10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended March 31, 2012

OR

¨ 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 of incorporation or organization)	(I.R.S. Employer Identification No.)

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  x    No  ¨

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   x    No  ¨

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	¨	Accelerated Filer	¨
Non-Accelerated Filer	¨  (Do not check if a smaller reporting company)	Smaller Reporting Company	x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

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, 2012 and December 31, 2011		3
Condensed Schedule of Investments as of March 31, 2012		4
Condensed Schedule of Investments as of December 31, 2011		5
Statements of Operations for the Three Months Ended March 31, 2012 and March 31, 2011		6
Statements of Changes in Net Assets for the Three Months Ended March 31, 2012 and March 31, 2011		7
Statements of Cash Flows for the Three Months Ended March 31, 2012 and March 31, 2011		8
Unaudited Financial Statements: Superfund Gold, L.P. – Series A
Statements of Assets and Liabilities as of March 31, 2012 and December 31, 2011		9
Condensed Schedule of Investments as of March 31, 2012		10
Condensed Schedule of Investments as of December 31, 2011		11
Statements of Operations for the Three Months Ended March 31, 2012 and March 31, 2011		12
Statements of Changes in Net Assets for the Three Months Ended March 31, 2012 and March 31, 2011		13
Statements of Cash Flows for the Three Months Ended March 31, 2012 and March 31, 2011		14
Unaudited Financial Statements: Superfund Gold, L.P. – Series B
Statements of Assets and Liabilities as of March 31, 2012 and December 31, 2011		15
Condensed Schedule of Investments as of March 31, 2012		16
Condensed Schedule of Investments as of December 31, 2011		17
Statements of Operations for the Three Months Ended March 31, 2012 and March 31, 2011		18
Statements of Changes in Net Assets for the Three Months Ended March 31, 2012 and March 31, 2011		19
Statements of Cash Flows for the Three Months Ended March 31, 2012 and March 31, 2011		20
Notes to Unaudited Financial Statements		21-41

2

SUPERFUND GOLD, L.P.

UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2012 and December 31, 2011

	March 31, 2012		December 31, 2011
ASSETS
US Government securities, at fair value, (amortized cost of $4,048,849 and $6,400,000 as of March 31, 2012, and December 31, 2011, respectively)	$	4,048,849	$	6,400,000
Due from brokers (net of reserve of $194,753 as of March 31, 2012 and December 31, 2011) (See Note 5)		10,221,478		17,505,597
Unrealized appreciation on open forward contracts		146,326		134,988
Futures contracts sold		378,509		378,483
Cash		12,280,535		5,304,787
Total assets		27,075,697		29,723,855
LIABILITIES
Unrealized depreciation on open forward contracts		205,049		95,397
Futures contracts purchased		611,085		2,237,362
Subscriptions received in advance		488,838		914,000
Redemptions payable		317,407		904,938
Management fee payable		48,361		107,656
Fees payable		46,683		105,056
Total liabilities		1,717,423		4,364,409
NET ASSETS	$	25,358,274	$	25,359,446

See accompanying notes to financial statements.

3

SUPERFUND GOLD, L.P.

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of March 31, 2012

			Percentage of
	Face Value		Net Assets			Fair Value
Debt Securities United States, at fair value
United States Treasury Bills due May 24, 2012 (amortized cost $4,048,849), securities are held in margin accounts as collateral for open futures and forwards	$	4,050,000		16.0	%	$	4,048,849
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency				0.6			146,326
Total unrealized appreciation on forward contracts				0.6			146,326
Unrealized depreciation on forward contracts
Currency				(0.8	)		(205,049	)
Total unrealized depreciation on forward contracts				(0.8	)		(205,049	)
Total forward contracts, at fair value				(0.2	)		(58,723	)
Futures contracts, at fair value
Futures contracts purchased
Currency				0.1			22,416
Energy				(0.5	)		(126,924	)
Financial				0.2			52,941
Food & Fiber				(0.1	)		(28,049	)
Indices				0.3			77,036
Metals				(2.4	)		(608,505	)
Total futures contracts purchased				(2.4	)		(611,085	)
Futures contracts sold
Currency				0.0	*		6,329
Energy				0.0	*		4,580
Food & Fiber				(0.4	)		(104,134	)
Indices				0.2			50,724
Livestock				0.8			204,800
Metals				0.9			216,210
Total futures contracts sold				1.5			378,509
Total futures contracts, at fair value				(0.9	)%	$	(232,576	)
Futures and forward contracts by country composition
Australia				0.1			27,686
European Monetary Union				(0.0	)*		(5,471	)
Great Britain				(0.1	)		(25,435	)
Japan				0.1			24,333
United States				(1.4	)		(353,142	)
Other				0.2			40,730
Total futures and forward contracts by country				(1.1	)%	$	(291,299	)

* Due to rounding

See accompanying notes to unaudited financial statements.

4

SUPERFUND GOLD, L.P.

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of December 31, 2011

			Percentage of
	Face Value		Net Assets			Fair Value
Debt Securities United States, at fair value
United States Treasury Bills due February 23, 2012 (amortized cost $6,400,000), securities are held in margin accounts as collateral for open futures and forwards	$	6,400,000		25.2	%	$	6,400,000
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency				0.5			134,988
Total unrealized appreciation on forward contracts				0.5			134,988
Unrealized depreciation on forward contracts
Currency				(0.4	)		(95,397	)
Total unrealized depreciation on forward contracts				(0.4	)		(95,397	)
Total forward contracts, at fair value				0.2	%	$	39,591
Futures contracts, at fair value
Futures contracts purchased
Currency				0.3	%	$	68,483
Energy				(0.3	)		(86,639	)
Financial
2 Year U.S. Treasury Note				0.0	*		1,954
Other				0.0	*		3,926
Total Financial				0.0	*		5,880
Food & Fiber				0.1			30,713
Indices				0.0	*		8,193
Metals
171 contracts of CMX Gold expiring February 2012				(8.8	)		(2,228,620	)
Other				(0.1	)		(35,372	)
Total Metals				(8.9	)		(2,263,992	)
Total futures contracts purchased				(8.8	)		(2,237,362	)
Futures contracts sold
Currency				0.3			85,282
Energy				0.3			84,680
Financial				(0.0	)*		(11,937	)
Food & Fiber				0.1			23,297
Indices				0.2			58,871
Livestock				0.1			18,950
Metals				0.5			119,340
Total futures contracts sold				1.5			378,483
Total futures contracts, at fair value				(7.3	)%	$	(1,858,879	)
Futures and forward contracts by country composition
Australian				0.1	%	$	13,630
European Monetary Union				0.3			69,960
Great Britain				0.0	*		5,614
Japan				0.4			106,637
United States				(8.1	)		(2,048,725	)
Other				0.1			33,596
Total futures and forward contracts by country				(7.2	)%	$	(1,819,288	)

* Due to rounding

See accompanying notes to financial statements.

5

SUPERFUND GOLD, L.P.

UNAUDITED STATEMENTS OF OPERATIONS

	Three Months Ended
	March 31,
	2012			2011
Investment income
Interest income	$	8		$	4,699
Other income		950			—
Total income		958			4,699
Expenses
Brokerage commissions		136,950			157,510
Management fees		158,598			157,878
Selling commissions		99,252			99,491
Operating expenses		52,866			52,623
Incentive fee		—			13,556
Other		2,019			4,796
Total expenses		449,685			485,854
Net investment loss		(448,727	)		(481,155	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts		(962,649	)		2,829,267
Net change in unrealized appreciation (depreciation) on futures and forward contracts		1,527,989			(2,274,104	)
Net gain on investments		565,340			555,163
Net increase in net assets from operations	$	116,613		$	74,008

See accompanying notes to unaudited financial statements.

6

SUPERFUND GOLD, L.P.

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS

	Three Months Ended
	March 31,
	2012			2011
Increase in net assets from operations
Net investment loss	$	(448,727	)	$	(481,155	)
Net realized gain (loss) on futures and forward contracts		(962,649	)		2,829,267
Net change in unrealized appreciation (depreciation) on futures and forward contracts		1,527,989			(2,274,104	)
Net increase in net assets from operations		116,613			74,008
Capital share transactions
Issuance of Units		1,414,685			3,510,976
Redemption of Units		(1,532,470	)		(3,148,679	)
Net increase (decrease) in net assets from capital share transactions		(117,785	)		362,297
Net increase (decrease) in net assets		(1,172	)		436,305
Net assets, beginning of period		25,359,446			26,675,225
Net assets, end of period	$	25,358,274		$	27,111,530

See accompanying notes to unaudited financial statements.

7

SUPERFUND GOLD, L.P.

UNAUDITED STATEMENTS OF CASH FLOWS

	Three Months Ended
	March 31,
	2012			2011
Cash flows from operating activities
Net increase in net assets from operations	$	116,613		$	74,008
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		(4,049,212	)		(9,647,533	)
Sales and maturities of U.S. government securities		6,400,000			9,600,000
Amortization of discounts and premiums		363			(2,880	)
(Increase) decrease in due from brokers		7,284,119			(2,621,694	)
(Increase) decrease in due from affiliate		—			5,599
Decrease in unrealized appreciation on open forward contracts		(11,338	)		(83,988	)
Increase in unrealized depreciation on open forward contracts		109,652			235,094
Increase (decrease) in futures contracts purchased		(1,626,277	)		2,229,493
Decrease in futures contracts sold		(26	)		(106,495	)
Decrease in incentive fee payable		—			(395,667	)
Increase (decrease) in management fees payable		(59,295	)		4,860
Increase (decrease) in fees payable		(58,373	)		4,930
Net cash provided by (used in) operating activities		8,106,226			(704,273	)
Cash flows from financing activities
Subscriptions, net of change in advance subscriptions		989,523			3,332,909
Redemptions, net of change in redemptions payable		(2,120,001	)		(524,219	)
Net cash provided by (used in) financing activities		(1,130,478	)		2,808,690
Net increase in cash		6,975,748			2,104,417
Cash, beginning of period		5,304,787			3,630,425
Cash, end of period	$	12,280,535		$	5,734,842

See accompanying notes to unaudited financial statements.

8

SUPERFUND GOLD, L.P.—SERIES A

UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES

as of March 31, 2012, and December 31, 2011

	March 31, 2012		December 31, 2011
ASSETS
US Government securities, at fair value (amortized cost of $2,149,389 and $3,700,000 as of March 31, 2012, and December 31, 2011, respectively)	$	2,149,389	$	3,700,000
Due from brokers (net of reserve of $93,232 as of March 31, 2012 and December 31, 2011) (See Note 5)		5,588,915		10,182,255
Unrealized appreciation on open forward contracts		80,209		69,300
Futures contracts sold		199,822		189,971
Cash		9,288,142		4,325,976
Total assets		17,306,477		18,467,502
LIABILITIES
Unrealized depreciation on open forward contracts		112,319		51,238
Futures contracts purchased		356,184		1,411,823
Subscriptions received in advance		328,418		336,000
Redemptions payable		249,237		711,068
Management fee payable		30,985		67,674
Fees payable		32,130		70,546
Total liabilities		1,109,273		2,648,349
NET ASSETS	$	16,197,204	$	15,819,153
Superfund Gold, L.P. Series A-1 Net Assets	$	12,854,354	$	12,507,057
Number of Units outstanding		8,504.507		8,359.510
Superfund Gold, L.P. Series A-1 Net Asset Value per Unit	$	1,511.48	$	1,496.15
Superfund Gold, L.P. Series A-2 Net Assets	$	3,342,850	$	3,312,096
Number of Units outstanding		2,025.400		2,037.421
Superfund Gold, L.P. Series A-2 Net Asset Value per Unit	$	1,650.46	$	1,625.63

See accompanying notes to unaudited financial statements.

9

SUPERFUND GOLD, L.P.—SERIES A

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

March 31, 2012

			Percentage of
	Face Value		Net Assets			Fair Value
Debt Securities United States, at fair value
United States Treasury Bills due May 24, 2012 (amortized cost $2,149,389), securities are held in margin accounts as collateral for open futures and forwards	$	2,150,000		13.3	%	$	2,149,389
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency				0.5			80,209
Total unrealized appreciation on forward contracts				0.5			80,209
Unrealized depreciation on forward contracts
Currency				(0.7	)		(112,319	)
Total unrealized depreciation on forward contracts				(0.7	)		(112,319	)
Total forward contracts, at fair value				(0.2	)%	$	(32,110	)
Futures Contracts, at fair value
Futures Contracts Purchased
Currency				0.1	%	$	10,523
Energy				(0.5	)		(73,852	)
Financial				0.2			27,327
Food & Fiber				(0.1	)		(15,447	)
Indices				0.3			40,849
Metals				(2.1	)		(345,584	)
Total futures contracts purchased				(2.1	)		(356,184	)
Futures Contracts Sold
Currency				0.0	*		3,294
Energy				0.0	*		2,670
Food & Fiber				(0.3	)		(56,479	)
Indices				0.2			26,125
Livestock				0.7			109,060
Metals				0.7			115,152
Total futures contracts sold				1.3			199,822
Total futures contracts, at fair value				(0.8	)%	$	(156,362	)
Futures contracts by country composition
Australia				0.1	%	$	15,026
European Monetary Union				(0.0	)*		(2,542	)
Great Britain				(0.1	)*		(15,057	)
Japan				0.1			11,572
United States				(1.2	)		(219,286	)
Other				0.1			21,815
Total futures contracts by country				(1.0	)%	$	(188,472	)

* Due to rounding

See accompanying notes to financial statements.

10

SUPERFUND GOLD, L.P.—SERIES A

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

December 31, 2011

	Face Value		Percentage of Net Assets			Fair Value
Debt Securities United States, at fair value
United States Treasury Bills due February 23, 2012 (amortized cost $3,700,000), securities are held in margin accounts as collateral for open futures and forwards
	$	3,700,000		23.4	%	$	3,700,000
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency				0.4			69,300
Total unrealized appreciation on forward contracts				0.4			69,300
Unrealized depreciation on forward contracts
Currency				(0.3	)		(51,238	)
Total unrealized depreciation on forward contracts				(0.3	)		(51,238	)
Total forward contracts, at fair value				0.1	%	$	18,062
Futures Contracts, at fair value
Futures Contracts Purchased
Currency				0.2	%	$	36,900
Energy				(0.3	)		(45,053	)
Financial				0.0	*
2 Year U.S. Treasury Note				0.0	*		1,016
Other				0.0	*		1,598
Total Financial				0.0	*		2,614
Food & Fiber				0.1			16,738
Indices				0.0	*		4,717
Metals
108 contracts of CMX Gold expiring February 2012				(8.9	)		(1,407,280	)
Other				(0.1	)		(20,459	)
Total Metals				(9.0	)		(1,427,739	)
Total futures contracts purchased				(9.0	)		(1,411,823	)
Futures Contracts Sold
Currency				0.3			43,963
Energy				0.3			42,480
Financial				(0.0	)*		(6,656	)
Food & Fiber				0.1			11,607
Indices				0.2			26,026
Livestock				0.1			9,670
Metals				0.4			62,881
Total futures contracts sold				1.4			189,971
Total futures contracts, at fair value				(7.6	)%	$	(1,221,852	)
Futures contracts by country composition
Australia				0.1	%	$	8,242
European Monetary Union				0.2			36,313
Great Britain				0.0	*		2,711
Japan				0.3			55,550
United States				(8.2	)		(1,316,556	)
Other				0.1			9,950
Total futures contracts by country				(7.5	)%	$	(1,203,790	)

* Due to rounding

See accompanying notes to financial statements.

11

SUPERFUND GOLD, L.P.—SERIES A

UNAUDITED STATEMENTS OF OPERATIONS

	Three Months Ended
	March 31,
	2012			2011
Investment income
Interest income	$	8		$	2,245
Other income		507			—
Total income		515			2,245
Expenses
Brokerage commissions		72,956			68,990
Management fees		98,982			83,865
Selling commission		69,550			58,922
Operating expenses		32,994			27,955
Incentive fee		—			1,619
Other		555			1,890
Total expenses		275,037			243,241
Net investment loss		(274,522	)		(240,996	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts		(571,187	)		1,304,809
Net change in unrealized appreciation (depreciation) on futures and forward contracts		1,015,318			(1,050,056	)
Net gain on investments		444,131			254,753
Net increase in net assets from operations	$	169,609		$	13,757
Net increase in net assets from operations per Unit (based upon weighted average number of Units outstanding during period) for Series A-1*	$	13.52		$	1.12
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	$	15.33		$	(8.17	)
Net increase in net assets from operations per Unit (based upon weighted average number of Units outstanding during period) for Series A-2**	$	26.27		$	2.61
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	$	24.83		$	(1.23	)

* Weighted average number of Units outstanding for Series A-1 for Three Months Ended March 31, 2012 and March 31, 2011: 8,529.69 and 7,765.88, respectively.

** Weighted average number of Units outstanding for Series A-2 for Three Months Ended March 31, 2012 and March 31, 2011: 2,065.66 and 1,930.20, 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,
	2012			2011
Increase in net assets from operations
Net investment loss	$	(274,522	)		(240,996	)
Net realized gain (loss) on futures and forward contracts		(571,187	)		1,304,809
Net change in unrealized appreciation (depreciation) on futures and forward contracts		1,015,318			(1,050,056	)
Net increase in net assets from operations		169,609			13,757
Capital share transactions
Issuance of Units		810,685			2,557,345
Redemption of Units		(602,243	)		(2,225,891	)
Net increase in net assets from capital share transactions		208,442			331,454
Net increase in net assets		378,051			345,211
Net assets, beginning of period		15,819,153			13,716,691
Net assets, end of period	$	16,197,204			14,061,902
Series A-1 Units, beginning of period		8,359.510			6,916.044
Issuance of Series A-1 Units		425.396			1,251.930
Redemption of Units		(280.399	)		(1,061.343	)
Series A-1 Units, end of period		8,504.507			7,106.631
Series A-2 Units, beginning of period		2,037.421			1,724.508
Issuance of Series A-2 Units		76.785			412.521
Redemption of Units		(88.806	)		(348.532	)
Series A-2 Units, end of period		2,025.400			1,788.497

See accompanying notes to unaudited financial statements.

13

SUPERFUND GOLD, L.P.—SERIES A

UNAUDITED STATEMENTS OF CASH FLOWS

	Three Months Ended March 31,
	2012			2011
Cash flows from operating activities
Net increase in net assets from operations	$	169,609		$	13,757
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		(2,149,584	)		(4,898,745	)
Sales and maturities of U.S. government securities		3,700,000			4,950,000
Amortization of discounts and premiums		195			(1,473	)
(Increase) decrease in due from brokers		4,593,340			(1,285,956	)
(Increase) decrease in due from affiliate		—			5,599
Decrease in unrealized appreciation on open forward contracts		(10,909	)		(35,874	)
Increase in unrealized depreciation on open forward contracts		61,081			100,896
Increase (decrease) in futures contracts purchased		(1,055,639	)		1,023,293
Decrease in futures contracts sold		(9,851	)		(38,259	)
Decrease in incentive fee		—			(197,367	)
Increase (decrease ) in management fees payable		(36,689	)		4,123
Increase (decrease) in fees payable		(38,416	)		4,103
Net cash provided by (used in) operating activities		5,223,137			(355,903	)
Cash flows from financing activities
Subscriptions, net of change in advance subscriptions		803,103			2,277,710
Redemptions, net of change in redemptions payable		(1,064,074	)		(106,961	)
Net cash provided by (used in) financing activities		(260,971	)		2,170,749
Net increase in cash		4,962,166			1,814,846
Cash, beginning of period		4,325,976			2,215,532
Cash, end of period	$	9,288,142		$	4,030,378

See accompanying notes to unaudited financial statements.

14

SUPERFUND GOLD, L.P.—SERIES B

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2012 and December 31, 2011

	March 31, 2012		December 31, 2011
ASSETS
US Government securities, at fair value (amortized cost of $1,899,460 and $2,700,000 as of March 31, 2012, and December 31, 2011, respectively)	$	1,899,460	$	2,700,000
Due from brokers (net of reserve of $101,521 as of March 31, 2012 and December 31, 2011) (See Note 5)		4,632,563		7,323,342
Unrealized appreciation on open forward contracts		66,117		65,688
Futures contracts sold		178,687		188,512
Cash		2,992,393		978,811
Total assets		9,769,220		11,256,353
LIABILITIES
Unrealized depreciation on open forward contracts		92,730		44,159
Futures contracts purchased		254,901		825,539
Subscriptions received in advance		160,420		578,000
Redemptions payable		68,170		193,870
Management fee payable		17,376		39,982
Fees payable		14,553		34,510
Total liabilities		608,150		1,716,060
NET ASSETS	$	9,161,070	$	9,540,293
Superfund Gold, L.P. Series B-1 Net Assets	$	5,255,933	$	5,617,352
Number of Units outstanding		4,307.371		4,524.265
Superfund Gold, L.P. Series B-1 Net Asset Value per Unit	$	1,220.22	$	1,241.61
Superfund Gold, L.P. Series B-2 Net Assets	$	3,905,137	$	3,922,941
Number of Units outstanding		3,039.391		3,015.557
Superfund Gold, L.P. Series B-2 Net Asset Value per Unit	$	1,284.84	$	1,300.90

See accompanying notes to financial statements.

15

SUPERFUND GOLD, L.P.—SERIES B

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

March 31, 2012

			Percentage of
	Face Value		Net Assets			Fair Value
Debt Securities United States, at fair value
United States Treasury Bills due May 24, 2012 (amortized cost $1,899,460), securities are held in margin accounts as collateral for open futures and forwards	$	1,900,000		20.7	%	$	1,899,460
Forward contracts, at fair value
Unrealized appreciation on forward contracts				0.7			66,117
Currency
Total unrealized appreciation on forward contracts				0.7			66,117
Unrealized depreciation on forward contracts				(1.0	)		(92,730	)
Currency
Total unrealized depreciation on forward contracts				(1.0	)		(92,730	)
Total forward contracts, at fair value				(0.3	)%	$	(26,613	)
Futures contracts, at fair value
Futures contracts purchased
Currency				0.1	%	$	11,893
Energy				(0.6	)		(53,072	)
Financial				0.3			25,614
Food & Fiber				(0.1	)		(12,602	)
Indices				0.4			36,187
Metals				(2.9	)		(262,921	)
Total futures contracts purchased				(2.8	)		(254,901	)
Futures contracts sold
Currency				0.0	*		3,035
Energy				0.0	*		1,910
Food & Fiber				(0.5	)		(47,655	)
Indices				0.3			24,599
Livestock				1.0			95,740
Metals				1.1			101,058
Total futures contracts sold				1.9			178,687
Total futures contracts, at fair value				(0.9	)%	$	(76,214	)
Futures and forward contracts by country composition
Australian				0.1	%	$	12,660
European Monetary Union				(0.0	)*		(2,929	)
Great Britain				(0.1	)		(10,378	)
Japan				0.1			12,761
United States				(1.5	)		(133,856	)
Other				0.2			18,915
Total futures and forward contracts by country				(1.2	)%	$	(102,827	)

* Due to rounding

See accompanying notes to financial statements.

16

SUPERFUND GOLD, L.P. – SERIES B

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

December 31, 2011

			Percentage of
	Face Value		Net Assets			Fair Value
Debt Securities United States, at fair value
United States Treasury Bills due February 23, 2012 (amortized cost $2,700,000), securities are held in margin accounts as collateral for open futures and forwards
	$	2,700,000		28.3	%	$	2,700,000
Forward contracts, at fair value
Unrealized appreciation on forward contracts				0.7			65,688
Currency
Total unrealized appreciation on forward contracts				0.7			65,688
Unrealized depreciation on forward contracts				(0.5	)		(44,159	)
Currency
Total unrealized depreciation on forward contracts				(0.5	)		(44,159	)
Total forward contracts, at fair value				0.2	%	$	21,529
Futures contracts, at fair value Futures contracts purchased
Currency				0.3	%	$	31,583
Energy				(0.4	)		(41,586	)
Financial
2 Year U.S. Treasury Note				0.0	*		938
Other				0.0	*		2,328
Total Financial				0.0	*		3,266
Food & Fiber				0.1			13,975
Indices				0.0	*		3,476
Metals
63 contracts of CMX Gold expiring February 2012				(8.6	)		(821,340	)
Other				(0.2	)		(14,913	)
Total Metals				(8.8	)		(836,253	)
Total futures contracts purchased				(8.8	)		(825,539	)
Futures contracts sold
Currency				0.4			41,319
Energy				0.4			42,200
Financial				(0.1	)		(5,281	)
Food & Fiber				0.1			11,690
Indices				0.3			32,845
Livestock				0.1			9,280
Metals				0.6			56,459
Total futures contracts sold				1.8			188,512
Total futures contracts, at fair value				(7.0	)%	$	(637,027	)
Futures and forward contracts by country composition
Australian				0.1	%	$	5,388
European Monetary Union				0.3			33,647
Great Britain				0.0	*		2,903
Japan				0.4			51,087
United States				(7.8	)		(732,169	)
Other				0.2			23,646
Total futures and forward contracts by country				(6.8	)%	$	(615,498	)

* Due to rounding

See accompanying notes to financial statements.

17

SUPERFUND GOLD, L.P.—SERIES B

UNAUDITED STATEMENTS OF OPERATIONS

	Three Months Ended
	March 31,
	2012			2011
Investment income
Interest income	$	—		$	2,454
Other income		443			—
Total income		443			2,454
Expenses
Brokerage commissions		63,994			88,520
Management fees		59,616			74,013
Selling commissions		29,702			40,569
Operating expenses		19,872			24,668
Incentive fee		—			11,937
Other		1,464			2,906
Total expenses		174,648			242,613
Net investment loss		(174,205	)		(240,159	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts		(391,462	)		1,524,458
Net change in unrealized appreciation (depreciation) on futures and forward contracts:		512,671			(1,224,048	)
Net gain on investments		121,209			300,410
Net increase (decrease) in net assets from operations	$	(52,996	)	$	60,251
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of Units outstanding during period) for Series B-1*	$	(14.77	)	$	4.58
Net decrease in net assets from operations per Unit (based upon change in net asset value per Unit during period) for Series B-1	$	(21.39	)	$	(1.06	)
Net increase in net assets from operations per Unit (based upon weighted average number of Units outstanding during period) for Series B-2**	$	3.78		$	8.44
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit during period) for Series B-2	$	(16.06	)	$	4.76

* Weighted average number of Units outstanding for Series B-1 for Three Months Ended March 31, 2012 and March 31, 2011: 4,423.85 and 6,225.63, respectively.

** Weighted average number of Units outstanding for Series B-2 for Three Months Ended March 31, 2012 and March 31, 2011: 3,266.31 and 3,758.94, 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,
	2012			2011
Increase (decrease) in net assets from operations
Net investment loss	$	(174,205	)	$	(240,159	)
Net realized gain (loss) on futures and forward contracts		(391,462	)		1,524,458
Net change in unrealized appreciation (depreciation) on futures and forward contracts		512,671			(1,224,048	)
Net increase (decrease) in net assets from operations		(52,996	)		60,251
Capital share transactions
Issuance of Units		604,000			953,631
Redemption of Units		(930,227	)		(922,788	)
Net increase (decrease) in net assets from capital share transactions		(326,227	)		30,843
Net increase (decrease) in net assets		(379,223	)		91,094
Net assets, beginning of period		9,540,293			12,958,534
Net assets, end of period	$	9,161,070		$	13,049,628
Series B-1 Units, beginning of period		4,524.265			5,784.122
Issuance of Series B-1 Units		77.496			638.189
Redemption of Units		(294.390	)		(359.565	)
Series B-1 Units, end of period		4,307.371			6,062.746
Series B-2 Units, beginning of period		3,015.557			3,700.480
Issuance of Series B-2 Units		384.349			106.799
Redemption of Units		(360.515	)		(319.424	)
Series B-2 Units, end of period		3,039.391			3,487.855

See accompanying notes to unaudited financial statements.

19

SUPERFUND GOLD, L.P.—SERIES B

UNAUDITED STATEMENTS OF CASH FLOWS

	Three Months Ended
	March 31,
	2012			2011
Cash flows from operating activities
Net increase (decrease) in net assets from operations	$	(52,996	)	$	60,251
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities:
Changes in operating assets and liabilities:
Purchases of U.S. government securities		(1,899,628	)		(4,748,788	)
Sales and maturities of U.S. government securities		2,700,000			4,650,000
Amortization of discounts and premiums		168			(1,407	)
(Increase) decrease in due from brokers		2,690,779			(1,335,738	)
Decrease in unrealized appreciation on open forward contracts		(429	)		(48,114	)
Increase in unrealized depreciation on open forward contracts		48,571			134,198
Increase (decrease) in futures contracts purchased		(570,638	)		1,206,200
Increase (decrease) in futures contracts sold		9,825			(68,236	)
Decrease in incentive fee		—			(198,300	)
Increase (decrease) in management fees		(22,606	)		737
Increase (decrease) in fees payable		(19,957	)		827
Net cash provided by (used in) operating activities		2,883,089			(348,370	)
Cash flows from financing activities
Subscriptions, net of change in advance subscriptions		186,420			1,055,199
Redemptions, net of change in redemptions payable		(1,055,927	)		(417,258	)
Net cash provided by (used in) financing activities		(869,507	)		637,941
Net increase in cash		2,013,582			289,571
Cash, beginning of period		978,811			1,414,893
Cash, end of period	$	2,992,393		$	1,704,464

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, 2012

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. Series B implements the Fund’s futures and forward trading program at a leverage level equal to approximately 1.5 times that implemented on behalf of Series A. Over the long term (periods of several years), the targeted average ratio of margin to equity for Series A is approximately 20% and approximately 30% for Series B. The leverage with which each of the Series is traded is the only difference between the Series. Sub-Series within a Series are not managed differently. Rather, Series A-1 Units and Series B-1 Units are subject to selling commissions. Series A-2 Units and Series B-2 Units are not subject to selling commissions but are available exclusively to: (i) investors participating in selling agent asset-based or fixed-fee investment programs or a registered investment adviser’s asset-based fee or fixed-fee advisory program through which an investment adviser recommends a portfolio allocation to the Fund and for which Superfund USA Inc. (“Superfund USA”) serves as selling agent, (ii) investors who purchased the Units through Superfund USA or an affiliated broker and who are commodity pools operated by commodity pool operators registered as such with the Commodity Futures Trading Commission and (iii) investors who have paid the maximum selling commission on their Series A-1 or Series B-1 Units (by re-designation of such Units as Series A-2 Units or Series B-2 Units as described herein). The foregoing eligibility requirements and selling commissions are the only differences between the Sub-Series within a Series.

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. (“U.S. GAAP”) 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, 2011.

21

Valuation of Investments in Futures Contracts, Forward Contracts, and U.S. Treasury Bills

All commodity interests (including derivative financial instruments and derivative commodity instruments) are used for trading purposes. The commodity interests are recorded on a trade date basis and open contracts are recorded in the statements of assets and liabilities at fair value on the last business day of the period, which represents market value for those commodity interests for which market quotes are readily available.

Exchange-traded futures contracts are valued at settlement prices published by the recognized exchange. Any spot and forward foreign currency contracts held by the Fund will be valued at published settlement prices or at dealers’ quotes. The Fund uses the amortized cost method for valuing U.S. Treasury Bills due to the short-term nature of such instruments; accordingly, the cost of securities plus accreted discount or minus amortized premium approximates fair value (See Section 3 – Fair Value Measurements).

22

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 realized and unrealized 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. The Fund uses the amortized cost method for valuing U.S. Treasury Bills. Operating expenses of the Fund are allocated to each Series in proportion to the net asset value of the Series at the beginning of each month. Expenses directly attributable to a particular Series are charged directly to that Series.

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 ASC Topic 740, Income Taxes (“ASC 740”), to the Fund to determine whether or not there are uncertain tax positions that require financial statement recognition. Based on this evaluation, 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 through 2011 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 U.S. GAAP requires Superfund Capital Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Recently Issued Accounting Pronouncements

ASU 2011-11

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”). ASU 2011-11 requires disclosures to make financial statements that are prepared under U.S. GAAP more comparable to those prepared under International Financial Reporting Standards (“IFRS”). The new disclosure requirements mandate that entities disclose both gross and net information about instruments and transactions eligible for offset in the statement of assets and liabilities as well as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, ASU 2011-11 requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements. New disclosures are required for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. Superfund Capital Management is evaluating the impact of ASU 2011-11 on the financial statements and disclosures.

23

ASU 2011-04

In May 2011, FASB issued ASU No. 2011-04 Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. The Fund adopted ASU 2011-04 as of January 1, 2012. The adoption of the provisions of ASU 2011-4 has not had a material impact on the Fund’s financial statement disclosures.

3. Fair Value Measurements

The Fund follows ASC 820, Fair Value Measurements and Disclosures. 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 speculative 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 held by the Fund may include forwards and swaps. Spot and forward foreign currency contracts held by the Fund are valued at published daily settlement prices or at dealers’ quotes. The Fund’s forward and swap 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

24

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, 2012, the Fund held no derivative contracts valued using Level 3 inputs.

The following table summarizes the valuation of the Fund’s assets and liabilities by the ASC 820 fair value hierarchy as of March 31, 2012 and December 31, 2011:

Superfund Gold, L.P.

	Balance March 31, 2012		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	4,048,849	$	—	$	4,048,849	$	—
Unrealized appreciation on open forward contracts		146,326		—		146,326		—
Futures contracts purchased		336,164		336,164		—		—
Futures contracts sold		593,648		593,648		—		—
Total Assets Measured at Fair Value	$	5,124,987	$	929,812	$	4,195,175	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	205,049	$	—	$	205,049	$	—
Futures contracts purchased	$	947,249	$	947,249	$	—		—
Futures contracts sold	$	215,139	$	215,139	$	—		—
Total Liabilities Measured at Fair Value	$	1,367,437	$	1,162,388	$	205,049	$	—
	Balance December 31, 2011		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	6,400,000	$	—	$	6,400,000	$	—
Unrealized appreciation on open forward contracts		134,988		—		134,988		—
Futures contracts purchased		378,483		378,483		—		—
Total Assets Measured at Fair Value	$	6,913,471	$	378,483	$	6,534,988	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	95,397	$	—	$	95,397	$	—
Futures contracts sold		2,237,362		2,237,362		—		—
Total Liabilities Measured at Fair Value	$	2,332,759	$	2,237,362	$	95,397	$	—
Superfund Gold, L.P.—Series A
	Balance March 31, 2012		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	2,149,389	$	—	$	2,149,389	$	—
Unrealized appreciation on open forward contracts		80,209		—		80,209		—
Futures contracts purchased		169,576		169,576		—		—
Futures contracts sold		312,402		312,402		—		—
Total Assets Measured at Fair Value	$	2,711,576	$	481,978	$	2,229,598	$	—

25

LIABILITIES
Unrealized depreciation on open forward contracts	$	112,319	$	—	$	112,319	$	—
Futures contracts purchased	$	525,760	$	525,760	$	—		—
Futures contracts sold	$	112,580	$	112,580	$	—		—
Total Liabilities Measured at Fair Value	$	750,659	$	638,340	$	112,319	$	—
	Balance December 31, 2011		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	3,700,000	$	—	$	3,700,000	$	—
Unrealized appreciation on open forward contracts		69,300		—		69,300		—
Futures contracts purchased		189,971		189,971		—		—
Total Assets Measured at Fair Value	$	3,959,271	$	189,971	$	3,769,300	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	51,238	$	—	$	51,238	$	—
Futures contracts sold		1,411,823		1,411,823		—		—
Total Liabilities Measured at Fair Value	$	1,463,061	$	1,411,823	$	51,238	$	—
Superfund Gold, L.P.—Series B
	Balance March 31, 2012		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	1,899,460	$	—	$	1,899,460	$	—
Unrealized appreciation on open forward contracts		66,117		—		66,117		—
Futures contracts purchased		166,588		166,588		—		—
Futures contracts sold		281,246		281,246		—		—
Total Assets Measured at Fair Value	$	2,413,411	$	447,834	$	1,965,577	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	92,730	$	—	$	92,730	$	—
Futures contracts purchased	$	421,489	$	421,489	$	—		—
Futures contracts sold	$	102,559	$	102,559	$	—		—
Total Liabilities Measured at Fair Value	$	616,778	$	524,048	$	92,730	$	—
	Balance December 31, 2011		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	2,700,000	$	—	$	2,700,000	$	—
Unrealized appreciation on open forward contracts		65,688		—		65,688		—
Futures contracts purchased		188,512		188,512		—		—
Total Assets Measured at Fair Value	$	2,954,200	$	188,512	$	2,765,688	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	44,159	$	—	$	44,159	$	—
Futures contracts sold		825,539		825,539		—		—
Total Liabilities Measured at Fair Value	$	869,698	$	825,539	$	44,159	$	—

26

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 for each Series.

The Fund engages in the speculative trading of forward contracts in currency and futures contracts in a wide range of commodities, including equity markets, interest rates, food and fiber, energy, livestock and metals. ASC 815 requires entities to recognize all derivatives instruments as either assets or liabilities at fair value in the statement of financial position. Investments in forward contracts and commodity futures contracts are recorded in the Statements of Assets and Liabilities as “unrealized appreciation or depreciation on open forward contracts and futures contracts purchased and futures contracts sold.” Since the derivatives held or sold by the Fund are for speculative trading purposes, the derivative instruments are not designated as hedging instruments under the provisions of ASC 815. Accordingly, all realized gains and losses, as well as any change in net unrealized gains or losses on open positions from the preceding period, are recognized as part of the Fund’s realized and unrealized gain (loss) on investments 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, 2012, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at March 31, 2012		Liability Derivatives at March 31, 2012			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	146,326	$	—		$	146,326
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(205,049	)		(205,049	)
Futures contracts	Futures contracts purchased		336,164		(947,249	)		(611,085	)
Futures contracts	Futures contracts sold		593,648		(215,139	)		378,509
Totals		$	1,076,138	$	(1,367,437	)	$	(291,299	)

27

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, 2011, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at December 31, 2011		Liability Derivatives at December 31, 2011			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	134,988	$	—		$	134,988
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(95,397	)		(95,397	)
Futures contracts	Futures contracts purchased		—		(2,237,362	)		(2,237,362	)
Futures contracts	Futures contracts sold		378,483		—			378,483
Totals		$	513,471	$	(2,332,759	)	$	(1,819,288	)

Effects of Derivative Instruments on the Statement of Operations for the three months ended March 31, 2012:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized and unrealized gain (loss) on investments	$	90,112		$	(98,314	)
Futures contracts	Net realized and unrealized gain (loss) on investments		(1,052,761	)		1,626,303
Total		$	(962,649	)	$	1,527,989

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

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain on Derivatives Recognized in Income		Net Change in Unrealized Depreciation on Derivatives Recognized 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	)

Superfund Gold, L.P. gross and net unrealized gains and losses by long and short positions as of March 31, 2012:

	As of March 31, 2012
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gains (Losses) on Open Positions
Foreign Exchange	$	26,737		0.1		$	(115,439	)		(0.5	)	$	119,589		0.5		$	(89,610	)		(0.4	)	$	(58,723	)
Currency		67,951		0.3			(45,535	)		(0.2	)		11,779		0.0	*		(5,450	)		(0.0	)*		28,745
Financial		72,728		0.3			(19,787	)		(0.1	)		—		—			—			—			52,941
Food & Fiber		6,500		0.0	*		(34,549	)		(0.1	)		37,438		0.1			(141,572	)		(0.6	)		(132,183	)
Indices		173,143		0.7			(96,107	)		(0.4	)		91,005		0.4			(40,281	)		(0.2	)		127,760
Metals		917		0.0	*		(609,421	)		(2.4	)		244,045		1.0			(27,836	)		(0.1	)		(392,295	)
Livestock		—		—			—			—			204,800		0.8			—			—			204,800
Energy		14,926		0.1			(141,850	)		(0.6	)		4,580		0.0	*		—			—			(122,344	)
Totals	$	362,902		1.4		$	(1,062,688	)		(4.2	)	$	713,236		2.8		$	(304,749	)		(1.2	)	$	(291,299	)

* Due to rounding

28

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

	As of December 31, 2011
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets		Losses			% of Net Assets			Net Unrealized Gains (Losses) on Open Positions
Foreign Exchange	$	5,543		0.0	*	$	(44,476	)		(0.2	)	$	129,445		0.5	$	(50,921	)		(0.2	)	$	39,591
Currency		68,883		0.3			(400	)		(0.0	)*		91,363		0.4		(6,081	)		(0.0	)*		153,765
Financial		33,539		0.1			(27,659	)		(0.1	)		—		—		(11,937	)		(0.0	)*		(6,057	)
Food & Fiber		32,513		0.1			(1,800	)		(0.0	)*		85,412		0.3		(62,115	)		(0.2	)		54,010
Indices		10,041		0.0	*		(1,848	)		(0.0	)*		77,622		0.3		(18,751	)		(0.1	)		67,064
Metals		1,110		0.0	*		(2,265,102	)		(8.9	)		163,647		0.6		(44,307	)		(0.2	)		(2,144,652	)
Livestock		—		—			—			—			19,430		0.1		(480	)		(0.0	)*		18,950
Energy		—		—			(86,639	)		(0.3	)		84,680		0.3		—			—			(1,959	)
Totals	$	151,629		0.5		$	(2,427,924	)		(9.5	)	$	651,599		2.5	$	(194,592	)		(0.7	)	$	(1,819,288	)

* Due to rounding

Superfund Gold, L.P. average* contract volume by market sector for the three months ended March 31, 2012:

	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		82		60	$	546,093	$	476,810

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		836		459
Financial		1,513		315
Food & Fiber		173		152
Indices		680		353
Metals		899		103
Livestock		33		115
Energy		375		150
Totals		4,591		1,707

* Based on quarterly holdings

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

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

29

	Average Number of Long Contracts		Average Number of Short 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

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

	For the Three Months Ended March 31, 2012
	Net Realized Gain (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	90,112		$	(98,314	)	$	(8,202	)
Currency		(982,670	)		(125,020	)		(1,107,690	)
Financial		(541,071	)		58,998			(482,073	)
Food & Fiber		(341,050	)		(186,193	)		(527,243	)
Indices		(201,914	)		60,696			(141,218	)
Metals		(400,291	)		1,752,357			1,352,066
Livestock		(15,695	)		185,850			170,155
Energy		1,429,930			(120,385	)		1,309,545
Total net trading gains (losses)	$	(962,649	)	$	1,527,989		$	565,340
	For the Three Months Ended March 31, 2011
	Net Realized Gain (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading 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 (losses)	$	2,829,267		$	(2,274,104	)	$	555,163

30

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, 2012, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at March  31, 2012		Liability Derivatives at March 31, 2012			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	80,209	$	—		$	80,209
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(112,319	)		(112,319	)
Futures contracts	Futures contracts purchased		169,576		(525,760	)		(356,184	)
Futures contracts	Futures contracts sold		312,402		(112,580)			199,822
Totals		$	562,187	$	(750,659	)	$	(188,472	)

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, 2011, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives  at December 31, 2011		Liability Derivatives at  December 31, 2011			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	69,300	$	—		$	69,300
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(51,238	)		(51,238	)
Futures contracts	Futures contracts purchased		—		(1,411,823	)		(1,411,823	)
Futures contracts	Futures contracts sold		189,971		—			189,971
Totals		$	259,271	$	(1,463,061	)	$	(1,203,790	)

Effects of Derivative Instruments on the Statement of Operations for the three months ended March 31, 2012:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized and unrealized gain (loss) on investments	$	34,720		$	(50,172	)
Futures contracts	Net realized and unrealized gain (loss) on investments		(605,907	)		1,065,490
Total		$	(571,187	)	$	1,015,318

31

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

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain  on Derivatives Recognized in Income		Net Change  in Unrealized Depreciation on Derivatives Recognized in 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	)

Superfund Gold, L.P. – Series A gross and net unrealized gains and losses by long and short positions as of March 31, 2012:

	As of March 31, 2012
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gains  (Losses) on Open Positions
Foreign Exchange	$	14,957		0.1		$	(62,231	)		(0.4	)	$	65,252		0.4		$	(50,088	)		(0.3	)	$	(32,110	)
Currency		34,913		0.2			(24,390	)		(0.1	)		6,534		0.0	*		(3,240	)		(0.0	)*		13,817
Financial		37,788		0.3			(10,461	)		(0.1	)		—		—			—			—			27,327
Food & Fiber		3,300		0.0	*		(18,747	)		(0.1	)		18,724		0.1			(75,203	)		(0.4	)		(71,926	)
Indices		91,601		0.6			(50,752	)		(0.3	)		46,129		0.3			(20,004	)		(0.1	)		66,974
Metals		—		—			(345,583	)		(2.1	)		129,284		0.8			(14,133	)		(0.1	)		(230,432	)
Livestock		—		—			—			—			109,060		0.7			—			—			109,060
Energy		1,975		0.0	*		(75,827	)		(0.5	)		2,670		0.0	*		—			—			(71,182	)
Totals	$	184,534		1.2		$	(587,991	)		(3.6	)	$	377,653		2.3		$	(162,668	)		(0.9	)	$	(188,472	)

* 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, 2011:

	As of December 31, 2011
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets		Losses			% of Net Assets			Net Unrealized Gains  (Losses) on Open Positions
Foreign Exchange	$	2,774		0.0	*	$	(23,321	)		(0.1	)	$	66,526		0.4	$	(27,917	)		(0.2	)	$	18,062
Currency		37,100		0.2			(200	)		(0.0	)*		47,744		0.3		(3,781	)		(0.0	)		80,863
Financial		17,166		0.1			(14,552	)		(0.1	)		—		—		(6,656	)		(0.0	)		(4,042	)
Food & Fiber		17,413		0.1			(675	)		(0.0	)*		44,589		0.3		(32,982	)		(0.2	)		28,345
Indices		5,624		0.1			(907	)		(0.0	)*		38,232		0.2		(12,206	)		(0.1	)		30,743
Metals		1,110		0.0	*		(1,428,849	)		(9.0	)		88,207		0.6		(25,326	)		(0.2	)		(1,364,858	)
Livestock		—		—			—			—			9,670		0.1		—			—			9,670
Energy		—		—			(45,053	)		(0.3	)		42,480		0.3		—			—			(2,573	)
Totals	$	81,187		0.5		$	(1,513,557	)		(9.5	)	$	337,448		2.2	$	(108,868	)		(0.7	)	$	(1,203,790	)

* Due to rounding

32

Series A average* contract volume by market sector for the three months ended March 31, 2012:

	Average Number of Long Contracts		Average Number of  Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		43		30	$	286,181	$	257,133

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		440		242
Financial		799		165
Food & Fiber		91		81
Indices		360		185
Metals		501		55
Livestock		17		60
Energy		203		79
Totals		2,454		897

* Based on quarterly holdings

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

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

	Average Number of Long Contracts		Average Number of Short 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 trading results by market sector:

33

	For the Three Months Ended March 31, 2012
	Net Realized Gain (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains  (Losses)
Foreign Exchange	$	34,720		$	(50,172	)	$	(15,452	)
Currency		(514,870	)		(67,046	)		(581,916	)
Financial		(288,340	)		31,369			(256,971	)
Food & Fiber		(181,687	)		(100,271	)		(281,958	)
Indices		(105,274	)		36,231			(69,043	)
Metals		(275,661	)		1,134,426			858,765
Livestock		(10,053	)		99,390			89,337
Energy		769,978			(68,609	)		701,369
Total net trading gains (losses)	$	(571,187	)	$	1,015,318		$	444,131
	For the Three Months Ended March 31, 2011
	Net Realized Gain (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading 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

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, 2012, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at March 31, 2012		Liability Derivatives at March 31, 2012			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	66,117	$	—		$	66,117
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(92,730	)		(92,730	)
Futures contracts	Futures contracts purchased		166,588		(421,489	)		(254,901	)
Futures contracts	Futures contracts sold		281,246		(102,559	)		178,687
Totals		$	513,951	$	(616,778	)	$	(102,827	)

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, 2011, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at December 31, 2011		Liability Derivatives at December  31, 2011			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	65,688	$	—		$	65,688
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(44,159	)		(44,159	)
Futures contracts	Futures contracts purchased		—		(825,539	)		(825,539	)
Futures contracts	Futures contracts sold		188,512		—			188,512
Totals		$	254,200	$	(869,698	)	$	(615,498	)

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Effects of Derivative Instruments on the Statement of Operations for the three months ended March 31, 2012:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain  (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign Exchange contracts	Net realized and unrealized gain (loss) on investments	$	55,392		$	(48,142	)
Futures contracts	Net realized and unrealized gain (loss) on investments		(446,854	)		560,813
Total		$	(391,462	)	$	512,671

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

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain on Derivatives Recognized in Income		Net Change in Unrealized Depreciation on Derivatives Recognized in 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	)

Superfund Gold, L.P. – Series B gross and net unrealized gains and losses by long and short positions as of March 31, 2012:

	As of March 31, 2012
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gains  (Losses) on Open Positions
Foreign Exchange	$	11,780		0.1		$	(53,208	)		(0.6	)	$	54,337		0.6		$	(39,522	)		(0.4	)	$	(26,613	)
Currency		33,038		0.3			(21,145	)		(0.2	)		5,245		0.0	*		(2,210	)		0.0	*		14,928
Financial		34,940		0.4			(9,326	)		(0.1	)		—		—			—			—			25,614
Food & Fiber		3,200		0.0	*		(15,802	)		(0.1	)		18,714		0.2			(66,369	)		(0.7	)		(60,257	)
Indices		81,542		0.9			(45,355	)		(0.5	)		44,876		0.5			(20,277	)		(0.2	)		60,786
Metals		917		0.0	*		(263,838	)		(2.9	)		114,761		1.2			(13,703	)		(0.2	)		(161,863	)
Livestock		—		—			—			—			95,740		1.0			—			—			95,740
Energy		12,951		0.1			(66,023	)		(0.7	)		1,910		0.0			—			—			(51,162	)
Totals	$	178,368		1.8		$	(474,697	)		(5.1	)	$	335,583		3.5		$	(142,081	)		(1.4	)	$	(102,827	)

* Due to rounding

35

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

	As of December 31, 2011
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets		Losses			% of Net Assets			Net Unrealized Gains  (Losses) on Open Positions
Foreign Exchange	$	2,769		0.0	*	$	(21,155	)		(0.3	)	$	62,919		0.7	$	(23,004	)		(0.2	)	$	21,529
Currency		31,783		0.3			(200	)		(0.0	)*		43,619		0.4		(2,300	)		(0.0	)*		72,902
Financial		16,373		0.1			(13,107	)		(0.1	)		—		—		(5,281	)		(0.1	)		(2,015	)
Food & Fiber		15,100		0.1			(1,125	)		(0.0	)*		40,823		0.4		(29,133	)		(0.3	)		25,665
Indices		4,417		0.0	*		(941	)		(0.0	)*		39,390		0.4		(6,545	)		(0.1	)		36,321
Metals		—		—			(836,253	)		(8.8	)		75,440		0.8		(18,981	)		(0.2	)		(779,794	)
Livestock		—		—			—			—			9,760		0.1		(480	)		(0.0	)*		9,280
Energy		—		—			(41,586	)		(0.4	)		42,200		0.4		—			—			614
Totals	$	70,442		0.5		$	(914,367	)		(9.6	)	$	314,151		3.2	$	(85,724	)		(0.9	)	$	615,498

* Due to rounding

Series B average* contract volume by market sector for the three months ended March 31, 2012:

	Average Number of Long Contracts		Average Number of  Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		39		30	$	259,912	$	219,677

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		396		217
Financial		714		150
Food & Fiber		82		71
Indices		320		168
Metals		398		48
Livestock		16		55
Energy		172		71
Totals		2,137		810

* Based on quarterly holdings

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

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

	Average Number of Long Contracts		Average Number of 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

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Series B trading results by market sector

	For the Three Months Ended March 31, 2012
	Net Realized Gain (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains  (Losses)
Foreign Exchange	$	55,392		$	(48,142	)	$	7,250
Currency		(467,800	)		(57,974	)		(525,774	)
Financial		(252,731	)		27,629			(225,102	)
Food & Fiber		(159,363	)		(85,922	)		(245,285	)
Indices		(96,640	)		24,465			(72,175	)
Metals		(124,630	)		617,931			493,301
Livestock		(5,642	)		86,460			80,818
Energy		659,952			(51,776	)		608,176
Total net trading gains (losses)	$	(391,462	)	$	512,671		$	121,209
	For the Three Months Ended March 31, 2011
	Net Realized Gain (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading 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 (losses)	$	1,524,458		$	(1,224,048	)	$	300,410

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, 2012 and December 31, 2011, 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. On October 31, 2011, MF Global reported to the SEC and the CFTC possible deficiencies in customer segregated accounts held at the firm. As a result, the SEC and CFTC determined that a liquidation proceeding led by the Securities Investor Protection Corporation (“SIPC”) would be the safest and most prudent course of action to protect customer accounts and assets, and SIPC initiated the liquidation of MF Global under the Securities Investor Protection Act. Superfund Capital Management closely monitored MF Global in the weeks prior to October 31, 2011 and began reducing the Fund’s exposure to MF Global. In October, total trading positions and assets of the Fund held at MF Global were reduced and steps were initiated to transfer all remaining positions and assets from MF Global to other clearing brokers prior to the bankruptcy filing. In the fourth quarter of 2011, the SIPC liquidation Trustee announced that the shortfall in the customer segregated funds account could be as much as 22% or more. After consideration of the Fund’s exposure, Superfund Capital Management caused the Fund to take a reserve to account for the Fund’s estimated exposure to such 22% shortfall. Series A-1 recorded a reserve that reduced the net asset value by approximately $74,000, Series A-2 recorded a reserve that reduced the net asset value by approximately $19,000, Series B-1 recorded a reserve that reduced the net asset value by approximately $58,000 and Series B-2 recorded a reserve that reduced the net asset value by approximately $43,000. As of March 31, 2012 approximately $255,000 of Series A-1 assets were still on deposit in an account(s) at MF Global. These assets represented approximately 2.0% of Series A-1’s net asset value of approximately $12.85 million as of March 31, 2012. As of March 31, 2012 approximately $67,400 of Series A-2 assets were still on deposit in an account(s) at MF Global. These assets represented approximately 2.0% of Series A-2’s net asset value of approximately $3.34 million as of March 31, 2012. As of March 31, 2012 approximately $198,000 of Series B-1 assets were still on deposit in an account(s) at MF Global. These assets represented approximately 3.8% of Series B-1’s net asset value of approximately $5.26 million as of March 31, 2012. As of March 31, 2012 approximately $145,100 of Series B-2 assets were still on deposit in an account(s) at MF Global. These assets represented approximately 3.7% of Series B-2’s net asset value of approximately $3.91 million as of March 31, 2012.

37

Through March 31, 2012, there has been no change to the Series A-1 reserve, which represents approximately 0.6% of the net assets of Series A-1 as of March 31, 2012 (or approximately $8.70 per Series A-1 Unit). Through March 31, 2012, there has been no change to the Series A-2 reserve, which represents approximately 0.6% of the net assets of Series A-2 as of March 31, 2012 (or approximately $9.50 per Series A-2 Unit). Through March 31, 2012, there has been no change to the Series B-1 reserve, which represents approximately 1.1% of the net assets of Series B-1 as of March 31, 2012 (or approximately $13.52 per Series B-1 Unit). Through March 31, 2012, there has been no change to the Series B-2 reserve, which represents approximately 1.1% of the net assets of Series B-2 as of March 31, 2012 (or approximately $14.24 per Series B-2 Unit). In December 2011 and January 2012, the Fund received distributions from the SIPC liquidation trustee of a portion of the Fund’s assets on deposit at MF Global. In total, Series A received approximately $5,700 in distributions and Series B received approximately $14,400. The receipt of these distributions has not impacted the reserves established on October 31, 2011. In April, the Court in the MF Global liquidation proceeding authorized the additional distribution of up to approximately $600 million of segregated customer assets and $50 million in secured customer assets. To date, the Fund has not received its portion of these distributions. Superfund Capital Management has concluded that receipt of the Fund’s estimated portion of these distributions will not have an impact on the reserves already taken, which continue to represent reasonable estimations of the potential exposure to MF Global. Superfund Capital Management does not believe that the MF Global liquidation will have a material impact on the ongoing trading operations of the Fund. However, because MF Global is still in the liquidation process, further developments in the MF Global liquidation proceedings may have an impact on the ability of the Fund to:

• satisfy redemption requests in the normal 20-day time period;

• adequately value redemption requests in the ordinary timeframe;

• accept new subscriptions and properly value the net asset value for new subscribers; and

• provide for accurate valuation in the Fund’s account statements provided to Limited Partners.

There can be no assurances:

• that the Fund will have immediate access to any or all of its assets in accounts held at MF Global; and

• as to the amount or value of those assets in the context of the bankruptcy.

Future actions involving MF Global may impact the Fund’s ability to value the portion of its assets held at MF Global and/or delay the payment of a Limited Partner’s pro rata share of such assets upon redemption. The foregoing reserve is based upon available information. As additional information becomes available, additional reserves may be taken or prior reserves reversed, which will be accounted for in accordance with generally accepted accounting principles as of the time that such information is then available (and not as of the date that the liquidation proceedings commenced with respect to MF Global). As a result, all Limited Partners will participate in any future reserves taken (resulting in decreases in the Fund’s net asset value) or any reversal of prior reserves (resulting in increases in the Fund’s net asset value) to the extent that such Limited Partner holds Units at the time that such reserve is taken or reversed.

6. Allocation of net profits and losses

In accordance with the Fund’s Third 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), when considered together, not to exceed the amount of actual expenses incurred. Superfund Capital Management will also be paid a monthly performance/incentive fee equal to 25% of the new appreciation without respect to interest income or any changes in net asset due to changes in value of the Fund’s dollar for dollar gold position. Trading losses will be carried forward and no further performance/incentive fee may be paid until prior losses have been recovered. In addition, Superfund Asset Management, Inc., an affiliate of Superfund Capital Management, serves as the introducing broker for the Fund’s futures transactions and receives a portion of the brokerage commissions paid by the Fund in connection with its futures trading. Superfund USA, Inc., (“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 commission” in the Statements of Operations. However, the maximum cumulative selling commission per Unit is limited to 10% of the gross offering proceeds of such Unit.

38

8. Financial highlights

Financial highlights for the period January 1 through March 31, 2012 are as follows:

	2012
	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees		1.0	%		1.5	%		(1.7	)%		(1.2	)%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
Total return after incentive fees		1.0	%		1.5	%		(1.7	)%		(1.2	)%
Ratios to average partners’ capital**
Operating expenses before incentive fees		1.7	%		1.2	%		1.9	%		1.4	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
Total expenses		1.7	%		1.2	%		1.9	%		1.4	%
Net investment loss**		(1.7	)%		(1.2	)%		(1.9	)%		(1.4	)%
Net asset value per unit, beginning of period	$	1,496.15		$	1,625.63		$	1,241.61		$	1,300.90
Net investment loss		(27.28	)		(20.85	)		(25.03	)		(19.59	)
Net gain on investments		42.61			45.68			3.64			3.53
Net asset value per unit, end of period	$	1,511.48		$	1,650.46		$	1,220.22		$	1,284.84
Other per Unit information:
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of Units during period) upon weighted average Number of Units during period) upon weighted average number of Units during period)	$	13.52		$	26.27		$	(14,77	)	$	3.78
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit) upon change in net asset value per Unit) upon change in net asset value per Unit)	$	15.33		$	24.83		$	(21.39	)	$	(16.06	)

* Total return is calculated for each Series of the Fund taken as a whole. An individual investor’s return may vary from these returns based on the timing of capital transactions.

** Annualized for periods less than a year

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		(0.5	)%		0.0	%		0.0	%		0.5	%
Incentive fees		0.0	%		0.01	%		0.02	%		0.6	%
Total return after incentive fees		(0.5	)%		(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) upon weighted average Number of Units during period) upon weighted average number of Units during period)	$	1.12		$	2.61		$	4.58		$	8.44
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit) upon change in net asset value per Unit) upon change in net asset value per Unit)	$	(8.17	)	$	(1.23	)	$	(1.06	)	$	4.76

39

* Total return is calculated for each Series of the Fund taken as a whole. An individual investor’s return may vary from these returns based on the timing of capital transactions.

** Annualized for periods less than a year

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 $929,812 and $1,162,388, respectively, and gross unrealized gains and losses related to non-exchange-traded forwards were $146,326 and $205,049, respectively, at March 31, 2012.

For Series A, gross unrealized gains and losses related to exchange-traded futures were $481,978 and $638,340, respectively, and gross unrealized gains and losses related to non-exchange-traded forwards were $80,209 and $112,319, respectively, at March 31, 2012.

For Series B, gross unrealized gains and losses related to exchange-traded futures were $447,834 and $524,048, respectively, and gross unrealized gains and losses related to non-exchange-traded forwards were $66,117 and $92,730, respectively, at March 31, 2012.

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., and Rosenthal Collins Group, L.L.C. Prior to its insolvency, the Fund used MF Global, Inc. as one of its futures commission merchants. See Note 5 for additional discussion of MF Global.

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

The majority of these instruments mature within one year of March 31, 2012. However, due to the nature of the Fund’s business, these instruments may not be held to maturity.

40

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 the subscription funds are returned.

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. Indemnification

In the normal course of business, the Fund enters into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund, and therefore cannot be established; however, based on experience, the risk of loss from such claims is considered remote.

12. 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, 2012, subscriptions totaling $1,414,685 in the Fund have been accepted and redemptions over the same period totaled $2,098,532. For the quarter ended March 31, 2012, subscriptions totaling $682,685 in Series A-1, $128,000 in Series A-2, $104,000 in Series B-1, and $500,000 in Series B-2 have been accepted and redemptions over the same period totaled $450,728 in Series A-1, $151,515 in Series A-2, $400,088 in Series B-1 and $530,139 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.

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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.

On October 31, 2011, MF Global reported to the SEC and CFTC possible deficiencies in customer segregated accounts held at the firm. As a result, the SEC and CFTC determined that a SIPC-led liquidation proceeding would be the safest and most prudent course of action to protect customer accounts and assets, and SIPC initiated the liquidation of MF Global under the Securities Investor Protection Act. As of March 31, 2012 approximately $255,000 of Series A-1 assets were still on deposit in an account(s) at MF Global. These assets represented approximately 2.0% of Series A-1’s net asset value of approximately $12.85 million as of March 31, 2012. As of March 31, 2012 approximately $67,400 of Series A-2 assets were still on deposit in an account(s) at MF Global. As of March 31, 2012 approximately $198,000 of Series B-1 assets were still on deposit in an account(s) at MF Global. As of March 31, 2012 approximately $145,100 of Series B-2 assets were still on deposit in an account(s) at MF Global. There can be no assurance that all of the Fund’s assets currently held at MF Global will be returned to the Fund or the length of time it will take for such return.

Other than these limitations on liquidity, the Fund’s assets are expected to be highly liquid.

CAPITAL RESOURCES

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

RESULTS OF OPERATIONS

Three Months Ended March 31, 2012

Series A:

Net results for the quarter ended March 31, 2012, were a gain of 1.0% in net asset value for Series A-1 and a gain of 1.53% in net asset value for Series A-2. In this period, Series A experienced a net increase in net assets from operations of $169,609. This increase consisted of total income of $515, trading gains of $444,131, and total expenses of $275,037. Expenses included $98,982 in management fees, $32,994 in operating expenses, $69,550 in selling commissions, $72,956 in brokerage commissions and $555 in other expenses. At March 31, 2012, the net asset value per Unit of Series A-1 was $1,511.48, and the net asset value per Unit of Series A-2 was $1,650.46.

Series B:

Net results for the quarter ended March 31, 2012, were a loss of 1.7% in net asset value for Series B-1 and a loss of 1.24% in net asset value for Series B-2. In this period, Series B experienced a net decrease in net assets from operations of $52,996. This decrease consisted of total income of $443, trading gains of $121,209, and total expenses of $174,648. Expenses included $59,616 in management fees, $19,872 in operating expenses, $29,702 in selling commissions, $63,994 in brokerage commissions and $1,464 in other expenses. At March 31, 2012, the net asset value per Unit of Series B-1 was $1,220.22, and the net asset value per Unit of Series B-2 was $1,284.84.

Fund results for 1^st Quarter 2012:

In March, the Fund’s trading strategies produced disappointing returns as rapidly shifting macroeconomic factors led to trendless and choppy market conditions. The United States (“U.S.”) economy sustained momentum, adding another 227,000 jobs for its best six-month streak since May of 2006. Retail sales climbed 1.1%, the most in five months, reflecting consumer confidence despite rising gas prices. In contrast, commodity-driven economies such as Australia felt the effects of reduced base-metal demand, while euro-zone gross domestic product unexpectedly contracted as the region struggles to contain its debt crisis. Crude oil declined as the impact of Iranian tensions receded when compared to slowing global demand and ample supplies. The Fund’s short-term strategies produced mixed to slightly negative results. The Fund’s allocation to currency markets yielded poor results in March. The U.S. dollar (+0.5%) advanced early as improvements in the U.S. economy and positive investor sentiment drove up equities and sent interest rates modestly higher. Later in the month Chairman Bernanke of the Federal Reserve (the “Fed”) reiterated his commitment to low interest rates, pressuring the U.S. dollar and erasing previous gains. The European Central Bank (“ECB”) continued to hold the line on interest rates, keeping its discount rate at 1%. The euro and British pound finished unchanged versus the U.S. dollar after declines of 2%. The Australian dollar (-4.4%) fell on weak gross domestic product (“GDP”), an unexpected rise in unemployment, as well as softening commodity exports. The

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Fund’s bond exposure experienced losses during a turbulent March as U.S. and European bonds sold off precipitously only to rebound later in the month. Japanese Government Bonds (“JGB”) came under pressure as the Bank of Japan (“BOJ”) resisted calls to increase asset purchases beyond the 30 trillion yen committed at their February meeting. JGB yields rose to 1.056%, the highest since December 2011. The Fund experienced negative results in the global equity markets in March. European stocks fell sharply on euro-zone GDP contraction (-0.3%) before optimistic U.S. data helped lift futures to 8-month highs. Markets quickly reversed on China’s shrinking economy and the possible need for further Greek debt restructuring. The FTSE (-2.1%), Amsterdam EOE Index (-1.2%), and Euro Stoxx (-4.5%) all finished lower. The Dow Jones Industrial Average (the “Dow Jones”) (+1.2%) and the Standard and Poor 500 (the “S&P 500”) (+2.5%) rose to four-year highs. Asian shares were mostly lower, pressured by the slowdown in China. China’s H-Shares (-10.9%) sank on weaker-than-expected housing and auto data with stocks in Singapore (-1.1%), Taiwan (-2.5%), and India (-2.3%) also lower. The Nikkei (+1.5%) managed to gain as the BOJ continued to ease in an effort to boost growth and weaken the yen. The Fund’s grains positions experienced moderate losses for the month. Directionless trading led to losses in corn and wheat while trending soybeans benefited long soybean meal positions. The Fund’s exposure to the metals sectors generated moderate losses as precious metals declined on increasingly positive sentiment surrounding the stability of the global economy. The Fund’s allocation to money market futures also produced negative results. Short-rate price movement closely mirrored the volatility seen in longer-term maturities as central banks continued to hold overnight lending rates between 0 and 25 basis points. Although targeted rates are expected to remain near zero for an extended period, the strength of the equity rally precipitated a decline in global short-rate prices, negatively impacting the Fund’s long positions. The Fund’s perpetual long gold position underperformed in March as investors exited the precious metal in exchange for risk. The steady pace of upbeat economic reports in the U.S., including consumer spending and confidence, fed growing optimism over the stability of the world’s largest economy.

In February, the Fund’s trading strategies generated solid returns as geopolitical and economic forces pushed energies and equities decidedly higher. Intensifying tensions with Iran over their nuclear program injected risk premium into oil markets, driving crude prices to multi-month highs. Meanwhile, a wave of hopeful economic data and the long-awaited second Greek bailout lifted stocks. U.S. unemployment fell for a fifth straight month, adding 234,000 jobs while U.S. consumer confidence posted its longest streak of gains since 1997. The Nasdaq Stock Market (the “Nasdaq”) hit 11-year highs and the Dow Jones closed above 13,000 for the first time since 2008. The BOJ revealed plans to inject 10 trillion yen into the Japanese economy in an effort to suppress deflation while the ECB sought to stabilize euro-zone banks and stimulate the economy by issuing €529.5 billion of low interest loans. Chicago Board of Trade (“CBOT”) corn slid sideways awaiting spring plantings, while soybeans soared on expected crop damage in Brazil. Short-term strategies enhanced overall performance with gains in currencies, stocks, metals, and energies. The Fund’s allocation to the energy sector produced significant returns in February as economic optimism, escalating Iranian tensions, and reduced refinery capacity led to robust returns for long energy positions. Extreme cold in Europe in the midst of heavy refinery maintenance drove IPE gas oil (+6.3%) to a nine-month high. New York heating oil (+6.0%), also used in home heating, was pulled higher on anticipated demand shift to the U.S. Brent crude gained 10.9%, its best month since May of 2009, while NY crude (+8.6%) reached a nine-month high. Despite poor U.S. gasoline demand, RBOB futures extended an impressive rally, gaining 5.4%, aided by permanent, unplanned, and seasonal refinery closures. Promising U.S. employment data and the Greek bailout approval lifted energies universally on hopes of economic growth. The Fund experienced positive results in global equity markets as stocks rose on continued economic improvement. While Europe worked its way towards the second bailout of Greece, equity markets across the continent were higher as fears of an imminent euro-zone collapse subsided. The ECB eased monetary policy significantly in an effort to support markets, stepping away from its traditional mandate of inflation stability. Markets responded with the CAC40 (+4.5%), FTSE (+3.7%) and DAX (+6.0%) all finishing the month higher. Only the Greek index finished lower with a 9.1% loss. Investor optimism drove up markets across Asia with the Nikkei (+10.2%) climbing sharply as the yen fell. Improvements in the outlook for exports also boosted shares in Hong Kong (+6.6%), Korea (+3.5%) and Taiwan (+7.6%). The U.S. markets rose as unemployment fell to 8.3%, jobless claims hit a four-year low, and modest growth was seen in manufacturing and housing. The S&P 500 (+4.3%) is off to its best start in 21 years. The Fund’s allocation to currencies generated moderate losses due to the sharp reversal in the Japanese yen. The U.S. dollar was weaker against most global currencies as the Fed reiterated its highly accommodative stance in spite of improving economic conditions. The BOJ, which has struggled with deflation for more than a decade, announced it would target a 1% annual inflation rate, adding 10 trillion yen to the economy in the process. Traders took the news seriously and sent the yen (-6.2%) to a seven-month low. The euro (+1.9%) strengthened against the U.S. dollar as fears over a Greek debt disaster abated and expectations rose for increased lending activity. The Swiss franc (+1.8%) and British pound (+1.1%) also gained while better-than-expected economic data in Australia drove the AUD/USD rate to a six-month high (1.0795 $/AUD). South American currencies continued to climb with the Mexican peso (+1.4%), Colombian peso (+2.4%), and the Brazilian real (+1.7%) all gaining. The Fund’s bond portfolio produced negative results in February. U.S. bond prices retreated slightly from January highs as positive economic data continued to foster the strongest equity rally in two decades. U.S. unemployment dropped to 8.3%, returning to a level not seen since February 2009. U.S. 10-year notes retreated on the news and ended the month down 0.8%. The ECB implemented phase two of their long term refinancing operation liquidity program on February 27^th, injecting €530 billion of short-term liquidity into the region. The 1% loan offering was taken up by 800 euro-zone banks. The monetary infusion is expected to make its way into longer-term maturities as seen by the resulting rally in Bunds and 10-year Swap Notes. The Fund’s strategies underperformed in the metals sector after bullish trends in precious metals radically corrected as Fed chairman Bernanke quelled hopes for QE3. Immediately prior to the plunge, gold and silver each hit multi-

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month highs as investors placed hedges against rising consumer prices and a weakening U.S. dollar. Following Mr. Bernanke’s testimony, gold (-1.7%) and silver (-6.9%) decreased significantly. Fears of reduced euro-zone base metal demand abated as leaders came to agreement on a second aid package for Greece. LME aluminum (+4.0%), assisted by record canceled warrants (orders to withdraw stockpiles), reversed early losses in the broad-based rally. Rising confidence levels on both sides of the Atlantic and falling inventories worked in tandem to elevate Comex (+2.1%) and LME copper (+2.2%). The Fund’s perpetual long gold position suffered late-month losses as testimony from Fed Chairman Ben Bernanke expressed optimism over improving macroeconomic data, reducing the likelihood of additional monetary stimulus. Gold and other safe-havens dropped on the news as the U.S. dollar rallied.

In January, the Fund’s strategies produced mixed results as optimism toward a European debt resolution and positive economic growth indicators led investors to add risk. The U.S. dollar declined against major currencies as the “safety trade” unwound, accelerated by the Fed’s stated willingness to purchase additional bonds. Gold benefited from the dollar’s decline, posting a +10% gain, climbing solidly back above its 200-day moving average while base-metals surged on production cutbacks and anticipated Chinese demand. European Union (“EU”) negotiations with Greece, initially promising, weighed on equity markets towards month-end as leaders debated terms of a second rescue package worth 500 billion euro. Nymex gasoline trended higher throughout the month as supply concerns intensified due to multiple refinery closures while natural gas plummeted to a 10-year low on unseasonably warm winter temperatures and overabundant supply. The Fund’s short-term strategies contributed positively to performance with gains in bonds, stocks, and metals, while the Fund’s perpetual long gold position produced significant gains for the month. The Fund’s allocation to money market futures yielded robust returns as central banks universally maintained accommodative monetary policies. In the United States, minutes from the Federal Open Market Committee of the Fed revealed the Fed’s commitment to maintain interest rates at or near zero through 2014. The European Central Bank, having cut rates twice in the last three months, maintained rates at a record low of 1%, citing signs of stabilization. In the United Kingdom, the Bank of England also maintained a record low benchmark of 0.5%. The Fund’s allocation to currency markets yielded negative returns as the U.S. dollar reversed its recent uptrend as global economic concerns began to subside. What had been a flight to safety in the U.S. dollar in late 2011 reversed as investors chose risk exposure and yield over conservation. The euro reached a 17-month low before recovering on perceived EU debt negotiation progress. The Australian dollar sustained its climb on relative economic outperformance, attractive interest rates, and strength in commodity prices. South American currencies, which lost significant ground in 2011, advanced considerably against the U.S. dollar. The Japanese yen rallied sharply late, closing at a three-month high, as investors flocked to the currency given the short-term U.S. interest rate outlook. The Fund’s grain positions experienced moderate losses for the month. Lingering concerns over South American corn and soybean yields drove grains to multi-week highs before surprisingly bearish U.S. Department of Agriculture (“USDA”) figures abruptly reversed trends. The highly anticipated January USDA report caused significant declines mid-month on unexpected increases in corn production and inventories, resulting in losses for the Fund’s corn positions. Wheat traded in tandem with corn, pressured by weak exports, ample supply, and favorable winter crop conditions. The Fund’s exposure to the energy sector generated positive returns, led by long gasoline and short natural gas positions. Gasoline ended up (+7.3%) for the month, while an unusually warm winter and continued supply glut pushed natural gas to $2.231/btu, a 10-year low. The Fund experienced losses in Nymex crude oil amid a directionless trade as prices were range-bound between $98 and $103 per barrel. The Fund’s perpetual long gold position produced sizable gains after the Federal Open Market Committee of the Fed announced that interest rates would remain low through 2014, sparking U.S. dollar worries. The ongoing EU debt crisis also continues to keep the euro weak. The instability associated with these currencies provided strong support for safe-haven assets.

For the first quarter of 2012, the most profitable market group overall was the energy sector while the greatest losses were attributable to positions in the currency sector.

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, 2011, 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, 2011, 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.

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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 EU 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 ECB 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 GDP 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 ECB 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 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

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were increasing at a 4.0% annualized rate, the highest level since the 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 ECB 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 GDP 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 ECB 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 ECB left rates 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-GDP 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 Fed monetary policy. Their focus, in contrast to the ECB, 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 GDP 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 ECB 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 against 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

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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 GDP 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 GDP 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.

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.

In the fourth quarter of 2011, the SIPC liquidation Trustee announced that the shortfall in the customer segregated funds account could be as much as 22% or more. After consideration of the Fund’s exposure, Superfund Capital Management caused the Fund to take a reserve to account for the Fund’s estimated exposure to such 22% shortfall. Series A-1 recorded a reserve that reduced the net asset value by approximately $74,000, Series A-2 recorded a reserve that reduced the net asset value by approximately $19,000, Series B-1 recorded a reserve that reduced the net asset value by approximately $58,000 and Series B-2 recorded a reserve that reduced the net asset value by approximately $43,000. As of March 31, 2012 approximately $255,000 of Series A-1 assets were still on deposit in an account(s) at MF Global. These assets represented approximately 2.0% of Series A-1’s net asset value of approximately $12.85 million as of March 31, 2012. As of March 31, 2012 approximately $67,400 of Series A-2 assets were still on deposit in an account(s) at MF Global. These assets represented approximately 2.0% of Series A-2’s net asset value of approximately $3.34 million as of March 31, 2012. As of March 31, 2012 approximately $198,000 of Series B-1 assets were still on deposit in an account(s) at MF Global. These assets represented approximately 3.8% of Series B-1’s net asset value of approximately $5.26 million as of March 31, 2012. As of March 31, 2012 approximately $145,100 of Series B-2 assets were still on deposit in an account(s) at MF Global. These assets represented approximately 3.7% of Series B-2’s net asset value of approximately $3.91 million as of March 31, 2012.

Through March 31, 2012, there has been no change to the Series A-1 reserve, which represents approximately 0.6% of the net assets of Series A-1 as of March 31, 2012 (or approximately $8.70 per Series A-1 Unit). Through March 31, 2012, there has been no change to the Series A-2 reserve, which represents approximately 0.6% of the net assets of Series A-2 as of March 31, 2012 (or approximately $9.50 per Series A-2 Unit). Through March 31, 2012, there has been no change to the Series B-1 reserve, which represents approximately 1.1% of the net assets of Series B-1 as of March 31, 2012 (or approximately $13.52 per Series B-1 Unit). Through March 31, 2012, there has been no change to the Series B-2 reserve, which represents approximately 1.1% of the net assets of Series B-2 as of March 31, 2012 (or approximately $14.24 per Series B-2 Unit). In December 2011 and January 2012, the Fund received distributions from the SIPC liquidation trustee of a portion of the Fund’s assets on deposit at MF Global. In total, Series A received approximately $5,700 in distributions and Series B received approximately $14,400. The receipt of these distributions has not impacted the reserves established on October 31, 2011. In

47

April, the Court in the MF Global liquidation proceeding authorized the additional distribution of up to approximately $600 million of segregated customer assets and $50 million in secured customer assets. To date, the Fund has not received its portion of these distributions. Superfund Capital Management has concluded that receipt of the Fund’s estimated portion of these distributions will not have an impact on the reserves already taken, which continue to represent reasonable estimations of the potential exposure to MF Global. Superfund Capital Management does not believe that the MF Global liquidation will have a material impact on the ongoing trading operations of the Fund. However, because MF Global is still in the liquidation process, further developments in the MF Global liquidation proceedings may have an impact on the ability of the Fund to:

• satisfy redemption requests in the normal 20-day time period;

• adequately value redemption requests in the ordinary timeframe;

• accept new subscriptions and properly value the net asset value for new subscribers; and

• provide for accurate valuation in the Fund’s account statements provided to Limited Partners.

There can be no assurances:

• that the Fund will have immediate access to any or all of its assets in accounts held at MF Global; and

• as to the amount or value of those assets in the context of the bankruptcy.

Future actions involving MF Global may impact the Fund’s ability to value the portion of its assets held at MF Global and/or delay the payment of a Limited Partner’s pro rata share of such assets upon redemption.

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, 2012 and December 31, 2011.

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.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

ASU 2011-11

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”). ASU 2011-11 requires disclosures to make financial statements that are prepared under U.S. GAAP more comparable to those prepared under International Financial Reporting Standards (“IFRS”). The new disclosure requirements mandate that entities disclose both gross and net information about instruments and transactions eligible for offset in the statement of assets and liabilities as well as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, ASU 2011-11 requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements. New disclosures are required for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. The General Partner is evaluating the impact of ASU 2011-11 on the financial statements and disclosures.

48

ASU 2011-04

In May 2011, FASB issued ASU No. 2011-04 Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. The Fund adopted ASU 2011-04 as of January 1, 2012. The adoption of the provisions of ASU 2011-04 has not had a material impact on the Fund’s financial statement disclosures.

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, 2012 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, 2012.

(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, 2012, the Fund sold $16,067,382 of Series A-1 Units, $3,738,873 of Series A-2 Units, $10,790,591 of Series B-1 Units and $4,632,221 of Series B-2 Units.

 (v) As of March 31, 2012, the Fund incurred expenses for the account of the Fund totaling $5,581,786 of which $4,579,358 was paid to Superfund Capital Management and $1,002,428 was paid to Superfund USA.

 (vi) Net offering proceeds to the Fund as of March 31, 2012 were $29,647,281.

49

 (vii) As of September 30, 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 $29,647,281.

(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, 2012:

Series A-1:
Month	Units Redeemed		Net Asset Value per Unit ($)
January 31, 2011		96.022		1,671.23
February 28, 2011		74.649		1,667.76
March 31, 2011		109.728		1,511.48
Total		280.399
Series A-2:
Month	Units Redeemed		Net Asset Value per Unit ($)
January 31, 2011		21.184		1,818.91
February 28, 2011		7.425		1,818.08
March 31, 2011		60.197		1,650.46
Total		88.806
Series B-1:
Month	Units Redeemed		Net Asset Value per Unit ($)
January 31, 2011		149.891		1,392.59
February 28, 2011		84.124		1,399.06
March 31, 2011		60.375		1,220.22
Total		294.390
Series B-2:
Month	Units Redeemed		Net Asset Value per Unit ($)
January 31, 2011		20.550		1,461.54
February 28, 2011		339.965		1,470.74
March 31, 2011		0.000		1,284.84
Total		360.515

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURE

Not applicable.

50

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

101.INS* XBRL Instance Document

101.SCH* XBRL Taxonomy Extension Schema Document

101.CAL* XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF* XBRL Taxonomy Extension Definition Linkbase Document

101.LAB* XBRL Taxonomy Extension Labe Linkbase Document

101.PRE* XBRL Taxonomy Extension Presentation Linkbase Document

* XBRL information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934, and is not subject to liability under those sections, is not part of any registration statement or prospectus to which it relates and is not incorporated or deemed to be incorporated by reference into any registration statement, prospectus or other document.

51

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 15, 2012	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

52

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

EX-31.1

Exhibit 31.1

RULE 13a-14(a)/15d-14(a)

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

I, Nigel James, certify that:

1. I have reviewed this report on Form 10-Q for the period ending March 31, 2012, of Superfund Gold, L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 15, 2012	By:	/s/ Nigel James
		Nigel James
		President and Principal Executive Officer

E-2

EX-31.2

Exhibit 31.2

RULE 13a-14(a)/15d-14(a)

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

I, Martin Schneider, certify that:

1. I have reviewed this report on Form 10-Q for the period ending March 31, 2012, of Superfund Gold, L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 15, 2012	By:	/s/ Martin Schneider
		Martin Schneider
		Vice President and Principal Financial Officer

E-3

EX-32.1

Exhibit 32.1

SECTION 1350 CERTIFICATION

OF PRINCIPAL EXECUTIVE OFFICER

In connection with the report on Form 10-Q for the period ending March 31, 2012 (the “Report”), I, Nigel James, President and Principal Executive Officer of Superfund Capital Management, Inc., the general partner of Superfund Gold, L.P. (the “Fund”), certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Date: May 15, 2012	By:	/s/ Nigel James
		Nigel James
		President and Principal Executive Officer

E-4

EX-32.2

Exhibit 32.2

SECTION 1350 CERTIFICATION

OF PRINCIPAL FINANCIAL OFFICER

In connection with the report on Form 10-Q for the period ending March 31, 2012 (the “Report”), I, Martin Schneider, Vice President and Principal Financial Officer of Superfund Capital Management, Inc., the general partner of Superfund Gold, L.P. (the “Fund”), certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Date: May 15, 2012	By:	/s/ Martin Schneider
		Martin Schneider
		Vice President and Principal Financial Officer

E-5

XML

Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Cash flows from operating activities
Net increase (decrease) in net assets from operations	$ 116,613	$ 74,008
Changes in operating assets and liabilities:
Purchases of U.S. government securities	(4,049,212)	(9,647,533)
Sales and maturities of U.S. government securities	6,400,000	9,600,000
Amortization of discounts and premiums	363	(2,880)
(Increase) decrease in due from brokers	7,284,119	(2,621,694)
(Increase) decrease in due from affiliate		5,599
Decrease in unrealized appreciation on open forward contracts	(11,338)	(83,988)
Increase in unrealized depreciation on open forward contracts	109,652	235,094
Increase (decrease) in futures contracts purchased	(1,626,277)	2,229,493
Increase (decrease) in futures contracts sold	(26)	(106,495)
Decrease in incentive fee payable		(395,667)
Increase (decrease) in management fees payable	(59,295)	4,860
Increase (decrease) in fees payable	(58,373)	4,930
Net cash provided by (used in) operating activities	8,106,226	(704,273)
Cash flows from financing activities
Subscriptions, net of change in advance subscriptions	989,523	3,332,909
Redemptions, net of change in redemptions payable	(2,120,001)	(524,219)
Net cash provided by (used in) financing activities	(1,130,478)	2,808,690
Net increase in cash	6,975,748	2,104,417
Cash, beginning of period	5,304,787	3,630,425
Cash, end of period	12,280,535	5,734,842
SERIES A
Cash flows from operating activities
Net increase (decrease) in net assets from operations	169,609	13,757
Changes in operating assets and liabilities:
Purchases of U.S. government securities	(2,149,584)	(4,898,745)
Sales and maturities of U.S. government securities	3,700,000	4,950,000
Amortization of discounts and premiums	195	(1,473)
(Increase) decrease in due from brokers	4,593,340	(1,285,956)
(Increase) decrease in due from affiliate		5,599
Decrease in unrealized appreciation on open forward contracts	(10,909)	(35,874)
Increase in unrealized depreciation on open forward contracts	61,081	100,896
Increase (decrease) in futures contracts purchased	(1,055,639)	1,023,293
Increase (decrease) in futures contracts sold	(9,851)	(38,259)
Decrease in incentive fee payable		(197,367)
Increase (decrease) in management fees payable	(36,689)	4,123
Increase (decrease) in fees payable	(38,416)	4,103
Net cash provided by (used in) operating activities	5,223,137	(355,903)
Cash flows from financing activities
Subscriptions, net of change in advance subscriptions	803,103	2,277,710
Redemptions, net of change in redemptions payable	(1,064,074)	(106,961)
Net cash provided by (used in) financing activities	(260,971)	2,170,749
Net increase in cash	4,962,166	1,814,846
Cash, beginning of period	4,325,976	2,215,532
Cash, end of period	9,288,142	4,030,378
SERIES B
Cash flows from operating activities
Net increase (decrease) in net assets from operations	(52,996)	60,251
Changes in operating assets and liabilities:
Purchases of U.S. government securities	(1,899,628)	(4,748,788)
Sales and maturities of U.S. government securities	2,700,000	4,650,000
Amortization of discounts and premiums	168	(1,407)
(Increase) decrease in due from brokers	2,690,779	(1,335,738)
Decrease in unrealized appreciation on open forward contracts	(429)	(48,114)
Increase in unrealized depreciation on open forward contracts	48,571	134,198
Increase (decrease) in futures contracts purchased	(570,638)	1,206,200
Increase (decrease) in futures contracts sold	9,825	(68,236)
Decrease in incentive fee payable		(198,300)
Increase (decrease) in management fees payable	(22,606)	737
Increase (decrease) in fees payable	(19,957)	827
Net cash provided by (used in) operating activities	2,883,089	(348,370)
Cash flows from financing activities
Subscriptions, net of change in advance subscriptions	186,420	1,055,199
Redemptions, net of change in redemptions payable	(1,055,927)	(417,258)
Net cash provided by (used in) financing activities	(869,507)	637,941
Net increase in cash	2,013,582	289,571
Cash, beginning of period	978,811	1,414,893
Cash, end of period	$ 2,992,393	$ 1,704,464

XML

Statements of Changes In Net Assets (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Increase (decrease) in net assets from operations
Net investment loss	$ (448,727)	$ (481,155)
Net realized gain (loss) on futures and forward contracts	(962,649)	2,829,267
Net change in unrealized appreciation (depreciation) on futures and forward contracts	1,527,989	(2,274,104)
Net increase in net assets from operations	116,613	74,008
Capital share transactions
Issuance of Units	1,414,685	3,510,976
Redemption of Units	(1,532,470)	(3,148,679)
Net increase (decrease) in net assets from capital share transactions	(117,785)	362,297
Net increase (decrease) in net assets	(1,172)	436,305
Net assets, beginning of period	25,359,446	26,675,225
Net assets, end of period	25,358,274	27,111,530
SERIES A
Increase (decrease) in net assets from operations
Net investment loss	(274,522)	(240,996)
Net realized gain (loss) on futures and forward contracts	(571,187)	1,304,809
Net change in unrealized appreciation (depreciation) on futures and forward contracts	1,015,318	(1,050,056)
Net increase in net assets from operations	169,609	13,757
Capital share transactions
Issuance of Units	810,685	2,557,345
Redemption of Units	(602,243)	(2,225,891)
Net increase (decrease) in net assets from capital share transactions	208,442	331,454
Net increase (decrease) in net assets	378,051	345,211
Net assets, beginning of period	15,819,153	13,716,691
Net assets, end of period	16,197,204	14,061,902
SERIES B
Increase (decrease) in net assets from operations
Net investment loss	(174,205)	(240,159)
Net realized gain (loss) on futures and forward contracts	(391,462)	1,524,458
Net change in unrealized appreciation (depreciation) on futures and forward contracts	512,671	(1,224,048)
Net increase in net assets from operations	(52,996)	60,251
Capital share transactions
Issuance of Units	604,000	953,631
Redemption of Units	(930,227)	(922,788)
Net increase (decrease) in net assets from capital share transactions	(326,227)	30,843
Net increase (decrease) in net assets	(379,223)	91,094
Net assets, beginning of period	9,540,293	12,958,534
Net assets, end of period	9,161,070	13,049,628
Series A-1
Capital share transactions
Net assets, beginning of period	12,507,057
Net assets, end of period	12,854,354
Series Units, beginning of period	8,359.510	6,916.044
Issuance of Units	425.396	1,251.930
Redemption of Units	(280.399)	(1,061.343)
Series Units, end of period	8,504.507	7,106.631
Series A-2
Capital share transactions
Net assets, beginning of period	3,312,096
Net assets, end of period	3,342,850
Series Units, beginning of period	2,037.421	1,724.508
Issuance of Units	76.785	412.521
Redemption of Units	(88.806)	(348.532)
Series Units, end of period	2,025.400	1,788.497
Series B-1
Capital share transactions
Net assets, beginning of period	5,617,352
Net assets, end of period	5,255,933
Series Units, beginning of period	4,524.265	5,784.122
Issuance of Units	77.496	638.189
Redemption of Units	(294.390)	(359.565)
Series Units, end of period	4,307.371	6,062.746
Series B-2
Capital share transactions
Net assets, beginning of period	3,922,941
Net assets, end of period	$ 3,905,137
Series Units, beginning of period	3,015.557	3,700.480
Issuance of Units	384.349	106.799
Redemption of Units	(360.515)	(319.424)
Series Units, end of period	3,039.391	3,487.855

XML

Statements of Assets and Liabilities (Unaudited) (USD $)	Mar. 31, 2012	Dec. 31, 2011
ASSETS
US Government securities, at fair value, (amortized cost)	$ 4,048,849	$ 6,400,000
Due from brokers	10,221,478	17,505,597
Unrealized appreciation on open forward contracts	146,326	134,988
Futures contracts sold	378,509	378,483
Cash	12,280,535	5,304,787
Total assets	27,075,697	29,723,855
LIABILITIES
Unrealized depreciation on open forward contracts	205,049	95,397
Futures contracts purchased	611,085	2,237,362
Subscriptions received in advance	488,838	914,000
Redemptions payable	317,407	904,938
Management fee payable	48,361	107,656
Fees payable	46,683	105,056
Total liabilities	1,717,423	4,364,409
NET ASSETS	25,358,274	25,359,446
SERIES A
ASSETS
US Government securities, at fair value, (amortized cost)	2,149,389	3,700,000
Due from brokers	5,588,915	10,182,255
Unrealized appreciation on open forward contracts	80,209	69,300
Futures contracts sold	199,822	189,971
Cash	9,288,142	4,325,976
Total assets	17,306,477	18,467,502
LIABILITIES
Unrealized depreciation on open forward contracts	112,319	51,238
Futures contracts purchased	356,184	1,411,823
Subscriptions received in advance	328,418	336,000
Redemptions payable	249,237	711,068
Management fee payable	30,985	67,674
Fees payable	32,130	70,546
Total liabilities	1,109,273	2,648,349
NET ASSETS	16,197,204	15,819,153
SERIES B
ASSETS
US Government securities, at fair value, (amortized cost)	1,899,460	2,700,000
Due from brokers	4,632,563	7,323,342
Unrealized appreciation on open forward contracts	66,117	65,688
Futures contracts sold	178,687	188,512
Cash	2,992,393	978,811
Total assets	9,769,220	11,256,353
LIABILITIES
Unrealized depreciation on open forward contracts	92,730	44,159
Futures contracts purchased	254,901	825,539
Subscriptions received in advance	160,420	578,000
Redemptions payable	68,170	193,870
Management fee payable	17,376	39,982
Fees payable	14,553	34,510
Total liabilities	608,150	1,716,060
NET ASSETS	9,161,070	9,540,293
Series A-1
LIABILITIES
NET ASSETS	12,854,354	12,507,057
Number of Units outstanding	8,504.507	8,359.510
Net Asset Value per Unit	$ 1,511.48	$ 1,496.15
Series A-2
LIABILITIES
NET ASSETS	3,342,850	3,312,096
Number of Units outstanding	2,025.400	2,037.421
Net Asset Value per Unit	$ 1,650.46	$ 1,625.63
Series B-1
LIABILITIES
NET ASSETS	5,255,933	5,617,352
Number of Units outstanding	4,307.371	4,524.265
Net Asset Value per Unit	$ 1,220.22	$ 1,241.61
Series B-2
LIABILITIES
NET ASSETS	$ 3,905,137	$ 3,922,941
Number of Units outstanding	3,039.391	3,015.557
Net Asset Value per Unit	$ 1,284.84	$ 1,300.90

XML

Statements of Operations (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Investment income
Interest income	$ 8	$ 4,699
Other income	950
Total income	958	4,699
Expenses
Brokerage commissions	136,950	157,510
Management fee	158,598	157,878
Selling commissions	99,252	99,491
Operating expenses	52,866	52,623
Incentive fee		13,556
Other	2,019	4,796
Total expenses	449,685	485,854
Net investment loss	(448,727)	(481,155)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts	(962,649)	2,829,267
Net change in unrealized appreciation (depreciation) on futures and forward contracts	1,527,989	(2,274,104)
Net gain on investments	565,340	555,163
Net increase in net assets from operations	116,613	74,008
SERIES A
Investment income
Interest income	8	2,245
Other income	507
Total income	515	2,245
Expenses
Brokerage commissions	72,956	68,990
Management fee	98,982	83,865
Selling commissions	69,550	58,922
Operating expenses	32,994	27,955
Incentive fee		1,619
Other	555	1,890
Total expenses	275,037	243,241
Net investment loss	(274,522)	(240,996)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts	(571,187)	1,304,809
Net change in unrealized appreciation (depreciation) on futures and forward contracts	1,015,318	(1,050,056)
Net gain on investments	444,131	254,753
Net increase in net assets from operations	169,609	13,757
SERIES B
Investment income
Interest income		2,454
Other income	443
Total income	443	2,454
Expenses
Brokerage commissions	63,994	88,520
Management fee	59,616	74,013
Selling commissions	29,702	40,569
Operating expenses	19,872	24,668
Incentive fee		11,937
Other	1,464	2,906
Total expenses	174,648	242,613
Net investment loss	(174,205)	(240,159)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts	(391,462)	1,524,458
Net change in unrealized appreciation (depreciation) on futures and forward contracts	512,671	(1,224,048)
Net gain on investments	121,209	300,410
Net increase in net assets from operations	$ (52,996)	$ 60,251
Series A-1
Realized and unrealized gain (loss) on investments
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of Units outstanding during period)	$ 13.52	$ 1.12
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit during period)	$ 15.33	$ (8.17)
Series A-2
Realized and unrealized gain (loss) on investments
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of Units outstanding during period)	$ 26.27	$ 2.61
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit during period)	$ 24.83	$ (1.23)
Series B-1
Realized and unrealized gain (loss) on investments
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of Units outstanding during period)	$ (14.77)	$ 4.58
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit during period)	$ (21.39)	$ (1.06)
Series B-2
Realized and unrealized gain (loss) on investments
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of Units outstanding during period)	$ 3.78	$ 8.44
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit during period)	$ (16.06)	$ 4.76

XML

Statements of Operations (Unaudited) (Parenthetical)	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Series A-1
Limited Partners' Capital Account [Line Items]
Weighted Average Limited Partnership Units Outstanding, Basic	8,529.69	7,765.88
Series A-2
Limited Partners' Capital Account [Line Items]
Weighted Average Limited Partnership Units Outstanding, Basic	2,065.66	1,930.20
Series B-1
Limited Partners' Capital Account [Line Items]
Weighted Average Limited Partnership Units Outstanding, Basic	4,423.85	6,225.63
Series B-2
Limited Partners' Capital Account [Line Items]
Weighted Average Limited Partnership Units Outstanding, Basic	3,266.31	3,758.94

XML

Statements of Assets and Liabilities (Unaudited) (Parenthetical) (USD $)	Mar. 31, 2012	Dec. 31, 2011
ASSETS
U.S. Government securities, amortized cost	$ 4,048,849	$ 6,400,000
Net of reserve	194,753	194,753
SERIES A
ASSETS
U.S. Government securities, amortized cost	3,700,000	2,149,389
Net of reserve	93,232	93,232
SERIES B
ASSETS
U.S. Government securities, amortized cost	1,899,460	2,700,000
Net of reserve	$ 101,521	$ 101,521

XML

Financial Highlights

3 Months Ended

Mar. 31, 2012

Nature of Operations, Basis of Presentation and Significant Accounting Policies and Financial Highlights [Abstract]

Financial Highlights

8. Financial highlights

Financial highlights for the period January 1 through March 31, 2012 are as follows:

	2012
	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees		1.0	%		1.5	%		(1.7	)%		(1.2	)%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
Total return after incentive fees		1.0	%		1.5	%		(1.7	)%		(1.2	)%
Ratios to average partners’ capital**
Operating expenses before incentive fees		1.7	%		1.2	%		1.9	%		1.4	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
Total expenses		1.7	%		1.2	%		1.9	%		1.4	%
Net investment loss**		(1.7	)%		(1.2	)%		(1.9	)%		(1.4	)%
Net asset value per unit, beginning of period	$	1,496.15		$	1,625.63		$	1,241.61		$	1,300.90
Net investment loss		(27.28	)		(20.85	)		(25.03	)		(19.59	)
Net gain on investments		42.61			45.68			3.64			3.53
Net asset value per unit, end of period	$	1,511.48		$	1,650.46		$	1,220.22		$	1,284.84
Other per Unit information:
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of Units during period) upon weighted average Number of Units during period) upon weighted average number of Units during period)	$	13.52		$	26.27		$	(14,77	)	$	3.78
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit) upon change in net asset value per Unit) upon change in net asset value per Unit)	$	15.33		$	24.83		$	(21.39	)	$	(16.06	)

* Total return is calculated for each Series of the Fund taken as a whole. An individual investor’s return may vary from these returns based on the timing of capital transactions.

** Annualized for periods less than a year

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		(0.5	)%		0.0	%		0.0	%		0.5	%
Incentive fees		0.0	%		0.01	%		0.02	%		0.6	%
Total return after incentive fees		(0.5	)%		(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) upon weighted average Number of Units during period) upon weighted average number of Units during period)	$	1.12		$	2.61		$	4.58		$	8.44
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit) upon change in net asset value per Unit) upon change in net asset value per Unit)	$	(8.17	)	$	(1.23	)	$	(1.06	)	$	4.76

* Total return is calculated for each Series of the Fund taken as a whole. An individual investor’s return may vary from these returns based on the timing of capital transactions.

** Annualized for periods less than a year

XML

Document and Entity Information	3 Months Ended
	Mar. 31, 2012
Document and Entity Information [Abstract]
Entity Registrant Name	SUPERFUND GOLD, L.P.
Entity Central Index Key	0001433147
Document Type	10-Q
Document Period End Date	Mar. 31, 2012
Amendment Flag	false
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding	0

XML

Financial Instrument Risk

3 Months Ended

Mar. 31, 2012

Financial Instrument Risk [Abstract]

Financial Instrument Risk

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 $929,812 and $1,162,388, respectively, and gross unrealized gains and losses related to non-exchange-traded forwards were $146,326 and $205,049, respectively, at March 31, 2012.

For Series A, gross unrealized gains and losses related to exchange-traded futures were $481,978 and $638,340, respectively, and gross unrealized gains and losses related to non-exchange-traded forwards were $80,209 and $112,319, respectively, at March 31, 2012.

For Series B, gross unrealized gains and losses related to exchange-traded futures were $447,834 and $524,048, respectively, and gross unrealized gains and losses related to non-exchange-traded forwards were $66,117 and $92,730, respectively, at March 31, 2012.

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., and Rosenthal Collins Group, L.L.C. Prior to its insolvency, the Fund used MF Global, Inc. as one of its futures commission merchants. See Note 5 for additional discussion of MF Global.

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

The majority of these instruments mature within one year of March 31, 2012. However, due to the nature of the Fund’s business, these instruments may not be held to maturity.

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Condensed Schedule of Investments (Unaudited) (USD $)	Mar. 31, 2012	Dec. 31, 2011
Forward Contracts
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.20%)	0.20%
Fair Value	$ (58,723)	$ 39,591
Future Contracts
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.90%)	(7.30%)
Fair Value	(232,576)	(1,858,879)
United States Treasury Bills due
Limited Partners' Capital Account [Line Items]
Face Value	4,050,000	6,400,000
Percentage of Net Assets	16.00%	25.20%
Fair Value	4,048,849	6,400,000
Unrealized Appreciation on Forward Contracts
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.60%	0.50%
Fair Value	146,326	134,988
Unrealized Appreciation on Forward Contracts | Currency Swap
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.60%	0.50%
Fair Value	146,326	134,988
Unrealized Depreciation on Forward Contracts
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.80%)	(0.40%)
Fair Value	(205,049)	(95,397)
Unrealized Depreciation on Forward Contracts | Currency Swap
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.80%)	(0.40%)
Fair Value	(205,049)	(95,397)
Futures Contracts Purchased
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(2.40%)	(8.80%)
Fair Value	(611,085)	(2,237,362)
Futures Contracts Purchased | Currency Swap
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.10%	0.30%
Fair Value	22,416	68,483
Futures Contracts Purchased | Energy
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.50%)	(0.30%)
Fair Value	(126,924)	(86,639)
Futures Contracts Purchased | Financial
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.20%	0.00%
Fair Value	52,941	5,880
Futures Contracts Purchased | Financial | 2 Years U.S. Treasury Note
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets		0.00%
Fair Value		1,954
Futures Contracts Purchased | Financial | Other
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets		0.00%
Fair Value		3,926
Futures Contracts Purchased | Food & Fiber
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.10%)	0.10%
Fair Value	(28,049)	30,713
Futures Contracts Purchased | Indices
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.30%	0.00%
Fair Value	77,036	8,193
Futures Contracts Purchased | CMX Gold
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets		(8.80%)
Fair Value		(2,228,620)
Futures Contracts Purchased | Other Metals
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets		(0.10%)
Fair Value		(35,372)
Futures Contracts Purchased | Metals
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(2.40%)	(8.90%)
Fair Value	(608,505)	(2,263,992)
Futures Contracts Sold
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	1.50%	1.50%
Fair Value	378,509	378,483
Futures Contracts Sold | Currency Swap
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.00%	0.30%
Fair Value	6,329	85,282
Futures Contracts Sold | Energy
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.00%	0.30%
Fair Value	4,580	84,680
Futures Contracts Sold | Financial
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets		0.00%
Fair Value		(11,937)
Futures Contracts Sold | Food & Fiber
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.40%)	0.10%
Fair Value	(104,134)	23,297
Futures Contracts Sold | Indices
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.20%	0.20%
Fair Value	50,724	58,871
Futures Contracts Sold | Livestock
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.80%	0.10%
Fair Value	204,800	18,950
Futures Contracts Sold | Metals
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.90%	0.50%
Fair Value	216,210	119,340
Futures and Forward Contracts
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(1.10%)	(7.20%)
Fair Value	(291,299)	(1,819,288)
Futures and Forward Contracts | Australia
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.10%	0.10%
Fair Value	27,686	13,630
Futures and Forward Contracts | European Monetary Union
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.00%	0.30%
Fair Value	(5,471)	69,960
Futures and Forward Contracts | Great Britain
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.10%)	0.00%
Fair Value	(25,435)	5,614
Futures and Forward Contracts | Japan
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.10%	0.40%
Fair Value	24,333	106,637
Futures and Forward Contracts | United States
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(1.40%)	(8.10%)
Fair Value	(353,142)	(2,048,725)
Futures and Forward Contracts | Other Countries
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.20%	0.10%
Fair Value	40,730	33,596
SERIES A | Forward Contracts
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.20%)	0.10%
Fair Value	(32,110)	18,062
SERIES A | Future Contracts
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.80%)	(7.60%)
Fair Value	(156,362)	(1,221,852)
SERIES A | United States Treasury Bills due
Limited Partners' Capital Account [Line Items]
Face Value	2,150,000	3,700,000
Percentage of Net Assets	13.30%	23.40%
Fair Value	2,149,389	3,700,000
SERIES A | Unrealized Appreciation on Forward Contracts
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.50%	0.40%
Fair Value	80,209	69,300
SERIES A | Unrealized Appreciation on Forward Contracts | Currency Swap
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.50%	0.40%
Fair Value	80,209	69,300
SERIES A | Unrealized Depreciation on Forward Contracts
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.70%)	(0.30%)
Fair Value	(112,319)	(51,238)
SERIES A | Unrealized Depreciation on Forward Contracts | Currency Swap
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.70%)	(0.30%)
Fair Value	(112,319)	(51,238)
SERIES A | Futures Contracts Purchased
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(2.10%)	(9.00%)
Fair Value	(356,184)	(1,411,823)
SERIES A | Futures Contracts Purchased | Currency Swap
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.10%	0.20%
Fair Value	10,523	36,900
SERIES A | Futures Contracts Purchased | Energy
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.50%)	(0.30%)
Fair Value	(73,852)	(45,053)
SERIES A | Futures Contracts Purchased | Financial
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.20%	0.00%
Fair Value	27,327	2,614
SERIES A | Futures Contracts Purchased | Financial | 2 Years U.S. Treasury Note
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets		0.00%
Fair Value		1,016
SERIES A | Futures Contracts Purchased | Financial | Other
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets		0.00%
Fair Value		1,598
SERIES A | Futures Contracts Purchased | Food & Fiber
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.10%)	0.10%
Fair Value	(15,447)	16,738
SERIES A | Futures Contracts Purchased | Indices
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.30%	0.00%
Fair Value	40,849	4,717
SERIES A | Futures Contracts Purchased | CMX Gold
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets		(8.90%)
Fair Value		(1,407,280)
SERIES A | Futures Contracts Purchased | Other Metals
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets		(0.10%)
Fair Value		(20,459)
SERIES A | Futures Contracts Purchased | Metals
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(2.10%)	(9.00%)
Fair Value	(345,584)	(1,427,739)
SERIES A | Futures Contracts Sold
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	1.30%	1.40%
Fair Value	199,822	189,971
SERIES A | Futures Contracts Sold | Currency Swap
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.00%	0.30%
Fair Value	3,294	43,963
SERIES A | Futures Contracts Sold | Energy
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.00%	0.30%
Fair Value	2,670	42,480
SERIES A | Futures Contracts Sold | Financial
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets		0.00%
Fair Value		(6,656)
SERIES A | Futures Contracts Sold | Food & Fiber
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.30%)	0.10%
Fair Value	(56,479)	11,607
SERIES A | Futures Contracts Sold | Indices
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.20%	0.20%
Fair Value	26,125	26,026
SERIES A | Futures Contracts Sold | Livestock
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.70%	0.10%
Fair Value	109,060	9,670
SERIES A | Futures Contracts Sold | Metals
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.70%	0.40%
Fair Value	115,152	62,881
SERIES A | Futures and Forward Contracts
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(1.00%)	(7.50%)
Fair Value	(188,472)	(1,203,790)
SERIES A | Futures and Forward Contracts | Australia
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.10%	0.10%
Fair Value	15,026	8,242
SERIES A | Futures and Forward Contracts | European Monetary Union
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.00%	0.20%
Fair Value	(2,542)	36,313
SERIES A | Futures and Forward Contracts | Great Britain
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.10%)	0.00%
Fair Value	(15,057)	2,711
SERIES A | Futures and Forward Contracts | Japan
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.10%	0.30%
Fair Value	11,572	55,550
SERIES A | Futures and Forward Contracts | United States
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(1.20%)	(8.20%)
Fair Value	(219,286)	(1,316,556)
SERIES A | Futures and Forward Contracts | Other Countries
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.10%	0.10%
Fair Value	21,815	9,950
SERIES B | Forward Contracts
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.30%)	0.20%
Fair Value	(26,613)	21,529
SERIES B | Future Contracts
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.90%)	(7.00%)
Fair Value	(76,214)	(637,027)
SERIES B | United States Treasury Bills due
Limited Partners' Capital Account [Line Items]
Face Value	1,900,000	2,700,000
Percentage of Net Assets	20.70%	28.30%
Fair Value	1,899,460	2,700,000
SERIES B | Unrealized Appreciation on Forward Contracts
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.70%	0.70%
Fair Value	66,117	65,688
SERIES B | Unrealized Appreciation on Forward Contracts | Currency Swap
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.70%	0.70%
Fair Value	66,117	65,688
SERIES B | Unrealized Depreciation on Forward Contracts
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(1.00%)	(0.50%)
Fair Value	(92,730)	(44,159)
SERIES B | Unrealized Depreciation on Forward Contracts | Currency Swap
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(1.00%)	(0.50%)
Fair Value	(92,730)	(44,159)
SERIES B | Futures Contracts Purchased
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(2.80%)	(8.80%)
Fair Value	(254,901)	(825,539)
SERIES B | Futures Contracts Purchased | Currency Swap
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.10%	0.30%
Fair Value	11,893	31,583
SERIES B | Futures Contracts Purchased | Energy
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.60%)	(0.40%)
Fair Value	(53,072)	(41,586)
SERIES B | Futures Contracts Purchased | Financial
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.30%	0.00%
Fair Value	25,614	3,266
SERIES B | Futures Contracts Purchased | Financial | 2 Years U.S. Treasury Note
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets		0.00%
Fair Value		938
SERIES B | Futures Contracts Purchased | Financial | Other
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets		0.00%
Fair Value		2,328
SERIES B | Futures Contracts Purchased | Food & Fiber
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.10%)	0.10%
Fair Value	(12,602)	13,975
SERIES B | Futures Contracts Purchased | Indices
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.40%	0.00%
Fair Value	36,187	3,476
SERIES B | Futures Contracts Purchased | CMX Gold
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets		(8.60%)
Fair Value		(821,340)
SERIES B | Futures Contracts Purchased | Other Metals
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets		(0.20%)
Fair Value		(14,913)
SERIES B | Futures Contracts Purchased | Metals
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(2.90%)	(8.80%)
Fair Value	(262,921)	(836,253)
SERIES B | Futures Contracts Sold
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	1.90%	1.80%
Fair Value	178,687	188,512
SERIES B | Futures Contracts Sold | Currency Swap
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.00%	0.40%
Fair Value	3,035	41,319
SERIES B | Futures Contracts Sold | Energy
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.00%	0.40%
Fair Value	1,910	42,200
SERIES B | Futures Contracts Sold | Financial
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets		(0.10%)
Fair Value		(5,281)
SERIES B | Futures Contracts Sold | Food & Fiber
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.50%)	0.10%
Fair Value	(47,655)	11,690
SERIES B | Futures Contracts Sold | Indices
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.30%	0.30%
Fair Value	24,599	32,845
SERIES B | Futures Contracts Sold | Livestock
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	1.00%	0.10%
Fair Value	95,740	9,280
SERIES B | Futures Contracts Sold | Metals
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	1.10%	0.60%
Fair Value	101,058	56,459
SERIES B | Futures and Forward Contracts
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(1.20%)	(6.80%)
Fair Value	(102,827)	(615,498)
SERIES B | Futures and Forward Contracts | Australia
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.10%	0.10%
Fair Value	12,660	5,388
SERIES B | Futures and Forward Contracts | European Monetary Union
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.00%	0.30%
Fair Value	(2,929)	33,647
SERIES B | Futures and Forward Contracts | Great Britain
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(0.10%)	0.00%
Fair Value	(10,378)	2,903
SERIES B | Futures and Forward Contracts | Japan
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.10%	0.40%
Fair Value	12,761	51,087
SERIES B | Futures and Forward Contracts | United States
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	(1.50%)	(7.80%)
Fair Value	(133,856)	(732,169)
SERIES B | Futures and Forward Contracts | Other Countries
Limited Partners' Capital Account [Line Items]
Percentage of Net Assets	0.20%	0.20%
Fair Value	$ 18,915	$ 23,646

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Fair Value Measurements

3 Months Ended

Mar. 31, 2012

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

The Fund follows ASC 820, Fair Value Measurements and Disclosures. 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 speculative 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 held by the Fund may include forwards and swaps. Spot and forward foreign currency contracts held by the Fund are valued at published daily settlement prices or at dealers’ quotes. The Fund’s forward and swap 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, 2012, the Fund held no derivative contracts valued using Level 3 inputs.

The following table summarizes the valuation of the Fund’s assets and liabilities by the ASC 820 fair value hierarchy as of March 31, 2012 and December 31, 2011:

Superfund Gold, L.P.

	Balance March 31, 2012		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	4,048,849	$	—	$	4,048,849	$	—
Unrealized appreciation on open forward contracts		146,326		—		146,326		—
Futures contracts purchased		336,164		336,164		—		—
Futures contracts sold		593,648		593,648		—		—
Total Assets Measured at Fair Value	$	5,124,987	$	929,812	$	4,195,175	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	205,049	$	—	$	205,049	$	—
Futures contracts purchased	$	947,249	$	947,249	$	—		—
Futures contracts sold	$	215,139	$	215,139	$	—		—
Total Liabilities Measured at Fair Value	$	1,367,437	$	1,162,388	$	205,049	$	—
	Balance December 31, 2011		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	6,400,000	$	—	$	6,400,000	$	—
Unrealized appreciation on open forward contracts		134,988		—		134,988		—
Futures contracts purchased		378,483		378,483		—		—
Total Assets Measured at Fair Value	$	6,913,471	$	378,483	$	6,534,988	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	95,397	$	—	$	95,397	$	—
Futures contracts sold		2,237,362		2,237,362		—		—
Total Liabilities Measured at Fair Value	$	2,332,759	$	2,237,362	$	95,397	$	—
Superfund Gold, L.P.—Series A
	Balance March 31, 2012		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	2,149,389	$	—	$	2,149,389	$	—
Unrealized appreciation on open forward contracts		80,209		—		80,209		—
Futures contracts purchased		169,576		169,576		—		—
Futures contracts sold		312,402		312,402		—		—
Total Assets Measured at Fair Value	$	2,711,576	$	481,978	$	2,229,598	$	—

LIABILITIES
Unrealized depreciation on open forward contracts	$	112,319	$	—	$	112,319	$	—
Futures contracts purchased	$	525,760	$	525,760	$	—		—
Futures contracts sold	$	112,580	$	112,580	$	—		—
Total Liabilities Measured at Fair Value	$	750,659	$	638,340	$	112,319	$	—
	Balance December 31, 2011		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	3,700,000	$	—	$	3,700,000	$	—
Unrealized appreciation on open forward contracts		69,300		—		69,300		—
Futures contracts purchased		189,971		189,971		—		—
Total Assets Measured at Fair Value	$	3,959,271	$	189,971	$	3,769,300	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	51,238	$	—	$	51,238	$	—
Futures contracts sold		1,411,823		1,411,823		—		—
Total Liabilities Measured at Fair Value	$	1,463,061	$	1,411,823	$	51,238	$	—
Superfund Gold, L.P.—Series B
	Balance March 31, 2012		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	1,899,460	$	—	$	1,899,460	$	—
Unrealized appreciation on open forward contracts		66,117		—		66,117		—
Futures contracts purchased		166,588		166,588		—		—
Futures contracts sold		281,246		281,246		—		—
Total Assets Measured at Fair Value	$	2,413,411	$	447,834	$	1,965,577	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	92,730	$	—	$	92,730	$	—
Futures contracts purchased	$	421,489	$	421,489	$	—		—
Futures contracts sold	$	102,559	$	102,559	$	—		—
Total Liabilities Measured at Fair Value	$	616,778	$	524,048	$	92,730	$	—
	Balance December 31, 2011		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	2,700,000	$	—	$	2,700,000	$	—
Unrealized appreciation on open forward contracts		65,688		—		65,688		—
Futures contracts purchased		188,512		188,512		—		—
Total Assets Measured at Fair Value	$	2,954,200	$	188,512	$	2,765,688	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	44,159	$	—	$	44,159	$	—
Futures contracts sold		825,539		825,539		—		—
Total Liabilities Measured at Fair Value	$	869,698	$	825,539	$	44,159	$	—

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Basis of Presentation and Significant Accounting Policies

3 Months Ended

Mar. 31, 2012

Nature of Operations, Basis of Presentation and Significant Accounting Policies and Financial Highlights [Abstract]

Basis of Presentation and Significant Accounting Policies

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. (“U.S. GAAP”) 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, 2011.

Valuation of Investments in Futures Contracts, Forward Contracts, and U.S. Treasury Bills

All commodity interests (including derivative financial instruments and derivative commodity instruments) are used for trading purposes. The commodity interests are recorded on a trade date basis and open contracts are recorded in the statements of assets and liabilities at fair value on the last business day of the period, which represents market value for those commodity interests for which market quotes are readily available.

Exchange-traded futures contracts are valued at settlement prices published by the recognized exchange. Any spot and forward foreign currency contracts held by the Fund will be valued at published settlement prices or at dealers’ quotes. The Fund uses the amortized cost method for valuing U.S. Treasury Bills due to the short-term nature of such instruments; accordingly, the cost of securities plus accreted discount or minus amortized premium approximates fair value (See Section 3 – Fair Value Measurements).

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 realized and unrealized 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. The Fund uses the amortized cost method for valuing U.S. Treasury Bills. Operating expenses of the Fund are allocated to each Series in proportion to the net asset value of the Series at the beginning of each month. Expenses directly attributable to a particular Series are charged directly to that Series.

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 ASC Topic 740, Income Taxes (“ASC 740”), to the Fund to determine whether or not there are uncertain tax positions that require financial statement recognition. Based on this evaluation, 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 through 2011 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 U.S. GAAP requires Superfund Capital Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Recently Issued Accounting Pronouncements

ASU 2011-11

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”). ASU 2011-11 requires disclosures to make financial statements that are prepared under U.S. GAAP more comparable to those prepared under International Financial Reporting Standards (“IFRS”). The new disclosure requirements mandate that entities disclose both gross and net information about instruments and transactions eligible for offset in the statement of assets and liabilities as well as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, ASU 2011-11 requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements. New disclosures are required for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. Superfund Capital Management is evaluating the impact of ASU 2011-11 on the financial statements and disclosures.

ASU 2011-04

In May 2011, FASB issued ASU No. 2011-04 Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. The Fund adopted ASU 2011-04 as of January 1, 2012. The adoption of the provisions of ASU 2011-4 has not had a material impact on the Fund’s financial statement disclosures.

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Subscriptions and Redemptions

3 Months Ended

Mar. 31, 2012

Subscriptions and Redemptions [Abstract]

Subscriptions and Redemptions

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 the subscription funds are returned.

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.

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Allocation of Net Profits and Losses

3 Months Ended

Mar. 31, 2012

Allocation of Net Profits and Losses [Abstract]

Allocation of Net Profits and Losses

6. Allocation of net profits and losses

In accordance with the Fund’s Third 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.

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Disclosure of derivative instruments and hedging activities

3 Months Ended

Mar. 31, 2012

Disclosure of derivative instruments and hedging activities [Abstract]

Disclosure of derivative instruments and hedging activities

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 for each Series.

The Fund engages in the speculative trading of forward contracts in currency and futures contracts in a wide range of commodities, including equity markets, interest rates, food and fiber, energy, livestock and metals. ASC 815 requires entities to recognize all derivatives instruments as either assets or liabilities at fair value in the statement of financial position. Investments in forward contracts and commodity futures contracts are recorded in the Statements of Assets and Liabilities as “unrealized appreciation or depreciation on open forward contracts and futures contracts purchased and futures contracts sold.” Since the derivatives held or sold by the Fund are for speculative trading purposes, the derivative instruments are not designated as hedging instruments under the provisions of ASC 815. Accordingly, all realized gains and losses, as well as any change in net unrealized gains or losses on open positions from the preceding period, are recognized as part of the Fund’s realized and unrealized gain (loss) on investments 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, 2012, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at March 31, 2012		Liability Derivatives at March 31, 2012			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	146,326	$	—		$	146,326
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(205,049	)		(205,049	)
Futures contracts	Futures contracts purchased		336,164		(947,249	)		(611,085	)
Futures contracts	Futures contracts sold		593,648		(215,139	)		378,509
Totals		$	1,076,138	$	(1,367,437	)	$	(291,299	)

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, 2011, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at December 31, 2011		Liability Derivatives at December 31, 2011			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	134,988	$	—		$	134,988
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(95,397	)		(95,397	)
Futures contracts	Futures contracts purchased		—		(2,237,362	)		(2,237,362	)
Futures contracts	Futures contracts sold		378,483		—			378,483
Totals		$	513,471	$	(2,332,759	)	$	(1,819,288	)

Effects of Derivative Instruments on the Statement of Operations for the three months ended March 31, 2012:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized and unrealized gain (loss) on investments	$	90,112		$	(98,314	)
Futures contracts	Net realized and unrealized gain (loss) on investments		(1,052,761	)		1,626,303
Total		$	(962,649	)	$	1,527,989

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

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain on Derivatives Recognized in Income		Net Change in Unrealized Depreciation on Derivatives Recognized 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	)

Superfund Gold, L.P. gross and net unrealized gains and losses by long and short positions as of March 31, 2012:

	As of March 31, 2012
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gains (Losses) on Open Positions
Foreign Exchange	$	26,737		0.1		$	(115,439	)		(0.5	)	$	119,589		0.5		$	(89,610	)		(0.4	)	$	(58,723	)
Currency		67,951		0.3			(45,535	)		(0.2	)		11,779		0.0	*		(5,450	)		(0.0	)*		28,745
Financial		72,728		0.3			(19,787	)		(0.1	)		—		—			—			—			52,941
Food & Fiber		6,500		0.0	*		(34,549	)		(0.1	)		37,438		0.1			(141,572	)		(0.6	)		(132,183	)
Indices		173,143		0.7			(96,107	)		(0.4	)		91,005		0.4			(40,281	)		(0.2	)		127,760
Metals		917		0.0	*		(609,421	)		(2.4	)		244,045		1.0			(27,836	)		(0.1	)		(392,295	)
Livestock		—		—			—			—			204,800		0.8			—			—			204,800
Energy		14,926		0.1			(141,850	)		(0.6	)		4,580		0.0	*		—			—			(122,344	)
Totals	$	362,902		1.4		$	(1,062,688	)		(4.2	)	$	713,236		2.8		$	(304,749	)		(1.2	)	$	(291,299	)

* Due to rounding

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

	As of December 31, 2011
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets		Losses			% of Net Assets			Net Unrealized Gains (Losses) on Open Positions
Foreign Exchange	$	5,543		0.0	*	$	(44,476	)		(0.2	)	$	129,445		0.5	$	(50,921	)		(0.2	)	$	39,591
Currency		68,883		0.3			(400	)		(0.0	)*		91,363		0.4		(6,081	)		(0.0	)*		153,765
Financial		33,539		0.1			(27,659	)		(0.1	)		—		—		(11,937	)		(0.0	)*		(6,057	)
Food & Fiber		32,513		0.1			(1,800	)		(0.0	)*		85,412		0.3		(62,115	)		(0.2	)		54,010
Indices		10,041		0.0	*		(1,848	)		(0.0	)*		77,622		0.3		(18,751	)		(0.1	)		67,064
Metals		1,110		0.0	*		(2,265,102	)		(8.9	)		163,647		0.6		(44,307	)		(0.2	)		(2,144,652	)
Livestock		—		—			—			—			19,430		0.1		(480	)		(0.0	)*		18,950
Energy		—		—			(86,639	)		(0.3	)		84,680		0.3		—			—			(1,959	)
Totals	$	151,629		0.5		$	(2,427,924	)		(9.5	)	$	651,599		2.5	$	(194,592	)		(0.7	)	$	(1,819,288	)

* Due to rounding

Superfund Gold, L.P. average* contract volume by market sector for the three months ended March 31, 2012:

	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		82		60	$	546,093	$	476,810

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		836		459
Financial		1,513		315
Food & Fiber		173		152
Indices		680		353
Metals		899		103
Livestock		33		115
Energy		375		150
Totals		4,591		1,707

* Based on quarterly holdings

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

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

	Average Number of Long Contracts		Average Number of Short 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

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

	For the Three Months Ended March 31, 2012
	Net Realized Gain (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	90,112		$	(98,314	)	$	(8,202	)
Currency		(982,670	)		(125,020	)		(1,107,690	)
Financial		(541,071	)		58,998			(482,073	)
Food & Fiber		(341,050	)		(186,193	)		(527,243	)
Indices		(201,914	)		60,696			(141,218	)
Metals		(400,291	)		1,752,357			1,352,066
Livestock		(15,695	)		185,850			170,155
Energy		1,429,930			(120,385	)		1,309,545
Total net trading gains (losses)	$	(962,649	)	$	1,527,989		$	565,340
	For the Three Months Ended March 31, 2011
	Net Realized Gain (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading 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 (losses)	$	2,829,267		$	(2,274,104	)	$	555,163

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, 2012, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at March  31, 2012		Liability Derivatives at March 31, 2012			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	80,209	$	—		$	80,209
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(112,319	)		(112,319	)
Futures contracts	Futures contracts purchased		169,576		(525,760	)		(356,184	)
Futures contracts	Futures contracts sold		312,402		(112,580)			199,822
Totals		$	562,187	$	(750,659	)	$	(188,472	)

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, 2011, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives  at December 31, 2011		Liability Derivatives at  December 31, 2011			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	69,300	$	—		$	69,300
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(51,238	)		(51,238	)
Futures contracts	Futures contracts purchased		—		(1,411,823	)		(1,411,823	)
Futures contracts	Futures contracts sold		189,971		—			189,971
Totals		$	259,271	$	(1,463,061	)	$	(1,203,790	)

Effects of Derivative Instruments on the Statement of Operations for the three months ended March 31, 2012:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized and unrealized gain (loss) on investments	$	34,720		$	(50,172	)
Futures contracts	Net realized and unrealized gain (loss) on investments		(605,907	)		1,065,490
Total		$	(571,187	)	$	1,015,318

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

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain  on Derivatives Recognized in Income		Net Change  in Unrealized Depreciation on Derivatives Recognized in 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	)

Superfund Gold, L.P. – Series A gross and net unrealized gains and losses by long and short positions as of March 31, 2012:

	As of March 31, 2012
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gains  (Losses) on Open Positions
Foreign Exchange	$	14,957		0.1		$	(62,231	)		(0.4	)	$	65,252		0.4		$	(50,088	)		(0.3	)	$	(32,110	)
Currency		34,913		0.2			(24,390	)		(0.1	)		6,534		0.0	*		(3,240	)		(0.0	)*		13,817
Financial		37,788		0.3			(10,461	)		(0.1	)		—		—			—			—			27,327
Food & Fiber		3,300		0.0	*		(18,747	)		(0.1	)		18,724		0.1			(75,203	)		(0.4	)		(71,926	)
Indices		91,601		0.6			(50,752	)		(0.3	)		46,129		0.3			(20,004	)		(0.1	)		66,974
Metals		—		—			(345,583	)		(2.1	)		129,284		0.8			(14,133	)		(0.1	)		(230,432	)
Livestock		—		—			—			—			109,060		0.7			—			—			109,060
Energy		1,975		0.0	*		(75,827	)		(0.5	)		2,670		0.0	*		—			—			(71,182	)
Totals	$	184,534		1.2		$	(587,991	)		(3.6	)	$	377,653		2.3		$	(162,668	)		(0.9	)	$	(188,472	)

* 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, 2011:

	As of December 31, 2011
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets		Losses			% of Net Assets			Net Unrealized Gains  (Losses) on Open Positions
Foreign Exchange	$	2,774		0.0	*	$	(23,321	)		(0.1	)	$	66,526		0.4	$	(27,917	)		(0.2	)	$	18,062
Currency		37,100		0.2			(200	)		(0.0	)*		47,744		0.3		(3,781	)		(0.0	)		80,863
Financial		17,166		0.1			(14,552	)		(0.1	)		—		—		(6,656	)		(0.0	)		(4,042	)
Food & Fiber		17,413		0.1			(675	)		(0.0	)*		44,589		0.3		(32,982	)		(0.2	)		28,345
Indices		5,624		0.1			(907	)		(0.0	)*		38,232		0.2		(12,206	)		(0.1	)		30,743
Metals		1,110		0.0	*		(1,428,849	)		(9.0	)		88,207		0.6		(25,326	)		(0.2	)		(1,364,858	)
Livestock		—		—			—			—			9,670		0.1		—			—			9,670
Energy		—		—			(45,053	)		(0.3	)		42,480		0.3		—			—			(2,573	)
Totals	$	81,187		0.5		$	(1,513,557	)		(9.5	)	$	337,448		2.2	$	(108,868	)		(0.7	)	$	(1,203,790	)

* Due to rounding

Series A average* contract volume by market sector for the three months ended March 31, 2012:

	Average Number of Long Contracts		Average Number of  Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		43		30	$	286,181	$	257,133

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		440		242
Financial		799		165
Food & Fiber		91		81
Indices		360		185
Metals		501		55
Livestock		17		60
Energy		203		79
Totals		2,454		897

* Based on quarterly holdings

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

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

	Average Number of Long Contracts		Average Number of Short 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 trading results by market sector:

	For the Three Months Ended March 31, 2012
	Net Realized Gain (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains  (Losses)
Foreign Exchange	$	34,720		$	(50,172	)	$	(15,452	)
Currency		(514,870	)		(67,046	)		(581,916	)
Financial		(288,340	)		31,369			(256,971	)
Food & Fiber		(181,687	)		(100,271	)		(281,958	)
Indices		(105,274	)		36,231			(69,043	)
Metals		(275,661	)		1,134,426			858,765
Livestock		(10,053	)		99,390			89,337
Energy		769,978			(68,609	)		701,369
Total net trading gains (losses)	$	(571,187	)	$	1,015,318		$	444,131
	For the Three Months Ended March 31, 2011
	Net Realized Gain (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading 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

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, 2012, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at March 31, 2012		Liability Derivatives at March 31, 2012			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	66,117	$	—		$	66,117
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(92,730	)		(92,730	)
Futures contracts	Futures contracts purchased		166,588		(421,489	)		(254,901	)
Futures contracts	Futures contracts sold		281,246		(102,559	)		178,687
Totals		$	513,951	$	(616,778	)	$	(102,827	)

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, 2011, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at December 31, 2011		Liability Derivatives at December  31, 2011			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	65,688	$	—		$	65,688
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(44,159	)		(44,159	)
Futures contracts	Futures contracts purchased		—		(825,539	)		(825,539	)
Futures contracts	Futures contracts sold		188,512		—			188,512
Totals		$	254,200	$	(869,698	)	$	(615,498	)

Effects of Derivative Instruments on the Statement of Operations for the three months ended March 31, 2012:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain  (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign Exchange contracts	Net realized and unrealized gain (loss) on investments	$	55,392		$	(48,142	)
Futures contracts	Net realized and unrealized gain (loss) on investments		(446,854	)		560,813
Total		$	(391,462	)	$	512,671

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

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain on Derivatives Recognized in Income		Net Change in Unrealized Depreciation on Derivatives Recognized in 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	)

Superfund Gold, L.P. – Series B gross and net unrealized gains and losses by long and short positions as of March 31, 2012:

	As of March 31, 2012
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gains  (Losses) on Open Positions
Foreign Exchange	$	11,780		0.1		$	(53,208	)		(0.6	)	$	54,337		0.6		$	(39,522	)		(0.4	)	$	(26,613	)
Currency		33,038		0.3			(21,145	)		(0.2	)		5,245		0.0	*		(2,210	)		0.0	*		14,928
Financial		34,940		0.4			(9,326	)		(0.1	)		—		—			—			—			25,614
Food & Fiber		3,200		0.0	*		(15,802	)		(0.1	)		18,714		0.2			(66,369	)		(0.7	)		(60,257	)
Indices		81,542		0.9			(45,355	)		(0.5	)		44,876		0.5			(20,277	)		(0.2	)		60,786
Metals		917		0.0	*		(263,838	)		(2.9	)		114,761		1.2			(13,703	)		(0.2	)		(161,863	)
Livestock		—		—			—			—			95,740		1.0			—			—			95,740
Energy		12,951		0.1			(66,023	)		(0.7	)		1,910		0.0			—			—			(51,162	)
Totals	$	178,368		1.8		$	(474,697	)		(5.1	)	$	335,583		3.5		$	(142,081	)		(1.4	)	$	(102,827	)

* 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, 2011:

	As of December 31, 2011
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets		Losses			% of Net Assets			Net Unrealized Gains  (Losses) on Open Positions
Foreign Exchange	$	2,769		0.0	*	$	(21,155	)		(0.3	)	$	62,919		0.7	$	(23,004	)		(0.2	)	$	21,529
Currency		31,783		0.3			(200	)		(0.0	)*		43,619		0.4		(2,300	)		(0.0	)*		72,902
Financial		16,373		0.1			(13,107	)		(0.1	)		—		—		(5,281	)		(0.1	)		(2,015	)
Food & Fiber		15,100		0.1			(1,125	)		(0.0	)*		40,823		0.4		(29,133	)		(0.3	)		25,665
Indices		4,417		0.0	*		(941	)		(0.0	)*		39,390		0.4		(6,545	)		(0.1	)		36,321
Metals		—		—			(836,253	)		(8.8	)		75,440		0.8		(18,981	)		(0.2	)		(779,794	)
Livestock		—		—			—			—			9,760		0.1		(480	)		(0.0	)*		9,280
Energy		—		—			(41,586	)		(0.4	)		42,200		0.4		—			—			614
Totals	$	70,442		0.5		$	(914,367	)		(9.6	)	$	314,151		3.2	$	(85,724	)		(0.9	)	$	615,498

* Due to rounding

Series B average* contract volume by market sector for the three months ended March 31, 2012:

	Average Number of Long Contracts		Average Number of  Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		39		30	$	259,912	$	219,677

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		396		217
Financial		714		150
Food & Fiber		82		71
Indices		320		168
Metals		398		48
Livestock		16		55
Energy		172		71
Totals		2,137		810

* Based on quarterly holdings

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

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

	Average Number of Long Contracts		Average Number of 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 trading results by market sector

	For the Three Months Ended March 31, 2012
	Net Realized Gain (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains  (Losses)
Foreign Exchange	$	55,392		$	(48,142	)	$	7,250
Currency		(467,800	)		(57,974	)		(525,774	)
Financial		(252,731	)		27,629			(225,102	)
Food & Fiber		(159,363	)		(85,922	)		(245,285	)
Indices		(96,640	)		24,465			(72,175	)
Metals		(124,630	)		617,931			493,301
Livestock		(5,642	)		86,460			80,818
Energy		659,952			(51,776	)		608,176
Total net trading gains (losses)	$	(391,462	)	$	512,671		$	121,209
	For the Three Months Ended March 31, 2011
	Net Realized Gain (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading 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 (losses)	$	1,524,458		$	(1,224,048	)	$	300,410

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Due from/to Brokers

3 Months Ended

Mar. 31, 2012

Due from/to Brokers [Abstract]

Due from/to Brokers

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, 2012 and December 31, 2011, 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. On October 31, 2011, MF Global reported to the SEC and the CFTC possible deficiencies in customer segregated accounts held at the firm. As a result, the SEC and CFTC determined that a liquidation proceeding led by the Securities Investor Protection Corporation (“SIPC”) would be the safest and most prudent course of action to protect customer accounts and assets, and SIPC initiated the liquidation of MF Global under the Securities Investor Protection Act. Superfund Capital Management closely monitored MF Global in the weeks prior to October 31, 2011 and began reducing the Fund’s exposure to MF Global. In October, total trading positions and assets of the Fund held at MF Global were reduced and steps were initiated to transfer all remaining positions and assets from MF Global to other clearing brokers prior to the bankruptcy filing. In the fourth quarter of 2011, the SIPC liquidation Trustee announced that the shortfall in the customer segregated funds account could be as much as 22% or more. After consideration of the Fund’s exposure, Superfund Capital Management caused the Fund to take a reserve to account for the Fund’s estimated exposure to such 22% shortfall. Series A-1 recorded a reserve that reduced the net asset value by approximately $74,000, Series A-2 recorded a reserve that reduced the net asset value by approximately $19,000, Series B-1 recorded a reserve that reduced the net asset value by approximately $58,000 and Series B-2 recorded a reserve that reduced the net asset value by approximately $43,000. As of March 31, 2012 approximately $255,000 of Series A-1 assets were still on deposit in an account(s) at MF Global. These assets represented approximately 2.0% of Series A-1’s net asset value of approximately $12.85 million as of March 31, 2012. As of March 31, 2012 approximately $67,400 of Series A-2 assets were still on deposit in an account(s) at MF Global. These assets represented approximately 2.0% of Series A-2’s net asset value of approximately $3.34 million as of March 31, 2012. As of March 31, 2012 approximately $198,000 of Series B-1 assets were still on deposit in an account(s) at MF Global. These assets represented approximately 3.8% of Series B-1’s net asset value of approximately $5.26 million as of March 31, 2012. As of March 31, 2012 approximately $145,100 of Series B-2 assets were still on deposit in an account(s) at MF Global. These assets represented approximately 3.7% of Series B-2’s net asset value of approximately $3.91 million as of March 31, 2012.

Through March 31, 2012, there has been no change to the Series A-1 reserve, which represents approximately 0.6% of the net assets of Series A-1 as of March 31, 2012 (or approximately $8.70 per Series A-1 Unit). Through March 31, 2012, there has been no change to the Series A-2 reserve, which represents approximately 0.6% of the net assets of Series A-2 as of March 31, 2012 (or approximately $9.50 per Series A-2 Unit). Through March 31, 2012, there has been no change to the Series B-1 reserve, which represents approximately 1.1% of the net assets of Series B-1 as of March 31, 2012 (or approximately $13.52 per Series B-1 Unit). Through March 31, 2012, there has been no change to the Series B-2 reserve, which represents approximately 1.1% of the net assets of Series B-2 as of March 31, 2012 (or approximately $14.24 per Series B-2 Unit). In December 2011 and January 2012, the Fund received distributions from the SIPC liquidation trustee of a portion of the Fund’s assets on deposit at MF Global. In total, Series A received approximately $5,700 in distributions and Series B received approximately $14,400. The receipt of these distributions has not impacted the reserves established on October 31, 2011. In April, the Court in the MF Global liquidation proceeding authorized the additional distribution of up to approximately $600 million of segregated customer assets and $50 million in secured customer assets. To date, the Fund has not received its portion of these distributions. Superfund Capital Management has concluded that receipt of the Fund’s estimated portion of these distributions will not have an impact on the reserves already taken, which continue to represent reasonable estimations of the potential exposure to MF Global. Superfund Capital Management does not believe that the MF Global liquidation will have a material impact on the ongoing trading operations of the Fund. However, because MF Global is still in the liquidation process, further developments in the MF Global liquidation proceedings may have an impact on the ability of the Fund to:

• satisfy redemption requests in the normal 20-day time period;

• adequately value redemption requests in the ordinary timeframe;

• accept new subscriptions and properly value the net asset value for new subscribers; and

• provide for accurate valuation in the Fund’s account statements provided to Limited Partners.

There can be no assurances:

• that the Fund will have immediate access to any or all of its assets in accounts held at MF Global; and

• as to the amount or value of those assets in the context of the bankruptcy.

Future actions involving MF Global may impact the Fund’s ability to value the portion of its assets held at MF Global and/or delay the payment of a Limited Partner’s pro rata share of such assets upon redemption. The foregoing reserve is based upon available information. As additional information becomes available, additional reserves may be taken or prior reserves reversed, which will be accounted for in accordance with generally accepted accounting principles as of the time that such information is then available (and not as of the date that the liquidation proceedings commenced with respect to MF Global). As a result, all Limited Partners will participate in any future reserves taken (resulting in decreases in the Fund’s net asset value) or any reversal of prior reserves (resulting in increases in the Fund’s net asset value) to the extent that such Limited Partner holds Units at the time that such reserve is taken or reversed.

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Related Party Transactions

3 Months Ended

Mar. 31, 2012

Related Party Transactions [Abstract]

Related Party Transactions

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), when considered together, not to exceed the amount of actual expenses incurred. Superfund Capital Management will also be paid a monthly performance/incentive fee equal to 25% of the new appreciation without respect to interest income or any changes in net asset due to changes in value of the Fund’s dollar for dollar gold position. Trading losses will be carried forward and no further performance/incentive fee may be paid until prior losses have been recovered. In addition, Superfund Asset Management, Inc., an affiliate of Superfund Capital Management, serves as the introducing broker for the Fund’s futures transactions and receives a portion of the brokerage commissions paid by the Fund in connection with its futures trading. Superfund USA, Inc., (“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 commission” in the Statements of Operations. However, the maximum cumulative selling commission per Unit is limited to 10% of the gross offering proceeds of such Unit.

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Subsequent events

3 Months Ended

Mar. 31, 2012

Subsequent events [Abstract]

Subsequent events

12. 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.

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Condensed Schedule of Investments (Unaudited) (Parenthetical) (USD $)	May 24, 2012	Feb. 23, 2012
United States Treasury Bills due
Limited Partners' Capital Account [Line Items]
United States Treasury Bills, amortized cost	$ 4,048,849	$ 6,400,000
CMX Gold
Limited Partners' Capital Account [Line Items]
Number of contracts		171
SERIES A | United States Treasury Bills due
Limited Partners' Capital Account [Line Items]
United States Treasury Bills, amortized cost	2,149,389	3,700,000
SERIES A | CMX Gold
Limited Partners' Capital Account [Line Items]
Number of contracts		108
SERIES B | United States Treasury Bills due
Limited Partners' Capital Account [Line Items]
United States Treasury Bills, amortized cost	$ 1,899,460	$ 2,700,000
SERIES B | CMX Gold
Limited Partners' Capital Account [Line Items]
Number of contracts		63

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Nature of Operations

3 Months Ended

Mar. 31, 2012

Nature of Operations, Basis of Presentation and Significant Accounting Policies and Financial Highlights [Abstract]

Nature of Operations

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. Series B implements the Fund’s futures and forward trading program at a leverage level equal to approximately 1.5 times that implemented on behalf of Series A. Over the long term (periods of several years), the targeted average ratio of margin to equity for Series A is approximately 20% and approximately 30% for Series B. The leverage with which each of the Series is traded is the only difference between the Series. Sub-Series within a Series are not managed differently. Rather, Series A-1 Units and Series B-1 Units are subject to selling commissions. Series A-2 Units and Series B-2 Units are not subject to selling commissions but are available exclusively to: (i) investors participating in selling agent asset-based or fixed-fee investment programs or a registered investment adviser’s asset-based fee or fixed-fee advisory program through which an investment adviser recommends a portfolio allocation to the Fund and for which Superfund USA Inc. (“Superfund USA”) serves as selling agent, (ii) investors who purchased the Units through Superfund USA or an affiliated broker and who are commodity pools operated by commodity pool operators registered as such with the Commodity Futures Trading Commission and (iii) investors who have paid the maximum selling commission on their Series A-1 or Series B-1 Units (by re-designation of such Units as Series A-2 Units or Series B-2 Units as described herein). The foregoing eligibility requirements and selling commissions are the only differences between the Sub-Series within a Series.

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.

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Indemnification

3 Months Ended

Mar. 31, 2012

Indemnification [Abstract]

Indemnification

11. Indemnification

In the normal course of business, the Fund enters into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund, and therefore cannot be established; however, based on experience, the risk of loss from such claims is considered remote.