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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-K
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the Fiscal Year Ended December 31, 2009
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to
 Commission File Number 000-53764
 SUPERFUND GOLD, L.P.
  DELAWARE
    
    98-0574019 (Series A); 98-0574020 (Series B)(State or other jurisdiction of 
incorporation or organization)
    
    (IRS Employer Identification Number)
 SUPERFUND OFFICE BUILDING 
P.O. BOX 1479
GRAND ANSE 
ST. GEORGES, GRENADA 
WEST INDIES
    
    Not applicable(Address of principal executive offices)
    
    (Zip Code)
 (473) 439-2418
 None
  Units of Limited Partnership Interest
  o þ
  o þ
  þ o
  o o
 o
  Large accelerated filer o
Accelerated filer o
Non-accelerated filer o(do not check if a smaller reporting company)
Smaller reporting company þ  o þ
  Not applicable.




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##### 



TABLE OF CONTENTS
 PART I
    
    
    3ITEM 1. BUSINESS
    
    
    3ITEM 1A. RISK FACTORS
    
    
    4ITEM 1B. UNRESOLVED STAFF COMMENTS
    
    
    4ITEM 2. PROPERTIES
    
    
    4ITEM 3. LEGAL PROCEEDINGS
    
    
    4ITEM 4. (REMOVED AND RESERVED)
    
    
    4PART II
    
    
    4ITEM 5. MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND
ISSUER PURCHASES OF EQUITY SECURITIES
    
    
    4ITEM 6. SELECTED FINANCIAL DATA
    
    
    6ITEM 7. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
    
    
    6ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
    
    
    10ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
    
    
    10ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE
    
    
    10ITEM 9A. CONTROLS AND PROCEDURES
    
    
    10ITEM 9B. OTHER INFORMATION
    
    
    11PART III
    
    
    11ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
    
    
    11ITEM 11. EXECUTIVE COMPENSATION
    
    
    12ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
RELATED STOCKHOLDER MATTERS
    
    
    13ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
    
    
    13ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
    
    
    13PART IV
    
    
    14ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
    
    
    14SIGNATURES
    
    
    35EXHIBIT INDEX
    
    
    36CertificationCertificationCertificationCertificationEX-31.1EX-31.2EX-32.1EX-32.2
  2




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




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Financial Information about Geographic Areas
  
 Item 1A. Risk Factors.
  
 Item 1B. Unresolved Staff Comments.
  
 Item 2. Properties.
  
 Item 3. Legal Proceedings.
  
 Item 4. (Removed and Reserved)
 
 PART II
 
 Item 5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities.
 Market Information
  4




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Holders
  Dividends
  Securities Authorized for Issuance Under Equity Compensation Plans
  Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities
   (1)
    
    The use of proceeds information is being disclosed for Post-Effective
Amendment No.1 to Registration Statement No. 333-151632 declared effective on
November 3, 2009.
 (4)
    
    (iv) As of December 31, 2009, the Fund sold $2,329,296 of Series A-1
Units, $854,734 of Series A-2 Units, $6,340,554 of Series B-1 Units and
$2,468,750 of Series B-2 Units.
    Purchases of Equity Securities by the Issuer and Affiliated Purchasers
    Net Asset ValueMonth
    
    Units Redeemed
    
    per Unit ($)October 31, 2009
    
    
    5.437
    
    
    
    1,017.84November 30, 2009
    
    
    10.723
    
    
    
    1,221.76December 31, 2009
    
    
    0
    
    
    
    1,056.90Total
    
    
    16.160
  Net Asset ValueMonth
    
    Units Redeemed
    
    per Unit ($)October 31, 2009
    
    
    0
    
    
    
    1,067.55November 30, 2009
    
    
    0
    
    
    
    1,282.61December 31, 2009
    
    
    0
    
    
    
    1,111.40Total
    
    
    0
 5




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##### Table of Contents



Net Asset ValueMonth
    
    Units Redeemed
    
    per Unit ($)October 31, 2009
    
    
    0
    
    
    
    822.88November 30, 2009
    
    
    0
    
    
    
    1,100.60December 31, 2009
    
    
    0
    
    
    
    873.68Total
    
    
    0
  Net Asset ValueMonth
    
    Units Redeemed
    
    per Unit ($)October 31, 2009
    
    
    11.887
    
    
    
    832.57November 30, 2009
    
    
    0
    
    
    
    1,115.42December 31, 2009
    
    
    11.151
    
    
    
    886.92Total
    
    
    23.038
 
 Item 6. Selected Financial Data.
  
 Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations.
 Introduction
  Liquidity
    Capital Resources
  6




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Results of Operations
 2009
     th
    7




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rd
     nd
  8




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Off-Balance Sheet Risk
   Off-Balance Sheet Arrangements
  Contractual Obligations
  9




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Critical Accounting Policies  Valuation of the Funds Positions
  Recently Issued Accounting Pronouncements
 ASC 105.10.05
 Generally Accepted Accounting Principles
 ASU 2010-06
 Improving Disclosures about Fair Value Measurements
 
 Item 7A. Quantitative and Qualitative Disclosures about Market risk.
  
 Item 8. Financial Statements and Supplementary Data.
  
 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
  
 Item 9A. Controls And Procedures.
 Controls and Procedures
  Changes in Internal Control over Financial Reporting
  10




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Managements Annual Report on Internal Control over Financial Reporting
  
    
    pertain to the maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the Funds assets;
    
    provide reasonable assurance that transactions are recorded as necessary to permit
preparation of the Funds financial statements in accordance with generally accepted accounting
principles, and that the Funds receipts and expenditures are being made only in accordance with
authorizations of Superfund Capital Managements management and directors; and
    
    provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of the Funds assets that could have a material effect on the
Funds financial statements.
    
 Item 9B. Other Information.
  
 PART III
 
 Item 10. Directors, Executive Officers and Corporate Governance of the Registrant.
 Identification of Directors and Executive Officers
  ,
 ,
 11




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,
 Identification of Certain Significant Employees
  Family Relationships
  Business Experience
  Involvement in Certain Legal Proceedings
  Promoters and Control Persons
  Code of Ethics
  Board of Director Nominees
  Audit Committee Financial Expert
  
 Item 11. Executive Compensation.
  12




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Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder
Matters.
 Securities Authorized for Issuance under Equity Compensation Plan
  Security Ownership of Certain Beneficial Owners
  Security Ownership of Management
  Changes in Control
  
 Item 13. Certain Relationships and Related Transactions, and Director Independence.
  
 Item 14. Principal Accounting Fees and Services.
 Audit Fees
  Audit-Related Fees
  Tax Fees
  All Other Fees
  Pre-Approval Policies
  13




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PART IV
 
 Item 15. Exhibits, Financial Statement Schedules.
 (a)
    
    The Following documents are filed as part of this report:
 (1)
    
    Financial Statements beginning on page 15 hereof.(2)
    
    Financial Statement Schedules:
  (3)
    
    Exhibits as required by Item 601 of Regulation S-K.The following exhibits are included herewith.
 ExhibitNumber
    
    Description of Document31.1
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer31.2
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer32.1
    
    Section 1350 Certification of Principal Executive Officer32.2
    
    Section 1350 Certification of Principal Financial OfficerThe following exhibits are incorporated by reference herein from the exhibit of the same
description and number filed on November 3, 2009, with Post-Effective Amendment No. 1 to Superfund
Gold, L.P.s Registration Statement on Form S-1 (Reg. No. 333-151632).3.02
    
    Form of Second Amended and Restated Limited Partnership Agreement of the Registrant.10.02
    
    Form of Subscription Agreement.The following exhibits are incorporated by reference herein from the exhibit of the same
description and number filed on February 13, 2009, with Amendment No. 3 to Superfund Gold, L.P.s
Registration Statement on Form S-1 (Reg. No. 333-151632).3.01
    
    Certificate of Limited Partnership of the Registrant.10.01
    
    Form of Administration Agreement between the Registrant and the Administrator.
 14




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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
     
 15




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SUPERFUND GOLD, L.P.  SERIES A  STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2009, and December 31, 2008
 December 31, 2009
    
    
    December 31, 2008ASSETSUS Government securities, at fair value
(amortized cost $1,549,939 as of December 31, 2009)
    
    $
    1,549,939
    
    
    $
    Due from brokers
    
    
    1,794,485
    
    
    
    Cash
    
    
    1,739,581
    
    
    
    2,000Total assets
    
    
    5,084,005
    
    
    
    2,000LIABILITIESFutures contracts purchased
    
    
    278,229
    
    
    
    Futures contracts sold
    
    
    3,078
    
    
    
    Subscriptions received in advance
    
    
    1,355,500
    
    
    
    Management fees payable
    
    
    6,463
    
    
    
    Fees payable
    
    
    6,380
    
    
    
    Total liabilities
    
    
    1,649,650
    
    
    
    NET ASSETS
    
    $
    3,434,355
    
    
    $
    2,000Superfund Gold, L.P. Series A-1 Net Assets
    
    $
    2,524,291
    
    
    $
    Number of Units outstanding
    
    
    2,388.395
    
    
    
    Superfund Gold, L.P. Series A-1 Net Asset Value per
Unit
    
    $
    1,056.90
    
    
    $
    Superfund Gold, L.P. Series A-2 Net Assets
    
    $
    910,064
    
    
    $
    Number of Units outstanding
    
    
    818.846
    
    
    
    Superfund Gold, L.P. Series A-2 Net Asset Value per
Unit
    
    $
    1,111.40
    
    
    $
    
  16




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SUPERFUND GOLD, L.P.  SERIES A
CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2009
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due February 25, 2010
(amortized cost $1,549,939), securities are held in margin
accounts as collateral for open futures and forwards
    
    $
    1,550,000
    
    
    
    45.1
    %
    
    $
    1,549,939Futures Contracts, at fair valueFutures Contracts PurchasedCurrency
    
    
    
    
    
    
    (0.4
    )
    
    
    (15,097
    )Energy
    
    
    
    
    
    
    (0.0
    )*
    
    
    (1,336
    )Financial
    
    
    
    
    
    
    (0.3
    )
    
    
    (8,773
    )Food & Fiber
    
    
    
    
    
    
    0.5
    
    
    
    18,003Indices
    
    
    
    
    
    
    0.5
    
    
    
    15,844Metals35 contracts of CMX Gold expiring February 2010
    
    
    
    
    
    
    (6.8
    )
    
    
    (263,040
    )Other
    
    
    
    
    
    
    (1.6
    )
    
    
    (23,830
    )Total Metals
    
    
    
    
    
    
    (8.4
    )
    
    
    (286,870
    )Total futures contracts purchased
    
    
    
    
    
    
    (8.1
    )
    
    
    (278,229
    )Futures Contracts SoldEnergy
    
    
    
    
    
    
    (0.0
    )*
    
    
    (780
    )Financial
    
    
    
    
    
    
    0.0
    *
    
    
    845Food & Fiber
    
    
    
    
    
    
    (0.1
    )
    
    
    (2,063
    )Livestock
    
    
    
    
    
    
    (0.0
    )*
    
    
    (1,080
    )Total futures contracts sold
    
    
    
    
    
    
    (0.1
    )
    
    
    (3,078
    )Total futures contracts, at fair value
    
    
    
    
    
    
    (8.2
    )
    
    
    (281,307
    )Futures contracts by country compositionEuropean Monetary Union
    
    
    
    
    
    
    (0.4
    )
    
    
    (14,015
    )United States
    
    
    
    
    
    
    (8.1
    )
    
    
    (277,640
    )Other
    
    
    
    
    
    
    0.3
    
    
    
    10,348Total futures contracts by country
    
    
    
    
    
    
    (8.2
    )%
    
    $
    (281,307
    )
 
 *
    
    Due to rounding  17




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SUPERFUND GOLD, L.P.  SERIES A
STATEMENT OF OPERATIONS
For the period from April 1, 2009 (commencement of
operations) through December 31, 2009
 Investment income,interest
    
    $
    1,039Total income
    
    $
    1,039ExpensesIncentive fee
    
    
    55,524Management fee
    
    
    34,624Selling commission
    
    
    25,361Brokerage commissions
    
    
    19,190Operating expenses
    
    
    11,541Other
    
    
    294Total expenses
    
    
    146,534Net investment loss
    
    
    (145,495
    )Realized and unrealized gain (loss) on investmentsNet realized gain on futures
and forward contracts
    
    
    695,686Net change in unrealized depreciation
on futures and forward contracts
    
    
    (281,307
    )Net gain on investments
    
    
    414,379Net increase in net assets from operations
    
    $
    268,884Net increase in net assets from operations per Unit
(based upon weighted average number of Units
outstanding during period) for Series A-1
    
    $
    128.07Net increase in net assets from operations per Unit
(based upon change in net asset value per Unit during
period) for Series A-1
    
    $
    137.40Net increase in net assets from operations per Unit
(based upon weighted average number of Units
outstanding during period) for Series A-2
    
    $
    154.06Net increase in net assets from operations per Unit
(based upon change in net asset value per Unit during
period) for Series A-2
    
    $
    191.90
  18




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SUPERFUND GOLD, L.P.  SERIES A  STATEMENT OF CHANGES IN NET ASSETS  For the period from April 1, 2009 (commencement of  operations) through December 31, 2009
 Increase in net assets from operations:Net investment loss
    
    $
    (145,495
    )Net realized gain on futures and forward contracts
    
    
    695,686Net change in unrealized depreciation on futures
and forward contracts
    
    
    (281,307
    )Net increase in net assets from operations
    
    
    268,884Capital share transactionsIssuance of Units
    
    
    3,184,030Redemption of Units
    
    
    (18,559
    )Redemption of non unitized capital balance
    
    
    (2,000
    )Net increase in net assets from capital share transactions
    
    
    3,163,471Net increase in net assets
    
    
    3,432,355Net assets, beginning of period
    
    
    2,000Net assets, end of period
    
    $
    3,434,355Series A-1 Units, beginning of period
    
    
   Issuance of Series A-1 Units
    
    
    2,404.555Redemption of Units
    
    
    (16.160
    )Series A-1 Units, end of period
    
    
    2,388.395Series A-2 Units, beginning of period
    
    
    Issuance of Series A-2 Units
    
    
    818.846Redemption of Units
    
    
    Series A-2 Units, end of period
    
    
    818.846
  19




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SUPERFUND GOLD, L.P.  SERIES A  STATEMENT OF CASH FLOWS  For the period from April 1, 2009 (commencement of  operations) through December 31, 2009
 Cash flows from operating activitiesNet increase in net assets from operations
    
    $
    268,884Adjustments to reconcile net increase in net assets from
operations to net cash used in operating activities:Changes in operating assets and liabilities:Purchases of U.S. government securities
    
    
    (2,799,452
    )Sales and maturities of U.S. government securities
    
    
    1,250,000Amortization of discounts and premiums
    
    
    (487
    )Due from brokers
    
    
    (1,794,485
    )Futures contracts purchased
    
    
    278,229Futures contracts sold
    
    
    3,078Management fees payable
    
    
    6,463Fees payable
    
    
    6,380Net cash used in operating activities
    
    
    (2,781,390
    )Cash flows from financing activitiesSubscriptions, net of change in
subscriptions received in advance
    
    
    4,539,530Redemptions of non unitized initial capital balance
    
    
    (2,000
    )Redemptions, net of redemptions payable
    
    
    (18,559
    )Net cash provided by financing activities
    
    
    4,518,971Net increase in cash
    
    
    1,737,581Cash, beginning of period
    
    
    2,000Cash, end of period
    
    $
    1,739,581
  20




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SUPERFUND GOLD, L.P.  SERIES B  STATEMENTS OF ASSETS AND LIABILITIES  December 31, 2009, and December 31, 2008
 December 31, 2009
    
    
    December 31, 2008ASSETSUS Government securities, at fair value,
(amortized cost $4,449,809 as of December 31, 2009)$
    4,449,809
    
    
    $
    Due from brokers
    
    
    4,506,669
    
    
    
    Unrealized appreciation on open forward contracts
    
    
    81,845
    
    
    
    Cash
    
    
    932,518
    
    
    
    2,000Total assets
    
    
    9,970,841
    
    
    
    2,000LIABILITIESUnrealized depreciation on open forward contracts
    
    
    154,871
    
    
    
    Futures contracts purchased
    
    
    540,745
    
    
    
    Futures contracts sold
    
    
    4,734
    
    
    
    Subscription received in advance
    
    
    508,630
    
    
    
    Redemptions payable
    
    
    9,890
    
    
    
    Management fees payable
    
    
    16,428
    
    
    
    Fees payable
    
    
    15,966
    
    
    
    Total liabilities
    
    
    1,251,264
    
    
    
    NET ASSETS
    
    $
    8,719,577
    
    
    $
    2,000Superfund Gold, L.P. Series B-1 Net Assets
    
    $
    6,268,561
    
    
    $
    Number of Units outstanding
    
    
    7,174.897
    
    
    
    Superfund Gold, L.P. Series B-1 Net Asset
Value per Unit
    
    $
    873.68
    
    
    $
    Superfund Gold, L.P. Series B-2 Net Assets
    
    $
    2,451,016
    
    
    $
    Number of Units outstanding
    
    
    2,763.500
    
    
    
    Superfund Gold, L.P. Series B-2 Net Asset
Value per Unit
    
    $
    886.92
    
    
    $
    
  21




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SUPERFUND GOLD, L.P.  SERIES B  CONDENSED SCHEDULE OF INVESTMENTS  December 31, 2009
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due February 25, 2010
(amortized cost $4,449,809), securities are held in margin
accounts as collateral for open futures and forwards
    
    $
    4,450,000
    
    
    
    51.0
    %
    
    $
    4,449,809Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    0.9
    
    
    
    81,845Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    0.9
    
    
    
    81,845Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (1.7
    )
    
    
    (154,871
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (1.7
    )
    
    
    (154,871
    )Total forward contracts, at fair value
    
    
    
    
    
    
    (0.8
    )
    
    
    (73,026
    )Futures contracts, at fair valueFutures contracts purchasedCurrency
    
    
    
    
    
    
    (0.9
    )
    
    
    (81,589
    )Energy
    
    
    
    
    
    
    0.7
    
    
    
    58,852Financial
    
    
    
    
    
    
    (1.0
    )
    
    
    (85,038
    )Food & Fiber
    
    
    
    
    
    
    1.5
    
    
    
    134,040Indices
    
    
    
    
    
    
    2.8
    
    
    
    241,191Metals104 contracts of CMX Gold expiring February 2010
    
    
    
    
    
    
    (9.3
    )
    
    
    (806,850
    )Other
    
    
    
    
    
    
    (0.0
    )*
    
    
    (1,351
    )Total Metals
    
    
    
    
    
    
    (9.3
    )
    
    
    (808,201
    )Total futures contracts purchased
    
    
    
    
    
    
    (6.2
    )
    
    
    (540,745
    )Futures contracts soldEnergy
    
    
    
    
    
    
    (0.1
    )
    
    
    (4,870
    )Food & Fiber
    
    
    
    
    
    
    (0.2
    )
    
    
    (15,750
    )Indices
    
    
    
    
    
    
    (0.0
    )*
    
    
    (3,170
    )Livestock
    
    
    
    
    
    
    (0.1
    )
    
    
    (8,110
    )Financial
    
    
    
    
    
    
    0.3
    
    
    
    27,166Total futures contracts sold
    
    
    
    
    
    
    (0.1
    )
    
    
    (4,734
    )Total futures contracts, at fair value
    
    
    
    
    
    
    (6.3
    )
    
    
    (545,479
    )Futures and forward contracts by country compositionAustralian
    
    
    
    
    
    
    0.2
    
    
    
    17,853European Monetary Union
    
    
    
    
    
    
    (0.4
    )
    
    
    (31,028
    )Great Britain
    
    
    
    
    
    
    0.2
    
    
    
    14,810Japan
    
    
    
    
    
    
    0.4
    
    
    
    37,973United States
    
    
    
    
    
    
    (7.7
    )
    
    
    (675,828
    )Other
    
    
    
    
    
    
    0.2
    
    
    
    17,715Total futures and forward contracts by country
    
    
    
    
    
    
    (7.1
    )%
    
    $
    (618,505
    )
 
 *
    
    Due to rounding  22




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SUPERFUND GOLD, L.P.  SERIES B  STATEMENT OF OPERATIONS  For the period from April 1, 2009 (commencement of  operations) through December 31, 2009
 Investment income,interest
    
    $
    2,762Total income
    
    $
    2,762ExpensesBrokerage commissions
    
    
    158,980Management fees
    
    
    104,512Selling commission
    
    
    66,576Operating expenses
    
    
    34,838Other
    
    
    2,075Total expenses
    
    
    366,981Net investment loss
    
    
    (364,219
    )Realized and unrealized gain (loss) on investmentsNet realized gain on futures
and forward contracts
    
    
    912,784Net change in unrealized depreciation
on futures and forward contracts
    
    
    (618,505
    )Net gain on investments
    
    
    294,279Net decrease in net assets from operations
    
    $
    (69,940
    )Net decrease in net assets from operations per Unit
(based upon weighted average number of Units
outstanding during period) for Series B-1
    
    $
    (14.49
    )Net decrease in net assets from operations per Unit
(based upon change in net asset value per Unit during
period) for Series B-1
    
    $
    (45.82
    )Net increase in net assets from operations per Unit
(based upon weighted average number of Units
outstanding during period) for Series B-2
    
    $
    1.06Net decrease in net assets from operations per Unit
(based upon change in net asset value per Unit during
period) for Series B-2
    
    $
    (32.58
    )
  23




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##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES B  STATEMENT OF CHANGES IN NET ASSETS  For the period from April 1, 2009 (commencement of  operations) through December 31, 2009
 2009Decrease in net assets from operationsNet investment loss
    
    $
    (364,219
    )Net realized gain on futures and forward contracts
    
    
    912,784Net change in unrealized depreciation on futures and
forward contracts
    
    
    (618,505
    )Net decrease in net assets from operations
    
    
    (69,940
    )Capital share transactionsIssuance of shares
    
    
    8,809,304Redemption of shares
    
    
    (19,787
    )Redemption of non unitized capital balance
    
    
    (2,000
    )Net increase in net assets from capital share transactions
    
    
    8,787,517Net increase in net assets
    
    
    8,717,577Net assets, beginning of period
    
    
    2,000Net assets, end of period
    
    $
    8,719,577Series B-1 Units, beginning of period
    
    
    Issuance of Series B-1 Units
    
    
    7,174.897Redemption of Units
    
    
    Series B-1 Units, end of period
    
    
    7,174.897Series B-2 Units, beginning of period
    
    
    Issuance of Series B-2 Units
    
    
    2,786.537Redemption of Units
    
    
    (23.038
    )Series B-2 Units, end of period
    
    
    2,763.499
  24




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##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES B
STATEMENT OF CASH FLOWS
For the period from April 1, 2009 (commencement of
operations) through December 31, 2009
 Cash flows from operating activitiesNet decrease in net assets from operations
    
    $
    (69,940
    )Adjustments to reconcile net decrease in net assets from
operations to net cash used in operating activities:Changes in operating assets and liabilities:Purchases of U.S. government securities
    
    
    (8,298,311
    )Sales and maturities of U.S. government securities
    
    
    3,850,000Amortization of discounts and premiums
    
    
    (1,498
    )Due from brokers
    
    
    (4,506,669
    )Unrealized appreciation on open forward contracts
    
    
    (81,845
    )Unrealized depreciation on open forward contracts
    
    
    154,871Futures contracts purchased
    
    
    540,745Futures contracts sold
    
    
    4,734Management fee
    
    
    16,428Fees payable
    
    
    15,966Net cash used in operating activities
    
    
    (8,375,519
    )Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    9,317,934Redemptions of non unitized capital balance
    
    
    (2,000
    )Redemptions, net of redemption payable
    
    
    (9,897
    )Net cash provided by financing activities
    
    
    9,306,037Net increase in cash
    
    
    930,518Cash, beginning of year
    
    
    2,000Cash, end of year
    
    $
    932,518
  25




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##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES A AND SERIES B
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
 (1)
    
    Nature of OperationsOrganization and BusinessSuperfund Gold, L.P., a Delaware Limited Partnership (the Fund), commenced operations on April
1, 2009. The Fund was organized to trade speculatively in the United States and international
commodity futures and forwards markets using a strategy developed by Superfund Capital
Management, Inc., the general partner and trading advisor of the Fund (Superfund Capital
Management). The Fund has issued two series of units of limited partnership interest
(Units), each with a subseries, Series A-1/A-2 and Series B-1/B-2 (each a Series). Series
A-1/A-2 and Series B-1/B-2 are traded and managed the same way, with the exception of the degree
of leverage.The term of the Fund commenced on the day on which the Certificate of Limited Partnership was
filed with the Secretary of State of the State of Delaware pursuant to the provisions of the
Delaware Revised Uniform Limited Partnership Act and shall end upon the first to occur of the
following: (i) receipt by Superfund Capital Management of an approval to dissolve the Fund at a
specified time by Limited Partners owning Units representing more than fifty percent (50%) of
the outstanding Units of each Series then owned by Limited Partners of each Series, notice of
which is sent by certified mail return receipt requested to Superfund Capital Management not
less than 90 days prior to the effective date of such dissolution; (ii) withdrawal, insolvency
or dissolution of Superfund Capital Management or any other event that causes Superfund Capital
Management to cease to be the general partner of the Fund, unless (a) at the time of each event
there is at least one remaining general partner of the Fund who carries on the business of the
Fund (and each remaining general partner of the Fund is hereby authorized to carry on the
business of general partner of the Fund in such an event), or (b) within 120 days after such
event Limited Partners of a Series holding a majority of Units of such Series agree in writing
to continue the business of the Fund and such Series and to the appointment, effective as of the
date of such event, of one or more general partners of the Fund and such Series; (iii) a
decline in the aggregate net assets of each Series to less than $500,000 at any time following
commencement of trading in the Series; or (iv) any other event which shall make it unlawful for
the existence of the Fund to be continued or which requires termination of the Fund.
 (2)
    
    Significant Accounting Policies
 (a)
    
    Valuation of Investments in Futures Contracts, Forward Contracts, and U.S Treasury BillsAll commodity interests (including derivative financial instruments and derivative commodity
instruments) are used for trading purposes. The commodity interests are recorded on a trade
date basis and open contracts are recorded in the statements of assets and liabilities at
fair value based upon market quotes on the last business day of the period. Exchange-traded
futures contracts are valued at settlement prices published by the recognized exchange. Any
spot and forward foreign currency contracts held by the Fund will be valued at published
settlement prices or at dealers quotes. The Fund uses the amortized cost method for
valuing the U.S. Treasury Bills due to the short term nature of such investments;
accordingly, the cost of securities plus accreted discount, or minus amortized premium,
approximates fair value.(b)
    
    Translation of Foreign CurrencyAssets and liabilities denominated in foreign currencies are translated into U.S. dollar
amounts at the period end exchange rates. Purchases and sales of investments, and income and
expenses that are denominated in foreign currencies are translated into U.S. dollar amounts
on the transaction date. Adjustments arising from foreign currency transactions are
reflected in the statements of operations.The Fund does not isolate that portion of the results of operations arising from the effect
of changes in foreign exchange rates on investments from fluctuations from changes in market
prices of investments held. Such fluctuations are included in net gain (loss) on investments
in the statements of operations.(c)
    
    Investment Transactions, Investment Income, and ExpensesInvestment transactions are accounted for on a trade-date basis. Interest income and
expenses are recognized on the accrual basis.(d)
    
    Income TaxesThe Fund does not record a provision for U.S. income taxes because the partners report their
share of the Funds income or loss on their returns. The financial statements reflect the
Funds transactions without adjustment, if any, required for income tax purposes.Superfund Capital Management has evaluated the application of Accounting Standards
Codification (ASC) 740 to the Fund, to determine whether or not there are uncertain tax
positions that require financial statement recognition. Based on this evaluation, the Fund
has determined no reserves for uncertain tax position are required to be recorded as a
result of the application of ASC 740. 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 2008 through 2009 tax years generally remain subject to examination
by the U.S. federal and most state tax authorities.
 26




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##### Table of Contents



(e)
    
    Use of EstimatesThe preparation of financial statements in conformity with accounting principles generally
accepted in the U.S. requires Superfund Capital Management to make estimates and
assumptions that affect the amounts reported and disclosed in the financial statements.
Actual results could differ from those estimates.(f)
    
    Recently Issued Accounting PronouncementsASC 105.10.05In June 2009, the Financial Accounting Standards Board (FASB) issued FASB Accounting
Standards Codification (ASC) 105.10.05, Generally Accepted Accounting Principles(ASC
105.10.05). ASC 105.10.05 establishes FASB ASC as the single source of authoritative
generally accepted accounting principles (GAAP). Pursuant to the provisions of ASC
105.10.05, the Fund has adopted 105.10.05 and updated references to GAAP in its financial
statements issued subsequent to September 15, 2009. The adoption of ASC 105.10.05 did not
have any impact on the Funds results of operations, financial condition or cash flows.ASU 2010-06In January 2010, FASB issued Accounting Standards Update No. 2010-06 (ASU 2010-06),
Improving Disclosures about Fair Value Measurements, which, among other things, amends ASC
820 to require entities to separately present purchases, sales, issuances, and settlements
in their reconciliation of Level 3 fair value measurements (i.e. to present such items as
gross basis rather than on a net basis), and which clarifies existing disclosure
requirements provided by ASC 820 regarding the level of disaggregation and the inputs and
valuation techniques used to measure fair value for measurements that fall within either
Level 2 or Level 3 of the fair value hierarchy. ASU 2010-06 is effective for interim and
annual periods beginning after December 15, 2009, except for the disclosures about
purchases, sales, issuances, and settlements in the roll forward of activity in Level 3 fair
value measurements (which are effective for fiscal years beginning after December 15, 2010
and for interim periods within those fiscal years). Superfund Capital Management is
currently evaluating the impact of ASU 2010-06 on the Funds financial statements.(g)
    
    Fair Value MeasurementsThe Fund follows ASC 820, Fair Value Measurements(ASC 820). ASC 820 establishes a fair
value hierarchy that prioritizes the inputs to valuation techniques used to measure fair
value. The hierarchy gives the highest priority to unadjusted quoted prices in active
markets for identical assets or liabilities (level 1 measurements) and the lowest priority
to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy
under ASC 820 are described below:
 Level 1
    
    Unadjusted quoted prices in active markets that are accessible at the measurement date for identical,
unrestricted assets or liabilities.Level 2
    
    Quoted prices in markets that are not considered to be active or financial instruments for which all significant
inputs are observable, either directly or indirectly.Level 3
    
    Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
 A financial instruments level within the fair value hierarchy is based on the lowest level
of any input that is significant to the fair value measurement. In determining fair value,
the Fund separates its financial instruments into two categories: U.S. government securities
and derivative contracts.U.S. Government Securities.The Funds only market exposure in instruments held other than
for trading is in its U.S. Treasury Bill portfolio. As the Fund uses the amortized cost
method for valuing its U.S. Treasury Bill portfolio, which approximates fair value, this
portfolio is classified within level 2 of the fair value hierarchy.Derivative Contracts.Derivative contracts can be exchange-traded or over-the-counter
(OTC). Exchange-traded derivatives typically fall within level 1 or level 2 of the fair
value hierarchy depending on whether they are deemed to be actively traded or not. The Fund
has exposure to exchange-traded derivative contracts through the Funds trading of
exchange-traded futures contracts. The Funds exchange-traded futures contract positions
are valued daily at settlement prices published by the applicable exchanges. In such cases,
provided they are deemed to be actively traded, exchange-traded derivatives are classified
within level 1 of the fair value hierarchy. Less actively traded exchange-traded
derivatives fall within level 2 of the fair value hierarchy.OTC derivatives are valued using market transactions and other market evidence whenever
possible, including market-based inputs to models, model calibration to market-clearing
transactions, broker or dealer quotations, or alternative pricing sources with reasonable
levels of price transparency. Where models are used, the selection of a particular model to
value an OTC derivative
 27




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##### Table of Contents



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 positions are typically classified within level 2 of
the fair value hierarchy.Certain OTC derivatives traded in less liquid markets with limited pricing information, and
the determination of fair value for these derivatives is inherently more difficult. Such
instruments are classified within level 3 of the fair value hierarchy. Where the Fund does
not have corroborating market evidence to support significant model inputs and cannot verify
the model to market transactions, transaction price is initially used as the best estimate
of fair value. Accordingly, when a pricing model is used to value such an instrument, the
model is adjusted so that the model value at inception equals the transaction price. The
valuations of these less liquid OTC derivatives are typically based on level 1 and/or level
2 inputs that can be observed in the market, as well as unobservable level 3 inputs.
Subsequent to initial recognition, the Fund updates the level 1 and level 2 inputs to
reflect observable market changes, with resulting gains and losses reflected within level 3.
Level 3 inputs are only changed when corroborated by evidence such as similar market
transactions, third-party pricing services and/or broker or dealer quotations, or other
empirical market data. In circumstances where the Fund cannot verify the model value to
market transactions, it is possible that a different valuation model could produce a
materially different estimate of fair value. The Fund attempts to avoid holding less
liquid OTC derivatives. However, once held, the market for any particular derivative
contract could become less liquid during the holding period.As of and during the period from April 1, 2009, through December 31, 2009, the Fund held no
derivative contracts valued using level 3 inputs.The following table summarizes the valuation of the Funds assets and liabilities by the ASC
820 fair value hierarchy as of December 31, 2009:
 Series A.
 BalanceDecember 31,2009
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government
securities
    
    $
    1,549,939
    
    
    $
    
    
    
    $
    1,549,939
    
    
    $
    Total Assets
Measured at Fair
Value
    
    $
    1,549,939
    
    
    $
    
    
    
    $
    1,549,939
    
    
    $
    LIABILITIESFutures contracts
purchased
    
    $
    278,229
    
    
    $
    278,229
    
    
    $
    
    
    
    $
    Futures contracts
sold
    
    
    3,078
    
    
    
    3,078Total Liabilities
Measured at Fair
Value
    
    $
    281,307
    
    
    $
    281,307
    
    
    $
    
    
    
    $
    
 Series B.
 BalanceDecember 31,2009
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government securities
    
    $
    4,449,809
    
    
    $
    
    
    
    $
    4,449,809
    
    
    $
    
 28




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##### Table of Contents



BalanceDecember 31,2009
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3Unrealized appreciation on open forward contracts
    
    
    81,845
    
    
    
    
    
    
    
    81,845
    
    
    
    Total Assets Measured at Fair Value
    
    $
    4,531,654
    
    
    $
    
    
    
    $
    4,531,654
    
    
    $
    LIABILITIESUnrealized depreciation on open forward contracts
    
    $
    154,871
    
    
    $
    
    
    
    $
    154,871
    
    
    $
    Futures contracts purchased
    
    
    540,745
    
    
    
    540,745
    
    
    
    
    
    
    
    Futures contracts sold
    
    
    4,734
    
    
    
    4,734
    
    
    
    
    
    
    
    Total Liabilities Measured at Fair Value
    
    $
    700,350
    
    
    $
    545,479
    
    
    $
    154,871
    
    
    $
    
 (3)
    
    Disclosure of derivative instruments and hedging activitiesThe Fund follows ASC 815, Disclosures about Derivative Instruments and Hedging Activities(ASC 815). ASC 815 is intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors
to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entitys results of operations and financial position.Derivative instruments held by the Fund do not qualify as derivative instruments held as hedging instruments, as defined in ASC 815. Instead, the Fund includes derivative instruments in its trading activity. Per the requirements of ASC
815, the Fund discloses the gains and losses on its trading activities for both derivative and nonderivative instruments in the Statement of Operations for each Series.The Fund engages in the speculative trading of forward contracts in currency and futures contracts in a wide range of commodities, including equity markets, interest rates, food and fiber, energy, livestock and metals. ASC 815 requires
entities to recognize all derivatives instruments as either assets or liabilities at fair value in the statement of financial position. Investments in forward contracts and commodity futures contracts are recorded in the Statements of
Assets and Liabilities as unrealized appreciation or depreciation on open forward contracts and futures contracts purchased and futures contracts sold. Since the derivatives held or sold by the Fund are for speculative trading purposes,
the derivative instruments are not designated as hedging instruments under the provisions of ASC 815. Accordingly, all realized gains and losses, as well as any change in net unrealized gains or losses on open positions from the preceding
period, are recognized as part of the Funds trading profits and losses in the Statements of Operations.Superfund Capital Management believes futures and forwards trading activity expressed as a percentage of net assets is indicative of trading activity. Information concerning the fair value of the Funds derivatives held long or sold
short, as well as information related to the annual average volume of the Funds derivative activity, is as follows:Series A:
 As of December 31, 2009Long Positions Gross Unrealized
    
    
    Short Position Gross UnrealizedNetUnrealized% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    Gains (Losses)Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    on OpenGains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Gains
    
    
    assets
    
    
    Losses
    
    
    Assets
    
    
    PositionsCurrency
    
    $
    4,040
    
    
    
    0.1
    
    
    $
    (19,137
    )
    
    
    (0.6
    )
    
    $
    
    
    
    
    
    
    
    $
    
    
    
    
    
    
    
    $
    (15,097
    )Financial
    
    
    9,669
    
    
    
    0.3
    
    
    
    (18,442
    )
    
    
    (0.5
    )
    
    
    1,048
    
    
    
    0.0
    *
    
    
    (203
    )
    
    
    (0.0
    )*
    
    
    (7,928
    )Food & Fiber
    
    
    18,003
    
    
    
    0.5
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,063
    )
    
    
    (0.1
    )
    
    
    15,940Indices
    
    
    15,844
    
    
    
    0.5
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    15,844
 29




---



##### Table of Contents



As of December 31, 2009Long Positions Gross Unrealized
    
    
    Short Position Gross UnrealizedNetUnrealized% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    Gains (Losses)Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    on OpenGains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Gains
    
    
    assets
    
    
    Losses
    
    
    Assets
    
    
    PositionsMetals
    
    
    
    
    
    
    
    
    
    
    (286,870
    )
    
    
    (8.4
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (286,870
    )Livestock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,080
    )
    
    
    (0.0
    )*
    
    
    (1,080
    )Energy
    
    
    
    
    
    
    
    
    
    
    (1,336
    )
    
    
    (0.0
    )*
    
    
    
    
    
    
    
    
    
    
    (780
    )
    
    
    (0.0
    )*
    
    
    (2,116
    )Totals
    
    $
    47,556
    
    
    
    1.4
    
    
    $
    (325,785
    )
    
    
    (9.5
    )
    
    $
    1,048
    
    
    
    0.0
    
    
    $
    (4,126
    )
    
    
    (0.1
    )
    
    $
    (281,307
    )
 
 *
    
    Due to rounding Series A average quarterly contract volume by market sector for the period from April 1, 2009
(commencement of operations), through December 31, 2009:
 Average number
    
    Average numberof Long Contracts
    
    of Short ContractsCurrency
    
    
    11
    
    
    
    3Financial
    
    
    51
    
    
    
    3Food & Fiber
    
    
    2
    
    
    
    2Indices
    
    
    6
    
    
    
    1Metals
    
    
    19
    
    
    
    0Livestock
    
    
    0
    
    
    
    1Energy
    
    
    1
    
    
    
    0Totals
    
    
    90
    
    
    
    10
 Series A trading results by market sector:
 
 Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGains (Losses)
    
    
    Gains (Losses)
    
    
    Gains (Losses)Foreign Exchange
    
    $
    866
    
    
    $
    0
    
    
    $
    866Currency
    
    
    (60,537
    )
    
    
    (15,097
    )
    
    
    (75,634
    )Financial
    
    
    3,784
    
    
    
    (7,928
    )
    
    
    (4,144
    )Food & Fiber
    
    
    (1,397
    )
    
    
    15,940
    
    
    
    14,543Indices
    
    
    (2,096
    )
    
    
    15,844
    
    
    
    13,748Metals
    
    
    751,476
    
    
    
    (286,870
    )
    
    
    464,606Livestock
    
    
    650
    
    
    
    (1,080
    )
    
    
    (430
    )Energy
    
    
    2,940
    
    
    
    (2,116
    )
    
    
    824Total net trading
gains (losses)
    
    $
    695,686
    
    
    $
    (281,307
    )
    
    $
    414,379
 Series B:
 As of December 31, 2009Long Positions Gross Unrealized
    
    
    Short Position Gross UnrealizedNetUnrealized% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    Gains(Losses)Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    on OpenGains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Gains
    
    
    assets
    
    
    Losses
    
    
    Assets
    
    
    PositionsForeignExchange
    
    $
    47,241
    
    
    
    0.5
    
    
    $
    (99,908
    )
    
    
    (1.1
    )
    
    $
    34,604
    
    
    
    0.4
    
    
    $
    (54,963
    )
    
    
    (0.6
    )
    
    $
    (73,026
    )Currency
    
    
    27,880
    
    
    
    0.3
    
    
    
    (109,469
    )
    
    
    (1.3
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (81,589
    )Financial
    
    
    47,959
    
    
    
    0.6
    
    
    
    (132,997
    )
    
    
    (1.5
    )
    
    
    29,427
    
    
    
    0.3
    
    
    
    (2,261
    )
    
    
    (0.0
    )*
    
    
    (57,872
    )Food & Fiber
    
    
    145,658
    
    
    
    1.7
    
    
    
    (11,618
    )
    
    
    (0.1
    )
    
    
    175
    
    
    
    0.0
    *
    
    
    (15,925
    )
    
    
    (0.2
    )
    
    
    118,290Indices
    
    
    246,120
    
    
    
    2.8
    
    
    
    (4,929
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    (3,170
    )
    
    
    (0.0
    )*
    
    
    238,021Metals
    
    
    116,249
    
    
    
    1.3
    
    
    
    (924,450
    )
    
    
    (10.6
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (808,201
    )Livestock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (8,110
    )
    
    
    (0.1
    )
    
    
    (8,110
    )Energy
    
    
    66,202
    
    
    
    0.8
    
    
    
    (7,350
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    (4,870
    )
    
    
    (0.1
    )
    
    
    53,982Totals
    
    $
    697,309
    
    
    
    8.0
    
    
    $
    (1,290,721
    )
    
    
    (14.8
    )
    
    $
    64,206
    
    
    
    0.7
    
    
    $
    (89,299
    )
    
    
    (1.0
    )
    
    $
    (618,505
    )
 
 *
    
    Due to rounding 30




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##### Table of Contents



Series B average quarterly contract volume by market sector for the period from April 1,
2009 (commencement of operations), through December 31, 2009:
 Average
    
    Average
    
    Average value
    
    Average valuenumber of
    
    number of
    
    of Long
    
    of ShortLong Contracts
    
    Short Contracts
    
    Positions
    
    PositionsForeign Exchange
    
    
    18
    
    
    
    10
    
    
    $
    3,006
    
    
    $
    (29,509
    )
 Average
    
    Averagenumber of
    
    number ofLong Contracts
    
    Short ContractsCurrency
    
    
    86
    
    
    
    30Financial
    
    
    412
    
    
    
    20Food & Fiber
    
    
    29
    
    
    
    41Indices
    
    
    69
    
    
    
    19Metals
    
    
    104
    
    
    
    6Livestock
    
    
    0
    
    
    
    18Energy
    
    
    36
    
    
    
    32Totals
    
    
    754
    
    
    
    176
 Series B trading results by market sector:
 For the period from April 1, 2009 (commencement ofoperations), through December 31, 2009Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGains (Losses)
    
    
    Gains (Losses)
    
    
    Gains (Losses)Foreign Exchange
    
    $
    (124,006
    )
    
    $
    (73,026
    )
    
    $
    (197,032
    )Currency
    
    
    (508,655
    )
    
    
    (81,589
    )
    
    
    (590,244
    )Financial
    
    
    111,071
    
    
    
    (57,872
    )
    
    
    53,199Food & Fiber
    
    
    (103,880
    )
    
    
    118,290
    
    
    
    14,410Indices
    
    
    (373,552
    )
    
    
    238,021
    
    
    
    (135,531
    )Metals
    
    
    2,280,710
    
    
    
    (808,201
    )
    
    
    1,472,509Livestock
    
    
    12,850
    
    
    
    (8,110
    )
    
    
    4,740Energy
    
    
    (381,754
    )
    
    
    53,982
    
    
    
    (327,772
    )Total net trading
gains (losses)
    
    $
    912,784
    
    
    $
    (618,505
    )
    
    $
    294,279
 (4)
    
    Due from BrokersDue from brokers consist of proceeds from securities sold. Amounts due from brokers may be
restricted to the extent that they serve as deposits for securities sold short. Amounts due to
brokers represent margin borrowings that are collateralized by certain securities.In the normal course of business, all of the Funds marketable securities transactions, money
balances and marketable security positions are transacted with brokers. The Fund is subject to
credit risk to the extent any broker with whom it conducts business is unable to fulfill
contractual obligations on its behalf. Superfund Capital Management monitors the financial
condition of such brokers and does not anticipate any losses from these counterparties.
 (5)
    
    Allocation of Net Profits and LossesIn accordance with the Second Amended and Restated Limited Partnership Agreement (the Limited
Partnership Agreement), net profits and losses of the Fund are allocated to partners according
to their respective interests in the Fund as of the beginning of each month.Advance subscriptions, if any, represent cash received prior to December 31 for contributions of
the subsequent month and do not participate in the earnings of the Fund until the following
January.
 31




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##### Table of Contents



(6)
    
    Related Party TransactionsSuperfund Capital Management shall be paid a management fee equal to one-twelfth of 2.25% of
month-end net assets (2.25% per annum) and ongoing offering expenses equal to one-twelfth of
0.75% of month-end net assets (0.75% per annum), not to exceed the amount of actual expenses
incurred. In accordance with the Prospectus dated November 3, 2009, included within the
Post-Effective Amendment No. 1 to the Registration Statement on Form S-1 (File No. 333-151632),
Superfund USA, Inc., an entity related to Superfund Capital Management by common ownership
(Superfund USA), shall be paid selling commissions equal to 2% of the month-end net asset
value per Series A-1 Unit and Series B-1 Unit (one-twelfth of 2% per month). These amounts are
included under Selling commissions in the Statements of Operations. However, the maximum
cumulative selling commission per Unit is limited to 10% of the gross offering proceeds of such
Unit.Superfund Capital Management will also be paid a monthly performance fee equal to 25% of any new
appreciation without respect to interest income. Trading losses will be carried forward and no
further performance fee may be paid until the prior losses have been recovered.As of December 31, 2009, Superfund Capital Management owned 1,087.548 Units of Series A,
representing 33.47% of the total issued Units of Series A, and 1,087.548 Units of Series B,
representing 10.88% of the total issued Units of Series B, having a combined value of
$2,099,598.
 (7)
    
    Financial Highlights
  SERIES A-1
    
    
    SERIES A-2Total returnTotal return before incentive fees
    
    
    17.6
    %
    
    
    26.1
    %Incentive fees
    
    
    (2.7
    )%
    
    
    (5.2
    )%Total return after incentive fees
    
    
    14.9
    %
    
    
    20.9
    %Ratio to average partners capital *Operating expenses before incentive fees
    
    
    6.5
    %
    
    
    5.0
    %Incentive fees
    
    
    2.5
    %
    
    
    4.3
    %Total expenses
    
    
    9.0
    %
    
    
    9.3
    %Net investment loss
    
    
    (6.4
    )%
    
    
    (4.9
    )%Net assets value per unit, beginning of period
    
    $
    919.50
    
    
    $
    919.50Net investment loss
    
    
    (73.02
    )
    
    
    (85.14
    )Net gain on investments
    
    
    210.42
    
    
    
    277.04Net asset value per unit, end of period
    
    $
    1,056.90
    
    
    $
    1,111.40Other per Unit information:Net increase in net assets from operations per
Unit (based upon weighted average
Number of Units during period)
    
    $
    128.07
    
    
    $
    154.06Net increase in net assets from operations per
Unit (based upon change in net asset
value per Unit)
    
    $
    137.40
    
    
    $
    191.90
 
 *
    
    Annualized for periods less than a year 32




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##### Table of Contents



SERIES B-1
    
    
    SERIES B-2Total returnTotal return before incentive fees
    
    
    (5.0
    )%
    
    
    (3.5
    )%Incentive fees
    
    
    0.0
    %
    
    
    0.0
    %Total return after incentive fees
    
    
    (5.0
    )%
    
    
    (3.5
    )%Ratio to average partners capital*Operating expenses before incentive fees
    
    
    9.2
    %
    
    
    6.7
    %Incentive fees
    
    
    0.0
    %
    
    
    0.0
    %Total expenses
    
    
    9.2
    %
    
    
    6.7
    %Net investment loss
    
    
    (9.1
    )%
    
    
    (6.6
    )%Net assets value per unit, beginning of period
    
    $
    919.50
    
    
    $
    919.50Net investment loss
    
    
    (61.09
    )
    
    
    (45.00
    )Net gain on investments
    
    
    15.27
    
    
    
    12.42Net asset value per unit, end of period
    
    $
    873.68
    
    
    $
    886.92Other per Unit information:Net increase (decrease) in net assets from operations per Unit (based upon
weighted average
Number of Units during period)
    
    $
    (14.49
    )
    
    $
    1.06Net decrease in net assets from operations per Unit (based upon change in net asset
value per Unit)
    
    $
    (45.82
    )
    
    $
    (32.58
    )
 
 *
    
    Annualized for periods less than a year. 33




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##### Table of Contents



(8)
    
    Financial Instrument RiskIn the normal course of its business, the Fund is party to financial instruments with
off-balance sheet risk, including derivative financial instruments and derivative commodity
instruments. The term off-balance sheet risk refers to an unrecorded potential liability that,
even though it does not appear on the balance sheet, may result in a future obligation or loss.
These financial instruments may include forwards, futures, and options, whose values are based
upon an underlying asset, index, or reference rate, and generally represent future commitments
to exchange currencies or cash flows, to purchase or sell other financial instruments at
specific terms at specific future dates, or, in the case of derivative commodity instruments, to
have a reasonable possibility to be settled in cash, through physical delivery or with another
financial instrument. These instruments may be traded on an exchange or over-the-counter
(OTC). Exchange traded instruments are standardized and include futures and certain option
contracts. OTC contracts are negotiated between contracting parties and include forwards and
certain options. Each of these instruments is subject to various risks similar to those related
to the underlying financial instruments including market and credit risk. In general, the risks
associated with OTC contracts are greater than those associated with exchange traded instruments
because of the greater risk of default by the counter party to an OTC contract.For Series A, gross unrealized gains and losses related to exchange traded futures were $48,604
and $329,911, respectively, at December 31, 2009. There were no gross unrealized gains and
losses related to non-exchange traded forwards for Series A at December 31, 2009.For Series B, gross unrealized gains and losses related to exchange traded futures were $679,670
and $1,225,149, respectively, and gross unrealized gains and losses related to non-exchange
traded forwards were $81,845 and $154,871, respectively, at December 31, 2009.Market risk is the potential for changes in the value of the financial instruments traded by the
Fund due to market changes, including interest and foreign exchange rate movements and
fluctuations in commodity prices. In entering into these contracts, there exists a market risk
that such contracts may be significantly influenced by conditions, such as interest rate
volatility, resulting in such contracts being less valuable. If the markets should move against
all of the futures interest positions at the same time, and Superfund Capital Management is
unable to offset such positions, the Fund could experience substantial losses.Credit risk is the possibility that a loss may occur due to the failure of a counterparty to
perform according to the terms of a contract. Credit risk with respect to exchange-traded
instruments is reduced to the extent that an exchange or clearing organization acts as a
counterparty to the transactions. The Funds risk of loss in the event of counterparty default
is typically limited to the amounts recognized in the statements of assets and liabilities and
not represented by the contract or notional amounts of the instruments. As the Funds assets are
held in segregated accounts with futures commission merchants, the Fund has credit risk and
concentration risk. The Funds futures commission merchants are currently ADM Investor Services,
Inc., Barclays Capital Inc., and Rosenthal Collins Group, L.L.C. Superfund Capital Management monitors and controls the Funds risk exposure on a daily basis
through financial, credit and risk management monitoring systems, and accordingly believes that
it has effective procedures for evaluating and limiting the credit and market risks to which the
Fund is subject. These monitoring systems allow Superfund Capital Management to statistically
analyze actual trading results with risk adjusted performance indicators and correlation
statistics. In addition, on-line monitoring systems provide account analysis of futures and
forward positions by sector, margin requirements, gain and loss transactions, and collateral
positions.The majority of these instruments mature within one year of December 31, 2009. However, due to
the nature of the Funds business, these instruments may not be held to maturity.
 (9)
    
    Subscriptions and RedemptionsInvestors must submit subscriptions at least five business days prior to the applicable
month-end closing date and they will be accepted once payments are received and cleared. All
subscriptions funds are required to be promptly transmitted to the escrow agent, HSBC Bank USA.
Subscriptions must be accepted or rejected by Superfund Capital Management within five business
days of receipt, and the settlement date for the deposit of subscription funds in escrow must be
within five business days of acceptance. No fees or costs will be assessed on any subscription
while held in escrow, irrespective of whether the subscription is accepted or the subscription
funds are returned.A limited partner of a Series may request any or all of his investment in such Series be
redeemed by such Series at the net asset value of a Unit within such Series as of the end of
each month, subject to a minimum redemption of $1,000 and subject further to such limited
partner having an investment in such Series, after giving effect to the requested redemption, at
least equal to the minimum initial investment amount of $5,000. Limited partners must transmit a
written request of such withdrawal to Superfund Capital Management not less than five business
days prior to the end of the month (or such shorter period as permitted by Superfund Capital
Management) as of which redemption is to be effective. Redemptions will generally be paid within
twenty days after the date of redemption. However, in special circumstances, including, but not
limited to, inability to liquidate dealers positions as of a redemption date or default or
delay in payments due to each Series from clearing brokers, banks or other persons or entities,
each Series may in turn delay payment to persons requesting redemption of the proportionate part
of the net assets of each Series represented by the sums that are subject of such default or
delay. In the event that the estimated net asset value per Unit of a Series, or sub-Series
thereof, after adjustments for distributions, as of the close of business on any business day is
less than 50% of the net asset value per Unit of such Series, or sub-Series thereof, as of the
most recent month-end, a special redemption period shall be established. The details of the
special redemption are set forth in Section 12 of the Partnership Agreement.
 (10)
    
    Subsequent eventsSuperfund Capital Management has evaluated the impact of all subsequent events on the Fund
through the date the financial statements were issued and has determined that there were no
subsequent events requiring recognition or disclosure in the financial statements.
 34




---



##### Table of Contents



SUPERFUND GOLD, L.P.
(Registrant)By:
    SUPERFUND CAPITAL MANAGEMENT, INC.General PartnerBy:
    /s/ Nigel JamesNigel JamesPresident  Title withSignature
    
    Superfund Capital Management
    
    Date/s/ Nigel James
    
    President
    
    March 31, 2010Nigel James
    
    (Principal Executive Officer)/s/ Roman Gregorig
    
    Director, Vice President and Audit Committee Financial Expert
    
    March 31, 2010Roman Gregorig
    
    (Principal Financial Officer & Principal Accounting Officer)
  35




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##### Table of Contents



ExhibitNumber
    
    Description of Document31.1
    
    Rule 13a-14(a)/15d -14(a) Certification of Principal Executive Officer31.2
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer32.1
    
    Section 1350 Certification of Principal Executive Officer32.2
    
    Section 1350 Certification of Principal Financial Officer
  3.02
    
    Form of Second Amended and Restated Limited Partnership Agreement of the Registrant.10.02
    
    Form of Subscription Agreement.
  3.01
    
    Certificate of Limited Partnership of the Registrant.10.01
    
    Form of Administration Agreement between the Registrant and the Administrator.
 36