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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-Q
  þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended March 31, 2011
 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
    
    (I.R.S. Employer Identification No.)of incorporation or organization)
 Superfund Office Building 
P.O. Box 1479
Grand Anse 
St. Georges, Grenada 
West Indies
    
    Not applicable(Address of principal executive offices)
    
    (Zip Code)
 (473) 439-2418
  Not applicable
 
   þ o
  o o
  Large Accelerated Filer o
    

Accelerated Filer o
    
    Non-Accelerated Filer o
    

Smaller Reporting Company þ(Do not check if a smaller reporting company)
  o þ




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##### 



PART I  FINANCIAL INFORMATION
 ITEM 1. FINANCIAL STATEMENTS
  PageUnaudited Financial Statements: Superfund Gold, L.P.Statements of Assets and Liabilities as of March 31, 2011 and December 31, 2010
    
    
    3Condensed Schedule of Investments as of March 31, 2011
    
    
    4Condensed Schedule of Investments as of December 31, 2010
    
    
    5Statements of Operations for the Three Months Ended March 31, 2011 and March 31, 2010
    
    
    6Statements of Changes in Net Assets for the Three Months Ended March 31, 2011 and
March 31, 2010
    
    
    7Statements of Cash Flows for the Three Months Ended March 31, 2011 and March 31, 2010
    
    
    8Unaudited Financial Statements: Superfund Gold, L.P.  Series AStatements of Assets and Liabilities as of March 31, 2011 and December 31, 2010
    
    
    9Condensed Schedule of Investments as of March 31, 2011
    
    
    10Condensed Schedule of Investments as of December 31, 2010
    
    
    11Statements of Operations for the Three Months Ended March 31, 2011 and March 31, 2010
    
    
    12Statements of Changes in Net Assets for the Three Months Ended March 31, 2011 and
March 31, 2010
    
    
    13Statements of Cash Flows for the Three Months Ended March 31, 2011 and March 31, 2010
    
    
    14Unaudited Financial Statements: Superfund Gold, L.P.  Series BStatements of Assets and Liabilities as of March 31, 2011 and December 31, 2010
    
    
    15Condensed Schedule of Investments as of March 31, 2011
    
    
    16Condensed Schedule of Investments as of December 31, 2010
    
    
    17Statements of Operations for the Three Months Ended March 31, 2011 and March 31, 2010
    
    
    18Statements of Changes in Net Assets for the Three Months Ended March 31, 2011 and
March 31, 2010
    
    
    19Statements of Cash Flows for the Three Months Ended March 31, 2011 and March 31, 2010
    
    
    20Notes to Unaudited Financial Statements
    
    
    21-40EX-31.1EX-31.2EX-32.1EX-32.2
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SUPERFUND GOLD, L.P
 
 UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES
 as of March 31, 2011 and December 31, 2010
 March 31, 2011
    
    
    December 31, 2010ASSETSUS Government securities, at fair value,
(amortized cost of $9,648,500 and $9,598,087 as of
March 31, 2011, and December 31, 2010, respectively)
    
    $
    9,648,500
    
    
    $
    9,598,087Due from brokers
    
    
    15,427,125
    
    
    
    12,805,431Futures contracts purchased
    
    
    603,428
    
    
    
    2,832,921Unrealized appreciation on open forward contracts
    
    
    308,573
    
    
    
    224,585Cash
    
    
    5,734,842
    
    
    
    3,630,425Due from affiliate
    
    
    
    
    
    
    5,599Total assets
    
    
    31,722,468
    
    
    
    29,097,048LIABILITIESUnrealized depreciation on open forward contracts
    
    
    271,554
    
    
    
    36,460Futures contracts sold
    
    
    243,310
    
    
    
    349,805Subscriptions received in advance
    
    
    1,111,350
    
    
    
    1,289,417Redemptions payable
    
    
    2,860,787
    
    
    
    236,327Incentive fee
    
    
    13,556
    
    
    
    409,223Management fee
    
    
    56,266
    
    
    
    51,406Fees payable
    
    
    54,115
    
    
    
    49,185Total liabilities
    
    
    4,610,938
    
    
    
    2,421,823NET ASSETS
    
    $
    27,111,530
    
    
    $
    26,675,225
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##### Table of Contents



SUPERFUND GOLD, L.P.
 
 UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS
 as of March 31, 2011
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited
States Treasury Bills due May 26, 2011 (amortized cost $9,648,500), securities are held in
margin accounts as collateral for open futures
and forwards
    
    $
    9,650,000
    
    
    
    35.6
    %
    
    $
    9,648,500Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    1.1
    
    
    
    308,573Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    1.1
    
    
    
    308,573Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (1.0
    )
    
    
    (271,554
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (1.0
    )
    
    
    (271,554
    )Total forward contracts, at fair value
    
    
    
    
    
    
    0.1
    
    
    
    37,019Futures contracts, at fair value
Futures contracts purchasedCurrency
    
    
    
    
    
    
    0.9
    
    
    
    251,991Energy
    
    
    
    
    
    
    0.8
    
    
    
    218,228Financial
    
    
    
    
    
    
    0.0
    *
    
    
    7,083Food & Fiber
    
    
    
    
    
    
    (0.0)
    *
    
    
    (3,406
    )Indices
    
    
    
    
    
    
    0.3
    
    
    
    68,976Livestock
    
    
    
    
    
    
    0.3
    
    
    
    76,220Metals
    
    
    
    
    
    
    (0.1
    )
    
    
    (15,664
    )Total futures contracts purchased
    
    
    
    
    
    
    2.2
    
    
    
    603,428Futures contracts soldEnergy
    
    
    
    
    
    
    (0.1
    )
    
    
    (29,487
    )Financial
    
    
    
    
    
    
    (0.3
    )
    
    
    (76,914
    )Food & Fiber
    
    
    
    
    
    
    0.0
    *
    
    
    8,206Indices
    
    
    
    
    
    
    (0.3
    )
    
    
    (72,781
    )Metals
    
    
    
    
    
    
    (0.3
    )
    
    
    (72,334
    )Total futures contracts sold
    
    
    
    
    
    
    (0.9
    )
    
    
    (243,310
    )Total futures contracts, at fair value
    
    
    
    
    
    
    1.3
    %
    
    $
    360,118Futures and forward contracts by country compositionAustralia
    
    
    
    
    
    
    0.6
    
    
    
    172,784European Monetary Union
    
    
    
    
    
    
    0.2
    
    
    
    53,031Great Britain
    
    
    
    
    
    
    (0.3
    )
    
    
    (70,408
    )Japan
    
    
    
    
    
    
    (0.4
    )
    
    
    (97,264
    )United States
    
    
    
    
    
    
    0.2
    
    
    
    43,332Other
    
    
    
    
    
    
    1.1
    
    
    
    295,662Total futures and forward contracts by country
    
    
    
    
    
    
    1.5
    %
    
    $
    397,137
 
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SUPERFUND GOLD, L.P.
 
 UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS
 as of 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
 
 
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SUPERFUND GOLD, L.P.
 
 UNAUDITED STATEMENTS OF OPERATIONS
 Three Months EndedMarch 31,2011
    
    
    2010Investment incomeInterest income
    
    $
    4,699
    
    
    $
    481Other income
    
    
    
    
    
    
    5,599Total income
    
    
    4,699
    
    
    
    6,080ExpensesBrokerage commissions
    
    
    157,510
    
    
    
    120,181Management fee
    
    
    157,878
    
    
    
    83,065Selling commissions
    
    
    99,491
    
    
    
    54,952Operating expense
    
    
    52,623
    
    
    
    27,688Incentive fee
    
    
    13,556
    
    
    
    Other
    
    
    4,796
    
    
    
    196Total expenses
    
    
    485,854
    
    
    
    286,082Net investment loss
    
    
    (481,155
    )
    
    
    (280,002
    )Realized and unrealized gain
(loss) on investmentsNet realized gain (loss) on
futures and forward contracts
    
    
    2,829,267
    
    
    
    (1,658,771
    )Net change in unrealized
appreciation (depreciation) on
futures and forward contracts:
    
    
    (2,274,104
    )
    
    
    3,391,560Net gain on investments
    
    
    555,163
    
    
    
    1,732,789Net increase in netassets from operations
    
    $
    74,008
    
    
    $
    1,452,787
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SUPERFUND GOLD, L.P.
 
 UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS
 Three Months EndedMarch 31,2011
    
    
    2010Increase in net assets from operationsNet investment loss
    
    $
    (481,155
    )
    
    $
    (280,002
    )Net realized gain (loss) on futures and forward contracts
    
    
    2,829,267
    
    
    
    (1,658,771
    )Net change in unrealized appreciation (depreciation) on
futures and forward contracts
    
    
    (2,274,104
    )
    
    
    3,391,560Net increase in net assets from operations
    
    
    74,008
    
    
    
    1,452,787Capital share transactionsIssuance of Units
    
    
    3,510,976
    
    
    
    4,043,250Redemption of Units
    
    
    (3,148,679
    )
    
    
    (273,903
    )Net increase in net assets from capital share transactions
    
    
    362,297
    
    
    
    3,769,347Net increase in net assets
    
    
    436,305
    
    
    
    5,222,134Net assets,beginning of period
    
    
    26,675,225
    
    
    
    12,153,932Net assets,end of period
    
    $
    27,111,530
    
    
    $
    17,376,066
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SUPERFUND GOLD, L.P.
 
 UNAUDITED STATEMENTS OF CASH FLOWS
 Three Months EndedMarch 31,2011
    
    
    2010Cash flows from operating activitiesNet increase in net assets from operations
    
    $
    74,008
    
    
    $
    1,452,787Adjustments to reconcile net increase 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
    
    
    (9,647,533
    )
    
    
    (5,298,744
    )Sales and maturities of U.S. government securities
    
    
    9,600,000
    
    
    
    6,000,000Amortization of discounts and premiums
    
    
    (2,880
    )
    
    
    (730
    )Due from brokers
    
    
    (2,621,694
    )
    
    
    (3,122,009
    )Due to affiliate
    
    
    
    
    
    
    (5,599
    )Due from affiliate
    
    
    5,599
    
    
    
    Unrealized appreciation on open forward contracts
    
    
    (83,988
    )
    
    
    (120,089
    )Unrealized depreciation on open forward contracts
    
    
    235,094
    
    
    
    40,629Futures contracts purchased
    
    
    2,229,493
    
    
    
    (2,533,899
    )Futures contracts sold
    
    
    (106,495
    )
    
    
    (778,201
    )Incentive fee payable
    
    
    (395,667
    )
    
    
    Management fees payable
    
    
    4,860
    
    
    
    9,978Fees payable
    
    
    4,930
    
    
    
    10,207Net cash used in operating activities
    
    
    (704,273
    )
    
    
    (4,345,670
    )Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    3,332,909
    
    
    
    2,734,720Redemptions, net of redemptions payable
    
    
    (524,219
    )
    
    
    (195,413
    )Net cash provided by financing activities
    
    
    2,808,690
    
    
    
    2,539,307Net increase (decrease) in cash
    
    
    2,104,417
    
    
    
    (1,806,363
    )Cash, beginning of period
    
    
    3,630,425
    
    
    
    2,672,099Cash, end of period
    
    $
    5,734,842
    
    
    $
    865,736
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SUPERFUND GOLD, L.P.  SERIES A
 
 UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES
 as of March 31, 2011, and December 31, 2010
 March 31, 2011
    
    
    December 31, 2010ASSETSUS Government securities, at fair value
(amortized cost of $4,899,237 and $4,949,019 as of
March 31, 2011, and December 31, 2010, respectively)
    
    $
    4,899,237
    
    
    $
    4,949,019Due from brokers
    
    
    7,799,754
    
    
    
    6,513,798Futures contracts purchased
    
    
    248,653
    
    
    
    1,271,946Unrealized appreciation on open forward contracts
    
    
    131,629
    
    
    
    95,755Cash
    
    
    4,030,378
    
    
    
    2,215,532Due from affiliate
    
    
    
    
    
    
    5,599Total assets
    
    
    17,109,651
    
    
    
    15,051,649LIABILITIESUnrealized depreciation on open forward contracts
    
    
    114,753
    
    
    
    13,857Futures contracts sold
    
    
    105,585
    
    
    
    143,844Subscriptions received in advance
    
    
    602,695
    
    
    
    882,330Redemptions payable
    
    
    2,161,377
    
    
    
    42,447Incentive fee
    
    
    1,619
    
    
    
    198,986Management fee
    
    
    30,395
    
    
    
    26,272Fees payable
    
    
    31,325
    
    
    
    27,222Total liabilities
    
    
    3,047,749
    
    
    
    1,334,958NET ASSETS
    
    $
    14,061,902
    
    
    $
    13,716,691Superfund Gold, L.P. Series A-1 Net Assets
    
    $
    11,075,524
    
    
    $
    10,835,030Number of Units outstanding
    
    
    7,106.631
    
    
    
    6,916.044Superfund Gold, L.P. Series A-1 Net Asset Value per Unit
    
    $
    1,558.48
    
    
    $
    1,566.65Superfund Gold, L.P. Series A-2 Net Assets
    
    $
    2,986,378
    
    
    $
    2,881,661Number of Units outstanding
    
    
    1,788.497
    
    
    
    1,724.508Superfund Gold, L.P. Series A-2 Net Asset Value per Unit
    
    $
    1,669.77
    
    
    $
    1,671.00
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SUPERFUND GOLD, L.P.  SERIES A
 
 UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS
 as of March 31, 2011
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due May 26, 2011 (amortized cost
$4,899,237), securities are held in margin accounts as
collateral for open futures and forwards
    
    $
    4,900,000
    
    
    
    34.8
    %
    
    $
    4,899,237Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    0.9
    
    
    
    131,629Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    0.9
    
    
    
    131,629Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (0.8
    )
    
    
    (114,753
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (0.8
    )
    
    
    (114,753
    )Total forward contracts, at fair value
    
    
    
    
    
    
    0.1
    
    
    
    16,876Futures contracts, at fair valueFutures contracts purchasedCurrency
    
    
    
    
    
    
    0.8
    
    
    
    110,011Energy
    
    
    
    
    
    
    0.7
    
    
    
    92,005Financial
    
    
    
    
    
    
    0.0
    *
    
    
    5,311Food & Fiber
    
    
    
    
    
    
    (0.0)
    *
    
    
    (823
    )Indices
    
    
    
    
    
    
    0.2
    
    
    
    30,379Livestock
    
    
    
    
    
    
    0.3
    
    
    
    35,640Metals
    
    
    
    
    
    
    (0.2
    )
    
    
    (23,870
    )Total futures contracts purchased
    
    
    
    
    
    
    1.8
    
    
    
    248,653Futures contracts soldEnergy
    
    
    
    
    
    
    (0.1
    )
    
    
    (12,651
    )Financial
    
    
    
    
    
    
    (0.2
    )
    
    
    (34,310
    )Food & Fiber
    
    
    
    
    
    
    0.0
    *
    
    
    3,859Indices
    
    
    
    
    
    
    (0.2
    )
    
    
    (31,262
    )Metals
    
    
    
    
    
    
    (0.2
    )
    
    
    (31,221
    )Total futures contracts sold
    
    
    
    
    
    
    (0.7
    )
    
    
    (105,585
    )Total futures contracts, at fair value
    
    
    
    
    
    
    1.1
    %
    
    $
    143,068Futures and forward contracts by country compositionAustralia
    
    
    
    
    
    
    0.6
    %
    
    $
    78,887European Monetary Union
    
    
    
    
    
    
    0.2
    
    
    
    24,926Great Britain
    
    
    
    
    
    
    (0.2
    )
    
    
    (31,256
    )Japan
    
    
    
    
    
    
    (0.3
    )
    
    
    (38,933
    )United States
    
    
    
    
    
    
    (0.0)
    *
    
    
    (1,534
    )Other
    
    
    
    
    
    
    0.9
    
    
    
    127,854Total futures and forward contracts by country composition
    
    
    
    
    
    
    1.2
    %
    
    $
    159,944
 
 *
    
    Due to rounding  10




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##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES A
 
 UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS
 as of 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  11




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##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES A
 
 UNAUDITED STATEMENTS OF OPERATIONS
 Three Months EndedMarch 31,2011
    
    
    2010Investment incomeInterest income
    
    $
    2,245
    
    
    $
    202Other income
    
    
    
    
    
    
    5,599Total income
    
    
    2,245
    
    
    
    5,801ExpensesBrokerage commissions
    
    
    68,990
    
    
    
    31,006Management fee
    
    
    83,865
    
    
    
    30,412Selling commission
    
    
    58,922
    
    
    
    21,427Operating expenses
    
    
    27,955
    
    
    
    10,137Incentive fee
    
    
    1,619
    
    
    
    Other
    
    
    1,890
    
    
    
    12Total expenses
    
    
    243,241
    
    
    
    92,994Net investment loss
    
    
    (240,996
    )
    
    
    (87,193
    )Realized and unrealized gain
(loss) on investmentsNet realized gain (loss) on
futures and forward contracts
    
    
    1,304,809
    
    
    
    (410,344
    )Net change in unrealized
appreciation (depreciation) on
futures and forward contracts:
    
    
    (1,050,056
    )
    
    
    909,869Net gain on investments
    
    
    254,753
    
    
    
    499,525Net increase in
net assets from operations
    
    $
    13,757
    
    
    $
    412,332Net increase in net assets from
operations per Unit (based upon
weighted average number of Units
outstanding during period) for
Series A-1*
    
    $
    1.12
    
    
    $
    79.42Net increase (decrease) in net
assets from operations per Unit
(based upon change in net asset
value per Unit during period) for
Series A-1
    
    $
    (8.17
    )
    
    $
    64.77Net increase in net assets from
operations per Unit (based upon
weighted average number of Units
outstanding during period) for
Series A-2**
    
    $
    2.61
    
    
    $
    93.00Net increase (decrease) in net
assets from operations per Unit
(based upon change in net asset
value per Unit during period) for
Series A-2
    
    $
    (1.23
    )
    
    $
    72.80
 
 *
    
    Weighted average number of Units outstanding for Series A-1 for Three Months Ended March 31, 2011
and March 31, 2010: 7,765.88 and 4,029.25, respectively.**
    
    Weighted average number of Units outstanding for Series A-2 for Three Months Ended March 31,
2011 and March 31, 2010: 1,930.20 and 1,000.65, respectively.  12




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##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES A
 
 UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS
 Three Months EndedMarch 31,2011
    
    
    2010Increase in net assets from operationsNet investment loss
    
    $
    (240,996
    )
    
    
    (87,193
    )Net realized gain (loss) on futures and forward contracts
    
    
    1,304,809
    
    
    
    (410,344
    )Net change in unrealized appreciation (depreciation) on
futures and forward contracts
    
    
    (1,050,056
    )
    
    
    909,869Net increase in net assets from operations
    
    
    13,757
    
    
    
    412,332Capital share transactionsIssuance of Units
    
    
    2,557,345
    
    
    
    2,767,596Redemption of Units
    
    
    (2,225,891
    )
    
    
    (96,540
    )Net increase in net assets from capital share transactions
    
    
    331,454
    
    
    
    2,671,056Net increase in net assets
    
    
    345,211
    
    
    
    3,083,388Net assets,beginning of period
    
    
    13,716,691
    
    
    
    3,434,355Net assets,end of period
    
    $
    14,061,902
    
    
    
    6,517,743Series A-1 Units,beginning of period
    
    
    6,916.044
    
    
    
    2,388.395Issuance of Series A-1 Units
    
    
    1,251.930
    
    
    
    2,223.056Redemption of Units
    
    
    (1,061.343
    )
    
    
    (91.548
    )Series A-1 Units,end of period
    
    
    7,106.631
    
    
    
    4,519.903Series A-2 Units,beginning of period
    
    
    1,724.508
    
    
    
    818.846Issuance of Series A-2 Units
    
    
    412.521
    
    
    
    403.854Redemption of Units
    
    
    (348.532
    )
    
    
    Series A-2 Units,end of period
    
    
    1,788.497
    
    
    
    1,222.700
  13




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##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES A
 
 UNAUDITED STATEMENTS OF CASH FLOWS
 Three Months EndedMarch 31,2011
    
    
    2010Cash flows from operating activitiesNet increase in net assets from operations
    
    $
    13,757
    
    
    $
    412,332Adjustments to reconcile net increase 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
    
    
    (4,898,745
    )
    
    
    (1,799,566
    )Sales and maturities of U.S. government securities
    
    
    4,950,000
    
    
    
    1,550,000Amortization of discounts and premiums
    
    
    (1,473
    )
    
    
    (226
    )Due from brokers
    
    
    (1,285,956
    )
    
    
    (2,209,048
    )Due to affiliate
    
    
    
    
    
    
    (5,599
    )Due from affiliate
    
    
    5,599
    
    
    
    Unrealized appreciation on open forward contracts
    
    
    (35,874
    )
    
    
    (7,589
    )Unrealized depreciation on open forward contracts
    
    
    100,896
    
    
    
    3,522Futures contracts purchased
    
    
    1,023,293
    
    
    
    (709,927
    )Futures contracts sold
    
    
    (38,259
    )
    
    
    (195,875
    )Incentive fee
    
    
    (197,367
    )
    
    
    Management fees payable
    
    
    4,123
    
    
    
    5,867Fees payable
    
    
    4,103
    
    
    
    6,253Net cash used in operating activities
    
    
    (355,903
    )
    
    
    (2,949,856
    )Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    2,277,710
    
    
    
    1,742,696Redemptions, net of redemptions payable
    
    
    (106,961
    )
    
    
    (63,372
    )Net cash provided by financing activities
    
    
    2,170,749
    
    
    
    1,679,324Net increase (decrease) in cash
    
    
    1,814,846
    
    
    
    (1,270,532
    )Cash, beginning of period
    
    
    2,215,532
    
    
    
    1,739,581Cash, end of period
    
    $
    4,030,378
    
    
    $
    469,049
  14




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##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES B
 
 UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES
as of March 31, 2011 and December 31, 2010
 March 31, 2011
    
    
    December 31, 2010ASSETSUS Government securities, at fair value
(amortized cost of $4,749,263 and $4,649,068 as of
March 31, 2011, and December 31, 2010, respectively)
    
    $
    4,749,263
    
    
    $
    4,649,068Due from brokers
    
    
    7,627,371
    
    
    
    6,291,633Futures contracts purchased
    
    
    354,775
    
    
    
    1,560,975Unrealized appreciation on open forward contracts
    
    
    176,944
    
    
    
    128,830Cash
    
    
    1,704,464
    
    
    
    1,414,893Total assets
    
    
    14,612,817
    
    
    
    14,045,399LIABILITIESUnrealized depreciation on open forward contracts
    
    
    156,801
    
    
    
    22,603Futures contracts sold
    
    
    137,725
    
    
    
    205,961Subscriptions received in advance
    
    
    508,655
    
    
    
    407,087Redemptions payable
    
    
    699,410
    
    
    
    193,880Incentive fee
    
    
    11,937
    
    
    
    210,237Management fee
    
    
    25,871
    
    
    
    25,134Fees payable
    
    
    22,790
    
    
    
    21,963Total liabilities
    
    
    1,563,189
    
    
    
    1,086,865NET ASSETS
    
    $
    13,049,628
    
    
    $
    12,958,534Superfund Gold, L.P. Series B-1 Net Assets
    
    $
    8,185,614
    
    
    $
    7,815,597Number of Units outstanding
    
    
    6,062.746
    
    
    
    5,784.122Superfund Gold, L.P. Series B-1 Net Asset Value per Unit
    
    $
    1,350.15
    
    
    $
    1,351.21Superfund Gold, L.P. Series B-2 Net Assets
    
    $
    4,864,014
    
    
    $
    5,142,937Number of Units outstanding
    
    
    3,487.855
    
    
    
    3,700.480Superfund Gold, L.P. Series B-2 Net Asset Value per Unit
    
    $
    1,394.56
    
    
    $
    1,389.80See accompanying notes to unaudited financial statements.
 15




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##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES B
 
 UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS
as of March 31, 2011
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due May 26, 2011
(amortized cost $4,749,263), securities are held in
margin accounts as collateral for open futures
and forwards
    
    $
    4,750,000
    
    
    
    36.4
    %
    
    $
    4,749,263Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    1.4
    
    
    
    176,944Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    1.4
    
    
    
    176,944Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (1.2
    )
    
    
    (156,801
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (1.2
    )
    
    
    (156,801
    )Total forward contracts, at fair value
    
    
    
    
    
    
    0.2
    
    
    
    20,143Futures contracts, at fair valueFutures contracts purchasedCurrency
    
    
    
    
    
    
    1.1
    
    
    
    141,980Energy
    
    
    
    
    
    
    1.0
    
    
    
    126,223Financial
    
    
    
    
    
    
    0.0
    *
    
    
    1,772Food & Fiber
    
    
    
    
    
    
    (0.0)
    *
    
    
    (2,583
    )Indices
    
    
    
    
    
    
    0.3
    
    
    
    38,597Livestock
    
    
    
    
    
    
    0.3
    
    
    
    40,580Metals
    
    
    
    
    
    
    0.1
    
    
    
    8,206Total futures contracts purchased
    
    
    
    
    
    
    2.8
    
    
    
    354,775Futures contracts soldEnergy
    
    
    
    
    
    
    (0.1
    )
    
    
    (16,836
    )Financial
    
    
    
    
    
    
    (0.3
    )
    
    
    (42,604
    )Food & Fiber
    
    
    
    
    
    
    0.0
    *
    
    
    4,347Indices
    
    
    
    
    
    
    (0.3
    )
    
    
    (41,519
    )Metals
    
    
    
    
    
    
    (0.3
    )
    
    
    (41,113
    )Total futures contracts sold
    
    
    
    
    
    
    (1.0
    )
    
    
    (137,725
    )Total futures contracts, at fair value
    
    
    
    
    
    
    1.8
    %
    
    $
    217,050Futures and forward contracts by country compositionAustralia
    
    
    
    
    
    
    0.7
    %
    
    $
    93,897European Monetary Union
    
    
    
    
    
    
    0.2
    
    
    
    28,105Great Britain
    
    
    
    
    
    
    (0.3
    )
    
    
    (39,152
    )Japan
    
    
    
    
    
    
    (0.4
    )
    
    
    (58,331
    )United States
    
    
    
    
    
    
    0.3
    
    
    
    44,866Other
    
    
    
    
    
    
    1.5
    
    
    
    167,808Total futures and forward contracts by country composition
    
    
    
    
    
    
    2.0
    %
    
    $
    237,193
 
 *
    
    Due to rounding  16




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##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES B
 
 UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS
as of 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 contractsCurrency
    
    
    
    
    
    
    1.0
    
    
    
    128,830Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    1.0
    
    
    
    128,830Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (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 compositionAustralia
    
    
    
    
    
    
    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  17




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##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES B
 
 UNAUDITED STATEMENTS OF OPERATIONS
 Three Months EndedMarch 31,2011
    
    
    2010Investment incomeInterest income
    
    $
    2,454
    
    
    $
    279Total income
    
    
    2,454
    
    
    
    279ExpensesBrokerage commissions
    
    
    88,520
    
    
    
    89,175Management fees
    
    
    74,013
    
    
    
    52,653Selling commissions
    
    
    40,569
    
    
    
    33,525Operating expenses
    
    
    24,668
    
    
    
    17,551Incentive fee
    
    
    11,937
    
    
    
    Other
    
    
    2,906
    
    
    
    184Total expenses
    
    
    242,613
    
    
    
    193,088Net investment loss
    
    
    (240,159
    )
    
    
    (192,809
    )Realized and unrealized gain
(loss) on investmentsNet realized gain (loss) on futures and forward contracts
    
    
    1,524,458
    
    
    
    (1,248,427
    )Net change in unrealized appreciation (depreciation) on futures and forward contracts:
    
    
    (1,224,048
    )
    
    
    2,481,691Net gain on investments
    
    
    300,410
    
    
    
    1,233,264Net increase in net assets from operations
    
    $
    60,251
    
    
    $
    1,040,455Net increase in net assets from operations per Unit (based upon weighted average
number of Units outstanding during period) for Series B-1*
    
    $
    4.58
    
    
    $
    93.30Net increase (decrease) in net assets from operations per Unit (based upon change in
net asset value per Unit during period) for Series B-1
    
    $
    (1.06
    )
    
    $
    84.03Net increase in net assets from operations per Unit (based upon weighted average
number of Units outstanding during period) for Series B-2**
    
    $
    8.44
    
    
    $
    100.09Net increase in net assets from operations per Unit (based upon change in net asset
value per Unit during period) for Series B-2
    
    $
    4.76
    
    
    $
    90.02
 
 *
    
    Weighted average number of Units outstanding for Series B-1 for Three Months Ended March 31, 2011
and March 31, 2010: 6,225.63 and 7,866.16, respectively.**
    
    Weighted average number of Units outstanding for Series B-2 for Three Months Ended March 31,
2011 and March 31, 2010: 3,758.94 and 3,062.57, respectively.  18




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##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES B
 
 UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS
 Three Months EndedMarch 31,2011
    
    
    2010Increase in net assets from operationsNet investment loss
    
    $
    (240,159
    )
    
    $
    (192,809
    )Net realized gain (loss) on futures and forward contracts
    
    
    1,524,458
    
    
    
    (1,248,427
    )Net change in unrealized appreciation (depreciation) on futures and forward contracts
    
    
    (1,224,048
    )
    
    
    2,481,691Net increase in net assets from operations
    
    
    60,251
    
    
    
    1,040,455Capital share transactionsIssuance of Units
    
    
    953,631
    
    
    
    1,275,654Redemption of Units
    
    
    (922,788
    )
    
    
    (177,363
    )Net increase in net assets from capital share transactions
    
    
    30,843
    
    
    
    1,098,291Net increase in net assets
    
    
    91,094
    
    
    
    2,138,746Net assets,beginning of period
    
    
    12,958,534
    
    
    
    8,719,577Net assets,end of period
    
    $
    13,049,628
    
    
    $
    10,858,323Series B-1 Units,beginning of period
    
    
    5,784.122
    
    
    
    7,174.897Issuance of Series B-1 Units
    
    
    638.189
    
    
    
    994.023Redemption of Units
    
    
    (359.565
    )
    
    
    (44.681
    )Series B-1 Units,end of period
    
    
    6,062.746
    
    
    
    8,124.239Series B-2 Units,beginning of period
    
    
    3,700.480
    
    
    
    2,763.500Issuance of Series B-2 Units
    
    
    106.799
    
    
    
    554.785Redemption of Units
    
    
    (319.424
    )
    
    
    (168.558
    )Series B-2 Units,end of period
    
    
    3,487.855
    
    
    
    3,149.727
  19




---



##### Table of Contents



SUPERFUND GOLD, L.P.  SERIES B
 
 UNAUDITED STATEMENTS OF CASH FLOWS
 Three Months EndedMarch 31,2011
    
    
    2010Cash flows from operating activitiesNet increase in net assets from operations
    
    $
    60,251
    
    
    $
    1,040,455Adjustments to reconcile net increase 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
    
    
    (4,748,788
    )
    
    
    (3,499,178
    )Sales and maturities of U.S. government securities
    
    
    4,650,000
    
    
    
    4,450,000Amortization of discounts and premiums
    
    
    (1,407
    )
    
    
    (504
    )Due from brokers
    
    
    (1,335,738
    )
    
    
    (912,961
    )Unrealized appreciation on open forward contracts
    
    
    (48,114
    )
    
    
    (112,500
    )Unrealized depreciation on open forward contracts
    
    
    134,198
    
    
    
    37,107Futures contracts purchased
    
    
    1,206,200
    
    
    
    (1,823,972
    )Futures contracts sold
    
    
    (68,236
    )
    
    
    (582,326
    )Incentive fee
    
    
    (198,300
    )
    
    
    Management fee
    
    
    737
    
    
    
    4,111Fees payable
    
    
    827
    
    
    
    3,954Net cash used in operating activities
    
    
    (348,370
    )
    
    
    (1,395,814
    )Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    1,055,199
    
    
    
    992,024Redemptions, net of redemptions payable
    
    
    (417,258
    )
    
    
    (132,041
    )Net cash provided by financing activities
    
    
    637,941
    
    
    
    859,983Net increase (decrease) in cash
    
    
    289,571
    
    
    
    (535,831
    )Cash, beginning of period
    
    
    1,414,893
    
    
    
    932,518Cash, end of period
    
    $
    1,704,464
    
    
    $
    396,687
  20




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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 UNAUDITED FINANCIAL STATEMENTS
March 31, 2011
 SUPERFUND GOLD, L.P.
 1. Nature of operations
 Organization and Business
   2. Basis of presentation and significant accounting policies
 Basis of Presentation
  Valuation of Investments in Futures Contracts, Forward Contracts, and U.S. Treasury Bills
   21




---



##### Table of Contents



Translation of Foreign Currency
   Investment Transactions, Investment Income and Expenses
  Offsetting  Balance Sheet
 Income Taxes
  Income Taxes
 Use of Estimates
  Recently Issued Accounting Pronouncements
 ASU 2010-06
 Improving Disclosures about
Fair Value Measurements Fair
Value Measurements and Disclosures
 22




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##### Table of Contents



3. Fair Value Measurements
  Level 1:
    
    Unadjusted quoted prices in active markets that are accessible at
the measurement date for identical, unrestricted assets or
liabilities;Level 2:
    
    Quoted prices in markets that are not considered to be active or
financial instruments for which all significant inputs are
observable, either directly or indirectly;Level 3:
    
    Prices or valuations that require inputs that are both
significant to the fair value measurement and unobservable.
  U.S. Government Securities.
 Derivative Contracts.
   23




---



##### Table of Contents



Superfund Gold, L.P.
 BalanceMarch 31,2011
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government securities
    
    $
    9,648,500
    
    
    $
    
    
    
    $
    9,648,500
    
    
    $
    Unrealized appreciation on open forward contracts
    
    
    308,573
    
    
    
    
    
    
    
    308,573
    
    
    
    Futures contracts purchased
    
    
    603,428
    
    
    
    603,428
    
    
    
    
    
    
    
    Total Assets Measured at Fair Value
    
    $
    10,560,501
    
    
    $
    603,428
    
    
    $
    9,957,073
    
    
    $
    LIABILITIESUnrealized depreciation on open forward contracts
    
    $
    271,554
    
    
    $
    
    
    
    $
    271,554
    
    
    $
    Futures contracts sold
    
    $
    243,310
    
    
    $
    243,310
    
    
    $
    
    
    
    
    Total Liabilities Measured at Fair Value
    
    $
    514,864
    
    
    $
    243,310
    
    
    $
    271,554
    
    
    $
    
 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
 BalanceMarch 31,2011
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government securities
    
    $
    4,899,237
    
    
    $
    
    
    
    $
    4,899,237
    
    
    $
    Unrealized appreciation on open forward contracts
    
    
    131,629
    
    
    
    
    
    
    
    131,629
    
    
    
    Futures contracts purchased
    
    
    248,653
    
    
    
    248,653
    
    
    
    
    
    
    
    Total Assets Measured at Fair Value
    
    $
    5,279,519
    
    
    $
    248,653
    
    
    $
    5,030,866
    
    
    $
    LIABILITIESUnrealized depreciation on open forward contracts
    
    $
    114,753
    
    
    $
    
    
    
    $
    114,753
    
    
    $
    Futures contracts sold
    
    $
    105,585
    
    
    $
    105,585
    
    
    $
    
    
    
    
    Total Liabilities Measured at Fair Value
    
    $
    220,338
    
    
    $
    105,585
    
    
    $
    114,753
    
    
    $
    
 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
    
    
    $
    
 24




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##### Table of Contents



Superfund Gold, L.P.  Series B
 BalanceMarch 31,2011
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government securities
    
    $
    4,749,263
    
    
    $
    
    
    
    $
    4,749,263
    
    
    $
    Unrealized appreciation on open forward contracts
    
    
    176,944
    
    
    
    
    
    
    
    176,944
    
    
    
    Futures contracts purchased
    
    
    354,775
    
    
    
    354,775
    
    
    
    
    
    
    
    Total Assets Measured at Fair Value
    
    $
    5,280,982
    
    
    $
    354,775
    
    
    $
    4,926,207
    
    
    $
    LIABILITIESUnrealized depreciation on open forward contracts
    
    $
    156,801
    
    
    $
    
    
    
    $
    156,801
    
    
    $
    Futures contracts sold
    
    $
    137,725
    
    
    $
    137,725
    
    
    $
    
    
    
    
    Total Liabilities Measured at Fair Value
    
    $
    294,526
    
    
    $
    137,725
    
    
    $
    156,801
    
    
    $
    
 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
    
    
    $
    
 4. Disclosure of derivative instruments and hedging activities
 Disclosures about Derivative Instruments and Hedging Activities
   25




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##### Table of Contents



Superfund Gold, L.P.
  Statement of Assets and
    
    
    Asset Derivatives at
    
    
    Liability DerivativesType of Instrument
    
    Liabilities Location
    
    
    March 31, 2011
    
    
    at March 31, 2011
    
    
    NetForeign exchange contracts
    
    Unrealized appreciation on open forward contracts
    
    $
    308,573
    
    
    $
    
    
    
    $
    308,573Foreign exchange contracts
    
    Unrealized depreciation on open forward contracts
    
    
    
    
    
    
    (271,554
    )
    
    
    (271,554
    )Futures contracts
    
    Futures contracts purchased & futures contacts sold
    
    
    603,428
    
    
    
    (243,310
    )
    
    
    360,118Totals
    
    
    
    
    
    $
    912,001
    
    
    $
    (514,864
    )
    
    $
    397,137
  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
    
    $
    224,585
    
    
    $
    
    
    
    $
    224,585Foreign exchange contracts
    
    Unrealized depreciation on open forward contracts
    
    
    
    
    
    
    (36,460
    )
    
    
    (36,460
    )Futures contracts
    
    Futures contracts purchased & futures contacts sold
    
    
    2,832,921
    
    
    
    (349,805
    )
    
    
    2,483,116Totals
    
    
    
    
    
    $
    3,057,506
    
    
    $
    (386,265
    )
    
    $
    2,671,241
 26




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##### Table of Contents



Net Change inDerivatives not
    
    
    
    
    
    
    
    
    
    Unrealized AppreciationDesignated as Hedging
    
    Location of Gain (Loss) on
    
    
    Net Realized Gain (Loss)
    
    
    (Depreciation) onInstruments under ASC
    
    Derivatives Recognized in
    
    
    on Derivatives Recognized
    
    
    Derivatives Recognized815
    
    Income
    
    
    in Income
    
    
    in IncomeForeign exchange contracts
    
    Net realized and unrealized gain (loss) on investments
    
    $
    119,014
    
    
    $
    (151,104
    )Futures contracts
    
    Net realized and unrealized gain (loss) on investments
    
    
    2,710,253
    
    
    
    (2,123,000
    )Total
    
    
    
    
    
    $
    2,829,267
    
    
    $
    (2,274,104
    )
  Net Change inDerivatives not
    
    
    
    
    
    
    
    
    
    Unrealized AppreciationDesignated as Hedging
    
    Location of Gain (Loss) on
    
    
    Net Realized Gain (Loss)
    
    
    (Depreciation) onInstruments under ASC
    
    Derivatives Recognized in
    
    
    on Derivatives Recognized
    
    
    Derivatives Recognized815
    
    Income
    
    
    in Income
    
    
    in IncomeForeign Exchange contracts
    
    Net realized gain (loss) on futures and forward contracts
    
    $
    (188,805
    )
    
    $
    79,460Futures contracts
    
    Net realized gain (loss) on futures and forward contracts
    
    
    (1,469,966
    )
    
    
    3,312,100Total
    
    
    
    
    
    $
    (1,658,771
    )
    
    $
    3,391,560
  As of March 31, 2011Long Positions Gross Unrealized
    
    
    Short Positions Gross Unrealized% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    Net UnrealizedNet
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    Gain (Loss) onGains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Gains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Open PositionsForeign Exchange
    
    $
    305,703
    
    
    
    1.1
    
    
    $
    (22,161
    )
    
    
    (0.0
    )*
    
    $
    2,870
    
    
    
    0.0
    *
    
    
    (249,393
    )
    
    
    (0.9
    )
    
    $
    37,019Currency
    
    
    488,697
    
    
    
    1.8
    
    
    
    (236,706
    )
    
    
    (0.9
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    251,991Financial
    
    
    206,866
    
    
    
    0.8
    
    
    
    (199,783
    )
    
    
    (0.7
    )
    
    
    57
    
    
    
    0.0
    *
    
    
    (76,971
    )
    
    
    (0.3
    )
    
    
    (69,831
    )Food & Fiber
    
    
    1,618
    
    
    
    0.0
    *
    
    
    (5,024
    )
    
    
    (0.0
    )*
    
    
    8,206
    
    
    
    0.0
    *
    
    
    
    
    
    
    
    
    
    
    4,800Indices
    
    
    95,910
    
    
    
    0.4
    
    
    
    (26,934
    )
    
    
    (0.1
    )
    
    
    15,982
    
    
    
    0.1
    
    
    
    (88,763
    )
    
    
    (0.3
    )
    
    
    (3,805
    )Metals
    
    
    215,970
    
    
    
    0.8
    
    
    
    (231,634
    )
    
    
    (0.9
    )
    
    
    7,687
    
    
    
    0.0
    *
    
    
    (80,021
    )
    
    
    (0.3
    )
    
    
    (87,998
    )Livestock
    
    
    76,220
    
    
    
    0.3
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    76,220Energy
    
    
    220,469
    
    
    
    0.8
    
    
    
    (2,241
    )
    
    
    (0.0
    )*
    
    
    
    
    
    
    
    
    
    
    (29,487
    )
    
    
    (0.1
    )
    
    
    188,741Totals
    
    $
    1,611,453
    
    
    
    6.0
    
    
    $
    (724,483
    )
    
    
    (2.6
    )
    
    $
    34,802
    
    
    
    0.1
    
    
    $
    (524,635
    )
    
    
    (1.9
    )
    
    $
    397,137
 
 *
    
    Due to rounding 27




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##### Table of Contents



Superfund Gold, L.P. gross and net unrealized gains and losses by long and short positions as of
December 31, 2010: 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  Average Number
    
    
    Average
    
    
    Average Value
    
    
    Average Valueof Long
    
    
    Number of Short
    
    
    of Long
    
    
    of ShortContracts
    
    
    Contracts
    
    
    Positions
    
    
    PositionsForeign Exchange
    
    
    106
    
    
    
    83
    
    
    $
    363,897
    
    
    $
    327,589
 Average Number
    
    
    Averageof Long
    
    
    Number of ShortContracts
    
    
    ContractsCurrency
    
    
    1,410
    
    
    
    71Financial
    
    
    1,927
    
    
    
    634Food & Fiber
    
    
    92
    
    
    
    6Indices
    
    
    1,066
    
    
    
    439Metals
    
    
    630
    
    
    
    186Livestock
    
    
    99
    
    
    
    Energy
    
    
    415
    
    
    
    350Totals
    
    
    5,745
    
    
    
    1,769
 
 *
    
    Based on quarterly holdings 28




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##### Table of Contents



Average Number
    
    
    Average
    
    
    Average Value
    
    
    Average Valueof Long
    
    
    Number of Short
    
    
    of Long
    
    
    of ShortContracts
    
    
    Contracts
    
    
    Positions
    
    
    PositionsForeign Exchange
    
    
    65
    
    
    
    59
    
    
    $
    339,239
    
    
    $
    504,836
 Average Number
    
    
    Averageof Long
    
    
    Number ofContracts
    
    
    Short ContractsCurrency
    
    
    541
    
    
    
    Financial
    
    
    757
    
    
    
    356Food & Fiber
    
    
    118
    
    
    
    75Indices
    
    
    522
    
    
    
    59Metals
    
    
    374
    
    
    
    58Livestock
    
    
    
    
    
    
    18Energy
    
    
    196
    
    
    
    92Totals
    
    
    2573
    
    
    
    717
 
 *
    
    Based on quarterly holdings  For the Three Months Ended March 31, 2011Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGain (Losses)
    
    
    Gains (Losses)
    
    
    Gains (Losses)Foreign Exchange
    
    $
    119,014
    
    
    $
    (151,104
    )
    
    $
    (32,090
    )Currency
    
    
    (10,739
    )
    
    
    (266,366
    )
    
    
    (277,105
    )Financial
    
    
    (457,845
    )
    
    
    (175,026
    )
    
    
    (632,871
    )Food & Fiber
    
    
    82,147
    
    
    
    (189,450
    )
    
    
    (107,303
    )Indices
    
    
    (177,582
    )
    
    
    (141,833
    )
    
    
    (319,415
    )Metals
    
    
    1,624,336
    
    
    
    (1,443,023
    )
    
    
    181,313Livestock
    
    
    147,140
    
    
    
    (16,240
    )
    
    
    130,900Energy
    
    
    1,502,796
    
    
    
    108,938
    
    
    
    1,611,734Total net trading gains
    
    $
    2,829,267
    
    
    $
    (2,274,104
    )
    
    $
    555,163
 For the Three Months Ended March 31, 2010Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGain (Losses)
    
    
    Gains (Losses)
    
    
    Gains (Losses)Foreign Exchange
    
    $
    (188,805
    )
    
    $
    79,460
    
    
    $
    (109,345
    )Currency
    
    
    (359,500
    )
    
    
    286,618
    
    
    
    (72,882
    )Financial
    
    
    149,578
    
    
    
    689,941
    
    
    
    839,519Food & Fiber
    
    
    (117,551
    )
    
    
    45,833
    
    
    
    (71,718
    )Indices
    
    
    394,991
    
    
    
    (37,496
    )
    
    
    357,495Metals
    
    
    (1,465,126
    )
    
    
    1,532,644
    
    
    
    67,518Livestock
    
    
    (65,720
    )
    
    
    9,190
    
    
    
    (56,530
    )Energy
    
    
    (6,638
    )
    
    
    785,370
    
    
    
    778,732Total net trading gains
    
    $
    1,658,771
    
    
    $
    3,391,560
    
    
    $
    1,732,789
 29




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##### Table of Contents



Superfund Gold, L.P.  Series A
  Statement of Assets
    
    
    
    
    
    Liabilityand Liabilities
    
    Asset Derivatives
    
    
    Derivatives atType of Instrument
    
    Location
    
    at March 31, 2011
    
    
    March 31, 2011
    
    
    NetForeign exchange
contracts
    
    Unrealized appreciation on open forward contracts
    
    $
    131,629
    
    
    $
    
    
    
    $
    131,629Foreign exchange
contracts
    
    Unrealized depreciation on open forward contracts
    
    
    
    
    
    
    (114,753
    )
    
    
    (114,753
    )Futures contracts
    
    Futures contracts purchased & futures contracts sold
    
    
    248,653
    
    
    
    (105,585
    )
    
    
    143,068Totals
    
    
    
    $
    380,282
    
    
    $
    (220,338
    )
    
    $
    159,944
  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
    
    $
    95,755
    
    
    $
    
    
    
    $
    95,755Foreign exchange
contracts
    
    Unrealized depreciation on open forward contracts
    
    
    
    
    
    
    (13,857
    )
    
    
    (13,857
    )Futures contracts
    
    Futures contracts purchased & futures contracts sold
    
    
    1,271,946
    
    
    
    (143,844
    )
    
    
    1,128,102Totals
    
    
    
    $
    1,367,701
    
    
    $
    (157,701
    )
    
    $
    1,210,000
  Net Change inUnrealizedLocation of Gain
    
    Net Realized Gain
    
    
    AppreciationDerivatives not
    
    (Loss) on
    
    (Loss) on
    
    
    (Depreciation) onDesignated as
    
    Derivatives
    
    Derivatives
    
    
    DerivativesHedging Instruments
    
    Recognized in
    
    Recognized in
    
    
    Recognized inunder ASC 815
    
    Income
    
    Income
    
    
    IncomeForeign exchange
contracts
    
    Net realized and unrealized gain (loss) on investments
    
    $
    56,190
    
    
    $
    (65,021
    )Futures contracts
    
    Net realized and unrealized gain (loss) on investments
    
    
    1,248,619
    
    
    
    (985,035
    )Total
    
    
    
    $
    1,304,809
    
    
    $
    (1,050,056
    )
 30




---



##### Table of Contents



Net Change inUnrealizedLocation of Gain
    
    Net Realized Gain
    
    
    AppreciationDerivatives not
    
    (Loss) on
    
    (Loss) on
    
    
    (Depreciation) onDesignated as
    
    Derivatives
    
    Derivatives
    
    
    DerivativesHedging Instruments
    
    Recognized in
    
    Recognized in
    
    
    Recognized inunder ASC 815
    
    Income
    
    Income
    
    
    IncomeForeign Exchange
contracts
    
    Net realized gain (loss) on futures and forward contracts
    
    $
    (3,614
    )
    
    $
    4,067Futures contracts
    
    Net realized gain (loss) on futures and forward contracts
    
    
    (406,730
    )
    
    
    905,802Total
    
    
    
    $
    (410,344
    )
    
    $
    909,869
  As of March 31, 2011Long Positions Gross Unrealized
    
    
    Short Positions Gross Unrealized% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    Net UnrealizedNet
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    Gain (Loss) onGains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Gains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Open PositionsForeign Exchange
    
    $
    130,194
    
    
    
    0.9
    
    
    $
    (9,411
    )
    
    
    (0.0)
    *
    
    $
    1,435
    
    
    
    0.0
    *
    
    $
    (105,342
    )
    
    
    (0.8
    )
    
    $
    16,876Currency
    
    
    215,511
    
    
    
    1.5
    
    
    
    (105,500
    )
    
    
    (0.7
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    110,011Financial
    
    
    92,657
    
    
    
    0.7
    
    
    
    (87,346
    )
    
    
    (0.7
    )
    
    
    57
    
    
    
    0.0
    *
    
    
    (34,367
    )
    
    
    (0.2
    )
    
    
    (28,999
    )Food & Fiber
    
    
    878
    
    
    
    (0.0)
    *
    
    
    (1,701
    )
    
    
    (0.0)
    *
    
    
    3,859
    
    
    
    0.0
    *
    
    
    
    
    
    
    
    
    
    
    3,036Indices
    
    
    41,953
    
    
    
    0.3
    
    
    
    (11,574
    )
    
    
    (0.1
    )
    
    
    6,990
    
    
    
    0.1
    *
    
    
    (38,252
    )
    
    
    (0.3
    )
    
    
    (883
    )Metals
    
    
    110,995
    
    
    
    0.8
    
    
    
    (134,865
    )
    
    
    (1.0
    )
    
    
    3,712
    
    
    
    0.0
    
    
    
    (34,933
    )
    
    
    (0.2
    )
    
    
    (55,091
    )Livestock
    
    
    35,640
    
    
    
    0.3
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    35,640Energy
    
    
    92,862
    
    
    
    0.7
    
    
    
    (857
    )
    
    
    (0.0)
    *
    
    
    
    
    
    
    
    
    
    
    (12,651
    )
    
    
    (0.1
    )
    
    
    79,354Totals
    
    $
    720,690
    
    
    
    5.2
    
    
    $
    (351,254
    )
    
    
    (2.5
    )
    
    $
    16,053
    
    
    
    0.1
    
    
    $
    (225,545
    )
    
    
    (1.6
    )
    
    $
    159,944
 
 *
    
    Due to rounding  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 31




---



##### Table of Contents



Series A average* contract volume by market sector for the three months ended March 31, 2011: Average Number of
    
    
    Average Number of
    
    
    Average Value of
    
    
    Average Value ofLong Contracts
    
    
    Short Contracts
    
    
    Long Positions
    
    
    Short PositionsForeign Exchange
    
    
    47
    
    
    
    37
    
    
    $
    150,228
    
    
    $
    132,546
 Average Number
    
    
    Average Numberof Long
    
    
    of ShortContracts
    
    
    ContractsCurrency
    
    
    624
    
    
    
    29Financial
    
    
    859
    
    
    
    248Food & Fiber
    
    
    38
    
    
    
    4Indices
    
    
    455
    
    
    
    207Metals
    
    
    304
    
    
    
    77Livestock
    
    
    44
    
    
    
    Energy
    
    
    172
    
    
    
    159Totals
    
    
    2,543
    
    
    
    761
 
 *
    
    Based on quarterly holdings  Average Number of
    
    
    Average Number of
    
    
    Average Value of
    
    
    Average Value ofLong Contracts
    
    
    Short Contracts
    
    
    Long Positions
    
    
    Short PositionsForeign Exchange
    
    
    14
    
    
    
    7
    
    
    $
    6,773
    
    
    $
    13,301
 Average Number of Long
    
    
    Average Number ofContracts
    
    
    Short ContractsCurrency
    
    
    150
    
    
    
    Financial
    
    
    216
    
    
    
    91Food & Fiber
    
    
    26
    
    
    
    21Indices
    
    
    128
    
    
    
    10Metals
    
    
    112
    
    
    
    11Livestock
    
    
    
    
    
    
    4Energy
    
    
    45
    
    
    
    21Totals
    
    
    691
    
    
    
    165
 32




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##### Table of Contents



For the Three Months Ended March 31, 2011Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGain (Losses)
    
    
    Gains (Losses)
    
    
    Gains (Losses)Foreign Exchange
    
    $
    56,190
    
    
    $
    (65,021
    )
    
    $
    (8,831
    )Currency
    
    
    (4,289
    )
    
    
    (113,127
    )
    
    
    (117,416
    )Financial
    
    
    (162,966
    )
    
    
    (73,460
    )
    
    
    (236,426
    )Food & Fiber
    
    
    32,787
    
    
    
    (78,745
    )
    
    
    (45,958
    )Indices
    
    
    (131,299
    )
    
    
    (57,135
    )
    
    
    (188,434
    )Metals
    
    
    838,805
    
    
    
    (704,523
    )
    
    
    134,282Livestock
    
    
    64,250
    
    
    
    (5,330
    )
    
    
    58,920Energy
    
    
    611,331
    
    
    
    47,285
    
    
    
    658,616Total net trading gains (losses)
    
    $
    1,304,809
    
    
    $
    (1,050,056
    )
    
    $
    254,753
 For the Three Months Ended March 31, 2010Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGain (Losses)
    
    
    Gains (Losses)
    
    
    Gains (Losses)Foreign Exchange
    
    $
    (3,614
    )
    
    $
    4,067
    
    
    $
    453Currency
    
    
    (77,970
    )
    
    
    69,628
    
    
    
    (8,342
    )Financial
    
    
    35,166
    
    
    
    183,169
    
    
    
    218,335Food & Fiber
    
    
    (44,315
    )
    
    
    36,851
    
    
    
    (7,464
    )Indices
    
    
    78,455
    
    
    
    32,609
    
    
    
    111,064Metals
    
    
    (388,527
    )
    
    
    407,410
    
    
    
    18,883Livestock
    
    
    (13,330
    )
    
    
    1,080
    
    
    
    (12,250
    )Energy
    
    
    3,791
    
    
    
    175,055
    
    
    
    178,846Total net trading gains (losses)
    
    $
    (410,344
    )
    
    $
    909,869
    
    
    $
    499,525
 Superfund Gold, L.P.  Series B
  Statement of Assets
    
    
    
    
    
    Liabilityand Liabilities
    
    Asset Derivatives
    
    
    Derivatives atType of Instrument
    
    Location
    
    at March 31, 2011
    
    
    March 31, 2011
    
    
    NetForeign exchange
contracts
    
    Unrealized appreciation on open forward contracts
    
    $
    176,944
    
    
    $
    
    
    
    $
    176,944Foreign exchange
contracts
    
    Unrealized depreciation on open forward contracts
    
    
    
    
    
    
    (156,801
    )
    
    
    (156,801
    )Futures contracts
    
    Futures contracts purchased & futures  contacts sold
    
    
    354,775
    
    
    
    (137,725
    )
    
    
    217,050Totals
    
    
    
    $
    531,719
    
    
    $
    (294,526
    )
    
    $
    237,193
 33




---



##### Table of Contents



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
    
    $
    128,830
    
    
    $
    
    
    
    $
    128,830Foreign exchange
contracts
    
    Unrealized depreciation on open forward contracts
    
    
    
    
    
    
    (22,603
    )
    
    
    (22,603
    )Futures contracts
    
    Futures contracts purchased & futures contracts sold
    
    
    1,560,975
    
    
    
    (205,961
    )
    
    
    1,355,014Totals
    
    
    
    $
    1,689,805
    
    
    $
    (228,564
    )
    
    $
    1,461,241
  Net Change inUnrealizedLocation of Gain
    
    Net Realized Gain
    
    
    AppreciationDerivatives not
    
    (Loss) on
    
    (Loss) on
    
    
    (Depreciation) onDesignated as
    
    Derivatives
    
    Derivatives
    
    
    DerivativesHedging Instruments
    
    Recognized in
    
    Recognized in
    
    
    Recognized inunder ASC 815
    
    Income
    
    Income
    
    
    IncomeForeign Exchange
contracts
    
    Net realized and unrealized gain (loss) on investments
    
    $
    62,824
    
    
    $
    (86,083
    )Futures contracts
    
    Net realized and unrealized gain (loss) on investments
    
    
    1,461,634
    
    
    
    (1,137,965
    )Total
    
    
    
    $
    1,524,458
    
    
    $
    (1,224,048
    )
  Net Change inUnrealizedLocation of Gain
    
    Net Realized Gain
    
    
    AppreciationDerivatives not
    
    (Loss) on
    
    (Loss) on
    
    
    (Depreciation) onDesignated as
    
    Derivatives
    
    Derivatives
    
    
    DerivativesHedging Instruments
    
    Recognized in
    
    Recognized in
    
    
    Recognized inunder ASC 815
    
    Income
    
    Income
    
    
    IncomeForeign Exchange
contracts
    
    Net realized gain (loss) on futures and forward contracts
    
    $
    (185,191
    )
    
    $
    75,393Futures contracts
    
    Net realized gain (loss) on futures and forward contracts
    
    
    (1,063,236
    )
    
    
    2,406,298Total
    
    
    
    $
    (1,248,427
    )
    
    $
    2,481,691
 34




---



##### Table of Contents



As of March 31, 2011Long Positions Gross Unrealized
    
    
    Short Positions Gross Unrealized% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    Net UnrealizedNet
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    Gain (Loss) onGains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Gains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Open PositionsForeign Exchange
    
    $
    175,509
    
    
    
    1.4
    
    
    $
    (12,750
    )
    
    
    (0.1
    )
    
    $
    1,435
    
    
    
    0.0
    *
    
    $
    (144,051
    )
    
    
    (1.1
    )
    
    $
    20,143Currency
    
    
    273,186
    
    
    
    2.1
    
    
    
    (131,206
    )
    
    
    (1.0
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    141,980Financial
    
    
    114,209
    
    
    
    0.9
    
    
    
    (112,437
    )
    
    
    (0.9
    )
    
    
    
    
    
    
    
    
    
    
    (42,604
    )
    
    
    (0.3
    )
    
    
    (40,832
    )Food & Fiber
    
    
    740
    
    
    
    0.0
    *
    
    
    (3,323
    )
    
    
    (0.0)
    *
    
    
    4,347
    
    
    
    0.0
    *
    
    
    
    
    
    
    
    
    
    
    1,764Indices
    
    
    53,957
    
    
    
    0.4
    
    
    
    (15,360
    )
    
    
    (0.1
    )
    
    
    8,992
    
    
    
    0.1
    
    
    
    (50,511
    )
    
    
    (0.4
    )
    
    
    (2,922
    )Metals
    
    
    104,975
    
    
    
    0.8
    
    
    
    (96,769
    )
    
    
    (0.7
    )
    
    
    3,975
    
    
    
    0.0
    *
    
    
    (45,088
    )
    
    
    (0.3
    )
    
    
    (32,907
    )Livestock
    
    
    40,580
    
    
    
    0.3
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    40,580Energy
    
    
    127,607
    
    
    
    1.0
    
    
    
    (1,384
    )
    
    
    (0.0)
    *
    
    
    
    
    
    
    
    
    
    
    (16,836
    )
    
    
    (0.1
    )
    
    
    109,387Totals
    
    $
    890,763
    
    
    
    6.9
    
    
    $
    (373,229
    )
    
    
    (2.8
    )
    
    $
    18,749
    
    
    
    0.1
    
    
    $
    (299,090
    )
    
    
    (2.2
    )
    
    $
    237,193
 
 *
    
    Due to rounding  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 35




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##### Table of Contents



Average Number of
    
    
    Average Number of
    
    
    Average Value of
    
    
    Average Value ofLong Contracts
    
    
    Short Contracts
    
    
    Long Positions
    
    
    Short PositionsForeign Exchange
    
    
    59
    
    
    
    46
    
    
    $
    213,669
    
    
    $
    195,043
 Average Number of
    
    
    Average Number ofLong Contracts
    
    
    Short ContractsCurrency
    
    
    786
    
    
    
    42Financial
    
    
    1068
    
    
    
    386Food & Fiber
    
    
    54
    
    
    
    2Indices
    
    
    611
    
    
    
    232Metals
    
    
    326
    
    
    
    109Livestock
    
    
    55
    
    
    
    Energy
    
    
    243
    
    
    
    191Totals
    
    
    3,202
    
    
    
    1,008
 
 *
    
    Based on quarterly holdings  Average Number of
    
    
    Average Number of
    
    
    Average Value of
    
    
    Average Value ofLong Contracts
    
    
    Short Contracts
    
    
    Long Positions
    
    
    Short PositionsForeign Exchange
    
    
    51
    
    
    
    52
    
    
    $
    332,466
    
    
    $
    491,535
 Average Number of
    
    
    Average Number ofLong Contracts
    
    
    Short ContractsCurrency
    
    
    391
    
    
    
    Financial
    
    
    541
    
    
    
    265Food & Fiber
    
    
    92
    
    
    
    54Indices
    
    
    394
    
    
    
    49Metals
    
    
    262
    
    
    
    47Livestock
    
    
    
    
    
    
    14Energy
    
    
    151
    
    
    
    71Totals
    
    
    1,882
    
    
    
    552
 
 *
    
    Based on quarterly holdings  For the Three Months Ended March 31, 2011Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGain (Losses)
    
    
    Gains (Losses)
    
    
    Gains (Losses)Foreign Exchange
    
    $
    62,824
    
    
    $
    (86,083
    )
    
    $
    (23,259
    )Currency
    
    
    (6,450
    )
    
    
    (153,239
    )
    
    
    (159,689
    )Financial
    
    
    (294,879
    )
    
    
    (101,566
    )
    
    
    (396,445
    )Food & Fiber
    
    
    49,360
    
    
    
    (110,705
    )
    
    
    (61,345
    )Indices
    
    
    (46,283
    )
    
    
    (84,698
    )
    
    
    (130,981
    )Metals
    
    
    785,531
    
    
    
    (738,500
    )
    
    
    47,031Livestock
    
    
    82,890
    
    
    
    (10,910
    )
    
    
    71,980Energy
    
    
    891,465
    
    
    
    61,653
    
    
    
    953,118Total net trading gains
    
    $
    1,524,458
    
    
    $
    (1,224,048
    )
    
    $
    300,410
 36




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##### Table of Contents



For the Three Months Ended March 31, 2010Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGain (Losses)
    
    
    Gains (Losses)
    
    
    Gains (Losses)Foreign Exchange
    
    $
    (185,191
    )
    
    $
    75,393
    
    
    $
    (109,798
    )Currency
    
    
    (281,530
    )
    
    
    216,990
    
    
    
    (64,540
    )Financial
    
    
    114,412
    
    
    
    506,772
    
    
    
    621,184Food & Fiber
    
    
    (73,236
    )
    
    
    8,982
    
    
    
    (64,254
    )Indices
    
    
    316,536
    
    
    
    (70,105
    )
    
    
    246,431Metals
    
    
    (1,076,599
    )
    
    
    1,125,234
    
    
    
    48,635Livestock
    
    
    (52,390
    )
    
    
    8,110
    
    
    
    (44,280
    )Energy
    
    
    (10,429
    )
    
    
    610,315
    
    
    
    599,886Total net trading gains
    
    $
    (1,248,427
    )
    
    $
    2,481,691
    
    
    $
    1,233,264
 5. Due from/to brokers
   6. Allocation of net profits and losses
   7. Related party transactions
   37




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##### Table of Contents



8. Financial highlights
  2011Series A-1
    
    
    Series A-2
    
    
    Series B-1
    
    
    Series B-2Total ReturnTotal return before incentive fees
    
    
    (0.52
    )%
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.5
    %Incentive fees
    
    
    0.0
    %
    
    
    0.01
    %
    
    
    0.02
    %
    
    
    0.6
    %Total return after incentive fees
    
    
    (0.52
    )%
    
    
    (0.01
    )%
    
    
    (0.02
    )%
    
    
    (0.1
    )%Ratios to average partners capital*Operating expenses before incentive fees
    
    
    7.1
    %
    
    
    5.0
    %
    
    
    7.9
    %
    
    
    5.8
    %Incentive fees
    
    
    0.0
    %
    
    
    0.1
    %
    
    
    0.2
    %
    
    
    0.6
    %Total expenses
    
    
    7.1
    %
    
    
    5.1
    %
    
    
    8.1
    %
    
    
    6.4
    %Net investment loss*
    
    
    (7.0
    )%
    
    
    (5.0
    )%
    
    
    (7.8
    )%
    
    
    (5.8
    )%Net asset value per unit, beginning of period
    
    $
    1,566.65
    
    
    $
    1,671.00
    
    
    $
    1,351.21
    
    
    $
    1,389.80Net investment loss
    
    
    (26.26
    )
    
    
    (20.75
    )
    
    
    (25.99
    )
    
    
    (21.13
    )Net gain on investments
    
    
    18.09
    
    
    
    19.52
    
    
    
    24.93
    
    
    
    25.89Net asset value per unit, end of period
    
    $
    1,558.48
    
    
    $
    1,669.77
    
    
    $
    1,350.15
    
    
    $
    1,394.56Other per Unit information:Net increase in net assets from operations
per Unit based upon weighted average Number
of Units during period)
    
    $
    1.12
    
    
    $
    2.61
    
    
    $
    4.58
    
    
    $
    8.44Net increase in net assets from operations
per Unit (based upon weighted average Number
of Unites during period)
    
    $
    (8.17
    )
    
    $
    (1.23
    )
    
    $
    (1.06
    )
    
    $
    4.76
 
 *
    
    Annualized for periods less than a year  2010Series A-1
    
    
    Series A-2
    
    
    Series B-1
    
    
    Series B-2Total ReturnTotal return before incentive fees
    
    
    6.1
    %
    
    
    6.6
    %
    
    
    9.6
    %
    
    
    10.2
    %Incentive fees
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %Total return after incentive fees
    
    
    6.1
    %
    
    
    6.6
    %
    
    
    9.6
    %
    
    
    10.2
    %Ratios to average partners capital*Operating expenses before incentive fees
    
    
    7.6
    %
    
    
    5.6
    %
    
    
    9.0
    %
    
    
    7.0
    %Incentive fees
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %Total expenses
    
    
    7.6
    %
    
    
    5.6
    %
    
    
    9.0
    %
    
    
    7.0
    %Net investment loss*
    
    
    (7.1
    )%
    
    
    (5.6
    )%
    
    
    (9.0
    )%
    
    
    (6.9
    )%Net asset value per unit, beginning of period
    
    $
    1,056.90
    
    
    $
    1,111.40
    
    
    $
    873.68
    
    
    $
    886.92Net investment loss
    
    
    (18.44
    )
    
    
    (15.38
    )
    
    
    (18.95
    )
    
    
    (14.90
    )Net gain on investments
    
    
    83.21
    
    
    
    88.18
    
    
    
    102.98
    
    
    
    105.10Net asset value per unit, end of period
    
    $
    1,121.67
    
    
    $
    1,184.20
    
    
    $
    957.71
    
    
    $
    977.12Other per Unit information:Net increase in net assets from operations
per Unit (based upon weighted average Number
of Units during period)
    
    $
    79.42
    
    
    $
    93.00
    
    
    $
    93.30
    
    
    $
    100.09Net increase in net assets from operations
per Unit (based upon change in net asset
value per Unit)
    
    $
    64.77
    
    
    $
    72.80
    
    
    $
    84.03
    
    
    $
    90.20
 38




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##### Table of Contents



9. Financial instrument risk
         10. Subscriptions and redemptions
  39




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##### Table of Contents



11. Subsequent events
  ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 INTRODUCTION
  LIQUIDITY
    CAPITAL RESOURCES
  40




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##### Table of Contents



RESULTS OF OPERATIONS
 Three Months Ended March 31, 2011
     st
   41




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##### Table of Contents



42




---



##### Table of Contents



Three Months Ended March 31, 2010
     43




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##### Table of Contents



st
    44




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##### Table of Contents



OFF-BALANCE SHEET RISK
   OFF-BALANCE SHEET ARRANGEMENTS
  CONTRACTUAL OBLIGATIONS
  CRITICAL ACCOUNTING POLICIES  VALUATION OF THE FUNDS POSITIONS
  45




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##### Table of Contents



RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
 ASU 2010-06
 Improving Disclosures about Fair Value Measurements Fair Value Measurements and
Disclosures
 ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
  ITEM 4. CONTROLS AND PROCEDURES
   PART II  OTHER INFORMATION
 ITEM 1. LEGAL PROCEEDINGS
  ITEM 1A. RISK FACTORS
  ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
 (a)
    
    There were no sales of unregistered securities during the quarter ended March 31, 2011.(b)
    
    Updated information required by Item 701(f) of Regulation S-K:
 (1)
    
    The use of proceeds information is being disclosed for Registration Statement
No. 333-151632 declared effective on February 17, 2009.(4)
    
    (iv) As of March 31, 2011, the Fund sold $10,681,973 of Series A-1 Units,
$2,708,662 of Series A-2 Units, $9,396,539 of Series B-1 Units, and $3,796,611 of
Series B-2 Units.
 46




---



##### Table of Contents



(v)
    
    As of March 31, 2011, the Fund incurred expenses for the account of the
Fund totaling $2,893,354 of which $2,432,025 was paid to Superfund Capital Management
and $461,329 was paid to Superfund USA.(vi)
    
    Net offering proceeds to the Fund as of March 31, 2011 were $19,893,820.(vii)
    
    As of March 31, 2011, 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 $19,893,820.
 (c)
    
    Pursuant to the Limited Partnership Agreement, investors may redeem their Units at the end of
each calendar month at the then current month-end Net Asset Value per Unit. The redemption of
Units has no impact on the value of Units that remain outstanding, and Units are not reissued
once redeemed.The following tables summarize the redemptions by investors during the three months ended
March 31, 2011:
  Net Asset Value per UnitMonth
    
    Units Redeemed
    
    ($)January 31, 2011
    
    14.944
    
    1415.38February 28, 2011
    
    28.007
    
    1548.38March 31, 2011
    
    1,018.392
    
    1558.48Total
    
    1061.343
  Net Asset Value per UnitMonth
    
    Units Redeemed
    
    ($)January 31, 2011
    
    49.090
    
    1512.18February 28, 2011
    
    0.000
    
    1656.17March 31, 2011
    
    299.442
    
    1669.77Total
    
    348.532
  Net Asset Value per UnitMonth
    
    Units Redeemed
    
    ($)January 31, 2011
    
    23.894
    
    1199.65February 28, 2011
    
    129.382
    
    1336.66March 31, 2011
    
    206.289
    
    1350.15Total
    
    359.565
  Net Asset Value per UnitMonth
    
    Units Redeemed
    
    ($)January 31, 2011
    
    17.617
    
    1235.97February 28, 2011
    
    0.000
    
    1378.31March 31, 2011
    
    301.807
    
    1394.56Total
    
    319.424
 ITEM 3. DEFAULTS UPON SENIOR SECURITIES
  ITEM 4. (REMOVED AND RESERVED)
 47




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##### Table of Contents



ITEM 5. OTHER INFORMATION
  ITEM 6. EXHIBITS
  31.1
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer31.2
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer32.1
    
    Section 1350 Certification of Principal Executive Officer32.2
    
    Section 1350 Certification of Principal Financial Officer
 48




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##### Table of Contents



SIGNATURES
  Date: May 16, 2011
    SUPERFUND GOLD, L.P.
(Registrant)By:
    Superfund Capital Management, Inc.General PartnerBy:

/s/  Nigel JamesNigel JamesPresident and Principal Executive OfficerBy:

/s/  Martin SchneiderMartin SchneiderVice President and Principal Financial Officer 49




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##### Table of Contents



Exhibit Number
    
    Description of Document
    
    Page Number31.1
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer
    
    E-231.2
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer
    
    E-332.1
    
    Section 1350 Certification of Principal Executive Officer
    
    E-432.2
    
    Section 1350 Certification of Principal Financial Officer
    
    E-5
 E-1