SUPERFUND GREEN, L.P. - FORM 10-Q

SUPERFUND GREEN, L.P. - FORM 10-Q - November 13, 2014

Attached files

Attached files

SUPERFUND GREEN, L.P. Reports

file	filename
EXCEL - IDEA: XBRL DOCUMENT - SUPERFUND GREEN, L.P.	Financial_Report.xls
EX-32.2 - EX-32.2 - SUPERFUND GREEN, L.P.	d805194dex322.htm
EX-32.1 - EX-32.1 - SUPERFUND GREEN, L.P.	d805194dex321.htm
EX-31.1 - EX-31.1 - SUPERFUND GREEN, L.P.	d805194dex311.htm
EX-31.2 - EX-31.2 - SUPERFUND GREEN, L.P.	d805194dex312.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2014

¨	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.

(Exact name of registrant as specified in charter)

Delaware

98-0375395

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

Superfund Office Building

P.O. Box 1479

Grand Anse

St. George’s, Grenada

West Indies

Not applicable

(Address of principal executive offices)

(Zip Code)

(473) 439-2418

(Registrant’s telephone number, including area code)

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

PART I - FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS

The following unaudited financial statements of Superfund Green, L.P., Superfund Green, L.P. Series A and Superfund Green, L.P. Series B are included in Item 1:


	Page
Financial Statements: Superfund Green, L.P.
Statements of Assets and Liabilities as of September 30, 2014 (unaudited) and December 31, 2013		3

Unaudited Condensed Schedule of Investments as of September 30, 2014		4

Condensed Schedule of Investments as of December 31, 2013		5

Unaudited Statements of Operations for the Three and Nine Months Ended September 30, 2014 and September 30, 2013		6

Unaudited Statements of Changes in Net Assets for the Nine Months Ended September 30, 2014 and September 30, 2013		7

Unaudited Statements of Cash Flows for the Nine Months Ended September 30, 2014 and September 30, 2013		8

Financial Statements: Superfund Green, L.P. – Series A
Statements of Assets and Liabilities as of September 30, 2014 (unaudited) and December 31, 2013		9

Unaudited Condensed Schedule of Investments as of September 30, 2014		10

Condensed Schedule of Investments as of December 31, 2013		11

Unaudited Statements of Operations for the Three and Nine Months Ended September 30, 2014 and September 30, 2013		12

Unaudited Statements of Changes in Net Assets for the Nine Months Ended September 30, 2014 and September 30, 2013		13

Unaudited Statements of Cash Flows for the Nine Months Ended September 30, 2014 and September 30, 2013		14

Financial Statements: Superfund Green, L.P. – Series B
Statements of Assets and Liabilities as of September 30, 2014 (unaudited) and December 31, 2013		15

Unaudited Condensed Schedule of Investments as of September 30, 2014		16

Condensed Schedule of Investments as of December 31, 2013		17

Unaudited Statements of Operations for the Three and Nine Months Ended September 30, 2014 and September 30, 2013		18

Unaudited Statements of Changes in Net Assets for the Nine Months Ended September 30, 2014 and September 30, 2013		19

Unaudited Statements of Cash Flows for the Nine Months Ended September 30, 2014 and September 30, 2013		20

Notes to Unaudited Financial Statements		21-41

SUPERFUND GREEN, L.P.

STATEMENTS OF ASSETS AND LIABILITIES

as of September 30, 2014 and December 31, 2013


	September 30, 2014 (unaudited)		December 31, 2013
ASSETS

Due from brokers	$	8,229,591	$	16,073,812

Unrealized gain on futures contracts purchased		222,589		1,125,807

Unrealized gain on futures contracts sold		566,715		567,289

Cash		13,492,187		11,990,898


Total assets		22,511,082		29,757,806


LIABILITIES

Unrealized depreciation on open forward contracts		—		44

Unrealized loss on futures contracts purchased		364,776		447,541

Unrealized loss on futures contracts sold		27,029		427,711

Redemptions payable		458,543		1,026,822

Management fees payable		34,189		44,638

Fees payable		19,183		52,699


Total liabilities		903,720		1,999,455


NET ASSETS	$	21,607,362	$	27,758,351

See accompanying notes to unaudited financial statements.

SUPERFUND GREEN, L.P.

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of September 30, 2014


	Percentage of Net Assets			Fair Value
Futures contracts purchased
Currency		(0.1	)%	$	(17,175	)
Energy		(0.2	)		(37,497	)
Financial		0.3			69,641
Food & Fiber		(0.0	)*		(2,355	)
Indices		(0.6	)		(122,734	)
Livestock		0.2			42,770
Metals		(0.3	)		(74,837	)

Total futures contracts purchased		(0.7	)		(142,187	)


Futures contracts sold
Currency		0.5			108,817
Energy		0.3			70,305
Financial		0.0	*		3,156
Food & Fiber		0.6			119,603
Indices		0.1			24,337
Metals		1.0			213,468

Total futures contracts sold		2.5			539,686


Total futures contracts, at fair value		1.8	%	$	397,499


Futures contracts by country composition
Australia		(0.1	)%	$	(11,688	)
Canada		(0.2	)		(41,712	)
European Monetary Union		0.0	*		4,434
Great Britain		0.1			18,035
Japan		(0.0	)*		(59	)
United States		1.7			370,572
Other		0.3			57,917

Total futures contracts by country composition		1.8	%	$	397,499

*	Due to rounding – amount is less than 0.05%

See accompanying notes to unaudited financial statements.

SUPERFUND GREEN, L.P.

CONDENSED SCHEDULE OF INVESTMENTS

as of December 31, 2013


	Percentage of Net Assets			Fair Value
Forward contracts, at fair value
Unrealized depreciation on open forward contracts
Currency		(0.0	)*%	$	(44	)

Total unrealized depreciation on open forward contracts		(0.0	)*		(44	)


Total forward contracts, at fair value		(0.0	)*%	$	(44	)


Futures contracts purchased
Currency		0.1	%	$	38,556
Energy		(0.5	)		(141,489	)
Financial		(0.0	)*		(10,479	)
Food & Fiber		(0.3	)		(78,391	)
Indices		2.2			611,530
Livestock		(0.1	)		(17,370	)
Metals		1.0			275,909

Total futures contracts purchased		2.4			678,266


Futures contracts sold
Currency		0.4			114,493
Financial		0.6			157,642
Food & Fiber		0.4			121,987
Indices		(0.1	)		(18,565	)
Metals		(0.9	)		(235,979	)

Total futures contracts sold		0.4			139,578


Total futures contracts, at fair value		2.8	%	$	817,844


Futures and forward contracts by country composition
Australia		(0.1	)%	$	(20,634	)
Canada		0.3			74,452
European Monetary Union		0.0	*		2,487
Great Britain		0.0	*		1,637
Japan		0.4			103,732
United States		2.1			591,287
Other		0.2			64,839

Total futures and forward contracts by country composition		2.9	%	$	817,800

*	Due to rounding – amount is less than 0.05%

See accompanying notes to unaudited financial statements.

SUPERFUND GREEN, L.P.

UNAUDITED STATEMENTS OF OPERATIONS


	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Investment Income
Interest income	$	576		$	669		$	2,114		$	2,492
Other income		7			1			14			6

Total investment income		583			670			2,128			2,498


Expenses
Selling commission		222,965			311,161			735,446			1,023,135
Brokerage commissions		110,951			133,370			436,376			537,319
Management fee		103,122			143,912			340,144			473,202
Ongoing offering expenses		—			77,790			66,809			255,785
Operating expenses		8,361			11,668			27,581			38,369
Other		5,807			3,389			10,478			15,476

Total expenses		451,206			681,290			1,616,834			2,343,286


Net investment loss	$	(450,623	)	$	(680,620	)	$	(1,614,706	)	$	(2,340,788	)


Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts	$	1,645,756		$	(350,857	)	$	2,895,900		$	5,864,091
Net change in unrealized appreciation (depreciation) on futures and forward contracts		164,519			(903,997	)		(420,301	)		(1,586,798	)


Net gain (loss) on investments	$	1,810,275		$	(1,254,854	)	$	2,475,599		$	4,277,293


Net increase (decrease) in net assets from operations	$	1,359,652		$	(1,935,474	)	$	860,893		$	1,936,505

See accompanying notes to unaudited financial statements.

SUPERFUND GREEN, L.P.

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS


	Nine Months Ended September 30,
	2014			2013
Increase (decrease) in net assets from operations

Net investment loss	$	(1,614,706	)	$	(2,340,788	)
Net realized gain on futures and forward contracts		2,895,900			5,864,091
Net change in unrealized depreciation on futures and forward contracts		(420,301	)		(1,586,798	)


Net increase in net assets from operations		860,893			1,936,505

Capital share transactions
Issuance of Units		811,597			1,008,292
Redemption of Units		(7,823,479	)		(8,616,176	)


Net decrease in net assets from capital share transactions		(7,011,882	)		(7,607,884	)


Net decrease in net assets		(6,150,989	)		(5,671,379	)

Net assets, beginning of period		27,758,351			34,414,298

Net assets, end of period	$	21,607,362		$	28,742,919

See accompanying notes to unaudited financial statements.

SUPERFUND GREEN, L.P.

UNAUDITED STATEMENTS OF CASH FLOWS


	Nine Months Ended September 30,
	2014			2013
Cash flows from operating activities
Net increase in net assets from operations	$	860,893		$	1,936,505
Adjustment to reconcile net increase in net assets from operations to net cash provided by operating activities:
Changes in operating assets and liabilities:
Decrease in due from brokers		7,844,221			4,197,186
Decrease in due from affiliate		—			187
Decrease in unrealized appreciation on open forward contracts		—			299,541
Decrease in futures contracts purchased		820,453			1,229,303
Decrease in unrealized depreciation on open forward contracts		(44	)		(176,651	)
Increase (decrease) in futures contracts sold		(400,108	)		234,605
Decrease in management fees payable		(10,449	)		(10,516	)
Decrease in fees payable		(33,516	)		(18,525	)

Net cash provided by operating activities		9,081,450			7,691,635


Cash flows from financing activities
Subscriptions, net of change in advanced subscriptions		811,597			1,043,292
Redemptions, net of change in redemptions payable		(8,391,758	)		(9,803,729	)


Net cash used in financing activities		(7,580,161	)		(8,760,437	)


Net increase (decrease) in cash		1,501,289			(1,068,802	)

Cash, beginning of period		11,990,898			18,965,187


Cash, end of period	$	13,492,187		$	17,896,385

See accompanying notes to unaudited financial statements.

SUPERFUND GREEN, L.P. – SERIES A

STATEMENTS OF ASSETS AND LIABILITIES

as of September 30, 2014 and December 31, 2013


	September 30, 2014 (unaudited)		December 31, 2013
ASSETS

Due from brokers	$	3,211,643	$	6,653,002

Unrealized gain on futures contracts purchased		75,362		419,557

Unrealized gain on futures contracts sold		199,479		217,928

Cash		7,385,266		6,593,319


Total assets		10,871,750		13,883,806


LIABILITIES

Unrealized depreciation on open forward contracts		—		12

Unrealized loss on futures contracts purchased		134,204		177,312

Unrealized loss on futures contracts sold		10,650		167,110

Redemptions payable		158,502		516,586

Management fees payable		16,576		20,921

Fees payable		11,975		27,469


Total liabilities		331,907		909,410


NET ASSETS	$	10,539,843	$	12,974,396


Number of Units outstanding		8,465.232		10,676.154

Net Asset Value per Unit	$	1,245.07	$	1,215.27

See accompanying notes to unaudited financial statements.

SUPERFUND GREEN, L.P. – SERIES A

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of September 30, 2014


	Percentage of Net Assets			Fair Value
Futures contracts purchased
Currency		(0.1	)%	$	(6,488	)
Energy		(0.2	)		(18,791	)
Financial		0.2			23,541
Food & Fiber		0.0	*		405
Indices		(0.4	)		(41,716	)
Livestock		0.2			16,480
Metals		(0.3	)		(32,273	)

Total futures contracts purchased		(0.5	)		(58,842	)


Futures contracts sold
Currency		0.3			32,284
Energy		0.2			24,918
Financial		0.0	*		1,459
Food & Fiber		0.4			43,328
Indices		0.1			9,967
Metals		0.7			76,873

Total futures contracts sold		1.6			188,829


Total futures contracts, at fair value		1.1	%	$	129,987


Futures contracts by country composition
Australia		(0.0	)*%	$	(4,929	)
Canada		(0.1	)		(15,606	)
European Monetary Union		0.0	*		1,636
Great Britain		0.1			7,000
Japan		(0.0	)*		(4,400	)
United States		1.0			119,556
Other		0.3			26,730

Total futures contracts by country composition		1.1	%	$	129,987

*	Due to rounding – amount is less than 0.05%

See accompanying notes to unaudited financial statements.

SUPERFUND GREEN, L.P. – SERIES A

CONDENSED SCHEDULE OF INVESTMENTS

as of December 31, 2013


	Percentage of Net Assets			Fair Value
Forward contracts, at fair value
Unrealized depreciation on open forward contracts
Currency		(0.0	)*%	$	(12	)

Total unrealized depreciation on open forward contracts		(0.0	)*		(12	)


Total forward contracts, at fair value		(0.0	)*%	$	(12	)


Futures contracts purchased
Currency		0.1	%	$	14,519
Energy		(0.4	)		(58,373	)
Financial		(0.0	)*		(5,977	)
Food & Fiber		(0.2	)		(30,616	)
Indices		1.7			225,088
Livestock		(0.1	)		(6,620	)
Metals		0.8			104,224

Total futures contracts purchased		1.9			242,245


Futures contracts sold
Currency		0.3			40,617
Financial		0.5			68,053
Food & Fiber		0.4			48,543
Indices		(0.0	)*		(5,775	)
Metals		(0.8	)		(100,620	)

Total futures contracts sold		0.4			50,818


Total futures contracts, at fair value		2.3	%	$	293,063


Futures and forward contracts by country composition
Australia		(0.1	)%	$	(10,603	)
Canada		0.2			24,170
European Monetary Union		0.0	*		1,333
Great Britain		0.0	*		3,148
Japan		0.2			31,374
United States		1.8			219,921
Other		0.2			23,708

Total futures and forward contracts by country composition		2.3	%	$	293,051

*	Due to rounding – amount is less than 0.05%

See accompanying notes to unaudited financial statements.

SUPERFUND GREEN, L.P. – SERIES A

UNAUDITED STATEMENTS OF OPERATIONS


	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Investment Income
Interest income	$	207		$	259		$	801		$	1,013
Other income		—			—			3			2

Total investment income		207			259			804			1,015


Expenses
Selling commission		107,380			146,996			351,673			483,336
Brokerage commissions		42,697			48,968			167,583			201,711
Management fee		49,664			67,985			162,649			223,543
Ongoing offering expenses		—			36,749			31,599			120,835
Operating expenses		4,027			5,512			13,189			18,126
Other		2,372			1,428			4,297			6,052

Total expenses		206,140			307,638			730,990			1,053,603


Net investment loss	$	(205,933	)	$	(307,379	)	$	(730,186	)	$	(1,052,588	)


Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts	$	671,825		$	(201,750	)	$	1,105,499		$	2,234,555
Net change in unrealized appreciation (depreciation) on futures and forward contracts		32,570			(378,167	)		(163,064	)		(543,761	)


Net gain (loss) on investments	$	704,395		$	(579,917	)	$	942,435		$	1,690,794


Net increase (decrease) in net assets from operations	$	498,462		$	(887,296	)	$	212,249		$	638,206


Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of units outstanding during period)*	$	58.06		$	(73.58	)	$	22.56		$	49.50


Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per unit during period)*	$	57.83		$	(73.32	)	$	29.80		$	33.27

*	Weighted average number of Units outstanding for Series A for the three months ended September 30, 2014 and September 30, 2013: 8,585.77 and 12,059.55, respectively; and for the nine months ended September 30, 2014 and September 30, 2013: 9,408.27 and 12,894.19, respectively.

See accompanying notes to unaudited financial statements.

SUPERFUND GREEN, L.P. – SERIES A

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS


	Nine Months Ended September 30,
	2014			2013
Increase (decrease) in net assets from operations

Net investment loss	$	(730,186	)	$	(1,052,588	)
Net realized gain on futures and forward contracts		1,105,499			2,234,555
Net change in unrealized depreciation on futures and forward contracts		(163,064	)		(543,761	)


Net increase in net assets from operations		212,249			638,206

Capital share transactions
Issuance of Units		501,619			380,482
Redemption of Units		(3,148,421	)		(3,892,364	)


Net decrease in net assets from capital share transactions		(2,646,802	)		(3,511,882	)

Net decrease in net assets		(2,434,553	)		(2,873,676	)

Net assets, beginning of period		12,974,396			16,557,336

Net assets, end of period	$	10,539,843		$	13,683,660


Units, beginning of period		10,676.154			14,646.201
Issuance of Units		421.664			312.611
Redemption of Units		(2,632.586	)		(3,200.679	)

Units, end of period		8,465.232			11,758.133

See accompanying notes to unaudited financial statements.

SUPERFUND GREEN, L.P. – SERIES A

UNAUDITED STATEMENTS OF CASH FLOWS


	Nine Months Ended September 30,
	2014			2013
Cash flows from operating activities
Net increase in net assets from operations	$	212,249		$	638,206
Adjustment to reconcile net increase in net assets from operations to net cash provided by operating activities:
Changes in operating assets and liabilities:
Decrease in due from brokers		3,441,359			2,591,294
Decrease in due from affiliate		—			187
Decrease in unrealized appreciation on open forward contracts		—			89,225
Decrease in futures contracts purchased		301,087			413,357
Decrease in unrealized depreciation on open forward contracts		(12	)		(62,245	)
Increase (decrease) in futures contracts sold		(138,011	)		103,424
Decrease in management fees payable		(4,345	)		(5,818	)
Decrease in fees payable		(15,494	)		(9,079	)

Net cash provided by operating activities		3,796,833			3,758,551


Cash flows from financing activities
Subscriptions, net of change in advanced subscriptions		501,619			415,482
Redemptions, net of change in redemptions payable		(3,506,505	)		(4,812,544	)


Net cash used in financing activities		(3,004,886	)		(4,397,062	)


Net increase (decrease) in cash		791,947			(638,511	)

Cash, beginning of period		6,593,319			10,113,907


Cash, end of period	$	7,385,266		$	9,475,396

See accompanying notes to unaudited financial statements.

SUPERFUND GREEN, L.P. – SERIES B

STATEMENTS OF ASSETS AND LIABILITIES

as of September 30, 2014 and December 31, 2013


	September 30, 2014 (unaudited)		December 31, 2013
ASSETS

Due from brokers	$	5,017,948	$	9,420,810

Unrealized gain on futures contracts purchased		147,227		706,250

Unrealized gain on futures contracts sold		367,236		349,361

Cash		6,106,921		5,397,579


Total assets		11,639,332		15,874,000


LIABILITIES

Unrealized depreciation on open forward contracts		—		32

Unrealized loss on futures contracts purchased		230,572		270,229

Unrealized loss on futures contracts sold		16,379		260,601

Redemptions payable		300,041		510,236

Management fees payable		17,613		23,717

Fees payable		7,208		25,230


Total liabilities		571,813		1,090,045


NET ASSETS	$	11,067,519	$	14,783,955


Number of Units outstanding		7,992.734		11,363.782

Net Asset Value per Unit	$	1,384.70	$	1,300.97

See accompanying notes to unaudited financial statements.

SUPERFUND GREEN, L.P. – SERIES B

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of September 30, 2014


	Percentage of Net Assets			Fair Value
Futures contracts purchased
Currency		(0.1	)%	$	(10,687	)
Energy		(0.2	)		(18,706	)
Financial		0.4			46,100
Food & Fiber		(0.0	)*		(2,760	)
Indices		(0.7	)		(81,018	)
Livestock		0.2			26,290
Metals		(0.4	)		(42,564	)

Total futures contracts purchased		(0.8	)		(83,345	)


Futures contracts sold
Currency		0.7			76,533
Energy		0.4			45,387
Financial		0.0	*		1,697
Food & Fiber		0.7			76,275
Livestock		0.1			14,370
Metals		1.2			136,595

Total futures contracts sold		3.2			350,857


Total futures contracts, at fair value		2.4	%	$	267,512


Futures contracts by country composition
Australia		(0.1	)%	$	(6,759	)
Canada		(0.2	)		(26,106	)
European Monetary Union		0.0	*		2,798
Great Britain		0.1			11,035
Japan		0.0	*		4,341
United States		2.3			251,016
Other		0.3			31,187

Total futures contracts by country composition		2.4	%	$	267,512

*	Due to rounding – amount is less than 0.05%

See accompanying notes to unaudited financial statements.

SUPERFUND GREEN, L.P. – SERIES B

CONDENSED SCHEDULE OF INVESTMENTS

as of December 31, 2013


	Percentage of Net Assets			Fair Value
Forward contracts, at fair value
Unrealized depreciation on open forward contracts
Currency		(0.0	)*%	$	(32	)

Total unrealized depreciation on open forward contracts		(0.0	)*		(32	)


Total forward contracts, at fair value		(0.0	)*%	$	(32	)


Futures contracts purchased
Currency		0.2	%	$	24,037
Energy		(0.6	)		(83,116	)
Financial		(0.0	)*		(4,502	)
Food & Fiber		(0.3	)		(47,775	)
Indices		2.5			386,442
Livestock		(0.1	)		(10,750	)
Metals		1.2			171,685

Total futures contracts purchased		2.9			436,021


Futures contracts sold
Currency		0.5			73,876
Financial		0.6			89,589
Food & Fiber		0.5			73,444
Indices		(0.1	)		(12,790	)
Metals		(0.9	)		(135,359	)

Total futures contracts sold		0.6			88,760


Total futures contracts, at fair value		3.5	%	$	524,781


Futures and forward contracts by country composition
Australia		(0.1	)%	$	(10,031	)
Canada		0.3			50,282
European Monetary Union		0.0	*		1,154
Great Britain		(0.0	)*		(1,511	)
Japan		0.5			72,358
United States		2.5			371,366
Other		0.3			41,131

Total futures and forward contracts by country composition		3.5	%	$	524,749

*	Due to rounding – amount is less than 0.05%

See accompanying notes to unaudited financial statements.

SUPERFUND GREEN, L.P. – SERIES B

UNAUDITED STATEMENTS OF OPERATIONS


	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Investment Income
Interest income	$	369		$	410		$	1,313		$	1,479
Other income		7			1			11			4

Total investment income		376			411			1,324			1,483


Expenses
Selling commission		115,585			164,165			383,773			539,799
Brokerage commissions		68,254			84,402			268,793			335,608
Management fee		53,458			75,927			177,495			249,659
Ongoing offering expenses		—			41,041			35,210			134,950
Operating expenses		4,334			6,156			14,392			20,243
Other		3,435			1,961			6,181			9,424

Total expenses		245,066			373,652			885,844			1,289,683


Net investment loss	$	(244,690	)	$	(373,241	)	$	(884,520	)	$	(1,288,200	)


Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts	$	973,931		$	(149,107	)	$	1,790,401		$	3,629,536
Net change in unrealized appreciation (depreciation) on futures and forward contracts		131,949			(525,830	)		(257,237	)		(1,043,037	)


Net gain (loss) on investments	$	1,105,880		$	(674,937	)	$	1,533,164		$	2,586,499


Net increase (decrease) in net assets from operations	$	861,190		$	(1,048,178	)	$	648,644		$	1,298,299


Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of units outstanding during period)*	$	104.22		$	(81.05	)	$	69.02		$	94.86


Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per unit during period)*	$	102.68		$	(80.80	)	$	83.73		$	68.51

*	Weighted average number of Units outstanding for Series B for the three months ended September 30, 2014 and September 30, 2013: 8,262.87 and 12,933.28, respectively; and for the nine months ended September 30, 2014 and September 30, 2013: 9,397.93 and 13,687.18, respectively.

See accompanying notes to unaudited financial statements.

SUPERFUND GREEN, L.P. – SERIES B

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS


	Nine Months Ended September 30,
	2014			2013
Increase (decrease) in net assets from operations

Net investment loss	$	(884,520	)	$	(1,288,200	)
Net realized gain on futures and forward contracts		1,790,401			3,629,536
Net change in unrealized depreciation on futures and forward contracts		(257,237	)		(1,043,037	)


Net increase in net assets from operations		648,644			1,298,299

Capital share transactions
Issuance of Units		309,978			627,810
Redemption of Units		(4,675,058	)		(4,723,812	)


Net decrease in net assets from capital share transactions		(4,365,080	)		(4,096,002	)

Net decrease in net assets		(3,716,436	)		(2,797,703	)

Net assets, beginning of period		14,783,955			17,856,962

Net assets, end of period	$	11,067,519		$	15,059,259


Units, beginning of period		11,363.782			15,682.537
Issuance of Units		240.191			471.535
Redemption of Units		(3,611.239	)		(3,679.082	)

Units, end of period		7,992.734			12,474.990

See accompanying notes to unaudited financial statements.

SUPERFUND GREEN, L.P. – SERIES B

UNAUDITED STATEMENTS OF CASH FLOWS


	Nine Months Ended September 30,
	2014			2013
Cash flows from operating activities
Net increase in net assets from operations	$	648,644		$	1,298,299
Adjustment to reconcile net increase in net assets from operations to net cash provided by operating activities:
Changes in operating assets and liabilities:
Decrease in due from brokers		4,402,862			1,605,892
Decrease in unrealized appreciation on open forward contracts		—			210,316
Decrease in futures contracts purchased		519,366			815,946
Decrease in unrealized depreciation on open forward contracts		(32	)		(114,406	)
Increase (decrease) in futures contracts sold		(262,097	)		131,181
Decrease in management fees payable		(6,104	)		(4,698	)
Decrease in fees payable		(18,022	)		(9,446	)

Net cash provided by operating activities		5,284,617			3,933,084


Cash flows from financing activities
Subscriptions, net of change in advanced subscriptions		309,978			627,810
Redemptions, net of change in redemptions payable		(4,885,253	)		(4,991,185	)


Net cash used in financing activities		(4,575,275	)		(4,363,375	)


Net increase (decrease) in cash		709,342			(430,291	)

Cash, beginning of period		5,397,579			8,851,280


Cash, end of period	$	6,106,921		$	8,420,989

See accompanying notes to unaudited financial statements.

SUPERFUND GREEN, L.P., SUPERFUND GREEN, L.P. – SERIES A and SUPERFUND GREEN, L.P. – SERIES B

NOTES TO UNAUDITED FINANCIAL STATEMENTS

September 30, 2014

1.	Nature of operations

Organization and Business

Superfund 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 (“U.S.”) and international commodity futures and forward markets using a fully-automated computerized trading system. The Fund has issued two classes of units (“Units”), Series A and Series B (each, a “Series”). The two Series are traded and managed the same way except for the degree of leverage.

The terms of Series A and Series B each shall continue until December 31, 2050, unless the applicable Series is 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

Basis of Presentation

The unaudited financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the U.S. (“U.S. GAAP”) with respect to the Form 10-Q and reflect all adjustments which in the opinion of management are normal and recurring, and which are necessary for a fair statement of the results of interim periods presented. It is suggested that these financial statements be read in conjunction with the financial statements and the related notes included in the Fund’s Annual Report on Form 10-K for the year ended December 31, 2013.

Valuation of Investments in Futures Contracts and Forward Contracts

All 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.

Translation of Foreign Currency

Assets 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 realized and unrealized gain (loss) on investments in the statements of operations.

Investment Transactions, Investment Income and Expenses

Investment transactions are accounted for on a trade-date basis. Interest income and expenses are recognized on the accrual basis. Operating expenses of the Fund are allocated to each Series in proportion to the net asset value of the Series at the beginning of each month. Expenses directly attributable to a particular Series are charged directly to that Series.

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 operations 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.

Set forth herein are instruments and transactions eligible for offset in the statements of assets and liabilities and which are subject to derivative clearing agreements with the Fund’s futures commission merchants. Each futures commission merchant nets margin held on behalf of each Series of the Fund or payment obligations of the futures commission merchant to each Series against any payment obligations of that Series to the futures commission merchant. Each Series is required to deposit margin at each futures commission merchant to meet the original and maintenance requirements established by that futures commission merchant, and/or the exchange or clearinghouse associated with the exchange on which the instrument is traded. The derivative clearing agreements give each futures commission merchant a security interest in this margin to secure any liabilities owed to the futures commission merchant arising from a default by the Series. As of September 30, 2014, the Fund had on deposit $4,403,137 at ADM Investor Services, Inc., $801,644 at Barclays Capital Inc. and $3,024,810 at Merrill Lynch, Pierce, Fenner & Smith Inc. As of September 30, 2014, Series A had on deposit $1,703,595 at ADM Investor Services, Inc., $348,381 at Barclays Capital Inc. and $1,159,667 at Merrill Lynch, Pierce, Fenner & Smith Inc. As of September 30, 2014, Series B had on deposit $2,699,542 at ADM Investor Services, Inc., $453,263 at Barclays Capital Inc. and $1,865,143 at Merrill Lynch, Pierce, Fenner & Smith Inc.

Income Taxes

The 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 ASC Topic 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, Superfund Capital Management has determined no reserves for uncertain tax positions are required to be recorded as a result of the application of ASC 740. Superfund Capital Management 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 2010 through 2013 tax years generally remain subject to examination by the U.S. federal and most state tax authorities.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires Superfund Capital 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.

Recently Issued Accounting Pronouncements

ASU 2013-08

In June 2013, FASB issued Accounting Standards Update (“ASU”) No. 2013-08, Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”). ASU 2013-08 contains new guidance regarding the approach to investment company assessment, requires non-controlling ownership interests in other investment companies to be measured at fair value and requires additional disclosures about the investment company’s status as an investment company and information required to be provided to any of its investees. The amendments in the update are effective for interim and annual reporting periods in fiscal years that begin after December 15, 2013. The adoption of the provisions of ASU 2013-08 has not had a material impact on the Fund’s financial statement disclosures.

ASU 2011-11

In December 2011, FASB issued ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”). ASU 2011-11 requires disclosures to make financial statements that are prepared under U.S. GAAP more comparable to those prepared under International Financial Reporting Standards. The new disclosure requirements mandate that entities disclose both gross and net information about instruments and transactions eligible for offset in the statement of assets and liabilities as well as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, ASU 2011-11 requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements.

In January 2013, FASB issued guidance to clarify the scope of disclosures about offsetting assets and liabilities. The amendments clarify that the scope of guidance issued in December 2011 to enhance disclosures around financial instrument and derivative instruments that are either (a) offset, or (b) subject to a master netting agreement or similar agreement, irrespective of whether they are offset, applies to derivatives, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset or subject to an enforceable master netting arrangement or similar agreement. The amendments are effective for interim and annual periods beginning on or after January 1, 2013. Adoption did not have a material impact on the Fund’s financial statements.

3.	Fair Value Measurements

The Fund follows ASC 820, Fair Value Measurements and Disclosures, which 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.

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, 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 trade 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 changed only 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 in which 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. There were no Level 3 holdings at September 30, 2014 or December 31, 2013 or during the periods then ended.

The following table summarizes the valuation of the Fund’s assets and liabilities by the ASC 820 fair value hierarchy as of September 30, 2014 and December 31, 2013:

Superfund Green, L.P.


	Balance September 30, 2014		Level 1		Level 2		Level 3
ASSETS
Futures contracts sold	$	566,715	$	566,715	$	—	$	—
Futures contracts purchased		222,589		222,589		—		—

Total Assets Measured at Fair Value	$	789,304	$	789,304	$	—	$	—


LIABILITIES
Futures contracts sold	$	27,029	$	27,029	$	—	$	—
Futures contracts purchased		364,776		364,776		—		—

Total Liabilities Measured at Fair Value	$	391,805	$	391,805	$	—	$	—


	Balance December 31, 2013		Level 1		Level 2		Level 3
ASSETS
Futures contracts sold	$	567,289	$	567,289	$	—	$	—
Futures contracts purchased		1,125,807		1,125,807		—		—

Total Assets Measured at Fair Value	$	1,693,096	$	1,693,096	$	—	$	—


LIABILITIES
Unrealized depreciation on open forward contracts	$	44	$	—	$	44	$	—
Futures contracts sold		427,711		427,711		—		—
Futures contracts purchased		447,541		447,541		—		—

Total Liabilities Measured at Fair Value	$	875,296	$	875,252	$	44	$	—

Superfund Green, L.P. – Series A


	Balance September 30, 2014		Level 1		Level 2		Level 3
ASSETS
Futures contracts sold	$	199,479	$	199,479	$	—	$	—
Futures contracts purchased		75,362		75,362		—		—

Total Assets Measured at Fair Value	$	274,841	$	274,841	$	—	$	—


LIABILITIES
Futures contracts sold	$	10,650	$	10,650	$	—	$	—
Futures contracts purchased		134,204		134,204		—		—

Total Liabilities Measured at Fair Value	$	144,854	$	144,854	$	—	$	—


	Balance December 31, 2013		Level 1		Level 2		Level 3
ASSETS
Futures contracts sold	$	217,928	$	217,928	$	—	$	—
Futures contracts purchased		419,557		419,557		—		—

Total Assets Measured at Fair Value	$	637,485	$	637,485	$	—	$	—


LIABILITIES
Unrealized depreciation on open forward contracts	$	12	$	—	$	12	$	—
Futures contracts sold		167,110		167,110		—		—
Futures contracts purchased		177,312		177,312		—		—

Total Liabilities Measured at Fair Value	$	344,434	$	344,422	$	12	$	—

Superfund Green, L.P. – Series B


	Balance September 30, 2014		Level 1		Level 2		Level 3
ASSETS
Futures contracts sold	$	367,236	$	367,236	$	—	$	—
Futures contracts purchased		147,227		147,227		—		—

Total Assets Measured at Fair Value	$	514,463	$	514,463	$	—	$	—


LIABILITIES
Futures contracts sold	$	16,379	$	16,379	$	—	$	—
Futures contracts purchased		230,572		230,572		—		—

Total Liabilities Measured at Fair Value	$	246,951	$	246,951	$	—	$	—


	Balance December 31, 2013		Level 1		Level 2		Level 3
ASSETS
Futures contracts sold	$	349,361	$	349,361	$	—	$	—
Futures contracts purchased		706,250		706,250		—		—

Total Assets Measured at Fair Value	$	1,055,611	$	1,055,611	$	—	$	—


LIABILITIES
Unrealized depreciation on open forward contracts	$	32	$	—	$	32	$	—
Futures contracts sold		260,601		260,601		—		—
Futures contracts purchased		270,229		270,229		—		—

Total Liabilities Measured at Fair Value	$	530,862	$	530,830	$	32	$	—

4.	Disclosure of derivative instruments and hedging activities

The 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 statements of operations.

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, 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 realized and unrealized gain (loss) on investments 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:

Superfund Green, L.P.

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the statement of assets and liabilities, as of September 30, 2014, is as follows:


Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at September 30, 2014		Liability Derivatives at September 30, 2014			Net
Futures contracts	Futures contracts purchased	$	222,589	$	(364,776	)	$	(142,187	)

Futures contracts	Futures contracts sold		566,715		(27,029	)		539,686

Totals		$	789,304	$	(391,805	)	$	397,499

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the statement of assets and liabilities, as of December 31, 2013, is as follows:


Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at December 31, 2013		Liability Derivatives at December 31, 2013			Net
Foreign exchange contracts	Unrealized depreciation on open forward contracts	$	—	$	(44	)	$	(44	)

Futures contracts	Futures contracts purchased		1,125,807		(447,541	)		678,266

Futures contracts	Futures contracts sold		567,289		(427,711	)		139,578

Totals		$	1,693,096	$	(875,296	)	$	817,800

Effects of derivative instruments on the statement of operations for the three months ended September 30, 2014:


Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation on Derivatives Recognized in Income

Foreign exchange contracts	Net realized/unrealized loss on futures and forward contracts	$	(38,258	)	$	—

Futures contracts	Net realized/unrealized gain on futures and forward contracts		1,684,014			164,519

Total		$	1,645,756		$	164,519

Effects of derivative instruments on the statement of operations for the nine months ended September 30, 2014:


Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

Foreign exchange contracts	Net realized/unrealized gain (loss) on futures and forward contracts	$	(217,135	)	$	44

Futures contracts	Net realized/unrealized gain (loss) on futures and forward contracts		3,113,035			(420,345	)

Total		$	2,895,900		$	(420,301	)

Effects of derivative instruments on the statement of operations for the three months ended September 30, 2013:


Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Loss on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

Foreign exchange contracts	Net realized/unrealized gain (loss) on futures and forward contracts	$	(52,860	)	$	11,396

Futures contracts	Net realized/unrealized loss on futures and forward contracts		(267,997	)		(915,393	)

Total		$	(350,857	)	$	(903,997	)

Effects of derivative instruments on the statement of operations for the nine months ended September 30, 2013:


Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Depreciation on Derivatives Recognized in Income

Foreign exchange contracts	Net realized/unrealized loss on futures and forward contracts	$	(493,044	)	$	(122,890	)

Futures contracts	Net realized/unrealized gain (loss) on futures and forward contracts		6,357,135			(1,463,908	)

Total		$	5,864,091		$	(1,586,798	)

Superfund Green, L.P. gross and net unrealized gains and losses by long and short positions as of September 30, 2014 and December 31, 2013:


	As of September 30, 2014
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Currency	$	2,500		0.0	*	$	(19,675	)		(0.1	)	$	112,078		0.5		$	(3,261	)		(0.0	)*	$	91,642
Financial		90,931		0.4			(21,290	)		(0.1	)		10,241		0.0	*		(7,085	)		(0.0	)*		72,797
Food & Fiber		4,015		0.0	*		(6,370	)		(0.0	)*		130,534		0.6			(10,931	)		(0.1	)		117,248
Indices		47,853		0.2			(170,587	)		(0.8	)		27,014		0.1			(2,677	)		(0.0	)*		(98,397	)
Metals		5,085		0.0	*		(79,922	)		(0.4	)		215,120		1.0			(1,652	)		(0.0	)*		138,631
Energy		25,555		0.1			(63,052	)		(0.3	)		71,727		0.3			(1,422	)		(0.0	)*		32,808
Livestock		46,650		0.2			(3,880	)		(0.0	)*		—		—			—			—			42,770

Totals	$	222,589		0.9		$	(364,776	)		(1.7	)	$	566,714		2.5		$	(27,028	)		(0.1	)	$	397,499

*	Due to rounding – amount is less than 0.05%


	As of December 31, 2013
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Foreign Exchange	$	—		—		$	—			—		$	—		—		$	(44	)		(0.0	)*	$	(44	)
Currency		65,637		0.2			(27,081	)		(0.1	)		122,158		0.4			(7,665	)		(0.0	)*		153,049
Financial		4,949		0.0	*		(15,428	)		(0.1	)		176,082		0.6			(18,440	)		(0.1	)		147,163
Food & Fiber		14,080		0.1			(92,471	)		(0.3	)		122,152		0.4			(165	)		(0.0	)*		43,596
Indices		643,153		2.3			(31,623	)		(0.1	)		168		0.0	*		(18,733	)		(0.1	)		592,965
Metals		275,909		1.0			—			—			146,729		0.5			(382,708	)		(1.4	)		39,930
Livestock		—		—			(17,370	)		(0.1	)		—		—			—			—			(17,370	)
Energy		122,079		0.4			(263,568	)		(0.9	)		—		—			—			—			(141,489	)

Totals	$	1,125,807		4.0		$	(447,541	)		(1.6	)	$	567,289		2.0		$	(427,755	)		(1.6	)	$	817,800

*	Due to rounding – amount is less than 0.05%

Superfund Green, L.P. average* monthly contract volume by market sector as of quarter ended September 30, 2014:

Average Number
of Long Contracts

Average Number
of Short Contracts

Average Value of
Long Positions

Average Value of
Short Positions

Foreign Exchange

—


	Average Number of Long Contracts		Average Number of Short Contracts
Currency		683		469
Financial		3,082		364
Food & Fiber		52		175
Indices		1,502		147
Metals		613		199
Energy		267		216
Livestock		73		6

Total		6,272		1,576

*	Based on quarterly holdings

Superfund Green, L.P. average* monthly contract volume by market sector as of quarter ended September 30, 2013:


	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		29		30	$	44,876	$	56,429


	Average Number of Long Contracts		Average Number of Short Contracts
Currency		674		341
Financial		1,551		2,236
Food & Fiber		131		198
Indices		2,466		607
Metals		449		374
Energy		648		463
Livestock		60		136

Total		6,008		4,385

*	Based on quarterly holdings

Superfund Green, L.P. trading results by market sector:


	For the Three Months Ended September 30, 2014
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(38,258	)	$	—		$	(38,258	)
Currency		287,964			33,719			321,683
Financial		718,490			10,280			728,770
Food & Fiber		521,021			64,986			586,007
Indices		536,075			(115,333	)		420,742
Metals		(187,031	)		129,088			(57,943	)
Livestock		1,900			(25,380	)		(23,480	)
Energy		(194,405	)		67,159			(127,246	)

Total net trading gains	$	1,645,756		$	164,519		$	1,810,275


	For the Nine Months Ended September 30, 2014
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(217,135	)	$	44		$	(217,091	)
Currency		(137,125	)		(61,407	)		(198,532	)
Financial		1,904,319			(74,366	)		1,829,953
Food & Fiber		1,086,607			73,652			1,160,259
Indices		1,130,234			(691,362	)		438,872
Metals		(687,418	)		98,701			(588,717	)
Livestock		492,230			60,140			552,370
Energy		(675,812	)		174,297			(501,515	)

Total net trading gains (losses)	$	2,895,900		$	(420,301	)	$	2,475,599


	For the Three Months Ended September 30, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(52,860	)	$	11,396		$	(41,464	)
Currency		(881,573	)		517,703			(363,870	)
Financial		36,624			53,691			90,315
Food & Fiber		(256,253	)		8,876			(247,377	)
Indices		1,225,066			(447,217	)		777,849
Metals		(144,187	)		(780,491	)		(924,678	)
Livestock		(181,650	)		(10,360	)		(192,010	)
Energy		(96,024	)		(257,595	)		(353,619	)

Total net trading losses	$	(350,857	)	$	(903,997	)	$	(1,254,854	)


	For the Nine Months Ended September 30, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(493,044	)	$	(122,890	)	$	(615,934	)
Currency		(1,286,981	)		(152,311	)		(1,439,292	)
Financial		161,801			(85,705	)		76,096
Food & Fiber		(1,045,085	)		(81,079	)		(1,126,164	)
Indices		3,855,809			(723,190	)		3,132,619
Metals		4,719,765			140,757			4,860,522
Livestock		172,700			(14,240	)		158,460
Energy		(220,874	)		(548,140	)		(769,014	)

Total net trading gains (losses)	$	5,864,091		$	(1,586,798	)	$	4,277,293

Superfund Green, L.P. – Series A

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the statement of assets and liabilities, as of September 30, 2014, is as follows:


Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at September 30, 2014		Liability Derivatives at September 30, 2014			Net
Futures contracts	Futures contracts purchased	$	75,362	$	(134,204	)	$	(58,842	)

Futures contracts	Futures contracts sold		199,479		(10,650	)		188,829

Totals		$	274,841	$	(144,854	)	$	129,987

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the statement of assets and liabilities, as of December 31, 2013, is as follows:


Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at December 31, 2013		Liability Derivatives at December 31, 2013			Net
Foreign exchange contracts	Unrealized depreciation on open forward contracts	$	—	$	(12	)	$	(12	)

Futures contracts	Futures contracts purchased		419,557		(177,312	)		242,245

Futures contracts	Futures contracts sold		217,928		(167,110	)		50,818

Totals		$	637,485	$	(344,434	)	$	293,051

Effects of derivative instruments on the statement of operations for the three months ended September 30, 2014:


Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation on Derivatives Recognized in Income

Foreign exchange contracts	Net realized/unrealized loss on futures and forward contracts	$	(14,345	)	$	—

Futures contracts	Net realized/unrealized gain on futures and forward contracts		686,170			32,570

Total		$	671,825		$	32,570

Effects of derivative instruments on the statement of operations for the nine months ended September 30, 2014:


Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

Foreign exchange contracts	Net realized/unrealized gain (loss) on futures and forward contracts	$	(82,436	)	$	12

Futures contracts	Net realized/unrealized gain (loss) on futures and forward contracts		1,187,935			(163,076	)

Total		$	1,105,499		$	(163,064	)

Effects of derivative instruments on the statement of operations for the three months ended September 30, 2013:


Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Loss on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

Foreign exchange contracts	Net realized/unrealized gain (loss) on futures and forward contracts	$	(27,027	)	$	5,438

Futures contracts	Net realized/unrealized loss on futures and forward contracts		(174,723	)		(383,605	)

Total		$	(201,750	)	$	(378,167	)

Effects of derivative instruments on the statement of operations for the nine months ended September 30, 2013:


Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Depreciation on Derivatives Recognized in Income

Foreign exchange contracts	Net realized/unrealized loss on futures and forward contracts	$	(210,741	)	$	(26,980	)

Futures contracts	Net realized/unrealized gain (loss) on futures and forward contracts		2,445,296			(516,781	)

Total		$	2,234,555		$	(543,761	)

Superfund Green, L.P. – Series A gross and net unrealized gains and losses by long and short positions as of September 30, 2014 and December 31, 2013:


	As of September 30, 2014
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Currency	$	1,000		0.0	*	$	(7,488	)		(0.1	)	$	33,581		0.3		$	(1,297	)		(0.0	)*	$	25,796
Financial		32,297		0.3			(8,756	)		(0.1	)		4,067		0.0	*		(2,608	)		(0.0	)*		25,000
Food & Fiber		1,410		0.0	*		(1,005	)		(0.0	)*		47,438		0.5			(4,110	)		(0.0	)*		43,733
Indices		15,470		0.1			(57,186	)		(0.5	)		11,133		0.1			(1,166	)		(0.0	)*		(31,749	)
Metals		2,349		0.0	*		(34,622	)		(0.3	)		77,754		0.7			(881	)		(0.0	)*		44,600
Energy		6,247		0.1			(25,038	)		(0.2	)		25,506		0.2			(588	)		(0.0	)*		6,127
Livestock		16,590		0.2			(110	)		(0.0	)*		—		—			—			—			16,480

Totals	$	75,363		0.7		$	(134,205	)		(1.2	)	$	199,479		1.8		$	(10,650	)		(0.0	)*	$	129,987

*	Due to rounding – amount is less than 0.05%


	As of December 31, 2013
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Foreign Exchange	$	—		—		$	—			—		$	—		—		$	(12	)		(0.0	)*	$	(12	)
Currency		25,369		0.2			(10,850	)		(0.1	)		43,758		0.3			(3,141	)		(0.0	)*		55,136
Financial		—		—			(5,977	)		(0.0	)*		75,733		0.6			(7,680	)		(0.1	)		62,076
Food & Fiber		4,790		0.0	*		(35,406	)		(0.3	)		48,543		0.4			—			—			17,927
Indices		240,531		1.9			(15,443	)		(0.1	)		56		0.0	*		(5,831	)		(0.0	)*		219,313
Metals		104,224		0.8			—			—			49,838		0.4			(150,458	)		(1.2	)		3,604
Livestock		—		—			(6,620	)		(0.1	)		—		—			—			—			(6,620	)
Energy		44,644		0.3			(103,017	)		(0.8	)		—		—			—			—			(58,373	)

Totals	$	419,558		3.2		$	(177,313	)		(1.4	)	$	217,928		1.7		$	(167,122	)		(1.3	)	$	293,051

*	Due to rounding – amount is less than 0.05%

Series A average* monthly contract volume by market sector as of quarter ended September 30, 2014:

Average Number
of Long Contracts

Average Number
of Short Contracts

Average Value of
Long Positions

Average Value of
Short Positions

Foreign Exchange

—


	Average Number of Long Contracts		Average Number of Short Contracts
Currency		265		181
Financial		1,197		146
Food & Fiber		21		63
Indices		568		58
Metals		238		71
Energy		98		80
Livestock		29		3

Total		2,416		602

*	Based on quarterly holdings

Series A average* monthly contract volume by market sector as of quarter ended September 30, 2013:


	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		7		10	$	12,864	$	17,622


	Average Number of Long Contracts		Average Number of Short Contracts
Currency		239		130
Financial		588		829
Food & Fiber		42		71
Indices		901		233
Metals		158		137
Energy		219		173
Livestock		21		50

Total		2,175		1,633

*	Based on quarterly holdings

Series A trading results by market sector:


	For the Three Months Ended September 30, 2014
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(14,345	)	$	—		$	(14,345	)
Currency		106,204			3,973			110,177
Financial		270,608			4,789			275,397
Food & Fiber		197,423			24,438			221,861
Indices		209,090			(40,715	)		168,375
Metals		(67,265	)		41,019			(26,246	)
Livestock		4,740			(12,380	)		(7,640	)
Energy		(34,630	)		11,446			(23,184	)

Total net trading gains	$	671,825		$	32,570		$	704,395


	For the Nine Months Ended September 30, 2014
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(82,436	)	$	12		$	(82,424	)
Currency		(49,642	)		(29,340	)		(78,982	)
Financial		696,706			(37,076	)		659,630
Food & Fiber		412,237			25,806			438,043
Indices		464,100			(251,062	)		213,038
Metals		(235,236	)		40,996			(194,240	)
Livestock		173,510			23,100			196,610
Energy		(273,740	)		64,500			(209,240	)

Total net trading gains (losses)	$	1,105,499		$	(163,064	)	$	942,435


	For the Three Months Ended September 30, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(27,027	)	$	5,438		$	(21,589	)
Currency		(321,279	)		182,648			(138,631	)
Financial		6,062			29,280			35,342
Food & Fiber		(100,657	)		8,884			(91,773	)
Indices		433,463			(151,579	)		281,884
Metals		(66,839	)		(323,870	)		(390,709	)
Livestock		(64,330	)		(6,330	)		(70,660	)
Energy		(61,143	)		(122,638	)		(183,781	)

Total net trading losses	$	(201,750	)	$	(378,167	)	$	(579,917	)


	For the Nine Months Ended September 30, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(210,741	)	$	(26,980	)	$	(237,721	)
Currency		(464,220	)		(54,334	)		(518,554	)
Financial		43,756			(36,566	)		7,190
Food & Fiber		(404,040	)		(25,861	)		(429,901	)
Indices		1,398,769			(237,323	)		1,161,446
Metals		1,802,563			57,541			1,860,104
Livestock		68,520			(5,710	)		62,810
Energy		(52	)		(214,528	)		(214,580	)

Total net trading gains (losses)	$	2,234,555		$	(543,761	)	$	1,690,794

Superfund Green, L.P. – Series B

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the statement of assets and liabilities, as of September 30, 2014, is as follows:


Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at September 30, 2014		Liability Derivatives at September 30, 2014			Net
Futures contracts	Futures contracts purchased	$	147,227	$	(230,572	)	$	(83,345	)

Futures contracts	Futures contracts sold		367,236		(16,379	)		350,857

Totals		$	514,463	$	(246,951	)	$	267,512

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the statement of assets and liabilities, as of December 31, 2013, is as follows:


Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at December 31, 2013		Liability Derivatives at December 31, 2013			Net
Foreign exchange contracts	Unrealized depreciation on open forward contracts	$	—	$	(32	)	$	(32	)

Futures contracts	Futures contracts purchased		706,250		(270,229	)		436,021

Futures contracts	Futures contracts sold		349,361		(260,601	)		88,760

Totals		$	1,055,611	$	(530,862	)	$	524,749

Effects of derivative instruments on the statement of operations for the three months ended September 30, 2014:


Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation on Derivatives Recognized in Income

Foreign exchange contracts	Net realized/unrealized loss on futures and forward contracts	$	(23,913	)	$	—

Futures contracts	Net realized/unrealized gain on futures and forward contracts		997,844			131,949

Total		$	973,931		$	131,949

Effects of derivative instruments on the statement of operations for the nine months ended September 30, 2014:


Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

Foreign exchange contracts	Net realized/unrealized gain (loss) on futures and forward contracts	$	(134,699	)	$	32

Futures contracts	Net realized/unrealized gain (loss) on futures and forward contracts		1,925,100			(257,269	)

Total		$	1,790,401		$	(257,237	)

Effects of derivative instruments on the statement of operations for the three months ended September 30, 2013:


Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Loss on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

Foreign exchange contracts	Net realized/unrealized gain (loss) on futures and forward contracts	$	(25,833	)	$	5,958

Futures contracts	Net realized/unrealized loss on futures and forward contracts		(123,274	)		(531,788	)

Total		$	(149,107	)	$	(525,830	)

Effects of derivative instruments on the statement of operations for the nine months ended September 30, 2013:


Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Depreciation on Derivatives Recognized in Income

Foreign exchange contracts	Net realized/unrealized loss on futures and forward contracts	$	(282,303	)	$	(95,910	)

Futures contracts	Net realized/unrealized gain (loss) on futures and forward contracts		3,911,839			(947,127	)

Total		$	3,629,536		$	(1,043,037	)

Series B gross and net unrealized gains and losses by long and short positions as of September 30, 2014 and December 31, 2013:


	As of September 30, 2014
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets		Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Currency	$	1,500		0.0	*	$	(12,187	)		(0.1	)	$	78,497		0.7	$	(1,964	)		(0.0	)*	$	65,849
Financial		58,634		0.5			(12,534	)		(0.1	)		6,174		0.1		(4,477	)		(0.0	)*		47,797
Food & Fiber		2,605		0.0	*		(5,365	)		(0.0	)*		83,096		0.8		(6,821	)		(0.1	)		73,515
Indices		32,383		0.3			(113,401	)		(1.0	)		15,881		0.1		(1,511	)		(0.0	)*		(66,648	)
Metals		2,736		0.0	*		(45,300	)		(0.4	)		137,366		1.2		(771	)		(0.0	)*		94,031
Energy		19,308		0.2			(38,014	)		(0.3	)		46,221		0.4		(834	)		(0.0	)*		26,681
Livestock		30,060		0.3			(3,770	)		(0.0	)*		—		—		—			—			26,290

Totals	$	147,226		1.3		$	(230,571	)		(1.9	)	$	367,235		3.3	$	(16,378	)		(0.1	)	$	267,512

*	Due to rounding – amount is less than 0.05%


	As of December 31, 2013
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Foreign Exchange	$	—		—		$	—			—		$	—		—		$	(32	)		(0.0	)*	$	(32	)
Currency		40,268		0.3			(16,231	)		(0.1	)		78,400		0.5			(4,524	)		(0.0	)*		97,913
Financial		4,949		0.0	*		(9,451	)		(0.1	)		100,349		0.7			(10,760	)		(0.1	)		85,087
Food & Fiber		9,290		0.1			(57,065	)		(0.4	)		73,609		0.5			(165	)		(0.0	)*		25,669
Indices		402,622		2.7			(16,180	)		(0.1	)		112		0.0	*		(12,902	)		(0.1	)		373,652
Metals		171,685		1.2			—			—			96,891		0.7			(232,250	)		(1.6	)		36,326
Livestock		—		—			(10,750	)		0.1			—		—			—			—			(10,750	)
Energy		77,435		0.5			(160,551	)		(1.1	)		—		—			—			—			(83,116	)

Totals	$	706,249		4.8		$	(270,228	)		(1.7	)	$	349,361		2.4		$	(260,633	)		(1.8	)	$	524,749

*	Due to rounding – amount is less than 0.05%

Series B average* monthly contract volume by market sector as of quarter ended September 30, 2014:

Average Number
of Long Contracts

Average Number
of Short Contracts

Average Value of
Long Positions

Average Value of
Short Positions

Foreign Exchange

—


	Average Number of Long Contracts		Average Number of Short Contracts
Currency		418		288
Financial		1,885		218
Food & Fiber		31		112
Indices		934		89
Metals		375		128
Energy		169		136
Livestock		44		3

Total		3,856		974

*	Based on quarterly holdings

Series B average* monthly contract volume by market sector as of quarter ended September 30, 2013:


	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		22		20	$	32,012	$	38,807


	Average Number of Long Contracts		Average Number of Short Contracts
Currency		435		211
Financial		963		1,407
Food & Fiber		89		127
Indices		1,565		374
Metals		291		237
Energy		429		290
Livestock		39		86

Total		3,833		2,752

*	Based on quarterly holdings

Series B trading results by market sector:


	For the Three Months Ended September 30, 2014
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(23,913	)	$	—		$	(23,913	)
Currency		181,760			29,746			211,506
Financial		447,882			5,491			453,373
Food & Fiber		323,598			40,548			364,146
Indices		326,985			(74,618	)		252,367
Metals		(119,766	)		88,069			(31,697	)
Livestock		(2,840	)		(13,000	)		(15,840	)
Energy		(159,775	)		55,713			(104,062	)

Total net trading gains	$	973,931		$	131,949		$	1,105,880


	For the Nine Months Ended September 30, 2014
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(134,699	)	$	32		$	(134,667	)
Currency		(87,483	)		(32,067	)		(119,550	)
Financial		1,207,613			(37,290	)		1,170,323
Food & Fiber		674,370			47,846			722,216
Indices		666,134			(440,300	)		225,834
Metals		(452,182	)		57,705			(394,477	)
Livestock		318,720			37,040			355,760
Energy		(402,072	)		109,797			(292,275	)

Total net trading gains (losses)	$	1,790,401		$	(257,237	)	$	1,533,164


	For the Three Months Ended September 30, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(25,833	)	$	5,958		$	(19,875	)
Currency		(560,294	)		335,055			(225,239	)
Financial		30,562			24,411			54,973
Food & Fiber		(155,596	)		(8	)		(155,604	)
Indices		791,603			(295,638	)		495,965
Metals		(77,348	)		(456,621	)		(533,969	)
Livestock		(117,320	)		(4,030	)		(121,350	)
Energy		(34,881	)		(134,957	)		(169,838	)

Total net trading losses	$	(149,107	)	$	(525,830	)	$	(674,937	)


	For the Nine Months Ended September 30, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(282,303	)	$	(95,910	)	$	(378,213	)
Currency		(822,761	)		(97,977	)		(920,738	)
Financial		118,045			(49,139	)		68,906
Food & Fiber		(641,045	)		(55,218	)		(696,263	)
Indices		2,457,040			(485,867	)		1,971,173
Metals		2,917,202			83,216			3,000,418
Livestock		104,180			(8,530	)		95,650
Energy		(220,822	)		(333,612	)		(554,434	)

Total net trading gains (losses)	$	3,629,536		$	(1,043,037	)	$	2,586,499

5.	Due from/to brokers

Due from brokers consists 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, if any, represent margin borrowings that are collateralized by certain securities. As of September 30, 2014 and December 31, 2013, 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.

6.	Allocation of net profits and losses

In accordance with the Fund’s Sixth Amended and Restated Limited Partnership Agreement (the “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 the balance sheet date for subscriptions of the subsequent month and do not participate in the earnings of the Fund until the following month.

7.	Related party transactions

Superfund Capital Management shall be paid a management fee equal to one-twelfth of 1.85% of month-end net assets (1.85% per annum), 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 and no further performance/incentive fee may be paid until the prior losses have been recovered. In addition, Superfund Brokerage Services, 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, LLC 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 statements of operations and amounts over the 10% selling commission threshold are rebated to the Limited Partner by purchasing Units of the Fund.

8.	Financial highlights

Financial highlights for the period January 1 through September 30 are as follows:


	2014						2013
	Series A			Series B			Series A			Series B
Total Return*
Total return before incentive fees		2.5	%		6.4	%		2.9	%		6.0	%
Incentive fees		0.0			0.0			0.0			0.0

Total return after incentive fees		2.5	%		6.4	%		2.9	%		6.0	%

Ratios to average partners’ capital**
Operating expenses before incentive fees		6.2	%		6.9	%		6.6	%		7.2	%
Incentive fees		0.0			0.0			0.0			0.0

Total expenses		6.2	%		6.9	%		6.6	%		7.2	%

Net investment loss		(6.2	)%		(6.9	)%		(6.5	)%		(7.2	)%


Net asset value per unit, beginning of period	$	1,215.27		$	1,300.97		$	1,130.49		$	1,138.65
Net investment loss		(74.48	)		(88.82	)		(79.22	)		(91.16	)
Net gain on investments		104.28			172.55			112.49			159.67

Net asset value per unit, end of period	$	1,245.07		$	1,384.70		$	1,163.76		$	1,207.16

Other per Unit information:
Net increase in net assets from operations per Unit (based upon weighted average number of Units during period) upon weighted average number of Units during period)	$	22.56		$	69.02		$	49.50		$	94.86

Net increase in net assets from operations per Unit (based upon change in net asset value per Unit) upon change in net asset value per Unit)	$	29.80		$	83.73		$	33.27		$	68.51

Financial highlights for the period July 1 through September 30 are as follows:


	2014						2013
	Series A			Series B			Series A			Series B
Total Return*
Total return before incentive fees		4.9	%		8.0	%		(5.9	)%		(6.3	)%
Incentive fees		0.0			0.0			0.0			0.0

Total return after incentive fees		4.9	%		8.0	%		(5.9	)%		(6.3	)%

Ratios to average partners’ capital**
Operating expenses before incentive fees		1.9	%		2.1	%		2.1	%		2.3	%
Incentive fees		0.0			0.0			0.0			0.0

Total expenses		1.9	%		2.1	%		2.1	%		2.3	%

Net investment loss		(1.9	)%		(2.1	)%		(2.1	)%		(2.3	)%


Net asset value per unit, beginning of period	$	1,187.24		$	1,282.02		$	1,237.08		$	1,287.96
Net investment loss		(23.29	)		(27.98	)		(25.00	)		(28.51	)
Net gain on investments		81.12			130.66			(48.32	)		(52.29	)

Net asset value per unit, end of period	$	1,245.07		$	1,384.70		$	1,163.76		$	1,207.16

Other per Unit information:
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of Units during period) upon weighted average number of Units during period)	$	58.06		$	104.22		$	(73.58	)	$	(81.05	)

Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit) upon change in net asset value per Unit)	$	57.83		$	102.68		$	(73.32	)	$	(80.80	)

*	Total return is calculated for each Series of the Fund taken as a whole. An individual’s return may vary from these returns based on the timing of capital transactions.

**	Annualized for periods less than a year.

Financial highlights are calculated for each series taken as a whole. An individual partner’s return, per unit data, and ratios may vary based on the timing of capital transactions.

9.	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 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 $789,304 and $391,805, respectively, at September 30, 2014.

For Series A, gross unrealized gains and losses related to exchange-traded futures were $274,841 and $144,854, respectively, at September 30, 2014.

For Series B, gross unrealized gains and losses related to exchange-traded futures were $514,463 and $246,951, respectively, at September 30, 2014.

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 or security 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 was 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 Merrill Lynch, Pierce, Fenner & Smith Inc.

Superfund Capital Management monitors and attempts to control 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 September 30, 2014. However, due to the nature of the Fund’s business, these instruments may not be held to maturity.

10.

Subscriptions and redemptions

Effective May 1, 2014, the Fund no longer accepts subscriptions.

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 $10,000. Limited Partners must transmit a written request of such redemption 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 the redemption is to be effective. Redemptions will generally be paid within twenty days after the effective date of the 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. As provided in the Partnership Agreement, 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.

11.

Indemnification

In the normal course of business, the Fund enters into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund, and therefore cannot be established; however, based on experience, the risk of loss from such claims is considered remote.

12.

Subsequent events

Superfund Capital Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were filed and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

INTRODUCTION

The Fund commenced the offering of its Units on October 22, 2002. The initial offering terminated on October 31, 2002 and the Fund commenced operations on November 5, 2002. The continuing offering period commenced at the termination of the initial offering period and ended May 1, 2014. Subscription and redemption data is presented for both the Fund, as the SEC registrant, and for Series A and Series B, individually. For the quarter ended September 30, 2014, redemptions totaled $2,246,278 in the Fund. For the quarter ended September 30, 2014, redemptions totaled $730,599 in Series A and $1,515,679 in Series B.

LIQUIDITY

Most U.S. commodity exchanges limit fluctuations in futures contracts prices during a single day by regulations referred to as “daily price fluctuation limits” or “daily limits.” During a single trading day, no trades may be executed at prices beyond the daily limit. This may affect the Fund’s ability to initiate new positions or close existing ones or may prevent it from having orders executed. Futures prices have occasionally moved the daily limit for several consecutive days with little or no trading. Similar occurrences could prevent the Fund from promptly liquidating unfavorable positions and subject the Fund to substantial losses, which could exceed the margin initially committed to such trades. In addition, even if futures prices have not moved the daily limit, the Fund may not be able to execute futures trades at favorable prices if little trading in such contracts is taking place.

Trading in forward contracts introduces a possible further impact on liquidity. Because such contracts are executed “off exchange” between private parties, the time required to offset or “unwind” these positions may be greater than that for regulated instruments. This potential delay could be exacerbated to the extent a counterparty is not a U.S. person.

Other than these limitations on liquidity, which are inherent in the Fund’s futures and forward trading operations, the Fund’s assets are expected to be highly liquid.

CAPITAL RESOURCES

The Fund will raise additional capital only through the sale of Units offered pursuant to the continuing offering and does not intend to raise any capital through borrowings. Due to the nature of the Fund’s business, it will make no capital expenditures and will have no capital assets which are not operating capital or assets.

RESULTS OF OPERATIONS

Three Months Ended September 30, 2014

Series A:

Net results for the quarter ended September 30, 2014 were a gain of 4.9% in net asset value compared to the preceding quarter end. In this period, Series A experienced a net increase in net assets from operations of $498,462. This increase consisted of interest income of $207, trading gains of $704,395, and total expenses of $206,140. Expenses included $49,664 in management fees, $4,027 in operating expenses, $107,380 in selling commissions, $42,697 in brokerage commissions, and $2,372 in other expenses. At September 30, 2014, the net asset value per Unit of Series A was $1,245.07.

Series B:

Net results for the quarter ended September 30, 2014 were a gain of 8.0% in net asset value compared to the preceding quarter end. In this period, Series B experienced a net increase in net assets from operations of $861,190. This increase consisted of interest income of $369, other income of $7, trading gains of $1,105,880, and total expenses of $245,066. Expenses included $53,458 in management fees, $4,334 in operating expenses, $115,585 in selling commissions, $68,254 in brokerage commissions, and $3,435 in other expenses. At September 30, 2014, the net asset value per Unit of Series B was $1,384.70.

Fund results for the 3rd Quarter 2014:

In September, the Fund’s managed futures strategy produced positive returns based primarily on the Fund’s allocations to the currencies, metals and grains markets. The U.S. dollar strengthened to highest level in almost four years as a result of the continued expansion of the U.S. economy. The Fund benefitted from short positions in the Japanese yen and in COMEX gold as both slid throughout the month. The Fund’s long positions in U.S. stock indices produced negative results. These losses were partially offset by the Fund’s long positions in the Tokyo Stock Price Index as increased demand for Japanese exports fuelled Japanese equity markets. The Fund’s short positions in corn futures produced positive returns as the market traced on larger than expected inventories.

In August, the Fund’s managed futures strategy produced strong positive results mainly due to the Fund’s long positions in the bonds and indices markets. The German bund rose throughout the month as German 10-year yields dropped due to inflation. The Fund’s long positions in U.S. stock indices produced positive returns as the S&P500 reached all-time highs after rebounding from an eight week low. The Fund’s allocations to the metals market produced slightly negative results as tensions seemed to ease in the Ukraine. The Fund’s long positions in natural gas gained as hotter weather increased demand.

In July, the Fund’s managed futures strategy produced negative results with losses primarily attributable to the metal, stock index and energy markets. The Fund’s long positions in U.S. stock indices yielded negative returns as the S&P500 declined over two percent in a single day, marking the largest decline in the index since 2012. The Fund’s long positions in gold also produced negative returns as speculators continued to offload gold on concerns that the U.S. Federal Reserve (the “Fed”) may increase interest rates in a bid to fight inflation. The Fund’s short positions in the grains market were favorable, with projected yields for corn expected to reach record levels. The Fund’s long positions in the energy market also produced negative returns as crude oil prices dropped to three month lows.

Three Months Ended June 30, 2014

Series A:

Net results for the quarter ended June 30, 2014, were a loss of 2.3% in net asset value compared to the preceding quarter end. In this period, Series A experienced a net decrease in net assets from operations of $52,030. This decrease consisted of income of $225, trading gains of $179,448 and total expenses of $231,703. Expenses included $54,526 in management fees, $4,422 in operating expenses, $117,894 in selling commissions, $53,967 in brokerage commissions and $894 in other expenses. At June 30, 2014 and December 31, 2013, the net asset value per Unit of Series A was $1,187.24 and $1,215.27, respectively.

Series B:

Net results for the quarter ended June 30, 2014, were a loss of 1.5% in net asset value compared to the preceding quarter end. In this period, Series B experienced a net decrease in net assets from operations of $4,736. This decrease consisted of income of $379, trading gains of $272,413 and total expenses of $277,528. Expenses included $58,899 in management fees, $4,776 in operating expenses, $127,349 in selling commissions, $85,451 in brokerage commissions and $1,053 in other expenses. At June 30, 2014 and December 31, 2013, the net asset value per Unit of Series B was $1,282.02 and $1,300.97 respectively.

Fund results for 2nd Quarter 2014:

In April, the Fund’s managed futures strategy produced negative results, with long positions in U.S. stock indices suffering as the S&P500 retraced from record highs. The Fund’s long positions in U.S. ten-year treasury notes also yielded negative returns. These losses were partially offset by positive performance from the Fund’s long Euro-bund positions. The Fund’s short positions in natural gas and crude oil produced negative results in April as tensions and political crisis in the Ukraine remained high and rising fears that any full-scale armed conflict in the region would disrupt supplies and send oil and gas prices higher. The Fund’s short positions in COMEX gold and silver remained flat as the improving U.S and European economies helped to pressure gold prices.

In May, the Fund’s managed futures strategy produced strong positive performance, mainly due to allocations to the bond, stock index and metal markets. The Fund’s long positions in the CME S&P500 yielded positive returns as the index continued to break all-time highs as manufacturing indices indicated that economic growth would rebound in the second quarter. The Fund’s short positions in COMEX gold and silver also produced strong results as strong U.S. economic data eroded the metal’s “safe-haven” appeal. The Fund’s allocations to currencies produced negative results in May. The Euro tumbled from an almost 2.5-year high as European Central Bank (“ECB”) President Mario Draghi said that it would be open to taking further measures to support the Euro-zone economy. The ECB signal of a potential interest-rate cut has also weighed on the Euro.

In June, the Fund’s managed futures strategy yielded slightly negative results as positions in the bond and metal markets suffered. The Fund’s short positions in COMEX gold lost ground as gold gained amid concerns regarding rising violence in Iraq. The Fund’s allocations to the energy, agricultural and equity markets all produced positive results, helping to partially offset the losses from the Fund’s bond and metal positions. The Fund’s long crude oil positions gained as violence in Iraq escalated, threatening the output of OPEC’s second largest producer. The Fund’s short positions in corn and soybeans gained as corn dropped to a five-month low and soybean experienced its biggest slump in five years as USDA reports showed farmers will plant record acreage. The Fund’s long E-mini S&P500 positions gained as the index continued to break record highs with its sixth straight quarterly gain.

Three Months Ended March 31, 2014

Series A:

Net results for the quarter ended March 31, 2014, were a loss of 1.9% in net asset value compared to the preceding quarter end. In this period, Series A experienced a net decrease in net assets from operations of $234,183. This decrease consisted of

income of $372, trading gains of $58,592 and total expenses of $293,147. Expenses included $58,459 in management fees, $31,599 in ongoing offering expenses, $4,740 in operating expenses, $126,399 in selling commissions, $70,919 in brokerage commissions and $1,031 in other expenses. At March 31, 2014 and December 31, 2013, the net asset value per Unit of Series A was $1,192.66 and $1,215.27, respectively.

Series B:

Net results for the quarter ended March 31, 2014, were a loss of 1.4% in net asset value compared to the preceding quarter end. In this period, Series B experienced a net decrease in net assets from operations of $207,810. This decrease consisted of income of $569, trading gains of $154,871 and total expenses of $363,250. Expenses included $65,138 in management fees, $35,210 in ongoing offering expenses, $5,282 in operating expenses, $140,839 in selling commissions, $115,088 in brokerage commissions and $1,693 in other expenses. At March 31, 2014 and December 31, 2013, the net asset value per Unit of Series B was $1,282.30 and $1,300.97 respectively.

Fund results for 1st Quarter 2014:

In March, the Fund’s managed futures strategy underperformed. The Fund’s bond positions negatively impacted performance as treasuries fell amid hints from the U.S. government of rate increases in 2015. The Fund’s allocations to energy markets also posted losses, as crude fell modestly due to tensions in Ukraine and a drop in Libyan oil production. The Fund’s positions in the metals, grains and agricultural markets, however, yielded positive returns, helping to offset the losses in other sectors. Among these markets, the Fund’s short positions in London Metal Exchange (“LME”) copper profited on concerns that the rising debt in China will curb copper demand. The fund also benefited from long positions soybean meal and cocoa gained amid poor weather conditions in Brazil.

In February, the Fund’s managed futures strategy yielded positive returns in all market groups apart except for metals, currencies and money markets. The Fund’s positions in bonds sector produced positive results as U.S. stocks rallied amid earnings and jobless claims, while German bonds fell as the ECB left interest rates unchanged and refrained from additional stimulus. The Fund’s short positions in silver and gold negatively affected performance as gold made experienced its largest monthly gain since July 2013 after investors and speculators chased prices higher on concerns about the pace of the U.S. economic recovery. The Fund’s long positions in crude oil and natural gas yielded profits as the markets continued to climb as cold weather demand pushed prices up in the first three weeks of the month.

In January, the Fund’s managed futures strategy produced negative results in as positions in the indices and energy sectors underperformed. The Fund’s crude oil positions yielded losses amid speculation that the Fed would curb stimulus measures further following signs of improvement in the U.S. economy. The Fund’s positions in natural gas helped to minimize losses in the energies sector as it rallied throughout the second half of January due to a reported decrease in inventories to its lowest level in almost four years. The Fund’s positions in the metals markets performed poorly as gold and silver continued to rise on increased demand in Asia. The Fund’s allocations to indices also performed negatively as U.S. indices suffered the largest losses since 2012 on fears over emerging markets resulted in significant selloffs.

Three Months Ended September 30, 2013

Series A:

Net results for the quarter ended September 30, 2013 were a loss of 5.9% in net asset value compared to the quarter ending June 30, 2013. In this period, Series A experienced a net decrease in net assets from operations of $887,296. This decrease consisted of interest income of $259, trading losses of $579,917, and total expenses of $307,638. Expenses included $67,985 in management fees, $36,749 in ongoing offering expenses, $5,512 in operating expenses, $146,996 in selling commissions, $48,968 in brokerage commissions, and $1,428 in other expenses. At September 30, 2013, the net asset value per Unit of Series A was $1,163.76.

Series B:

Net results for the quarter ended September 30, 2013 were a loss of 6.3% in net asset value compared to the quarter ending June 30, 2013. In this period, Series B experienced a net decrease in net assets from operations of $1,048,178. This decrease consisted of interest income of $410, other income of $1, trading losses of $674,937, and total expenses of $373,652. Expenses included $75,927 in management fees, $41,041 in ongoing offering expenses, $6,156 in operating expenses, $164,165 in selling commissions, $84,402 in brokerage commissions, and $1,961 in other expenses. At September 30, 2013, the net asset value per Unit of Series B was $1,207.15.

Fund results for the 3^rd Quarter 2013:

The Fund’s managed futures strategy produced negative returns in September. The Fund’s long positions in the energy sector hurt performance as natural gas futures continued to retrace from near three-month highs amid reduced anticipated demand based on U.S. weather forecasts. The Fund’s long positions in the metals markets also underperformed as gold futures tumbled following a report that U.S. jobless claims fell to the lowest level since April 2006. Gold and silver continued to decline on concerns over a possible shutdown of the U.S. government in October. The Fund’s positions in the bonds sector produced favorable returns as Japan’s inflation rate soared to its highest level since 2008.

In August, the Fund’s managed futures strategy underperformed as gold and silver continued their recovery from the previous month on news that U.S. home sales fell below consensus forecast indicating that the Fed will continue its stimulus program. The Fund’s short positions in the grain markets produced negative returns as soybeans rose to a nine-month high. The Fund’s long positions in crude yielded positive returns as prices rose at the end of the month to its highest level since April 2011. Crude’s rally coincided with signs of accelerating economic growth in Europe and the contemplation of Western military action against Syria.

The Fund’s managed futures strategy produced negative returns in July. The Fund’s short positions in the metals and bonds markets suffered as the market weighed the Fed’s next move on monetary stimulus against the prospects for demand amid higher prices. Gold also recovered from a three-year low on news that the Fed would only start phasing out the stimulus once the economy was strong enough to stand on its own. This news allayed fears of imminent cuts to the Fed’s monthly bond purchases. The losses from the Fund’s metals and bond positions was partly offset by gains from the Fund’s long positions in the energy sector as U.S. Energy Information Administration data showed oil inventories feel for a fourth consecutive week.

Three Months Ended June 30, 2013

Series A:

Net results for the quarter ended June 30, 2013, were a gain of 2.8% in net asset value compared to the preceding quarter end. In this period, Series A experienced a net increase in net assets from operations of $479,463. This increase consisted of income of $376, trading gains of $835,069 and total expenses of $355,982. Expenses included $77,822 in management fees, $42,066 in ongoing offering expenses, $6,310 in operating expenses, $168,262 in selling commissions, $59,802 in brokerage commissions and $1,720 in other expenses. At June 30, 2013, the net asset value per Unit of Series A was $1,237.08.

Series B:

Net results for the quarter ended June 30, 2013, were a gain of 2.1% in net asset value compared to the preceding quarter end. In this period, Series B experienced a net increase in net assets from operations of $465,075. This increase consisted of income of $579, trading gains of $900,708 and total expenses of $436,212. Expenses included $87,286 in management fees, $47,181 in ongoing offering expenses, $7,077 in operating expenses, $188,725 in selling commissions, $102,926 in brokerage commissions and $3,017 in other expenses. At June 30, 2013, the net asset value per Unit of Series B was $1,287.96.

Fund results for 2nd Quarter 2013:

The Fund’s managed futures strategy produced negative returns in June, driven primarily by losses from the Fund’s allocation to energies markets as U.S. Department of Energy data showed higher than expected oil inventories. These losses were tempered slightly by gains experienced from the Fund’s metals positions, as gold and silver each dropped to its lowest level in over two years. The Fund’s allocation to the bonds markets also produced positive returns as a rise in the U.S. dollar produced sharp downward pressure on interest rate products.

In May, the Fund’s managed futures strategy yielded disappointing results due primarily to its positions in the bonds and energies sectors. The Fund’s long natural gas positions negatively affected performance amid reports from the U.S. Energy Information Administration of rising inventories. The U.S. Environmental Protection Agency also issued reports downplaying the environmental impact of natural gas fracking. The Fund’s long soybean positions produced sold returns in May as China, the world’s largest soybean consumer, continued to show increased demand.

In April, the Fund’s managed futures strategy posted strong returns amidst high volatility in several key markets. The Fund’s positions in the metals sector generated positive returns, as did its long natural gas positions. The Fund’s allocation to the grains sector suffered in April after the U.S. Department of Agricultures reported that farmers had planted 2 million more acres of corn than expected.

Three Months Ended March 31, 2013

Series A:

Net results for the quarter ended March 31, 2013, were a gain of 6.5% in net asset value compared to the preceding quarter end. In this period, Series A experienced a net increase in net assets from operations of $1,046,039. This increase consisted of income of $380, trading gains of $1,435,642 and total expenses of $389,983. Expenses included $77,736 in management fees, $42,020 in ongoing offering expenses, $6,304 in operating expenses, $168,078 in selling commissions, $92,941 in brokerage commissions and $2,904 in other expenses. At March 31, 2013 and December 31, 2012, the net asset value per Unit of Series A was $1,203.82 and $1,130.49, respectively.

Series B:

Net results for the quarter ended March 31, 2013, were a gain of 10.8% in net asset value compared to the preceding quarter end. In this period, Series B experienced a net increase in net assets from operations of $1,881,402. This increase consisted of income of $493, trading gains of $2,360,728 and total expenses of $479,819. Expenses included $86,446 in management fees, $46,728 in ongoing offering expenses, $7,010 in operating expenses, $186,909 in selling commissions, $148,280 in brokerage commissions and $4,446 in other expenses. At March 31, 2013 and December 31, 2012, the net asset value per Unit of Series B was $1,261.83 and $1,138.65 respectively.

Fund results for 1st Quarter 2013:

In March, the Fund’s managed futures strategy produced positive returns. U.S. stock indices rose for a third consecutive month with the S&P 500 approaching an all-time high, leading to profitable returns for the Fund’s long positions. The Fund’s long positions in European long-term interest rate futures produced significant gains as investors feared the banking crisis in Cyprus could spill over into neighboring economies. Short positions in base metals added to positive returns as markets were pressured by the debt crisis in Europe, slumping Chinese stocks, and the rising U.S. dollar. The Fund also benefited from long natural gas positions as below normal temperatures forecasted for April lifted futures to an 18-month high. Larger than expected U.S. inventories and record projected planting acreage sent Chicago Board of Trade corn to limit down conditions on the last day of trading, resulting in losses for the Fund’s long positions across the grain sector.

The Fund’s managed futures strategy produced positive results in February as unmet expectations for global demand sent commodities lower while unsettling election results in Italy and negative growth renewed European debt concerns. Long positions in equity indices yielded losses for the Fund as European political instability and the slow pace of economic activity again raised concerns over regional finances. The Fund’s long bond positions generated solid returns in treasuries as European debt crisis fears were reignited in reaction to inconclusive Italian election results. Long positions in the money market sector generated favorable returns for the Funds as rising interbank borrowing costs prompted ECB President Mario Draghi to restate the ECB’s readiness to loosen monetary policy, lowering yield expectations. The U.S. dollar strengthened dramatically against a basket of world currencies leading to disappointing results for the Fund’s long positions in counter-currencies. The Fund’s short position in LME aluminum generated healthy returns as anticipated increases in demand had yet to be realized, Chinese production swelled and stockpiles tracked by LME rose for a fifth straight month. After climbing 6% in January, the crude oil complex fell back as the slow pace of recovery across the globe was unable to support a further advance, leading to losses for the Fund’s long positions in the energies sector.

In January, the Fund’s managed futures strategy produced positive returns to start 2013 with gains across multiple market sectors. The Fund’s strategies performed well in global equities as indices reached multi-year highs on growing investor optimism, producing profits for the Fund’s long positions. The Fund’s long positions in base metals produced favorable results with the rebound in the global economy leading to increased industrial demand. Long allocations across the energies sector also generated healthy returns for the Fund as improving global economic conditions lifted demand prospects while unrest across North Africa and the Middle East injected geopolitical risk premium. Growing global economic stability eroded demand for the safety of government securities in January, leading to negative returns for the Fund’s long positions in the bonds sector. Expectations for the removal of excess liquidity from the financial system led to losses for the Fund’s long positions in money market futures.

OFF-BALANCE SHEET RISK

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. The Fund trades in futures and forward contracts and is therefore a party to financial instruments with elements of off-balance sheet market and credit risk. 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 interests positions of the Fund at the same time, and if Superfund Capital Management was unable to offset such positions, the Fund could experience substantial losses. Superfund Capital Management attempts to minimize market risk through real-time monitoring of open positions, diversification of the portfolio and maintenance of a margin-to-equity ratio in all but extreme instances not greater than 50%.

In addition to market risk, in entering into futures and forward contracts, there is a credit risk that a counterparty will not be able to meet its obligations to the Fund. The counterparty for futures contracts traded in the U.S. and on most foreign exchanges is the clearinghouse associated with such exchange. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearinghouse is not backed by the clearing members, like some foreign exchanges, it is normally backed by a consortium of banks or other financial institutions.

OFF-BALANCE SHEET ARRANGEMENTS

The Fund does not engage in off-balance sheet arrangements.

CONTRACTUAL OBLIGATIONS

The Fund does not enter into contractual obligations or commercial commitments to make future payments of a type that would be typical for an operating company. The Fund’s sole business is trading futures, currency, forward and certain swap contracts, both long (contracts to buy) and short (contracts to sell). All such contracts are settled by offset, not delivery. Substantially all such contracts are for settlement within four months of the trade date and substantially all such contracts are held by the Fund for less than four months before being offset or rolled over into new contracts with similar maturities. The financial statements of Series A and Series B each present a condensed schedule of investments setting forth net unrealized appreciation (depreciation) of such Series’ open forward contracts as well as the fair value of the futures contracts purchased and sold by each Series at September 30, 2014 and December 31, 2013.

CRITICAL ACCOUNTING POLICIES – VALUATION OF THE FUND’S POSITIONS

Superfund Capital Management believes that the accounting policies that will be most critical to the Fund’s financial condition and results of operations relate to the valuation of the Fund’s positions. The majority of the Fund’s positions will be exchange-traded futures contracts, which will be valued daily at settlement prices published by the exchanges. Any spot and forward foreign currency or swap contracts held by the Fund will also be valued at published daily settlement prices or at dealers’ quotes. Thus, Superfund Capital Management expects that under normal circumstances substantially all of the Fund’s assets will be valued on a daily basis using objective measures.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

ASU 2013-08

ASU 2011-11

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not required.

ITEM 4.

CONTROLS AND PROCEDURES

Superfund Capital Management, the Fund’s general partner, with the participation of Superfund Capital Management’s principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures with respect to each Series individually, as well as the Fund as a whole, as of the end of the period covered by this quarterly report, and, based on their evaluation, have concluded that these disclosure controls and procedures are effective. There were no formal changes in Superfund Capital Management’s internal controls over financial reporting during the quarter ended September 30, 2014 that have materially affected, or are reasonably likely to materially affect, Superfund Capital Management’s internal control over financial reporting with respect to each Series individually, as well as the Fund as a whole.

The Rule 13a-14(a)/15d-14(a) certifications of the principal executive officer and the principal financial officer included as Exhibits 31.1 and 31.2, respectively, are certifying as to each Series individually, as well as the Fund as a whole.

PART II - OTHER INFORMATION

ITEM 1.

LEGAL PROCEEDINGS

Superfund Capital Management is not aware of any pending legal proceedings to which either the Fund is a party or to which any of its assets are subject. The Fund has no subsidiaries.

ITEM 1A.

RISK FACTORS

Not required.

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

(a)	There were no sales of unregistered securities during the quarter ended September 30, 2014.

(c) Pursuant to the Fund’s Sixth Amended and Restated Limited Partnership Agreement, investors 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 Units that remain outstanding, and Units are not reissued once redeemed.

The following tables summarize the redemptions by investors during the three months ended September 30, 2014:


Series A:
Month	Units Redeemed		NAV per Unit ($)
July 31, 2014		326.444		1,172.06
August 31, 2014		153.592		1,234.05
September 30, 2014		127.308		1,245.07

		607.344


Series B:
Month	Units Redeemed		NAV per Unit ($)
July 31, 2014		511.856		1,254.32
August 31, 2014		421.205		1,362.07
September 30, 2014		216.705		1,384.69

		1,149.766

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4.

MINE SAFETY DISCLOSURE

Not applicable.

ITEM 5.

OTHER INFORMATION

None.

ITEM 6.

EXHIBITS

The following exhibits are included herewith:


31.1		Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer

31.2		Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer

32.1		Section 1350 Certification of Principal Executive Officer

32.2		Section 1350 Certification of Principal Financial Officer

101.INS		XBRL Instance Document

101.SCH		XBRL Taxonomy Extension Schema Document

101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		XBRL Taxonomy Extension Labe Linkbase Document

101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


Date: November 13, 2014	SUPERFUND GREEN, L.P.
	(Registrant)

	By: Superfund Capital Management, Inc. General Partner

	By:	/s/ Nigel James
	Nigel James
	President and Principal Executive Officer

	By:	/s/ Martin Schneider
	Martin Schneider
	Vice President and Principal Financial Officer

EXHIBIT INDEX


Exhibit Number	Description of Document	Page Number

31.1	Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer		E-2

31.2	Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer		E-3

32.1	Section 1350 Certification of Principal Executive Officer		E-4

32.2	Section 1350 Certification of Principal Financial Officer		E-5

E-1

Large Accelerated Filer

Accelerated Filer

Non-Accelerated Filer

¨ (Do not check if a smaller reporting company)

Smaller Reporting Company