UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended March 31, 2011

OR

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

For the transition period from                                          to                                         

Commission File number: 000-53764

SUPERFUND GOLD, L.P.

(Exact name of registrant as specified in charter)

Delaware	98-0574019 (Series A); 98-0574020 (Series B)
(State or other jurisdiction	(I.R.S. Employer Identification No.)
of incorporation or organization)

Superfund Office Building P.O. Box 1479 Grand Anse St. George’s, Grenada West Indies	Not applicable
(Address of principal executive offices)	(Zip Code)

(473) 439-2418

(Registrant’s telephone number, including area code)

Not applicable

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

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

Yes þ No o

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

Yes o No 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	Smaller Reporting Company þ
		(Do not check if a smaller reporting company)

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

PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

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

	Page
Unaudited Financial Statements: Superfund Gold, L.P.
Statements of Assets and Liabilities as of March 31, 2011 and December 31, 2010		3
Condensed Schedule of Investments as of March 31, 2011		4
Condensed Schedule of Investments as of December 31, 2010		5
Statements of Operations for the Three Months Ended March 31, 2011 and March 31, 2010		6
Statements of Changes in Net Assets for the Three Months Ended March 31, 2011 and March 31, 2010		7
Statements of Cash Flows for the Three Months Ended March 31, 2011 and March 31, 2010		8
Unaudited Financial Statements: Superfund Gold, L.P. — Series A
Statements of Assets and Liabilities as of March 31, 2011 and December 31, 2010		9
Condensed Schedule of Investments as of March 31, 2011		10
Condensed Schedule of Investments as of December 31, 2010		11
Statements of Operations for the Three Months Ended March 31, 2011 and March 31, 2010		12
Statements of Changes in Net Assets for the Three Months Ended March 31, 2011 and March 31, 2010		13
Statements of Cash Flows for the Three Months Ended March 31, 2011 and March 31, 2010		14
Unaudited Financial Statements: Superfund Gold, L.P. — Series B
Statements of Assets and Liabilities as of March 31, 2011 and December 31, 2010		15
Condensed Schedule of Investments as of March 31, 2011		16
Condensed Schedule of Investments as of December 31, 2010		17
Statements of Operations for the Three Months Ended March 31, 2011 and March 31, 2010		18
Statements of Changes in Net Assets for the Three Months Ended March 31, 2011 and March 31, 2010		19
Statements of Cash Flows for the Three Months Ended March 31, 2011 and March 31, 2010		20
Notes to Unaudited Financial Statements		21-40
EX-31.1
EX-31.2
EX-32.1
EX-32.2

2

SUPERFUND GOLD, L.P

UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES

as of March 31, 2011 and December 31, 2010

	March 31, 2011		December 31, 2010
ASSETS
US Government securities, at fair value, (amortized cost of $9,648,500 and $9,598,087 as of March 31, 2011, and December 31, 2010, respectively)	$	9,648,500	$	9,598,087
Due from brokers		15,427,125		12,805,431
Futures contracts purchased		603,428		2,832,921
Unrealized appreciation on open forward contracts		308,573		224,585
Cash		5,734,842		3,630,425
Due from affiliate		—		5,599
Total assets		31,722,468		29,097,048
LIABILITIES
Unrealized depreciation on open forward contracts		271,554		36,460
Futures contracts sold		243,310		349,805
Subscriptions received in advance		1,111,350		1,289,417
Redemptions payable		2,860,787		236,327
Incentive fee		13,556		409,223
Management fee		56,266		51,406
Fees payable		54,115		49,185
Total liabilities		4,610,938		2,421,823
NET ASSETS	$	27,111,530	$	26,675,225

See accompanying notes to unaudited financial statements.

3

SUPERFUND GOLD, L.P.

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of March 31, 2011

			Percentage of
	Face Value		Net Assets			Fair Value
Debt Securities United States, at fair value
United States Treasury Bills due May 26, 2011 (amortized cost $9,648,500), securities are held in margin accounts as collateral for open futures and forwards	$	9,650,000		35.6	%	$	9,648,500
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency				1.1			308,573
Total unrealized appreciation on forward contracts				1.1			308,573
Unrealized depreciation on forward contracts
Currency				(1.0	)		(271,554	)
Total unrealized depreciation on forward contracts				(1.0	)		(271,554	)
Total forward contracts, at fair value				0.1			37,019
Futures contracts, at fair value Futures contracts purchased
Currency				0.9			251,991
Energy				0.8			218,228
Financial				0.0	*		7,083
Food & Fiber				(0.0)	*		(3,406	)
Indices				0.3			68,976
Livestock				0.3			76,220
Metals				(0.1	)		(15,664	)
Total futures contracts purchased				2.2			603,428
Futures contracts sold
Energy				(0.1	)		(29,487	)
Financial				(0.3	)		(76,914	)
Food & Fiber				0.0	*		8,206
Indices				(0.3	)		(72,781	)
Metals				(0.3	)		(72,334	)
Total futures contracts sold				(0.9	)		(243,310	)
Total futures contracts, at fair value				1.3	%	$	360,118
Futures and forward contracts by country composition
Australia				0.6			172,784
European Monetary Union				0.2			53,031
Great Britain				(0.3	)		(70,408	)
Japan				(0.4	)		(97,264	)
United States				0.2			43,332
Other				1.1			295,662
Total futures and forward contracts by country				1.5	%	$	397,137

* Due to rounding

See accompanying notes to unaudited financial statements.

4

SUPERFUND GOLD, L.P.

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of 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 unaudited financial statements.

5

SUPERFUND GOLD, L.P.

UNAUDITED STATEMENTS OF OPERATIONS

	Three Months Ended
	March 31,
	2011			2010
Investment income
Interest income	$	4,699		$	481
Other income		—			5,599
Total income		4,699			6,080
Expenses
Brokerage commissions		157,510			120,181
Management fee		157,878			83,065
Selling commissions		99,491			54,952
Operating expense		52,623			27,688
Incentive fee		13,556			—
Other		4,796			196
Total expenses		485,854			286,082
Net investment loss		(481,155	)		(280,002	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts		2,829,267			(1,658,771	)
Net change in unrealized appreciation (depreciation) on futures and forward contracts:		(2,274,104	)		3,391,560
Net gain on investments		555,163			1,732,789
Net increase in net
assets from operations	$	74,008		$	1,452,787

See accompanying notes to unaudited financial statements.

6

SUPERFUND GOLD, L.P.

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS

	Three Months Ended
	March 31,
	2011			2010
Increase in net assets from operations
Net investment loss	$	(481,155	)	$	(280,002	)
Net realized gain (loss) on futures and forward contracts		2,829,267			(1,658,771	)
Net change in unrealized appreciation (depreciation) on futures and forward contracts		(2,274,104	)		3,391,560
Net increase in net assets from operations		74,008			1,452,787
Capital share transactions
Issuance of Units		3,510,976			4,043,250
Redemption of Units		(3,148,679	)		(273,903	)
Net increase in net assets from capital share transactions		362,297			3,769,347
Net increase in net assets		436,305			5,222,134
Net assets, beginning of period		26,675,225			12,153,932
Net assets, end of period	$	27,111,530		$	17,376,066

See accompanying notes to unaudited financial statements.

7

SUPERFUND GOLD, L.P.

UNAUDITED STATEMENTS OF CASH FLOWS

	Three Months Ended
	March 31,
	2011			2010
Cash flows from operating activities
Net increase in net assets from operations	$	74,008		$	1,452,787
Adjustments to reconcile net increase in net assets from operations to net cash provided by (used in) operating activities:
Changes in operating assets and liabilities:
Purchases of U.S. government securities		(9,647,533	)		(5,298,744	)
Sales and maturities of U.S. government securities		9,600,000			6,000,000
Amortization of discounts and premiums		(2,880	)		(730	)
Due from brokers		(2,621,694	)		(3,122,009	)
Due to affiliate		—			(5,599	)
Due from affiliate		5,599			—
Unrealized appreciation on open forward contracts		(83,988	)		(120,089	)
Unrealized depreciation on open forward contracts		235,094			40,629
Futures contracts purchased		2,229,493			(2,533,899	)
Futures contracts sold		(106,495	)		(778,201	)
Incentive fee payable		(395,667	)		—
Management fees payable		4,860			9,978
Fees payable		4,930			10,207
Net cash used in operating activities		(704,273	)		(4,345,670	)
Cash flows from financing activities
Subscriptions, net of change in advance subscriptions		3,332,909			2,734,720
Redemptions, net of redemptions payable		(524,219	)		(195,413	)
Net cash provided by financing activities		2,808,690			2,539,307
Net increase (decrease) in cash		2,104,417			(1,806,363	)
Cash, beginning of period		3,630,425			2,672,099
Cash, end of period	$	5,734,842		$	865,736

See accompanying notes to unaudited financial statements.

8

SUPERFUND GOLD, L.P. — SERIES A

UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES

as of March 31, 2011, and December 31, 2010

	March 31, 2011		December 31, 2010
ASSETS
US Government securities, at fair value (amortized cost of $4,899,237 and $4,949,019 as of March 31, 2011, and December 31, 2010, respectively)	$	4,899,237	$	4,949,019
Due from brokers		7,799,754		6,513,798
Futures contracts purchased		248,653		1,271,946
Unrealized appreciation on open forward contracts		131,629		95,755
Cash		4,030,378		2,215,532
Due from affiliate		—		5,599
Total assets		17,109,651		15,051,649
LIABILITIES
Unrealized depreciation on open forward contracts		114,753		13,857
Futures contracts sold		105,585		143,844
Subscriptions received in advance		602,695		882,330
Redemptions payable		2,161,377		42,447
Incentive fee		1,619		198,986
Management fee		30,395		26,272
Fees payable		31,325		27,222
Total liabilities		3,047,749		1,334,958
NET ASSETS	$	14,061,902	$	13,716,691
Superfund Gold, L.P. Series A-1 Net Assets	$	11,075,524	$	10,835,030
Number of Units outstanding		7,106.631		6,916.044
Superfund Gold, L.P. Series A-1 Net Asset Value per Unit	$	1,558.48	$	1,566.65
Superfund Gold, L.P. Series A-2 Net Assets	$	2,986,378	$	2,881,661
Number of Units outstanding		1,788.497		1,724.508
Superfund Gold, L.P. Series A-2 Net Asset Value per Unit	$	1,669.77	$	1,671.00

See accompanying notes to unaudited financial statements.

9

SUPERFUND GOLD, L.P. — SERIES A

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of March 31, 2011

			Percentage of
	Face Value		Net Assets			Fair Value
Debt Securities United States, at fair value
United States Treasury Bills due May 26, 2011 (amortized cost $4,899,237), securities are held in margin accounts as collateral for open futures and forwards	$	4,900,000		34.8	%	$	4,899,237
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency				0.9			131,629
Total unrealized appreciation on forward contracts				0.9			131,629
Unrealized depreciation on forward contracts
Currency				(0.8	)		(114,753	)
Total unrealized depreciation on forward contracts				(0.8	)		(114,753	)
Total forward contracts, at fair value				0.1			16,876
Futures contracts, at fair value
Futures contracts purchased
Currency				0.8			110,011
Energy				0.7			92,005
Financial				0.0	*		5,311
Food & Fiber				(0.0)	*		(823	)
Indices				0.2			30,379
Livestock				0.3			35,640
Metals				(0.2	)		(23,870	)
Total futures contracts purchased				1.8			248,653
Futures contracts sold
Energy				(0.1	)		(12,651	)
Financial				(0.2	)		(34,310	)
Food & Fiber				0.0	*		3,859
Indices				(0.2	)		(31,262	)
Metals				(0.2	)		(31,221	)
Total futures contracts sold				(0.7	)		(105,585	)
Total futures contracts, at fair value				1.1	%	$	143,068
Futures and forward contracts by country composition
Australia				0.6	%	$	78,887
European Monetary Union				0.2			24,926
Great Britain				(0.2	)		(31,256	)
Japan				(0.3	)		(38,933	)
United States				(0.0)	*		(1,534	)
Other				0.9			127,854
Total futures and forward contracts by country composition				1.2	%	$	159,944

* Due to rounding

See accompanying notes to unaudited financial statements.

10

SUPERFUND GOLD, L.P. — SERIES A

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of 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 unaudited financial statements.

11

SUPERFUND GOLD, L.P. — SERIES A

UNAUDITED STATEMENTS OF OPERATIONS

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

*	Weighted average number of Units outstanding for Series A-1 for Three Months Ended March 31, 2011 and March 31, 2010: 7,765.88 and 4,029.25, respectively.
**	Weighted average number of Units outstanding for Series A-2 for Three Months Ended March 31, 2011 and March 31, 2010: 1,930.20 and 1,000.65, respectively.

See accompanying notes to unaudited financial statements.

12

SUPERFUND GOLD, L.P. — SERIES A

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS

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

See accompanying notes to unaudited financial statements.

13

SUPERFUND GOLD, L.P. — SERIES A

UNAUDITED STATEMENTS OF CASH FLOWS

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

See accompanying notes to unaudited financial statements.

14

SUPERFUND GOLD, L.P. — SERIES B

UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES
as of March 31, 2011 and December 31, 2010

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

15

SUPERFUND GOLD, L.P. — SERIES B

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS
as of March 31, 2011

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

* Due to rounding

See accompanying notes to unaudited financial statements.

16

SUPERFUND GOLD, L.P. — SERIES B

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS
as of 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
Australia				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 unaudited financial statements.

17

SUPERFUND GOLD, L.P. — SERIES B

UNAUDITED STATEMENTS OF OPERATIONS

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

*	Weighted average number of Units outstanding for Series B-1 for Three Months Ended March 31, 2011 and March 31, 2010: 6,225.63 and 7,866.16, respectively.
**	Weighted average number of Units outstanding for Series B-2 for Three Months Ended March 31, 2011 and March 31, 2010: 3,758.94 and 3,062.57, respectively.

See accompanying notes to unaudited financial statements.

18

SUPERFUND GOLD, L.P. — SERIES B

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS

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

See accompanying notes to unaudited financial statements.

19

SUPERFUND GOLD, L.P. — SERIES B

UNAUDITED STATEMENTS OF CASH FLOWS

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

See accompanying notes to unaudited financial statements.

20

SUPERFUND GOLD, L.P., SUPERFUND GOLD, L.P. — SERIES A and SUPERFUND GOLD, L.P. — SERIES B

NOTES TO UNAUDITED FINANCIAL STATEMENTS
March 31, 2011

SUPERFUND GOLD, L.P.

1. Nature of operations

Organization and Business

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 (“U.S.”) and international commodity futures and forward 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 (the “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 of the following to occur: (i) receipt by Superfund Capital Management of an approval to dissolve the Fund at a specified time by limited partners of the Fund (the “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

Basis of Presentation

The unaudited financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the U.S. with respect to the Form 10-Q and reflect all adjustments which in the opinion of management are normal and recurring, and which are necessary for a fair statement of the results of interim periods presented. It is suggested that these financial statements be read in conjunction with the financial statements and the related notes included in the Fund’s Annual Report on Form 10-K for the year ended December 31, 2010.

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 based upon market quotes on the last business day of the period.

Exchange-traded futures contracts are valued at settlement prices published by the recognized exchange. Any spot and forward foreign currency contracts held by the Fund will be valued at published settlement prices or at dealers’ quotes. The Fund uses the amortized cost method for valuing U.S. Treasury Bills due to the short-term nature of such investments; accordingly, the cost of securities plus accreted discount or minus amortized premium approximates fair value.

21

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.

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.

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 Accounting Standards Codification (“ASC”) 740, Income Taxes (“ASC 740”), to the Fund, and has determined whether or not there are uncertain tax positions that require financial statement recognition. Based on this evaluation, Superfund Capital Management has determined no reserves for uncertain tax positions are required to be recorded as a result of the application of ASC 740. Superfund Capital Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. As a result, no income tax liability or expense has been recorded in the accompanying financial statements. The Fund files federal and various state tax returns. The 2009 and 2010 tax years generally remain subject to examination by the U.S. federal and most state tax authorities.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. 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 may differ from the estimates.

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 amendments effective for fiscal years beginning after December 15, 2010 did not have any impact on the Fund’s results of operations, financial condition or cash flows.

22

3. Fair Value Measurements

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

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. 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 that may be held by the Fund 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 trade in less liquid markets with limited pricing information, and the determination of fair value for these derivatives is inherently more difficult. Such instruments are classified within Level 3 of the fair value hierarchy. Where the Fund does not have corroborating market evidence to support significant model inputs and cannot verify the model to market transactions, transaction price is initially used as the best estimate of fair value. Accordingly, when a pricing model is used to value such an instrument, the model is adjusted so that the model value at inception equals the transaction price. The valuations of these less liquid OTC derivatives are typically based on Level 1 and/or Level 2 inputs that can be observed in the market, as well as unobservable Level 3 inputs. Subsequent to initial recognition, the Fund updates the Level 1 and Level 2 inputs to reflect observable market changes, with resulting gains and losses reflected within Level 3. Level 3 inputs are changed only when corroborated by evidence such as similar market transactions, third-party pricing services and/or broker or dealer quotations, or other empirical market data. In circumstances in which the Fund cannot verify the model value to market transactions, it is possible that a different valuation model could produce a materially different estimate of fair value. The Fund attempts to avoid holding less liquid OTC derivatives. However, once held, the market for any particular derivative contract could become less liquid during the holding period. As of and during the quarter ended March 31, 2011, the Fund held no derivative contracts valued using Level 3 inputs.

23

The following table summarizes the valuation of the Fund’s assets and liabilities by the ASC 820 fair value hierarchy as of March 31, 2011, and December 31, 2010:

Superfund Gold, L.P.

	Balance
	March 31,
	2011		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	9,648,500	$	—	$	9,648,500	$	—
Unrealized appreciation on open forward contracts		308,573		—		308,573		—
Futures contracts purchased		603,428		603,428		—		—
Total Assets Measured at Fair Value	$	10,560,501	$	603,428	$	9,957,073	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	271,554	$	—	$	271,554	$	—
Futures contracts sold	$	243,310	$	243,310	$	—		—
Total Liabilities Measured at Fair Value	$	514,864	$	243,310	$	271,554	$	—

	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
	March 31,
	2011		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	4,899,237	$	—	$	4,899,237	$	—
Unrealized appreciation on open forward contracts		131,629		—		131,629		—
Futures contracts purchased		248,653		248,653		—		—
Total Assets Measured at Fair Value	$	5,279,519	$	248,653	$	5,030,866	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	114,753	$	—	$	114,753	$	—
Futures contracts sold	$	105,585	$	105,585	$	—		—
Total Liabilities Measured at Fair Value	$	220,338	$	105,585	$	114,753	$	—

	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	$	—

24

Superfund Gold, L.P. — Series B

	Balance
	March 31,
	2011		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	4,749,263	$	—	$	4,749,263	$	—
Unrealized appreciation on open forward contracts		176,944		—		176,944		—
Futures contracts purchased		354,775		354,775		—		—
Total Assets Measured at Fair Value	$	5,280,982	$	354,775	$	4,926,207	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	156,801	$	—	$	156,801	$	—
Futures contracts sold	$	137,725	$	137,725	$	—		—
Total Liabilities Measured at Fair Value	$	294,526	$	137,725	$	156,801	$	—

	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	$	—

4. Disclosure of derivative instruments and hedging activities

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

Derivative instruments held by the Fund do not qualify as derivative instruments held as hedging instruments, as defined in ASC 815. Instead, the Fund includes derivative instruments in its trading activity. Per the requirements of ASC 815, the Fund discloses the gains and losses on its trading activities for both derivative and nonderivative instruments in the Statement of Operations.

The Fund engages in the speculative trading of forward contracts in currency and futures contracts in a wide range of commodities, including equity markets, interest rates, food and fiber, energy, livestock and metals. ASC 815 requires entities to recognize all derivatives instruments as either assets or liabilities at fair value in the statement of financial position. Investments in forward contracts and commodity futures contracts are recorded in the Statements of Assets and Liabilities as “unrealized appreciation or depreciation on open forward contracts 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

25

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 March 31, 2011, is as follows:

	Statement of Assets and	Asset Derivatives at		Liability Derivatives
Type of Instrument	Liabilities Location	March 31, 2011		at March 31, 2011			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	308,573	$	—		$	308,573
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(271,554	)		(271,554	)
Futures contracts	Futures contracts purchased & futures contacts sold		603,428		(243,310	)		360,118
Totals		$	912,001	$	(514,864	)	$	397,137

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	$	224,585	$	—		$	224,585
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(36,460	)		(36,460	)
Futures contracts	Futures contracts purchased & futures contacts sold		2,832,921		(349,805	)		2,483,116
Totals		$	3,057,506	$	(386,265	)	$	2,671,241

26

Effects of Derivative Instruments on the Statement of Operations for the three months ended March 31, 2011:

				Net Change in
Derivatives not				Unrealized Appreciation
Designated as Hedging	Location of Gain (Loss) on	Net Realized Gain (Loss)		(Depreciation) on
Instruments under ASC	Derivatives Recognized in	on Derivatives Recognized		Derivatives Recognized
815	Income	in Income		in Income
Foreign exchange contracts	Net realized and unrealized gain (loss) on investments	$	119,014	$	(151,104	)
Futures contracts	Net realized and unrealized gain (loss) on investments		2,710,253		(2,123,000	)
Total		$	2,829,267	$	(2,274,104	)

Effects of Derivative Instruments on the Statement of Operations for the three months ended March 31, 2010:

					Net Change in
Derivatives not					Unrealized Appreciation
Designated as Hedging	Location of Gain (Loss) on	Net Realized Gain (Loss)			(Depreciation) on
Instruments under ASC	Derivatives Recognized in	on Derivatives Recognized			Derivatives Recognized
815	Income	in Income			in Income
Foreign Exchange contracts	Net realized gain (loss) on futures and forward contracts	$	(188,805	)	$	79,460
Futures contracts	Net realized gain (loss) on futures and forward contracts		(1,469,966	)		3,312,100
Total		$	(1,658,771	)	$	3,391,560

Superfund Gold, L.P. gross and net unrealized gains and losses by long and short positions as of March 31, 2011:

	As of March 31, 2011
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
			% of						% of					% of						% of			Net Unrealized
			Net						Net					Net						Net			Gain (Loss) on
	Gains		Assets			Losses			Assets			Gains		Assets			Losses			Assets			Open Positions
Foreign Exchange	$	305,703		1.1		$	(22,161	)		(0.0	)*	$	2,870		0.0	*		(249,393	)		(0.9	)	$	37,019
Currency		488,697		1.8			(236,706	)		(0.9	)		—		—			—			—			251,991
Financial		206,866		0.8			(199,783	)		(0.7	)		57		0.0	*		(76,971	)		(0.3	)		(69,831	)
Food & Fiber		1,618		0.0	*		(5,024	)		(0.0	)*		8,206		0.0	*		—			—			4,800
Indices		95,910		0.4			(26,934	)		(0.1	)		15,982		0.1			(88,763	)		(0.3	)		(3,805	)
Metals		215,970		0.8			(231,634	)		(0.9	)		7,687		0.0	*		(80,021	)		(0.3	)		(87,998	)
Livestock		76,220		0.3			—			—			—		—			—			—			76,220
Energy		220,469		0.8			(2,241	)		(0.0	)*		—		—			(29,487	)		(0.1	)		188,741
Totals	$	1,611,453		6.0		$	(724,483	)		(2.6	)	$	34,802		0.1		$	(524,635	)		(1.9	)	$	397,137

* Due to rounding

27

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. average* contract volume by market sector for the three months ended March 31, 2011:

	Average Number		Average		Average Value		Average Value
	of Long		Number of Short		of Long		of Short
	Contracts		Contracts		Positions		Positions
Foreign Exchange		106		83	$	363,897	$	327,589

	Average Number		Average
	of Long		Number of Short
	Contracts		Contracts
Currency		1,410		71
Financial		1,927		634
Food & Fiber		92		6
Indices		1,066		439
Metals		630		186
Livestock		99		—
Energy		415		350
Totals		5,745		1,769

* Based on quarterly holdings

28

Superfund Gold, L.P. average* contract volume by market sector for the three months ended March 31, 2010:

	Average Number		Average		Average Value		Average Value
	of Long		Number of Short		of Long		of Short
	Contracts		Contracts		Positions		Positions
Foreign Exchange		65		59	$	339,239	$	504,836

	Average Number		Average
	of Long		Number of
	Contracts		Short Contracts
Currency		541		—
Financial		757		356
Food & Fiber		118		75
Indices		522		59
Metals		374		58
Livestock		—		18
Energy		196		92
Totals		2573		717

* Based on quarterly holdings

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

	For the Three Months Ended March 31, 2011
				Change in Net
	Net Realized			Unrealized			Net Trading
	Gain (Losses)			Gains (Losses)			Gains (Losses)
Foreign Exchange	$	119,014		$	(151,104	)	$	(32,090	)
Currency		(10,739	)		(266,366	)		(277,105	)
Financial		(457,845	)		(175,026	)		(632,871	)
Food & Fiber		82,147			(189,450	)		(107,303	)
Indices		(177,582	)		(141,833	)		(319,415	)
Metals		1,624,336			(1,443,023	)		181,313
Livestock		147,140			(16,240	)		130,900
Energy		1,502,796			108,938			1,611,734
Total net trading gains	$	2,829,267		$	(2,274,104	)	$	555,163

	For the Three Months Ended March 31, 2010
				Change in Net
	Net Realized			Unrealized			Net Trading
	Gain (Losses)			Gains (Losses)			Gains (Losses)
Foreign Exchange	$	(188,805	)	$	79,460		$	(109,345	)
Currency		(359,500	)		286,618			(72,882	)
Financial		149,578			689,941			839,519
Food & Fiber		(117,551	)		45,833			(71,718	)
Indices		394,991			(37,496	)		357,495
Metals		(1,465,126	)		1,532,644			67,518
Livestock		(65,720	)		9,190			(56,530	)
Energy		(6,638	)		785,370			778,732
Total net trading gains	$	1,658,771		$	3,391,560		$	1,732,789

29

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 March 31, 2011, is as follows:

	Statement of Assets			Liability
	and Liabilities	Asset Derivatives		Derivatives at
Type of Instrument	Location	at March 31, 2011		March 31, 2011			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	131,629	$	—		$	131,629
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(114,753	)		(114,753	)
Futures contracts	Futures contracts purchased & futures contracts sold		248,653		(105,585	)		143,068
Totals		$	380,282	$	(220,338	)	$	159,944

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	$	95,755	$	—		$	95,755
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(13,857	)		(13,857	)
Futures contracts	Futures contracts purchased & futures contracts sold		1,271,946		(143,844	)		1,128,102
Totals		$	1,367,701	$	(157,701	)	$	1,210,000

Effects of Derivative Instruments on the Statement of Operations for the three months ended March 31, 2011:

				Net Change in
				Unrealized
	Location of Gain	Net Realized Gain		Appreciation
Derivatives not	(Loss) on	(Loss) on		(Depreciation) on
Designated as	Derivatives	Derivatives		Derivatives
Hedging Instruments	Recognized in	Recognized in		Recognized in
under ASC 815	Income	Income		Income
Foreign exchange contracts	Net realized and unrealized gain (loss) on investments	$	56,190	$	(65,021	)
Futures contracts	Net realized and unrealized gain (loss) on investments		1,248,619		(985,035	)
Total		$	1,304,809	$	(1,050,056	)

30

Effects of Derivative Instruments on the Statement of Operations for the three months ended March 31, 2010:

					Net Change in
					Unrealized
	Location of Gain	Net Realized Gain			Appreciation
Derivatives not	(Loss) on	(Loss) on			(Depreciation) on
Designated as	Derivatives	Derivatives			Derivatives
Hedging Instruments	Recognized in	Recognized in			Recognized in
under ASC 815	Income	Income			Income
Foreign Exchange contracts	Net realized gain (loss) on futures and forward contracts	$	(3,614	)	$	4,067
Futures contracts	Net realized gain (loss) on futures and forward contracts		(406,730	)		905,802
Total		$	(410,344	)	$	909,869

Superfund Gold, L.P. — Series A gross and net unrealized gains and losses by long and short positions as of March 31, 2011:

	As of March 31, 2011
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
			% of						% of					% of						% of			Net Unrealized
			Net						Net					Net						Net			Gain (Loss) on
	Gains		Assets			Losses			Assets			Gains		Assets			Losses			Assets			Open Positions
Foreign Exchange	$	130,194		0.9		$	(9,411	)		(0.0)	*	$	1,435		0.0	*	$	(105,342	)		(0.8	)	$	16,876
Currency		215,511		1.5			(105,500	)		(0.7	)		—		—			—			—			110,011
Financial		92,657		0.7			(87,346	)		(0.7	)		57		0.0	*		(34,367	)		(0.2	)		(28,999	)
Food & Fiber		878		(0.0)	*		(1,701	)		(0.0)	*		3,859		0.0	*		—			—			3,036
Indices		41,953		0.3			(11,574	)		(0.1	)		6,990		0.1	*		(38,252	)		(0.3	)		(883	)
Metals		110,995		0.8			(134,865	)		(1.0	)		3,712		0.0			(34,933	)		(0.2	)		(55,091	)
Livestock		35,640		0.3			—			—			—		—			—			—			35,640
Energy		92,862		0.7			(857	)		(0.0)	*		—		—			(12,651	)		(0.1	)		79,354
Totals	$	720,690		5.2		$	(351,254	)		(2.5	)	$	16,053		0.1		$	(225,545	)		(1.6	)	$	159,944

* 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, 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

31

Series A average* contract volume by market sector for the three months ended March 31, 2011:

	Average Number of		Average Number of		Average Value of		Average Value of
	Long Contracts		Short Contracts		Long Positions		Short Positions
Foreign Exchange		47		37	$	150,228	$	132,546

	Average Number		Average Number
	of Long		of Short
	Contracts		Contracts
Currency		624		29
Financial		859		248
Food & Fiber		38		4
Indices		455		207
Metals		304		77
Livestock		44		—
Energy		172		159
Totals		2,543		761

* Based on quarterly holdings

Series A average* contract volume by market sector for the three months ended March 31, 2010:

	Average Number of		Average Number of		Average Value of		Average Value of
	Long Contracts		Short Contracts		Long Positions		Short Positions
Foreign Exchange		14		7	$	6,773	$	13,301

	Average Number of Long		Average Number of
	Contracts		Short Contracts
Currency		150		—
Financial		216		91
Food & Fiber		26		21
Indices		128		10
Metals		112		11
Livestock		—		4
Energy		45		21
Totals		691		165

32

Series A trading results by market sector:

	For the Three Months Ended March 31, 2011
				Change in Net
	Net Realized			Unrealized			Net Trading
	Gain (Losses)			Gains (Losses)			Gains (Losses)
Foreign Exchange	$	56,190		$	(65,021	)	$	(8,831	)
Currency		(4,289	)		(113,127	)		(117,416	)
Financial		(162,966	)		(73,460	)		(236,426	)
Food & Fiber		32,787			(78,745	)		(45,958	)
Indices		(131,299	)		(57,135	)		(188,434	)
Metals		838,805			(704,523	)		134,282
Livestock		64,250			(5,330	)		58,920
Energy		611,331			47,285			658,616
Total net trading gains (losses)	$	1,304,809		$	(1,050,056	)	$	254,753

	For the Three Months Ended March 31, 2010
				Change in Net
	Net Realized			Unrealized		Net Trading
	Gain (Losses)			Gains (Losses)		Gains (Losses)
Foreign Exchange	$	(3,614	)	$	4,067	$	453
Currency		(77,970	)		69,628		(8,342	)
Financial		35,166			183,169		218,335
Food & Fiber		(44,315	)		36,851		(7,464	)
Indices		78,455			32,609		111,064
Metals		(388,527	)		407,410		18,883
Livestock		(13,330	)		1,080		(12,250	)
Energy		3,791			175,055		178,846
Total net trading gains (losses)	$	(410,344	)	$	909,869	$	499,525

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 March 31, 2011, is as follows:

	Statement of Assets			Liability
	and Liabilities	Asset Derivatives		Derivatives at
Type of Instrument	Location	at March 31, 2011		March 31, 2011			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	176,944	$	—		$	176,944
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(156,801	)		(156,801	)
Futures contracts	Futures contracts purchased & futures contacts sold		354,775		(137,725	)		217,050
Totals		$	531,719	$	(294,526	)	$	237,193

33

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	$	128,830	$	—		$	128,830
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(22,603	)		(22,603	)
Futures contracts	Futures contracts purchased & futures contracts sold		1,560,975		(205,961	)		1,355,014
Totals		$	1,689,805	$	(228,564	)	$	1,461,241

Effects of Derivative Instruments on the Statement of Operations for the three months ended March 31, 2011:

				Net Change in
				Unrealized
	Location of Gain	Net Realized Gain		Appreciation
Derivatives not	(Loss) on	(Loss) on		(Depreciation) on
Designated as	Derivatives	Derivatives		Derivatives
Hedging Instruments	Recognized in	Recognized in		Recognized in
under ASC 815	Income	Income		Income
Foreign Exchange contracts	Net realized and unrealized gain (loss) on investments	$	62,824	$	(86,083	)
Futures contracts	Net realized and unrealized gain (loss) on investments		1,461,634		(1,137,965	)
Total		$	1,524,458	$	(1,224,048	)

Effects of Derivative Instruments on the Statement of Operations for the three months ended March 31, 2010:

					Net Change in
					Unrealized
	Location of Gain	Net Realized Gain			Appreciation
Derivatives not	(Loss) on	(Loss) on			(Depreciation) on
Designated as	Derivatives	Derivatives			Derivatives
Hedging Instruments	Recognized in	Recognized in			Recognized in
under ASC 815	Income	Income			Income
Foreign Exchange contracts	Net realized gain (loss) on futures and forward contracts	$	(185,191	)	$	75,393
Futures contracts	Net realized gain (loss) on futures and forward contracts		(1,063,236	)		2,406,298
Total		$	(1,248,427	)	$	2,481,691

34

Superfund Gold, L.P. — Series B gross and net unrealized gains and losses by long and short positions as of March 31, 2011:

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

* 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, 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

35

Series B average* contract volume by market sector for the three months ended March 31, 2011:

	Average Number of		Average Number of		Average Value of		Average Value of
	Long Contracts		Short Contracts		Long Positions		Short Positions
Foreign Exchange		59		46	$	213,669	$	195,043

	Average Number of		Average Number of
	Long Contracts		Short Contracts
Currency		786		42
Financial		1068		386
Food & Fiber		54		2
Indices		611		232
Metals		326		109
Livestock		55		—
Energy		243		191
Totals		3,202		1,008

* Based on quarterly holdings

Series B average* contract volume by market sector for the three months ended March 31, 2010:

	Average Number of		Average Number of		Average Value of		Average Value of
	Long Contracts		Short Contracts		Long Positions		Short Positions
Foreign Exchange		51		52	$	332,466	$	491,535

	Average Number of		Average Number of
	Long Contracts		Short Contracts
Currency		391		—
Financial		541		265
Food & Fiber		92		54
Indices		394		49
Metals		262		47
Livestock		—		14
Energy		151		71
Totals		1,882		552

* Based on quarterly holdings

Series B trading results by market sector

	For the Three Months Ended March 31, 2011
				Change in Net
	Net Realized			Unrealized			Net Trading
	Gain (Losses)			Gains (Losses)			Gains (Losses)
Foreign Exchange	$	62,824		$	(86,083	)	$	(23,259	)
Currency		(6,450	)		(153,239	)		(159,689	)
Financial		(294,879	)		(101,566	)		(396,445	)
Food & Fiber		49,360			(110,705	)		(61,345	)
Indices		(46,283	)		(84,698	)		(130,981	)
Metals		785,531			(738,500	)		47,031
Livestock		82,890			(10,910	)		71,980
Energy		891,465			61,653			953,118
Total net trading gains	$	1,524,458		$	(1,224,048	)	$	300,410

36

	For the Three Months Ended March 31, 2010
				Change in Net
	Net Realized			Unrealized			Net Trading
	Gain (Losses)			Gains (Losses)			Gains (Losses)
Foreign Exchange	$	(185,191	)	$	75,393		$	(109,798	)
Currency		(281,530	)		216,990			(64,540	)
Financial		114,412			506,772			621,184
Food & Fiber		(73,236	)		8,982			(64,254	)
Indices		316,536			(70,105	)		246,431
Metals		(1,076,599	)		1,125,234			48,635
Livestock		(52,390	)		8,110			(44,280	)
Energy		(10,429	)		610,315			599,886
Total net trading gains	$	(1,248,427	)	$	2,481,691		$	1,233,264

5. Due from/to brokers

Due from brokers consists of proceeds from securities sold. Amounts due from brokers may be restricted to the extent that they serve as deposits for securities sold short. Amounts due to brokers, if any, represent margin borrowings that are collateralized by certain securities. As of March 31, 2011 and 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.

6. Allocation of net profits and losses

In accordance with the Fund’s 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 the balance sheet date for subscriptions of the subsequent month and do not participate in the earnings of the Fund until the following month.

7. Related party transactions

Superfund Capital Management shall be paid a management fee equal to one-twelfth of 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), not to exceed the amount of actual expenses incurred. In accordance with the Prospectus of the Fund dated August 13, 2010, included within Post-Effective Amendment No. 2 to the Registration Statement on Form S-1 (File No. 333-151632), Superfund USA, Inc., (“Superfund USA”) an entity related to Superfund Capital Management by common ownership, shall be paid selling commissions equal to 2% of the month-end net asset value per Series A-1 Unit and Series B-1 Unit (one-twelfth of 2% per month). These amounts are included under “Selling commissions” in the Statements of Operations. However, the maximum cumulative selling commission per Unit is limited to 10% of the gross offering proceeds price of such Unit.

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

37

8. Financial highlights

Financial highlights for the period January 1 through March 31, 2011 are as follows:

	2011
	Series A-1			Series A-2			Series B-1			Series B-2
Total Return
Total return before incentive fees		(0.52	)%		0.0	%		0.0	%		0.5	%
Incentive fees		0.0	%		0.01	%		0.02	%		0.6	%
Total return after incentive fees		(0.52	)%		(0.01	)%		(0.02	)%		(0.1	)%
Ratios to average partners’ capital*
Operating expenses before incentive fees		7.1	%		5.0	%		7.9	%		5.8	%
Incentive fees		0.0	%		0.1	%		0.2	%		0.6	%
Total expenses		7.1	%		5.1	%		8.1	%		6.4	%
Net investment loss*		(7.0	)%		(5.0	)%		(7.8	)%		(5.8	)%
Net asset value per unit, beginning of period	$	1,566.65		$	1,671.00		$	1,351.21		$	1,389.80
Net investment loss		(26.26	)		(20.75	)		(25.99	)		(21.13	)
Net gain on investments		18.09			19.52			24.93			25.89
Net asset value per unit, end of period	$	1,558.48		$	1,669.77		$	1,350.15		$	1,394.56
Other per Unit information:
Net increase in net assets from operations per Unit based upon weighted average Number of Units during period)	$	1.12		$	2.61		$	4.58		$	8.44
Net increase in net assets from operations per Unit (based upon weighted average Number of Unites during period)	$	(8.17	)	$	(1.23	)	$	(1.06	)	$	4.76

* Annualized for periods less than a year

Financial highlights for the period January 1 through March 31, 2010 are as follows:

	2010
	Series A-1			Series A-2			Series B-1			Series B-2
Total Return
Total return before incentive fees		6.1	%		6.6	%		9.6	%		10.2	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
Total return after incentive fees		6.1	%		6.6	%		9.6	%		10.2	%
Ratios to average partners’ capital*
Operating expenses before incentive fees		7.6	%		5.6	%		9.0	%		7.0	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
Total expenses		7.6	%		5.6	%		9.0	%		7.0	%
Net investment loss*		(7.1	)%		(5.6	)%		(9.0	)%		(6.9	)%
Net asset value per unit, beginning of period	$	1,056.90		$	1,111.40		$	873.68		$	886.92
Net investment loss		(18.44	)		(15.38	)		(18.95	)		(14.90	)
Net gain on investments		83.21			88.18			102.98			105.10
Net asset value per unit, end of period	$	1,121.67		$	1,184.20		$	957.71		$	977.12
Other per Unit information:
Net increase in net assets from operations per Unit (based upon weighted average Number of Units during period)	$	79.42		$	93.00		$	93.30		$	100.09
Net increase in net assets from operations per Unit (based upon change in net asset value per Unit)	$	64.77		$	72.80		$	84.03		$	90.20

38

9. Financial instrument risk

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

For the Fund, gross unrealized gains and losses related to exchange-traded futures were $1,337,682 and $977,564, respectively, and gross unrealized gains and losses related to non-exchange-traded forwards were $308,573 and $271,554, respectively, at March 31, 2011.

For Series A, gross unrealized gains and losses related to exchange-traded futures were $605,114 and $462,046, respectively, and gross unrealized gains and losses related to non-exchange-traded forwards were $131,629 and $114,753, respectively, at March 31, 2011.

For Series B, gross unrealized gains and losses related to exchange-traded futures were $732,568 and $515,518, respectively, and gross unrealized gains and losses related to non-exchange-traded forwards were $176,944 and $156,801, respectively, at March 31, 2011.

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

Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. Credit risk with respect to exchange-traded instruments is reduced to the extent that an exchange or clearing organization acts as a counterparty to the transactions. The Fund’s risk of loss in the event of counterparty default is typically limited to the amounts recognized in the statements of assets and liabilities and not represented by the contract or notional amounts of the instruments. As the Fund’s assets are held in segregated accounts with futures commission merchants, the Fund has credit risk and concentration risk. The Fund’s futures commission merchants are currently ADM Investor Services, Inc., Barclays Capital Inc., 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 futures and forwards mature within one year of March 31, 2011. However, due to the nature of the Fund’s business, these instruments may not be held to maturity.

10. 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 HSBC Bank USA, as escrow agent. 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 subscription funds are returned.

39

Limited Partners may request any or all of their 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 the month, subject to a minimum redemption of $1,000. A request for less than a full redemption that would reduce a Limited Partner’s remaining investment to less than $5,000 will be treated as a request for full redemption. Limited Partners must transmit a written request of such redemption to Superfund Capital Management not less than five business days prior to the end of the month (or such shorter period as permitted by Superfund Capital Management) as of which redemption is to be effective. Redemptions will generally be paid within 20 days after the effective date of the redemption. However, in special circumstances, including, but not limited to, inability to liquidate dealers’ positions as of a redemption date or default or delay in payments due to each Series from clearing brokers, banks or other persons or entities, each Series may in turn delay payment to persons requesting redemption of the proportionate part of the net assets of each Series represented by the sums that are the subject of such default or delay, and Limited Partners will be paid their pro rata portion of the redemption amount not subject to defaults or delays.

11. Subsequent events

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

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

INTRODUCTION

The Fund commenced the offering of its Units on 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. Subscription and redemption data is presented for both the Fund, as the SEC registrant, and for Series A and Series B, individually. For the quarter ended March 31, 2011, subscriptions totaling $3,510,976 in the Fund have been accepted and redemptions over the same period totaled $3,148,679. For the quarter ended March 31, 2011, subscriptions totaling $1,883,430 in Series A-1, $673,915 in Series A-2, $821,631 in Series B-1, and $132,000 in Series B-2 have been accepted and redemptions over the same period totaled $1,651,658 in Series A-1, $574,233 in Series A-2, $480,127 in Series B-1 and $442,661 in Series B-2. The Fund operates as a commodity investment pool, whose purpose is speculative trading in the U.S. and international futures and forward 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.

LIQUIDITY

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

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

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

CAPITAL RESOURCES

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

40

RESULTS OF OPERATIONS

Three Months Ended March 31, 2011

Series A:

Net results for the quarter ended March 31, 2011, were a loss of 0.52% in net asset value for Series A-1 and a loss of 0.07% in net asset value for Series A-2. In this period, Series A experienced a net increase in net assets from operations of $13,757. This increase consisted of interest income of $2,245, trading gains of $254,753, and total expenses of $243,241. Expenses included $83,865 in management fees, $27,955 in operating expenses, $58,922 in selling commissions, $68,990 in brokerage commissions, $1,619 in incentive fees and $1,890 in other expenses. At March 31, 2010, the net asset value per Unit of Series A-1 was $1,558.48, and the net asset value per Unit of Series A-2 was $1,669.77.

Series B:

Net results for the quarter ended March 31, 2011, were a loss of 0.08% in net asset value for Series B-1 and a loss of 0.34% in net asset value for Series B-2. In this period, Series B experienced a net increase in net assets from operations of $60,251. This increase consisted of interest income of $2,454, trading gains of $300,410, and total expenses of $242,613. Expenses included $74,013 in management fees, $24,668 in operating expenses, $40,569 in selling commissions, $88,520 in brokerage commissions, $11,937 in incentive fees and $2,906 in other expenses. At March 31, 2010, the net asset value per Unit of Series B-1 was $1,350.15, and the net asset value per Unit of Series B-2 was $1,394.56.

Fund results for 1^st Quarter 2011:

In March, the Fund’s allocation to global equity markets underperformed as a sharp countertrend reversal following the disaster in Japan produced losses for the Fund’s strategies. Equity markets opened the month moving sideways as the reemergence of sovereign debt and inflation worries in Europe offset steady expansion in global manufacturing. From there the Nikkei plunged 25.0% on panic-induced selling following the events of March 11th. Results for the Fund’s models experienced losses as most leading indices participated in the selloff as risk appetite abated. Equities quickly recovered as the focus shifted to the growth to be generated by rebuilding Japan. Nikkei futures finished only 7.7% lower on the month while shares in South Korea and Hong Kong finished 9.1% and 0.9% higher, respectively, on the belief that these markets are well positioned to fill the temporary void left by the decimated Japanese manufacturing sector. U.S. equity markets also experienced small gains as macroeconomic data continued on a positive trajectory. A mixture of long and short positions in equity markets led the Fund to an overall loss. The Fund’s positions in the bond sector experienced gains in March despite volatile market conditions as geopolitical instability in Libya and Japan and financial instability in Europe led investors to the relative safety of treasuries. Positions in Japanese government 10-year bonds experienced gains as the market opened the month near unchanged before rallying sharply in response to a nearly 20.0% washout in equities following the disaster. The Fund experienced losses in German bund futures as the market finished lower on news of improving employment, factory orders and retail sales. Meanwhile, the sovereign debt situation continued to evolve amid several debt downgrades of peripheral states, prompting investors to demand more yield to hold German debt even as European Union leaders agreed to an expanded bailout package for troubled states. Results in U.S. bonds also experienced losses in turbulent trading activity as strong economic prospects offset geopolitical safe haven buying. A mixture of long and short bond positions led the Fund to an overall gain on the month. The Fund’s currency positions experienced gains in March as interest rate expectations and unsettling geopolitical developments dominated trading activity. June euro futures advanced 2.9% despite debt downgrades of Greece, Portugal and Spain as the European Central Bank chairman continued to express the need for extreme vigilance with respect to the growing threat of inflation. The Swiss franc benefitted as investors sought shelter from the U.S.’s quantitative easing and Europe’s sovereign debt troubles. The yen rose over 4.0% following the catastrophic earthquake, amid expectations for a massive repatriation of capital to rebuild the stricken nation. However, in the first coordinated G7 intervention since the 2000 support for the euro, central bankers crushed the rally on March 18th, leading to a loss of 1.6% on the month. The Mexican peso outperformed as the oil producing nation saw slowing inflation complimented by expectations for continuing strong gross domestic product growth. A mixture of long and short currency positions led the Fund to an overall gain on the month. June gold contracts finished a choppy month with a 2.0% gain as the trend of a shift from improving macroeconomic results to inflation risks continued. Daily reminders of rising food costs fuelled the inflation story and, according to the United Nations, food costs posted record highs in February after rising 25.0% in 2010. Gold experienced a mid-month correction of 4.4% following the catastrophe in Japan as investors moved out of risk assets. However, the market closed strong as European Central Bank rate hike expectations pressured the U.S. dollar to a loss of 1.5% on the month. These factors produced an overall gain for the Fund’s perpetual long gold futures position.

In February, the Fund’s allocation to equity markets performed well in February as major indices in the U.S. and Europe continued to press higher on improving economic conditions and strong corporate results. Late in the month, European and

41

U.S. equities were shaken as the political unrest in Egypt spread to Libya and Bahrain, where protesters were met with force. The outbreak of violence triggered a spike in energy markets, which, when combined with uncertainty surrounding the severity of the crisis, prompted liquidation. Most major U.S. and European indices recovered late amid reassuring comments that the Saudis would cover any oil supply shortfalls. Asian shares struggled as inflation took a toll on growth prospects. Chinese H-shares lagged, finishing unchanged as inflation and consequent fiscal tightening dominated the action. Spillover pressure also affected shares in Singapore and Taiwan, which finished 5.9% and 5.6% lower, respectively. Japan’s Nikkei and Australia’s SPI finished 3.7% and 2.1% higher, respectively, in relatively quiet trading. A mixture of long and short positions in equity markets led the Fund to an overall gain in February. The Fund experienced losses in the bond sector in February as existing positions suffered amid a reversal in investors’ perception of the current risk environment. After breaking lower early in the month on strong corporate earnings and forward guidance, U.S. 30-year bond futures surged to January highs as growing unrest across the Middle East unnerved investors, prompting a general flight to safety. Germany’s bund futures opened the month under pressure as anecdotal evidence of exceptional demand from China offset disappointing December factory orders and retail sales data. However, the deteriorating geopolitical situation and local election losses by the majority ruling party in Germany spurred a reversal that led to losses for the Fund. Trade in Australian bond futures was particularly volatile, to the Fund’s detriment, as weakness associated with a strong early month employment report faded as the Reserve Bank of Australia chief indicated that the central bank was not considering a rate hike at the current time. A mixture of long and short bond positions led the Fund to an overall loss on the month. The Fund obtained gains in currencies in February as the U.S. dollar continued to trend lower, extending January’s losses by another 0.7%. The Swiss franc and Japanese yen finished 1.5% and 0.3% higher, respectively, amid safe haven buying as the situation deteriorated in the Middle East. The Fund experienced gains in the British pound, which finished the month 1.5% higher, after Consumer Price Index (“CPI”) readings showed that prices were increasing at a 4.0% annualized rate, the highest level since fall of 2008. Meanwhile, central bankers in Peru, Colombia, Indonesia and Russia raised rates as they continued to battle inflation while also attempting to fend off the negative effects that massive currency inflows are having on domestic currency appreciation. Colombia extended its dollar purchase program for another three months, hoping to cap currency gains to protect its export prospects. The Australian dollar finished 2.5% higher against the U.S. dollar as strong commodity markets supported full employment. A mixture of long and short positions in the currency sector led the Fund to an overall gain on the month. The Fund’s allocation to global energy markets yielded gains as growing instability in the Middle East and Northern Africa sent prices significantly higher. Short positions in West Texas Intermediate (“WTI”) crude oil performed well early in the month, falling over 5.0% following the Egyptian president’s resignation and total U.S. fuel supplies moving to twenty year highs at the Cushing, Oklahoma delivery point. From there, the Fund experienced gains on long positions in April gasoline, heating oil, and brent crude, which finished 9.8%, 7.6% and 10.9% higher, respectively, at the expense of the Fund’s WTI crude position as civil unrest spread to Bahrain, Libya, and Oman. The markets gathered momentum as speculation surrounding the stability of the Saudi regime intensified. Short positions in April natural gas also performed well, falling 8.9% on the month as forecasts for mild weather contributed to a convincing breach of the $4 btu level. A mixture of long and short positions in the energy sector led the Fund to an overall gain on the month. The Fund experienced gains in April gold contracts, which finished the month 5.6% higher as the market’s focus shifted from improving economic results to inflation risks. Gold rallied early as China responded aggressively to its inflation challenges with interest rate and reserve requirement hikes. While the unrest in Egypt subsided relatively peacefully, matters took a more violent turn in Bahrain, and Libya as rising food costs exacerbated widespread discontent, fuelling skyrocketing energy markets which posed even greater inflation risks and support for gold. These factors produced an overall gain for the Fund’s perpetual long gold futures position.

In January, the Fund’s allocation to global equities finished mixed in January as disappointing performances in several peripheral markets offset steady trends in major indices. In Europe, several past laggards, including Greece, Italy and Spain finished the month 13.9%, 9.2% and 10.2% higher, respectively, as heavy European Community Bank participation in secondary market debt auctions and plans for a comprehensive debt relief structure reassured investors. Small gains on positions in Germany’s DAX, France’s CAC40 and the Amsterdam EOE Index, which finished 2.5%, 5.1% and 1.3% higher, respectively, offset losses in the sector as several core European economies improved. U.S. equities pressed higher as improving employment figures and solid consumer demand elevated corporate earnings. The Fund experienced early losses in Australia’s SPI as epic flooding cut into 2011 gross domestic product prospects. Chinese H-Shares reversed lower late in the month to the Fund’s detriment as authorities continued to struggle with inflation. Overall, a mixture of long and short stock indices positions led the Fund to an overall loss. The Fund’s allocation to global bond markets underperformed in January as investors exited safe haven assets in response to improving global economic conditions. The Fund experienced losses in its Japanese government bond positions as large auctions and generally poor economic performance resulted in a ratings agency debt downgrade, encouraging investors to put money to work outside the country. In Europe, investors sold bund and bobl futures as Euro-zone industrial production readings easily surpassed expectations. Additionally, positive dialogue from various heads of state regarding a comprehensive crisis solution was backed up by aggressive European Community Bank purchases of Italian, Portuguese, and Spanish debt in secondary markets, ensuring successful auctions for the embattled countries. In the U.S., performance suffered in choppy countertrend action as bond and note futures moved sideways to slightly higher as the Quantitative Easing 2 program persisted in spite of rising inflation concerns in the rest of the world. A mixture of long and short bond positions led the Fund to an overall loss on the month. The Fund experienced losses in the interest rates sector as European short rates reversed sharply from December’s strong close. While the European Community Bank left rates

42

unchanged in January, their policy minutes emphasized vigilance over price stability in the midst of rising commodity prices. Policy makers also noted that uncertainty remains elevated and some financial institutions still face the threat of balance sheet adjustments despite positive underlying momentum in the economy. They also stressed the need for Euro members to reduce debt-to-gross domestic product ratios. Short rate futures in the U.S. finished near their highs as early weakness associated with a strong employment report was offset by staunchly accommodative Federal Reserve monetary policy. Their focus, in contrast to the European Community Bank, continues to be focused on growth and full employment at the expense of inflation. Meanwhile, Australian short rate futures moved higher to the Fund’s benefit as epic flooding cut into 2011 gross domestic product estimates, thereby reducing prospects for previously expected rate hikes. A mixture of long and short interest rate positions led the Fund to an overall loss on the month. The Fund’s allocation to currency markets underperformed in January as the euro and British pound finished 2.4% and 2.8% higher against the U.S. dollar, respectively, and euro-zone regionals reversed late 2010 losses. Early month news that Japan would buy distressed sovereign debt and strong European Community Bank secondary market participation in Portugal, Spain, and Italian bond auctions provided support to these recently battered economies. As confidence in the euro improved, investors moved out of the Swiss franc, which finished 0.9% lower atainst the U.S. dollar, and back into risk plays in Hungary and Poland, which finished 5.4% and 4.1% higher, respectively, resulting in losses for the Fund. The Australian dollar finished 2.1% lower against the U.S. dollar as flood damage triggered a one-time levy, which tempered 2011 growth estimates and rate hike expectations. The Fund experienced losses in the yen following a credit rating downgrade as Japan’s huge debt load and limited policy options unnerved investors. Gains in the Mexican peso, which finished 1.8% higher against the U.S. dollar, offset some losses in the sector as the peso rallied on prospects for a sustained U.S. economic recovery. The Fund’s mixture of long and short currency positions led to an overall loss on the month. The Fund experienced losses in the metals sector in January as gold and silver futures traded sharply lower amid growing optimism that the global economic recovery is gaining momentum. April gold finished with a loss of 6.2% as strong early month U.S. employment figures and ebbing contagion fears in Europe limited investors’ appetite for the alternative asset. March silver finished the month 8.8% lower in correlated action. The Fund’s allocation to industrial metals also suffered. The Fund’s positions in March Comex copper were stopped out after a 6.0% intra-month decline due to China raising its reserve requirement in response to elevated gross domestic product and CPI reports. Fears that China would take more aggressive measures to limit growth led to losses in London aluminum, lead, and zinc as several Chinese banks were forced to cease lending for the remainder of the month. A mixture of long and short metals positions led the Fund to an overall loss on the month. The Fund’s allocation to global energy markets produced positive returns in January as economic, logistical, and geopolitical factors underpinned values. Strong U.S. employment figures and a pipeline shutdown in Alaska supported the Fund’s New York crude oil positions early in the month. However, elevated Chinese gross domestic product and CPI readings precipitated another reserve requirement hike while increasing expectations for additional measures to slow their economy. This scenario, along with a bearish U.S. inventory report, contributed to losses for the Fund amid an 8.0% drop from intra-month highs. Long positions in brent crude finished 6.6% higher, surpassing $100 per barrel following a reversal in European demand expectations, an accident in the North Sea which idled 200k barrels of production, and heightening unrest in Egypt. Front-month heating oil surged as well, adding 7.4% as exceptionally cold weather gripped the northern hemisphere, providing excellent returns for the Fund. A mixture of long and short energy positions led the Fund to an overall gain on the month.

For the first quarter of 2011, the most profitable market group overall was the energy sector while the greatest losses were attributable to positions in the stock indices sector.

Three Months Ended March 31, 2010

Series A:

Net results for the quarter ended March 31, 2010, were a gain of 6.13% in net asset value for Series A-1 and a gain of 6.55% in net asset value for Series A-2. In this period, Series A experienced a net increase in net assets from operations of $412,332. This increase consisted of interest income of $202, other income of $5,599, trading gains of $499,525, and total expenses of $92,994. Expenses included $30,412 in management fees, $10,137 in operating expenses, $21,427 in selling commissions, $31,006 in brokerage commissions, and $12 in other expenses. At March 31, 2010, the net asset value per Unit of Series A-1 was $1,121.67, and the net asset value per Unit of Series A-2 was $1,184.20.

Series B:

Net results for the quarter ended March 31, 2010, were a gain of 9.62% in net asset value for Series B-1 and a gain of 10.17% in net asset value for Series B-2. In this period, Series B experienced a net increase in net assets from operations of $1,040,455. This increase consisted of interest income of $279, trading gains of $1,233,264, and total expenses of $193,088. Expenses included $52,653 in management fees, $17,551 in operating expenses, $33,525 in selling commissions, $89,175 in brokerage commissions, and $184 in other expenses. At March 31, 2010, the net asset value per Unit of Series B-1 was $957.71, and the net asset value per Unit of Series B-2 was $977.12.

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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 positive 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 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 3.31%. 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 against the U.S. dollar. 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 1.35% as the U.S. dollar appreciated amid widespread deleveraging, which decreased the buying of gold as an alternative investment. The combination of the Chinese

44

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.

OFF-BALANCE SHEET RISK

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

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

OFF-BALANCE SHEET ARRANGEMENTS

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

CONTRACTUAL OBLIGATIONS

The Fund does not enter into contractual obligations or commercial commitments to make future payments of a type that would be typical for an operating company. The Fund’s sole business is trading futures, currency, forward and certain swap contracts, both long (contracts to buy) and short (contracts to sell). All such contracts are settled by offset, not delivery. Substantially all such contracts are for settlement within four months of the trade date and substantially all such contracts are held by the Fund for less than four months before being offset or rolled over into new contracts with similar maturities. The Financial Statements of the Fund present a Condensed Schedule of Investments setting forth net unrealized appreciation (depreciation) of such Series’ open forward contracts as well as the fair value of the futures contracts purchased and sold by each Series at March 31, 2011 and December 31, 2010.

CRITICAL ACCOUNTING POLICIES — VALUATION OF THE FUND’S POSITIONS

Superfund Capital Management believes that the accounting policies that will be most critical to the Fund’s financial condition and results of operations relate to the valuation of the Fund’s positions. The Fund uses the amortized cost method for valuing U.S. Treasury Bills. Superfund Capital Management believes the cost of securities plus accreted discount, or minus amortized premium, approximates fair value. The majority of the Fund’s positions will be exchange-traded futures contracts, which will be valued daily at settlement prices published by the exchanges. Any spot and forward foreign currency or swap contracts held by the Fund will also be valued at published daily settlement prices or at dealers’ quotes. Thus, Superfund Capital Management expects that under normal circumstances substantially all of the Fund’s assets will be valued on a daily basis using objective measures.

45

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

ASU 2010-06

In January 2010, FASB issued ASU 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 amendments effective for fiscal years beginning after December 15, 2010 did not have any impact on the Fund’s results of operations, financial condition or cash flows.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not required.

ITEM 4. CONTROLS AND PROCEDURES

Superfund Capital Management, the Fund’s general partner, with the participation of Superfund Capital Management’s principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures with respect to each series individually, as well as the Fund as a whole, as of the end of the period covered by this quarterly report, and, based on their evaluation, have concluded that these disclosure controls and procedures are effective. There were no formal changes in Superfund Capital Management’s internal controls over financial reporting during the quarter ended March 31, 2011 that have materially affected, or are reasonably likely to materially affect, Superfund Capital Management’s internal control over financial reporting with respect to each series individually, as well as the Fund as a whole.

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

PART II — OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

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

ITEM 1A. RISK FACTORS

Not required.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

(a)	There were no sales of unregistered securities during the quarter ended March 31, 2011.
(b)	Updated information required by Item 701(f) of Regulation S-K:

(1)	The use of proceeds information is being disclosed for Registration Statement No. 333-151632 declared effective on February 17, 2009.
(4)	(iv) As of March 31, 2011, the Fund sold $10,681,973 of Series A-1 Units, $2,708,662 of Series A-2 Units, $9,396,539 of Series B-1 Units, and $3,796,611 of Series B-2 Units.

46

(v)	As of March 31, 2011, the Fund incurred expenses for the account of the Fund totaling $2,893,354 of which $2,432,025 was paid to Superfund Capital Management and $461,329 was paid to Superfund USA.
(vi)	Net offering proceeds to the Fund as of March 31, 2011 were $19,893,820.
(vii)	As of March 31, 2011, the amount of net offering proceeds to the Fund for commodity futures and forward trading in accordance with Superfund Capital Management’s trading program totaled $19,893,820.

(c)	Pursuant to the Limited Partnership Agreement, investors may redeem their Units at the end of each calendar month at the then current month-end Net Asset Value per Unit. The redemption of Units has no impact on the value of Units that remain outstanding, and Units are not reissued once redeemed.
	The following tables summarize the redemptions by investors during the three months ended March 31, 2011:

Series A-1:

		Net Asset Value per Unit
Month	Units Redeemed	($)
January 31, 2011	14.944	1415.38
February 28, 2011	28.007	1548.38
March 31, 2011	1,018.392	1558.48
Total	1061.343

Series A-2:

		Net Asset Value per Unit
Month	Units Redeemed	($)
January 31, 2011	49.090	1512.18
February 28, 2011	0.000	1656.17
March 31, 2011	299.442	1669.77
Total	348.532

Series B-1:

		Net Asset Value per Unit
Month	Units Redeemed	($)
January 31, 2011	23.894	1199.65
February 28, 2011	129.382	1336.66
March 31, 2011	206.289	1350.15
Total	359.565

Series B-2:

		Net Asset Value per Unit
Month	Units Redeemed	($)
January 31, 2011	17.617	1235.97
February 28, 2011	0.000	1378.31
March 31, 2011	301.807	1394.56
Total	319.424

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. (REMOVED AND RESERVED)

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ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

The following exhibits are included herewith:

31.1	Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer
31.2	Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer
32.1	Section 1350 Certification of Principal Executive Officer
32.2	Section 1350 Certification of Principal Financial Officer

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SIGNATURES

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

Date: May 16, 2011	SUPERFUND GOLD, L.P. (Registrant)
	By:	Superfund Capital Management, Inc.
		General Partner
	By:	/s/ Nigel James
		Nigel James
		President and Principal Executive Officer
	By:	/s/ Martin Schneider
		Martin Schneider
		Vice President and Principal Financial Officer

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EXHIBIT INDEX

Exhibit Number	Description of Document	Page Number
31.1	Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer	E-2
31.2	Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer	E-3
32.1	Section 1350 Certification of Principal Executive Officer	E-4
32.2	Section 1350 Certification of Principal Financial Officer	E-5

E-1