited Partnership Interest
  o þ
  o þ
  þ o
  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
  Not applicable.




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TABLE OF CONTENTS
  
 PART I
    
    
    3ITEM 1. BUSINESS
    
    
    3ITEM 1A. RISK FACTORS
    
    
    4ITEM 1B. UNRESOLVED STAFF COMMENTS
    
    
    4ITEM 2. PROPERTIES
    
    
    5ITEM 3. LEGAL PROCEEDINGS
    
    
    5ITEM 4. (REMOVED AND RESERVED)
    
    
    5PART II
    
    
    5ITEM 5. MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND
ISSUER PURCHASES OF EQUITY SECURITIES
    
    
    5ITEM 6. SELECTED FINANCIAL DATA
    
    
    6ITEM 7. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
    
    
    6ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
    
    
    15ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
    
    
    15ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE
    
    
    15ITEM 9A. CONTROLS AND PROCEDURES
    
    
    15ITEM 9B. OTHER INFORMATION
    
    
    16PART III
    
    
    16ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
    
    
    16ITEM 11. EXECUTIVE COMPENSATION
    
    
    16ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
RELATED STOCKHOLDER MATTERS
    
    
    18ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
    
    
    18ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
    
    
    19PART IV
    
    
    19ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
    
    
    19SIGNATURES
    
    
    59EXHIBIT INDEXEX-31.1EX-31.2EX-32.1EX-32.2
  2




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PART I
 
 Item 1. Business.
 General Development of Business
      Financial Information about Industry Segments
  Narrative Description of the Business
     3




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Financial Information about Geographic Areas
  
 Item 1A. Risk Factors.
  
 Item 1B. Unresolved Staff Comments.
  4




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Item 2. Properties.
  
 Item 3. Legal Proceedings.
  
 Item 4. (Removed and Reserved)
 
 PART II
 
 Item 5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities.
 (a)
    
    Market InformationThere is no trading market for the Units, and none is likely to develop. Units may be
redeemed upon five (5) business days prior notice to Superfund Capital Management at their
net asset value as of the last day of the month in which the redemption request is received.(b)
    
    HoldersAs of December 31, 2010, there were 1,404 holders of Series A Units and 2,377 holders of
Series B Units.(c)
    
    DividendsSuperfund Capital Management has sole discretion in determining what distributions, if any,
the Fund will make to its Unitholders. Superfund Capital Management has not made any
distributions as of the date hereof and has no present intention to make any.(d)
    
    Securities Authorized for Issuance Under Equity Compensation PlansNone.(e)
    
    Recent Sales of Unregistered Securities; Use of Proceeds from Registered SecuritiesThere have been no sales of unregistered securities of the Fund during 2010 or 2009. A
description of the use of proceeds from the sale of registered securities is contained in the
Funds current Prospectus, dated August 13, 2010, included within the Registration Statement
on Form S-1 (File No. 333-162132), under Use of Proceeds and such description is
incorporated herein by reference from the Prospectus.(f)
    
    Purchases of Equity Securities by the Issuer and Affiliated PurchasersPursuant to the Funds Limited Partnership Agreement, Unitholders may redeem their Units at
the end of each calendar month at the then current month-end net asset value per Unit. The
redemption of Units has no impact on the value of the Units that remain outstanding, and
Units are not reissued once redeemed.The following tables summarize the redemptions by Unitholders during the fourth calendar
quarter of 2010:
  Units
    
    Net Asset ValueMonth
    
    Redeemed
    
    per Unit ($)October 31, 2010
    
    
    558.096
    
    
    
    1,447.26November 30, 2010
    
    
    464.477
    
    
    
    1,408.07December 31, 2010
    
    
    461.770
    
    
    
    1,550.72Total
    
    
    1,484.343
 5




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Units
    
    Net Asset ValueMonth
    
    Redeemed
    
    per Unit ($)October 31, 2010
    
    
    751.464
    
    
    
    1,590.40November 30, 2010
    
    
    610.594
    
    
    
    1,538.85December 31, 2010
    
    
    1,239.420
    
    
    
    1,773.52Total
    
    
    2,601.478
 
 Item 6. Selected Financial Data.
  
 Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations.
 Introduction
  Liquidity
    Capital Resources
  Results of Operations
 2010
   6




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th
     7




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rd
    8




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nd
    9




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st
     10




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2009
     th
    11




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rd
     nd
  12




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st
   13




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Off-Balance Sheet Risk
   Off-Balance Sheet Arrangements
  Contractual Obligations
  14




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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 7A. Quantitative and Qualitative Disclosures about Market Risk.
  
 Item 8. Financial Statements and Supplementary Data.
  
 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
  
 Item 9A. Controls and Procedures.
 Controls and Procedures
  Changes in Internal Control over Financial Reporting
  Managements Annual Report on Internal Control over Financial Reporting
  15




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
    
    pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect
the transactions and dispositions of the assets of each Series individually, as well as the Fund as
a whole;
    
    provide reasonable assurance that transactions are recorded as necessary to permit
preparation of each Series, as well as the Funds, financial statements in accordance with
generally accepted accounting principles, and that the receipts and expenditures of each Series
individually, as well as the Fund as a whole, are being made only in accordance with authorizations
of Superfund Capital Managements management and directors; and
    
    provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of the assets of each Series individually, as well as the Fund as a
whole, that could have a material effect on the Series or the Funds financial statements.
   
 Item 9B. Other Information.
  
 PART III
 
 Item 10. Directors, Executive Officers and Corporate Governance.
 Identification of Directors and Executive Officers
  ,
 ,
 16




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,
 ,
 Identification of Certain Significant Employees
  Family Relationships
  Business Experience
  Involvement in Certain Legal Proceedings
  Code of Ethics
  17




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Board of Director Nominees
  Audit Committee Financial Expert
  
 Item 11. Executive Compensation.
  
 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
 Securities Authorized for Issuance Under Equity Compensation Plans
  Security Ownership of Certain Beneficial Owners
  Security Ownership of Management
  Changes in Control
  
 Item 13. Certain Relationships And Related Transactions, and Director Independence.
  18




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Item 14. Principal Accounting Fees And Services.
 Audit Fees
  Audit-Related Fees
  Tax Fees
  All Other Fees
  Pre-Approval Policies
  
 PART IV
 
 Item 15. Exhibits, Financial Statement Schedules.
 (a)
    
    The Following documents are filed as part of this report:
 (1)
    
    Financial Statements beginning on page 22 hereof.(2)
    
    Financial Statement Schedules:
  (3)
    
    Exhibits as required by Item 601 of Regulation S-K.The following exhibits are included herewith.
 ExhibitNumber
    
    Description of Document31.1
    
    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
  3.01
    
    Form of Fifth Amended and Restated Limited Partnership Agreement of Superfund Green, L.P.
  10.01(g)
    
    Administration, Accounting and Investor Services Agreement.10.02
    
    Form of Subscription Agreement
 19




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10.03(a)
    
    Escrow Agreement between Series A and HSBC Bank USA.10.03(b)
    
    Escrow Agreement between Series B and HSBC Bank USA.
  3.02
    
    Certificate of Limited Partnership.
 20




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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
     
 21




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SUPERFUND GREEN, L.P.
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2010 and December 31, 2009
 December 31, 2010
    
    
    December 31, 2009ASSETSUS Government securities, at fair value,
(amortized cost $38,347,223 and $42,403,057 as of
December 31, 2010 and December 31, 2009, respectively)
    
    $
    38,347,223
    
    
    $
    42,403,057Due from brokers
    
    
    49,302,554
    
    
    
    43,238,109Unrealized appreciation on open forward contracts
    
    
    865,855
    
    
    
    696,512Futures contracts purchased
    
    
    8,737,815
    
    
    
    1,573,761Cash
    
    
    2,069,942
    
    
    
    642,058Total assets
    
    
    99,323,389
    
    
    
    88,553,497LIABILITIESUnrealized depreciation on open forward contracts
    
    
    198,269
    
    
    
    1,552,248Futures contracts sold
    
    
    1,410,287
    
    
    
    35,632Subscriptions received in advance
    
    
    1,180,791
    
    
    
    Redemptions payable
    
    
    3,004,972
    
    
    
    1,437,508Management fees
    
    
    148,834
    
    
    
    134,250Fees payable
    
    
    314,765
    
    
    
    258,016Total liabilities
    
    
    6,257,918
    
    
    
    3,417,654NET ASSETS
    
    $
    93,065,471
    
    
    $
    85,135,843
  22




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SUPERFUND GREEN, L.P.
CONDENSED SCHEDULE OF INVESTMENTS
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  23




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SUPERFUND GREEN, L.P.
 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 $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
    )Livestock
    
    
    
    
    
    
    (0.1
    )
    
    
    (58,425
    )Indices
    
    
    
    
    
    
    (0.0
    )*
    
    
    (39,080
    )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
    
    
    
    
    
    
    0.8
    %
    
    $
    682,393
 
 *
    
    Due to rounding  24




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SUPERFUND GREEN, L.P.
STATEMENTS OF OPERATIONS
Years Ended December 31, 2010 and December 31, 2009
 2010
    
    
    2009Investment income,interest
    
    $
    58,830
    
    
    $
    101,008ExpensesSelling commission
    
    
    3,418,467
    
    
    
    3,762,276Brokerage commissions
    
    
    2,231,559
    
    
    
    2,374,747Management fee
    
    
    1,581,025
    
    
    
    1,740,053Ongoing offering expenses
    
    
    854,610
    
    
    
    940,568Incentive fee
    
    
    
    
    
    
    301,233Operating expenses
    
    
    128,189
    
    
    
    141,085Other
    
    
    34,178
    
    
    
    35,919Total expenses
    
    
    8,248,028
    
    
    
    9,295,881Net investment loss
    
    
    (8,189,198
    )
    
    
    (9,194,873
    )Realized and unrealized gain
(loss) on investmentsNet realized gain (loss) on futures and forward
contracts
    
    
    16,144,514
    
    
    
    (35,842,238
    )Net change in unrealized appreciation
(depreciation) on futures and forward
contracts
    
    
    7,312,721
    
    
    
    (2,397,709
    )Net gain (loss) on investments
    
    
    23,457,235
    
    
    
    (38,239,947
    )Net increase (decrease) in net assets from operations
    
    $
    15,268,037
    
    
    $
    (47,434,820
    )
  25




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SUPERFUND GREEN, L.P.
STATEMENTS OF CHANGES IN NET ASSETS
Years Ended December 31, 2010 and December 31, 2009
 2010
    
    
    2009Increase (decrease) in net assets from operationsNet investment loss
    
    $
    (8,189,198
    )
    
    $
    (9,194,873
    )Net realized gain (loss) on futures and forward contracts
    
    
    16,144,514
    
    
    
    (35,842,238
    )Net change in unrealized appreciation (depreciation) on
futures and forward contracts
    
    
    7,312,721
    
    
    
    (2,397,709
    )Net increase (decrease) in net assets from operations
    
    
    15,268,037
    
    
    
    (47,434,820
    )Capital share transactionsIssuance of Units
    
    
    10,978,166
    
    
    
    65,149,247Redemption of Units
    
    
    (18,316,575
    )
    
    
    (28,167,969
    )Net increase (decrease) in net assets from capital share
transactions
    
    
    (7,338,409
    )
    
    
    36,981,278Net increase (decrease) in net assets
    
    
    7,929,628
    
    
    
    (10,453,542
    )Net assets, beginning of year
    
    
    85,135,843
    
    
    
    95,589,385Net assets, end of year
    
    $
    93,065,471
    
    
    $
    85,135,843
  26




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SUPERFUND GREEN, L.P.
STATEMENTS OF CASH FLOWS
Years Ended December 31, 2010 and December 31, 2009
 2010
    
    
    2009Cash flows from operating activitiesNet increase (decrease) in net assets from operations
    
    $
    15,268,037
    
    
    $
    (47,434,820
    )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
    
    
    (144,921,765
    )
    
    
    (211,006,719
    )Sales and maturities of U.S. government securities
    
    
    149,020,000
    
    
    
    255,012,670Amortization of discounts and premiums
    
    
    (42,401
    )
    
    
    (88,168
    )Due from brokers
    
    
    (6,064,445
    )
    
    
    (33,226,434
    )Due to affiliate
    
    
    
    
    
    
    (300,000
    )Unrealized appreciation on open forward contracts
    
    
    (169,343
    )
    
    
    (640,496
    )Futures contracts purchased
    
    
    (7,164,054
    )
    
    
    1,139,858Unrealized depreciation on open forward contracts
    
    
    (1,353,979
    )
    
    
    1,345,408Futures contracts sold
    
    
    1,374,655
    
    
    
    552,939Management fees
    
    
    14,584
    
    
    
    (20,902
    )Fees payable
    
    
    56,749
    
    
    
    (107,259
    )Net cash provided by (used in) operating activities
    
    
    6,018,038
    
    
    
    (34,773,923
    )Cash flows from financing activitiesSubscriptions, net of subscriptions received in advance
    
    
    12,158,957
    
    
    
    65,149,247Redemptions, net of redemptions payable
    
    
    (16,749,111
    )
    
    
    (31,212,543
    )Net cash provided by (used in) financing activities
    
    
    (4,590,154
    )
    
    
    33,936,704Net increase (decrease) in cash
    
    
    1,427,884
    
    
    
    (837,219
    )Cash, beginning of year
    
    
    642,058
    
    
    
    1,479,277Cash, end of year
    
    $
    2,069,942
    
    
    $
    642,058
  27




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SUPERFUND GREEN, L.P.  SERIES A
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2010 and December 31, 2009
 December 31, 2010
    
    
    December 31, 2009ASSETSUS Government securities, at fair value
(amortized cost $16,066,728 and $16,019,268 as of
December 31, 2010, and December 31, 2009, respectively)
    
    $
    16,066,728
    
    
    $
    16,019,268Due from brokers
    
    
    20,354,921
    
    
    
    17,161,443Unrealized appreciation on open forward contracts
    
    
    280,718
    
    
    
    187,448Futures contracts purchased
    
    
    2,839,432
    
    
    
    465,462Cash
    
    
    770,535
    
    
    
    611,470Total assets
    
    
    40,312,334
    
    
    
    34,445,091LIABILITIESUnrealized depreciation on open forward contracts
    
    
    57,275
    
    
    
    421,267Futures contracts sold
    
    
    445,767
    
    
    
    10,673Subscriptions received in advance
    
    
    259,196
    
    
    
    Redemptions payable
    
    
    806,835
    
    
    
    550,221Management fee
    
    
    60,901
    
    
    
    52,511Fees payable
    
    
    125,422
    
    
    
    97,924Total liabilities
    
    
    1,755,396
    
    
    
    1,132,596NET ASSETS
    
    $
    38,556,938
    
    
    $
    33,312,495Number of Units
    
    
    24,863.954
    
    
    
    24,594.117Net asset value per Unit
    
    $
    1,550.72
    
    
    $
    1,354.49
  28




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##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES A
CONDENSED SCHEDULE OF INVESTMENTS
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  29




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##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES A  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, at fair valueFutures 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
    
    
    
    
    
    
    0.7
    %
    
    $
    220,970
 
 *
    
    Due to rounding  30




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##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES A  STATEMENTS OF OPERATIONS  Years Ended December 31, 2010 and December 31, 2009
 2010
    
    
    2009Investment income,interest
    
    $
    28,761
    
    
    $
    36,541ExpensesSelling commission
    
    
    1,420,292
    
    
    
    1,389,074Brokerage commissions
    
    
    702,326
    
    
    
    637,825Management fee
    
    
    656,877
    
    
    
    642,447Ongoing offering expenses
    
    
    355,069
    
    
    
    347,268Operating expenses
    
    
    53,260
    
    
    
    52,090Other
    
    
    15,126
    
    
    
    15,191Total expenses
    
    
    3,202,950
    
    
    
    3,083,895Net investment loss
    
    
    (3,174,189
    )
    
    
    (3,047,354
    )Realized and unrealized gain (loss) on investmentsNet realized gain (loss) on futures
and forward contracts
    
    
    5,868,855
    
    
    
    (8,768,134
    )Net change in unrealized appreciation (depreciation)
on futures and forward contracts
    
    
    2,396,138
    
    
    
    (591,691
    )Net gain (loss) on investments
    
    
    8,264,993
    
    
    
    (9,359,825
    )Net increase (decrease) in net assets from operations
    
    $
    5,090,804
    
    
    $
    (12,407,179
    )Net increase (decrease) in net assets from operations
per unit (based upon weighted average number of units
outstanding during period)*
    
    $
    196.01
    
    
    $
    (563.24
    )Net increase (decrease) in net assets from operations
per unit (based upon change in net asset value per
unit during period)
    
    $
    196.23
    
    
    $
    (577.81
    )
 
 *
    
    Weighted average number of Units outstanding for Series A for the Years Ended December 31, 2010
and December 31, 2009: 25,971.98 and 22,028.06, respectively.  31




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##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES A  STATEMENTS OF CHANGES IN NET ASSETS  Years Ended December 31, 2010 and December 31, 2009
 2010
    
    
    2009Increase (decrease) in net assets from operations:Net investment loss
    
    $
    (3,174,189
    )
    
    $
    (3,047,354
    )Net realized gain (loss) on futures
and forward contracts
    
    
    5,868,855
    
    
    
    (8,768,134
    )Net change in unrealized appreciation
(depreciation) on futures and forward
contracts
    
    
    2,396,138
    
    
    
    (591,691
    )Net increase (decrease) in net assets from
operations
    
    
    5,090,804
    
    
    
    (12,407,179
    )Capital share transactionsIssuance of Units
    
    
    7,239,910
    
    
    
    22,712,095Redemption of Units
    
    
    (7,086,271
    )
    
    
    (11,964,755
    )Net increase in net assets from capital
share transactions
    
    
    153,639
    
    
    
    10,747,340Net increase (decrease) in net assets
    
    
    5,244,443
    
    
    
    (1,659,839
    )Net assets, beginning of year
    
    
    33,312,495
    
    
    
    34,972,334Net assets, end of year
    
    $
    38,556,938
    
    
    $
    33,312,495Units, beginning of year
    
    
    24,594.117
    
    
    
    18,098.830Issuance of Units
    
    
    5,431.210
    
    
    
    13,736.756Redemption of Units
    
    
    (5,161.373
    )
    
    
    (7,241.469
    )Units, end of year
    
    
    24,863.954
    
    
    
    24,594.117
  32




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##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES A  STATEMENTS OF CASH FLOWS  Years Ended December 31, 2010 and December 31, 2009
 2010
    
    
    2009Cash flows from operating activitiesNet increase (decrease) in net assets from operations
    
    $
    5,090,804
    
    
    $
    (12,407,179
    )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
    
    
    (60,809,701
    )
    
    
    (76,427,172
    )Sales and maturities of U.S.
government securities
    
    
    60,780,000
    
    
    
    91,934,208Amortization of discounts and premiums
    
    
    (17,759
    )
    
    
    (31,375
    )Due from brokers
    
    
    (3,193,478
    )
    
    
    (13,111,476
    )Due to affiliate
    
    
    
    
    
    
    (300,000
    )Unrealized appreciation on open
forward contracts
    
    
    (93,270
    )
    
    
    (176,310
    )Futures contracts purchased
    
    
    (2,373,970
    )
    
    
    270,067Unrealized depreciation on open
forward contracts
    
    
    (363,992
    )
    
    
    377,931Futures contracts sold
    
    
    435,094
    
    
    
    120,003Management fee
    
    
    8,390
    
    
    
    (4,350
    )Fees payable
    
    
    27,498
    
    
    
    (26,441
    )Net cash used in operating activities
    
    
    (510,384
    )
    
    
    (9,782,094
    )Cash flows from financing activitiesSubscriptions, net of change in advance
subscriptions
    
    
    7,499,106
    
    
    
    22,712,095Redemptions, net of redemptions payable
    
    
    (6,829,657
    )
    
    
    (13,129,107
    )Net cash provided by financing activities
    
    
    669,449
    
    
    
    9,582,988Net increase (decrease) in cash
    
    
    159,065
    
    
    
    (199,106
    )Cash, beginning of year
    
    
    611,470
    
    
    
    810,576Cash, end of year
    
    $
    770,535
    
    
    $
    611,470
  33




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##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES B
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2010 and December 31, 2009
 December 31, 2010
    
    
    December 31, 2009ASSETSUS Government securities, at fair value,
(amortized cost $22,280,495 and $26,383,789 as of
December 31, 2010 and December 31, 2009, respectively)
    
    $
    22,280,495
    
    
    $
    26,383,789Due from brokers
    
    
    28,947,633
    
    
    
    26,076,666Unrealized appreciation on open forward contracts
    
    
    585,137
    
    
    
    509,064Futures contracts purchased
    
    
    5,898,383
    
    
    
    1,108,299Cash
    
    
    1,299,407
    
    
    
    30,588Total assets
    
    
    59,011,055
    
    
    
    54,108,406LIABILITIESUnrealized depreciation on open forward contracts
    
    
    140,994
    
    
    
    1,130,981Redemptions payable
    
    
    2,198,137
    
    
    
    887,287Futures contracts sold
    
    
    964,520
    
    
    
    24,959Subscriptions received in advance
    
    
    921,595
    
    
    
    Management fee
    
    
    87,933
    
    
    
    81,739Fees payable
    
    
    189,343
    
    
    
    160,092Total liabilities
    
    
    4,502,522
    
    
    
    2,285,058NET ASSETS
    
    $
    54,508,533
    
    
    $
    51,823,348Number of Units
    
    
    30,734.730
    
    
    
    35,626.349Net asset value per Unit
    
    $
    1,773.52
    
    
    $
    1,454.64
  34




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##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES B
CONDENSED SCHEDULE OF INVESTMENTS
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  35




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##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES B
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 $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
    
    
    
    
    
    
    0.9
    %
    
    $
    461,423
 
 *
    
    Due to rounding  36




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##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES B
STATEMENTS OF OPERATIONS
Years Ended December 31, 2010 and December 31, 2009
 2010
    
    
    2009Investment income,interest
    
    $
    30,069
    
    
    $
    64,467ExpensesSelling commission
    
    
    1,998,175
    
    
    
    2,373,202Brokerage commissions
    
    
    1,529,233
    
    
    
    1,736,922Management fee
    
    
    924,148
    
    
    
    1,097,606Ongoing offering expenses
    
    
    499,541
    
    
    
    593,300Incentive fee
    
    
    
    
    
    
    301,233Operating expenses
    
    
    74,929
    
    
    
    88,995Other
    
    
    19,052
    
    
    
    20,728Total expenses
    
    
    5,045,078
    
    
    
    6,211,986Net investment loss
    
    
    (5,015,009
    )
    
    
    (6,147,519
    )Realized and unrealized gain
(loss) on investmentsNet realized gain (loss) on futures and forward
contracts
    
    
    10,275,659
    
    
    
    (27,074,104
    )Net change in unrealized appreciation
(depreciation) on futures and forward
contracts
    
    
    4,916,583
    
    
    
    (1,806,018
    )Net gain (loss) on investments
    
    
    15,192,242
    
    
    
    (28,880,122
    )Net increase (decrease) in net assets from operations
    
    $
    10,177,233
    
    
    $
    (35,027,641
    )Net increase (decrease) in net assets from operations
per unit (based upon weighted average number of units
outstanding during period)*
    
    $
    297.46
    
    
    $
    (1,106.39
    )Net increase (decrease) in net assets from operations
per unit (based upon change in net asset value per
unit during period)
    
    $
    318.88
    
    
    $
    (1,146.32
    )
 
 *
    
    Weighted average number of Units outstanding for Series B for the Years Ended December 31, 2010
and December 31, 2009: 34,214.30 and 31,659.41, respectively.  37




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##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES B  STATEMENTS OF CHANGES IN NET ASSETS  Years Ended December 31, 2010 and December 31, 2009
 2010
    
    
    2009Increase (decrease) in net assets from operationsNet investment loss
    
    $
    (5,015,009
    )
    
    $
    (6,147,519
    )Net realized gain (loss) on futures and forward contracts
    
    
    10,275,659
    
    
    
    (27,074,104
    )Net change in unrealized appreciation (depreciation) on
futures and forward contracts
    
    
    4,916,583
    
    
    
    (1,806,018
    )Net increase (decrease) in net assets from operations
    
    
    10,177,233
    
    
    
    (35,027,641
    )Capital share transactionsIssuance of Units
    
    
    3,738,256
    
    
    
    42,437,152Redemption of Units
    
    
    (11,230,304
    )
    
    
    (16,203,214
    )Net increase (decrease) in net assets from capital share
transactions
    
    
    (7,492,048
    )
    
    
    26,233,938Net increase (decrease) in net assets
    
    
    2,685,185
    
    
    
    (8,793,703
    )Net assets, beginning of year
    
    
    51,823,348
    
    
    
    60,617,051Net assets, end of year
    
    $
    54,508,533
    
    
    $
    51,823,348Units, beginning of year
    
    
    35,626.349
    
    
    
    23,305.633Issuance of Units
    
    
    2,613.002
    
    
    
    20,136.910Redemption of Units
    
    
    (7,504.621
    )
    
    
    (7,816.194
    )Units, end of year
    
    
    30,734.730
    
    
    
    35,626.349
  38




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SUPERFUND GREEN, L.P.  SERIES B  STATEMENTS OF CASH FLOWS  Years Ended December 31, 2010 and December 31, 2009
 2010
    
    
    2009Cash flows from operating activitiesNet increase (decrease) in net assets from operations
    
    $
    10,177,233
    
    
    $
    (35,027,641
    )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
    
    
    (84,112,064
    )
    
    
    (134,579,547
    )Sales and maturities of U.S. government securities
    
    
    88,240,000
    
    
    
    163,078,462Amortization of discounts and premiums
    
    
    (24,642
    )
    
    
    (56,793
    )Due from brokers
    
    
    (2,870,967
    )
    
    
    (20,114,958
    )Unrealized appreciation on open forward contracts
    
    
    (76,073
    )
    
    
    (464,186
    )Futures contracts purchased
    
    
    (4,790,084
    )
    
    
    869,791Unrealized depreciation on open forward contracts
    
    
    (989,987
    )
    
    
    967,477Futures contracts sold
    
    
    939,561
    
    
    
    432,936Management fees
    
    
    6,194
    
    
    
    (16,552
    )Fees payable
    
    
    29,251
    
    
    
    (80,818
    )Net cash provided by (used in) operating activities
    
    
    6,528,422
    
    
    
    (24,991,829
    )Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    4,659,851
    
    
    
    42,437,152Redemptions, net of redemption payable
    
    
    (9,919,454
    )
    
    
    (18,083,436
    )Net cash provided by (used in) financing activities
    
    
    (5,259,603
    )
    
    
    24,353,716Net increase (decrease) in cash
    
    
    1,268,819
    
    
    
    (638,113
    )Cash, beginning of year
    
    
    30,588
    
    
    
    668,701Cash, end of year
    
    $
    1,299,407
    
    
    $
    30,588
  39




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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 FINANCIAL STATEMENTS
December 31, 2010
 (1)
    
    Nature of OperationsOrganization and BusinessSuperfund Green, L.P. (the Fund), a Delaware limited partnership, commenced operations on
November 5, 2002. The Fund was organized to trade speculatively in the United States of America
(U.S.) and international commodity futures markets using a fully-automated computerized
trading system. The Fund has issued two classes of Units, Series A and Series B (the Series).
The two Series are traded and managed the same way except for the degree of leverage.The term of the Fund shall continue until December 31, 2050, unless terminated earlier by the
Funds general partner, Superfund Capital Management, Inc. (Superfund Capital Management) or
by operation of law or a decline in the aggregate net assets of such Series to less than
$500,000.(2)
    
    Basis of Presentation and Significant Accounting Policies
 (a)
    
    Basis of PresentationPursuant to rules and regulations of the Securities and Exchange Commission (SEC),
audited financial statements are presented for the Fund as a whole, as the SEC
registrant, and for Series A and Series B individually. For the avoidance of doubt, the
debts, liabilities, obligations and expenses incurred, contracted for or otherwise
existing with respect to a particular Series shall be enforceable only against the
assets of such Series and not against the assets of the Fund generally or any other
Series. Accordingly, the assets of one Series of the Fund include only those funds and
other assets that are paid to, held by or distributed to the Fund on account of and for
the benefit of that Series, including, without limitation, funds delivered to the Fund
for the purchase of Units in that Series.(b)
    
    Valuation of Investments in Futures Contracts, Forward Contracts, and U.S Treasury BillsAll commodity interests (including derivative financial instruments and derivative
commodity instruments) are used for trading purposes. The commodity interests are recorded
on a trade date basis and open contracts are recorded in the statements of assets and
liabilities at fair value on the last business day of the period, which represents market
value for those commodity interests for which market quotes are readily available.Exchange-traded futures contracts are valued at settlement prices published by the
recognized exchange. Any spot and forward foreign currency contracts held by the Fund will
be valued at published settlement prices or at dealers quotes. The Fund uses the amortized
cost method for valuing U.S. Treasury Bills due to the short-term nature of such
instruments; accordingly, the cost of securities plus accreted discount, or minus amortized
premium, approximates fair value (See Section (2)(g)  Fair Value Measurements).(c)
    
    Translation of Foreign CurrencyAssets and liabilities denominated in foreign currencies are translated into U.S. dollar
amounts at the period end exchange rates. Purchases and sales of investments, and income
and expenses that are denominated in foreign currencies are translated into U.S. dollar
amounts on the transaction date. Adjustments arising from foreign currency transactions are
reflected in the statements of operations.The Fund does not isolate that portion of the results of operations arising from the effect
of changes in foreign exchange rates on investments from fluctuations from changes in
market prices of investments held. Such fluctuations are included in net gain (loss) on
investments in the statements of operations.(d)
    
    Investment Transactions, Investment Income, and ExpensesInvestment transactions are accounted for on a trade-date basis. Interest income and
expenses are recognized on the accrual basis.Gains or losses are realized when contracts are liquidated. Unrealized gains and losses on
open contracts (the difference between contract trade price and market price) are reported
in the statements of financial condition as a net gain or loss, as there exists a right of
offset of unrealized gains or losses in accordance with Financial Accounting Standards Board
(FASB) Accounting Standards Codification (ASC) 210-20, Offsetting  Balance Sheet.(e)
    
    Income TaxesThe Fund does not record a provision for U.S. income taxes because the partners report
their share of the Funds income or loss on their returns. The financial statements reflect
the Funds transactions without adjustment, if any, required for income tax purposes.
 40




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Superfund Capital Management has evaluated the application of ASC 740, Income Taxes(ASC
740) to the Fund, to determine whether or not there are uncertain tax positions that
require financial statement recognition. Based on this evaluation, the Fund has determined
no reserves for uncertain tax position are required to be recorded as a result of the
application of ASC 740. The Fund is not aware of any tax positions for which it is
reasonably possible that the total amounts of unrecognized tax benefits will change
materially in the next twelve months. As a result, no income tax liability or expense has
been recorded in the accompanying financial statements. The Fund files federal and various
state tax returns. The 2007 through 2010 tax years generally remain subject to examination
by the U.S. federal and most state tax authorities.(f)
    
    Use of EstimatesThe preparation of financial statements in conformity with U.S. GAAP requires management to
make estimates and assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amounts of increases and decreases in net assets from operations during
the reporting period. Actual results could differ from those estimates.(g)
    
    Recently Issued Accounting PronouncementsASU 2010-06In January 2010, FASB issued Accounting Standards Update No. 2010-06 (ASU 2010-06),
Improving Disclosures about Fair Value Measurements, which, among other things, amends ASC
820, Fair Value Measurements, to require entities to separately present purchases, sales,
issuances, and settlements in their reconciliation of Level 3 fair value measurements (i.e.
to present such items as gross basis rather than on a net basis), and which clarifies
existing disclosure requirements provided by ASC 820 regarding the level of disaggregation
and the inputs and valuation techniques used to measure fair value for measurements that
fall within either Level 2 or Level 3 of the fair value hierarchy. ASU 2010-06 is effective
for interim and annual periods beginning after December 15, 2009, except for the
disclosures about purchases, sales, issuances, and settlements in the roll-forward of
activity in Level 3 fair value measurements (which are effective for fiscal years beginning
after December 15, 2010, and for interim periods within those fiscal years). The Fund has
adopted ASU 2010-06 effective for reporting periods beginning after December 15, 2009. The
adoption of ASU 2010-06 did not have any impact on the Funds results of operations,
financial condition or cash flows, as the Fund has not had any transfers in or out of Level
1 or 2 categories, nor does it hold Level 3 assets or liabilities. The Fund does not
anticipate the amendments effective for fiscal years beginning after December 15, 2010 to
have an impact on the Funds results of operations, financial condition or cash flows.(h)
    
    Fair Value MeasurementsThe Fund follows ASC 820, Fair Value Measurements and Disclosures(ASC 820). ASC 820
establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used
to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices
in active markets for identical assets or liabilities (level 1 measurements) and the lowest
priority to unobservable inputs (level 3 measurements). The three levels of the fair value
hierarchy under ASC 820 are described below:Level 1 Unadjusted quoted prices in active markets that are accessible at
the measurement date for identical, unrestricted assets or
liabilities.Level 2 Quoted prices in markets that are not considered to be active or
financial instruments for which all significant inputs are
observable, either directly or indirectly.Level 3 Prices or valuations that require inputs that are both significant
to the fair value measurement and unobservable.A financial instruments level within the fair value hierarchy is based on the lowest level
of any input that is significant to the fair value measurement. In determining fair value,
the Fund separates its financial instruments into two categories: U.S. government
securities and derivative contracts.U.S. Government Securities.The Funds only market exposure in instruments held other than
for trading is in its U.S. Treasury Bill portfolio. As the Fund uses the amortized cost
method for valuing its U.S. Treasury Bill portfolio, which approximates fair value, this
portfolio is classified within level 2 of the fair value hierarchy.Derivative Contracts.Derivative contracts can be exchange-traded or over-the-counter
(OTC). Exchange-traded derivatives typically fall within level 1 or level 2 of the fair
value hierarchy depending on whether they are deemed to be actively traded or not. The Fund
has exposure to exchange-traded derivative contracts through the Funds trading of
exchange-traded futures contracts. The Funds exchange-traded futures contract positions
are valued daily at settlement
 41




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##### Table of Contents



prices published by the applicable exchanges. In such
cases, provided they are deemed to be actively traded, exchange-traded derivatives are
classified within level 1 of the fair value hierarchy. Less actively traded
exchange-traded derivatives fall within level 2 of the fair value hierarchy.OTC derivatives are valued using market transactions and other market evidence whenever
possible, including market-based inputs to models, model calibration to market-clearing
transactions, broker or dealer quotations, or alternative pricing sources with reasonable
levels of price transparency. Where models are used, the selection of a particular model to
value an OTC derivative depends upon the contractual terms of, and specific risks inherent
in, the instrument as well as the availability of pricing information in the market. For
OTC derivatives that trade in liquid markets, such as generic forwards and swaps, model
inputs can generally be verified and model selection does not involve significant
management judgment. The OTC derivatives held by the Fund may include forwards and swaps.
Spot and forward foreign currency contracts held by the Fund are valued at published daily
settlement prices or at dealers quotes. The Funds forward and swap positions are
typically classified within level 2 of the fair value hierarchy.Certain OTC derivatives traded in less liquid markets with limited pricing information, and
the determination of fair value for these derivatives is inherently more difficult. Such
instruments are classified within level 3 of the fair value hierarchy. Where the Fund does
not have corroborating market evidence to support significant model inputs and cannot
verify the model to market transactions, transaction price is initially used as the best
estimate of fair value. Accordingly, when a pricing model is used to value such an
instrument, the model is adjusted so that the model value at inception equals the
transaction price. The valuations of these less liquid OTC derivatives are typically based
on level 1 and/or level 2 inputs that can be observed in the market, as well as
unobservable level 3 inputs. Subsequent to initial recognition, the Fund updates the level
1 and level 2 inputs to reflect observable market changes, with resulting gains and losses
reflected within level 3. Level 3 inputs are only changed when corroborated by evidence
such as similar market transactions, third-party pricing services and/or broker or dealer
quotations, or other empirical market data. In circumstances where the Fund cannot verify
the model value to market transactions, it is possible that a different valuation model
could produce a materially different estimate of fair value. The Fund attempts to avoid
holding less liquid OTC derivatives. However, once held, the market for any particular
derivative contract could become less liquid during the holding period.As of and during the year ended December 31, 2010, and December 31, 2009, the Fund held no
derivative contracts valued using level 3 inputs.The following table summarizes the valuation of the Funds assets and liabilities by the
ASC 820 fair value hierarchy as of December 31, 2010:Superfund Green, L.P.
 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
    
    
    $
    
 42




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##### Table of Contents



Superfund Green, L.P.  Series A
 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
    
    
    $
    
 Superfund Green, L.P.  Series B
 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
    
    
    $
    
 The following table summarizes the valuation of the Funds assets and liabilities by the
ASC 820 fair value hierarchy as of December 31, 2009:Superfund Green, L.P.
 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
    
    
    $
    
 43




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##### Table of Contents



Superfund Green, L.P.  Series A
 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
    
    
    $
    
 Superfund Green, L.P.  Series B
 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
    
    
    $
    
 (3)
    
    Disclosure of derivative instruments and hedging activitiesThe Fund follows ASC 815, Disclosures about Derivative Instruments and Hedging Activities(ASC
815). ASC 815 is intended to improve financial reporting for derivative instruments by
requiring enhanced disclosure that enables investors to understand how and why an entity uses
derivatives, how derivatives are accounted for, and how derivative instruments affect an
entitys results of operations and financial position.Derivative instruments held by the Fund do not qualify as derivative instruments held as
hedging instruments, as defined in ASC 815. Instead, the Fund includes derivative instruments
in its trading activity. Per the requirements of ASC 815, the Fund discloses the gains and
losses on its trading activities for both derivative and nonderivative instruments in the
Statement of Operations for each Series.The Fund engages in the speculative trading of forward contracts in currency and futures
contracts in a wide range of commodities, including equity markets, interest rates, food and
fiber, energy, livestock and metals. ASC 815 requires entities to recognize all derivatives
instruments as either assets or liabilities at fair value in the statement of financial
position. Investments in forward contracts and commodity futures contracts are recorded in the
Statements of Assets and Liabilities as unrealized appreciation or depreciation on open
forward contracts and futures contracts purchased and futures contracts sold. Since the
derivatives held or sold by the Fund are for speculative trading purposes, the derivative
instruments are not designated as hedging instruments under the provisions of ASC 815.
Accordingly, all realized gains and losses, as well as any change in net unrealized gains or
losses on open positions from the preceding period, are recognized as part of the Funds
trading profits and losses in the Statements of Operations.Superfund Capital Management believes futures and forward trading activity expressed as a
percentage of net assets is indicative of trading activity. Information concerning the fair
value of the Funds derivatives held long or sold short, as well as information related to the
annual average volume of the Funds derivative activity, is as follows:
 44




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Superfund Green, L.P.
  Statement of Assets and
    
    
    Asset Derivatives at
    
    
    Liability DerivativesType of Instrument
    
    Liabilities Location
    
    
    December 31, 2010
    
    

at December 31, 2010
    
    
    NetForeign exchange contracts
    
    Unrealized appreciation on open forward contracts
    
    $
    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
  Statement of Assets and
    
    
    Asset Derivatives at
    
    
    Liability DerivativesType of Instrument
    
    Liabilities Location
    
    
    December 31, 2010
    
    
    at December 31, 2010
    
    
    NetForeign exchange contracts
    
    Unrealized appreciation on open forward contracts
    
    $
    696,512
    
    
    $
    
    
    
    $
    696,512Foreign exchange contracts
    
    Unrealized depreciation on open forward contracts
    
    
    
    
    
    
    (1,552,248
    )
    
    
    (1,552,248
    )Futures contracts
    
    Futures contracts purchased
    
    
    1,573,761
    
    
    
    
    
    
    
    1,573,761Futures contracts
    
    Futures contracts sold
    
    
    
    
    
    
    (35,632
    )
    
    
    (35,632
    )Totals
    
    
    
    
    
    $
    2,270,273
    
    
    $
    (1,587,880
    )
    
    $
    682,393
  Net Change in UnrealizedDerivatives not
    
    
    
    
    
    
    
    
    
    AppreciationDesignated as Hedging
    
    Location of Gain (Loss) on
    
    
    Net Realized Gain (Loss)
    
    
    (Depreciations) onInstruments under ASC
    
    Derivatives Recognized in
    
    
    on Derivatives Recognized
    
    
    Derivatives Recognized815
    
    Income
    
    
    in Income
    
    
    in IncomeForeign exchange contracts
    
    Net realized and unrealized gain (loss) on futures and forward contracts
    
    $
    (2,128,246
    )
    
    $
    1,523,322Futures contracts
    
    Net realized and unrealized gain (loss) on futures and forward contracts
    
    
    18,272,760
    
    
    
    5,789,399Total
    
    
    
    
    
    $
    16,144,514
    
    
    $
    7,312,721
 45




---



##### Table of Contents



Net Change in UnrealizedDerivatives not
    
    
    
    
    
    
    
    
    
    AppreciationDesignated as Hedging
    
    Location of Loss on
    
    
    Net Realized Gain (Loss)
    
    
    (Depreciation) onInstruments under ASC
    
    Derivatives Recognized in
    
    
    on Derivatives Recognized
    
    
    Derivatives Recognized815
    
    Income
    
    
    in Income
    
    
    in IncomeForeign exchange contracts
    
    Net realized and unrealized gain (loss) on futures and forward contracts
    
    $
    (5,844,157
    )
    
    $
    (704,912
    )Futures contracts
    
    Net 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 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
    
    $
    738,372
    
    
    
    0.8
    
    
    $
    (54,386
    )
    
    
    (0.1
    )
    
    $
    127,483
    
    
    
    0.1
    
    
    $
    (143,883
    )
    
    
    (0.2
    )
    
    $
    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
    )
    
    
    (0.0
    )*
    
    
    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
    )
    
    
    
    
    
    
    
    
    
    
    (102,401
    )
    
    
    (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
    
    
    $
    (1,837,002
    )
    
    
    (2.0
    )
    
    $
    7,995,114
 
 *
    
    Due to rounding  As of December 31, 2009Long 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
    
    $
    413,502
    
    
    
    0.5
    
    
    $
    (991,114
    )
    
    
    (1.2
    )
    
    $
    283,010
    
    
    
    0.3
    
    
    $
    (561,134
    )
    
    
    (0.7
    )
    
    $
    (855,736
    )Currency
    
    
    235,600
    
    
    
    0.3
    
    
    
    (866,737
    )
    
    
    (1.0
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (631,137
    )Financial
    
    
    496,948
    
    
    
    0.6
    
    
    
    (1,089,683
    )
    
    
    (1.3
    )
    
    
    276,081
    
    
    
    0.3
    
    
    
    (19,348
    )
    
    
    (0.0
    )*
    
    
    (336,002
    )Food & Fiber
    
    
    1,291,163
    
    
    
    1.5
    
    
    
    (84,401
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    (146,300
    )
    
    
    (0.2
    )
    
    
    1,060,462Indices
    
    
    2,235,215
    
    
    
    2.6
    
    
    
    (56,384
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    (26,945
    )
    
    
    (0.0
    )*
    
    
    2,151,886Metals
    
    
    1,237,052
    
    
    
    1.5
    
    
    
    (2,289,628
    )
    
    
    (2.7
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,052,576
    )Energy
    
    
    532,486
    
    
    
    0.6
    
    
    
    (67,870
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    (48,560
    )
    
    
    (0.1
    )
    
    
    416,056Livestock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (70,560
    )
    
    
    (0.1
    )
    
    
    (70,560
    )Totals
    
    $
    6,441,966
    
    
    
    7.6
    
    
    $
    (5,445,817
    )
    
    
    (6.5
    )
    
    $
    559,091
    
    
    
    0.6
    
    
    $
    (872,847
    )
    
    
    (1.1
    )
    
    $
    682,393
 
 *
    
    Due to rounding 46




---



##### Table of Contents



Average Value
    
    Average  Value
    
    
    
    Averageof Long
    
    of Short
    
    Average Number
    
    Number of ShortPositions
    
    Positions
    
    of Long Contracts
    
    ContractsForeign Exchange
    
    $
    1,896,542
    
    
    $
    (2,119,850
    )
    
    
    173
    
    
    
    187
 Average Number
    
    Averageof Long
    
    Number of ShortContracts
    
    ContractsCurrency
    
    
    2,318
    
    
    
    263Financial
    
    
    5,007
    
    
    
    1,784Food & Fiber
    
    
    642
    
    
    
    650Indices
    
    
    3,825
    
    
    
    537Metals
    
    
    1,129
    
    
    
    133Energy
    
    
    139
    
    
    
    79Livestock
    
    
    1,396
    
    
    
    943Total
    
    
    14,629
    
    
    
    4,576
 
 *
    
    Based on quarterly holdings  Average value
    
    Average  value
    
    
    
    Averageof Long
    
    of Short
    
    Average number
    
    number of ShortPositions
    
    Positions
    
    of Long Contracts
    
    ContractsForeign Exchange
    
    $
    190,560
    
    
    $
    (700,112
    )
    
    
    52
    
    
    
    48
 Average number
    
    Average numberof Long
    
    of ShortContracts
    
    ContractsCurrency
    
    
    885
    
    
    
    341Financial
    
    
    4,177
    
    
    
    148Food & Fiber
    
    
    240
    
    
    
    549Indices
    
    
    559
    
    
    
    289Metals
    
    
    288
    
    
    
    123Livestock
    
    
    0
    
    
    
    201Energy
    
    
    244
    
    
    
    438Totals
    
    
    6,445
    
    
    
    2,137
 
 *
    
    Based on quarterly holdings  For the Year Ended December 31, 2010Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGain (Loss)
    
    
    Gain (Loss)
    
    
    Gain (Loss)Foreign Exchange
    
    $
    (2,128,246
    )
    
    $
    1,523,322
    
    
    $
    (604,924
    )Currency
    
    
    2,744,244
    
    
    
    3,138,981
    
    
    
    5,883,225Financial
    
    
    12,868,844
    
    
    
    780,657
    
    
    
    13,649,501Food & Fiber
    
    
    708,330
    
    
    
    (160,053
    )
    
    
    548,277Indices
    
    
    2,314,961
    
    
    
    (1,675,425
    )
    
    
    639,536Metals
    
    
    5,336,009
    
    
    
    3,117,669
    
    
    
    8,453,678Livestock
    
    
    (697,290
    )
    
    
    410,720
    
    
    
    (286,570
    )Energy
    
    
    (5,002,338
    )
    
    
    176,850
    
    
    
    (4,825,488
    )Total net trading gain
    
    $
    16,144,514
    
    
    $
    7,312,721
    
    
    $
    23,457,235
 47




---



##### Table of Contents



For the Year Ended December 31, 2009Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGain (Loss)
    
    
    Gain (Loss)
    
    
    Gain (Loss)Foreign Exchange
    
    $
    (5,844,157
    )
    
    $
    (704,912
    )
    
    $
    (6,549,069
    )Currency
    
    
    (8,319,151
    )
    
    
    (1,153,982
    )
    
    
    (9,473,133
    )Financial
    
    
    637,546
    
    
    
    (2,350,596
    )
    
    
    (1,713,050
    )Food & Fiber
    
    
    (3,590,616
    )
    
    
    1,120,462
    
    
    
    (2,470,154
    )Indices
    
    
    (9,681,594
    )
    
    
    2,152,512
    
    
    
    (7,529,082
    )Metals
    
    
    2,592,849
    
    
    
    (1,310,716
    )
    
    
    1,282,133Livestock
    
    
    665,240
    
    
    
    (158,070
    )
    
    
    507,170Energy
    
    
    (12,302,355
    )
    
    
    7,593
    
    
    
    (12,294,762
    )Total net trading loss
    
    $
    (35,842,238
    )
    
    $
    (2,397,709
    )
    
    $
    (38,239,947
    )
 Superfund Green, L.P.  Series A
  Statement of Assets and
    
    
    Asset Derivatives at
    
    
    Liability DerivativesType of Instrument
    
    Liabilities Location
    
    
    December 31, 2010
    
    
    at 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
  Statement of Assets and
    
    
    Asset Derivatives at
    
    
    Liability DerivativesType of Instrument
    
    Liabilities Location
    
    
    December 31, 2009
    
    
    at December 31, 2009
    
    
    NetForeign exchange contracts
    
    Unrealized appreciation on open forward contracts
    
    $
    187,448
    
    
    $
    
    
    
    $
    187,448Foreign exchange contracts
    
    Unrealized depreciation on open forward contracts
    
    
    
    
    
    
    (421,267
    )
    
    
    (421,267
    )Futures contracts
    
    Futures contracts purchased
    
    
    465,462
    
    
    
    
    
    
    
    465,462Futures contracts
    
    Futures contracts sold
    
    
    
    
    
    
    (10,673
    )
    
    
    (10,673
    )Totals
    
    
    
    
    
    $
    652,910
    
    
    $
    (431,940
    )
    
    $
    220,970
 48




---



##### Table of Contents



Net Change in UnrealizedDerivatives not
    
    
    
    
    
    
    
    
    
    AppreciationDesignated as Hedging
    
    Location of Gain (Loss) on
    
    
    Net Realized Gain (Loss)
    
    
    (Depreciation) onInstruments under ASC
    
    Derivatives Recognized in
    
    
    on Derivatives Recognized
    
    
    Derivatives Recognized815
    
    Income
    
    
    in Income
    
    
    in IncomeForeign exchange contracts
    
    Net realized and unrealized gain (loss) on futures and forward contracts
    
    $
    (522,897
    )
    
    $
    457,262Futures contracts
    
    Net realized and unrealized gain (loss) on futures and forward contracts
    
    
    6,391,752
    
    
    
    1,938,876Total
    
    
    
    
    
    $
    5,868,855
    
    
    $
    2,396,138
  Net Change in UnrealizedDerivatives not
    
    
    
    
    
    
    
    
    
    AppreciationDesignated as Hedging
    
    Location of Gain (Loss) on
    
    
    Net Realized Gain (Loss)
    
    
    (Depreciation) onInstruments under ASC
    
    Derivatives Recognized in
    
    
    on Derivatives Recognized
    
    
    Derivatives Recognized815
    
    Income
    
    
    in Income
    
    
    in IncomeForeign exchange contracts
    
    Net realized and unrealized gain (loss) on futures and forward contracts
    
    $
    (1,475,144
    )
    
    $
    (201,621
    )Futures contracts
    
    Net realized and unrealized gain (loss) on futures and forward contracts
    
    
    (7,292,990
    )
    
    
    (390,070
    )Total
    
    
    
    
    
    $
    (8,768,134
    )
    
    $
    (591,691
    )
  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 49




---



##### Table of Contents



As of December 31, 2009Long 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
    
    $
    113,007
    
    
    
    0.3
    
    
    $
    (263,555
    )
    
    
    (0.8
    )
    
    $
    74,441
    
    
    
    0.2
    
    
    $
    (157,712
    )
    
    
    (0.4
    )
    
    $
    (233,819
    )Currency
    
    
    67,730
    
    
    
    0.2
    
    
    
    (244,325
    )
    
    
    (0.7
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (176,595
    )Financial
    
    
    151,789
    
    
    
    0.5
    
    
    
    (301,563
    )
    
    
    (0.9
    )
    
    
    77,875
    
    
    
    0.2
    
    
    
    (5,528
    )
    
    
    (0.0
    )*
    
    
    (77,427
    )Food & Fiber
    
    
    360,737
    
    
    
    1.1
    
    
    
    (22,738
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    (43,025
    )
    
    
    (0.1
    )
    
    
    294,974Indices
    
    
    620,907
    
    
    
    1.8
    
    
    
    (15,436
    )
    
    
    (0.0
    )*
    
    
    
    
    
    
    
    
    
    
    (7,925
    )
    
    
    (0.0
    )*
    
    
    597,546Metals
    
    
    353,181
    
    
    
    1.0
    
    
    
    (636,976
    )
    
    
    (1.9
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (283,795
    )Energy
    
    
    150,196
    
    
    
    0.5
    
    
    
    (18,040
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    (12,010
    )
    
    
    (0.0
    )*
    
    
    120,146Livestock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (20,060
    )
    
    
    (0.1
    )
    
    
    (20,060
    )Totals
    
    $
    1,817,547
    
    
    
    5.4
    
    
    $
    (1,502,633
    )
    
    
    (4.5
    )
    
    $
    152,316
    
    
    
    0.4
    
    
    $
    (246,260
    )
    
    
    (0.6
    )
    
    $
    220,970
 
 *
    
    Due to rounding  Average Value
    
    Average  Value
    
    
    
    Averageof Long
    
    of Short
    
    Average Number
    
    Number of ShortPositions
    
    Positions
    
    of Long Contracts
    
    ContractsForeign Exchange
    
    $
    559,181
    
    
    $
    (609,048
    )
    
    
    77
    
    
    
    82
 Average Number
    
    Averageof Long
    
    Number of ShortContracts
    
    ContractsCurrency
    
    
    744
    
    
    
    86Financial
    
    
    1,480
    
    
    
    622Food & Fiber
    
    
    217
    
    
    
    197Indices
    
    
    1,289
    
    
    
    159Metals
    
    
    355
    
    
    
    42Energy
    
    
    434
    
    
    
    305Livestock
    
    
    45
    
    
    
    25Totals
    
    
    4,641
    
    
    
    1,518
 
 *
    
    Based on quarterly holdings 50




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##### Table of Contents



Average value
    
    Average  value
    
    
    
    Averageof Long
    
    of Short
    
    Average number
    
    number of ShortPositions
    
    Positions
    
    of Long Contracts
    
    ContractsForeign Exchange
    
    $
    48,653
    
    
    $
    (170,446
    )
    
    
    23
    
    
    
    22
 Average number
    
    Average numberof Long
    
    of ShortContracts
    
    ContractsCurrency
    
    
    264
    
    
    
    95Financial
    
    
    1,146
    
    
    
    40Food & Fiber
    
    
    67
    
    
    
    148Indices
    
    
    138
    
    
    
    89Metals
    
    
    81
    
    
    
    32Livestock
    
    
    0
    
    
    
    58Energy
    
    
    69
    
    
    
    110Totals
    
    
    1,788
    
    
    
    594
 
 *
    
    Based on quarterly holdings  For the Year Ended December 31, 2010Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGain (Loss)
    
    
    Gain (Loss)
    
    
    Gain (Loss)Foreign Exchange
    
    $
    (522,897
    )
    
    $
    457,262
    
    
    $
    (65,635
    )Currency
    
    
    1,096,391
    
    
    
    1,001,488
    
    
    
    2,097,879Financial
    
    
    4,048,496
    
    
    
    224,227
    
    
    
    4,272,723Food & Fiber
    
    
    176,523
    
    
    
    (5,505
    )
    
    
    171,018Indices
    
    
    792,597
    
    
    
    (448,785
    )
    
    
    343,812Metals
    
    
    1,881,266
    
    
    
    978,538
    
    
    
    2,859,804Livestock
    
    
    (212,180
    )
    
    
    129,680
    
    
    
    (82,500
    )Energy
    
    
    (1,391,341
    )
    
    
    59,233
    
    
    
    (1,332,108
    )Total net trading gain
    
    $
    5,868,855
    
    
    $
    2,396,138
    
    
    $
    8,264,993
 For the Year Ended December 31, 2009Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGain (Loss)
    
    
    Gain (Loss)
    
    
    Gain (Loss)Foreign Exchange
    
    $
    (1,475,144
    )
    
    $
    (201,621
    )
    
    $
    (1,676,765
    )Currency
    
    
    (2,190,296
    )
    
    
    (315,756
    )
    
    
    (2,506,052
    )Financial
    
    
    224,040
    
    
    
    (587,254
    )
    
    
    (363,214
    )Food & Fiber
    
    
    (900,346
    )
    
    
    301,938
    
    
    
    (598,408
    )Indices
    
    
    (2,489,390
    )
    
    
    581,777
    
    
    
    (1,907,613
    )Metals
    
    
    1,032,905
    
    
    
    (358,930
    )
    
    
    673,975Livestock
    
    
    183,530
    
    
    
    (43,460
    )
    
    
    140,070Energy
    
    
    (3,153,433
    )
    
    
    31,615
    
    
    
    (3,121,818
    )Total net trading loss
    
    $
    (8,768,134
    )
    
    $
    (591,691
    )
    
    $
    (9,359,825
    )
 51




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##### Table of Contents



Superfund Green, L.P.  Series B
  Statement of Assets and
    
    Asset Derivatives at
    
    
    Liability DerivativesType of Instrument

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

    
    Liabilities Location
    
    December 31, 2009
    
    
    at December 31, 2009
    
    
    NetForeign exchange contracts
    
    Unrealized
appreciation on open
forward contracts
    
    $
    509,064
    
    
    $
    
    
    
    $
    509,064Foreign exchange contracts
    
    Unrealized
depreciation on open
forward contracts
    
    
    
    
    
    
    (1,130,981
    )
    
    
    (1,130,981
    )Futures contracts
    
    Futures contracts
purchased
    
    
    1,108,299
    
    
    
    
    
    
    
    1,108,299Futures contracts
    
    Futures contracts sold
    
    
    
    
    
    
    (24,959
    )
    
    
    (24,959
    )Totals
    
    
    
    $
    1,617,363
    
    
    $
    (1,155,940
    )
    
    $
    461,423
  Derivatives Not
    
    
    
    
    
    
    
    Change in UnrealizedAccounted for as
    
    
    Location of Gain (Loss) on
    
    Realized Gain (Loss) on
    
    
    Appreciation onHedging Instruments
    
    
    Derivatives Recognized in
    
    Derivatives Recognized in
    
    
    Derivatives Recognizedunder ASC 815
    
    
    Income
    
    Income
    
    
    in IncomeForeign exchange contracts
    
    Realized and
unrealized gain
(loss) on futures
and forward
contracts
    
    $
    (1,605,349
    )
    
    $
    1,066,060Futures contracts
    
    Realized and
unrealized gain on
futures and forward
contracts
    
    
    11,881,008
    
    
    
    3,850,523Total
    
    
    
    $
    10,275,659
    
    
    $
    4,916,583
 52




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##### Table of Contents



Derivatives Not
    
    
    
    
    
    
    Change in UnrealizedAccounted for as
    
    Location of Loss on
    
    Realized Loss on
    
    
    Depreciation onHedging Instruments
    
    Derivatives Recognized in
    
    Derivatives Recognized in
    
    
    Derivatives Recognizedunder ASC 815
    
    Income
    
    Income
    
    
    in IncomeForeign exchange contracts
    
    Realized and unrealized
loss on
futures and forward
contracts
    
    $
    (4,369,013
    )
    
    $
    (503,291
    )Futures contracts
    
    Realized and
unrealized loss on
futures and forward
contracts
    
    
    (22,705,091
    )
    
    
    (1,302,727
    )Total
    
    
    
    $
    (27,074,104
    )
    
    $
    (1,806,018
    )
  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
 
 *
    
    Due to rounding  As of December 31, 2009Long 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
    
    $
    300,495
    
    
    
    0.6
    
    
    $
    (727,559
    )
    
    
    (1.4
    )
    
    $
    208,569
    
    
    
    0.4
    
    
    $
    (403,422
    )
    
    
    (0.8
    )
    
    $
    (621,917
    )Currency
    
    
    167,870
    
    
    
    0.3
    
    
    
    (622,412
    )
    
    
    (1.2
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (454,542
    )Financial
    
    
    345,159
    
    
    
    0.7
    
    
    
    (788,120
    )
    
    
    (1.5
    )
    
    
    198,206
    
    
    
    0.4
    
    
    
    (13,820
    )
    
    
    (0.0
    )*
    
    
    (258,575
    )Food & Fiber
    
    
    930,426
    
    
    
    1.8
    
    
    
    (61,663
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    (103,275
    
    
    
    (0.2
    )
    
    
    765,488Indices
    
    
    1,614,308
    
    
    
    3.1
    
    
    
    (40,948
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    (19,020
    )
    
    
    (0.0
    )*
    
    
    1,554,340Metals
    
    
    883,871
    
    
    
    1.7
    
    
    
    (1,652,652
    )
    
    
    (3.2
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (768,781
    )Energy
    
    
    382,290
    
    
    
    0.7
    
    
    
    (49,830
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    (36,550
    )
    
    
    (0.1
    )
    
    
    295,910Livestock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (50,500
    
    
    
    (0.1
    )
    
    
    (50,500
    )Totals
    
    $
    4,624,419
    
    
    
    8.9
    
    
    $
    (3,943,184
    )
    
    
    (7.6
    )
    
    $
    406,775
    
    
    
    0.8
    
    
    $
    (626,587
    )
    
    
    (1.2
    )
    
    $
    461,423
 
 *
    
    Due to rounding 53




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##### Table of Contents



Series B average* contract volume by market sector for the Year Ended December 31, 2010: Average Value
    
    Average  Value
    
    
    
    Averageof Long
    
    of Short
    
    Average Number
    
    Number of ShortPositions
    
    Positions
    
    of Long Contracts
    
    ContractsForeign Exchange
    
    $
    1,337,361
    
    
    $
    (1,510,802
    )
    
    
    96
    
    
    
    105
 Average Number
    
    Average Numberof Long
    
    of ShortContracts
    
    ContractsCurrency
    
    
    1,574
    
    
    
    177Financial
    
    
    3,527
    
    
    
    1,162Food & Fiber
    
    
    425
    
    
    
    453Indices
    
    
    2,536
    
    
    
    378Metals
    
    
    774
    
    
    
    91Livestock
    
    
    94
    
    
    
    54Energy
    
    
    962
    
    
    
    638Totals
    
    
    9,988
    
    
    
    3,058
 
 *
    
    Based on quarterly holdings  Average value
    
    Average  value
    
    
    
    Averageof Long
    
    of Short
    
    Average number
    
    number of ShortPositions
    
    Positions
    
    of Long Contracts
    
    ContractsForeign Exchange
    
    $
    141,907
    
    
    $
    (529,666
    )
    
    
    29
    
    
    
    26
 Average number
    
    Average numberof Long
    
    of ShortContracts
    
    ContractsCurrency
    
    
    621
    
    
    
    246Financial
    
    
    3,032
    
    
    
    108Food & Fiber
    
    
    174
    
    
    
    402Indices
    
    
    421
    
    
    
    200Metals
    
    
    207
    
    
    
    90Livestock
    
    
    0
    
    
    
    143Energy
    
    
    175
    
    
    
    328Totals
    
    
    4,659
    
    
    
    1,543
 
 *
    
    Based on quarterly holdings  For the Year Ended December 31, 2010Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGain (Loss)
    
    
    Gain (Loss)
    
    
    Gain (Loss)Foreign Exchange
    
    $
    (1,605,349
    )
    
    $
    1,066,060
    
    
    $
    (539,289
    )Currency
    
    
    1,647,853
    
    
    
    2,137,493
    
    
    
    3,785,346Financial
    
    
    8,820,348
    
    
    
    556,430
    
    
    
    9,376,778Food & Fiber
    
    
    531,807
    
    
    
    (154,548
    )
    
    
    377,259Indices
    
    
    1,522,364
    
    
    
    (1,226,640
    )
    
    
    295,724Metals
    
    
    3,454,743
    
    
    
    2,139,131
    
    
    
    5,593,874Livestock
    
    
    (485,110
    )
    
    
    281,040
    
    
    
    (204,070
    )Energy
    
    
    (3,610,997
    )
    
    
    117,617
    
    
    
    (3,493,380
    )Total net trading gain
    
    $
    10,275,659
    
    
    $
    4,916,583
    
    
    $
    15,192,242
 54




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##### Table of Contents



For the Year Ended December 31, 2009Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGain (Loss)
    
    
    Gain (Loss)
    
    
    Gain (Loss)Foreign Exchange
    
    $
    (4,369,013
    )
    
    $
    (503,291
    )
    
    $
    (4,872,304
    )Currency
    
    
    (6,128,855
    )
    
    
    (838,226
    )
    
    
    (6,967,081
    )Financial
    
    
    413,506
    
    
    
    (1,763,342
    )
    
    
    (1,349,836
    )Food & Fiber
    
    
    (2,690,270
    )
    
    
    818,524
    
    
    
    (1,871,746
    )Indices
    
    
    (7,192,204
    )
    
    
    1,570,735
    
    
    
    (5,621,469
    )Metals
    
    
    1,559,944
    
    
    
    (951,786
    )
    
    
    608,158Livestock
    
    
    481,710
    
    
    
    (114,610
    )
    
    
    367,100Energy
    
    
    (9,148,922
    )
    
    
    (24,022
    )
    
    
    (9,172,944
    )Total net trading gain
    
    $
    (27,074,104
    )
    
    $
    (1,806,018
    )
    
    $
    (28,880,122
    )
 (4)
    
    Due from/to BrokersDue from brokers consist of proceeds from securities sold. Amounts due from brokers may be
restricted to the extent that they serve as deposits for securities sold short. Amounts due to
brokers represent margin borrowings that are collateralized by certain securities. As of
December 31, 2010, there were no amounts due to brokers.In the normal course of business, all of the Funds marketable securities transactions, money
balances and marketable security positions are transacted with brokers. The Fund is subject to
credit risk to the extent any broker with whom it conducts business is unable to fulfill
contractual obligations on its behalf. Superfund Capital Management monitors the financial
condition of such brokers and does not anticipate any losses from these counterparties.(5)
    
    Allocation of Net Profits and LossesIn accordance with the Fifth Amended and Restated Limited Partnership Agreement, net profits
and losses of the Fund are allocated to partners according to their respective interests in the
Fund as of the beginning of each month.Subscriptions received in advance, if any, represent cash received prior to December 31 for
contributions of the subsequent month and do not participate in the earnings of the Fund until
the following January.(6)
    
    Related Party TransactionsSuperfund Capital Management shall be paid a management fee equal to one-twelfth of 1.85% of
month-end net assets (1.85% per annum) of net assets, ongoing offering expenses equal to
one-twelfth of 1% of month-end net assets (1% per annum), not to exceed the amount of actual
expenses incurred, and monthly operating expenses equal to one-twelfth of 0.15% of month-end
net assets (0.15% per annum), not to exceed the amount of actual expenses incurred. Superfund
Capital Management will also be paid a monthly performance/incentive fee equal to 25% of the
new appreciation without respect to interest income. Trading losses will be carried forward an
no further performance/incentive fee may be paid until the prior losses have been recovered. In
addition, Superfund Asset Management, Inc., an affiliate of Superfund Capital Management,
serves as the introducing broker for the Funds futures transactions and receives a portion of
the brokerage commissions paid by the Fund in connection with its futures trading, Superfund
USA, an entity related to Superfund Capital Management by common ownership, shall be paid
monthly selling commissions equal to one-twelfth of 4% (4% per annum) of the month-end net
asset value of the Fund. However, the maximum cumulative selling commission per Unit is
limited to 10% of the initial public offering price of Units sold. Selling commissions charged as of the end of each month in excess of 10% of the initial public offering
price of Units sold shall not be paid out to any selling agent but shall instead be held in a separate
account. Accrued monthly performance fees, if any, will then be charged against both net assets of the
Fund as of month-end, as well as against amounts held in the separate account. Any increase or
decrease in net assets and any accrued interest will then be credited or charged to each investor (a
Limited Partner) on a pro rata basis. The remainder of the amounts held in the separate account, if
any, shall then be reinvested in Units as of such month-end, at the current net asset value, for the benefit
of the appropriate Limited Partner. The amount of any distribution to a Limited Partner, any amount
paid to a Limited Partner on redemption of Units and any redemption fee paid to Superfund Capital
Management upon the redemption of Units will be charged to that Limited Partner. Selling
commissions are shown gross on the statement of operations and amounts over the 10% selling
commission threshold are rebated to the Limited Partner by purchasing Units of the Fund.As of December 31, 2010, Superfund Capital Management owned 386.799 Units of Series A,
representing 1.52% of the total
 55




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##### Table of Contents



(7)
    
    Financial Highlights
  SERIES A
    
    
    SERIES BTotal returnTotal return before incentive fees
    
    
    14.5
    %
    
    
    21.9
    %Incentive fees
    
    
    0.0
    
    
    
    0.0Total return after incentive fees
    
    
    14.5
    %
    
    
    21.9
    %Ratio to average partners capitalOperating expenses before incentive fees
    
    
    9.1
    %
    
    
    10.1
    %Incentive fees
    
    
    0.0
    
    
    
    0.0Total expenses
    
    
    9.1
    %
    
    
    10.1
    %Net investment loss
    
    
    (9.0
    )%
    
    
    (10.1
    )%Net asset value per unit, beginning of period
    
    $
    1,354.49
    
    
    $
    1,454.64Net investment loss
    
    
    (122.46
    )
    
    
    (145.97
    )Net loss on investments
    
    
    318.69
    
    
    
    464.85Net asset value per unit, end of period
    
    $
    1,550.72
    
    
    $
    1,773.52Other per Unit information:Net decrease in net assets from operations per Unit (based upon weighted average
Number of Units during period)
    
    $
    196.01
    
    
    $
    297.46Net decrease in net assets from operations per Unit (based upon change in net asset
value per Unit)
    
    $
    196.23
    
    
    $
    318.88
  SERIES A
    
    
    SERIES BTotal returnTotal return before incentive fees
    
    
    (29.9
    )%
    
    
    (43.7
    )%Incentive fees
    
    
    0.0
    
    
    
    (0.4
    )Total return after incentive fees
    
    
    (29.9
    )%
    
    
    (44.1
    )%Ratio to average partners capital
Operating expenses before incentive fees
    
    
    8.9
    %
    
    
    9.9
    %Incentive fees
    
    
    0.0
    
    
    
    0.5Total expenses
    
    
    8.9
    %
    
    
    10.4
    %
 56




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##### Table of Contents



SERIES A
    
    
    SERIES BNet investment loss
    
    
    (8.8)
    %
    
    
    (9.8
    )%Net asset value per unit, beginning of period
    
    $
    1,932.30
    
    
    $
    2,600.96Net investment loss
    
    
    (139.94
    )
    
    
    (197.32
    )Net loss on investments
    
    
    (437.87
    )
    
    
    (949.00
    )Net asset value per unit, end of period
    
    $
    1,354.49
    
    
    $
    1,454.64Other per Unit information:Net decrease in net assets from operations per Unit (based upon
weighted average Number of Units during period)
    
    $
    (563.24
    )
    
    $
    (1,106.39
    )Net decrease in net assets from operations per Unit (based upon change
in net asset value per Unit)
    
    $
    (577.81
    )
    
    $
    (1,146.32
    )
 (8)
    
    Financial Instrument RiskIn the normal course of its business, the Fund is party to financial instruments with
off-balance sheet risk, including derivative financial instruments and derivative commodity
instruments. The term off-balance sheet risk refers to an unrecorded potential liability
that, even though it does not appear on the balance sheet, may result in a future obligation or
loss. These financial instruments may include forwards, futures and options, whose values are
based upon an underlying asset, index or reference rate, and generally represent future
commitments to exchange currencies or cash flows, to purchase or sell other financial
instruments at specific terms at specific future dates, or, in the case of derivative commodity
instruments, to have a reasonable possibility to be settled in cash, through physical delivery
or with another financial instrument. These instruments may be traded on an exchange or OTC.
Exchange traded instruments are standardized and include futures and certain option contracts.
OTC contracts are negotiated between contracting parties and include forwards and certain
options. Each of these instruments is subject to various risks similar to those related to the
underlying financial instruments including market and credit risk. In general, the risks
associated with OTC contracts are greater than those associated with exchange traded
instruments because of the greater risk of default by the counterparty to an OTC contract.For the Fund, gross unrealized gains and losses related to exchange traded futures were
$9,522,149 and $2,194,621, respectively, and gross unrealized gains and losses related to
non-exchange traded forwards were $865,855 and $198,269, respectively, at December 31, 2010.For Series A, gross unrealized gains and losses related to exchange traded futures were
$3,100,028 and $706,363, respectively, and gross unrealized gains and losses related to
non-exchange traded forwards were $280,718 and $57,275, respectively, at December 31, 2010.For Series B, gross unrealized gains and losses related to exchange traded futures were
$6,422,121 and $1,488,258, respectively, and gross unrealized gains and losses related to
non-exchange traded forwards were $585,137 and $140,994, respectively, at December 31, 2010.Market risk is the potential for changes in the value of the financial instruments traded by
the Fund due to market changes, including interest and foreign exchange rate movements and
fluctuations in commodity prices. In entering into these contracts, there exists a market risk
that such contracts may be significantly influenced by conditions, such as interest rate
volatility, resulting in such contracts being less valuable. If the markets should move against
all of the futures interest positions at the same time, and Superfund Capital Management is
unable to offset such positions, the Fund could experience substantial losses.Credit risk is the possibility that a loss may occur due to the failure of a counterparty to
perform according to the terms of a contract. Credit risk with respect to exchange-traded
instruments is reduced to the extent that an exchange or clearing organization acts as a
counterparty to the transactions. The Funds risk of loss in the event of counterparty default
is typically limited to the amounts recognized in the statements of assets and liabilities and
not represented by the contract or notional amounts of the instruments. As the Funds assets
are held in segregated accounts with futures commission merchants, the Fund has credit risk and
concentration risk. The Funds futures commission merchants are currently ADM Investor
Services, Inc., Barclays Capital Inc., MF Global Inc. and Rosenthal Collins Group, L.L.C.Superfund Capital Management monitors and controls the Funds risk exposure on a daily basis
through financial, credit and risk management monitoring systems, and accordingly believes that
it has effective procedures for evaluating and limiting the credit
and market risks to which the Fund is subject. These monitoring systems allow Superfund Capital
Management to
 57




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##### Table of Contents



statistically analyze actual trading results with risk adjusted performance
indicators and correlation statistics. In addition, on-line monitoring systems provide account
analysis of futures and forward positions by sector, margin requirements, gain and loss
transactions, and collateral positions.The majority of these instruments mature within one year of December 31, 2010. However, due to
the nature of the Funds business, these instruments may not be held to maturity.
 (9)
    
    Subscriptions and RedemptionsInvestors must submit subscriptions at least five business days prior to the applicable
month-end closing date and they will be accepted once payments are received and cleared. All
subscription funds are required to be promptly transmitted to the escrow agent, HSBC Bank USA.
Subscriptions must be accepted or rejected by Superfund Capital Management within five business
days of receipt, and the settlement date for the deposit of subscription funds in escrow must
be within five business days of acceptance. No fees or costs will be assessed on any
subscription while held in escrow, irrespective of whether the subscription is accepted or the
subscription funds are returned.A Limited Partner may request any or all of his investment in such Series be redeemed by such
Series at the net asset value of a Unit within such Series as of the end of each month, subject
to a minimum redemption of $1,000 and subject further to such Limited Partner having an
investment in such Series, after giving effect to the requested redemption, at least equal to
the minimum initial investment amount of $5,000. Limited Partners must transmit a written
request of such withdrawal to Superfund Capital Management not less than five business days
prior to the end of the month (or such shorter period as permitted by Superfund Capital
Management) as of which redemption is to be effective. Redemptions will generally be paid
within twenty days after the date of redemption. However, in special circumstances, including,
but not limited to, inability to liquidate dealers positions as of a redemption date or
default or delay in payments due to each Series from clearing brokers, banks or other persons
or entities, each Series may in turn delay payment to persons requesting redemption of the
proportionate part of the net assets of each Series represented by the sums that are the
subject of such default or delay. The Funds prospectus provides if the net asset value per
Unit within a Series as of the end of any business day declines by 50% or more from either the
prior year-end or the prior month-end Unit value of such Series, Superfund Capital Management
will suspend trading activities, notify all Limited Partners within such Series of the relevant
facts within seven business days and declare a special redemption period.(10)
    
    Subsequent eventsSuperfund Capital Management has evaluated the impact of all subsequent events on the Fund
through the date the financial statements were issued and has determined that there were no
subsequent events requiring recognition or disclosure in the financial statements.
 58




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##### Table of Contents



SUPERFUND GREEN, L.P.
(Registrant)By:
    SUPERFUND CAPITAL 
MANAGEMENT, INC.General PartnerBy:
    /s/ Nigel JamesNigel JamesPresident  Title withSignature
    
    Superfund Capital Management
    
    Date/s/ Nigel James

Nigel James
    
    President
(Principal Executive Officer)
    
    March 31, 2011/s/ Martin Schneider

Martin Schneider
    
    Vice President and Director
(Principal Financial Officer)
    
    March 31, 2011
  59




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##### Table of Contents



ExhibitNumber
    
    Description of Document31.1
    
    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
  3.01
    
    Form of Fifth Amended and Restated Limited Partnership Agreement of Superfund Green, L.P.
  10.01(g)
    
    Administration, Accounting and Investor Services Agreement.10.02
    
    Form of Subscription Agreement10.03(a)
    
    Escrow Agreement between Series A and HSBC Bank USA.10.03(b)
    
    Escrow Agreement between Series B and HSBC Bank USA.
  3.02
    
    Certificate of Limited Partnership.
 60