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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, 2009
 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
    
    Smaller reporting company þ(do not check if a smaller reporting company)
  o þ
  Not applicable.




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##### 



TABLE OF CONTENTS
 PagePART I
    
    
    3ITEM 1. BUSINESS
    
    
    3ITEM 1A. RISK FACTORS
    
    
    4ITEM 1B. UNRESOLVED STAFF COMMENTS
    
    
    4ITEM 2. PROPERTIES
    
    
    4ITEM 3. LEGAL PROCEEDINGS
    
    
    4ITEM 4. (REMOVED AND RESERVED)
    
    
    4PART II
    
    
    4ITEM 5. MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES
    
    
    4ITEM 6. SELECTED FINANCIAL DATA
    
    
    5ITEM 7. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
    
    
    5ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
    
    
    13ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
    
    
    13ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
    
    
    13ITEM 9A. CONTROLS AND PROCEDURES
    
    
    13ITEM 9B. OTHER INFORMATION
    
    
    14PART III
    
    
    14ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
    
    
    14ITEM 11. EXECUTIVE COMPENSATION
    
    
    15ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
    
    
    15ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
    
    
    16ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
    
    
    16PART IVITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
    
    
    16SIGNATURES
    
    
    42EXHIBIT INDEX
    
    
    43CertificationCertificationCertificationCertificationEX-3.01EX-31.1EX-31.2EX-32.1EX-32.2
  2




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PART I
 
 Item 1.
    
    Business.
 (a)
    
    General Development of Business
      (b)
    
    Financial Information about Industry Segments
  (c)
    
    Narrative Description of the Business
    3




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(d)
    
    Financial Information about Geographic Areas
  
 Item 1A.
    
    Risk Factors.
  
 Item 1B.
    
    Unresolved Staff Comments.
  
 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, 2009, there were 1,450 holders of Series A Units and 2,763 holders of
Series B Units.
 4




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(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 2008 or 2009. A
description of the use of proceeds from the sale of registered securities is contained in the
Funds current Prospectus, dated November 24, 2009, as supplemented on December 3, 2009,
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.
   Units
    
    
    Net Asset ValueMonth
    
    Redeemed
    
    
    per Unit ($)October 31, 2009
    
    
    97.981
    
    
    
    1,312.64November 30, 2009
    
    
    388.637
    
    
    
    1,495.46December 31, 2009
    
    
    406.220
    
    
    
    1,354.49Total
    
    
    892.838
  Units
    
    
    Net Asset ValueMonth
    
    Redeemed
    
    
    per Unit ($)October 31, 2009
    
    
    503.830
    
    
    
    1,388.19November 30, 2009
    
    
    233.948
    
    
    
    1,694.99December 31, 2009
    
    
    609.970
    
    
    
    1,454.64Total
    
    
    1,347.748
 
 Item 6.
    
    Selected Financial Data.
  
 Item 7.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations.
 Introduction
  Liquidity
  5




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Capital Resources
  Results of Operations
 2009
     th
   6




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rd
    7




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nd
     st
  8




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2008
     9




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th
     rd
   10




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nd
     st
   11




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Off-Balance Sheet Risk
   Off-Balance Sheet Arrangements
  Contractual Obligations
  Critical
Accounting Policies  Valuation of the Funds Positions
  Recently Issued Accounting Pronouncements
 ASC 105.10.05
 Generally Accepted Accounting Principles
 ASU 2010-06
 Improving Disclosures about Fair Value Measurements
 12




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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
  
 
 
   13




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Item 9B. Other Information.
  
 PART III
 
 Item 10.
    
    Directors, Executive Officers and Corporate Governance of the Registrant.
 Identification of Directors and Executive Officers
  ,
 ,
 ,
 Identification of Certain Significant Employees
  14




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Family Relationships
  Business Experience
  Involvement in Certain Legal Proceedings
  Promoters and Control Persons
  Code of Ethics
  Board of Director Nominees
  Audit Committee Financial Expert
  
 Item 11.
    
    Executive Compensation.
  
 Item 12.
    
    Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters.
 Securities Authorized for Issuance Under Equity Compensation Plans
  Security Ownership of Certain Beneficial Owners
  Security Ownership of Management
  15




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Changes in Control
  
 Item 13.
    
    Certain Relationships and Related Transactions, and Director Independence.
  
 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 18 hereof.(2)
    
    Financial Statement Schedules:
 Financial statement schedules have been omitted because they are not required or
because equivalent information has been included in the financial statements or notes
thereto.
 (3)
    
    Exhibits as required by Item 601 of Regulation S-K.
The following exhibits are included herewith.
 16




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ExhibitNumber
    
    Description of Document3.01
    
    Form of Fifth Amended and Restated Limited Partnership Agreement of Superfund Green, L.P.31.1
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer31.2
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer32.1
    
    Section 1350 Certification of Principal Executive Officer32.2
    
    Section 1350 Certification of Principal Financial Officer
  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.
 17




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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
     
 18




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SUPERFUND GREEN, L.P.  SERIES A  STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2009, and December 31, 2008
 December 31, 2009
    
    
    December 31, 2008ASSETSUS Government securities, at fair value

(amortized cost $16,019,268 and $31,494,929 as of
December 31, 2009, and December 31, 2008, respectively)
    
    $
    16,019,268
    
    
    $
    31,494,929Due from brokers
    
    
    17,161,443
    
    
    
    4,049,967Unrealized appreciation on open forward contracts
    
    
    187,448
    
    
    
    11,138Futures contracts purchased
    
    
    465,462
    
    
    
    735,529Futures contracts sold
    
    
    
    
    
    
    109,330Cash
    
    
    611,470
    
    
    
    810,576Total assets
    
    
    34,445,091
    
    
    
    37,211,469LIABILITIESUnrealized depreciation on open forward contracts
    
    
    421,267
    
    
    
    43,336Redemptions payable
    
    
    550,221
    
    
    
    1,714,573Due to affiliate
    
    
    
    
    
    
    300,000Futures contracts sold
    
    
    10,673
    
    
    
    Fees payable
    
    
    150,435
    
    
    
    181,226Total liabilities
    
    
    1,132,596
    
    
    
    2,239,135NET ASSETS
    
    $
    33,312,495
    
    
    $
    34,972,334Number of Units
    
    
    24,594.117
    
    
    
    18,098.830Net asset value per Unit
    
    $
    1,354.49
    
    
    $
    1,932.30
  19




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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  20




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SUPERFUND GREEN, L.P.  SERIES A
CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2008
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due February 26, 2009
(amortized cost $31,494,929), securities are held in
margin
accounts as collateral for open futures and forwards
    
    $
    31,500,000
    
    
    
    90.1
    %
    
    $
    31,494,929Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    0.0
    %
    
    $
    11,138Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    0.0
    *
    
    
    11,138Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (0.1
    )
    
    
    (43,336
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (0.1
    )
    
    
    (43,336
    )Total forward contracts, at fair value
    
    
    
    
    
    
    (0.1)
    %
    
    $
    (32,198
    )Futures Contracts, at fair valueFutures Contracts PurchasedCurrency
    
    
    
    
    
    
    0.3
    %
    
    $
    101,136Financial
    
    
    
    
    
    
    1.5
    
    
    
    508,908Food & Fiber
    
    
    
    
    
    
    0.1
    
    
    
    33,914Indices
    
    
    
    
    
    
    0.0
    *
    
    
    22,836Metals
    
    
    
    
    
    
    0.2
    
    
    
    68,735Total futures contracts purchased
    
    
    
    
    
    
    2.1
    
    
    
    735,529Futures Contracts SoldCurrency
    
    
    
    
    
    
    0.1
    
    
    
    38,025Energy
    
    
    
    
    
    
    0.2
    
    
    
    88,531Financial
    
    
    
    
    
    
    0.0
    *
    
    
    919Food & Fiber
    
    
    
    
    
    
    (0.1
    )
    
    
    (40,878
    )Indices
    
    
    
    
    
    
    (0.0)
    *
    
    
    (7,067
    )Livestock
    
    
    
    
    
    
    0.1
    
    
    
    23,400Metals
    
    
    
    
    
    
    0.0
    *
    
    
    6,400Total futures contracts sold
    
    
    
    
    
    
    0.3
    
    
    
    109,330Total futures contracts, at fair value
    
    
    
    
    
    
    2.4
    %
    
    $
    844,859Futures and forward contracts by country compositionEuropean Monetary Union
    
    
    
    
    
    
    0.4
    %
    
    $
    153,538Great Britain
    
    
    
    
    
    
    0.3
    
    
    
    110,392United States
    
    
    
    
    
    
    1.1
    
    
    
    369,143Other
    
    
    
    
    
    
    0.5
    
    
    
    179,588Total futures and forward contracts by country
    
    
    
    
    
    
    2.3
    %
    
    $
    812,661
 
 *
    
    Due to rounding  21




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SUPERFUND
GREEN, L.P.  SERIES A
 STATEMENTS OF OPERATIONS
Years Ended December 31, 2009, and December 31, 2008
 2009
    
    
    2008Investment
income,interest
    
    $
    36,541
    
    
    $
    917,244ExpensesIncentive fee
    
    
    
    
    
    
    1,786,681Management fee
    
    
    642,447
    
    
    
    813,892Ongoing offering expenses
    
    
    347,268
    
    
    
    439,942Operating expenses
    
    
    52,090
    
    
    
    65,991Selling commission
    
    
    1,389,074
    
    
    
    1,759,767Brokerage commissions
    
    
    637,825
    
    
    
    615,631Other
    
    
    15,191
    
    
    
    17,006Total expenses
    
    
    3,083,895
    
    
    
    5,498,910Net investment loss
    
    
    (3,047,354
    )
    
    
    (4,581,666
    )Realized and unrealized gain (loss) on investmentsNet realized gain (loss) on futures
and forward contracts
    
    
    (8,768,134
    )
    
    
    17,288,029Net change in unrealized appreciation
(depreciation)
on futures and forward contracts
        
    (591,691
    )
    
    
    377,151Net gain (loss) on investments
    
    
    (9,359,825
    )
    
    
    17,665,180Net increase (decrease) in net assets from
operations
    
    $
    (12,407,179
    )
    
    $
    13,083,514Net increase (decrease) in net assets from
operations per unit (based upon weighted average
number of units outstanding during period)
    
    $
    (563.24
    )
    
    $
    523.26Net increase (decrease) in net assets from
operations per unit (based upon change in net asset
value per unit during period)
    
    $
    (577.81
    )
    
    $
    445.86
  22




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SUPERFUND
GREEN, L.P.  SERIES A
 STATEMENTS OF CHANGES IN NET ASSETS
Years Ended December 31, 2009, and December 31, 2008
 2009
    
    
    2008Increase (decrease) in net assets from operations:Net investment loss
    
    $
    (3,047,354
    )
    
    $
    (4,581,666
    )Net realized gain (loss) on futures and
forward contracts
    
    
    (8,768,134
    )
    
    
    17,288,029Net change in unrealized appreciation
(depreciation) on futures and forward
contracts
    
    
    (591,691
    )
    
    
    377,151Net increase (decrease) in net assets from operations
    
    
    (12,407,179
    )
    
    
    13,083,514Capital share transactionsIssuance of shares
    
    
    22,712,095
    
    
    
    6,800,873Redemption of shares
    
    
    (11,964,755
    )
    
    
    (42,846,561
    )Net increase (decrease) in net assets from capital
share transactions
    
    
    10,747,340
    
    
    
    (36,045,688
    )Net decrease in net assets
    
    
    (1,659,839
    )
    
    
    (22,962,174
    )Net assets, beginning of year
    
    
    34,972,334
    
    
    
    57,934,508Net assets, end of year
    
    $
    33,312,495
    
    
    $
    34,972,334Units, beginning of year
    
    
    18,098.830
    
    
    
    38,975.348Issuance of units
    
    
    13,736.756
    
    
    
    3,874.666Redemption of units
    
    
    (7,241.469
    )
    
    
    (24,751.184
    )Units, end of year
    
    
    24,594.117
    
    
    
    18,098.830
  23




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SUPERFUND GREEN, L.P.  SERIES A
 STATEMENTS OF CASH FLOWS
 Years Ended December 31, 2009, and December 31, 2008
 2009
    
    
    2008Cash flows from operating activitiesNet increase (decrease) in net assets from operations
    
    $
    (12,407,179
    )
    
    $
    13,083,514Adjustments 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
    
    
    (76,427,172
    )
    
    
    (155,825,083
    )Sales and maturities of U.S. government securities
    
    
    91,934,208
    
    
    
    180,364,661Amortization of discounts and premiums
    
    
    (31,375
    )
    
    
    (814,748
    )Due from brokers
    
    
    (13,111,476
    )
    
    
    1,455,170Due to affiliate
    
    
    (300,000
    )
    
    
    166,724Unrealized appreciation on open forward contracts
    
    
    (176,310
    )
    
    
    218,576Futures contracts purchased
    
    
    270,067
    
    
    
    (369,517
    )Unrealized depreciation on open forward contracts
    
    
    377,931
    
    
    
    (875,132
    )Futures contracts sold
    
    
    120,003
    
    
    
    648,922Fees payable
    
    
    (30,791
    )
    
    
    (130,277
    )Net cash provided by (used in) operating activities
    
    
    (9,782,094
    )
    
    
    37,922,810Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    22,712,095
    
    
    
    6,800,873Redemptions, net of redemptions payable
    
    
    (13,129,107
    )
    
    
    (44,027,661
    )Net cash provided by (used in) financing activities
    
    
    9,582,988
    
    
    
    (37,226,788
    )Net increase (decrease) in cash
    
    
    (199,106
    )
    
    
    696,022Cash, beginning of year
    
    
    810,576
    
    
    
    114,554Cash, end of year
    
    $
    611,470
    
    
    $
    810,576
  24




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SUPERFUND GREEN, L.P.  SERIES B
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2009, and December 31, 2008
 December 31, 2009
    
    
    December 31, 2008ASSETSUS Government securities, at fair value,
(amortized cost $26,383,789 and $54,825,911 as of
December 31, 2009 and December 31, 2008, respectively)
    
    $
    26,383,789
    
    
    $
    54,825,911Due from brokers
    
    
    26,076,666
    
    
    
    5,961,708Unrealized appreciation on open forward contracts
    
    
    509,064
    
    
    
    44,878Futures contracts purchased
    
    
    1,108,299
    
    
    
    1,978,090Futures contracts sold
    
    
    
    
    
    
    407,977Cash
    
    
    30,588
    
    
    
    668,701Total assets
    
    
    54,108,406
    
    
    
    63,887,265LIABILITIESUnrealized depreciation on open forward contracts
    
    
    1,130,981
    
    
    
    163,504Redemptions payable
    
    
    887,287
    
    
    
    2,767,509Futures contracts sold
    
    
    24,959
    
    
    
    Fees payable
    
    
    241,831
    
    
    
    339,201Total liabilities
    
    
    2,285,058
    
    
    
    3,270,214NET ASSETS
    
    $
    51,823,348
    
    
    $
    60,617,051Number of Units
    
    
    35,626.349
    
    
    
    23,305.633Net asset value per Unit
    
    $
    1,454.64
    
    
    $
    2,600.96
  25




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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
 
   26




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##### Table of Contents



SUPERFUND
GREEN, L.P.  SERIES B
 CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2008
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due February 26, 2009
(amortized cost $54,825,911), securities are held in margin
accounts as collateral for open futures and forwards
    
    $
    54,835,000
    
    
    
    90.4
    %
    
    $
    54,825,911Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    0.1
    %
    
    $
    44,878Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    0.1
    
    
    
    44,878Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (0.3
    )
    
    
    (163,504
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (0.3
    )
    
    
    (163,504
    )Total forward contracts, at fair value
    
    
    
    
    
    
    (0.2)
    %
    
    $
    (118,626
    )Futures contracts, at fair valueFutures contracts purchasedCurrency
    
    
    
    
    
    
    0.5
    %
    
    $
    282,349Financial
    
    
    
    
    
    
    2.5
    
    
    
    1,535,102Food & Fiber
    
    
    
    
    
    
    0.2
    
    
    
    91,596Indices
    
    
    
    
    
    
    0.1
    
    
    
    69,043Total futures contracts purchased
    
    
    
    
    
    
    3.3
    
    
    
    1,978,090Futures contracts soldCurrency
    
    
    
    
    
    
    0.2
    
    
    
    101,335Energy
    
    
    
    
    
    
    0.5
    
    
    
    319,932Financial
    
    
    
    
    
    
    (0.1
    )
    
    
    (30,335
    )Livestock
    
    
    
    
    
    
    0.1
    
    
    
    64,110Indices
    
    
    
    
    
    
    (0.1
    )
    
    
    (85,438
    )Food & Fiber
    
    
    
    
    
    
    (0.2
    )
    
    
    (144,632
    )Metals
    
    
    
    
    
    
    0.3
    
    
    
    183,005Total futures contracts sold
    
    
    
    
    
    
    0.7
    
    
    
    407,977Total futures contracts, at fair value
    
    
    
    
    
    
    4.0
    %
    
    $
    2,386,067Futures and forward contracts by country compositionEuropean Monetary Union
    
    
    
    
    
    
    0.7
    %
    
    $
    425,341Great Britain
    
    
    
    
    
    
    0.5
    
    
    
    291,376United States
    
    
    
    
    
    
    1.9
    
    
    
    1,142,037Other
    
    
    
    
    
    
    0.7
    
    
    
    408,687Total futures and forward contracts by country
    
    
    
    
    
    
    3.8
    %
    
    $
    2,267,441
  27




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##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES B
STATEMENTS OF OPERATIONS
Years Ended December 31, 2009, and December 31, 2008
 2009
    
    
    2008Investment income,interest
    
    $
    64,467
    
    
    $
    792,092ExpensesIncentive fee
    
    
    301,233
    
    
    
    3,831,165Management fee
    
    
    1,097,606
    
    
    
    936,891Ongoing offering expenses
    
    
    593,300
    
    
    
    506,427Operating expenses
    
    
    88,995
    
    
    
    75,964Selling commission
    
    
    2,373,202
    
    
    
    2,025,709Brokerage commissions
    
    
    1,736,922
    
    
    
    971,657Other
    
    
    20,728
    
    
    
    25,066Total expenses
    
    
    6,211,986
    
    
    
    8,372,879Net investment loss
    
    
    (6,147,519
    )
    
    
    (7,580,787
    )Realized and unrealized gain
(loss) on investmentsNet realized gain (loss) on futures and forward
contracts
    
    
    (27,074,104
    )
    
    
    22,944,445Net change in unrealized appreciation
(depreciation) on futures and forward
contracts
    

    
    (1,806,018
    )
    
    
    1,982,613Net gain (loss) on investments
    
    
    (28,880,122
    )
    
    
    24,927,058Net increase (decrease) in net assets from operations
    
    $
    (35,027,641
    )
    
    $
    17,346,271Net increase (decrease) in net assets from operations
per unit (based upon weighted average number of units
outstanding during period)
    
    $
    (1,106.39
    )
    
    $
    786.52Net increase (decrease) in net assets from operations
per unit (based upon change in net asset value per
unit during period)
    
    $
    (1,146.32
    )
    
    $
    826.27
  28




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SUPERFUND GREEN, L.P.  SERIES B

STATEMENTS OF CHANGES IN NET ASSETS
Years Ended December 31, 2009, and December 31, 2008
 2009
    
    
    2008Increase (decrease) in net assets from operationsNet investment loss
    
    $
    (6,147,519
    )
    
    $
    (7,580,787
    )Net realized gain (loss) on futures and forward contracts
    
    
    (27,074,104
    )
    
    
    22,944,445Net change in unrealized appreciation (depreciation) on
futures and forward contracts
    
    
    (1,806,018
    )
    
    
    1,982,613Net increase (decrease) in net assets from operations
    
    
    (35,027,641
    )
    
    
    17,346,271Capital share transactionsIssuance of shares
    
    
    42,437,152
    
    
    
    38,379,823Redemption of shares
    
    
    (16,203,214
    )
    
    
    (20,964,190
    )Net increase in net assets from capital share transactions
    
    
    26,233,938
    
    
    
    17,415,633Net increase (decrease) in net assets
    
    
    (8,793,703
    )
    
    
    34,761,904Net assets, beginning of year
    
    
    60,617,051
    
    
    
    25,855,147Net assets, end of year
    
    $
    51,823,348
    
    
    $
    60,617,051Units, beginning of year
    
    
    23,305.633
    
    
    
    14,568.812Issuance of units
    
    
    20,136.910
    
    
    
    17,593.459Redemption of units
    
    
    (7,816.194
    )
    
    
    (8,856.638
    )Units, end of year
    
    
    35,626.349
    
    
    
    23,305.633
  29




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##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES B

STATEMENTS OF CASH FLOWS
Years Ended December 31, 2009, and December 31, 2008
 2009
    
    
    2008Cash flows from operating activitiesNet increase (decrease) in net assets from operations
    
    $
    (35,027,641
    )
    
    $
    17,346,271Adjustments 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
    
    
    (134,579,547
    )
    
    
    (181,821,630
    )Sales and maturities of U.S. government securities
    
    
    163,078,462
    
    
    
    151,644,442Amortization of discounts and premiums
    
    
    (56,793
    )
    
    
    (635,028
    )Due from brokers
    
    
    (20,114,958
    )
    
    
    (2,448,239
    )Due from affiliate
    
    
     ̄
    
    
    
    133,276Unrealized appreciation on open forward contracts
    
    
    (464,186
    )
    
    
    111,568Futures contracts purchased
    
    
    869,791
    
    
    
    (1,744,304
    )Unrealized depreciation on open forward contracts
    
    
    967,477
    
    
    
    (443,845
    )Futures contracts sold
    
    
    432,936
    
    
    
    93,968Fees payable
    
    
    (97,370
    )
    
    
    268,179Net cash used in operating activities
    
    
    (24,991,829
    )
    
    
    (17,495,342
    )Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    42,437,152
    
    
    
    38,379,823Redemptions, net of redemption payable
    
    
    (18,083,436
    )
    
    
    (20,289,155
    )Net cash provided by financing activities
    
    
    24,353,716
    
    
    
    18,090,668Net increase (decrease) in cash
    
    
    (638,113
    )
    
    
    595,326Cash, beginning of year
    
    
    668,701
    
    
    
    73,375Cash, end of year
    
    $
    30,588
    
    
    $
    668,701
  30




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##### Table of Contents



SUPERFUND GREEN, L.P.  SERIES A AND SERIES B
(formerly known as QUADRIGA SUPERFUND, L.P.)
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
 (1)
    
    Nature of OperationsOrganization and BusinessSuperfund Green, L.P., formerly known as Quadriga Superfund, 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 will be 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)
    
    Significant Accounting Policies
 (a)
    
    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
instrument; accordingly, the cost of securities plus accreted discount, or minus amortized
premium approximates fair value (See Section (2)(g)  Fair Value Measurements).(b)
    
    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.(c)
    
    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.(d)
    
    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.Superfund Capital Management has evaluated the application of Accounting Standards
Codification (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 2006 through 2009 tax years generally remain subject to examination
by the U.S. federal and most state tax authorities.(e)
    
    Use of EstimatesThe preparation of financial statements in conformity with accounting principles generally
accepted in the U.S. requires Superfund Capital Management to make estimates and
assumptions that affect the amounts reported and disclosed in the financial statements.
Actual results could differ from those estimates.
 31




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##### Table of Contents



(f)
    
    Recently Issued Accounting PronouncementsASC 105.10.05In June 2009, the Financial Accounting Standards Board (FASB) issued FASB Accounting
Standards Codification (ASC) 105.10.05, Generally Accepted Accounting Principles(ASC
105.10.05). ASC 105.10.05 establishes FASB ASC as the single source of authoritative
generally accepted accounting principles (GAAP). Pursuant to the provisions of ASC
105.10.05, the Fund has adopted ASC 105.10.05 and updated references to GAAP in its
financial statements issued subsequent to September 15, 2009. The adoption of ASC 105.10.05
did not have any impact on the Funds results of operations, financial condition or cash
flows.ASU 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 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). Superfund Capital Management is
currently evaluating the impact of ASU 2010-06 on the Funds financial statements.(g)
    
    Fair Value MeasurementsThe Fund follows ASC 820, Fair Value Measurements(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 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,
 32




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##### Table of Contents



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, 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, 2009:
  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
    
    
    $
    
 33




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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
    
    
    $
    
 The following table summarizes the valuation of the Funds assets and liabilities by the
ASC 820 fair value hierarchy as of December 31, 2008:
  BalanceDecember 31, 2008
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government securities
    
    $
    31,494,929
    
    
    $
    
    
    
    $
    31,494,929
    
    
    $
    Unrealized appreciation on
open forward contracts
    
    
    11,138
    
    
    
    
    
    
    
    11,138
    
    
    
    Futures contracts purchased
    
    
    735,529
    
    
    
    735,529
    
    
    
    
    
    
    
    Futures contracts sold
    
    
    109,330
    
    
    
    109,330
    
    
    
    
    
    
    
    Total Assets Measured at
Fair Value
    
    $
    32,350,926
    
    
    $
    844,859
    
    
    $
    31,506,067
    
    
    $
    
 34




---



##### Table of Contents



BalanceDecember 31, 2008
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3LIABILITIESUnrealized depreciation on
open forward contracts
    
    $
    43,336
    
    
    $
    
    
    
    $
    43,336
    
    
    $
    Total Liabilities Measured
at Fair Value
    
    $
    43,336
    
    
    $
    
    
    
    $
    43,336
    
    
    $
    
  BalanceDecember 31, 2008
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government securities
    
    $
    54,825,911
    
    
    $
    
    
    
    $
    54,825,911
    
    
    $
    Unrealized appreciation on open
forward contracts
    
    
    44,878
    
    
    
    
    
    
    
    44,878
    
    
    
    Futures contracts purchased
    
    
    1,978,090
    
    
    
    1,978,090
    
    
    
    
    
    
    
    Futures contracts sold
    
    
    407,977
    
    
    
    407,977
    
    
    
    
    
    
    
    Total Assets Measured at Fair Value
    
    $
    57,256,856
    
    
    $
    2,386,067
    
    
    $
    54,870,789
    
    
    $
    LIABILITIESUnrealized depreciation on open
forward contracts
    
    $
    163,504
    
    
    $
    
    
    
    $
    163,504
    
    
    $
    Total Liabilities Measured at Fair
Value
    
    $
    163,504
    
    
    $
    
    
    
    $
    163,504
    
    
    $
    
 (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
 35




---



##### Table of Contents



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 forwards 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:Series A:
 As of December 31, 2009Long Positions Gross Unrealized
    
    
    
    
    
    
    
    
    
    
    Short Position Gross Unrealized% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    Net UnrealizedNet
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    Gains (Losses) 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
    )Livestock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (20,060
    )
    
    
    (0.1
    )
    
    
    (20,060
    )Energy
    
    
    150,196
    
    
    
    0.5
    
    
    
    (18,040
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    (12,010
    )
    
    
    (0.0)
    *
    
    
    120,146Totals
    
    $
    1,817,547
    
    
    
    5.4
    
    
    $
    (1,502,633
    )
    
    
    (4.5
    )
    
    $
    152,316
    
    
    
    0.4
    
    
    $
    (246,260
    )
    
    
    (0.6
    )
    
    $
    220,970
 
 *
    
    Due to rounding Series A average quarterly contract volume by market sector as of year ended December 31,
2009:
 Average number
    
    
    Average number
    
    
    Average value
    
    
    Average valueof Long
    
    
    of Short
    
    
    of Long
    
    
    of ShortContracts
    
    
    Contracts
    
    
    Positions
    
    
    PositionsForeign Exchange
    
    
    23
    
    
    
    22
    
    
    $
    48,653
    
    
    $
    (170,446
    )Average number of
    
    
    Average number ofLong Contracts
    
    
    Short ContractsCurrency
    
    
    264
    
    
    
    95Financial
    
    
    1,146
    
    
    
    40Food & Fiber
    
    
    67
    
    
    
    148Indices
    
    
    138
    
    
    
    89Metals
    
    
    81
    
    
    
    32Livestock
    
    
    0
    
    
    
    58Energy
    
    
    69
    
    
    
    110Totals
    
    
    1,788
    
    
    
    594
 Series A trading results by market sector:
 For the year ended December 31, 2009Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGains (Losses)
    
    
    Gains (Losses)
    
    
    Gains (Losses)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
    )
 36




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##### Table of Contents



For the year ended December 31, 2009Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGains (Losses)
    
    
    Gains (Losses)
    
    
    Gains (Losses)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 losses
    
    $
    (8,768,134
    )
    
    $
    (591,691
    )
    
    $
    (9,359,825
    )
 Series B:
 As of December 31, 2009Long Positions Gross Unrealized
    
    
    
    
    
    
    
    
    
    
    Short Position Gross Unrealized% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    Net UnrealizedNet
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    Gains (Losses) onGains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Gains
    
    
    assets
    
    
    Losses
    
    
    Assets
    
    
    Open PositionsForeignExchange
    
    $
    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
    )Livestock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (50,500
    )
    
    
    (0.1
    )
    
    
    (50,500
    )Energy
    
    
    382,290
    
    
    
    0.7
    
    
    
    (49,830
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    (36,550
    )
    
    
    (0.1
    )
    
    
    295,910Totals
    
    $
    4,624,419
    
    
    
    8.9
    
    
    $
    (3,943,184
    )
    
    
    (7.6
    )
    
    $
    406,775
    
    
    
    0.8
    
    
    $
    (626,587
    )
    
    
    (1.2
    )
    
    $
    461,423
 
 *
    
    Due to rounding Series B average quarterly contract volume by market sector for year ended December 31,
2009:
 Average number
    
    
    Average number
    
    
    Average value
    
    
    Average valueof Long
    
    
    of Short
    
    
    of Long
    
    
    of ShortContracts
    
    
    Contracts
    
    
    Positions
    
    
    PositionsForeign Exchange
    
    
    29
    
    
    
    26
    
    
    $
    141,907
    
    
    $
    (529,666
    )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
 Series B trading results by market sector:
 For the year ended December 31, 2009Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGains (Losses)
    
    
    Gains (Losses)
    
    
    Gains (Losses)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
    )
 37




---



##### Table of Contents



For the year ended December 31, 2009Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGains (Losses)
    
    
    Gains (Losses)
    
    
    Gains (Losses)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
losses
    
    $
    (27,074,104
    )
    
    $
    (1,806,018
    )
    
    $
    (28,880,122
    )
 (4)
    
    Due from/to Brokers
 Due 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, 2009, 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 Losses
 In accordance with the Fifth Amended and Restated Limited Partnership Agreement (the 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.Advance subscriptions, 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. In
accordance with the Prospectus dated November 24, 2009, as supplemented on December 3, 2009,
included within the Registration Statement on Form S-1 (File No. 333-162132) as subsequently
supplemented, 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
pursuant to such Prospectus.Superfund Capital Management will also be paid a monthly performance/incentive fee equal to 25%
of the new appreciation without respect to interest income. Trading losses will be carried
forward and no further performance/incentive fee may be paid until the prior losses have been
recovered.As of December 31, 2009, Superfund Capital Management owned 386.799 Units of Series A,
representing 1.57% of the total issued Units of Series A, and 528.22 Units of Series B,
representing 1.48% of the total issued Units of Series B, having a combined value of
$1,292,285.
 (7)
    
    Financial Highlights
  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 capitalOperating expenses before incentive fees
    
    
    8.9
    %
    
    
    9.9
    %Incentive fees
    
    
    0.0
    
    
    
    0.5Total expenses
    
    
    8.9
    %
    
    
    10.4
    %
 38




---



##### Table of Contents



SERIES A
    
    
    SERIES BNet investment loss
    
    
    (8.8)
    %
    
    
    (9.8)
    %Net assets 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
    )
 Financial highlights for the period January 1, 2008, through December 31, 2008, are as follows:
 SERIES A
    
    
    SERIES BTotal returnTotal return before incentive fees
    
    
    34.6
    %
    
    
    56.6
    %Incentive fees
    
    
    4.6
    
    
    
    10.0Total return after incentive fees
    
    
    30.0
    %
    
    
    46.6
    %Ratio to average partners capitalOperating expenses before incentive fees
    
    
    8.3
    %
    
    
    9.4
    %Incentive fees
    
    
    4.0
    
    
    
    7.9Total expenses
    
    
    12.3
    %
    
    
    17.3
    %Net investment loss
    
    
    (6.3)
    %
    
    
    (7.8)
    %Net assets value per unit, beginning of period
    
    $
    1,486.44
    
    
    $
    1,774.69Net investment loss
    
    
    (175.42
    )
    
    
    (352.33
    )Net gain on investments
    
    
    621.28
    
    
    
    1,178.60Net asset value per unit, end of period
    
    $
    1,932.30
    
    
    $
    2,600.96Other per Unit information:Net increase in net assets from operations per Unit (based upon weighted average
Number of Units during period)
    
    $
    523.26
    
    
    $
    786.52Net increase in net assets from operations per Unit (based upon change in net asset
value per Unit)
    
    $
    445.86
    
    
    $
    826.27
 (8)
    
    Financial Instrument Risk
 In the normal course of its business, the Fund is party to financial instruments with
off-balance sheet risk, including derivative financial instruments and derivative commodity
instruments. The term off-balance sheet risk refers to an unrecorded potential liability
that, even though it does not appear on the balance sheet, may result in a future obligation or
loss. These financial instruments may include forwards, futures, and options, whose values are
based upon an underlying asset, index, or reference rate,
and generally represent future commitments to exchange currencies or cash flows, to purchase or
sell other financial instruments at specific terms at specific future dates, or, in the case of
derivative commodity instruments, to have a reasonable possibility to be settled in cash,
through physical delivery or with another financial instrument. These instruments may be traded
on an exchange or over-the-counter (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
 39




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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
counter party to an OTC contract.For Series A, gross unrealized gains and losses related to exchange traded futures were
$1,782,415 and $1,327,626, respectively, and gross unrealized gains and losses related to
non-exchange traded forwards were $187,448 and $421,267, respectively, at December 31, 2009.For Series B, gross unrealized gains and losses related to exchange traded futures were
$4,522,130 and $3,438,790, respectively, and gross unrealized gains and losses related to
non-exchange traded forwards were $509,064 and $1,130,981, respectively, at December 31, 2009.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., 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
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, 2009. However, due to
the nature of the Funds business, these instruments may not be held to maturity.
 (9)
    
    Subscriptions and Redemptions
 Investors 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
subscriptions 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 of a Series 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 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.
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(10)
    
    Subsequent events
 Superfund 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.
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SUPERFUND GREEN, L.P.
(Registrant)By:
    SUPERFUND CAPITAL MANAGEMENT, INC.General Partner By:
    /s/ Nigel JamesNigel JamesPresident  Title withSignature
    
    Superfund Capital Management
    
    Date/s/ Nigel James

Nigel James
    
    President
(Principal Executive Officer)
    
    March 31, 2010/s/ Roman Gregorig

Roman Gregorig
    
    Director, Vice President and Audit Committee Financial Expert
(Principal Financial Officer & Principal Accounting Officer)
    
    March 31, 2010
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ExhibitNumber
    
    Description of Document3.01
    
    Form of Fifth Amended and Restated Limited Partnership Agreement of Superfund Green, L.P.31.1
    
    Rule 13a-14(a)/15d -14(a) Certification of Principal Executive Officer31.2
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer32.1
    
    Section 1350 Certification of Principal Executive Officer32.2
    
    Section 1350 Certification of Principal Financial Officer
  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.
 43