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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-K
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 For the Fiscal Year Ended December 31, 2010
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to
 Commission File Number 000-53764
 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 BUILDINGP.O. BOX 1479GRAND ANSEST. GEORGES, GRENADAWEST 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 oAccelerated filer oNon-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 FACTORSITEM 1B. UNRESOLVED STAFF COMMENTS
    
    
    5ITEM 2. PROPERTIES
    
    
    5ITEM 3. LEGAL PROCEEDINGS
    
    
    5ITEM 4. (REMOVED AND RESERVED)
    
    
    5PART II
    
    
    5ITEM 5. MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES
    
    
    5ITEM 6. SELECTED FINANCIAL DATA
    
    
    6ITEM 7. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
    
    
    6ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
    
    
    15ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
    
    
    15ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
    
    
    15ITEM 9A. CONTROLS AND PROCEDURES
    
    
    16ITEM 9B. OTHER INFORMATION
    
    
    16PART III
    
    
    17ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
    
    
    17ITEM 11. EXECUTIVE COMPENSATION
    
    
    18ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
    
    
    18ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
    
    
    19ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
    
    
    19PART IV
    
    
    19ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
    
    
    19SIGNATURES
    
    
    61EXHIBIT INDEX
    
    
    62EX-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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4




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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.
 (a)
    
    Market Information
  (b)
    
    Holders
  (c)
    
    Dividends
  (d)
    
    Securities Authorized for Issuance Under Equity Compensation Plans
  (e)
    
    Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities
 (A)
    
    There were no sales of unregistered securities during the year ended December 31, 2010.(B)
    
    Updated information required by Item 701(f) of Regulation S-K:
 (1)
    
    The use of proceeds information is being disclosed for
Post-Effective Amendment No.2 to Registration Statement No. 333-151632 declared
effective on August 13, 2010.(4)
    
    (iv) As of December 31, 2010, the Fund sold $8,798,543 of Series
A-1 Units, $2,034,747 of Series A-2 Units, $8,574,908 of Series B-1 Units and
$3,664,611 of Series B-2 Units.(v) As of December 31, 2010, the Fund incurred expenses for the account of the Fund
totaling $2,407,510 of which $2,045,672 was paid to Superfund Capital Management
and $361,838 were paid to Superfund USA.(vi) Net offering proceeds to the Fund as of December 31, 2010 were $20,665,299.(vii) As of December 31, 2010, the amount of net offering proceeds to the Fund for
commodity futures and forward trading in accordance with Superfund Capital
Managements trading program totaled $20,670,613.
 5




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##### Table of Contents



(f)
    
    Purchases of Equity Securities by the Issuer and Affiliated Purchasers
    Net Asset ValueMonth
    
    Units Redeemed
    
    
    per Unit ($)October 31, 2010
    
    
    4.787
    
    
    
    1,436.05November 30, 2010
    
    
    143.101
    
    
    
    1.431.90December 31, 2010
    
    
    27.093
    
    
    
    1,566.65Total
    
    
    174.981
  Net Asset ValueMonth
    
    Units Redeemed
    
    
    per Unit ($)October 31, 2010
    
    
    0.000
    
    
    
    1,527.79November 30, 2010
    
    
    26.434
    
    
    
    1,525.93December 31, 2010
    
    
    0.000
    
    
    
    1,671.00Total
    
    
    26.434
  Net Asset ValueMonth
    
    Units Redeemed
    
    
    per Unit ($)October 31, 2010
    
    
    104.317
    
    
    
    1,197.96November 30, 2010
    
    
    0.000
    
    
    
    1,186.30December 31, 2010
    
    
    143.485
    
    
    
    1,351.22Total
    
    
    247.802
  Net Asset ValueMonth
    
    Units Redeemed
    
    
    per Unit ($)October 31, 2010
    
    
    0.000
    
    
    
    1,236.62November 30, 2010
    
    
    0.815
    
    
    
    1,226.64December 31, 2010
    
    
    0.000
    
    
    
    1,389.80Total
    
    
    0.815
 
 Item 6. Selected Financial Data.
  
 Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations.
 Introduction
  6




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Liquidity
    Capital Resources
  Results of Operations
 2010
     th
  7




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rd
  8




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9




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nd
    10




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st
    11




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2009
     th
   12




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rd
    13




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nd
     Off-Balance Sheet Risk
  14




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Off-Balance Sheet Arrangements
  Contractual Obligations
  Critical Accounting Policies  Valuation of the Funds Positions
  Recently Issued Accounting Pronouncements
 ASU 2010-06
 Improving Disclosures
about Fair Value Measurements Fair Value Measurements and Disclosures
 
 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.
  15




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Item 9A. Controls and Procedures.
 Controls and Procedures
  Changes in Internal Control over Financial Reporting
  Managements Annual Report on Internal Control over Financial Reporting
  
    
    pertain to the maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of each Series individually, as well as the
Fund as a whole;
    
    provide reasonable assurance that transactions are recorded as necessary to permit
preparation of each Series, as well as the Funds, financial statements in accordance with
generally accepted accounting principles, and that the receipts and expenditures of each Series
individually, as well as the Fund as a whole, are being made only in accordance with authorizations
of Superfund Capital Managements management and directors; and
    
    provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of the assets of each Series individually, as well as the Fund as a
whole, that could have a material effect on the Series or the Funds financial statements.
   
 Item 9B. Other Information.
  16




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PART III
 
 Item 10. Directors, Executive Officers and Corporate Governance.
 Identification of Directors and Executive Officers
  ,
 ,
 ,
 ,
 17




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Identification of Certain Significant Employees
  Family Relationships
  Business Experience
  Involvement in Certain Legal Proceedings
  Code of Ethics
  Board of Director Nominees
  Audit Committee Financial Expert
  
 Item 11. Executive Compensation.
  
 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
 Securities Authorized for Issuance under Equity Compensation Plans
  Security Ownership of Certain Beneficial Owners
  18




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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
  
 PART IV
 
 Item 15. Exhibits, Financial Statement Schedules.
 (a)
    
    The Following documents are filed as part of this report:
 (1)
    
    Financial Statements beginning on page 22 hereof.(2)
    
    Financial Statement Schedules:
  (3)
    
    Exhibits as required by Item 601 of Regulation S-K.
 19




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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.
 20




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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
     /s/ DELOITTE & TOUCHE LLPPhiladelphia, PennsylvaniaMarch 31, 2011 21




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SUPERFUND GOLD, L.P.  STATEMENTS OF ASSETS AND LIABILITIES  December 31, 2010 and December 31, 2009
 December 31, 2010
    
    
    December 31, 2009ASSETSUS Government securities, at fair value,
(amortized cost of $9,598,087 and $5,999,748 as of
December 31, 2010, and December 31, 2009, respectively)
    
    $
    9,598,087
    
    
    $
    5,999,748Due from brokers
    
    
    12,805,431
    
    
    
    6,301,154Futures contracts purchased
    
    
    2,832,921
    
    
    
    Unrealized appreciation on open forward contracts
    
    
    224,585
    
    
    
    81,845Cash
    
    
    3,630,425
    
    
    
    2,672,099Due from affiliate
    
    
    5,599
    
    
    
    Total assets
    
    
    29,097,048
    
    
    
    15,054,846LIABILITIESUnrealized depreciation on open forward contracts
    
    
    36,460
    
    
    
    154,871Futures contracts purchased
    
    
    
    
    
    
    818,974Futures contracts sold
    
    
    349,805
    
    
    
    7,812Subscriptions received in advance
    
    
    1,289,417
    
    
    
    1,864,130Incentive fee
    
    
    409,223
    
    
    
    Redemptions payable
    
    
    236,327
    
    
    
    9,890Management fee
    
    
    51,406
    
    
    
    22,891Fees payable
    
    
    49,185
    
    
    
    22,346Total liabilities
    
    
    2,421,823
    
    
    
    2,900,914NET ASSETS
    
    $
    26,675,225
    
    
    $
    12,153,932
  22




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SUPERFUND GOLD, L.P.  CONDENSED SCHEDULE OF INVESTMENTS  December 31, 2010
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due February 24, 2011
(amortized cost $9,598,087), securities are held in margin
accounts as collateral for open futures and forwards
    
    $
    9,600,000
    
    
    
    36.0
    %
    
    $
    9,598,087Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    0.8
    
    
    
    224,585Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    0.8
    
    
    
    224,585Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (0.1
    )
    
    
    (36,460
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (0.1
    )
    
    
    (36,460
    )Total forward contracts, at fair value
    
    
    
    
    
    
    0.7
    
    
    
    188,125Futures contracts, at fair valueFutures contracts purchasedCurrency
    
    
    
    
    
    
    1.9
    
    
    
    484,663Energy
    
    
    
    
    
    
    0.4
    
    
    
    110,783Financial
    
    
    
    
    
    
    0.5
    
    
    
    127,537Food & Fiber
    
    
    
    
    
    
    0.7
    
    
    
    194,250Indices
    
    
    
    
    
    
    0.4
    
    
    
    114,065Livestock
    
    
    
    
    
    
    0.3
    
    
    
    92,460Metals233 contracts of CMX Gold expiring February 2011
    
    
    
    
    
    
    4.0
    
    
    
    1,067,060Other
    
    
    
    
    
    
    2.4
    
    
    
    642,103Total Metals
    
    
    
    
    
    
    6.4
    
    
    
    1,709,163Total futures contracts purchased
    
    
    
    
    
    
    10.6
    
    
    
    2,832,921Futures contracts soldCurrency
    
    
    
    
    
    
    0.1
    
    
    
    33,694Energy
    
    
    
    
    
    
    (0.1
    )
    
    
    (30,980
    )Financial
    
    
    
    
    
    
    (0.1
    )
    
    
    (22,344
    )Indices
    
    
    
    
    
    
    0.1
    
    
    
    23,963Metals
    
    
    
    
    
    
    (1.3
    )
    
    
    (354,138
    )Total futures contracts sold
    
    
    
    
    
    
    (1.3
    )
    
    
    (349,805
    )Total futures contracts, at fair value
    
    
    
    
    
    
    9.3
    
    
    
    2,483,116Futures and forward contracts by country compositionAustralian
    
    
    
    
    
    
    0.0
    *
    
    
    3,134European Monetary Union
    
    
    
    
    
    
    0.3
    
    
    
    81,278Great Britain
    
    
    
    
    
    
    0.3
    
    
    
    72,763Japan
    
    
    
    
    
    
    0.8
    
    
    
    210,666United States
    
    
    
    
    
    
    6.4
    
    
    
    1,729,526Other
    
    
    
    
    
    
    2.2
    
    
    
    573,874Total futures and forward contracts by country
    
    
    
    
    
    
    10.0
    %
    
    $
    2,671,241
 
 *
    
    Due to rounding  23




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SUPERFUND GOLD, L.P.  CONDENSED SCHEDULE OF INVESTMENTS  December 31, 2009
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due February 25, 2010
(amortized cost $5,999,748), securities are held in margin
accounts as collateral for open futures and forwards
    
    $
    6,000,000
    
    
    
    49.4
    %
    
    $
    5,999,748Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    0.7
    
    
    
    81,845Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    0.7
    
    
    
    81,845Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (1.3
    )
    
    
    (154,871
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (1.3
    )
    
    
    (154,871
    )Total forward contracts, at fair value
    
    
    
    
    
    
    (0.6
    )
    
    
    (73,026
    )Futures contracts, at fair valueFutures contracts purchasedCurrency
    
    
    
    
    
    
    (0.8
    )
    
    
    (96,686
    )Energy
    
    
    
    
    
    
    0.5
    
    
    
    57,516Financial
    
    
    
    
    
    
    (0.8
    )
    
    
    (93,811
    )Food & Fiber
    
    
    
    
    
    
    1.3
    
    
    
    152,043Indices
    
    
    
    
    
    
    2.1
    
    
    
    257,035Metals104 contracts of CMX Gold expiring February 2010
    
    
    
    
    
    
    (8.8
    )
    
    
    (1,069,890
    )Other
    
    
    
    
    
    
    (0.2
    )
    
    
    (25,181
    )Total Metals
    
    
    
    
    
    
    (9.0
    )
    
    
    (1,095,071
    )Total futures contracts purchased
    
    
    
    
    
    
    (6.7
    )
    
    
    (818,974
    )Futures contracts soldEnergy
    
    
    
    
    
    
    (0.0)
    *
    
    
    (5,650
    )Food & Fiber
    
    
    
    
    
    
    (0.1
    )
    
    
    (17,813
    )Indices
    
    
    
    
    
    
    (0.0)
    *
    
    
    (3,170
    )Livestock
    
    
    
    
    
    
    (0.1
    )
    
    
    (9,190
    )Financial
    
    
    
    
    
    
    0.2
    
    
    
    28,011Total futures contracts sold
    
    
    
    
    
    
    (0.1
    )
    
    
    (7,812
    )Total futures contracts, at fair value
    
    
    
    
    
    
    (6.8
    )
    
    
    (826,786
    )Futures and forward contracts by country compositionAustralian
    
    
    
    
    
    
    0.1
    
    
    
    17,853European Monetary Union
    
    
    
    
    
    
    (0.4
    )
    
    
    (45,043
    )Great Britain
    
    
    
    
    
    
    0.1
    
    
    
    14,810Japan
    
    
    
    
    
    
    0.3
    
    
    
    37,973United States
    
    
    
    
    
    
    (7.8
    )
    
    
    (953,468
    )Other
    
    
    
    
    
    
    0.2
    
    
    
    28,063Total futures and forward contracts by country
    
    
    
    
    
    
    (7.4)
    %
    
    $
    (899,812
    )
 
 *
    
    Due to rounding  24




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SUPERFUND GOLD, L.P.  STATEMENTS OF OPERATIONS  Year Ended December 31, 2010 and for the period from April 1, 2009  (commencement of operations), through December 31, 2009
 2010
    
    
    2009Investment income,interestInterest income
    
    $
    11,425
    
    
    $
    3,801Other income
    
    
    5,599
    
    
    
    Total income
    
    
    17,024
    
    
    
    3,801ExpensesIncentive fee
    
    
    577,643
    
    
    
    55,524Management fee
    
    
    423,897
    
    
    
    139,136Brokerage commissions
    
    
    475,941
    
    
    
    178,170Selling commission
    
    
    269,901
    
    
    
    91,937Operating expenses
    
    
    141,299
    
    
    
    46,379Other
    
    
    5,314
    
    
    
    2,369Total expenses
    
    
    1,893,995
    
    
    
    513,515Net investment loss
    
    
    (1,876,971
    )
    
    
    (509,714
    )Realized and unrealized gain
(loss) on investmentsNet realized gain on futures and forward
contracts
    
    
    7,170,567
    
    
    
    1,608,470Net change in unrealized appreciation
(depreciation) on futures and forward
contracts
    
    
    3,571,053
    
    
    
    (899,812
    )Net gain on investments
    
    
    10,741,620
    
    
    
    708,658Net increase in net assets from operations
    
    $
    8,864,649
    
    
    $
    198,944
  25




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SUPERFUND GOLD, L.P.
STATEMENTS OF CHANGES IN NET ASSETS
Year Ended December 31, 2010 and for the period from April 1, 2009
(commencement of operations), through December 31, 2009
 2010
    
    
    2009Increase in net assets from operationsNet investment loss
    
    $
    (1,876,971
    )
    
    $
    (509,714
    )Net realized gain on futures and forward contracts
    
    
    7,170,567
    
    
    
    1,608,470Net change in unrealized appreciation (depreciation)
on futures and forward contracts
    
    
    3,571,053
    
    
    
    (899,812
    )Net increase in net assets from operations
    
    
    8,864,649
    
    
    
    198,944Capital share transactionsIssuance of Units
    
    
    11,079,475
    
    
    
    11,993,334Redemption of Units
    
    
    (5,422,831
    )
    
    
    (38,346
    )Redemption of non unitized capital balance
    
    
    
    
    
    
    (4,000
    )Net increase in net assets from capital share transactions
    
    
    5,656,644
    
    
    
    11,950,988Net increase in net assets
    
    
    14,521,293
    
    
    
    12,149,932Net assets, beginning of year
    
    
    12,153,932
    
    
    
    4,000Net assets, end of year
    
    $
    26,675,225
    
    
    $
    12,153,932
  26




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SUPERFUND GOLD, L.P.
STATEMENTS OF CASH FLOWS
Year Ended December 31, 2010 and for the period from April 1, 2009
(commencement of operations), through December 31, 2009
 2010
    
    
    2009Cash flows from operating activitiesNet increase in net assets from operations
    
    $
    8,864,649
    
    
    $
    198,944Adjustments 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
    
    
    (29,290,418
    )
    
    
    (11,097,763
    )Sales and maturities of U.S. government securities
    
    
    25,700,000
    
    
    
    5,100,000Amortization of discounts and premiums
    
    
    (7,921
    )
    
    
    (1,985
    )Due from brokers
    
    
    (6,504,277
    )
    
    
    (6,301,154
    )Due from affiliate
    
    
    (5,599
    )
    
    
    Unrealized appreciation on open forward contracts
    
    
    (142,740
    )
    
    
    (81,845
    )Unrealized depreciation on open forward contracts
    
    
    (118,411
    )
    
    
    154,871Futures contracts purchased
    
    
    (3,651,895
    )
    
    
    818,974Futures contracts sold
    
    
    341,993
    
    
    
    7,812Incentive fee payable
    
    
    409,223
    
    
    
    Management fee
    
    
    28,515
    
    
    
    22,891Fees payable
    
    
    26,839
    
    
    
    22,346Net cash used in operating activities
    
    
    (4,350,042
    )
    
    
    (11,156,909
    )Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    10,504,762
    
    
    
    13,857,464Redemption of non unitized capital balance
    
    
    
    
    
    
    (4,000
    )Redemptions, net of redemption payable
    
    
    (5,196,394
    )
    
    
    (28,456
    )Net cash provided by financing activities
    
    
    5,308,368
    
    
    
    13,825,008Net increase in cash
    
    
    958,326
    
    
    
    2,668,099Cash, beginning of year
    
    
    2,672,099
    
    
    
    4,000Cash, end of year
    
    $
    3,630,425
    
    
    $
    2,672,099
  27




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##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES A
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2010, and December 31, 2009
 December 31, 2010
    
    
    December 31, 2009ASSETSUS Government securities, at fair value
(amortized cost of $4,949,019 and $1,549,939 as of
December 31, 2010, and December 31, 2009, respectively)
    
    $
    4,949,019
    
    
    $
    1,549,939Due from brokers
    
    
    6,513,798
    
    
    
    1,794,485Futures contracts purchased
    
    
    1,271,946
    
    
    
    Unrealized appreciation on open forward contracts
    
    
    95,755
    
    
    
    Cash
    
    
    2,215,532
    
    
    
    1,739,581Due from affiliate
    
    
    5,599
    
    
    
    Total assets
    
    
    15,051,649
    
    
    
    5,084,005LIABILITIESUnrealized depreciation on open forward contracts
    
    
    13,857
    
    
    
    Futures contracts purchased
    
    
    
    
    
    
    278,229Futures contracts sold
    
    
    143,844
    
    
    
    3,078Subscriptions received in advance
    
    
    882,330
    
    
    
    1,355,500Incentive fee
    
    
    198,986
    
    
    
    Redemptions payable
    
    
    42,447
    
    
    
    Management fee
    
    
    26,272
    
    
    
    6,463Fees payable
    
    
    27,222
    
    
    
    6,380Total liabilities
    
    
    1,334,958
    
    
    
    1,649,650NET ASSETS
    
    $
    13,716,691
    
    
    $
    3,434,355Superfund Gold, L.P. Series A-1 Net Assets
    
    $
    10,835,030
    
    
    $
    2,524,291Number of Units outstanding
    
    
    6,916.044
    
    
    
    2,388.395Superfund Gold, L.P. Series A-1 Net Asset Value per Unit
    
    $
    1,566.65
    
    
    $
    1,056.90Superfund Gold, L.P. Series A-2 Net Assets
    
    $
    2,881,661
    
    
    $
    910,064Number of Units outstanding
    
    
    1,724.508
    
    
    
    818.846Superfund Gold, L.P. Series A-2 Net Asset Value per Unit
    
    $
    1,671.00
    
    
    $
    1,111.40
  28




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##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES A
CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2010
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due February 24, 2011
(amortized cost $4,949,019), securities are held in margin
accounts as collateral for open futures and forwards
    
    $
    4,950,000
    
    
    
    36.1
    %
    
    $
    4,949,019Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    0.7
    
    
    
    95,755Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    0.7
    
    
    
    95,755Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (0.1
    )
    
    
    (13,857
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (0.1
    )
    
    
    (13,857
    )Total forward contracts, at fair value
    
    
    
    
    
    
    0.6
    
    
    
    81,898Futures Contracts, at fair valueFutures Contracts PurchasedCurrency
    
    
    
    
    
    
    1.5
    
    
    
    208,888Energy
    
    
    
    
    
    
    0.3
    
    
    
    44,259Financial
    
    
    
    
    
    
    0.4
    
    
    
    55,066Food & Fiber
    
    
    
    
    
    
    0.6
    
    
    
    81,781Indices
    
    
    
    
    
    
    0.4
    
    
    
    46,624Livestock
    
    
    
    
    
    
    0.3
    
    
    
    40,970Metals116 contracts of CMX Gold expiring February 2011
    
    
    
    
    
    
    3.9
    
    
    
    528,140Other
    
    
    
    
    
    
    1.9
    
    
    
    266,218Total Metals
    
    
    
    
    
    
    5.8
    
    
    
    794,358Total futures contracts purchased
    
    
    
    
    
    
    9.3
    
    
    
    1,271,946Futures Contracts SoldCurrency
    
    
    
    
    
    
    0.1
    
    
    
    14,250Energy
    
    
    
    
    
    
    (0.1
    )
    
    
    (12,190
    )Financial
    
    
    
    
    
    
    (0.1
    )
    
    
    (10,607
    )Indices
    
    
    
    
    
    
    0.1
    
    
    
    9,628Metals
    
    
    
    
    
    
    (1.1
    )
    
    
    (144,925
    )Total futures contracts sold
    
    
    
    
    
    
    (1.1
    )
    
    
    (143,844
    )Total futures contracts, at fair value
    
    
    
    
    
    
    8.2
    
    
    
    1,128,102Futures contracts by country compositionAustralia
    
    
    
    
    
    
    0.0
    *
    
    
    1,134European Monetary Union
    
    
    
    
    
    
    0.2
    
    
    
    32,375Great Britain
    
    
    
    
    
    
    0.2
    
    
    
    30,179Japan
    
    
    
    
    
    
    0.7
    
    
    
    92,656United States
    
    
    
    
    
    
    5.9
    
    
    
    808,405Other
    
    
    
    
    
    
    1.8
    
    
    
    245,251Total futures contracts by country
    
    
    
    
    
    
    8.8
    %
    
    $
    1,210,000
 
 *
    
    Due to rounding  29




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##### Table of Contents



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  30




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##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES A  STATEMENTS OF OPERATIONS  Year Ended December 31, 2010 and for the period from April 1, 2009  (commencement of operations), through December 31, 2009
 2010
    
    
    2009Investment incomeInterest income
    
    $
    6,400
    
    
    $
    1,039Other income
    
    
    5,599
    
    
    
    Total income
    
    
    11,999
    
    
    
    1,039ExpensesIncentive fee
    
    
    367,406
    
    
    
    55,524Management fee
    
    
    192,137
    
    
    
    34,624Brokerage commissions
    
    
    160,212
    
    
    
    19,190Selling commission
    
    
    133,361
    
    
    
    25,361Operating expenses
    
    
    64,045
    
    
    
    11,541Other
    
    
    1,444
    
    
    
    294Total expenses
    
    
    918,605
    
    
    
    146,534Net investment loss
    
    
    (906,606
    )
    
    
    (145,495
    )Realized and unrealized gain (loss) on investmentsNet realized gain on futures and forward contracts
    
    
    3,373,625
    
    
    
    695,686Net change in unrealized appreciation (depreciation)
on futures and forward contracts1,491,307
    
    
    
    (281,307
    )Net gain on investments
    
    
    4,864,932
    
    
    
    414,379Net increase in net assets from operations
    
    $
    3,958,326
    
    
    $
    268,884Net increase in net assets from operations per Unit (based upon
weighted average number of Units outstanding during period) for
Series A-1*
    
    $
    586.87
    
    
    $
    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
    
    $
    509.75
    
    
    $
    137.40Net increase in net assets from operations per Unit (based upon
weighted average number of Units outstanding during period) for
Series A-2**
    
    $
    638.10
    
    
    $
    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
    
    $
    559.60
    
    
    $
    191.90
 
 *
    
    Weighted average number of Units outstanding for Series A-1 for the Year Ended December 31, 2010
and for the period from April 1, 2009 (commencement of operations), through December 31, 2009:
5,236.62 and 1,667.50, respectively.**
    
    Weighted average number of Units outstanding for Series A-2 for the Year Ended December 31, 2010
and for the period from April 1, 2009 (commencement of operations), through December 31, 2009:
1,387.08 and 359.14, respectively.  31




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##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES A  STATEMENTS OF CHANGES IN NET ASSETS  Year Ended December 31, 2010 and for the period from April 1, 2009  (commencement of operations), through December 31, 2009
 2010
    
    
    2009Increase in net assets from operations:Net investment loss
    
    $
    (906,606
    )
    
    $
    (145,495
    )Net realized gain on futures and forward contracts
    
    
    3,373,625
    
    
    
    695,686Net change in unrealized appreciation (depreciation) on
futures and forward contracts
    
    
    1,491,307
    
    
    
    (281,307
    )Net increase in net assets from operations
    
    
    3,958,326
    
    
    
    268,884Capital share transactionsIssuance of Units
    
    
    7,649,260
    
    
    
    3,184,030Redemption of Units
    
    
    (1,325,250
    )
    
    
    (18,559
    )Redemption of non unitized capital balance
    
    
    
    
    
    
    (2,000
    )Net increase in net assets from capital share transactions
    
    
    6,324,010
    
    
    
    3,163,471Net increase in net assets
    
    
    10,282,336
    
    
    
    3,432,355Net assets, beginning of period
    
    
    3,434,355
    
    
    
    2,000Net assets, end of period
    
    $
    13,716,691
    
    
    $
    3,434,355Series A-1 Units, beginning of period
    
    
    2,388.395
    
    
    
    Issuance of Series A-1 Units
    
    
    5,507.940
    
    
    
    2,404.555Redemption of Series A-1 Units
    
    
    (980.291
    )
    
    
    (16.160
    )Series A-1 Units, end of period
    
    
    6,916.044
    
    
    
    2,388.395Series A-2 Units, beginning of period
    
    
    818.846
    
    
    
    Issuance of Series A-2 Units
    
    
    978.117
    
    
    
    818.846Redemption of Series A-2 Units
    
    
    (72.455
    )
    
    
    Series A-2 Units, end of period
    
    
    1,724.508
    
    
    
    818.846
  32




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##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES A  STATEMENTS OF CASH FLOWS  Year Ended December 31, 2010 and for the period from April 1, 2009  (commencement of operations), through December 31, 2009
 2010
    
    
    2009Cash flows from operating activitiesNet increase in net assets from operations
    
    $
    3,958,326
    
    
    $
    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
    
    
    (12,895,739
    )
    
    
    (2,799,452
    )Sales and maturities of U.S. government securities
    
    
    9,500,000
    
    
    
    1,250,000Amortization of discounts and premiums
    
    
    (3,341
    )
    
    
    (487
    )Due from brokers
    
    
    (4,719,313
    )
    
    
    (1,794,485
    )Due from affiliate
    
    
    (5,599
    )
    
    
    Unrealized appreciation on open forward contracts
    
    
    (95,755
    )
    
    
    Unrealized depreciation on open forward contracts
    
    
    13,857
    
    
    
    Futures contracts purchased
    
    
    (1,550,175
    )
    
    
    278,229Futures contracts sold
    
    
    140,766
    
    
    
    3,078Incentive fee
    
    
    198,986
    
    
    
    Management fee
    
    
    19,809
    
    
    
    6,463Fees payable
    
    
    20,842
    
    
    
    6,380Net cash used in operating activities
    
    
    (5,417,336
    )
    
    
    (2,781,390
    )Cash flows from financing activitiesSubscriptions, net of change in subscriptions received in
advance
    
    
    7,176,090
    
    
    
    4,539,530Redemptions of non unitized capital balance
    
    
    
    
    
    
    (2,000
    )Redemptions, net of redemptions payable
    
    
    (1,282,803
    )
    
    
    (18,559
    )Net cash provided by financing activities
    
    
    5,893,287
    
    
    
    4,518,971Net increase in cash
    
    
    475,951
    
    
    
    1,737,581Cash, beginning of year
    
    
    1,739,581
    
    
    
    2,000Cash, end of year
    
    $
    2,215,532
    
    
    $
    1,739,581
  33




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##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES B  STATEMENTS OF ASSETS AND LIABILITIES  December 31, 2010 and December 31, 2009
 December 31, 2010
    
    
    December 31, 2009ASSETSUS Government securities, at fair value
(amortized cost of $4,649,068 and $4,449,809 as of
December 31, 2010, and December 31, 2009, respectively)
    
    $
    4,649,068
    
    
    $
    4,449,809Due from brokers
    
    
    6,291,633
    
    
    
    4,506,669Futures contracts purchased
    
    
    1,560,975
    
    
    
    Unrealized appreciation on open forward contracts
    
    
    128,830
    
    
    
    81,845Cash
    
    
    1,414,893
    
    
    
    932,518Total assets
    
    
    14,045,399
    
    
    
    9,970,841LIABILITIESUnrealized depreciation on open forward contracts
    
    
    22,603
    
    
    
    154,871Futures contracts purchased
    
    
    
    
    
    
    540,745Futures contracts sold
    
    
    205,961
    
    
    
    4,734Subscriptions received in advance
    
    
    407,087
    
    
    
    508,630Redemptions payable
    
    
    193,880
    
    
    
    9,890Incentive fee
    
    
    210,237
    
    
    
    Management fee
    
    
    25,134
    
    
    
    16,428Fees payable
    
    
    21,963
    
    
    
    15,966Total liabilities
    
    
    1,086,865
    
    
    
    1,251,264NET ASSETS
    
    $
    12,958,534
    
    
    $
    8,719,577Superfund Gold, L.P. Series B-1 Net Assets
    
    $
    7,815,597
    
    
    $
    6,268,561Number of Units outstanding
    
    
    5,784.122
    
    
    
    7,174.897Superfund Gold, L.P. Series B-1 Net Asset Value per Unit
    
    $
    1,351.21
    
    
    $
    873.68Superfund Gold, L.P. Series B-2 Net Assets
    
    $
    5,142,937
    
    
    $
    2,451,016Number of Units outstanding
    
    
    3,700.480
    
    
    
    2,763.500Superfund Gold, L.P. Series B-2 Net Asset Value per Unit
    
    $
    1,389.80
    
    
    $
    886.92
  34




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##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES B  CONDENSED SCHEDULE OF INVESTMENTS  December 31, 2010
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due February 24, 2011
(amortized cost $4,649,068), securities are held in margin
accounts as collateral for open futures and forwards
    
    $
    4,650,000
    
    
    
    35.9
    %
    
    $
    4,649,068Forward contracts, at fair valueUnrealized appreciation on forward contracts
Currency
    
    
    
    
    
    
    1.0
    
    
    
    128,830Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    1.0
    
    
    
    128,830Unrealized depreciation on forward contracts
Currency
    
    
    
    
    
    
    (0.2
    )
    
    
    (22,603
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (0.2
    )
    
    
    (22,603
    )Total forward contracts, at fair value
    
    
    
    
    
    
    0.8
    
    
    
    106,227Futures contracts, at fair valueFutures contracts purchasedCurrency
    
    
    
    
    
    
    2.1
    
    
    
    275,775Energy
    
    
    
    
    
    
    0.5
    
    
    
    66,524Financial
    
    
    
    
    
    
    0.6
    
    
    
    72,471Food & Fiber
    
    
    
    
    
    
    0.9
    
    
    
    112,469Indices
    
    
    
    
    
    
    0.5
    
    
    
    67,441Livestock
    
    
    
    
    
    
    0.4
    
    
    
    51,490Metals117 contracts of CMX Gold expiring February 2011
    
    
    
    
    
    
    4.2
    
    
    
    538,920Other
    
    
    
    
    
    
    2.9
    
    
    
    375,885Total Metals
    
    
    
    
    
    
    7.1
    
    
    
    914,805Total futures contracts purchased
    
    
    
    
    
    
    12.1
    
    
    
    1,560,975Futures contracts soldCurrency
    
    
    
    
    
    
    0.2
    
    
    
    19,444Energy
    
    
    
    
    
    
    (0.1
    )
    
    
    (18,790
    )Financial
    
    
    
    
    
    
    (0.1
    )
    
    
    (11,737
    )Indices
    
    
    
    
    
    
    0.1
    
    
    
    14,335Metals
    
    
    
    
    
    
    (1.6
    )
    
    
    (209,213
    )Total futures contracts sold
    
    
    
    
    
    
    (1.5
    )
    
    
    (205,961
    )Total futures contracts, at fair value
    
    
    
    
    
    
    10.6
    
    
    
    1,355,014Futures and forward contracts by country compositionAustralian
    
    
    
    
    
    
    0.0
    *
    
    
    2,000European Monetary Union
    
    
    
    
    
    
    0.5
    
    
    
    48,903Great Britain
    
    
    
    
    
    
    0.3
    
    
    
    42,584Japan
    
    
    
    
    
    
    0.9
    
    
    
    118,010United States
    
    
    
    
    
    
    7.1
    
    
    
    921,121Other
    
    
    
    
    
    
    2.6
    
    
    
    328,623Total futures and forward contracts by country
    
    
    
    
    
    
    11.4
    %
    
    $
    1,461,241
 
 *
    
    Due to rounding  35




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##### Table of Contents



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  36




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SUPERFUND GOLD, L.P.  SERIES B  STATEMENTS OF OPERATIONS  Year Ended December 31, 2010 and for the period from April 1, 2009  (commencement of operations), through December 31, 2009
 2010
    
    
    2009Investment income,interest
    
    $
    5,025
    
    
    $
    2,762ExpensesBrokerage commissions
    
    
    315,729
    
    
    
    158,980Management fee
    
    
    231,760
    
    
    
    104,512Incentive fee
    
    
    210,237
    
    
    
    Selling commission
    
    
    136,540
    
    
    
    66,576Operating expenses
    
    
    77,254
    
    
    
    34,838Other
    
    
    3,870
    
    
    
    2,075Total expenses
    
    
    975,390
    
    
    
    366,981Net investment loss
    
    
    (970,365
    )
    
    
    (364,219
    )Realized and unrealized gain
(loss) on investmentsNet realized gain on futures and forward
contracts
    
    
    3,796,942
    
    
    
    912,784Net change in unrealized appreciation (depreciation) on
futures and forward contracts2,079,746
    
    
    
    (618,505
    )Net gain on investments
    
    
    5,876,688
    
    
    
    294,279Net increase (decrease) in net assets from operations
    
    $
    4,906,323
    
    
    $
    (69,940
    )Net increase (decrease) in net assets from operations per Unit
(based upon weighted average number of Units outstanding during
period) for Series B-1*
    
    $
    456.22
    
    
    $
    (14.49
    )Net increase (decrease) in net assets from operations per Unit
(based upon change in net asset value per Unit during period)
for Series B-1
    
    $
    477.53
    
    
    $
    (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**
    
    $
    547.21
    
    
    $
    1.06Net increase (decrease) in net assets from operations per Unit
(based upon change in net asset value per Unit during period)
for Series B-2
    
    $
    502.88
    
    
    $
    (32.58
    )
 
 *
    
    Weighted average number of Units outstanding for Series B-1 for the Year Ended December 31, 2010
and for the period from April 1, 2009 (commencement of operations), through December 31, 2009:
6,793.32 and 4,968.12, respectively.**
    
    Weighted average number of Units outstanding for Series B-2 for the Year Ended December 31, 2010
and for the period from April 1, 2009 (commencement of operations), through December 31, 2009:
3,273.29 and 1,945.21, respectively.  37




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##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES B  STATEMENTS OF CHANGES IN NET ASSETS  Year Ended December 31, 2010 and for the period from April 1, 2009  (commencement of operations), through December 31, 2009
 2010
    
    
    2009Increase (decrease) in net assets from
operationsNet investment loss
    
    $
    (970,365
    )
    
    $
    (364,219
    )Net realized gain on futures and forward
contracts
    
    
    3,796,942
    
    
    
    912,784Net change in unrealized appreciation
(depreciation) on futures and forward
contracts
    
    
    2,079,746
    
    
    
    (618,505
    )Net increase (decrease) in net assets from
operations
    
    
    4,906,323
    
    
    
    (69,940
    )Capital share transactionsIssuance of Units
    
    
    3,430,215
    
    
    
    8,809,304Redemption of Units
    
    
    (4,097,581
    )
    
    
    (19,787
    )Redemption of non unitized capital balance
    
    
    
    
    
    
    (2,000
    )Net increase (decrease) in net assets from
capital share transactions
    
    
    (667,366
    )
    
    
    8,787,517Net increase in net assets
    
    
    4,238,957
    
    
    
    8,717,577Net assets, beginning of period
    
    
    8,719,577
    
    
    
    2,000Net assets, end of period
    
    $
    12,958,534
    
    
    $
    8,719,577Series B-1 Units, beginning of period
    
    
    7,174.897
    
    
    
    Issuance of Series B-1 Units
    
    
    2,402.118
    
    
    
    7,174.897Redemption of Series B-1 Units
    
    
    (3,792.893
    )
    
    
    Series B-1 Units, end of period
    
    
    5,784.122
    
    
    
    7,174.897Series B-2 Units, beginning of period
    
    
    2,763.500
    
    
    
    Issuance of Series B-2 Units
    
    
    1,294.860
    
    
    
    2,786.537Redemption of Series B-2 Units
    
    
    (357.880
    )
    
    
    (23.038
    )Series B-2 Units, end of period
    
    
    3,700.480
    
    
    
    2,763.499
  38




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SUPERFUND GOLD, L.P.  SERIES B  STATEMENTS OF CASH FLOWS  Year Ended December 31, 2010 and for the period from April 1, 2009  (commencement of operations), through December 31, 2009
 2010
    
    
    2009Cash flows from operating activitiesNet increase (decrease) in net assets from operations
    
    $
    4,906,323
    
    
    $
    (69,940
    )Adjustments to reconcile net increase (decrease) in
net assets from operations to net cash provided by
(used in) operating activities:Changes in operating assets and liabilities:Purchases of U.S. government securities
    
    
    (16,394,679
    )
    
    
    (8,298,311
    )Sales and maturities of U.S.
government securities
    
    
    16,200,000
    
    
    
    3,850,000Amortization of discounts and premiums
    
    
    (4,580
    )
    
    
    (1,498
    )Due from brokers
    
    
    (1,784,964
    )
    
    
    (4,506,669
    )Unrealized appreciation on open
forward contracts
    
    
    (46,985
    )
    
    
    (81,845
    )Unrealized depreciation on open
forward contracts
    
    
    (132,268
    )
    
    
    154,871Futures contracts purchased
    
    
    (2,101,720
    )
    
    
    540,745Futures contracts sold
    
    
    201,227
    
    
    
    4,734Incentive fee
    
    
    210,237
    
    
    
    Management fee
    
    
    8,706
    
    
    
    16,428Fees payable
    
    
    5,997
    
    
    
    15,966Net cash provided by (used in) operating activities
    
    
    1,067,294
    
    
    
    (8,375,519
    )Cash flows from financing activitiesSubscriptions, net of change in subscriptions
received in advance
    
    
    3,328,672
    
    
    
    9,317,934Redemptions of non unitized capital balance
    
    
    
    
    
    
    (2,000
    )Redemptions, net of redemption payable
    
    
    (3,913,591
    )
    
    
    (9,897
    )Net cash (used in) provided by financing activities
    
    
    (584,919
    )
    
    
    9,306,037Net increase in cash
    
    
    482,375
    
    
    
    930,518Cash, beginning of year
    
    
    932,518
    
    
    
    2,000Cash, end of year
    
    $
    1,414,893
    
    
    $
    932,518
  39




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##### Table of Contents



SUPERFUND GOLD, L.P., SUPERFUND GOLD, L.P.  SERIES A and SUPERFUND GOLD, L.P.  SERIES B
NOTES TO FINANCIAL STATEMENTS
December 31, 2010
 (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)
    
    Basis of Presentation and Significant Accounting Policies
 (a)
    
    Basis of PresentationPursuant to rules and regulations of the Securities and Exchange Commission (SEC),
audited financial statements are presented for the Fund as a whole, as the SEC
registrant, and for Series A and Series B individually. For the avoidance of doubt, the
debts, liabilities, obligations and expenses incurred, contracted for or otherwise
existing with respect to a particular Series shall be enforceable only against the
assets of such Series and not against the assets of the Fund generally or any other
Series. Accordingly, the assets of one Series of the Fund include only those funds and
other assets that are paid to, held by or distributed to the Fund on account of and for
the benefit of that Series, including, without limitation, funds delivered to the Fund
for the purchase of Units in that Series.(b)
    
    Valuation of Investments in Futures Contracts, Forward Contracts, and U.S Treasury BillsAll commodity interests (including derivative financial instruments and derivative
commodity instruments) are used for trading purposes. The commodity interests are recorded
on a trade date basis and open contracts are recorded in the statements of assets and
liabilities at fair value on the last business day of the period, which represents market
value for those commodity interests for which market quotes are readily available.
Exchange-traded futures contracts are valued at settlement prices published by the
recognized exchange. Any spot and forward foreign currency contracts held by the Fund
will be valued at published settlement prices or at dealers quotes. The Fund uses the
amortized cost method for valuing U.S. Treasury Bills due to the short-term nature of such
instruments; accordingly, the cost of securities plus accreted discount, or minus
amortized premium, approximates fair value (See Section (2)(g)  Fair Value
Measurements).(c)
    
    Translation of Foreign CurrencyAssets and liabilities denominated in foreign currencies are translated into U.S. dollar
amounts at the period end exchange rates. Purchases and sales of investments, and income
and expenses that are denominated in foreign currencies are translated into U.S. dollar
amounts on the transaction date. Adjustments arising from foreign currency transactions
are reflected in the statements of operations.The Fund does not isolate that portion of the results of operations arising from the
effect of changes in foreign exchange rates on investments from fluctuations from changes
in market prices of investments held. Such fluctuations are included in net gain (loss) on
investments in the statements of operations.
 40




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##### Table of Contents



(d)
    
    Investment Transactions, Investment Income, and ExpensesInvestment transactions are accounted for on a trade-date basis. Interest income and
expenses are recognized on the accrual basis.Gains or losses are realized when contracts are liquidated. Unrealized gains and losses on
open contracts (the difference between contract trade price and market price) are reported
in the statements of financial condition as a net gain or loss, as there exists a right of
offset of unrealized gains or losses in accordance with Financial Accounting Standards
Board (FASB) Accounting Standards Codification (ASC) 210-20, Offsetting  Balance
Sheet.(e)
    
    Income TaxesThe Fund does not record a provision for U.S. income taxes because the partners report
their share of the Funds income or loss on their returns. The financial statements
reflect the Funds transactions without adjustment, if any, required for income tax
purposes.Superfund Capital Management has evaluated the application of ASC 740, Income Taxes(ASC
740) to the Fund, to determine whether or not there are uncertain tax positions that
require financial statement recognition. Based on this evaluation, the Fund has determined
no reserves for uncertain tax position are required to be recorded as a result of the
application of ASC 740. The Fund is not aware of any tax positions for which it is
reasonably possible that the total amounts of unrecognized tax benefits will change
materially in the next twelve months. As a result, no income tax liability or expense has
been recorded in the accompanying financial statements. The Fund files federal and various
state tax returns. The 2008 through 2010 tax years generally remain subject to examination
by the U.S. federal and most state tax authorities.(f)
    
    Use of EstimatesThe preparation of financial statements in conformity with U.S. GAAP requires 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.(g)
    
    Recently Issued Accounting PronouncementsASU 2010-06In January 2010, FASB issued Accounting Standards Update No. 2010-06 (ASU 2010-06),
Improving Disclosures about Fair Value Measurements, which, among other things, amends ASC
820, Fair Value Measurements, to require entities to separately present purchases, sales,
issuances, and settlements in their reconciliation of Level 3 fair value measurements
(i.e. to present such items as gross basis rather than on a net basis), and which
clarifies existing disclosure requirements provided by ASC 820 regarding the level of
disaggregation and the inputs and valuation techniques used to measure fair value for
measurements that fall within either Level 2 or Level 3 of the fair value hierarchy. ASU
2010-06 is effective for interim and annual periods beginning after December 15, 2009,
except for the disclosures about purchases, sales, issuances, and settlements in the roll
forward of activity in Level 3 fair value measurements (which are effective for fiscal
years beginning after December 15, 2010 and for interim periods within those fiscal
years). The Fund has adopted ASU 2010-06 effective for reporting periods beginning after
December 15, 2009. The adoption of ASU 2010-06 did not have any impact on the Funds
results of operations, financial condition or cash flows, as the Fund has not had any
transfers in or out of Level 1 or 2 categories, nor does it hold Level 3 assets or
liabilities. The Fund does not anticipate the amendments effective for fiscal years
beginning after December 15, 2010 to have an impact on the Funds results of operations,
financial condition or cash flows since the ASU impacts disclosure items only.(h)
    
    Fair Value MeasurementsThe Fund follows ASC 820, Fair Value Measurements and Disclosures(ASC 820). ASC 820
establishes a fair value hierarchy that prioritizes the inputs to valuation techniques
used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted
prices in active markets for identical assets or liabilities (level 1 measurements) and
the lowest priority to unobservable inputs (level 3 measurements). The three levels of
the fair value hierarchy under ASC 820 are described below:
 Level 1
    
    Unadjusted quoted prices in active markets that are accessible at
the measurement date for identical, unrestricted assets or
liabilities.Level 2
    
    Quoted prices in markets that are not considered to be active or
financial instruments for which all significant inputs are
observable, either directly or indirectly.
 41




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##### Table of Contents



Level 3
    
    Prices or valuations that require inputs that are both significant
to the fair value measurement and unobservable.
 A financial instruments level within the fair value hierarchy is based on the lowest
level of any input that is significant to the fair value measurement. In determining fair
value, the Fund separates its financial instruments into two categories: U.S. government
securities and derivative contracts.U.S. Government Securities.The Funds only market exposure in instruments held other
than for trading is in its U.S. Treasury Bill portfolio. As the Fund uses the amortized
cost method for valuing its U.S. Treasury Bill portfolio, which approximates fair value,
this portfolio is classified within level 2 of the fair value hierarchy.Derivative Contracts.Derivative contracts can be exchange-traded or over-the-counter
(OTC). Exchange-traded derivatives typically fall within level 1 or level 2 of the fair
value hierarchy depending on whether they are deemed to be actively traded or not. The
Fund has exposure to exchange-traded derivative contracts through the Funds trading of
exchange-traded futures contracts. The Funds exchange-traded futures contract positions
are valued daily at settlement prices published by the applicable exchanges. In such
cases, provided they are deemed to be actively traded, exchange-traded derivatives are
classified within level 1 of the fair value hierarchy. Less actively traded
exchange-traded derivatives fall within level 2 of the fair value hierarchy.OTC derivatives are valued using market transactions and other market evidence whenever
possible, including market-based inputs to models, model calibration to market-clearing
transactions, broker or dealer quotations, or alternative pricing sources with reasonable
levels of price transparency. Where models are used, the selection of a particular model
to value an OTC derivative depends upon the contractual terms of, and specific risks
inherent in, the instrument as well as the availability of pricing information in the
market. For OTC derivatives that trade in liquid markets, such as generic forwards and
swaps, 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 year ended December 31, 2010 and for the period from April 1, 2009
(commencement of operations) through December 31, 2009, the Fund held no derivative
contracts valued using level 3 inputs.
 42




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##### Table of Contents



The following table summarizes the valuation of the Funds assets and liabilities by the
ASC 820 fair value hierarchy as of December 31, 2010:
 Superfund Gold, L.P.
 BalanceDecember 31,2010
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government securities
    
    $
    9,598,087
    
    
    $
    
    
    
    $
    9,598,087
    
    
    $
    Unrealized appreciation on open forward contracts
    
    
    224,585
    
    
    
    
    
    
    
    224,585
    
    
    
    Futures contracts purchased
    
    
    2,832,921
    
    
    
    2,832,921
    
    
    
    
    
    
    
    Total Assets Measured at Fair Value
    
    $
    12,655,593
    
    
    $
    2,832,921
    
    
    $
    9,822,672
    
    
    $
    LIABILITIESUnrealized depreciation on open forward contracts
    
    $
    36,460
    
    
    $
    
    
    
    $
    36,460
    
    
    $
    Futures contracts sold
    
    
    349,805
    
    
    
    349,805
    
    
    
    
    
    
    
    Total Liabilities Measured at Fair Value
    
    $
    386,265
    
    
    $
    349,805
    
    
    $
    36,460
    
    
    $
    
 Superfund Gold, L.P.  Series A
 BalanceDecember 31,2010
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government securities
    
    $
    4,949,019
    
    
    $
    
    
    
    $
    4,949,019
    
    
    $
    Unrealized appreciation on open forward contracts
    
    
    95,755
    
    
    
    
    
    
    
    95,755
    
    
    
    Futures contracts purchased
    
    
    1,271,946
    
    
    
    1,271,946
    
    
    
    
    
    
    
    Total Assets Measured at Fair Value
    
    $
    6,316,720
    
    
    $
    1,271,946
    
    
    $
    5,044,774
    
    
    $
    LIABILITIESUnrealized depreciation on open forward contracts
    
    $
    13,857
    
    
    $
    
    
    
    $
    13,857
    
    
    $
    Futures contracts sold
    
    
    143,844
    
    
    
    143,844
    
    
    
    
    
    
    
    Total Liabilities Measured at Fair Value
    
    $
    157,701
    
    
    $
    143,844
    
    
    $
    13,857
    
    
    $
    
 Superfund Gold, L.P.  Series B
 BalanceDecember 31,2010
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government securities
    
    $
    4,649,068
    
    
    $
    
    
    
    $
    4,649,068
    
    
    $
    Unrealized appreciation on open forward contracts
    
    
    128,830
    
    
    
    
    
    
    
    128,830
    
    
    
    Futures contracts purchased
    
    
    1,560,975
    
    
    
    1,560,975
    
    
    
    
    
    
    
    Total Assets Measured at Fair Value
    
    $
    6,338,873
    
    
    $
    1,560,975
    
    
    $
    4,777,898
    
    
    $
    LIABILITIESUnrealized depreciation on open forward contracts
    
    $
    22,603
    
    
    $
    
    
    
    $
    22,603
    
    
    $
    Futures contracts sold
    
    
    205,961
    
    
    
    205,961
    
    
    
    
    
    
    
    Total Liabilities Measured at Fair Value
    
    $
    228,564
    
    
    $
    205,961
    
    
    $
    22,603
    
    
    $
    
 43




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##### Table of Contents



Superfund Gold, L.P.
 BalanceDecember 31,2009
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government securities
    
    $
    5,999,748
    
    
    $
    
    
    
    $
    5,999,748
    
    
    $
    Unrealized appreciation on open forward contracts
    
    
    81,845
    
    
    
    
    
    
    
    81,845
    
    
    
    Total Assets Measured at Fair Value
    
    $
    6,081,593
    
    
    $
    
    
    
    $
    6,081,593
    
    
    $
    LIABILITIESUnrealized depreciation on open forward contracts
    
    $
    154,871
    
    
    $
    
    
    
    $
    154,871
    
    
    $
    Futures contracts purchased
    
    
    818,974
    
    
    
    818,974
    
    
    
    
    
    
    
    Futures contracts sold
    
    
    7,812
    
    
    
    7,812
    
    
    
    
    
    
    
    Total Liabilities Measured at Fair Value
    
    $
    981,657
    
    
    $
    826,786
    
    
    $
    154,871
    
    
    $
    
 Superfund Gold, L.P.  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
    
    
    
    3,078
    
    
    
    
    
    
    
    Total Liabilities Measured at Fair Value
    
    $
    281,307
    
    
    $
    281,307
    
    
    $
    
    
    
    $
    
 Superfund Gold, L.P.  Series B
 BalanceDecember 31,2009
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government securities
    
    $
    4,449,809
    
    
    $
    
    
    
    $
    4,449,809
    
    
    $
    Unrealized 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
 44




---



##### Table of Contents



discloses the gains and
losses on its trading activities for both derivative and nonderivative instruments in the
Statement of Operations for each Series.
 The Fund engages in the speculative trading of forward contracts in currency and futures
contracts in a wide range of commodities, including equity markets, interest rates, food and
fiber, energy, livestock and metals. ASC 815 requires entities to recognize all derivatives
instruments as either assets or liabilities at fair value in the statement of financial
position. Investments in forward contracts and commodity futures contracts are recorded in the
Statements of Assets and Liabilities as unrealized appreciation or depreciation on open
forward contracts and futures contracts purchased and futures contracts sold. Since the
derivatives held or sold by the Fund are for speculative trading purposes, the derivative
instruments are not designated as hedging instruments under the provisions of ASC 815.
Accordingly, all realized gains and losses, as well as any change in net unrealized gains or
losses on open positions from the preceding period, are recognized as part of the Funds
trading profits and losses in the Statements of Operations.Superfund Capital Management believes futures and forward trading activity expressed as a
percentage of net assets is indicative of trading activity. Information concerning the fair
value of the Funds derivatives held long or sold short, as well as information related to the
annual average volume of the Funds derivative activity, is as follows:
 Superfund Gold, L.P.
  Statement of Assets
    
    
    Asset Derivatives
    
    
    Liabilityand Liabilities
    
    
    at December 31,
    
    
    Derivatives atType of Instrument
    
    Location
    
    
    2010
    
    
    December 31, 2010
    
    
    NetForeign exchange contracts
    
    Unrealized appreciation on open forward contracts
    
    $
    224,585
    
    
    $
    
    
    
    $
    224,585Foreign exchange contracts
    
    Unrealized depreciation on open forward contracts
    
    
    
    
    
    
    (36,460
    )
    
    
    (36,460
    )Futures contracts
    
    Futures contracts purchased
    
    
    2,832,921
    
    
    
    
    
    
    
    2,832,921Futures contracts
    
    Futures contracts sold
    
    
    
    
    
    
    (349,805
    )
    
    
    (349,805
    )Totals
    
    
    
    
    
    $
    3,057,506
    
    
    $
    (386,265
    )
    
    $
    2,671,241
  Statement of Assets
    
    
    Asset Derivatives
    
    
    Liabilityand Liabilities
    
    
    at December 31,
    
    
    Derivatives atType of Instrument
    
    Location
    
    
    2009
    
    
    December 31, 2009
    
    
    NetForeign exchange contracts
    
    Unrealized appreciation on open forward contracts
    
    $
    81,845
    
    
    $
    81,845
    
    
    $
    81,845Foreign exchange contracts
    
    Unrealized depreciation on open forward contracts
    
    
    
    
    
    
    (154,871
    )
    
    
    (154,871
    )Futures contracts
    
    Futures contracts purchased
    
    
    
    
    
    
    (818,974
    )
    
    
    (818,974
    )Futures contracts
    
    Futures contracts sold
    
    
    
    
    
    
    (7,812
    )
    
    
    (7,812
    )Totals
    
    
    
    
    
    $
    81,845
    
    
    $
    (981,657
    )
    
    $
    (899,812
    )
 45




---



##### Table of Contents



Net Change inDerivatives not
    
    
    
    
    
    
    
    Unrealized AppreciationDesignated as Hedging
    
    Location of Gain (Loss) on
    
    Net Realized Gain on
    
    
    (Depreciation) onInstruments under ASC
    
    Derivatives Recognized in
    
    Derivatives Recognized in
    
    
    Derivatives Recognized815
    
    Income
    
    Income
    
    
    in IncomeForeign exchange contracts
    
    Net realized and unrealized gain on futures and forward contracts
    
    $
    35,721
    
    
    $
    261,151Futures contracts
    
    Net realized and unrealized gain on futures and forward contracts
    
    
    7,134,846
    
    
    
    3,309,902Total
    
    
    
    $
    7,170,567
    
    
    $
    3,571,053
  Net Change inDerivatives not
    
    
    
    
    
    
    
    Unrealized AppreciationDesignated as Hedging
    
    Location of Gain (Loss) on
    
    Net Realized Gain on
    
    
    (Depreciation) onInstruments under
    
    Derivatives Recognized in
    
    Derivatives Recognized in
    
    
    Derivatives RecognizedASC 815
    
    Income
    
    Income
    
    
    in IncomeForeign exchange contracts
    
    Net realized and unrealized loss on futures and forward contracts
    
    $
    (123,140
    )
    
    $
    (73,026
    )Futures contracts
    
    Net realized and unrealized gain (loss) on futures and forward contracts
    
    
    1,731,610
    
    
    
    (826,786
    )Total
    
    
    
    $
    1,608,470
    
    
    $
    (899,812
    )
  As of December 31, 2010Long Positions Gross Unrealized
    
    
    Short Positions Gross Unrealized% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    Net UnrealizedNet
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    Gains onGains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Gains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Open PositionsForeign Exchange
    
    $
    193,612
    
    
    
    0.7
    
    
    $
    (14,156
    )
    
    
    (0.1
    )
    
    $
    30,974
    
    
    
    0.1
    
    
    
    (22,305
    )
    
    
    (0.1
    )
    
    $
    188,125Currency
    
    
    484,663
    
    
    
    1.8
    
    
    
    
    
    
    
    
    
    
    
    53,250
    
    
    
    0.2
    
    
    
    (19,556
    )
    
    
    (0.1
    )
    
    
    518,357Financial
    
    
    135,655
    
    
    
    0.5
    
    
    
    (8,118
    )
    
    
    (0.0
    )*
    
    
    6,771
    
    
    
    0.0
    *
    
    
    (29,115
    )
    
    
    (0.1
    )
    
    
    105,193Food & Fiber
    
    
    195,205
    
    
    
    0.7
    
    
    
    (955
    )
    
    
    (0.0
    )*
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    194,250Indices
    
    
    207,408
    
    
    
    0.8
    
    
    
    (93,343
    )
    
    
    (0.3
    )
    
    
    23,963
    
    
    
    0.1
    
    
    
    
    
    
    
    
    
    
    
    138,028Metals
    
    
    1,715,408
    
    
    
    6.4
    
    
    
    (6,245
    )
    
    
    (0.0
    )*
    
    
    
    
    
    
    
    
    
    
    (354,138
    )
    
    
    (1.3
    )
    
    
    1,355,025Livestock
    
    
    92,610
    
    
    
    0.3
    
    
    
    (150
    )
    
    
    (0.0
    )*
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    92,460Energy
    
    
    134,619
    
    
    
    0.5
    
    
    
    (23,836
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    (30,980
    )
    
    
    (0.1
    )
    
    
    79,803Totals
    
    $
    3,159,180
    
    
    
    11.7
    
    
    $
    (146,803
    )
    
    
    (0.5
    )
    
    $
    114,958
    
    
    
    0.4
    
    
    $
    (456,094
    )
    
    
    (1.7
    )
    
    $
    2,671,241
 
 *
    
    Due to rounding 46




---



##### Table of Contents



As of December 31, 2009Long Positions Gross Unrealized
    
    
    Short Positions Gross Unrealized% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    Net UnrealizedNet
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    Gains (Losses) onGains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Gains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Open PositionsForeign Exchange
    
    $
    47,241
    
    
    
    0.4
    
    
    $
    (99,908
    )
    
    
    (0.8
    )
    
    $
    34,604
    
    
    
    0.3
    
    
    $
    (54,963
    )
    
    
    (0.5
    )
    
    $
    (73,026
    )Currency
    
    
    31,920
    
    
    
    0.3
    
    
    
    (128,606
    )
    
    
    (1.1
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (96,686
    )Financial
    
    
    57,628
    
    
    
    0.5
    
    
    
    (151,439
    )
    
    
    (1.2
    )
    
    
    30,475
    
    
    
    0.3
    
    
    
    (2,464
    )
    
    
    (0.0
    )*
    
    
    (65,800
    )Food & Fiber
    
    
    163,661
    
    
    
    1.3
    
    
    
    (11,618
    )
    
    
    (0.1
    )
    
    
    175
    
    
    
    0.0
    *
    
    
    (17,988
    )
    
    
    (0.1
    )
    
    
    134,230Indices
    
    
    261,964
    
    
    
    2.2
    
    
    
    (4,929
    )
    
    
    (0.0
    )*
    
    
    
    
    
    
    
    
    
    
    (3,170
    )
    
    
    (0.0
    )*
    
    
    253,865Metals
    
    
    116,249
    
    
    
    1.0
    
    
    
    (1,211,320
    )
    
    
    (10.0
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,095,071
    )Livestock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (9,190
    )
    
    
    (0.1
    )
    
    
    (9,190
    )Energy
    
    
    66,202
    
    
    
    0.5
    
    
    
    (8,686
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    (5,650
    )
    
    
    (0.0
    )*
    
    
    51,866Totals
    
    $
    744,865
    
    
    
    6.2
    
    
    $
    (1,616,506
    )
    
    
    (13.3
    )
    
    $
    65,254
    
    
    
    0.6
    
    
    $
    (93,425
    )
    
    
    (0.7
    )
    
    $
    (899,812
    )
 
 *
    
    Due to rounding  Average Value
    
    Average Value

    Average Number
    
    Averageof Long
    
    of Short

    of Long
    
    Number of ShortPositions
    
    Positions

    Contracts
    
    ContractsForeign Exchange
    
    $
    336,671
    
    
    $
    303,121
    

    
    78
    
    
    
    82Average Number
    
    Averageof Long
    
    Number of ShortContracts
    
    ContractsCurrency
    








    
    576
    
    
    
    84Financial
    








    
    1,248
    
    
    
    570Food & Fiber
    








    
    147
    
    
    
    74Indices
    








    
    973
    
    
    
    187Metals
    








    
    413
    
    
    
    44Livestock
    








    
    43
    
    
    
    11Energy
    








    
    361
    
    
    
    234Totals
    








    
    3,839
    
    
    
    1,286
 
 *
    
    Based on quarterly holdings 47




---



##### Table of Contents



Average Value
    
    Average Value

    Average Number
    
    Averageof Long
    
    of Short

    of Long
    
    Number of ShortPositions
    
    Positions

    Contracts
    
    ContractsForeign Exchange

    $
    3,006
    
    
    $
    (29,509
    )

    
    18
    
    
    
    10Average Number
    
    Averageof Long
    
    Number of ShortContracts
    
    ContractsCurrency
    








    
    98
    
    
    
    33Financial
    








    
    463
    
    
    
    22Food & Fiber
    








    
    31
    
    
    
    44Indices
    








    
    75
    
    
    
    19Metals
    








    
    123
    
    
    
    6Livestock
    








    
    
    
    
    
    19Energy
    








    
    37
    
    
    
    33Totals
    








    
    845
    
    
    
    186
 
 *
    
    Based on quarterly holdings  For the Year Ended December 31, 2010Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGains (Losses)
    
    
    Gains (Losses)
    
    
    Gains (Losses)Foreign Exchange
    
    $
    35,721
    
    
    $
    261,151
    
    
    $
    296,872Currency
    
    
    691,570
    
    
    
    615,043
    
    
    
    1,306,613Financial
    
    
    2,099,722
    
    
    
    170,993
    
    
    
    2,270,715Food & Fiber
    
    
    24,772
    
    
    
    60,020
    
    
    
    84,792Indices
    
    
    578,673
    
    
    
    (115,837
    )
    
    
    462,836Metals
    
    
    4,755,671
    
    
    
    2,450,096
    
    
    
    7,205,767Livestock
    
    
    (132,870
    )
    
    
    101,650
    
    
    
    (31,220
    )Energy
    
    
    (882,692
    )
    
    
    27,937
    
    
    
    (854,755
    )Total net trading gains
    
    $
    7,170,567
    
    
    $
    3,571,053
    
    
    $
    10,741,620For the period from April 1, 2009 (commencementof operations), through December 31, 2009Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGains (Losses)
    
    
    Gains (Losses)
    
    
    Gains (Losses)Foreign Exchange
    
    $
    (123,140
    )
    
    $
    (73,026
    )
    
    $
    (196,166
    )Currency
    
    
    (569,192
    )
    
    
    (96,686
    )
    
    
    (655,878
    )Financial
    
    
    114,855
    
    
    
    (65,800
    )
    
    
    49,055Food & Fiber
    
    
    (105,277
    )
    
    
    134,230
    
    
    
    28,953Indices
    
    
    (375,648
    )
    
    
    253,865
    
    
    
    (121,783
    )Metals
    
    
    3,032,186
    
    
    
    (1,095,071
    )
    
    
    1,937,115Livestock
    
    
    13,500
    
    
    
    (9,190
    )
    
    
    4,310Energy
    
    
    (378,814
    )
    
    
    51,866
    
    
    
    (326,948
    )Total net trading gains (losses)
    
    $
    1,608,470
    
    
    $
    (899,812
    )
    
    $
    708,658
 48




---



##### Table of Contents



Superfund Gold, L.P.  Series A
  Statement of Assets and
    
    Asset Derivatives at
    
    
    Liability DerivativesType of Instrument
    
    Liabilities Location
    
    December 31, 2010
    
    
    at December 31, 2010
    
    
    NetForeign exchange contracts
    
    Unrealized appreciation on open forward contracts
    
    $
    95,755
    
    
    $
    
    
    
    $
    95,755Foreign exchange contracts
    
    Unrealized depreciation on open forward contracts
    
    
    
    
    
    
    (13,857
    )
    
    
    (13,857
    )Futures contracts
    
    Futures contracts purchased
    
    
    1,271,946
    
    
    
    
    
    
    
    1,271,946Futures contracts
    
    Futures contracts sold
    
    
    
    
    
    
    (143,844
    )
    
    
    (143,844
    )Totals
    
    
    
    $
    1,367,701
    
    
    $
    (157,701
    )
    
    $
    1,210,000
  Statement of Assets and
    
    Asset Derivatives at
    
    
    Liability DerivativesType of Instrument
    
    Liabilities Location
    
    December 31, 2009
    
    
    at December 31, 2009
    
    
    NetFutures contracts
    
    Futures contracts purchased
    
    $
    
    
    
    $
    (278,229
    )
    
    $
    (278,229
    )Futures contracts
    
    Futures contracts sold
    
    
    
    
    
    
    (3,078
    )
    
    
    (3,078
    )Totals
    
    
    
    $
    
    
    
    $
    (281,307
    )
    
    $
    (281,307
    )
  Net Change inDerivatives not
    
    
    
    
    
    
    
    Unrealized AppreciationDesignated as Hedging
    
    Location of Gain (Loss)on
    
    Net Realized Gain on
    
    
    (Depreciation) onInstruments under
    
    Derivatives Recognized in
    
    Derivatives Recognized in
    
    
    Derivatives RecognizedASC 815
    
    Income
    
    Income
    
    
    in IncomeForeign exchange contracts
    
    Net realized and unrealized gain on futures and forward contracts
    
    $
    164,227
    
    
    $
    81,898Futures contracts
    
    Net realized and unrealized gain on futures and forward contracts
    
    
    3,209,398
    
    
    
    1,409,409Total
    
    
    
    $
    3,373,625
    
    
    $
    1,491,307
 49




---



##### Table of Contents



Net Change inDerivatives not
    
    
    
    
    
    
    
    Unrealized AppreciationDesignated as Hedging
    
    Location of Gain (Loss) on
    
    Net Realized Gain on
    
    
    (Depreciation) onInstruments under
    
    Derivatives Recognized in
    
    Derivatives Recognized in
    
    
    Derivatives RecognizedASC 815
    
    Income
    
    Income
    
    
    in IncomeForeign exchange contracts
    
    Net realized and unrealized gain on futures and forward contracts
    
    $
    866
    
    
    $
    0Futures contracts
    
    Net realized and unrealized gain on futures and forward contracts
    
    
    694,820
    
    
    
    (281,307
    )Total
    
    
    
    $
    695,686
    
    
    $
    (281,307
    )
  As of December 31, 2010Long Positions Gross Unrealized
    
    
    Short Positions Gross Unrealized% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    Net UnrealizedNet
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    Gains onGains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Gains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Open PositionsForeign Exchange
    
    $
    84,142
    
    
    
    0.6
    
    
    $
    (4,472
    )
    
    
    (0.0
    )*
    
    $
    11,613
    
    
    
    0.1
    
    
    $
    (9,385
    )
    
    
    (0.1
    )
    
    $
    81,898Currency
    
    
    208,888
    
    
    
    1.5
    
    
    
    
    
    
    
    
    
    
    
    22,631
    
    
    
    0.2
    
    
    
    (8,381
    )
    
    
    (0.1
    )
    
    
    223,138Financial
    
    
    58,501
    
    
    
    0.4
    
    
    
    (3,435
    )
    
    
    (0.0
    )*
    
    
    1,766
    
    
    
    0.0
    *
    
    
    (12,373
    )
    
    
    (0.1
    )
    
    
    44,459Food & Fiber
    
    
    82,217
    
    
    
    0.6
    
    
    
    (436
    )
    
    
    (0.0
    )*
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    81,781Indices
    
    
    84,851
    
    
    
    0.7
    
    
    
    (38,227
    )
    
    
    (0.3
    )
    
    
    9,628
    
    
    
    0.1
    
    
    
    
    
    
    
    
    
    
    
    56,252Metals
    
    
    797,284
    
    
    
    5.8
    
    
    
    (2,926
    )
    
    
    (0.0
    )*
    
    
    
    
    
    
    
    
    
    
    (144,925
    )
    
    
    (1.1
    )
    
    
    649,433Livestock
    
    
    41,020
    
    
    
    0.3
    
    
    
    (50
    )
    
    
    (0.0
    )*
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    40,970Energy
    
    
    54,905
    
    
    
    0.4
    
    
    
    (10,646
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    (12,190
    )
    
    
    (0.1
    )
    
    
    32,069Totals
    
    $
    1,411,808
    
    
    
    10.3
    
    
    $
    (60,192
    )
    
    
    (0.4
    )
    
    $
    45,638
    
    
    
    0.4
    
    
    $
    (187,254
    )
    
    
    (1.5
    )
    
    $
    1,210,000
 
 *
    
    Due to rounding  As of December 31, 2009Long Positions Gross Unrealized
    
    
    Short Positions Gross Unrealized% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    Net UnrealizedNet
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    Gains (Losses) onGains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Gains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Open 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
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    15,844Metals
    
    
    
    
    
    
    
    
    
    
    (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
    )
    
    
    (0.4
    )
    
    $
    (281,307
    )
 
 *
    
    Due to rounding 50




---



##### Table of Contents



Average Value
    
    Average Value

    Average Number
    
    Averageof Long
    
    of Short

    of Long
    
    Number of ShortPositions
    
    Positions

    Contracts
    
    ContractsForeign Exchange
    
    $
    82,174
    
    
    $
    46,696
    

    
    24
    
    
    
    23Average Number
    
    Averageof Long
    
    Number of ShortContracts
    
    ContractsCurrency
    








    
    184
    
    
    
    27Financial
    








    
    366
    
    
    
    186Food & Fiber
    








    
    41
    
    
    
    23Indices
    








    
    285
    
    
    
    54Metals
    








    
    127
    
    
    
    12Livestock
    








    
    13
    
    
    
    3Energy
    








    
    100
    
    
    
    81Totals
    








    
    1,140
    
    
    
    409
 
 *
    
    Based on quarterly holdings  Average Number
    
    Averageof Long
    
    Number of ShortContracts
    
    ContractsCurrency
    
    
    11
    
    
    
    3Financial
    
    
    51
    
    
    
    3Food & Fiber
    
    
    2
    
    
    
    2Indices
    
    
    6
    
    
    
    1Metals
    
    
    19
    
    
    
    Livestock
    
    
    
    
    
    
    1Energy
    
    
    1
    
    
    
    Totals
    
    
    90
    
    
    
    10
 
 *
    
    Based on quarterly holdings  For the Year Ended December 31, 2010Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGains (Losses)
    
    
    Gains
    
    
    Gains (Losses)Foreign Exchange
    
    $
    164,227
    
    
    $
    81,898
    
    
    $
    246,125Currency
    
    
    379,999
    
    
    
    238,235
    
    
    
    618,234Financial
    
    
    563,890
    
    
    
    52,387
    
    
    
    616,277Food & Fiber
    
    
    17,166
    
    
    
    65,841
    
    
    
    83,007Indices
    
    
    284,057
    
    
    
    40,408
    
    
    
    324,465Metals
    
    
    2,300,929
    
    
    
    936,303
    
    
    
    3,237,232Livestock
    
    
    (36,170
    )
    
    
    42,050
    
    
    
    5,880Energy
    
    
    (300,473
    )
    
    
    34,185
    
    
    
    (266,288
    )Total net trading gains
    
    $
    3,373,625
    
    
    $
    1,491,307
    
    
    $
    4,864,932
 51




---



##### Table of Contents



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
    
    $
    866
    
    
    $
    
    
    
    $
    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
 Superfund Gold, L.P.  Series B
  Statement of Assets and
    
    
    Asset Derivatives at
    
    
    Liability DerivativesType of Instrument
    
    Liabilities Location
    
    
    December 31, 2010
    
    
    at December 31, 2010
    
    
    NetForeign exchange contracts
    
    Unrealized appreciation on open forward contracts
    
    $
    128,830
    
    
    $
    
    
    
    $
    128,830Foreign exchange contracts
    
    Unrealized depreciation on open forward contracts
    
    
    
    
    
    
    (22,603
    )
    
    
    (22,603
    )Futures contracts
    
    Futures contracts purchased
    
    
    1,560,975
    
    
    
    
    
    
    
    1,560,975Futures contracts
    
    Futures contracts sold
    
    
    
    
    
    
    (205,961
    )
    
    
    (205,961
    )Totals
    
    
    
    
    
    $
    1,689,805
    
    
    $
    (228,564
    )
    
    $
    1,461,241
  Statement of Assets and
    
    
    Asset Derivatives at
    
    
    Liability DerivativesType of Instrument
    
    Liabilities Location
    
    
    December 31,2009
    
    
    at December 31, 2009
    
    
    NetForeign exchange contracts
    
    Unrealized appreciation on open forward contracts
    
    $
    81,845
    
    
    $
    
    
    
    $
    81,845Foreign exchange contracts
    
    Unrealized depreciation on open forward contracts
    
    
    
    
    
    
    (154,871
    )
    
    
    (154,871
    )Futures contracts
    
    Futures contracts purchased
    
    
    
    
    
    
    (540,745
    )
    
    
    (540,745
    )Futures contracts
    
    Futures contracts sold
    
    
    
    
    
    
    (4,734
    )
    
    
    (4,734
    )Totals
    
    
    
    
    
    $
    81,845
    
    
    $
    (700,350
    )
    
    $
    (618,505
    )
 52




---



##### Table of Contents



Net Change in UnrealizedDerivatives not
    
    
    
    
    
    
    
    AppreciationDesignated as Hedging
    
    Location of Gain (Loss) on
    
    Net Realized Gain (Loss)
    
    
    (Depreciation) onInstruments under ASC
    
    Derivatives Recognized in
    
    on Derivatives Recognized in
    
    
    Derivatives Recognized815
    
    Income
    
    Income
    
    
    in IncomeForeign Exchange contracts
    
    Net realized and unrealized gain on futures and forward contracts
    
    $
    (128,506
    )
    
    $
    179,253Futures contracts
    
    Net realized and unrealized gain on futures and forward contracts
    
    
    3,925,448
    
    
    
    1,900,493Total
    
    
    
    $
    3,796,942
    
    
    $
    2,079,746
  Net Change in UnrealizedDerivatives not
    
    
    
    
    
    
    
    
    
    AppreciationDesignated as Hedging
    
    Location of Gain (Loss) on
    
    
    Net Realized Gain (Loss)
    
    
    (Depreciation) onInstruments under ASC
    
    Derivatives Recognized in
    
    
    on Derivatives Recognized in
    
    
    Derivatives Recognized in815
    
    Income
    
    
    Income
    
    
    IncomeForeign Exchange contracts
    
    Net realized and unrealized gain on futures and forward contracts
    
    $
    (124,006
    )
    
    $
    (73,026
    )Futures contracts
    
    Net realized and unrealized gain on futures and forward contracts
    
    
    1,036,790
    
    
    
    (545,479
    )Total
    
    
    
    
    
    $
    912,784
    
    
    $
    (618,505
    )
  As of December 31, 2010Long Positions Gross Unrealized
    

    Short Positions Gross Unrealized% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    Net UnrealizedNet
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    Gains onGains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Gains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Open PositionsForeign Exchange
    
    $
    109,470
    
    
    
    0.9
    
    
    $
    (9,684
    )
    
    
    (0.1
    )
    
    $
    19,361
    
    
    
    0.1
    
    
    $
    (12,920
    )
    
    
    (0.1
    )
    
    $
    106,227Currency
    
    
    275,775
    
    
    
    2.1
    
    
    
    
    
    
    
    
    
    
    
    30,619
    
    
    
    0.3
    
    
    
    (11,175
    )
    
    
    (0.1
    )
    
    
    295,219Financial
    
    
    77,154
    
    
    
    0.6
    
    
    
    (4,683
    )
    
    
    (0.0)
    *
    
    
    5,005
    
    
    
    0.0
    *
    
    
    (16,742
    )
    
    
    (0.1
    )
    
    
    60,734Food & Fiber
    
    
    112,988
    
    
    
    0.9
    
    
    
    (519
    )
    
    
    (0.0)
    *
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    112,469Indices
    
    
    122,557
    
    
    
    0.9
    
    
    
    (55,116
    )
    
    
    (0.4
    )
    
    
    14,335
    
    
    
    0.1
    
    
    
    
    
    
    
    
    
    
    
    81,776Metals
    
    
    918,124
    
    
    
    7.1
    
    
    
    (3,319
    )
    
    
    (0.0)
    *
    
    
    
    
    
    
    
    
    
    
    (209,213
    )
    
    
    (1.6
    )
    
    
    705,592Livestock
    
    
    51,590
    
    
    
    0.4
    
    
    
    (100
    )
    
    
    (0.0)
    *
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    51,490Energy
    
    
    79,714
    
    
    
    0.6
    
    
    
    (13,190
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    (18,790
    )
    
    
    (0.1
    )
    
    
    47,734Totals
    
    $
    1,747,372
    
    
    
    13.5
    
    
    $
    (86,611
    )
    
    
    (0.6
    )
    
    $
    69,320
    
    
    
    0.5
    
    
    $
    (268,840
    )
    
    
    (2.0
    )
    
    $
    1,461,241
 
 *
    
    Due to rounding 53




---



##### Table of Contents



Superfund Gold, L.P.  Series B gross and net unrealized gains and losses by long and short
positions as of December 31, 2009: As of December 31, 2009Long Positions Gross Unrealized
    
    Short Positions Gross Unrealized% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    Net UnrealizedNet
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    Gains (Losses) onGains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Gains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Open PositionsForeign Exchange
    
    $
    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
    )
    
    
    (0.3
    )
    
    
    
    
    
    
    
    
    
    
    (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  Average Value
    
    Average Value

    Average Number
    
    Averageof Long
    
    of Short

    of Long
    
    Number of ShortPositions
    
    Positions

    Contracts
    
    ContractsForeign Exchange
    
    $
    254,497
    
    
    $
    256,425
    

    
    54
    
    
    
    59Average Number
    
    Averageof Long
    
    Number of ShortContracts
    
    ContractsCurrency
    








    
    392
    
    
    
    57Financial
    








    
    882
    
    
    
    384Food & Fiber
    








    
    106
    
    
    
    51Indices
    








    
    688
    
    
    
    133Metals
    








    
    286
    
    
    
    32Livestock
    








    
    30
    
    
    
    8Energy
    








    
    261
    
    
    
    153Totals
    








    
    2,699
    
    
    
    877
 
 *
    
    Based on quarterly holdings 54




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##### Table of Contents



Series B average* contract volume by market sector for the period from April 1, 2009 (commencement
of operations), through December 31, 2009: Average Value
    
    Average Value

    Average Number
    
    Averageof Long
    
    of Short

    of Long
    
    Number of ShortPositions
    
    Positions

    Contracts
    
    ContractsForeign Exchange
    
    $
    3,006
    
    
    $
    (29,509
    )

    
    18
    
    
    
    10Average Number
    
    Averageof Long
    
    Number of ShortContracts
    
    ContractsCurrency
    








    
    86
    
    
    
    30Financial
    








    
    412
    
    
    
    20Food & Fiber
    








    
    29
    
    
    
    41Indices
    








    
    69
    
    
    
    19Metals
    








    
    104
    
    
    
    6Livestock
    








    
    
    
    
    
    18Energy
    








    
    36
    
    
    
    32Totals
    








    
    754
    
    
    
    176
 
 *
    
    Based on quarterly holdings  For the Year Ended December 31, 2010Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGains (Losses)
    
    
    Gains (Losses)
    
    
    Gains (Losses)Foreign Exchange
    
    $
    (128,506
    )
    
    $
    179,253
    
    
    $
    50,747Currency
    
    
    311,571
    
    
    
    376,808
    
    
    
    688,379Financial
    
    
    1,535,832
    
    
    
    118,606
    
    
    
    1,654,438Food & Fiber
    
    
    7,606
    
    
    
    (5,821
    )
    
    
    1,785Indices
    
    
    294,616
    
    
    
    (156,245
    )
    
    
    138,371Metals
    
    
    2,454,742
    
    
    
    1,513,793
    
    
    
    3,968,535Livestock
    
    
    (96,700
    )
    
    
    59,600
    
    
    
    (37,100
    )Energy
    
    
    (582,219
    )
    
    
    (6,248
    )
    
    
    (588,467
    )Total net trading gains
    
    $
    3,796,942
    
    
    $
    2,079,746
    
    
    $
    5,876,688For the period from April 1, 2009 (commencement of operations),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/to BrokersDue from brokers consist of proceeds from securities sold. Amounts due from brokers may be
restricted to the extent that they serve as deposits for securities sold short. Amounts due to
brokers represent margin borrowings that are collateralized by certain securities. As of
December 31, 2010, there were no amounts due to brokers.In the normal course of business, all of the Funds marketable securities transactions, money
balances and marketable security positions are transacted with brokers. The Fund is subject to
credit risk to the extent any broker with whom it conducts
 55




---



##### Table of Contents



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.Subscriptions received in advance, if any, represent cash received prior to December 31 for
contributions of the subsequent month and do not participate in the earnings of the Fund until
the following January.(6)
    
    Related Party TransactionsSuperfund Capital Management shall be paid a management fee equal to one-twelfth of 2.25% of
month-end net assets (2.25% per annum) and operating and ongoing offering expenses equal to
one-twelfth of 0.75% of month-end net assets (0.75% per annum) when considered together, 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 or any changes in net asset due to changes in value of the Fund dollar for
dollar gold position. 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 Asset Management Inc., an affiliate of Superfund Capital Management, serves as the
introducing broker for the Funds futures transactions and receives a portion of the brokerage
commissions paid by the Fund in connection with its futures trading. Superfund USA, 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
commission 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/incentive fee equal to 25%
of the new appreciation without respect to interest income. Trading losses will be carried
forward and no further performance/incentive fee may be paid until the prior losses have been
recovered.As of December 31, 2010, Superfund Capital Management owned 514.919 Units of Series A,
representing 5.86% of the total issued Units of Series A, and 434.257 Units of Series B,
representing 4.46% of the total issued Units of Series B, having a combined value of
$1,393,474.(7)
    
    Financial Highlights
  SERIES A-1
    
    
    SERIES A-2Total returnTotal return before incentive fees
    
    
    52.0
    %
    
    
    54.9
    %Incentive fees
    
    
    (3.8
    )%
    
    
    (4.5
    )%Total return after incentive fees
    
    
    48.2
    %
    
    
    50.4
    %Ratio to average partners capitalOperating expenses before incentive fees
    
    
    7.2
    %
    
    
    5.1
    %Incentive fees
    
    
    4.4
    %
    
    
    4.9
    %Total expenses
    
    
    11.6
    %
    
    
    10.0
    %Net investment loss
    
    
    (7.0
    )%
    
    
    (5.0
    )%Net asset value per unit, beginning of period
    
    $
    1,056.90
    
    
    $
    1,111.40Net investment loss
    
    
    (142.77
    )
    
    
    (132.16
    )Net gain on investments
    
    
    652.52
    
    
    
    691.76Net asset value per unit, end of period
    
    $
    1,566.65
    
    
    $
    1,671.00Other per Unit information:Net increase in net assets from operations per Unit (based upon weighted average Number of Units during period)
    
    $
    586.87
    
    
    $
    638.10Net increase in net assets from operations per Unit (based upon change in net asset value per Unit)
    
    $
    509.75
    
    
    $
    559.60
 56




---



##### Table of Contents



SERIES B-1
    
    
    SERIES B-2Total returnTotal return before incentive fees
    
    
    56.7
    %
    
    
    59.9
    %Incentive fees
    
    
    (2.0
    )%
    
    
    (3.2
    )%Total return after incentive fees
    
    
    54.7
    %
    
    
    56.7
    %Ratio to average partners capitalOperating expenses before incentive fees
    
    
    8.2
    %
    
    
    6.2
    %Incentive fees
    
    
    1.6
    %
    
    
    3.1
    %Total expenses
    
    
    9.8
    %
    
    
    9.3
    %Net investment loss
    
    
    (8.2
    )%
    
    
    (6.1
    )%Net asset value per unit, beginning of period
    
    $
    873.68
    
    
    $
    886.92Net investment loss
    
    
    (95.99
    )
    
    
    (95.19
    )Net gain on investments
    
    
    573.52
    
    
    
    598.07Net asset value per unit, end of period
    
    $
    1,351.21
    
    
    $
    1,389.80Other per Unit information:Net increase in net assets from operations per Unit (based upon weighted average Number of Units during period)
    
    $
    456.22
    
    
    $
    547.21Net increase in net assets from operations per Unit (based upon change in net asset value per Unit)
    
    $
    477.53
    
    
    $
    502.88
 57




---



##### Table of Contents



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 capitalOperating 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 asset 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  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 capitalOperating 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 asset 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. 58




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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 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
$3,049,552 and $566,436, respectively, and gross unrealized gains and losses related to
non-exchange traded forwards were $224,586 and $36,461, respectively, at December 31, 2010.For Series A, gross unrealized gains and losses related to exchange traded futures were
$1,361,691 and $233,589, respectively, and gross unrealized gains and losses related to
non-exchange traded forwards were $95,755 and $13,857, respectively, at December 31, 2010.For Series B, gross unrealized gains and losses related to exchange traded futures were
$1,687,861 and $332,847, respectively, and gross unrealized gains and losses related to
non-exchange traded forwards were $128,831 and $22,604, respectively, at December 31, 2010.Market risk is the potential for changes in the value of the financial instruments traded by
the Fund due to market changes, including interest and foreign exchange rate movements and
fluctuations in commodity prices. In entering into these contracts, there exists a market risk
that such contracts may be significantly influenced by conditions, such as interest rate
volatility, resulting in such contracts being less valuable. If the markets should move against
all of the futures interest positions at the same time, and Superfund Capital Management is
unable to offset such positions, the Fund could experience substantial losses.Credit risk is the possibility that a loss may occur due to the failure of a counterparty to
perform according to the terms of a contract. Credit risk with respect to exchange-traded
instruments is reduced to the extent that an exchange or clearing organization acts as a
counterparty to the transactions. The Funds risk of loss in the event of counterparty default
is typically limited to the amounts recognized in the statements of assets and liabilities and
not represented by the contract or notional amounts of the instruments. As the Funds assets
are held in segregated accounts with futures commission merchants, the Fund has credit risk and
concentration risk. The Funds futures commission merchants are currently ADM Investor
Services, Inc., Barclays Capital Inc., MF Global Inc. and Rosenthal Collins Group, L.L.C.
 59




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##### Table of Contents



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, 2010. However, due to
the nature of the Funds business, these instruments may not be held to maturity.(9)
    
    Subscriptions and RedemptionsInvestors must submit subscriptions at least five business days prior to the applicable
month-end closing date and they will be accepted once payments are received and cleared. All
subscription funds are required to be promptly transmitted to the escrow agent, HSBC Bank USA.
Subscriptions must be accepted or rejected by Superfund Capital Management within five business
days of receipt, and the settlement date for the deposit of subscription funds in escrow must
be within five business days of acceptance. No fees or costs will be assessed on any
subscription while held in escrow, irrespective of whether the subscription is accepted or the
subscription funds are returned.A limited partner of a Series (Limited Partner) may request any or all of his investment in
such Series be redeemed by such Series at the net asset value of a Unit within such Series as
of the end of each month, subject to a minimum redemption of $1,000 and subject further to such
Limited Partner having an investment in such Series, after giving effect to the requested
redemption, at least equal to the minimum initial investment amount of $5,000. Limited Partners
must transmit a written request of such withdrawal to Superfund Capital Management not less
than five business days prior to the end of the month (or such shorter period as permitted by
Superfund Capital Management) as of which redemption is to be effective. Redemptions will
generally be paid within twenty days after the date of redemption. However, in special
circumstances, including, but not limited to, inability to liquidate dealers positions as of a
redemption date or default or delay in payments due to each Series from clearing brokers, banks
or other persons or entities, each Series may in turn delay payment to persons requesting
redemption of the proportionate part of the net assets of each Series represented by the sums
that are the subject of such default or delay. 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. In the event of a special redemption, Superfund Capital Management shall
notify Limited Partners within such Series within seven business days thereafter and shall
liquidate all open positions with respect to such Series as expeditiously as possible and
suspend trading. Within ten business days after the date of suspension of trading, Superfund
Capital Management shall declare a date (a Special Redemption Date) with respect to such
Series. Such Special Redemption Date shall be a business day within 30 business days from the
date of suspension of trading by such Series, and Superfund Capital Management shall mail
notice of such date to each Limited Partner of such Series and assignee of Units within such
Series of whom it has received written notice, by first-class mail, postage prepaid, not later
than ten business days prior to such Special Redemption Date, together with instructions as to
the procedure such Limited Partner or assignee must follow to have his interest in such Series
redeemed on such date (only entire, not partial, interests may be so redeemed unless otherwise
determined by Superfund Capital Management). Upon redemption pursuant to a Special Redemption
Date, a Limited Partner or any other assignee of whom the General Partner has received written
notice as described above, shall receive from the applicable Series an amount equal to the Net
Asset Value of his interest in such Series, determined as of the close of business (as
determined by the General Partner) on such Special Redemption Date. The details of the special
redemption are set forth in Section 12 of the Limited 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.
 60




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##### 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

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

Martin Schneider
    
    Vice President and Director
(Principal Financial Officer)
    
    March 31, 2011
  61




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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.
 62