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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K


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

For the Fiscal Year Ended December 31, 2010


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.

(Exact name of registrant as specified in its charter)


DELAWARE		98-0574019 (Series A); 98-0574020 (Series B)

(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification Number)

SUPERFUND OFFICE BUILDING
P.O. BOX 1479
GRAND ANSE
ST. GEORGE’S, GRENADA
WEST INDIES		Not applicable

(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (473) 439-2418

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act:

Units of Limited Partnership Interest
(Title of Class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes o No þ

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes o No þ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes þ No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes o No o

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of the registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. o

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

Large accelerated filer o

Accelerated filer o

Non-accelerated filer o
(do not check if a smaller reporting company)

Smaller reporting company þ

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o No þ

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter.

Not applicable.

DOCUMENTS INCORPORATED BY REFERENCE

Prospectus dated August 13, 2010, included within the Post-Effective Amendment No. 2 to Superfund Gold, L.P.’s Registration Statement on Form S-1 (File No. 333-151632), is incorporated by reference into Item 1 and Item 5.

PART I

Item 1. Business.

(a) General Development of Business

Superfund Gold, L.P., (the “Fund”), is a limited partnership which was organized on March 19, 2008, under the Delaware Revised Uniform Limited Partnership Act, as amended. In accordance with the Second Amended and Restated Limited Partnership Agreement (the “Limited Partnership Agreement”) under which it operates, the Fund has issued two series of units of limited partnership interest (“Units”), each with a subseries, Series A-1/A-2 and Series B-1/B-2 (each a “Series”). Series A-1/A-2 and Series B-1/B-2 are traded and managed the same way, with the exception of the degree of leverage. The Fund operates as a commodity investment pool, whose purpose is speculative trading in the U.S. and international futures and forwards markets. Specifically, the Fund trades a portfolio of more than 120 futures and forward markets using a fully-automated, proprietary, computerized trading system. The Fund also seeks to maintain an investment in gold approximately equal to the total capital of each Series, as of the beginning of each month. The gold investment is intended to delink each Series’ net asset value, which is determined in U.S. dollars, from the value of the U.S. dollar relative to gold, effectively denominating the Series’ net asset value in terms of gold. The general partner and trading manager of the Fund is Superfund Capital Management, Inc., formerly known as Quadriga Capital Management, Inc. (“Superfund Capital Management”), a Grenada corporation. Superfund Capital Management is subject to the provisions of the Commodity Exchange Act, the regulations of the Commodity Futures Trading Commission (the “CFTC”), and the rules of the National Futures Association (the “NFA”).

The Fund originally filed a registration statement with the U.S. Securities and Exchange Commission (“SEC”) for the sale of $200,000,000 of Units, which registration statement was declared effective on February 17, 2009. The Unit selling price during the initial offering period, which ended on March 31, 2009, was the dollar price per ounce of gold established by the gold pool members of the London Bullion Market Association of the London A.M. fixing on the day the Fund began trading and investment activities. Since April 1, 2009, Units have been offered on an ongoing basis during the Fund’s continuing offering period. During the continuing offering period, subscriptions are accepted monthly and proceeds are transferred to bank and brokerage accounts for trading purposes. The selling price per Unit during the continuing offering period is the net asset value per Unit as of the last business day of the month in which the subscription is accepted.

In the initial and continuing offering periods through December 31, 2010, subscriptions totaling $8,798,543 in Series A-1, $2,034,747 in Series A-2, $8,574,908 in Series B-1, and $3,664,611 in Series B-2 had been accepted and redemptions over the same period totaled $1,244,986 in Series A-1, $98,823 in Series A-2, $3,786,544 in Series B-1, and $330,824 in Series B-2.

The term of the Fund commenced on the day on which the Certificate of Limited Partnership was filed with the Secretary of State of the State of Delaware pursuant to the provisions of the Delaware Revised Uniform Limited Partnership Act and shall end upon the first to occur of the following: (i) receipt by Superfund Capital Management of an approval to dissolve the Fund at a specified time by Limited Partners owning Units representing more than fifty percent (50%) of the outstanding Units of each Series then owned by Limited Partners of each Series, notice of which is sent by certified mail return receipt requested to Superfund Capital Management not less than 90 days prior to the effective date of such dissolution; (ii) withdrawal, insolvency or dissolution of Superfund Capital Management or any other event that causes Superfund Capital Management to cease to be the general partner of the Fund, unless (a) at the time of each event there is at least one remaining general partner of the Fund who carries on the business of the Fund (and each remaining general partner of the Fund is hereby authorized to carry on the business of general partner of the Fund in such an event), or (b) within 120 days after such event Limited Partners of a Series holding a majority of Units of such Series agree in writing to continue the business of the Fund and such Series and to the appointment, effective as of the date of such event, of one or more general partners of the Fund and such Series; (iii) a decline in the aggregate net assets of each Series to less than $500,000 at any time following commencement of trading in the Series; or (iv) any other event which shall make it unlawful for the existence of the Fund to be continued or which requires termination of the Fund.

(b) Financial Information about Industry Segments

The Fund’s business constitutes only one segment, i.e., a speculative commodity pool. The Fund does not engage in sales of goods or services. Financial information regarding the Fund’s business is set forth in the Fund’s financial statements included as Exhibit 13.01 to this report.

A description of the business of the Fund, including trading approach, rights and obligations of the Unitholders, and compensation arrangements is contained in the Fund’s Prospectus dated August 13, 2010, under “Summary,” “The Risks You Face,” “Superfund Capital Management, Inc.,” “Conflicts of Interest,” and “Charges” and such description is incorporated herein by reference from the Prospectus.

The Fund conducts its business in one industry segment: the speculative trading of futures and forward contracts and options thereon. The Fund is a market participant in the “managed futures” industry. Market participants include all types of investors, such as corporations, employee benefit plans, individuals and foreign investors. Service providers of the managed futures industry include (a) pool operators, which conduct and manage all aspects of trading funds, such as the Fund, (b) trading advisors, which make the specific trading decisions, and (c) commodity brokers, which execute and clear the trades pursuant to the instructions of the trading advisor. The Fund has no employees and does not engage in the sale of goods or services.

The Fund trades on domestic and international exchanges in more than 120 futures and forward contracts. The Fund also seeks to maintain an investment in gold approximately equal to the total capital of each Series as of the beginning of each month. The gold investment is intended to delink each Series’ net asset value, which is determined in U.S. dollars, from the value of the U.S. dollar relative to gold, essentially denominating the Series’ net asset value in terms of gold. Trading decisions are made using a fully-automated, proprietary, computerized trading system which emphasizes instruments with low correlation and high liquidity for order execution. The particular contracts traded by the Fund will vary from time to time.

The Fund may, in the future, experience increased competition for the commodity futures and other contracts in which it trades. Superfund Capital Management will recommend similar or identical trades for other accounts under its management. Such competition may also increase due to what Superfund Capital Management believes is an increasing utilization of computerized trading methods similar in general to those used by Superfund Capital Management.

Under the Commodity Exchange Act, commodity exchanges and commodity futures trading are subject to regulation by the CFTC. The NFA, a registered futures association under the Commodity Exchange Act, is the only non-exchange self-regulatory organization for commodity industry professionals. The CFTC has delegated to the NFA responsibility for the registration of “commodity trading advisors,” “commodity pool operators,” “futures commission merchants,” “introducing brokers” and their respective associated persons and “floor brokers.” The Commodity Exchange Act requires “commodity pool operators” such as Superfund Capital Management and commodity brokers or “futures commission merchants” such as the Fund’s commodity brokers to be registered and to comply with various reporting and recordkeeping requirements. Superfund Capital Management and the Fund’s commodity brokers are members of the NFA. The CFTC may suspend a commodity pool operator’s registration if it finds that its trading practices tend to disrupt orderly market conditions, or as the result of violations of the Commodity Exchange Act or rules and regulations promulgated thereunder. In the event Superfund Capital Management’s registration as a commodity pool operator was terminated or suspended, Superfund Capital Management would be unable to continue to manage its business or the Fund. Should Superfund Capital Management’s registration be suspended, termination of the Fund might result.

In addition to such registration requirements, the CFTC and certain commodity exchanges have established limits on the maximum net long and net short positions which any person, including the Fund, may hold or control in particular commodities. Most exchanges also limit the maximum changes in futures contract prices that may occur during a single trading day. In January 2011, the CFTC proposed a separate position limits regime for 28 so-called “exempt” (i.e. metals and energy) and agricultural futures and options contracts and their economically equivalent swap contracts. Position limits in spot months are proposed to be 25% of the official estimated deliverable supply of the underlying commodity and in a non-spot month a percentage of the average aggregate 12-month rolling open interest in all months (swaps and futures) for each contract. Superfund Capital Management believes that the proposed limits are sufficiently large that if adopted, they should not restrict the Fund’s trading strategy.

The Fund may also trade in dealer markets for forward and swap contracts, which are not regulated by the CFTC. Federal and state banking authorities also do not regulate forward trading or forward dealers. In addition, the Fund trades on foreign commodity exchanges, which are not subject to regulation by any United States government agency. The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) was enacted in July 2010. Dodd-Frank includes provisions that comprehensively regulate the over-the-counter derivatives markets for the first time. Dodd-Frank will mandate that a substantial portion of over-the-counter derivatives must be executed in regulated markets and submitted for clearing to regulated clearinghouses. The mandates imposed by Dodd-Frank may result in the Fund bearing higher upfront and mark-to-market margin, less favorable trade pricing, and the possible imposition of new or increased fees.

Dodd-Frank also amended the definition of “eligible contract participant,” and the CFTC is interpreting that definition in a such manner that the Fund may no longer be permitted to engage in forward currency transactions by directly accessing the interbank market. Rather, when Dodd-Frank goes into effect in July 2011, the Fund may be limited to engaging in “retail forex transactions” which could limit the Fund’s potential forward currency counterparties to futures commission merchants and retail foreign exchange dealers. Thus, limiting the Fund’s potential forward currency counterparties could lead to the Fund bearing higher upfront and mark-to-market margin, less favorable trade pricing, and the possible imposition of new or increased fees. The “retail forex” markets could also be significantly less liquid than the interbank market. Moreover, the creditworthiness of the futures commission merchants and retail foreign exchange dealers with whom the Fund may be required to trade could be significantly weaker than the creditworthiness of the financial institutions with whom the Fund currently engages for its forward currency transactions. Although the impact of requiring the Fund to conduct forward currency transactions in the “retail” market could be substantial, the full scope is currently unknown and the ultimate effect could also be negligible.

(d) Financial Information about Geographic Areas

The Fund does not engage in sales of goods or services or own any long-lived assets. Therefore this item is not applicable.

Item 1A. Risk Factors.

Not required.

Item 1B. Unresolved Staff Comments.

Not required.

Item 2. Properties.

The Fund does not own or use any physical properties in the conduct of its business. Its assets currently consist of futures and other contracts, cash and U.S. Treasury Bills.

Item 3. Legal Proceedings.

None.

Item 4. (Removed and Reserved)

PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

(a)

Market Information

There is no trading market for the Units, and none is likely to develop. Units may be redeemed upon five (5) business days prior notice to Superfund Capital Management at their net asset value as of the last day of the month in which the redemption request is received.

(b)

Holders

As of December 31, 2010, there were 334 holders of Series A-1 Units, 68 holders of Series A-2 Units, 231 holders of Series B-1 Units, and 76 holders of Series B-2 Units.

(c)

Dividends

Superfund Capital Management has sole discretion in determining what distributions, if any, the Fund will make to its Unitholders. Superfund Capital Management has not made any distributions as of the date hereof and has no present intention to make any.

(d)

Securities Authorized for Issuance Under Equity Compensation Plans

None.

(e)

Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities

	(A)		There were no sales of unregistered securities during the year ended December 31, 2010.

	(B)		Updated information required by Item 701(f) of Regulation S-K:

	(1)		The use of proceeds information is being disclosed for Post-Effective Amendment No.2 to Registration Statement No. 333-151632 declared effective on August 13, 2010.

	(4)		(iv) As of December 31, 2010, the Fund sold $8,798,543 of Series A-1 Units, $2,034,747 of Series A-2 Units, $8,574,908 of Series B-1 Units and $3,664,611 of Series B-2 Units.

			(v) As of December 31, 2010, the Fund incurred expenses for the account of the Fund totaling $2,407,510 of which $2,045,672 was paid to Superfund Capital Management and $361,838 were paid to Superfund USA.

			(vi) Net offering proceeds to the Fund as of December 31, 2010 were $20,665,299.

			(vii) As of December 31, 2010, the amount of net offering proceeds to the Fund for commodity futures and forward trading in accordance with Superfund Capital Management’s trading program totaled $20,670,613.

(f)

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

Pursuant to the Fund’s Limited Partnership Agreement, Unitholders may redeem their Units at the end of each calendar month at the then current month-end net asset value per Unit. The redemption of Units has no impact on the value of the Units that remain outstanding, and Units are not reissued once redeemed.

The following tables summarize the redemptions by Unitholders during the fourth calendar quarter of 2010:

Series A-1:


			Net Asset Value
Month	Units Redeemed		per Unit ($)
October 31, 2010		4.787		1,436.05
November 30, 2010		143.101		1.431.90
December 31, 2010		27.093		1,566.65

Total		174.981

Series A-2:


			Net Asset Value
Month	Units Redeemed		per Unit ($)
October 31, 2010		0.000		1,527.79
November 30, 2010		26.434		1,525.93
December 31, 2010		0.000		1,671.00

Total		26.434

Series B-1:


			Net Asset Value
Month	Units Redeemed		per Unit ($)
October 31, 2010		104.317		1,197.96
November 30, 2010		0.000		1,186.30
December 31, 2010		143.485		1,351.22

Total		247.802

Series B-2:


			Net Asset Value
Month	Units Redeemed		per Unit ($)
October 31, 2010		0.000		1,236.62
November 30, 2010		0.815		1,226.64
December 31, 2010		0.000		1,389.80

Total		0.815

Item 6. Selected Financial Data.

Not required.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Introduction

The Fund commenced the offering of Units on February 17, 2009. The initial offering terminated on March 31, 2009, and the Fund commenced operations on April 1, 2009. The continuing offering period commenced at the termination of the initial offering period and is ongoing. For the year ended December 31, 2010, subscriptions totaling $11,079,475 for the Fund as a whole, $6,469,247 in Series A-1, $1,180,013 in Series A-2, $2,234,354 in Series B-1, and $1,195,861 in Series B-2 had been accepted and redemptions over the same period totaled $5,422,831 for the Fund as a whole, $1,226,427 in Series A-1, $98,823 in Series A-2, $3,786,544 in Series B-1, and $311,037 in Series B-2.

Liquidity

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

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

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

Capital Resources

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

Results of Operations

2010

Series A:

Net results for the year ended December 31, 2010, were a gain of 48.2% in net asset value for Series A-1 and a gain of 50.4% in net asset value for Series A-2. In this period, Series A experienced a net increase in net assets from operations of $3,958,326. This net increase consisted of interest income of $6,400, other income of $5,599, trading gains of $4,864,932, and total expenses of $918,605. Expenses included $192,137 in management fees, $64,045 in operating expenses, $133,361 in selling commissions, $367,406 in incentive fees, $160,212 in brokerage commissions and $1,444 in other expenses. At December 31, 2010, and December 31, 2009, the net asset value per Unit of Series A-1 was $1,566.65 and $1,056.90, respectively, and of Series A-2 was $1,671.00 and $1,111.40, respectively.

Series B:

Net results for the year ended December 31, 2010, were a gain of 54.7% in net asset value for Series B-1 and a gain of 56.7% in net asset value for Series B-2. In this period, Series B experienced a net increase in net assets from operations of $4,906,323. This net increase consisted of interest income of $5,025, trading gains of $5,876,688, and total expenses of $975,390. Expenses included $231,760 in management fees, $77,254 in operating expenses, $136,540 in selling commissions, $315,729 in brokerage commissions, $210,237 in incentive fees and $3,870 in other expenses. At December 31, 2010, and December 31, 2009, the net asset value per Unit of Series B-1 was $1,351.21 and $873.68, respectively, and of Series B-2 was $1,389.80 and $886.92, respectively.

Fund results for 4^th Quarter 2010:

In December, the Fund experienced gains in the stock indices sector as government measures in the U.S. and Europe continued to provide a strong foundation for share appreciation. Asian stock indices also appreciated with the exception of China, which declined as the central bank raised rates again in its ongoing effort to control inflation. A mixture of long and short positions in the stock indices sector led the Fund to an overall gain on the month. Currency trends also accelerated into year end with Brazil, Chile, Australia and Canada continuing to attract flows due to commodity market strength. The U.S. dollar index finished the month 1.3% higher. A mixture of long and short positions in the currency sector led the Fund to an overall gain on the month. The Fund also experienced gains in the energy sector as inventories declined and the U.S. dollar struggled into year end. The Fund’s mixture of long and short positions in the energy sector led to an overall gain on the month. The Fund experienced gains in metals as gold, silver and copper closed the year at their highs, buoyed by excellent investor and industrial demand. Grain and agricultural markets also appreciated amid strong demand. The Fund’s long grain sector positions led to an overall gain on the month. February gold contracts continued an impressive 2010 run, finishing the month 2.5% higher. The month opened with a move to record highs on news that 2010 Chinese imports rose 500% versus 2009. Investor demand soared in the nation as the populace sought protection from inflation in property and equity markets. As a result, the Fund’s long gold position produced an overall gain on the month.

In November, results in equity indices, while mixed overall, led to modest gains. Positions in Europe were profitable as contagion risks for peripheral members of the European Union (“EU”) rose. Spain’s IBEX, Italy’s MIB40 and Greece’s ASE20 finished the month down 13.8%, 10.8% and 11.7%, respectively, while Japan’s Nikkei finished the month 8.2% higher. A mixture of long and short stock indices positions led the Fund to an overall gain on the month. The Fund’s allocation to global bond markets finished with gains for the month as long term debt futures finished steadily lower. The size of the debt problem in weaker EU nations and the need for collectivization of that debt forced bund and gilt yields higher. U.S. treasuries moved sharply lower as the size of the U.S. Federal Reserve’s second round of quantitative easing (“QE2”) program came in well above expectations. A mixture of long and short bond positions led the Fund to an overall gain on the month. In the U.S., 3-month Eurodollars moved steadily lower over the month as longer term inflation prospects rose with the announcement of QE2 by the Federal Reserve and strong macroeconomic reports. In Europe, long positions in 3-month Euribor futures finished higher as prospects for low rates increased as the need to establish competitive growth rates became critical amid the serious funding shortfalls. A mixture of long and short interest rate positions led the Fund to an overall loss on the month. The Fund incurred losses in the currency markets in November as European sovereign risk returned to the forefront, reversing trends in various currency pairs. The euro reversed dramatically, finishing the month down 6.3% against the U.S. dollar, as Ireland’s heavily levered banking sector sought assistance from the EU and International Monetary Fund. Investors moved back into the U.S. dollar, which finished the month 4.9% higher, as currencies in Denmark, Hungary and Sweden finished 6.3%, 10.4% and 4.5% lower, respectively. A mixture of long and short currencies positions led the Fund to an overall loss on the month. The Fund experienced losses in grain markets in November as tightening monetary conditions in China and a stronger U.S. dollar led to depreciation in the grain markets. March corn finished 8.5% lower after breaching the $6 mark early in the month. March wheat contracts finished with a loss of 8.8%, off over 20% from contract highs made in August. The Fund’s long positions in the grains sector led to an overall loss on the month. February gold contracts finished only 1.9% higher in November after establishing new record highs above the $1,425 level early in the month. Further gains were tempered by an exceptionally strong dollar and declining risk appetite due to geopolitical unrest in the Koreas and financial distress in Europe. As a result, the Fund’s long gold position produced an overall gain on the month.

In October, the stock indices sector continued to perform well as stock indices in all regions advanced. In the U.S., the Nasdaq finished 6.3% higher, as technology shares led the benchmark higher as a result of positive earnings. In Asia, China’s H-shares finished 6.0% higher as investors continued to favor Chinese growth prospects. In Europe, the German DAX finished 6.2% higher as factory orders and industrial production figures exceeded expectations. The Fund’s mixture of long and short positions led the stock indices sector to an overall gain on the month. The Fund experienced gains in its currency allocations as the U.S. dollar continued its steady decline, finishing the month 1.9% lower against the U.S. dollar, while the U.S. Federal Reserve signaled to the world its commitment to providing additional stimulus as needed to support growth. The Fund obtained gains in the yen, which finished the month 3.6% higher against the U.S. dollar, as the Japanese approved quantitative easing and their positive current account combined with low yields in the U.S. attracted domestic and foreign capital. A mixture of long and short positions in the currencies sector led the Fund to an overall gain on the month. December gold contracts finished the month 3.7% higher, falling just shy of reaching the $1,400 per ounce level. December silver contract positions also posted gains, finishing the month 12.6% higher, as silver approached a 30-year high on belief that it provides both diversification from the U.S. dollar and exposure to economic growth in its role as an industrial metal. Base metals also performed well with London copper and zinc advancing 2.2% and 10.5% higher, respectively. The Fund’s long positions in metals produced an overall gain on the month. Gold futures marched higher in October, establishing a record high above $1,380 per ounce before retracing lower on signs of U.S. dollar stabilization. The Fund benefitted as the U.S. Federal Reserve signaled once again that a second round of quantitative easing was imminent. This news, combined with a general lack of confidence in Western economies’ abilities to deal with their fiscal situations, continued to provide a significant price floor and resulted in widespread investor confidence in the metal. December gold futures finished with a gain of 3.7% on the month, and the Fund’s long gold position benefitted as a result.

For the fourth quarter of 2010, the most profitable market group overall was the stock indices sector, while the greatest losses were attributable to positions in the interest rates sector.

Fund results for 3^rd Quarter 2010:

In September, the Fund’s allocation to stock indices led to gains as equities moved sharply higher. Indices in the U.S. experienced gains as the combined effects of excellent technology earnings and elevated merger and acquisition activity led the Nasdaq index 13.1% higher. Although short positions in European indices experienced losses as the Dow Jones Eurostoxx, France’s CAC40 and Spain’s IBEX finished 5.0%, 6.4% and 2.5% higher, respectively, long positions in Korea’s Kospi index, which finished 7.4% higher, performed well amid upward revisions in the country’s current account surplus. A mixture of long and short positions led the Fund to an overall gain in the stock indices sector. The long-term upward trend in Canadian 3-month bank acceptance and Australian 90-day bank bill futures reversed, resulting in losses for the Fund’s short interest rates allocation. The selloff in Canada of 3-month bank notes was attributed to the Bank of Canada raising interest rates by 25 basis points for the third time since June, along with a better than expected rebound in Canadian employment and household spending. Australian short-term interest rates sold off dramatically in response to employers adding more jobs than forecasted. In the U.S., 3-month Eurodollar futures bucked the global trend, trading higher as better than expected economic data was overshadowed by statements that the U.S. Federal Reserve was prepared to implement QE2. Long positions in short-term interest rate products led the Fund to an overall loss on the month.

Negative U.S. dollar statements by the U.S. Federal Reserve served as a catalyst for extreme currency market moves worldwide. The Australian dollar led the way, finishing 9.0% higher against the U.S. dollar. The Swiss franc finished 3.5% higher against the U.S. dollar as investors perceived a safe haven play with the Japanese yen and U.S. dollar in tumult. Emerging market currencies also performed well as the South African rand, Brazilian real and Korean won finished 6.0%, 3.7% and 4.8% higher against the U.S. dollar, respectively. The Fund’s long positions in currency markets led to an overall gain on the month. The Fund achieved gains from its allocation to the metals markets in September as investors sought safety from the devaluation of fiat currencies and exposure to alternative assets. As the U.S. dollar fell to a seven-month low, silver gained 12.2% on the month, breeching a 30-year high. Long positions in base metals performed well as positive early month manufacturing readings in the U.S. and China sent copper futures higher. London copper added 8.5% amid falling inventories while aluminum and nickel posted gains of 14.7% and 12.4%, respectively. December gold futures marched higher in September, finishing up 4.7% on the month and establishing a new all-time high above $1,300 per ounce. Long positions in the metals sector led the Fund to an overall gain on the month. December gold futures marched higher in September, finishing up 4.7% on the month and establishing a new all-time high above $1,300 per ounce. As a result, the Fund’s long gold position produced an overall gain on the month.

In August, the Fund’s allocations to stock indices resulted in losses as heightening uncertainty continued to drive market volatility. The Dow Jones index finished the month down 3.9% as a poor labor market, deteriorating durable goods sales and acute housing market declines reduced investor confidence. The Fund also experienced losses in Europe as markets turned lower with the French CAC 40, the Spanish IBEX 35 and the Italian MIB 40 finishing 4.2%, 2.7% and 6.3% lower, respectively. A mixture of long and short positions in the stock indices sector led the Fund to an overall loss on the month. The strong upward trend in U.S. Treasury bond futures persisted with the front-month contract trading to an 18-month high while front-month 10-year Japanese government bond futures traded up to their highest level since 2003 as Japan’s gross domestic product (“GDP”) growth missed expectations by rising at an annualized rate of only 0.4%. A mixture of long and short bond futures positions led the Fund to an overall gain on the month. The Fund’s net long allocation to short-term interest rate futures yielded positive returns in August due to the prevailing fear that global growth was languishing. The long-term upward trend in 3-month Eurodollar futures extended higher after the U.S. Federal Reserve reversed plans to exit from monetary stimulus and decided to keep its bond holdings level with the possibility of resuming purchases. Long positions in the interest rate sector led the Fund to an overall gain on the month. The Fund experienced gains from its allocation to currency markets as positions in the Japanese yen and the Swiss franc performed well amid a growing sense of uncertainty surrounding the global economic recovery. Japan’s currency rallied to a 15-year high against the U.S. dollar while the Swiss franc ended the month 2.2% higher. Alternatively, the Fund’s long positions in the Canadian dollar and Mexican peso resulted in losses as the Canadian dollar and Mexican peso ended the month 3.5% and 4.1% lower, respectively, against the U.S. dollar as investors curbed exposure to these major U.S. trade partners’ currencies amid flagging U.S. data. A mixture of long and short positions in the currency sector led the Fund to an overall gain on the month. The Fund achieved positive results in the metals sector as strong gains on long positions in gold outweighed negative performance in base metals. December gold contracts finished 5.5% higher as investment demand surged, more than doubling in the second quarter. Meanwhile, results suffered in the base metals as these markets succumbed to the same inputs that supported gold. In China, aluminum production was shuttered by another 330,000 tons while manufacturing grew at the slowest pace in 17 months, sparking fears of a double dip recession. These factors led to the possibility of weakening demand, subsequently putting downside pressure on London aluminum and nickel, which ended the month down 5.3% and 1.5%, respectively. A mixture of long and short metals positions led the Fund to an overall gain on the month. The Fund also saw strong results in global energy markets as these products established trends for most of August. Demand prospects for natural gas declined as July’s new and existing home sales data unexpectedly fell while initial jobless claims rose. Milder weather and the reduced threat of Atlantic hurricanes moving into the Gulf of Mexico pushed stockpiles to near-record highs. The Fund’s short positions in natural gas produced substantial gains as front-month futures traded well below the 50/100/200 day moving averages, finishing with a loss of 22.4% on the month. Rising U.S. jobless claims, contracting manufacturing and a widening trade deficit sent October crude down 9.3% on the month. A mixture of long and short positions in the energy sector led the Fund to an overall gain for the month. Gold futures marched steadily higher in August as investors became more and more convinced that neither the U.S. dollar nor the euro offered a safe alternative for their assets. December gold futures recouped all of July’s losses, finishing the month 5.5% higher as investors grew increasingly concerned with macroeconomic data in the U.S. and Europe. The Fund’s long gold position produced an overall gain on the month.

In July, stock indices rallied impressively despite macroeconomic data that continued to point to various challenges moving forward. Strong corporate earnings reports, increased certainty following the passage of Dodd-Frank and a settlement between the SEC and Goldman Sachs combined to produce sharply higher equity prices. The S&P 500 rallied to finish the month 7.0% higher, stopping out the Fund’s short positions early in the month. Asian stock indices also moved higher, fueled by growing optimism in China. The Hang Seng index responded with steady returns, finishing the month 4.4% higher, while Australia’s SPI 200 gained 4.7% on the month. In Europe, the the UK’s FTSE 100 and the Amsterdam EOE Index recovered most of the prior month’s losses, ending the month 7.2% and 4.4% higher, respectively, due in part to positive European bank stress tests results. A mixture of long and short positions in the stock indices sector led the Fund to an overall loss on the month. The U.S. dollar index declined 5.4% on the month amid falling U.S. household sentiment, poor private sector job growth and expectations of rate increase diminishing. Accordingly, investors rotated assets into alternative safe haven currencies such as the Japanese yen and the Swiss franc, which ended the month 2.4% and 3.5% higher against the U.S. dollar, respectively. The Australian dollar finished the month 7.4% higher against the U.S. dollar as prospects for higher interest rates increased amid strong consumer prices and surging metals markets. Asian regional

currencies also fared well as the Singapore dollar and New Zealand dollar finished the month 2.6% and 6.0% higher against the U.S. dollar, respectively, benefitting from a return of risk appetite and increasing comfort with Chinese growth prospects following a sharp reversal higher in Chinese equities. The Fund’s long positions in the currency sector led to an overall gain on the month. The energy sector languished as mixed fundamental data produced choppy range-bound markets in both crude oil and natural gas. Large natural gas reserves caused prices to fall throughout the month even as above-average temperatures across the U.S. bolstered cooling demand. Similarly, short positions in crude oil suffered as positive U.S. retail sales figures and the IMF boosting its growth forecast sent values higher. A decrease in jobless claims combined with improving confidence in Europe’s economic recovery to spur initiation of long positions by month-end as September crude oil futures finished 3.7% higher on the month. A mixture of long and short positions in the energy sector led the Fund to an overall loss on the month. After establishing all-time highs in June, gold futures responded with steadily lower action throughout July, finishing with a loss of 5.1% on the month. Perceived structural stability in Europe following the positive results of the banking sector stress tests eliminated a key source of gold sponsorship. Furthermore, excellent corporate earnings also contributed to losses as investors became more comfortable investing in depressed equity markets than on gold at historic highs. The Fund’s long gold position produced an overall loss on the month.

For the third quarter of 2010, the most profitable market group overall was the metals sector, while the greatest losses were attributable to positions in the energy sector.

Fund results for 2^nd Quarter 2010:

In June, the Fund’s allocations to stock indices underperformed as volatile action resulted in losses. Extremely poor housing and retail sales figures spurred profit-taking, leaving front-month Dow Jones Industrial Average (the “Dow”) futures down 3.5% on the month. A mixture of long and short positions led the Fund to an overall loss in the stock indices sector for the month. Stronger results were obtained in the global bond markets as weaker than expected fundamental and inflation data complemented intensifying euro area sovereign debt risk, thus prompting widespread buying of bonds. September 30-year U.S. Treasury bonds surged after U.S. employment increased less than previously forecast with private payrolls accounting for only 10.0% of the jobs added. A mixture of long and short positions led the Fund to an overall gain in the bond sector for the month. Allocations to the energy sector underperformed amid significant losses in natural gas futures following an 18.0% rally through mid-month. Mild weather moved in toward the end of the month, sending values sharply lower and leaving the August contract with only a modest gain of 4.7%. A mixture of long and short positions led the Fund to an overall loss in the energy sector for the month. The Fund’s gold hedge experienced gains as gold futures posted new all-time highs as unease surrounding the sustainability of the global recovery continued to mount. In euro terms, gold traded near the €1,050/oz. level due to early month news of a possible Hungarian default and ongoing civil strife in Europe. Meanwhile in the U.S., poor retail sales, weak consumer confidence, and falling housing figures supported August gold to a gain of 2.5%. Growing concern surrounding Chinese growth also cast a pall over risk assets, providing support to gold into month-end.

In May, the Fund’s allocation to stock indices lost ground as weakness in the global financial system from April carried over into the month. Germany’s Dax, England’s FTSE and the Dow finished the month down 2.1%, 5.2% and 7.6%, respectively. A mixture of long and short positions led the Fund to an overall loss in the stock indices sector on the month. The Fund’s long positions in the global bond futures markets provided positive returns as the sovereign debt crisis in the euro area intensified, prompting the purchase of safe-haven government securities. Front-month U.S. 30-year Treasury bonds posted 18-month highs on speculation that the debt contagion could hamper the fragile global economic rebound. The Fund’s long positions in the bond sector led to an overall gain on the month. Fallout from a lack of European consensus in dealing with the sovereign debt crisis triggered soaring borrowing costs that closely resembled the levels of mistrust seen following the 2008 collapse of Lehman Brothers. The euro and Swiss franc fell 7.3% and 6.8% against the U.S. dollar, respectively, while the regional currencies of Hungary, Poland and Denmark also declined 11.0%, 12.7% and 7.8% against the U.S. dollar, respectively. The Fund experienced an overall loss on the month from its mixture of long and short currency sector positions. July crude oil traded as low as $67.24 per barrel on May 25th before a late-month rally based on strong consumer confidence and durable goods orders led to a close of $73.98, which still represented a 16.2% loss for the month. Gasoline and heating oil followed crude oil lower as front-month contracts finished the month down 15.4% and 14.1%, respectively. A mixture of long and short positions led the Fund to a relatively large loss in the energies sector for the month. August gold futures endured volatile price action during the month of May and finished 2.7% higher in U.S. dollar terms, while adding 11.2% in euro terms. Futures rallied to a new record high by mid-month amid concerns that the European debt crisis could worsen to the point that the euro would no longer be considered a fiat currency. The Fund’s gold hedge experienced an overall gain on the month.

In April, equity markets around the globe finished with mixed results. Stocks came under acute pressure in Europe as concerns continued over the financial condition of several European Union members. Japan’s Nikkei and Australia’s SPI finished with modest losses, down 0.4% and 1.2%, respectively, while gains were seen in Taiwan and Singapore, finishing 1.1% and 3.1% higher, respectively, as those economies benefited from rebounding export demand. In the U.S., the Nasdaq and the Dow finished the month 2.1% and 1.5% higher, respectively. A mixture of long and short positions led the Fund to an overall gain on the month in the stock indices sector. Early month news that the U.S. economy added 162,000 jobs combined with excellent growth in the U.S. services industry propelled crude oil futures to their highest levels since the fall of 2008. Later in the month, excellent U.S. corporate earnings, rising consumer confidence, and the loss of a production platform in the Gulf of Mexico propelled July crude to a 4.3%

gain. June gasoline futures finished 4.1% higher as a late month inventory report showed supplies had fallen more than expected. A mixture of long and short positions led the Fund to an overall gain in the energies sector on the month. The Fund experienced strong gains on its June gold futures, as the metal finished the month 5.8% higher. The Fund’s long positions in the metals sector resulted in gains for the month.

For the second quarter of 2010, the most profitable market group overall was the bonds sector, while the greatest losses were attributable to positions in the energy sector.

Fund results for 1^st Quarter 2010:

In March, the Fund saw excellent results in the equities sector as global stock markets throughout the world surged. Rising business confidence in Germany propelled the DAX to a gain of 9.7%, while Italy’s MIB40, Spain’s IBEX and Poland’s WIG20 finished up 8.5%, 4.8% and 12.6%, respectively. In Asia, Japan’s Nikkei finished up 10.3%, and in the U.S., the S&P 500 and the Dow finished up 6.0% and 5.3%, respectively. A mixture of long and short positions in the stock indices sector led to a gain for the Fund for the month. The Fund continued to experience significant gains from its energy positions as global economic strength propelled crude oil demand expectations higher while warm weather and inflated inventories extended the downtrend in natural gas prices. Front-month crude oil futures finished up 4.7% on the month. The U.S. increased the number of natural gas rigs to 941, up 16.0% from a year earlier. These factors, combined with a mild weather forecast, sent front-month natural gas down, finishing 19.6% lower on the month. A mixture of long and short positions in the energy sector led to a gain for the Fund for the month. The Fund also experienced solid results in its long metals positions as base metals surged despite the stronger U.S. dollar. London copper finished 8.4% higher as exchange inventories fell for most of the month. London nickel rose to its highest level since June 2008, finishing 17.9% higher. The Fund’s long positions in the metals sector resulted in an overall gain for the month. Front-month gold futures experienced sideways price action during the month of March and closed with a slight decline in U.S. dollar terms. In relation to the euro, the rally in gold futures continued and reached another record high as the worries regarding the European sovereign debt crisis widened.

In February, world bond markets experienced volatile action as sovereign debt contagion worries spread while economic data showed promising signs. The Fund’s net short position in U.S. 30-year Treasury bonds resulted in small losses as futures rallied near month-end despite better than expected economic reports. In Europe, March bonds surged at month-end to finish moderately higher, producing overall gains for the Fund’s long positions. Overall, a mixture of long and short positions in the bonds sector produced a gain for the Fund for the month. Global short-term interest rate futures traded higher in February, continuing a strong-upward trend and providing the Fund with positive returns. In the U.S., three-month Eurodollar futures rallied to new highs after the U.S. Federal Reserve unexpectedly raised the discount rate but reaffirmed that the federal funds rate will remain at exceptionally low levels for an extended period. The Fund’s long positions in the interest rates sector resulted in a gain for the month. Fundamentals in the grain sector improved enough to offset the U.S. dollar rally. May soybeans, wheat and corn finished the month 3.9%, 6.3% and 5.7% higher, respectively. A mixture of long and short positions in the grains sector led to a loss for the Fund on the month. The Fund experienced positive returns in global energy markets in February as macroeconomic data continued to show strength. Crude oil finished 8.5% higher and natural gas finished 6.1% lower. A mixture of long and short positions in the energy sector led to an overall loss for the Fund on the month. New York and London front-month sugar futures reversed sharply, finishing the month 19.2% and 9.8% lower, respectively, while May New York cocoa contracts lost 10.2% on the month. Chinese cotton production was estimated to have fallen 15.0% from the prior year, propelling May cotton to a gain of 16.7% on the month. A mixture of long and short positions in the agricultural sector led to a loss for the Fund on the month. In the month of February, front-month gold futures rallied and finished the month with a gain of 3.3%. Buying was attributed to investors exiting the euro due to the intensifying Greek sovereign debt crisis and seeking the safety of gold as an alternative currency. Gold futures proceeded to trade to a record-high in euro currency terms near month-end.

In January, global equities continued to trend higher but reversed sharply by month’s end. In the U.S., the Dow and Nasdaq Composite Index finished 3.5% and 6.8% lower, respectively. European equities also experienced significant declines, with Germany’s DAX, the United Kingdom’s FTSE and France’s CAC40 finishing 6.7%, 4.2% and 5.1% lower, respectively. Asian stocks fell as China began to take steps to slow growth and curb lending in response to an overheating economy. The Hang Seng and Japan’s Nikkei finished 7.8% and 3.6% lower, respectively. A mixture of long and short positions in the stock indices sector produced an overall loss for the Fund on the month. Global short-term interest futures rebounded in January with numerous products trading to new contract highs. Eurodollar futures rallied as weaker than expected fundamental data in the U.S. prompted the selling of equities and the buying of safer short-term assets. A mixture of long and short positions in the interest rates sector resulted in a gain for the Fund for the month. The U.S. dollar index extended its December gains in January, finishing the month 1.7% higher as risk capital flowed into the U.S. dollar following China’s strong signals that it would act to contain its rapid growth. Entrenched trends in emerging market currencies continued to unwind with the Brazilian real and Chilean peso finishing the month down 8.7% and 3.3%, respectively. The Fund’s short positions in the U.S. dollar led the currencies sector to a loss on the month. Front-month crude oil futures rose to their highest level since the fall of 2008 in early January until a U.S. dollar reversal and growing global economic fears led to an 8.4% decline on the month. March natural gas finished 7.0% lower as the return of mild temperatures stabilized inventories near the 5-year average after the steep drawdown following December’s cold snap. A mixture of long and short energy

positions led the Fund to an overall loss on the month in the sector. London zinc declined 17.0%, while lead and copper lost 17.1% and 9.0%, respectively on the month, as the Chinese central bank raised reserve requirements and ordered some banks to cease lending altogether. February gold sold off late to finish 1.2% lower. The Fund’s long positions in the metals sector led to an overall loss for the month. Front-month gold futures ended the month of January down 1.3% as the U.S. dollar appreciated amid widespread deleveraging, which decreased the buying of gold as an alternative investment. The combination of the Chinese moving to limit excessive growth in their economy and the U.S. government’s planned initiative to ban proprietary trading by U.S. banks contributed to the decline.

For the first quarter of 2010, the most profitable market group overall was the energy sector, while the greatest losses were attributable to positions in the currency sector.

2009

Series A:

Net results for the period from April 1, 2009, through December 31, 2009, were a gain of 14.9% in net asset value for Series A-1 and a gain of 20.9% in net asset value for Series A-2. In this period, Series A experienced a net increase in net assets from operations of $268,884. This net increase consisted of interest income of $1,039, trading gains of $414,379, and total expenses of $146,534. Expenses included $34,624 in management fees, $11,541 in operating expenses, $25,361 in selling commissions, $55,524 in incentive fees, $19,190 in brokerage commissions and $294 in other expenses. At December 31, 2009, the net asset value per Unit of Series A-1 was $1,056.90 and of Series A-2 was $1,111.40.

Series B:

Net results for the period from April 1, 2009, through December 31, 2009, were a loss of 5.0% in net asset value for Series B-1 and a loss of 3.5% in net asset value for Series B-2. In this period, Series B experienced a net decrease in net assets from operations of $69,940. This net decrease consisted of interest income of $2,762, trading gains of $294,279, and total expenses of $366,981. Expenses included $104,512 in management fees, $34,838 in operating expenses, $66,576 in selling commissions, $158,980 in brokerage commissions and $2,075 in other expenses. At December 31, 2009, the net asset value per Unit of Series B-1 was $873.68 and of Series B-2 was $886.92.

Fund results for 4^th Quarter 2009:

In December, equities ended the year on a rally that began in March. Economic data improved as stimulus measures took hold in the second half of the year. A mixture of long and short positions in the stock indices sector produced an overall gain for the Fund for the month. U.S. bonds sold off at the end of the year as the economic recovery gained momentum on improving unemployment, retail sales and housing figures. European bonds also rallied from their June lows as the global recovery spread. A mixture of long and short positions in the bond sector led to a loss for the Fund for the month. Front-month Eurodollar futures retreated from record highs as better than expected employment data and rising inflation readings in the U.S. increased speculation that monetary policy may tighten sooner than anticipated. The Fund’s long positions in the interest rate sector led to an overall loss for the month. Front month U.S. dollar index futures finished 2009 with a 3.9% rally in December, while the euro lost 4.4%. The Fund’s short positions in the U.S. dollar resulted in a relatively large loss for the month. Front-month gold futures posted a 7.2% loss in December. The Fund’s long position in the metals sector resulted in an overall loss for the month. Front-month natural gas futures finished up more than 12.0% in December to finish the year near unchanged. A mixture of long and short positions in the energy markets produced a loss for the Fund for the month.

In November, world bond markets rallied as a significant downward revision in U.S. GDP and the reemergence of global deflation supported buying. European bonds traded higher after Euro-zone producer prices declined on an annual basis for the ninth straight month as consumer prices fell for a fifth consecutive month. The Fund’s long positions in the bond sector produced an overall gain. Global short-term interest rate futures experienced a substantial rally in November after central banks signaled that historically low rates would extend well into the future. The Fund’s long positions in the interest rate sector led to an overall gain for the month. The U.S. dollar index posted another new low for the year in November, losing 1.9% as investors and central bankers alike continued to seek diversity from the U.S. dollar. Commodity-intensive currencies maintained their strong trends with the Australian and Canadian dollar and the Chilean peso moving 1.8%, 2.2% and 6.3% higher, respectively. The Fund’s short positions in the U.S. dollar led to an overall gain for the currencies sector for the month. January crude oil futures spent most of the first half of the month trading near or above the $80 level, finding support from a weak U.S. dollar. January natural gas moved lower most of the month, finishing with a loss of 10.1%. The Fund’s short positions in the energy sector led to an overall gain for the month. Gold opened the month sharply higher on news that the International Monetary Fund sold the equivalent of 8.0% of world annual mine production to the government of India in October. As a result, February gold rallied, finishing 13.5% higher. January silver and platinum joined the rally finishing 14.1% and 9.8% higher, respectively. A mixture of long and short positions in the metals sector led the Fund to an overall gain for the month.

In October, world equities continued to move higher early in the month before running out of steam late. Japan’s Nikkei 225 continued to lag, finishing the month down 0.9%, as an improving unemployment picture was unable to offset tepid growth. European equities markets, including those in Germany, France and the United Kingdom, sold off, finishing down 5.2%, 4.8% and 2.1%, respectively. A mixture of long and short positions in the stock indices sector produced an overall loss for the Fund for the month. World bond markets retracted from recent highs, finishing October significantly lower as early data conveyed a sense of sustainability to the overall recovery. A mixture of long and short positions in the bond sector led to an overall loss for the Fund for the month. U.S. dollar index futures established 14-month lows in October as investors throughout the world called into question the reserve status of the U.S. currency. The British pound recovered most of September’s month’s losses, finishing 2.7% higher, amid talk that the Bank of England might pause quantitative easing if economic growth continued to improve. The Brazilian real added another 0.3%. The Fund’s long positions in the U.S. dollar produced an overall loss in the currencies sector. December corn and November soybean futures finished 6.4% and 5.5% higher, respectively, finding support as unseasonably cool and wet weather in the U.S. complicated late development and harvest of the crop. A mixture of long and short positions in the grains sector produced an overall loss for the Fund for the month. December gold futures rose sharply in early October, posting all-time highs above $1,070 per ounce as concerns mounted over the stability of the U.S. dollar as the world’s reserve currency. The Fund’s gold position produced an overall gain for the month. Silver and copper finished the month 7.0% and 4.8% higher, respectively. A mixture of long and short positions led the metals sector to an overall loss for the Fund on the month. Sugar futures fell 10.1% as signs emerged that physical buyers were slowing purchases following the establishment of 28-year highs in September. December hogs rose sharply, finishing 15.0% higher, amid an improved export outlook after restrictions were lifted for U.S. pork exports to Russia and China. December cotton futures added 7.8%, posting new one-year highs as crop conditions worsened in the U.S. cotton harvest stood at only 19.0% complete as the Mississippi Delta region (99% of production) continued to be pounded by rain. December NY cocoa finished 5.1% higher on the month. A mixture of long and short positions in the agricultural sector led to an overall loss for the Fund on the month.

For the fourth quarter of 2009, the most profitable market group overall was the metals sector, while the greatest losses were attributable to positions in the currency sector.

Fund results for 3^rd Quarter 2009:

In September, world bond markets finished higher after better than expected economic data was discounted as several global central banks weighed the withdrawal of economic stimulus packages. These conditions led the Fund’s long positions in the bond sector to an overall gain. Global short-term interest rate futures continued their strong upward trend as inflation fears weakened and sustainability of the economic recovery came into question. Three month eurodollar futures extended their upside move after the Federal Open Market Committee kept rates at record lows in an effort to combat a 26-year high in unemployment. The Fund’s long positions produced gains in the interest rates sector. The U.S. dollar established new lows for the year in September, falling 2.0% as investors around the world aggressively borrowed the low yielding currency to finance purchases of assets in countries offering higher yields. Emerging South American currencies continued to shine due to their relatively high yields. The Colombian peso and Brazilian real finished 6.8% and 6.0% higher, respectively, against the U.S. dollar. The Fund’s short positions in the U.S. dollar led to gains in the currencies sector. November crude oil contracts finished near unchanged as existing homes sales and consumer confidence came in well below expectations. Crude inventories continued to expand as demand remained weak. The Fund’s short energy positions produced losses on the month. December gold futures finished 5.9% higher, closing above the significant $1,000 mark. December silver futures also attracted investment demand, finishing 11.6% higher on the month. The Fund’s long metals positions produced an overall gain.

In August, world bond markets moved steadily higher as perceptions surrounding economic data shifted. U.S. Treasury bonds attracted steady buying in the latter half of the month as retail sales missed forecasts and producer prices fell more than expected. These developments led the Fund’s long positions in the interest rate sector to an overall gain. The U.S. dollar remained near its lows for the year as risk appetite remained elevated, while the British pound and Canadian dollar finished down 2.5% and 1.1%, respectively, against the U.S. dollar. The Fund’s short positions in U.S. dollar led to an overall gain. Crude oil finished down 1.7%, while natural gas lost 23.3%. The Fund’s short positions in the energy sector lead to an overall gain. October gold continued to trade sideways between $900-$1,000, while London copper, nickel and lead finished 12.6%, 6.7% and 12.2% higher, respectively. The Fund’s short positions in the metals sector led to an overall loss. Hog futures continued their steady drive lower, finishing down 10.5%. Sugar and coffee finished 30.1% and 7.6% higher, respectively. The Fund’s mix of long and short positions in the agriculture sector resulted in an overall gain.

In July, global stock markets continued to advance as many markets rose to new multi-month highs. China’s Shenzen 300 finished 15.0% higher, while Germany’s DAX, London’s FTSE and France’s CAC40 established new highs, rising between 8.0% and 11.0%. Short positions in the stock indices sector produced relatively large losses for the month. The Canadian dollar surged, finishing 7.0% higher against the U.S. dollar, and the Norwegian krona, Brazilian real and Australian dollar finished 5.0%, 4.4% and 3.6% higher, respectively, against the U.S. dollar. These conditions led the Fund’s long positions in the U.S. dollar to an overall loss. Gold gained slightly in July as investors continued to search for conviction on short-term price action. U.S. dollar weakness combined with an inflationary Producer Price Index report caused December gold futures to experience a 2.8% gain. Industrial

metals continued to trend higher with London copper leading the way, finishing 15.2% higher. The Fund’s short positions in metals led to an overall loss.

For the third quarter of 2009, the most profitable market sector for the Fund on an overall basis was the interest rates sector, while the greatest losses resulted from the Fund’s positions in the stock indices sector.

Fund results for 2^nd Quarter 2009:

In June, U.S. stock indices finished near unchanged, while most Asian stock indices finished higher; Hong Kong’s Chinese Enterprise Index rose 6.1%. The Fund’s short positions in the stock indices sector experienced a loss. World bond markets reversed early month lows by month-end, finishing higher as improving bond yields and a stagnating equity rally attracted buyers. The Fund’s long positions in the bonds sector led to a gain. U.S. and European short-term interest rate futures finished slightly higher in June, recovering from a substantial early month selloff. The Fund’s long positions during the earlier part of the month resulted in losses. The Australian dollar finished the month 1.2% higher, while the British pound finished 2.0% higher. The Fund’s long positions in the U.S. dollar led to a loss. December wheat contracts plunged, losing 17.5% as the global recession continued to destroy demand. The Fund’s short positions in the grains sector produced gains. London copper added 3.7%, while lead also rose 8.9% as Chinese auto sales soared. London nickel finished up 10.0% as Chinese imports for the first 4 months of 2009 exceeded 2008 levels by 16.0%. The Fund’s short positions in the metals sector resulted in losses. U.S. August crude oil futures added 4.1% despite rising inventories as Chinese buying supported values. The Fund’s short positions in the energy sector produced losses. August gold futures finished the month 5.4% lower based on positive sentiment associated with better than expected U.S. employment figures and positive retail sales. The Fund’s long gold position led to a loss. Other market sectors, relative to the sectors mentioned above, did not reveal significant trends and did not have a substantial influence on this month’s overall negative performance.

In May, world bond markets traded dramatically lower as burgeoning budget deficits led to heavy bond issuance, foreshadowing long-term inflation. U.S. 30-year bond futures, German Bund futures and Japanese 10-year bond futures traded to their lowest levels since November 2008. The Fund’s long positions in the bonds sector resulted in losses. Emerging market strength contributed to a steep selloff in U.S. treasuries, resulting in a 6.2% loss for the U.S. dollar index. The Brazilian real and the Australian dollar were up 10.0% and 13.2%, respectively, against the U.S. dollar. The Fund’s long positions in the U.S. dollar produced losses. Despite crude demand falling more than 7.5% from last year, inventories declined, leading to a 24.8% gain for July crude futures. The Fund’s short positions in this sector incurred relatively large losses. August gold futures rallied steadily throughout the month of May, finishing 9.6% higher at $980. The Fund’s long gold position produced substantial gains. Other market sectors did not reveal significant trends and did not have a significant influence on this month’s overall negative performance.

In April, the S&P 500 Index rose 9.4% led by bank stocks as strong earnings from favorable spreads created by cheap central bank liquidity supported values. The Fund’s short stock indices positions led to a relatively large loss. World bond markets tracked steadily lower in April as money flowed out of low yielding treasuries and into equities. The Fund’s long positions in the bonds sector produced an overall loss. The U.S. dollar index finished down 1.2% while the euro moved sideways as capital moved out of the U.S. and European Union amid unattractive treasury yields. The Hungarian forint, Polish zloty and Czech koruna gained 6.0%, 4.6% and 2.1%, respectively, against the U.S. dollar while the Australian dollar, Canadian dollar and Brazilian real finished up 5.0%, 5.5% and 5.7%, respectively, against the U.S. dollar. The Fund’s long positions in the U.S. dollar lead to an overall loss for the currency sector. Positive economic signals from the G20 meeting and the resulting rise in world equity markets were offset by rising inventories as global energy demand continued to contract. June natural gas prices continued lower, posting a 13.8% loss as storage increased to nearly 34.0% greater than a year ago and 23.0% greater than the five-year moving average. The Fund’s short positions in the energy sector produced a relatively large gain. June gold futures opened April with a 6.5% loss as assurances from the G-20 that the IMF/World Bank will receive $1.1 trillion in capital diminished the need for a safe haven from faltering financial markets. The precious metal moved sideways from there, straddling the $900 level, as news that the Chinese plan to continue building gold reserves was offset by poor physical demand data out of India. The Fund’s long gold position produced a loss. Other market sectors did not reveal significant trends and did not have a substantial influence on April’s overall negative performance.

For the second quarter of 2009, the most profitable market sector for the Fund on an overall basis was the interest rates sector, while the greatest losses resulted from the Fund’s positions in the currency sector.

Off-Balance Sheet Risk

The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in a future obligation or loss. The Fund trades in futures and forward contracts and is therefore a party to financial instruments with elements of off-balance sheet market and credit risk. In entering into these contracts, there exists a market risk that such contracts may be significantly influenced by conditions, such as interest rate volatility, resulting in such contracts being less valuable. If the markets should move against all of the futures interests positions of the Fund at the same time, and if Superfund Capital Management were unable to offset such positions, the Fund could experience substantial losses. Superfund Capital Management attempts to minimize market risk through real-time monitoring of open positions, diversification of the portfolio and maintenance of a margin-to-equity ratio in all but extreme instances not greater than 50%.

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

Off-Balance Sheet Arrangements

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

Contractual Obligations

The Fund does not enter into contractual obligations or commercial commitments to make future payments of a type that would be typical for an operating company. The Fund’s sole business is trading futures, currency, forward and certain swap contracts, both long (contracts to buy) and short (contracts to sell). All such contracts are settled by offset, not delivery. Substantially all such contracts are for settlement within four months of the trade date and substantially all such contracts are held by the Fund for less than four months before being offset or rolled over into new contracts with similar maturities. The financial statements of Series A and Series B each present a Condensed Schedule of Investments setting forth net unrealized appreciation and depreciation of such Series’ open forward contracts as well as the fair value of the futures contracts purchased and sold by each Series at December 31, 2010, and December 31, 2009.

Critical Accounting Policies — Valuation of the Fund’s Positions

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

Recently Issued Accounting Pronouncements

ASU 2010-06

In January 2010, FASB issued Accounting Standards Update No. 2010-06, Improving Disclosures about Fair Value Measurements (“ASU 2010-06”), which amends the disclosure requirements of ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), and requires new disclosures regarding transfers in and out of Level 1 and 2 categories, as well as requires entities to separately present purchases, sales, issuances and settlements in their reconciliation of Level 3 fair value measurements (i.e. to present such items on a gross basis rather than on a net basis), and which clarifies existing disclosure requirements provided by ASC 820 regarding the level of disaggregation and the inputs and valuation techniques used to measure fair value for measurements that fall within either Level 2 or Level 3 of the fair value hierarchy. ASU 2010-06 is effective for interim and annual periods beginning after December 15, 2009, except for the disclosures about purchases, sales, issuances and settlements in the roll forward of activity in Level 3 fair value measurements (which are effective for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years). The Fund has adopted ASU 2010-06 effective for reporting periods beginning after December 15, 2009. The adoption of ASU 2010-06 did not have any impact on the Fund’s results of operations, financial condition or cash flows, as the Fund has not had any transfers in or out of Level 1 or 2 categories, nor does it hold Level 3 assets or liabilities. The Fund does not anticipate the amendments effective for fiscal years beginning after December 15, 2010 to have an impact on the Fund’s results of operations, financial condition or cash flows since the ASU impacts disclosure items only.

Item 7A. Quantitative and Qualitative Disclosures about Market Risk.

Not required.

Item 8. Financial Statements and Supplementary Data.

Financial statements appear beginning on page 22 of this report. Supplementary data is not required.

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

None.

Item 9A. Controls and Procedures.

Controls and Procedures

Superfund Capital Management, the Fund’s general partner, with the participation of Superfund Capital Management’s principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures with respect to each Series individually, as well as the Fund as a whole, as of the end of the period covered by this annual report, and, based on their evaluation, have concluded that these disclosure controls and procedures are effective. There were no significant changes in Superfund Capital Management’s internal controls with respect to each Series individually, as well as the Fund as a whole, or in other factors applicable to each Series individually, as well as the Fund as a whole, that could materially affect these controls subsequent to the date of their evaluation.

Changes in Internal Control over Financial Reporting

Section 404 of the Sarbanes-Oxley Act of 2002 requires Superfund Capital Management to evaluate annually the effectiveness of its internal controls over financial reporting as of the end of each fiscal year, and to include a management report assessing the effectiveness of its internal control over financial reporting in all annual reports. There were no changes in Superfund Capital Management’s internal control over financial reporting during the quarter-ended December 31, 2010 that have materially affected, or are reasonably likely to materially affect, Superfund Capital Management’s internal control over financial reporting.

Management’s Annual Report on Internal Control over Financial Reporting

Superfund Capital Management is responsible for establishing and maintaining adequate internal control over the financial reporting of each Series individually, as well as the Fund as a whole. Internal control over financial reporting is defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act as a process designed by, or under the supervision of, a company’s principal executive and principal financial officers and effected by a company’s board of directors, management and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Superfund Capital Management’s internal control over financial reporting includes those policies and procedures that:

•		pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of each Series individually, as well as the Fund as a whole;

•		provide reasonable assurance that transactions are recorded as necessary to permit preparation of each Series’, as well as the Fund’s, financial statements in accordance with generally accepted accounting principles, and that the receipts and expenditures of each Series individually, as well as the Fund as a whole, are being made only in accordance with authorizations of Superfund Capital Management’s management and directors; and

•		provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the assets of each Series individually, as well as the Fund as a whole, that could have a material effect on the Series’ or the Fund’s financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

The management of Superfund Capital Management assessed the effectiveness of its internal control over financial reporting with respect to each Series individually, as well as the Fund as a whole, as of December 31, 2010. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control — Integrated Framework. Based on its assessment, management has concluded that, as of December 31, 2010, Superfund Capital Management’s internal control over financial reporting with respect to each Series individually, as well as the Fund as a whole, is effective based on those criteria.

Item 9B. Other Information.

There was no information required to be disclosed in a report on Form 8-K during the fourth quarter of 2010 that was not reported on Form 8-K.

PART III

Item 10. Directors, Executive Officers and Corporate Governance.

Identification of Directors and Executive Officers

The Fund has no directors or executive officers. The Fund has no employees. It is managed by Superfund Capital Management in its capacity as general partner. Superfund Capital Management has been registered with the CFTC as a commodity pool operator since May 2001. Its main business address is Superfund Office Building, P.O. Box 1479, Grand Anse, St. George’s, Grenada, West Indies, (473) 439-2418. Superfund Capital Management’s directors and executive officers are as follows:

NIGEL JAMES, age 30, was appointed as President of Superfund Capital Management on July 13, 2006, and was registered as a principal and associated person with Superfund Capital Management on November 28, 2006, and May 23, 2007, respectively. Mr. James has been an employee of various members of the Superfund group of affiliated companies since July 2003 when he became a software developer for Superfund Trading Management, Inc., an affiliate of Superfund Capital Management that acts as a commodity trading advisor to non-U.S. funds. In May 2005, he was promoted to the role of Intellectual Technology Project Manager for Superfund Trading Management, Inc. Mr. James graduated from the University of the West Indies in Barbados with a Bachelor’s Degree in Computer Science and Management in May 2003 and began his employment in July 2003. Mr. James is a citizen of Grenada.

MARTIN SCHNEIDER, age 44, was appointed Vice President, Principal Financial Officer, Principal Accounting Officer and sole Director of Superfund Capital Management on July 28, 2010. Mr. Schneider was registered as a principal of Superfund Capital Management on August 19, 2010. From May 1997 to June 2001, Mr. Schneider served as Sales Director for Nike, Inc., an international retailer, in the company’s European divisions. From July 2001 to July 2002, Mr. Schneider held the position of Commercial Director for FC Tirol Innsbruck, a former Austrian football club. In this position, Mr. Schneider was responsible for the promotional activities of the organization. Mr. Schneider spent August 2002 preparing for his transition to the Superfund group of financial companies. From September 2002 to March 2005, Mr. Schneider functioned as the sports marketing director for Quadriga Asset Management GmbH, and as the Executive Vice President of the successor company, Superfund Marketing and Sports Sponsoring Inc. In April 2005, Mr. Schneider assumed the role of Operating Manager for Superfund Group Monaco, a financial services company, a position he held until his appointment to Superfund Capital Management in June 2010. In the position of Operating Manager, Mr. Schneider conducted internal operational and financial audits of members of the Superfund group of affiliated financial companies. Mr. Schneider is a graduate of TGM Technical School in Vienna, Austria, with a degree in mechanical engineering. Mr. Schneider is a citizen of Austria.

GIZELA BENEDEK, age 32, was appointed Treasurer of Superfund Capital Management on July 28, 2010. Ms. Benedek will also serve as Audit Committee Financial Expert for the Fund. Ms. Benedek was registered as a principal of Superfund Capital Management on September 10, 2010. From June 2000 to September 2005, Ms. Benedek served as an Associate of PricewaterhouseCooper, an international accounting firm, in its tax consulting group in Vienna, Austria. In this position, Ms. Benedek provided tax consulting services to investment companies. From October 2005 to December 2005, Ms. Benedek conducted intensive research in connection with her master thesis. From January 2006 to July 2008, Ms. Benedek held the position of Auditing Associate in the auditing group of RSM Exacta Wirtschaftsprufung AG, an Austrian auditing and tax consultancy firm. In this position, Ms. Benedek provided auditing services to private foundations and mid-market companies. From August 2008 through August 2009, she was granted educational leave sponsored by the Austrian government to study for the U.S. CPA exam. Since September 2009, Ms. Benedek has held the role of Financial Counsel for Superfund Distribution and Investment, Inc., a financial services company located in Grenada, West Indies. In this role, Ms. Benedek engages in various internal accounting and auditing functions. Ms. Benedek is a graduate of The University of Economics and Business Administration in Vienna, Austria, and is a certified public accountant. Ms. Benedek is a citizen of Austria.

CHRISTIAN BAHA, age 42, is Superfund Capital Management’s founder and sole owner. By December 1991, Mr. Baha began working independently to develop software for the technical analysis of financial data in Austria. In January 1995, Mr. Baha founded the first members of the Superfund group of affiliated companies specializing in managed futures funds and began to develop a worldwide distribution network. With profit sharing rights certificates, Mr. Baha launched an alternative investment vehicle for private investors. Launched on March 8, 1996, this product is called the Superfund Unternehmens-Beteiligungs-Aktiengesellschaft (Superfund Q-AG), and was formerly known as Quadriga Beteiligungs & Vermögens AG (Quadriga AG). In March 2003, a new generation of managed futures funds was internationally launched under the brand name “Superfund” and previously existing products have since been re-branded under this name. Simultaneously with the development of the Quadriga/Superfund group of affiliated companies, Mr. Baha founded the software company TeleTrader AG, which has been listed on the Vienna Stock Exchange since March 2001. He was registered as a principal of Superfund USA, Inc., a registered broker-dealer and a CFTC registered commodity pool operator, and Superfund Advisors, Inc., a CFTC registered commodity pool operator, on August 13, 2009 and November 20, 2009, respectively. He is also an associated person and principal of Superfund Asset Management, Inc., a CFTC registered introducing broker, positions which he has held since July 23, 1999 and June 24, 1997, respectively. He has also been listed as a principal of Superfund Capital Management since May 9, 2001. He was registered as an associated person of Superfund

Capital Management on May 9, 2001 as well, however, such registration was subsequently withdrawn on February 17, 2009. Mr. Baha is listed as a principal of Superfund Capital Management, Superfund USA, Inc. and Superfund Advisors, Inc. because he is the sole owner of the foregoing entities. He is a graduate of the police academy in Vienna, Austria and studied at the Business University of Vienna, Austria. Mr. Baha is a citizen of Austria.

Identification of Certain Significant Employees

None.

Family Relationships

None.

Business Experience

See “Identification of Directors and Executive Officers,” above.

Involvement in Certain Legal Proceedings

There has never been a material administrative, civil or criminal order, judgment, decree or finding against Superfund Capital Management or any of its directors, executive officers, promoters or control persons.

Code of Ethics

The Fund has no employees, officers or directors and is managed by Superfund Capital Management. Superfund Capital Management has adopted a code of ethics that applies to its principal executive officer, principal financial officer and its principal accounting officer. A copy of the code of ethics may be obtained at no charge by written request to the corporate secretary of Superfund Capital Management, Superfund Office Building, P.O. Box 1479, Grand Anse, St. George’s, Grenada, West Indies.

Board of Director Nominees

Not applicable.

Audit Committee Financial Expert

The Board of Directors of Superfund Capital Management, in its capacity as the audit committee for the Fund, has determined that Gizela Benedek qualifies as an “audit committee financial expert” in accordance with the applicable rules and regulations for the SEC. She is not independent of management.

Item 11. Executive Compensation.

The Fund has no employees, officers or directors and is managed by Superfund Capital Management. None of the directors or officers of Superfund Capital Management receive compensation from the Fund. Superfund Capital Management receives a monthly management fee of one-twelfth of 2.25% of month-end net assets (2.25% per annum), ongoing offering expenses equal to one-twelfth of 0.75% of month-end net assets (0.75% per annum), not to exceed the amount of actual expenses incurred. Superfund Capital Management will also be paid a monthly performance fee equal to 25% of any new appreciation without respect to interest income or any changes in net asset value due changes in value of the Fund’s dollar for dollar gold position. Trading losses will be carried forward and no further performance fee may be paid until the prior losses have been recovered. In addition, Superfund Asset Management Inc., an affiliate of Superfund Capital Management, serves as the introducing broker for the Fund’s futures transactions and receives a portion of the brokerage commissions paid by the Fund in connection with its futures trading. Superfund USA, Inc., an entity related to Superfund Capital Management by common ownership (“Superfund USA”), shall be paid selling commissions equal to 2% of the month-end net asset value per Series A-1 Unit and Series B-1 Unit (one-twelfth of 2% per month). These amounts are included under “Selling commission” in the Statements of Operations. However, the maximum cumulative selling commission per Unit is limited to 10% of the gross offering proceeds price of such Unit. Each Series and Superfund USA may retain additional selling agents to assist with the placement of the Units. Superfund USA will pay all or a portion of the selling commission described above which it receives in respect of the Units sold by the additional selling agents to the additional selling agents effecting the sales.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

Securities Authorized for Issuance under Equity Compensation Plans

None.

Security Ownership of Certain Beneficial Owners

All of the Fund’s general partner interest is held by Superfund Capital Management.

Security Ownership of Management

As of December 31, 2010, no Units were owned or held by officers of Superfund Capital Management. As of December 31, 2010, Superfund Capital Management owned 514.919 Units of Series A-1 (non-voting), representing 7.45% of the total issued Units of Series A-1, and 434.257 Units of Series B-1, representing 7.51% of the total issued Units of Series B-1 (non-voting), having a combined value of $1,393,474. Christian Baha is the holder of all of the equity of Superfund Capital Management.

Changes in Control

None.

Item 13. Certain Relationships and Related Transactions, and Director Independence.

See “Item 10 Directors, Executive Officers and Corporate Governance of The Registrant, “Item 11, Executive Compensation” and “Item 12, Security Ownership of Certain Beneficial Owners and Management.” In 2010, the Series A management fee totaled $192,137, the Series A selling commissions totaled $133,361, the Series A incentive fee totaled $367,406 and the Series A brokerage commissions totaled $160,212. In 2010, the Series B management fee totaled $231,760, the Series B selling commissions totaled $136,540, the Series B incentive fee totaled $210,237, and the Series B brokerage commissions totaled $315,729. In 2009, the Series A management fee totaled $34,624, the Series A selling commissions totaled $25,361, the Series A incentive fee totaled $55,524 and the Series A brokerage commissions totaled $19,190. In 2009, the Series B management fee totaled $104,512, the Series B selling commissions totaled $66,576, and the Series B brokerage commissions totaled $158,980.

Item 14. Principal Accounting Fees and Services.

Audit Fees

The aggregate fees billed for professional services rendered by Deloitte & Touche LLP in connection with their audit of the Fund’s financial statements, reviews of the financial statements included in the quarterly reports on Form 10-Q and other services normally provided in connection with statutory and regulatory filings or engagements for the years ended December 31, 2010, and December 31, 2009, were approximately $107,550 and $109,475, respectively.

Audit-Related Fees

There were no audit-related fees for services rendered by Deloitte & Touche LLP for the years ended December 31, 2010, and December 31, 2009.

Tax Fees

There were no fees for tax compliance, tax advice or tax planning rendered by Deloitte & Touche LLP for the years ended December 31, 2010, and December 31, 2009.

All Other Fees

There were no other fees for products or services provided by Deloitte & Touche LLP for the years ended December 31, 2010, and December 31, 2009.

Pre-Approval Policies

The Board of Directors and Audit Committee of Superfund Capital Management approved all of the services described above. The Board of Directors and Audit Committee have determined that the payments made to its independent accountants for these services are compatible with maintaining such auditors’ independence. The Board of Directors pre-approves all audit and non-audit services and all engagement fees and terms.

PART IV

Item 15. Exhibits, Financial Statement Schedules.

(a)

The Following documents are filed as part of this report:

	(1)		Financial Statements beginning on page 22 hereof.

	(2)		Financial Statement Schedules:

Financial statement schedules have been omitted because they are not required or because equivalent information has been included in the financial statements or notes thereto.

(3)

Exhibits as required by Item 601 of Regulation S-K.

EXHIBIT 13.01

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners of Superfund Gold, L.P. — Series A and Superfund Gold, L.P. — Series B:

We have audited the accompanying statements of assets and liabilities of Superfund Gold, L.P., Superfund Gold, L.P. — Series A and Superfund Gold, L.P. — Series B (the “Funds”), including the condensed schedules of investments, as of December 31, 2010 and 2009, and the related statements of operations, changes in net assets, and cash flows for the year ended December 31, 2010 and for the period from April 1, 2009 (commencement of operations) through December 31, 2009. These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Superfund Gold, L.P., Superfund Gold — Series A and Superfund Gold — Series B as of December 31, 2010 and 2009, and the results of their operations and their cash flows for the year ended December 31, 2010 and for the period from April 1, 2009 (commencement of operations) through December 31, 2009, in conformity with accounting principles generally accepted in the United States of America.



/s/ DELOITTE & TOUCHE LLP
Philadelphia, Pennsylvania
March 31, 2011

SUPERFUND GOLD, L.P.
CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2010


			Percentage of
	Face Value		Net Assets			Fair Value
Debt Securities United States, at fair value
United 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	%	$	9,598,087


Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency				0.8			224,585

Total unrealized appreciation on forward contracts				0.8			224,585


Unrealized depreciation on forward contracts
Currency				(0.1	)		(36,460	)

Total unrealized depreciation on forward contracts				(0.1	)		(36,460	)


Total forward contracts, at fair value				0.7			188,125


Futures contracts, at fair value
Futures contracts purchased
Currency				1.9			484,663
Energy				0.4			110,783
Financial				0.5			127,537
Food & Fiber				0.7			194,250
Indices				0.4			114,065
Livestock				0.3			92,460
Metals
233 contracts of CMX Gold expiring February 2011				4.0			1,067,060
Other				2.4			642,103

Total Metals				6.4			1,709,163

Total futures contracts purchased				10.6			2,832,921


Futures contracts sold
Currency				0.1			33,694
Energy				(0.1	)		(30,980	)
Financial				(0.1	)		(22,344	)
Indices				0.1			23,963
Metals				(1.3	)		(354,138	)

Total futures contracts sold				(1.3	)		(349,805	)


Total futures contracts, at fair value				9.3			2,483,116


Futures and forward contracts by country composition
Australian				0.0	*		3,134
European Monetary Union				0.3			81,278
Great Britain				0.3			72,763
Japan				0.8			210,666
United States				6.4			1,729,526
Other				2.2			573,874

Total futures and forward contracts by country				10.0	%	$	2,671,241


*		Due to rounding

See accompanying notes to financial statements.

SUPERFUND GOLD, L.P.
CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2009


			Percentage of
	Face Value		Net Assets			Fair Value
Debt Securities United States, at fair value
United States Treasury Bills due February 25, 2010 (amortized cost $5,999,748), securities are held in margin accounts as collateral for open futures and forwards	$	6,000,000		49.4	%	$	5,999,748


Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency				0.7			81,845

Total unrealized appreciation on forward contracts				0.7			81,845


Unrealized depreciation on forward contracts
Currency				(1.3	)		(154,871	)

Total unrealized depreciation on forward contracts				(1.3	)		(154,871	)


Total forward contracts, at fair value				(0.6	)		(73,026	)


Futures contracts, at fair value
Futures contracts purchased
Currency				(0.8	)		(96,686	)
Energy				0.5			57,516
Financial				(0.8	)		(93,811	)
Food & Fiber				1.3			152,043
Indices				2.1			257,035
Metals
104 contracts of CMX Gold expiring February 2010				(8.8	)		(1,069,890	)
Other				(0.2	)		(25,181	)

Total Metals				(9.0	)		(1,095,071	)

Total futures contracts purchased				(6.7	)		(818,974	)


Futures contracts sold
Energy				(0.0)	*		(5,650	)
Food & Fiber				(0.1	)		(17,813	)
Indices				(0.0)	*		(3,170	)
Livestock				(0.1	)		(9,190	)
Financial				0.2			28,011

Total futures contracts sold				(0.1	)		(7,812	)


Total futures contracts, at fair value				(6.8	)		(826,786	)


Futures and forward contracts by country composition
Australian				0.1			17,853
European Monetary Union				(0.4	)		(45,043	)
Great Britain				0.1			14,810
Japan				0.3			37,973
United States				(7.8	)		(953,468	)
Other				0.2			28,063

Total futures and forward contracts by country				(7.4)	%	$	(899,812	)


*		Due to rounding

See accompanying notes to financial statements.

SUPERFUND GOLD, L.P.
STATEMENTS OF CASH FLOWS
Year Ended December 31, 2010 and for the period from April 1, 2009
(commencement of operations), through December 31, 2009


	2010			2009

Cash flows from operating activities
Net increase in net assets from operations	$	8,864,649		$	198,944
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:
Changes in operating assets and liabilities:
Purchases of U.S. government securities		(29,290,418	)		(11,097,763	)
Sales and maturities of U.S. government securities		25,700,000			5,100,000
Amortization of discounts and premiums		(7,921	)		(1,985	)
Due from brokers		(6,504,277	)		(6,301,154	)
Due from affiliate		(5,599	)		—
Unrealized appreciation on open forward contracts		(142,740	)		(81,845	)
Unrealized depreciation on open forward contracts		(118,411	)		154,871
Futures contracts purchased		(3,651,895	)		818,974
Futures contracts sold		341,993			7,812
Incentive fee payable		409,223			—
Management fee		28,515			22,891
Fees payable		26,839			22,346


Net cash used in operating activities		(4,350,042	)		(11,156,909	)


Cash flows from financing activities
Subscriptions, net of change in advance subscriptions		10,504,762			13,857,464
Redemption of non unitized capital balance		—			(4,000	)
Redemptions, net of redemption payable		(5,196,394	)		(28,456	)


Net cash provided by financing activities		5,308,368			13,825,008


Net increase in cash		958,326			2,668,099

Cash, beginning of year		2,672,099			4,000


Cash, end of year	$	3,630,425		$	2,672,099

See accompanying notes to financial statements.

SUPERFUND GOLD, L.P. — SERIES A
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2010, and December 31, 2009


	December 31, 2010		December 31, 2009

ASSETS

US Government securities, at fair value (amortized cost of $4,949,019 and $1,549,939 as of December 31, 2010, and December 31, 2009, respectively)	$	4,949,019	$	1,549,939

Due from brokers		6,513,798		1,794,485

Futures contracts purchased		1,271,946		—

Unrealized appreciation on open forward contracts		95,755		—

Cash		2,215,532		1,739,581

Due from affiliate		5,599		—


Total assets		15,051,649		5,084,005


LIABILITIES

Unrealized depreciation on open forward contracts		13,857		—

Futures contracts purchased		—		278,229

Futures contracts sold		143,844		3,078

Subscriptions received in advance		882,330		1,355,500

Incentive fee		198,986		—

Redemptions payable		42,447		—

Management fee		26,272		6,463

Fees payable		27,222		6,380


Total liabilities		1,334,958		1,649,650


NET ASSETS	$	13,716,691	$	3,434,355


Superfund Gold, L.P. Series A-1 Net Assets	$	10,835,030	$	2,524,291

Number of Units outstanding		6,916.044		2,388.395
Superfund Gold, L.P. Series A-1 Net Asset Value per Unit	$	1,566.65	$	1,056.90


Superfund Gold, L.P. Series A-2 Net Assets	$	2,881,661	$	910,064

Number of Units outstanding		1,724.508		818.846
Superfund Gold, L.P. Series A-2 Net Asset Value per Unit	$	1,671.00	$	1,111.40

See accompanying notes to financial statements.

SUPERFUND GOLD, L.P. — SERIES A
CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2010


			Percentage of
	Face Value		Net Assets			Fair Value
Debt Securities United States, at fair value
United 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	%	$	4,949,019


Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency				0.7			95,755

Total unrealized appreciation on forward contracts				0.7			95,755


Unrealized depreciation on forward contracts
Currency				(0.1	)		(13,857	)

Total unrealized depreciation on forward contracts				(0.1	)		(13,857	)


Total forward contracts, at fair value				0.6			81,898


Futures Contracts, at fair value
Futures Contracts Purchased
Currency				1.5			208,888
Energy				0.3			44,259
Financial				0.4			55,066
Food & Fiber				0.6			81,781
Indices				0.4			46,624
Livestock				0.3			40,970
Metals
116 contracts of CMX Gold expiring February 2011				3.9			528,140
Other				1.9			266,218

Total Metals				5.8			794,358

Total futures contracts purchased				9.3			1,271,946


Futures Contracts Sold
Currency				0.1			14,250
Energy				(0.1	)		(12,190	)
Financial				(0.1	)		(10,607	)
Indices				0.1			9,628
Metals				(1.1	)		(144,925	)

Total futures contracts sold				(1.1	)		(143,844	)


Total futures contracts, at fair value				8.2			1,128,102


Futures contracts by country composition
Australia				0.0	*		1,134
European Monetary Union				0.2			32,375
Great Britain				0.2			30,179
Japan				0.7			92,656
United States				5.9			808,405
Other				1.8			245,251

Total futures contracts by country				8.8	%	$	1,210,000


*		Due to rounding

See accompanying notes to financial statements.

SUPERFUND GOLD, L.P. — SERIES A
STATEMENTS OF OPERATIONS
Year Ended December 31, 2010 and for the period from April 1, 2009
(commencement of operations), through December 31, 2009


	2010			2009
Investment income
Interest income	$	6,400		$	1,039
Other income		5,599			—

Total income		11,999			1,039


Expenses
Incentive fee		367,406			55,524
Management fee		192,137			34,624
Brokerage commissions		160,212			19,190
Selling commission		133,361			25,361
Operating expenses		64,045			11,541
Other		1,444			294

Total expenses		918,605			146,534


Net investment loss		(906,606	)		(145,495	)


Realized and unrealized gain (loss) on investments
Net realized gain on futures and forward contracts		3,373,625			695,686
Net change in unrealized appreciation (depreciation) on futures and forward contracts
		1,491,307			(281,307	)


Net gain on investments		4,864,932			414,379

Net increase in net assets from operations	$	3,958,326		$	268,884


Net increase in net assets from operations per Unit (based upon weighted average number of Units outstanding during period) for Series A-1*	$	586.87		$	128.07


Net increase in net assets from operations per Unit (based upon change in net asset value per Unit during period) for Series A-1	$	509.75		$	137.40


Net increase in net assets from operations per Unit (based upon weighted average number of Units outstanding during period) for Series A-2**	$	638.10		$	154.06


Net increase in net assets from operations per Unit (based upon change in net asset value per Unit during period) for Series A-2	$	559.60		$	191.90


*		Weighted average number of Units outstanding for Series A-1 for the Year Ended December 31, 2010 and for the period from April 1, 2009 (commencement of operations), through December 31, 2009: 5,236.62 and 1,667.50, respectively.

**		Weighted average number of Units outstanding for Series A-2 for the Year Ended December 31, 2010 and for the period from April 1, 2009 (commencement of operations), through December 31, 2009: 1,387.08 and 359.14, respectively.

See accompanying notes to financial statements.

SUPERFUND GOLD, L.P. — SERIES A
STATEMENTS OF CHANGES IN NET ASSETS
Year Ended December 31, 2010 and for the period from April 1, 2009
(commencement of operations), through December 31, 2009


	2010			2009
Increase in net assets from operations:
Net investment loss	$	(906,606	)	$	(145,495	)
Net realized gain on futures and forward contracts		3,373,625			695,686
Net change in unrealized appreciation (depreciation) on futures and forward contracts		1,491,307			(281,307	)


Net increase in net assets from operations		3,958,326			268,884

Capital share transactions
Issuance of Units		7,649,260			3,184,030
Redemption of Units		(1,325,250	)		(18,559	)
Redemption of non unitized capital balance		—			(2,000	)


Net increase in net assets from capital share transactions		6,324,010			3,163,471


Net increase in net assets		10,282,336			3,432,355

Net assets, beginning of period		3,434,355			2,000


Net assets, end of period	$	13,716,691		$	3,434,355


Series A-1 Units, beginning of period		2,388.395			—
Issuance of Series A-1 Units		5,507.940			2,404.555
Redemption of Series A-1 Units		(980.291	)		(16.160	)


Series A-1 Units, end of period		6,916.044			2,388.395


Series A-2 Units, beginning of period		818.846			—
Issuance of Series A-2 Units		978.117			818.846
Redemption of Series A-2 Units		(72.455	)		—


Series A-2 Units, end of period		1,724.508			818.846

See accompanying notes to financial statements.

SUPERFUND GOLD, L.P. — SERIES A
STATEMENTS OF CASH FLOWS
Year Ended December 31, 2010 and for the period from April 1, 2009
(commencement of operations), through December 31, 2009


	2010			2009
Cash flows from operating activities
Net increase in net assets from operations	$	3,958,326		$	268,884
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:
Changes in operating assets and liabilities:
Purchases of U.S. government securities		(12,895,739	)		(2,799,452	)
Sales and maturities of U.S. government securities		9,500,000			1,250,000
Amortization of discounts and premiums		(3,341	)		(487	)
Due from brokers		(4,719,313	)		(1,794,485	)
Due from affiliate		(5,599	)		—
Unrealized appreciation on open forward contracts		(95,755	)		—
Unrealized depreciation on open forward contracts		13,857			—
Futures contracts purchased		(1,550,175	)		278,229
Futures contracts sold		140,766			3,078
Incentive fee		198,986			—
Management fee		19,809			6,463
Fees payable		20,842			6,380


Net cash used in operating activities		(5,417,336	)		(2,781,390	)


Cash flows from financing activities
Subscriptions, net of change in subscriptions received in advance		7,176,090			4,539,530
Redemptions of non unitized capital balance		—			(2,000	)
Redemptions, net of redemptions payable		(1,282,803	)		(18,559	)


Net cash provided by financing activities		5,893,287			4,518,971


Net increase in cash		475,951			1,737,581

Cash, beginning of year		1,739,581			2,000


Cash, end of year	$	2,215,532		$	1,739,581

See accompanying notes to financial statements.

SUPERFUND GOLD, L.P. — SERIES B
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2010 and December 31, 2009


	December 31, 2010		December 31, 2009
ASSETS

US Government securities, at fair value (amortized cost of $4,649,068 and $4,449,809 as of December 31, 2010, and December 31, 2009, respectively)	$	4,649,068	$	4,449,809

Due from brokers		6,291,633		4,506,669

Futures contracts purchased		1,560,975		—

Unrealized appreciation on open forward contracts		128,830		81,845

Cash		1,414,893		932,518


Total assets		14,045,399		9,970,841


LIABILITIES

Unrealized depreciation on open forward contracts		22,603		154,871

Futures contracts purchased		—		540,745

Futures contracts sold		205,961		4,734

Subscriptions received in advance		407,087		508,630

Redemptions payable		193,880		9,890

Incentive fee		210,237		—

Management fee		25,134		16,428

Fees payable		21,963		15,966


Total liabilities		1,086,865		1,251,264


NET ASSETS	$	12,958,534	$	8,719,577


Superfund Gold, L.P. Series B-1 Net Assets	$	7,815,597	$	6,268,561

Number of Units outstanding		5,784.122		7,174.897
Superfund Gold, L.P. Series B-1 Net Asset Value per Unit	$	1,351.21	$	873.68


Superfund Gold, L.P. Series B-2 Net Assets	$	5,142,937	$	2,451,016

Number of Units outstanding		3,700.480		2,763.500
Superfund Gold, L.P. Series B-2 Net Asset Value per Unit	$	1,389.80	$	886.92

See accompanying notes to financial statements.

SUPERFUND GOLD, L.P. — SERIES B
CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2010


			Percentage of
	Face Value		Net Assets			Fair Value
Debt Securities United States, at fair value
United 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	%	$	4,649,068


Forward contracts, at fair value
Unrealized appreciation on forward contracts Currency				1.0			128,830

Total unrealized appreciation on forward contracts				1.0			128,830


Unrealized depreciation on forward contracts Currency				(0.2	)		(22,603	)

Total unrealized depreciation on forward contracts				(0.2	)		(22,603	)


Total forward contracts, at fair value				0.8			106,227


Futures contracts, at fair value
Futures contracts purchased
Currency				2.1			275,775
Energy				0.5			66,524
Financial				0.6			72,471
Food & Fiber				0.9			112,469
Indices				0.5			67,441
Livestock				0.4			51,490
Metals
117 contracts of CMX Gold expiring February 2011				4.2			538,920
Other				2.9			375,885

Total Metals				7.1			914,805

Total futures contracts purchased				12.1			1,560,975


Futures contracts sold
Currency				0.2			19,444
Energy				(0.1	)		(18,790	)
Financial				(0.1	)		(11,737	)
Indices				0.1			14,335
Metals				(1.6	)		(209,213	)

Total futures contracts sold				(1.5	)		(205,961	)


Total futures contracts, at fair value				10.6			1,355,014


Futures and forward contracts by country composition
Australian				0.0	*		2,000
European Monetary Union				0.5			48,903
Great Britain				0.3			42,584
Japan				0.9			118,010
United States				7.1			921,121
Other				2.6			328,623

Total futures and forward contracts by country				11.4	%	$	1,461,241


*		Due to rounding

See accompanying notes to financial statements.

SUPERFUND GOLD, L.P. — SERIES B
CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2009


			Percentage of
	Face Value		Net Assets			Fair Value
Debt Securities United States, at fair value
United States Treasury Bills due February 25, 2010 (amortized cost $4,449,809), securities are held in margin accounts as collateral for open futures and forwards	$	4,450,000		51.0	%	$	4,449,809


Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency				0.9			81,845

Total unrealized appreciation on forward contracts				0.9			81,845


Unrealized depreciation on forward contracts
Currency				(1.7	)		(154,871	)

Total unrealized depreciation on forward contracts				(1.7	)		(154,871	)


Total forward contracts, at fair value				(0.8	)		(73,026	)


Futures contracts, at fair value
Futures contracts purchased
Currency				(0.9	)		(81,589	)
Energy				0.7			58,852
Financial				(1.0	)		(85,038	)
Food & Fiber				1.5			134,040
Indices				2.8			241,191
Metals
104 contracts of CMX Gold expiring February 2010				(9.3	)		(806,850	)
Other				(0.0	)*		(1,351	)

Total Metals				(9.3	)		(808,201	)

Total futures contracts purchased				(6.2	)		(540,745	)


Futures contracts sold
Energy				(0.1	)		(4,870	)
Food & Fiber				(0.2	)		(15,750	)
Indices				(0.0	)*		(3,170	)
Livestock				(0.1	)		(8,110	)
Financial				0.3			27,166

Total futures contracts sold				(0.1	)		(4,734	)


Total futures contracts, at fair value				(6.3	)		(545,479	)


Futures and forward contracts by country composition
Australian				0.2			17,853
European Monetary Union				(0.4	)		(31,028	)
Great Britain				0.2			14,810
Japan				0.4			37,973
United States				(7.7	)		(675,828	)
Other				0.2			17,715

Total futures and forward contracts by country				(7.1	)%	$	(618,505	)


*		Due to rounding

See accompanying notes to financial statements.

SUPERFUND GOLD, L.P. — SERIES B
STATEMENTS OF OPERATIONS
Year Ended December 31, 2010 and for the period from April 1, 2009
(commencement of operations), through December 31, 2009


	2010			2009

Investment income, interest	$	5,025		$	2,762


Expenses
Brokerage commissions		315,729			158,980
Management fee		231,760			104,512
Incentive fee		210,237			—
Selling commission		136,540			66,576
Operating expenses		77,254			34,838
Other		3,870			2,075


Total expenses		975,390			366,981


Net investment loss		(970,365	)		(364,219	)


Realized and unrealized gain (loss) on investments

Net realized gain on futures and forward contracts		3,796,942			912,784
Net change in unrealized appreciation (depreciation) on futures and forward contracts
		2,079,746			(618,505	)

Net gain on investments		5,876,688			294,279


Net increase (decrease) in net assets from operations	$	4,906,323		$	(69,940	)


Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of Units outstanding during period) for Series B-1*	$	456.22		$	(14.49	)


Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit during period) for Series B-1	$	477.53		$	(45.82	)


Net increase in net assets from operations per Unit (based upon weighted average number of Units outstanding during period) for Series B-2**	$	547.21		$	1.06


Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit during period) for Series B-2	$	502.88		$	(32.58	)


*		Weighted average number of Units outstanding for Series B-1 for the Year Ended December 31, 2010 and for the period from April 1, 2009 (commencement of operations), through December 31, 2009: 6,793.32 and 4,968.12, respectively.

**		Weighted average number of Units outstanding for Series B-2 for the Year Ended December 31, 2010 and for the period from April 1, 2009 (commencement of operations), through December 31, 2009: 3,273.29 and 1,945.21, respectively.

See accompanying notes to financial statements.

SUPERFUND GOLD, L.P. — SERIES B
STATEMENTS OF CHANGES IN NET ASSETS
Year Ended December 31, 2010 and for the period from April 1, 2009
(commencement of operations), through December 31, 2009


	2010			2009
Increase (decrease) in net assets from operations
Net investment loss	$	(970,365	)	$	(364,219	)
Net realized gain on futures and forward contracts		3,796,942			912,784
Net change in unrealized appreciation (depreciation) on futures and forward contracts		2,079,746			(618,505	)


Net increase (decrease) in net assets from operations		4,906,323			(69,940	)

Capital share transactions
Issuance of Units		3,430,215			8,809,304
Redemption of Units		(4,097,581	)		(19,787	)
Redemption of non unitized capital balance		—			(2,000	)


Net increase (decrease) in net assets from capital share transactions		(667,366	)		8,787,517


Net increase in net assets		4,238,957			8,717,577

Net assets, beginning of period		8,719,577			2,000


Net assets, end of period	$	12,958,534		$	8,719,577


Series B-1 Units, beginning of period		7,174.897			—
Issuance of Series B-1 Units		2,402.118			7,174.897
Redemption of Series B-1 Units		(3,792.893	)		—


Series B-1 Units, end of period		5,784.122			7,174.897


Series B-2 Units, beginning of period		2,763.500			—
Issuance of Series B-2 Units		1,294.860			2,786.537
Redemption of Series B-2 Units		(357.880	)		(23.038	)


Series B-2 Units, end of period		3,700.480			2,763.499

See accompanying notes to financial statements.

SUPERFUND GOLD, L.P. — SERIES B
STATEMENTS OF CASH FLOWS
Year Ended December 31, 2010 and for the period from April 1, 2009
(commencement of operations), through December 31, 2009


	2010			2009
Cash flows from operating activities
Net increase (decrease) in net assets from operations	$	4,906,323		$	(69,940	)
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities:
Changes in operating assets and liabilities:
Purchases of U.S. government securities		(16,394,679	)		(8,298,311	)
Sales and maturities of U.S. government securities		16,200,000			3,850,000
Amortization of discounts and premiums		(4,580	)		(1,498	)
Due from brokers		(1,784,964	)		(4,506,669	)
Unrealized appreciation on open forward contracts		(46,985	)		(81,845	)
Unrealized depreciation on open forward contracts		(132,268	)		154,871
Futures contracts purchased		(2,101,720	)		540,745
Futures contracts sold		201,227			4,734
Incentive fee		210,237			—
Management fee		8,706			16,428
Fees payable		5,997			15,966


Net cash provided by (used in) operating activities		1,067,294			(8,375,519	)


Cash flows from financing activities
Subscriptions, net of change in subscriptions received in advance		3,328,672			9,317,934
Redemptions of non unitized capital balance		—			(2,000	)
Redemptions, net of redemption payable		(3,913,591	)		(9,897	)


Net cash (used in) provided by financing activities		(584,919	)		9,306,037


Net increase in cash		482,375			930,518

Cash, beginning of year		932,518			2,000


Cash, end of year	$	1,414,893		$	932,518

See accompanying notes to financial statements.

SUPERFUND GOLD, L.P., SUPERFUND GOLD, L.P. — SERIES A and SUPERFUND GOLD, L.P. — SERIES B
NOTES TO FINANCIAL STATEMENTS
December 31, 2010

(1)		Nature of Operations

		*Organization and Business*

		Superfund Gold, L.P., a Delaware Limited Partnership (the “Fund”), commenced operations on April 1, 2009. The Fund was organized to trade speculatively in the United States and international commodity futures and forwards markets using a strategy developed by Superfund Capital Management, Inc., the general partner and trading advisor of the Fund (“Superfund Capital Management”). The Fund has issued two series of units of limited partnership interest (“Units”), each with a subseries, Series A-1/A-2 and Series B-1/B-2 (each a “Series”). Series A-1/A-2 and Series B-1/B-2 are traded and managed the same way, with the exception of the degree of leverage.

		The term of the Fund commenced on the day on which the Certificate of Limited Partnership was filed with the Secretary of State of the State of Delaware pursuant to the provisions of the Delaware Revised Uniform Limited Partnership Act and shall end upon the first to occur of the following: (i) receipt by Superfund Capital Management of an approval to dissolve the Fund at a specified time by Limited Partners owning Units representing more than fifty percent (50%) of the outstanding Units of each Series then owned by Limited Partners of each Series, notice of which is sent by certified mail return receipt requested to Superfund Capital Management not less than 90 days prior to the effective date of such dissolution; (ii) withdrawal, insolvency or dissolution of Superfund Capital Management or any other event that causes Superfund Capital Management to cease to be the general partner of the Fund, unless (a) at the time of each event there is at least one remaining general partner of the Fund who carries on the business of the Fund (and each remaining general partner of the Fund is hereby authorized to carry on the business of general partner of the Fund in such an event), or (b) within 120 days after such event Limited Partners of a Series holding a majority of Units of such Series agree in writing to continue the business of the Fund and such Series and to the appointment, effective as of the date of such event, of one or more general partners of the Fund and such Series; (iii) a decline in the aggregate net assets of each Series to less than $500,000 at any time following commencement of trading in the Series; or (iv) any other event which shall make it unlawful for the existence of the Fund to be continued or which requires termination of the Fund.

(2)		Basis of Presentation and Significant Accounting Policies

	*(a)*		*Basis of Presentation*

			Pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”), audited financial statements are presented for the Fund as a whole, as the SEC registrant, and for Series A and Series B individually. For the avoidance of doubt, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Series shall be enforceable only against the assets of such Series and not against the assets of the Fund generally or any other Series. Accordingly, the assets of one Series of the Fund include only those funds and other assets that are paid to, held by or distributed to the Fund on account of and for the benefit of that Series, including, without limitation, funds delivered to the Fund for the purchase of Units in that Series.

	*(b)*		*Valuation of Investments in Futures Contracts, Forward Contracts, and U.S Treasury Bills*

			All commodity interests (including derivative financial instruments and derivative commodity instruments) are used for trading purposes. The commodity interests are recorded on a trade date basis and open contracts are recorded in the statements of assets and liabilities at fair value on the last business day of the period, which represents market value for those commodity interests for which market quotes are readily available. Exchange-traded futures contracts are valued at settlement prices published by the recognized exchange. Any spot and forward foreign currency contracts held by the Fund will be valued at published settlement prices or at dealers’ quotes. The Fund uses the amortized cost method for valuing U.S. Treasury Bills due to the short-term nature of such instruments; accordingly, the cost of securities plus accreted discount, or minus amortized premium, approximates fair value (See Section (2)(g) — Fair Value Measurements).

	*(c)*		*Translation of Foreign Currency*

			Assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the period end exchange rates. Purchases and sales of investments, and income and expenses that are denominated in foreign currencies are translated into U.S. dollar amounts on the transaction date. Adjustments arising from foreign currency transactions are reflected in the statements of operations.

			The Fund does not isolate that portion of the results of operations arising from the effect of changes in foreign exchange rates on investments from fluctuations from changes in market prices of investments held. Such fluctuations are included in net gain (loss) on investments in the statements of operations.

	*(d)*		*Investment Transactions, Investment Income, and Expenses*

			Investment transactions are accounted for on a trade-date basis. Interest income and expenses are recognized on the accrual basis.

			Gains or losses are realized when contracts are liquidated. Unrealized gains and losses on open contracts (the difference between contract trade price and market price) are reported in the statements of financial condition as a net gain or loss, as there exists a right of offset of unrealized gains or losses in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 210-20, Offsetting — Balance Sheet.

	*(e)*		*Income Taxes*

			The Fund does not record a provision for U.S. income taxes because the partners report their share of the Fund’s income or loss on their returns. The financial statements reflect the Fund’s transactions without adjustment, if any, required for income tax purposes.

			Superfund Capital Management has evaluated the application of ASC 740, Income Taxes (“ASC 740”) to the Fund, to determine whether or not there are uncertain tax positions that require financial statement recognition. Based on this evaluation, the Fund has determined no reserves for uncertain tax position are required to be recorded as a result of the application of ASC 740. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. As a result, no income tax liability or expense has been recorded in the accompanying financial statements. The Fund files federal and various state tax returns. The 2008 through 2010 tax years generally remain subject to examination by the U.S. federal and most state tax authorities.

	*(f)*		*Use of Estimates*

			The preparation of financial statements in conformity with U.S. GAAP requires Superfund Capital Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

	*(g)*		*Recently Issued Accounting Pronouncements*

			ASU 2010-06

			In January 2010, FASB issued Accounting Standards Update No. 2010-06 (“ASU 2010-06”), Improving Disclosures about Fair Value Measurements, which, among other things, amends ASC 820, Fair Value Measurements, to require entities to separately present purchases, sales, issuances, and settlements in their reconciliation of Level 3 fair value measurements (i.e. to present such items as gross basis rather than on a net basis), and which clarifies existing disclosure requirements provided by ASC 820 regarding the level of disaggregation and the inputs and valuation techniques used to measure fair value for measurements that fall within either Level 2 or Level 3 of the fair value hierarchy. ASU 2010-06 is effective for interim and annual periods beginning after December 15, 2009, except for the disclosures about purchases, sales, issuances, and settlements in the roll forward of activity in Level 3 fair value measurements (which are effective for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years). The Fund has adopted ASU 2010-06 effective for reporting periods beginning after December 15, 2009. The adoption of ASU 2010-06 did not have any impact on the Fund’s results of operations, financial condition or cash flows, as the Fund has not had any transfers in or out of Level 1 or 2 categories, nor does it hold Level 3 assets or liabilities. The Fund does not anticipate the amendments effective for fiscal years beginning after December 15, 2010 to have an impact on the Fund’s results of operations, financial condition or cash flows since the ASU impacts disclosure items only.

	*(h)*		*Fair Value Measurements*

			The Fund follows ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below:

	Level 1		Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

	Level 2		Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly.

Level 3

Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

			A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. In determining fair value, the Fund separates its financial instruments into two categories: U.S. government securities and derivative contracts.

			U.S. Government Securities. The Fund’s only market exposure in instruments held other than for trading is in its U.S. Treasury Bill portfolio. As the Fund uses the amortized cost method for valuing its U.S. Treasury Bill portfolio, which approximates fair value, this portfolio is classified within level 2 of the fair value hierarchy.

			Derivative Contracts. Derivative contracts can be exchange-traded or over-the-counter (“OTC”). Exchange-traded derivatives typically fall within level 1 or level 2 of the fair value hierarchy depending on whether they are deemed to be actively traded or not. The Fund has exposure to exchange-traded derivative contracts through the Fund’s trading of exchange-traded futures contracts. The Fund’s exchange-traded futures contract positions are valued daily at settlement prices published by the applicable exchanges. In such cases, provided they are deemed to be actively traded, exchange-traded derivatives are classified within level 1 of the fair value hierarchy. Less actively traded exchange-traded derivatives fall within level 2 of the fair value hierarchy.

			OTC derivatives are valued using market transactions and other market evidence whenever possible, including market-based inputs to models, model calibration to market-clearing transactions, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency. Where models are used, the selection of a particular model to value an OTC derivative depends upon the contractual terms of, and specific risks inherent in, the instrument as well as the availability of pricing information in the market. For OTC derivatives that trade in liquid markets, such as generic forwards and swaps, model inputs can generally be verified and model selection does not involve significant management judgment. The OTC derivatives held by the Fund may include forwards and swaps. Spot and forward foreign currency contracts held by the Fund are valued at published daily settlement prices or at dealers’ quotes. The Fund’s forward positions are typically classified within level 2 of the fair value hierarchy.

			Certain OTC derivatives traded in less liquid markets with limited pricing information, and the determination of fair value for these derivatives is inherently more difficult. Such instruments are classified within level 3 of the fair value hierarchy. Where the Fund does not have corroborating market evidence to support significant model inputs and cannot verify the model to market transactions, transaction price is initially used as the best estimate of fair value. Accordingly, when a pricing model is used to value such an instrument, the model is adjusted so that the model value at inception equals the transaction price. The valuations of these less liquid OTC derivatives are typically based on level 1 and/or level 2 inputs that can be observed in the market, as well as unobservable level 3 inputs. Subsequent to initial recognition, the Fund updates the level 1 and level 2 inputs to reflect observable market changes, with resulting gains and losses reflected within level 3. Level 3 inputs are only changed when corroborated by evidence such as similar market transactions, third-party pricing services and/or broker or dealer quotations, or other empirical market data. In circumstances where the Fund cannot verify the model value to market transactions, it is possible that a different valuation model could produce a materially different estimate of fair value. The Fund attempts to avoid holding less liquid OTC derivatives. However, once held, the market for any particular derivative contract could become less liquid during the holding period.

			As of and during the year ended December 31, 2010 and for the period from April 1, 2009 (commencement of operations) through December 31, 2009, the Fund held no derivative contracts valued using level 3 inputs.

The following table summarizes the valuation of the Fund’s assets and liabilities by the ASC 820 fair value hierarchy as of December 31, 2010:

Superfund Gold, L.P.


	Balance
	December 31,
	2010		Level 1		Level 2		Level 3
ASSETS
U.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	$	—


LIABILITIES
Unrealized 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


	Balance
	December 31,
	2010		Level 1		Level 2		Level 3
ASSETS
U.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	$	—


LIABILITIES
Unrealized depreciation on open forward contracts	$	13,857	$	—	$	13,857	$	—
Futures contracts sold		143,844		143,844		—		—

Total Liabilities Measured at Fair Value	$	157,701	$	143,844	$	13,857	$	—

Superfund Gold, L.P. — Series B


	Balance
	December 31,
	2010		Level 1		Level 2		Level 3
ASSETS
U.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	$	—


LIABILITIES
Unrealized 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	$	—

The following table summarizes the valuation of the Fund’s assets and liabilities by the ASC 820 fair value hierarchy as of December 31, 2009:

Superfund Gold, L.P.


	Balance
	December 31,
	2009		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	5,999,748	$	—	$	5,999,748	$	—
Unrealized appreciation on open forward contracts		81,845		—		81,845		—

Total Assets Measured at Fair Value	$	6,081,593	$	—	$	6,081,593	$	—


LIABILITIES
Unrealized depreciation on open forward contracts	$	154,871	$	—	$	154,871	$	—
Futures contracts purchased		818,974		818,974		—		—
Futures contracts sold		7,812		7,812		—		—

Total Liabilities Measured at Fair Value	$	981,657	$	826,786	$	154,871	$	—

Superfund Gold, L.P. — Series A


	Balance
	December 31,
	2009		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	1,549,939	$	—	$	1,549,939	$	—

Total Assets Measured at Fair Value	$	1,549,939	$	—	$	1,549,939	$	—


LIABILITIES
Futures contracts purchased	$	278,229	$	278,229	$	—	$	—
Futures contracts sold		3,078		3,078		—		—

Total Liabilities Measured at Fair Value	$	281,307	$	281,307	$	—	$	—

Superfund Gold, L.P. — Series B


	Balance
	December 31,
	2009		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	4,449,809	$	—	$	4,449,809	$	—
Unrealized appreciation on open forward contracts		81,845		—		81,845		—

Total Assets Measured at Fair Value	$	4,531,654	$	—	$	4,531,654	$	—

LIABILITIES
Unrealized depreciation on open forward contracts	$	154,871	$	—	$	154,871	$	—
Futures contracts purchased		540,745		540,745		—		—
Futures contracts sold		4,734		4,734		—		—

Total Liabilities Measured at Fair Value	$	700,350	$	545,479	$	154,871	$	—

(3)		Disclosure of derivative instruments and hedging activities

		The Fund follows ASC 815, Disclosures about Derivative Instruments and Hedging Activities (“ASC 815”). ASC 815 is intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position.

		Derivative instruments held by the Fund do not qualify as derivative instruments held as hedging instruments, as defined in ASC 815. Instead, the Fund includes derivative instruments in its trading activity. Per the requirements of ASC 815, the Fund

discloses the gains and losses on its trading activities for both derivative and nonderivative instruments in the Statement of Operations for each Series.

		The Fund engages in the speculative trading of forward contracts in currency and futures contracts in a wide range of commodities, including equity markets, interest rates, food and fiber, energy, livestock and metals. ASC 815 requires entities to recognize all derivatives instruments as either assets or liabilities at fair value in the statement of financial position. Investments in forward contracts and commodity futures contracts are recorded in the Statements of Assets and Liabilities as “unrealized appreciation or depreciation on open forward contracts and futures contracts purchased and futures contracts sold.” Since the derivatives held or sold by the Fund are for speculative trading purposes, the derivative instruments are not designated as hedging instruments under the provisions of ASC 815. Accordingly, all realized gains and losses, as well as any change in net unrealized gains or losses on open positions from the preceding period, are recognized as part of the Fund’s trading profits and losses in the Statements of Operations.

		Superfund Capital Management believes futures and forward trading activity expressed as a percentage of net assets is indicative of trading activity. Information concerning the fair value of the Fund’s derivatives held long or sold short, as well as information related to the annual average volume of the Fund’s derivative activity, is as follows:

Superfund Gold, L.P.

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statement of Assets and Liabilities, as of December 31, 2010, is as follows:


	Statement of Assets	Asset Derivatives		Liability
	and Liabilities	at December 31,		Derivatives at
Type of Instrument	Location	2010		December 31, 2010			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	224,585	$	—		$	224,585
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(36,460	)		(36,460	)
Futures contracts	Futures contracts purchased		2,832,921		—			2,832,921
Futures contracts	Futures contracts sold		—		(349,805	)		(349,805	)

Totals		$	3,057,506	$	(386,265	)	$	2,671,241

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statement of Assets and Liabilities, as of December 31, 2009, is as follows:


	Statement of Assets	Asset Derivatives		Liability
	and Liabilities	at December 31,		Derivatives at
Type of Instrument	Location	2009		December 31, 2009			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	81,845	$	81,845		$	81,845
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(154,871	)		(154,871	)
Futures contracts	Futures contracts purchased		—		(818,974	)		(818,974	)
Futures contracts	Futures contracts sold		—		(7,812	)		(7,812	)

Totals		$	81,845	$	(981,657	)	$	(899,812	)

Effects of Derivative Instruments on the Statement of Operations for the Year Ended December 31, 2010:


				Net Change in
Derivatives not				Unrealized Appreciation
Designated as Hedging	Location of Gain (Loss) on	Net Realized Gain on		(Depreciation) on
Instruments under ASC	Derivatives Recognized in	Derivatives Recognized in		Derivatives Recognized
815	Income	Income		in Income
Foreign exchange contracts	Net realized and unrealized gain on futures and forward contracts	$	35,721	$	261,151
Futures contracts	Net realized and unrealized gain on futures and forward contracts		7,134,846		3,309,902

Total		$	7,170,567	$	3,571,053

Effects of Derivative Instruments on the Statement of Operations for the period from April 1, 2009 (commencement of operations), through December 31, 2009:


					Net Change in
Derivatives not					Unrealized Appreciation
Designated as Hedging	Location of Gain (Loss) on	Net Realized Gain on			(Depreciation) on
Instruments under	Derivatives Recognized in	Derivatives Recognized in			Derivatives Recognized
ASC 815	Income	Income			in Income
Foreign exchange contracts	Net realized and unrealized loss on futures and forward contracts	$	(123,140	)	$	(73,026	)
Futures contracts	Net realized and unrealized gain (loss) on futures and forward contracts		1,731,610			(826,786	)

Total		$	1,608,470		$	(899,812	)

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, 2010
	Long Positions Gross Unrealized										Short Positions Gross Unrealized
			% of					% of					% of						% of			Net Unrealized
			Net					Net					Net						Net			Gains on
	Gains		Assets		Losses			Assets			Gains		Assets			Losses			Assets			Open Positions
Foreign Exchange	$	193,612		0.7	$	(14,156	)		(0.1	)	$	30,974		0.1			(22,305	)		(0.1	)	$	188,125
Currency		484,663		1.8		—			—			53,250		0.2			(19,556	)		(0.1	)		518,357
Financial		135,655		0.5		(8,118	)		(0.0	)*		6,771		0.0	*		(29,115	)		(0.1	)		105,193
Food & Fiber		195,205		0.7		(955	)		(0.0	)*		—		—			—			—			194,250
Indices		207,408		0.8		(93,343	)		(0.3	)		23,963		0.1			—			—			138,028
Metals		1,715,408		6.4		(6,245	)		(0.0	)*		—		—			(354,138	)		(1.3	)		1,355,025
Livestock		92,610		0.3		(150	)		(0.0	)*		—		—			—			—			92,460
Energy		134,619		0.5		(23,836	)		(0.1	)		—		—			(30,980	)		(0.1	)		79,803

Totals	$	3,159,180		11.7	$	(146,803	)		(0.5	)	$	114,958		0.4		$	(456,094	)		(1.7	)	$	2,671,241


*		Due to rounding

Superfund Gold, L.P. gross and net unrealized gains and losses by long and short positions as of December 31, 2009:


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

Totals	$	744,865		6.2	$	(1,616,506	)		(13.3	)	$	65,254		0.6		$	(93,425	)		(0.7	)	$	(899,812	)


*		Due to rounding

Superfund Gold, L.P. average* contract volume by market sector for the Year Ended December 31, 2010:


	Average Value		Average Value		Average Number		Average
	of Long		of Short		of Long		Number of Short
	Positions		Positions		Contracts		Contracts

Foreign Exchange	$	336,671	$	303,121		78		82

					Average Number		Average
					of Long		Number of Short
					Contracts		Contracts

Currency						576		84
Financial						1,248		570
Food & Fiber						147		74
Indices						973		187
Metals						413		44
Livestock						43		11
Energy						361		234

Totals						3,839		1,286


*		Based on quarterly holdings

Superfund Gold, L.P. average* contract volume by market sector for the period from April 1, 2009 (commencement of operations), through December 31, 2009:


	Average Value		Average Value			Average Number		Average
	of Long		of Short			of Long		Number of Short
	Positions		Positions			Contracts		Contracts

Foreign Exchange	$	3,006	$	(29,509	)		18		10

						Average Number		Average
						of Long		Number of Short
						Contracts		Contracts

Currency							98		33
Financial							463		22
Food & Fiber							31		44
Indices							75		19
Metals							123		6
Livestock							—		19
Energy							37		33

Totals							845		186


*		Based on quarterly holdings

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


	For the Year Ended December 31, 2010
				Change in Net
	Net Realized			Unrealized			Net Trading
	Gains (Losses)			Gains (Losses)			Gains (Losses)
Foreign Exchange	$	35,721		$	261,151		$	296,872
Currency		691,570			615,043			1,306,613
Financial		2,099,722			170,993			2,270,715
Food & Fiber		24,772			60,020			84,792
Indices		578,673			(115,837	)		462,836
Metals		4,755,671			2,450,096			7,205,767
Livestock		(132,870	)		101,650			(31,220	)
Energy		(882,692	)		27,937			(854,755	)

Total net trading gains	$	7,170,567		$	3,571,053		$	10,741,620


	For the period from April 1, 2009 (commencement
	of operations), through December 31, 2009
				Change in Net
	Net Realized			Unrealized			Net Trading
	Gains (Losses)			Gains (Losses)			Gains (Losses)
Foreign Exchange	$	(123,140	)	$	(73,026	)	$	(196,166	)
Currency		(569,192	)		(96,686	)		(655,878	)
Financial		114,855			(65,800	)		49,055
Food & Fiber		(105,277	)		134,230			28,953
Indices		(375,648	)		253,865			(121,783	)
Metals		3,032,186			(1,095,071	)		1,937,115
Livestock		13,500			(9,190	)		4,310
Energy		(378,814	)		51,866			(326,948	)

Total net trading gains (losses)	$	1,608,470		$	(899,812	)	$	708,658

Superfund Gold, L.P. — Series A

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statement of Assets and Liabilities, as of December 31, 2010, is as follows:


	Statement of Assets and	Asset Derivatives at		Liability Derivatives
Type of Instrument	Liabilities Location	December 31, 2010		at December 31, 2010			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	95,755	$	—		$	95,755
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(13,857	)		(13,857	)
Futures contracts	Futures contracts purchased		1,271,946		—			1,271,946
Futures contracts	Futures contracts sold		—		(143,844	)		(143,844	)

Totals		$	1,367,701	$	(157,701	)	$	1,210,000

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statement of Assets and Liabilities, as of December 31, 2009, is as follows:


	Statement of Assets and	Asset Derivatives at		Liability Derivatives
Type of Instrument	Liabilities Location	December 31, 2009		at December 31, 2009			Net
Futures contracts	Futures contracts purchased	$	—	$	(278,229	)	$	(278,229	)
Futures contracts	Futures contracts sold		—		(3,078	)		(3,078	)

Totals		$	—	$	(281,307	)	$	(281,307	)

Effects of Derivative Instruments on the Statement of Operations for the Year Ended December 31, 2010:


				Net Change in
Derivatives not				Unrealized Appreciation
Designated as Hedging	Location of Gain (Loss)on	Net Realized Gain on		(Depreciation) on
Instruments under	Derivatives Recognized in	Derivatives Recognized in		Derivatives Recognized
ASC 815	Income	Income		in Income
Foreign exchange contracts	Net realized and unrealized gain on futures and forward contracts	$	164,227	$	81,898
Futures contracts	Net realized and unrealized gain on futures and forward contracts		3,209,398		1,409,409

Total		$	3,373,625	$	1,491,307

Effects of Derivative Instruments on the Statement of Operations for the period from April 1, 2009 (commencement of operations), through December 31, 2009:


				Net Change in
Derivatives not				Unrealized Appreciation
Designated as Hedging	Location of Gain (Loss) on	Net Realized Gain on		(Depreciation) on
Instruments under	Derivatives Recognized in	Derivatives Recognized in		Derivatives Recognized
ASC 815	Income	Income		in Income
Foreign exchange contracts	Net realized and unrealized gain on futures and forward contracts	$	866	$	0
Futures contracts	Net realized and unrealized gain on futures and forward contracts		694,820		(281,307	)

Total		$	695,686	$	(281,307	)

Superfund Gold, L.P. — Series A gross and net unrealized gains and losses by long and short positions as of December 31, 2010:


	As of December 31, 2010
	Long Positions Gross Unrealized										Short Positions Gross Unrealized
			% of					% of					% of						% of			Net Unrealized
			Net					Net					Net						Net			Gains on
	Gains		Assets		Losses			Assets			Gains		Assets			Losses			Assets			Open Positions
Foreign Exchange	$	84,142		0.6	$	(4,472	)		(0.0	)*	$	11,613		0.1		$	(9,385	)		(0.1	)	$	81,898
Currency		208,888		1.5		—			—			22,631		0.2			(8,381	)		(0.1	)		223,138
Financial		58,501		0.4		(3,435	)		(0.0	)*		1,766		0.0	*		(12,373	)		(0.1	)		44,459
Food & Fiber		82,217		0.6		(436	)		(0.0	)*		—		—			—			—			81,781
Indices		84,851		0.7		(38,227	)		(0.3	)		9,628		0.1			—			—			56,252
Metals		797,284		5.8		(2,926	)		(0.0	)*		—		—			(144,925	)		(1.1	)		649,433
Livestock		41,020		0.3		(50	)		(0.0	)*		—		—			—			—			40,970
Energy		54,905		0.4		(10,646	)		(0.1	)		—		—			(12,190	)		(0.1	)		32,069

Totals	$	1,411,808		10.3	$	(60,192	)		(0.4	)	$	45,638		0.4		$	(187,254	)		(1.5	)	$	1,210,000


*		Due to rounding

Superfund Gold, L.P. — Series A gross and net unrealized gains and losses by long and short positions as of December 31, 2009:


	As of December 31, 2009
	Long Positions Gross Unrealized										Short Positions Gross Unrealized
			% of					% of					% of						% of			Net Unrealized
			Net					Net					Net						Net			Gains (Losses) on
	Gains		Assets		Losses			Assets			Gains		Assets			Losses			Assets			Open Positions
Currency	$	4,040		0.1	$	(19,137	)		(0.6	)	$	—		—		$	—			—		$	(15,097	)
Financial		9,669		0.3		(18,442	)		(0.5	)		1,048		0.0	*		(203	)		(0.0	)*		(7,928	)
Food & Fiber		18,003		0.5		—			—			—		—			(2,063	)		(0.1	)		15,940
Indices		15,844		0.5		—			—			—		—			—			—			15,844
Metals		—		—		(286,870	)		(8.4	)		—		—			—			—			(286,870	)
Livestock		—		—		—			—			—		—			(1,080	)		(0.0	)*		(1,080	)
Energy		—		—		(1,336	)		(0.0	)*		—		—			(780	)		(0.0	)*		(2,116	)

Totals	$	47,556		1.4	$	(325,785	)		(9.5	)	$	1,048		0.0	*	$	(4,126	)		(0.4	)	$	(281,307	)


*		Due to rounding


	For the period from April 1, 2009 (commencement of
	operations), through December 31, 2009
				Change in Net
	Net Realized			Unrealized			Net Trading
	Gains (Losses)			Gains (Losses)			Gains (Losses)
Foreign Exchange	$	866		$	—		$	866
Currency		(60,537	)		(15,097	)		(75,634	)
Financial		3,784			(7,928	)		(4,144	)
Food & Fiber		(1,397	)		15,940			14,543
Indices		(2,096	)		15,844			13,748
Metals		751,476			(286,870	)		464,606
Livestock		650			(1,080	)		(430	)
Energy		2,940			(2,116	)		824

Total net trading gains (losses)	$	695,686		$	(281,307	)	$	414,379

Superfund Gold, L.P. — Series B

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statement of Assets and Liabilities, as of December 31, 2010, is as follows:


	Statement of Assets and	Asset Derivatives at		Liability Derivatives
Type of Instrument	Liabilities Location	December 31, 2010		at December 31, 2010			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	128,830	$	—		$	128,830
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(22,603	)		(22,603	)
Futures contracts	Futures contracts purchased		1,560,975		—			1,560,975
Futures contracts	Futures contracts sold		—		(205,961	)		(205,961	)

Totals		$	1,689,805	$	(228,564	)	$	1,461,241

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statement of Assets and Liabilities, as of December 31, 2009, is as follows:


	Statement of Assets and	Asset Derivatives at		Liability Derivatives
Type of Instrument	Liabilities Location	December 31,2009		at December 31, 2009			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	81,845	$	—		$	81,845
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(154,871	)		(154,871	)
Futures contracts	Futures contracts purchased		—		(540,745	)		(540,745	)
Futures contracts	Futures contracts sold		—		(4,734	)		(4,734	)

Totals		$	81,845	$	(700,350	)	$	(618,505	)

Effects of Derivative Instruments on the Statement of Operations for the Year Ended December 31, 2010:


					Net Change in Unrealized
Derivatives not					Appreciation
Designated as Hedging	Location of Gain (Loss) on	Net Realized Gain (Loss)			(Depreciation) on
Instruments under ASC	Derivatives Recognized in	on Derivatives Recognized in			Derivatives Recognized
815	Income	Income			in Income
Foreign Exchange contracts	Net realized and unrealized gain on futures and forward contracts	$	(128,506	)	$	179,253
Futures contracts	Net realized and unrealized gain on futures and forward contracts		3,925,448			1,900,493

Total		$	3,796,942		$	2,079,746

Effects of Derivative Instruments on the Statement of Operations for the period from April 1, 2009 (commencement of operations), through December 31, 2009:


					Net Change in Unrealized
Derivatives not					Appreciation
Designated as Hedging	Location of Gain (Loss) on	Net Realized Gain (Loss)			(Depreciation) on
Instruments under ASC	Derivatives Recognized in	on Derivatives Recognized in			Derivatives Recognized in
815	Income	Income			Income
Foreign Exchange contracts	Net realized and unrealized gain on futures and forward contracts	$	(124,006	)	$	(73,026	)
Futures contracts	Net realized and unrealized gain on futures and forward contracts		1,036,790			(545,479	)

Total		$	912,784		$	(618,505	)

Superfund Gold, L.P. — Series B gross and net unrealized gains and losses by long and short positions as of December 31, 2010:


	As of December 31, 2010
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
			% of					% of					% of						% of			Net Unrealized
			Net					Net					Net						Net			Gains on
	Gains		Assets		Losses			Assets			Gains		Assets			Losses			Assets			Open Positions
Foreign Exchange	$	109,470		0.9	$	(9,684	)		(0.1	)	$	19,361		0.1		$	(12,920	)		(0.1	)	$	106,227
Currency		275,775		2.1		—			—			30,619		0.3			(11,175	)		(0.1	)		295,219
Financial		77,154		0.6		(4,683	)		(0.0)	*		5,005		0.0	*		(16,742	)		(0.1	)		60,734
Food & Fiber		112,988		0.9		(519	)		(0.0)	*		—		—			—			—			112,469
Indices		122,557		0.9		(55,116	)		(0.4	)		14,335		0.1			—			—			81,776
Metals		918,124		7.1		(3,319	)		(0.0)	*		—		—			(209,213	)		(1.6	)		705,592
Livestock		51,590		0.4		(100	)		(0.0)	*		—		—			—			—			51,490
Energy		79,714		0.6		(13,190	)		(0.1	)		—		—			(18,790	)		(0.1	)		47,734

Totals	$	1,747,372		13.5	$	(86,611	)		(0.6	)	$	69,320		0.5		$	(268,840	)		(2.0	)	$	1,461,241


*		Due to rounding


Superfund Gold, L.P. — Series B gross and net unrealized gains and losses by long and short positions as of December 31, 2009:


	As of December 31, 2009
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
			% of					% of					% of						% of			Net Unrealized
			Net					Net					Net						Net			Gains (Losses) on
	Gains		Assets		Losses			Assets			Gains		Assets			Losses			Assets			Open Positions
Foreign Exchange	$	47,241		0.5	$	(99,908	)		(1.1	)	$	34,604		0.4		$	(54,963	)		(0.6	)	$	(73,026	)
Currency		27,880		0.3		(109,469	)		(1.3	)		—		—			—			—			(81,589	)
Financial		47,959		0.6		(132,997	)		(1.5	)		29,427		0.3			(2,261	)		(0.0)	*		(57,872	)
Food & Fiber		145,658		1.7		(11,618	)		(0.1	)		175		0.0	*		(15,925	)		(0.2	)		118,290
Indices		246,120		2.8		(4,929	)		(0.3	)		—		—			(3,170	)		(0.0)	*		238,021
Metals		116,249		1.3		(924,450	)		(10.6	)		—		—			—			—			(808,201	)
Livestock		—		—		—			—			—		—			(8,110	)		(0.1	)		(8,110	)
Energy		66,202		0.8		(7,350	)		(0.1	)		—		—			(4,870	)		(0.1	)		53,982

Totals	$	697,309		8.0	$	(1,290,721	)		(14.8	)	$	64,206		0.7		$	(89,299	)		(1.0	)	$	(618,505	)


*		Due to rounding

Series B average* contract volume by market sector for Year Ended December 31, 2010:


	Average Value		Average Value		Average Number		Average
	of Long		of Short		of Long		Number of Short
	Positions		Positions		Contracts		Contracts

Foreign Exchange	$	254,497	$	256,425		54		59

					Average Number		Average
					of Long		Number of Short
					Contracts		Contracts
Currency						392		57
Financial						882		384
Food & Fiber						106		51
Indices						688		133
Metals						286		32
Livestock						30		8
Energy						261		153

Totals						2,699		877


*		Based on quarterly holdings


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


	Average Value		Average Value			Average Number		Average
	of Long		of Short			of Long		Number of Short
	Positions		Positions			Contracts		Contracts

Foreign Exchange	$	3,006	$	(29,509	)		18		10

						Average Number		Average
						of Long		Number of Short
						Contracts		Contracts
Currency							86		30
Financial							412		20
Food & Fiber							29		41
Indices							69		19
Metals							104		6
Livestock							—		18
Energy							36		32

Totals							754		176


*		Based on quarterly holdings

Series B trading results by market sector


	For the Year Ended December 31, 2010
				Change in Net
	Net Realized			Unrealized			Net Trading
	Gains (Losses)			Gains (Losses)			Gains (Losses)
Foreign Exchange	$	(128,506	)	$	179,253		$	50,747
Currency		311,571			376,808			688,379
Financial		1,535,832			118,606			1,654,438
Food & Fiber		7,606			(5,821	)		1,785
Indices		294,616			(156,245	)		138,371
Metals		2,454,742			1,513,793			3,968,535
Livestock		(96,700	)		59,600			(37,100	)
Energy		(582,219	)		(6,248	)		(588,467	)

Total net trading gains	$	3,796,942		$	2,079,746		$	5,876,688


	For the period from April 1, 2009 (commencement of operations),
	through December 31, 2009
				Change in Net
	Net Realized			Unrealized			Net Trading
	Gains (Losses)			Gains (Losses)			Gains (Losses)
Foreign Exchange	$	(124,006	)	$	(73,026	)	$	(197,032	)
Currency		(508,655	)		(81,589	)		(590,244	)
Financial		111,071			(57,872	)		53,199
Food & Fiber		(103,880	)		118,290			14,410
Indices		(373,552	)		238,021			(135,531	)
Metals		2,280,710			(808,201	)		1,472,509
Livestock		12,850			(8,110	)		4,740
Energy		(381,754	)		53,982			(327,772	)

Total net trading gains (losses)	$	912,784		$	(618,505	)	$	294,279

(4)		Due from/to Brokers

		Due from brokers consist of proceeds from securities sold. Amounts due from brokers may be restricted to the extent that they serve as deposits for securities sold short. Amounts due to brokers represent margin borrowings that are collateralized by certain securities. As of December 31, 2010, there were no amounts due to brokers.

		In the normal course of business, all of the Fund’s marketable securities transactions, money balances and marketable security positions are transacted with brokers. The Fund is subject to credit risk to the extent any broker with whom it conducts

business is unable to fulfill contractual obligations on its behalf. Superfund Capital Management monitors the financial condition of such brokers and does not anticipate any losses from these counterparties.

(5)		Allocation of Net Profits and Losses

		In accordance with the Second Amended and Restated Limited Partnership Agreement (the “Limited Partnership Agreement”), net profits and losses of the Fund are allocated to partners according to their respective interests in the Fund as of the beginning of each month.

		Subscriptions received in advance, if any, represent cash received prior to December 31 for contributions of the subsequent month and do not participate in the earnings of the Fund until the following January.

(6)		Related Party Transactions

		Superfund Capital Management shall be paid a management fee equal to one-twelfth of 2.25% of month-end net assets (2.25% per annum) and operating and ongoing offering expenses equal to one-twelfth of 0.75% of month-end net assets (0.75% per annum) when considered together, not to exceed the amount of actual expenses incurred. Superfund Capital Management will also be paid a monthly performance/incentive fee equal to 25% of the new appreciation without respect to interest income or any changes in net asset due to changes in value of the Fund’ dollar for dollar gold position. Trading losses will be carried forward and no further performance/incentive fee may be paid until the prior losses have been recovered. In addition, Superfund Asset Management Inc., an affiliate of Superfund Capital Management, serves as the introducing broker for the Fund’s futures transactions and receives a portion of the brokerage commissions paid by the Fund in connection with its futures trading. Superfund USA, Inc., an entity related to Superfund Capital Management by common ownership (“Superfund USA”), shall be paid selling commissions equal to 2% of the month-end net asset value per Series A-1 Unit and Series B-1 Unit (one-twelfth of 2% per month). These amounts are included under “Selling commission” in the Statements of Operations. However, the maximum cumulative selling commission per Unit is limited to 10% of the gross offering proceeds of such Unit.

		Superfund Capital Management will also be paid a monthly performance/incentive fee equal to 25% of the new appreciation without respect to interest income. Trading losses will be carried forward and no further performance/incentive fee may be paid until the prior losses have been recovered.

		As of December 31, 2010, Superfund Capital Management owned 514.919 Units of Series A, representing 5.86% of the total issued Units of Series A, and 434.257 Units of Series B, representing 4.46% of the total issued Units of Series B, having a combined value of $1,393,474.

(7)		Financial Highlights

Financial highlights for year ended December 31, 2010, are as follows:


	SERIES A-1			SERIES A-2
Total return
Total return before incentive fees		52.0	%		54.9	%
Incentive fees		(3.8	)%		(4.5	)%

Total return after incentive fees		48.2	%		50.4	%

Ratio to average partners’ capital
Operating expenses before incentive fees		7.2	%		5.1	%
Incentive fees		4.4	%		4.9	%

Total expenses		11.6	%		10.0	%

Net investment loss		(7.0	)%		(5.0	)%
Net asset value per unit, beginning of period	$	1,056.90		$	1,111.40
Net investment loss		(142.77	)		(132.16	)
Net gain on investments		652.52			691.76

Net asset value per unit, end of period	$	1,566.65		$	1,671.00

Other per Unit information:
Net increase in net assets from operations per Unit (based upon weighted average Number of Units during period)	$	586.87		$	638.10

Net increase in net assets from operations per Unit (based upon change in net asset value per Unit)	$	509.75		$	559.60

Financial highlights for the period April 1, 2009 (commencement of operations), through December 31, 2009, are as follows:


	SERIES A-1			SERIES A-2
Total return
Total return before incentive fees		17.6	%		26.1	%
Incentive fees		(2.7	)%		(5.2	)%

Total return after incentive fees		14.9	%		20.9	%

Ratio to average partners’ capital
Operating expenses before incentive fees*		6.5	%		5.0	%
Incentive fees		2.5	%		4.3	%

Total expenses		9.0	%		9.3	%

Net investment loss		(6.4	)%		(4.9	)%
Net asset value per unit, beginning of period	$	919.50		$	919.50
Net investment loss		(73.02	)		(85.14	)
Net gain on investments		210.42			277.04

Net asset value per unit, end of period	$	1,056.90		$	1,111.40

Other per Unit information:
Net increase in net assets from operations per Unit (based upon weighted average Number of Units during period)	$	128.07		$	154.06

Net increase in net assets from operations per Unit (based upon change in net asset value per Unit)	$	137.40		$	191.90


*		Annualized for periods less than a year

Financial highlights for the period April 1, 2009 (commencement of operations), through December 31, 2009, are as follows:


	SERIES B-1			SERIES B-2
Total return
Total return before incentive fees		(5.0	)%		(3.5	)%
Incentive fees		0.0	%		0.0	%

Total return after incentive fees		(5.0	)%		(3.5	)%

Ratio to average partners’ capital
Operating expenses before incentive fees*		9.2	%		6.7	%
Incentive fees		0.0	%		0.0	%

Total expenses		9.2	%		6.7	%

Net investment loss		(9.1	)%		(6.6	)%
Net asset value per unit, beginning of period	$	919.50		$	919.50
Net investment loss		(61.09	)		(45.00	)
Net gain on investments		15.27			12.42

Net asset value per unit, end of period	$	873.68		$	886.92

Other per Unit information:
Net increase (decrease) in net assets from operations per Unit (based upon weighted average Number of Units during period)	$	(14.49	)	$	1.06

Net decrease in net assets from operations per Unit (based upon change in net asset value per Unit)	$	(45.82	)	$	(32.58	)


*		Annualized for periods less than a year.

(8)		Financial Instrument Risk

		In the normal course of its business, the Fund is party to financial instruments with off-balance sheet risk, including derivative financial instruments and derivative commodity instruments. The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in a future obligation or loss. These financial instruments may include forwards, futures and options, whose values are based upon an underlying asset, index or reference rate, and generally represent future commitments to exchange currencies or cash flows, to purchase or sell other financial instruments at specific terms at specific future dates, or, in the case of derivative commodity instruments, to have a reasonable possibility to be settled in cash, through physical delivery or with another financial instrument. These instruments may be traded on an exchange or OTC. Exchange traded instruments are standardized and include futures and certain option contracts. OTC contracts are negotiated between contracting parties and include forwards and certain options. Each of these instruments is subject to various risks similar to those related to the underlying financial instruments including market and credit risk. In general, the risks associated with OTC contracts are greater than those associated with exchange traded instruments because of the greater risk of default by the counterparty to an OTC contract.

		For the Fund, gross unrealized gains and losses related to exchange traded futures were $3,049,552 and $566,436, respectively, and gross unrealized gains and losses related to non-exchange traded forwards were $224,586 and $36,461, respectively, at December 31, 2010.

		For Series A, gross unrealized gains and losses related to exchange traded futures were $1,361,691 and $233,589, respectively, and gross unrealized gains and losses related to non-exchange traded forwards were $95,755 and $13,857, respectively, at December 31, 2010.

		For Series B, gross unrealized gains and losses related to exchange traded futures were $1,687,861 and $332,847, respectively, and gross unrealized gains and losses related to non-exchange traded forwards were $128,831 and $22,604, respectively, at December 31, 2010.

		Market risk is the potential for changes in the value of the financial instruments traded by the Fund due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity prices. In entering into these contracts, there exists a market risk that such contracts may be significantly influenced by conditions, such as interest rate volatility, resulting in such contracts being less valuable. If the markets should move against all of the futures interest positions at the same time, and Superfund Capital Management is unable to offset such positions, the Fund could experience substantial losses.

		Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. Credit risk with respect to exchange-traded instruments is reduced to the extent that an exchange or clearing organization acts as a counterparty to the transactions. The Fund’s risk of loss in the event of counterparty default is typically limited to the amounts recognized in the statements of assets and liabilities and not represented by the contract or notional amounts of the instruments. As the Fund’s assets are held in segregated accounts with futures commission merchants, the Fund has credit risk and concentration risk. The Fund’s futures commission merchants are currently ADM Investor Services, Inc., Barclays Capital Inc., MF Global Inc. and Rosenthal Collins Group, L.L.C.

Superfund Capital Management monitors and controls the Fund’s risk exposure on a daily basis through financial, credit and risk management monitoring systems, and accordingly believes that it has effective procedures for evaluating and limiting the credit and market risks to which the Fund is subject. These monitoring systems allow Superfund Capital Management to statistically analyze actual trading results with risk adjusted performance indicators and correlation statistics. In addition, on-line monitoring systems provide account analysis of futures and forward positions by sector, margin requirements, gain and loss transactions, and collateral positions.

		The majority of these instruments mature within one year of December 31, 2010. However, due to the nature of the Fund’s business, these instruments may not be held to maturity.

(9)		Subscriptions and Redemptions

		Investors must submit subscriptions at least five business days prior to the applicable month-end closing date and they will be accepted once payments are received and cleared. All subscription funds are required to be promptly transmitted to the escrow agent, HSBC Bank USA. Subscriptions must be accepted or rejected by Superfund Capital Management within five business days of receipt, and the settlement date for the deposit of subscription funds in escrow must be within five business days of acceptance. No fees or costs will be assessed on any subscription while held in escrow, irrespective of whether the subscription is accepted or the subscription funds are returned.

		A limited partner of a Series (“Limited Partner”) may request any or all of his investment in such Series be redeemed by such Series at the net asset value of a Unit within such Series as of the end of each month, subject to a minimum redemption of $1,000 and subject further to such Limited Partner having an investment in such Series, after giving effect to the requested redemption, at least equal to the minimum initial investment amount of $5,000. Limited Partners must transmit a written request of such withdrawal to Superfund Capital Management not less than five business days prior to the end of the month (or such shorter period as permitted by Superfund Capital Management) as of which redemption is to be effective. Redemptions will generally be paid within twenty days after the date of redemption. However, in special circumstances, including, but not limited to, inability to liquidate dealers’ positions as of a redemption date or default or delay in payments due to each Series from clearing brokers, banks or other persons or entities, each Series may in turn delay payment to persons requesting redemption of the proportionate part of the net assets of each Series represented by the sums that are the subject of such default or delay. In the event that the estimated net asset value per Unit of a Series, or sub-Series thereof, after adjustments for distributions, as of the close of business on any business day is less than 50% of the net asset value per Unit of such Series, or sub-Series thereof, as of the most recent month-end, a special redemption period shall be established. In the event of a special redemption, Superfund Capital Management shall notify Limited Partners within such Series within seven business days thereafter and shall liquidate all open positions with respect to such Series as expeditiously as possible and suspend trading. Within ten business days after the date of suspension of trading, Superfund Capital Management shall declare a date (a “Special Redemption Date”) with respect to such Series. Such Special Redemption Date shall be a business day within 30 business days from the date of suspension of trading by such Series, and Superfund Capital Management shall mail notice of such date to each Limited Partner of such Series and assignee of Units within such Series of whom it has received written notice, by first-class mail, postage prepaid, not later than ten business days prior to such Special Redemption Date, together with instructions as to the procedure such Limited Partner or assignee must follow to have his interest in such Series redeemed on such date (only entire, not partial, interests may be so redeemed unless otherwise determined by Superfund Capital Management). Upon redemption pursuant to a Special Redemption Date, a Limited Partner or any other assignee of whom the General Partner has received written notice as described above, shall receive from the applicable Series an amount equal to the Net Asset Value of his interest in such Series, determined as of the close of business (as determined by the General Partner) on such Special Redemption Date. The details of the special redemption are set forth in Section 12 of the Limited Partnership Agreement.

(10)		Subsequent events

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



PART I			3
ITEM 1. BUSINESS			3
ITEM 1A. RISK FACTORS
ITEM 1B. UNRESOLVED STAFF COMMENTS			5
ITEM 2. PROPERTIES			5
ITEM 3. LEGAL PROCEEDINGS			5
ITEM 4. (REMOVED AND RESERVED)			5
PART II			5
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES			5
ITEM 6. SELECTED FINANCIAL DATA			6
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			6
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			15
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA			15
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE			15
ITEM 9A. CONTROLS AND PROCEDURES			16
ITEM 9B. OTHER INFORMATION			16
PART III			17
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE			17
ITEM 11. EXECUTIVE COMPENSATION			18
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS			18
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE			19
ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES			19
PART IV			19
ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES			19
SIGNATURES			61
EXHIBIT INDEX			62
EX-31.1
EX-31.2
EX-32.1
EX-32.2


Exhibit
Number		Description of Document

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

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

32.1		Section 1350 Certification of Principal Executive Officer

32.2		Section 1350 Certification of Principal Financial Officer



3.02		Form of Second Amended and Restated Limited Partnership Agreement of the Registrant.

10.02		Form of Subscription Agreement.



3.01		Certificate of Limited Partnership of the Registrant.

10.01		Form of Administration Agreement between the Registrant and the Administrator.


	SUPERFUND GOLD, L.P. (Registrant)
	By:	SUPERFUND CAPITAL MANAGEMENT, INC.
		General Partner

	By:	/s/ Nigel James
		Nigel James
		President


	Title with
Signature	Superfund Capital Management	Date

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

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