SUPERFUND GOLD, L.P. - FORM 10-Q

Attached files

file	filename
EX-32.2 - EX-32.2 - SUPERFUND GOLD, L.P.	c59768exv32w2.htm
EX-31.1 - EX-31.1 - SUPERFUND GOLD, L.P.	c59768exv31w1.htm
EX-32.1 - EX-32.1 - SUPERFUND GOLD, L.P.	c59768exv32w1.htm
EX-31.2 - EX-31.2 - SUPERFUND GOLD, L.P.	c59768exv31w2.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)


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

For the quarterly period ended June 30, 2010


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

For the transition period from to

Commission File number: 000-53764

SUPERFUND GOLD, L.P.

(Exact name of registrant as specified in 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 þ No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes o No o

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


Large Accelerated Filer o		Accelerated Filer o		Non-Accelerated Filer o (Do not check if a smaller reporting company)		Smaller Reporting Company þ

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

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 June 30, 2010 and December 31, 2009		3

Condensed Schedule of Investments as of June 30, 2010		4

Condensed Schedule of Investments as of December 31, 2009		5

Statements of Operations for the Three Months Ended June 30, 2010 and June 30, 2009 and the Six Months Ended June 30, 2010 and June 30, 2009		6

Statements of Changes in Net Assets for the Six Months Ended June 30, 2010 and June 30, 2009		7

Statement of Cash Flows for the Six Months Ended June 30, 2010 and June 30, 2009		8

Unaudited Financial Statements: Superfund Gold, L.P. — Series A
Statements of Assets and Liabilities as of June 30, 2010 and December 31, 2009		9

Condensed Schedule of Investments as of June 30, 2010		10

Condensed Schedule of Investments as of December 31, 2009		11

Statements of Operations for the Three Months Ended June 30, 2010 and June 30, 2009 and the Six Months Ended June 30, 2010 and June 30, 2009		12

Statements of Changes in Net Assets for the Six Months Ended June 30, 2010 and June 30, 2009		13

Statement of Cash Flows for the Six Months Ended June 30, 2010 and June 30, 2009		14

Unaudited Financial Statements: Superfund Gold, L.P. — Series B
Statements of Assets and Liabilities as of June 30, 2010 and December 31, 2009		15

Condensed Schedule of Investments as of June 30, 2010		16

Condensed Schedule of Investments as of December 31, 2009		17

Statements of Operations for the Three Months Ended June 30, 2010 and June 30, 2009 and the Six Months Ended June 30, 2010 and June 30, 2009		18

Statements of Changes in Net Assets for the Six Months Ended June 30, 2010 and June 30, 2009		19

Statements of Cash Flows for the Six Months Ended June 30, 2010 and June 30, 2009		20

Notes to Series A and Series B Unaudited Financial Statements Dated June 30, 2010		21-38
EX-31.1
EX-31.2
EX-32.1
EX-32.2

SUPERFUND GOLD, L.P.

UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES
as of June 30, 2010 and December 31, 2009


	June 30, 2010		December 31, 2009
ASSETS
U.S. Government securities, at fair value, (amortized cost of $4,598,949 and $4,449,809 as of June 30, 2010, and December 31, 2009, respectively)	$	7,548,262	$	5,999,748

Due from brokers		8,441,768		6,301,154

Futures contracts purchased		1,618,400		—

Unrealized appreciation on open forward contracts		18,662		81,845

Cash		1,565,111		2,672,099

Due from affiliate		5,599		—


Total assets		19,197,802		15,054,846


LIABILITIES

Unrealized depreciation on open forward contracts		35,439		154,871

Futures contracts purchased		—		818,974

Redemptions payable		2,626,108		9,890

Subscription received in advance		790,320		1,864,130

Futures contracts sold		38,398		7,812

Management fees payable		34,367		22,891

Fees payable		33,944		22,346


Total liabilities		3,558,576		2,900,914


NET ASSETS	$	15,639,226	$	12,153,932

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P.

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS
as of June 30, 2010


			Percentage of
	Face Value		Net Assets			Fair Value
Debt Securities United States, at fair value
United States Treasury Bills due August 26, 2010 (amortized cost $7,548,262), securities are held in margin accounts as collateral for open futures and forwards	$	7,550,000		48.3	%	$	7,548,262


Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency				0.1			18,662

Total unrealized appreciation on forward contracts				0.1			18,662


Unrealized depreciation on forward contracts
Currency				(0.2	)		(35,439	)

Total unrealized depreciation on forward contracts				(0.2	)		(35,439	)


Total forward contracts, at fair value				(0.1	)		(10,504	)


Futures contracts, at fair value
Futures contracts purchased
Currency				1.1			173,968
Energy				(0.0)	*		(2,040	)
Financial				4.0			631,876
Food & Fiber				0.1			16,445
Indices				(0.7	)		(108,356	)
Livestock				(0.1	)		(10,160	)
Metals
130 contracts of CMX Gold expiring August 2010				3.7			571,850
Other				2.2			344,817

Total Metals				5.9			916,667

Total futures contracts purchased				10.3			1,618,400


Futures contracts sold
Energy				0.1			7,860
Financial				(0.1	)		(10,431	)
Food & Fiber				(0.2	)		(31,231	)
Metals				(0.0)	*		(4,596	)

Total futures contracts sold				(0.2	)		(38,398	)


Total futures contracts, at fair value				10.1	%	$	1,580,002


Futures and forward contracts by country composition
Australia				(0.1	)		(7,861	)
European Monetary Union				1.3			209,072
Great Britain				1.0			148,928
Japan				1.8			276,057
United States				6.7			1,052,771
Other				(0.7	)		(115,742	)

Total futures and forward contracts by country				10.0	%	$	1,563,225


*		Due to rounding

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P.

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS
as of December 31, 2009


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


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

Total unrealized appreciation on forward contracts				0.7			81,845


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

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


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


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

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

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


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

Total futures contracts sold				(0.0)	*		(7,812	)


Total futures contracts, at fair value				(6.7)	%	$	(826,786	)


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

Total futures and forward contracts by country				(7.5)	%	$	(899,812	)


*		Due to rounding

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P.

UNAUDITED STATEMENTS OF OPERATIONS


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2010			2009			2010			2009*
Investment income
Interest income	$	571		$	853		$	1,052		$	853
Other Income		—			—			5,599			—

Total income		571			853			6,651			853


Expenses
Brokerage commissions		132,051			27,716			252,232			27,716
Management fee		104,246			25,094			187,311			25,094
Incentive fee		29,803			—			29,803			—
Selling commission		68,427			16,059			123,380			16,059
Operating expenses		34,749			8,364			62,437			8,364
Other		660			1,102			856			1,102

Total expenses		369,936			78,335			656,019			78,335


Net investment loss		(369,365	)		(77,482	)		(649,368	)		(77,482	)


Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts		1,899,211			(223,686	)		240,440			(223,686	)
Net change in unrealized appreciation (depreciation) on futures and forward contracts:		(928,523	)		(108,630	)		2,463,037			(108,630	)


Net gain (loss) on investments		970,688			(332,316	)		2,703,477			(332,316	)


Net increase (decrease) in net assets from operations	$	601,323		$	(409,798	)	$	2,054,109		$	(409,798	)

See accompanying notes to unaudited financial statements.


*		Data reflect the Three Months Ended June 30, 2009. The Fund’s inception was April 1, 2009.

SUPERFUND GOLD, L.P.

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended
	June 30,
	2010			2009*
Increase (decrease) in net assets from operations
Net investment loss	$	(649,368	)	$	(77,482	)
Net realized gain (loss) on futures and forward contracts		240,440			(223,686	)
Net change in unrealized appreciation (depreciation) on futures and forward contracts		2,463,037			(108,630	)


Net increase (decrease) in net assets from operations		2,054,109			(409,798	)


Capital share transactions
Issuance of Units		5,815,221			6,936,796
Redemption of Units		(4,384,036	)		—
Redemption of non-unitized capital balance		—			(4,000	)


Net increase in net assets from capital share transactions		1,431,185			6,932,796


Net increase in net assets		3,485,294			6,522,997

Net assets, beginning of period		12,153,932			4,000


Net assets, end of period	$	15,639,226		$	6,526,997

See accompanying notes to unaudited financial statements.


*		Data reflect the Three Months Ended June 30, 2009. The Fund’s inception was April 1, 2009.

SUPERFUND GOLD, L.P.

UNAUDITED STATEMENTS OF CASH FLOWS


	Six Months Ended
	June 30,
	2010			2009*
Cash flows from operating activities
Net increase (decrease) in net assets from operations	$	2,054,109		$	(409,798	)
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash used in operating activities:
Changes in operating assets and liabilities:
Purchases of U.S. government securities		(12,845,935	)		(1,649,836	)
Maturities of U.S. government securities		11,300,000			—
Amortization of discounts and premiums		(2,579	)		237
Due from brokers		(2,140,614	)		(4,971,944	)
Due to affiliate		—			4,000
Due from affiliate		(5,599	)		—
Unrealized appreciation on open forward contracts		63,183			9,427
Unrealized depreciation on open forward contracts		(119,432	)		—
Futures contracts purchased		(2,437,374	)		99,200
Futures contracts sold		30,586			3
Management fees payable		11,476			—
Fees payable		11,598			22,710

Net cash used in operating activities		(4,080,581	)		(6,896,002	)


Cash flows from financing activities
Subscriptions, net of change in advance subscriptions		4,741,411			7,847,774
Redemptions, net of change in redemptions payable		(1,767,818	)		—
Redemptions of non-unitized capital balance		—			(4,000	)


Net cash provided by financing activities		2,973,593			7,843,744


Net increase (decrease) in cash		(1,106,988	)		947,722

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


Cash, end of period	$	1,565,111		$	951,772

See accompanying notes to unaudited financial statements.


*		Data reflect the Three Months Ended June 30, 2009. The Fund’s inception was April 1, 2009.

SUPERFUND GOLD, L.P. — SERIES A

UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES
as of June 30, 2010 and December 31, 2009


	June 30, 2010		December 31, 2009
ASSETS
U.S. Government securities, at fair value (amortized cost of $2,949,313 and $1,549,939 as of June 30, 2010, and December 31, 2009, respectively)	$	2,949,313	$	1,549,939

Due from brokers		3,535,346		1,794,485

Futures contracts purchased		597,420		—

Unrealized appreciation on open forward contracts		2,406		—

Cash		1,140,554		1,739,581

Due from affiliate		5,599		—


Total assets		8,230,638		5,084,005


LIABILITIES

Unrealized depreciation on open forward contracts		8,679		—

Futures contracts purchased		—		278,229

Redemptions payable		25,177		—

Subscriptions received in advance		590,320		1,355,500

Futures contracts sold		8,902		3,078

Management fees payable		14,284		6,463

Fees payable		14,626		6,380


Total liabilities		661,988		1,649,650


NET ASSETS	$	7,568,650	$	3,434,355


Superfund Gold, L.P. Series A-1 Net Assets	$	5,884,471	$	2,524,291

Number of Units outstanding		4,899.287		2,388.395

Superfund Gold, L.P. Series A-1 Net Asset Value per Unit	$	1,201.09	$	1,056.90


Superfund Gold, L.P. Series A-2 Net Assets	$	1,684,179	$	910,064

Number of Units outstanding		1,323.797		818.846

Superfund Gold, L.P. Series A-2 Net Asset Value per Unit	$	1,272.23	$	1,111.40

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. — SERIES A

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS
as of June 30, 2010


			Percentage of
	Face Value		Net Assets			Fair Value
Debt Securities United States, at fair value
United States Treasury Bills due August 26, 2010 (amortized cost $2,949,313), securities are held in margin accounts as collateral for open futures and forwards	$	2,950,000		39.0	%	$	2,949,313


Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency				0.0	*		2,406

Total unrealized appreciation on forward contracts				0.0	*		2,406


Unrealized depreciation on forward contracts
Currency				(0.1	)		(8,679	)

Total unrealized depreciation on forward contracts				(0.1	)		(8,679	)


Total forward contracts, at fair value				(0.1	)		(6,273	)


Futures contracts, at fair value
Futures Contracts Purchased
Currency				0.7			54,856
Energy				0.0	*		595
Financial				2.5			191,518
Food & Fiber				0.1			6,007
Indices				(0.3	)		(23,798	)
Livestock				(0.0)	*		(3,110	)
Metals				4.9			371,352

Total futures contracts purchased				7.9			597,420


Futures Contracts Sold
Energy				0.1			3,940
Financial				(0.1	)		(2,806	)
Food & Fiber				(0.1	)		(10,036	)

Total futures contracts sold				(0.1	)		(8,902	)


Total futures contracts, at fair value				7.8			588,518


Futures and forward contracts by country composition
Australia				(0.0)	*		(1,925	)
European Monetary Union				0.8			62,735
Great Britain				0.6			47,305
Japan				1.2			89,335
United States				5.5			415,506
Other				(0.4	)		(30,711	)

Total futures and forward contracts by country				7.7	%	$	582,245


*		Due to rounding

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. — SERIES A

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS
as of December 31, 2009


			Percentage of
	Face Value		Net Assets			Fair Value
Debt Securities United States, at fair value
United States Treasury Bills due February 25, 2010 (amortized cost $1,549,939), securities are held in margin accounts as collateral for open futures and forwards
	$	1,550,000		45.1	%	$	1,549,939


Futures Contracts, at fair value
Futures Contracts Purchased
Currency				(0.4	)		(15,097	)
Energy				(0.0)	*		(1,336	)
Financial				(0.3	)		(8,773	)
Food & Fiber				0.5			18,003
Indices				0.5			15,844
Metals
35 contracts of CMX Gold expiring February 2010				(6.8	)		(263,040	)
Other				(1.6	)		(23,830	)

Total Metals				(8.4	)		(286,870	)

Total futures contracts purchased				(8.1	)		(278,229	)


Futures Contracts Sold
Energy				(0.0)	*		(780	)
Financial				0.0	*		845
Food & Fiber				(0.1	)		(2,063	)
Livestock				(0.0)	*		(1,080	)

Total futures contracts sold				(0.1	)		(3,078	)


Total futures contracts, at fair value				(8.2	)		(281,307	)


Futures contracts by country composition
European Monetary Union				(0.4	)		(14,015	)
United States				(8.1	)		(277,640	)
Other				0.3			10,348

Total futures contracts by country				(8.2)	%	$	(281,307	)


*		Due to rounding

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. — SERIES A

UNAUDITED STATEMENTS OF OPERATIONS


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2010			2009			2010			2009*
Investment income
Interest income	$	718		$	278		$	920		$	278
Other income		—			—			5,599			—

Total income		718			278			6,519			278


Expenses
Management fee		41,546			6,574			71,958			6,574
Brokerage commissions		36,962			2,146			67,968			2,146
Incentive fee		29,803			—			29,803			—
Selling commission		28,747			5,669			50,174			5,669
Operating expenses		13,849			2,191			23,986			2,191
Other		34			87			46			87

Total expenses		150,941			16,667			243,935			16,667


Net investment loss		(150,223	)		(16,389	)		(237,416	)		(16,389	)


Realized and unrealized gain (loss) on investments
Net realized gain on futures and forward contracts		717,670			30,456			307,326			30,456
Net change in unrealized appreciation (depreciation) on futures and forward contracts:		(46,317	)		(38,183	)		863,552			(38,183	)


Net gain (loss) on investments		671,353			(7,727	)		1,170,878			(7,727	)


Net increase (decrease) in net assets from operations	$	521,130		$	(24,116	)	$	933,462		$	(24,116	)


Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of units outstanding during period) for Series A-1**	$	85.33		$	(20.29	)	$	165.01		$	(20.29	)


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	$	79.42		$	(15.03	)	$	144.19		$	(15.03	)


Net increase in net assets from operations per Unit (based upon weighted average number of units outstanding during period) for Series A-2***	$	88.26		$	15.86		$	180.54		$	15.86


Net increase in net assets from operations per Unit (based upon change in net asset value per unit during period) for Series A-2	$	88.03		$	26.05		$	160.83		$	26.05

See accompanying notes to unaudited financial statements.


*		Data reflect the Three Months Ended June 30, 2009. The Fund’s inception was April 1, 2009.

**		Weighted average number of Units outstanding for Series A-1 for the Three Months Ended June 30, 2010 and June 30, 2009: 4,774.91 and 1,230.86, respectively; and for the Six Months Ended June 30, 2010 and June 30, 2009: 4,404.14 and 1,230.86, respectively.

***		Weighted average number of Units outstanding for Series A-2 for the Three Months Ended June 30, 2010 and June 30, 2009: 1,287.93 and 53.69, respectively; and for the Six Months Ended June 30, 2010 and June 30, 2009: 1,145.08 and 53.69, respectively.

SUPERFUND GOLD, L.P. — SERIES A

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended
	June 30,
	2010			2009*
Increase (decrease) in net assets from operations
Net investment loss	$	(237,416	)	$	(16,389	)
Net realized gain on futures and forward contracts		307,326			30,456
Net change in unrealized appreciation (depreciation) on futures and forward contracts		863,552			(38,183	)


Net increase (decrease) in net assets from operations		933,462			(24,116	)

Capital share transactions
Issuance of Units		4,044,566			1,301,296
Redemption of Units		(843,733	)		—
Redemption of non-unitized initial capital balance		—			(2,000	)


Net increase in net assets from capital share transactions		3,200,833			1,299,296

Net increase in net assets		4,134,295			1,275,179

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


Net assets, end of period	$	7,568,650		$	1,277,179


Series A-1 Units, beginning of period		2,388.395			—
Issuance of Series A-1 Units		3,204.224			1,351.985
Redemption of Units		(693.332	)		—


Series A-1 Units, end of period		4,899.287			1,351.985


Series A-2 Units, beginning of period		818.846			—
Issuance of Series A-2 Units		514.221			57.481
Redemption of Units		(9.270	)		—


Series A-2 Units, end of period		1,323.797			57.481

See accompanying notes to unaudited financial statements.


*		Data reflect the Three Months Ended June 30, 2009. The Fund’s inception was April 1, 2009.

SUPERFUND GOLD, L.P. — SERIES A

UNAUDITED STATEMENTS OF CASH FLOWS


	Six Months Ended
	June 30,
	2010			2009*
Cash flows from operating activities
Net increase (decrease) in net assets from operations	$	933,462		$	(24,116	)
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash used in operating activities:

Changes in operating assets and liabilities:
Purchases of U.S. government securities		(4,748,455	)		(499,950	)
Maturities of U.S. government securities		3,350,000			—
Amortization of discounts and premiums		(919	)		73
Due from brokers		(1,740,861	)		(805,659	)
Due to affiliate		—			2,000
Due from affiliate		(5,599	)		—
Unrealized appreciation on open forward contracts		(2,406	)		—
Futures contracts purchased		(875,649	)		34,036
Unrealized depreciation on open forward contracts		8,679			—
Futures contracts sold		5,824			4,147
Management fees payable		7,821			—
Fees payable		8,246			5,253

Net cash used in operating activities		(3,059,857	)		(1,284,217	)


Cash flows from financing activities
Subscriptions, net of change in advance subscriptions		3,279,386			1,508,296
Redemptions, net of change in redemptions payable		(818,556	)		—
Redemptions of non-unitized capital balance		—			(2,000	)


Net cash provided by financing activities		2,460,830			1,506,296


Net increase (decrease) in cash		(599,027	)		222,079

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


Cash, end of period	$	1,140,554		$	224,079

See accompanying notes to unaudited financial statements.


*		Data reflect the Three Months Ended June 30, 2009. The Fund’s inception was April 1, 2009.

SUPERFUND GOLD, L.P. — SERIES B

UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES
as of June 30, 2010 and December 31, 2009


	June 30, 2010		December 31, 2009
ASSETS
U.S. Government securities, at fair value, (amortized cost of $4,598,949 and $4,449,809 as of June 30, 2010, and December 31, 2009, respectively)	$	4,598,949	$	4,449,809

Due from brokers		4,906,422		4,506,669

Futures contracts purchased		1,020,980		—

Unrealized appreciation on open forward contracts		16,256		81,845

Cash		424,557		932,518


Total assets		10,967,164		9,970,841


LIABILITIES

Unrealized depreciation on open forward contracts		26,760		154,871

Futures contracts purchased		—		540,745

Redemptions payable		2,600,931		9,890

Subscription received in advance		200,000		508,630

Futures contracts sold		29,496		4,734

Management fees payable		20,083		16,428

Fees payable		19,318		15,966


Total liabilities		2,896,588		1,251,264


NET ASSETS	$	8,070,576	$	8,719,577


Superfund Gold, L.P. Series B-1 Net Assets	$	4,942,790	$	6,268,561

Number of Units outstanding		5,160.026		7,174.897

Superfund Gold, L.P. Series B-1 Net Asset Value per Unit	$	957.90	$	873.68


Superfund Gold, L.P. Series B-2 Net Assets	$	3,127,786	$	2,451,016

Number of Units outstanding		3,184.379		2,763.500

Superfund Gold, L.P. Series B-2 Net Asset Value per Unit	$	982.23	$	886.92

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. — SERIES B

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS
as of June 30, 2010


			Percentage of
	Face Value		Net Assets			Fair Value
Debt Securities United States, at fair value
United States Treasury Bills due August 26, 2010 (amortized cost $4,598,949), securities are held in margin accounts as collateral for open futures and forwards	$	4,600,000		56.4	%	$	4,598,949


Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency				0.2			16,256

Total unrealized appreciation on forward contracts				0.2			16,256


Unrealized depreciation on forward contracts
Currency				(0.3	)		(26,760	)

Total unrealized depreciation on forward contracts				(0.3	)		(26,760	)


Total forward contracts, at fair value				(0.1	)		(10,504	)


Futures contracts, at fair value
Futures contracts purchased
Currency				1.5			119,112
Energy				(0.0)	*		(2,635	)
Financial				5.4			440,358
Food & Fiber				0.1			10,438
Indices				(1.0	)		(84,558	)
Livestock				(0.1	)		(7,050	)
Metals
130 contracts of CMX Gold expiring August 2010				7.0			571,850
Other				(0.3	)		(26,535	)

Total Metals				6.7			545,315

Total futures contracts purchased				12.6			1,020,980


Futures contracts sold
Energy				0.1			3,920
Financial				(0.1	)		(7,625	)
Food & Fiber				(0.3	)		(21,195	)
Metals				(0.1	)		(4,596	)

Total futures contracts sold				(0.4	)		(29,496	)


Total futures contracts, at fair value				12.2	%	$	991,484


Futures and forward contracts by country composition
Australia				(0.1	)		(5,936	)
European Monetary Union				1.8			146,337
Great Britain				1.3			101,623
Japan				2.3			186,722
United States				7.8			637,265
Other				(1.0	)		(85,031	)

Total futures and forward contracts by country				12.1	%	$	980,980


*		Due to rounding

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. — SERIES B

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS
as of December 31, 2009


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


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

Total unrealized appreciation on forward contracts				0.9			81,845


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

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


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


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

Total Metals				(9.3	)		(808,201	)

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


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

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


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


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

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


*		Due to rounding

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. — SERIES B

UNAUDITED STATEMENTS OF OPERATIONS


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2010			2009			2010			2009*
Investment income
Interest income	$	(147	)	$	575		$	132		$	575

Total income		(147	)		575			132			575


Expenses
Brokerage commissions		95,089			25,570			184,264			25,570
Management fee		62,700			18,520			115,353			18,520
Selling commission		39,680			10,390			73,206			10,390
Operating expenses		20,900			6,173			38,451			6,173
Other		626			1,015			810			1,015

Total expenses		218,995			61,668			412,084			61,668


Net investment loss		(219,142	)		(61,093	)		(411,952	)		(61,093	)


Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts		1,181,541			(254,142	)		(66,886	)		(254,142	)
Net change in unrealized appreciation (depreciation) on futures and forward contracts:		(882,206	)		(70,447	)		1,599,485			(70,447	)


Net gain (loss) on investments		299,335			(324,589	)		1,532,599			(324,589	)


Net increase (decrease) in net assets from operations	$	80,193		$	(385,682	)	$	1,120,647		$	(385,682	)


Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of units outstanding during period) for Series B-1**	$	7.67		$	(112.27	)	$	100.29		$	(112.27	)


Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per unit during period) for Series B-1	$	0.19		$	(82.49	)	$	84.22		$	(82.49	)


Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of units outstanding during period) for Series B-2***	$	5.96		$	(81.03	)	$	104.43		$	(81.03	)


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	$	5.11		$	(78.28	)	$	95.31		$	(78.28	)

See accompanying notes to unaudited financial statements.


*		Data reflect the Three Months Ended June 30, 2009. The Fund’s inception was April 1, 2009.

**		Weighted average number of Units outstanding for Series B-1 for the Three Months Ended June 30, 2010 and June 30, 2009: 7,990.92 and 2,420.90, respectively; and for the Six Months Ended June 30, 2010 and June 30, 2009: 7,928.88 and 2,420.90, respectively.

***		Weighted average number of Units outstanding for Series B-2 for the Three Months Ended June 30, 2010 and June 30, 2009: 3,169.35 and 1,405.35, respectively; for the Six Months Ended June 30, 2010 and June 30, 2009: 3,116.25 and 1,405.35, respectively.

SUPERFUND GOLD, L.P. — SERIES B

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended
	June 30,
	2010			2009*
Increase (decrease) in net assets from operations
Net investment loss	$	(411,952	)	$	(61,093	)
Net realized loss on futures and forward contracts		(66,886	)		(254,142	)
Net change in unrealized appreciation (depreciation) on futures and forward contracts		1,599,485			(70,447	)


Net increase (decrease) in net assets from operations		1,120,647			(385,682	)


Capital share transactions
Issuance of Units		1,770,655			5,635,500
Redemption of Units		(3,540,303	)		—
Redemption of non-unitized capital balance		—			(2,000	)


Net increase (decrease) in net assets from capital share transactions		(1,769,648	)		5,633,500


Net increase (decrease) in net assets		(649,001	)		5,247,818

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


Net assets, end of period	$	8,070,576		$	5,249,818


Series B-1 Units, beginning of period		7,174.897			—
Issuance of Series B-1 Units		1,422.510			4,485.845
Redemption of Units		(3,437.381	)		—


Series B-1 Units, end of period		5,160.026			4,485.845


Series B-2 Units, beginning of period		2,763.500			—
Issuance of Series B-2 Units		623.925			1,777.326
Redemption of Units		(203.046	)		—


Series B-2 Units, end of period		3,184.379			1,777.326

See accompanying notes to unaudited financial statements.


*		Data reflect the Three Months Ended June 30, 2009. The Fund’s inception was April 1, 2009.

SUPERFUND GOLD, L.P. — SERIES B

UNAUDITED STATEMENTS OF CASH FLOWS


	Six Months Ended
	June 30,
	2010			2009*
Cash flows from operating activities
Net increase (decrease) in net assets from operations	$	1,120,647		$	(385,682	)
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash used in operating activities:
Changes in operating assets and liabilities:
Purchases of U.S. government securities		(8,097,480	)		(1,149,886	)
Maturities of U.S. government securities		7,950,000			—
Amortization of discounts and premiums		(1,660	)		164
Due from brokers		(399,753	)		(4,166,285	)
Due to affiliate		—			2,000
Unrealized appreciation on open forward contracts		65,589			9,427
Unrealized depreciation on open forward contracts		(128,111	)		—
Futures contracts purchased		(1,561,725	)		65,164
Futures contracts sold		24,762			(4,144	)
Management fees payable		3,655			—
Fees payable		3,352			17,457

Net cash used in operating activities		(1,020,724	)		(5,611,785	)


Cash flows from financing activities
Subscriptions, net of change in advance subscriptions		1,462,025			6,339,478
Redemptions, net of change in redemptions payable		(949,262	)		—
Redemptions of non-unitized capital balance		—			(2,000	)


Net cash provided by financing activities		512,763			6,337,478


Net increase (decrease) in cash		(507,961	)		725,693

Cash, beginning of period		932,518			2,000


Cash, end of period	$	424,557		$	727,693

See accompanying notes to unaudited financial statements.


*		Data reflect the Three Months Ended June 30, 2009. The Fund’s inception was April 1, 2009.

SUPERFUND GOLD, L.P.

NOTES TO UNAUDITED FINANCIAL STATEMENTS
June 30, 2010

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 forwards markets using a strategy developed by Superfund Capital Management, Inc., the general partner and trading advisor of the Fund (“Superfund Capital Management”). The Fund has issued two series of units of limited partnership interest (the “Units”), each with a subseries, Series A-1/A-2 and Series B-1/B-2 (each, a “Series”). Series A-1/A-2 and Series B-1/B-2 are traded and managed the same way, with the exception of the degree of leverage.

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

2. Basis of presentation and significant accounting policies

Basis of Presentation

The unaudited financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the U.S. with respect to the Form 10-Q and reflect all adjustments which in the opinion of management are normal and recurring, and which are necessary for a fair statement of the results of interim periods presented. It is suggested that these financial statements be read in conjunction with the financial statements and the related notes included in the Fund’s Annual Report on Form 10-K for the year ended December 31, 2009.

Effective with the filing of this Form 10-Q, unaudited financial statements are presented for both the Fund, as the SEC registrant, and for Series A and Series B, individually, in accordance with the rules and regulations of the SEC.

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

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

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

Translation of Foreign Currency

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

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

Investment Transactions, Investment Income and Expenses

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

Income Taxes

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

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

Use of Estimates

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

Recently Issued Accounting Pronouncements

ASU 2010-06

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

3. Fair Value Measurements

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


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

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

		Level 3:		Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

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

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

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

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

Certain OTC derivatives trade in less liquid markets with limited pricing information, and the determination of fair value for these derivatives is inherently more difficult. Such instruments are classified within Level 3 of the fair value hierarchy. Where the Fund does not have corroborating market evidence to support significant model inputs and cannot verify the model to market transactions, transaction price is initially used as the best estimate of fair value. Accordingly, when a pricing model is used to value such an instrument, the model is adjusted so that the model value at inception equals the transaction price. The valuations of these less liquid OTC derivatives are typically based on Level 1 and/or Level 2 inputs that can be observed in the market, as well as unobservable Level 3 inputs. Subsequent to initial recognition, the Fund updates the Level 1 and Level 2 inputs to reflect observable market changes, with resulting gains and losses reflected within Level 3. Level 3 inputs are changed only when corroborated by evidence such as similar market transactions, third-party pricing services and/or broker or dealer quotations, or other empirical market data. In circumstances in which the Fund cannot verify the model value to market transactions, it is possible that a different valuation model could produce a materially different estimate of fair value. The Fund attempts to avoid holding less liquid OTC derivatives. However, once held, the market for any particular derivative contract could become less liquid during the holding period. As of and during the quarter ended June 30, 2010, 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 June 30, 2010, and December 31, 2009:

Superfund Gold, L.P.


	Balance
	June 30,
	2010		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	7,548,262	$	—	$	7,548,262	$	—
Unrealized appreciation on open forward contracts		18,662		—		18,662		—
Futures contracts purchased		1,618,400		1,618,400		—		—

Total Assets Measured at Fair Value	$	9,185,324	$	1,618,400	$	7,566,924	$	—


LIABILITIES
Unrealized depreciation on open forward contracts	$	35,439	$	26,760	$	8,679	$	—
Futures contracts sold		38,398		8,902		29,496		—

Total Liabilities Measured at Fair Value	$	73,837	$	35,662	$	38,175	$	—

Series A.


	Balance
	June 30,
	2010		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	2,949,313	$	—	$	2,949,313	$	—
Unrealized appreciation on open forward contracts		2,406		—		2,406		—
Futures contracts purchased		597,420		597,420		—		—

Total Assets Measured at Fair Value	$	3,549,139	$	597,420	$	2,951,719	$	—


LIABILITIES
Unrealized depreciation on open forward contracts	$	8,679	$	—	$	8,679	$	—
Futures contracts sold		8,902		8,902		—		—

Total Liabilities Measured at Fair Value	$	17,581	$	8,902	$	8,679	$	—

Series B.


	Balance
	June 30,
	2010		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	4,598,949	$	—	$	4,598,949	$	—
Unrealized appreciation on open forward contracts		16,256		—		16,256		—
Futures contracts purchased		1,020,980		1,020,980		—		—

Total Assets Measured at Fair Value	$	5,636,185	$	1,020,980	$	4,615,205	$	—


LIABILITIES
Unrealized depreciation on open forward contracts	$	26,760	$	26,760	$	—	$	—
Futures contracts sold		29,496		—		29,496		—

Total Liabilities Measured at Fair Value	$	56,256	$	26,760	$	29,496	$	—

Superfund Gold, L.P.


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

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


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

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

Series A.


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

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


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

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

Series B.


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

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


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

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

4. Disclosure of derivative instruments and hedging activities

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

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

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

Superfund Capital Management believes futures and forwards 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:

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 June 30, 2010, is as follows:

Superfund Gold, L.P.:


	Statement of Assets and	Asset Derivatives at		Liability Derivatives
Type of Instrument	Liabilities Location	June 30, 2010		at June 30, 2010			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	18,662	$	—		$	18,662

Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(35,439	)		(35,439	)

Futures contracts	Futures contracts purchased & futures contacts sold		1,618,400		(38,398	)		1,580,002

Totals		$	1,637,062	$	(73,837	)	$	1,563,225

Effects of Derivative Instruments on the Statement of Operations for the Quarter Ended June 30, 2010:


					Change in Unrealized
					Appreciation
Derivatives not					(Depreciation) on
Designated as Hedging	Location of Gain (Loss) on	Realized Gain (Loss) on			Derivatives
Instruments under ASC	Derivatives Recognized in	Derivatives Recognized			Recognized
815	Income	in Income			in Income
Foreign exchange contracts	Net realized loss on futures and forward contracts	$	(176,916	)	$	(23,211	)

Futures contracts	Net realized gain (loss) on futures and forward contracts		2,076,127			(905,312	)


Total		$	1,899,211		$	(928,523	)

Effects of Derivative Instruments on the Statement of Operations for the Six Months Ended June 30, 2010:

Change in Unrealized

Appreciation

Derivatives not

(Depreciation) on

Designated as Hedging

Location of Gain (Loss) on

Realized Gain (Loss) on

Derivatives

Instruments under ASC

Derivatives Recognized in

Recognized

815

Income

in Income

Foreign exchange contracts

Net realized loss on futures and forward contracts

(365,721

)

56,249

Futures contracts

Net realized gain on futures and forward contracts

606,161

2,406,788

Total

240,440

2,463,037

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


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

Futures contracts	Net realized gain (loss) on futures and forward contracts		1,731,610			(826,786	)


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


	As of June 30, 2010
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
			% of						% of					% of						% of			Net Unrealized
			Net						Net					Net						Net			Gain (Loss) on
	Gains		Assets			Losses			Assets			Gains		Assets			Losses			Assets			Open Positions
Foreign Exchange	$	16,147		0.1		$	(36,292	)		(0.2	)	$	3,920		0.0	*	$	(552	)		0.0	*	$	(16,777	)
Currency		216,944		1.4			(42,976	)		(0.3	)		—		—			—			—			173,968
Financial		631,876		4.0			—			—			—		—			(10,431	)		(0.1	)		621,445
Food & Fiber		18,901		0.1			(2,456	)		(0.0)	*		7,124		0.0	*		(38,355	)		(0.2	)		(14,786	)
Indices		175		0.0	*		(108,531	)		(0.7	)		—		—			—			—			(108,356	)
Metals		949,980		6.1			(33,313	)		(0.2	)		—		—			(4,596	)		(0.0)	*		912,071
Livestock		—		—			(10,160	)		(0.1	)		—		—			—			—			(10,160	)
Energy		1,225		0.0	*		(3,265	)		(0.0)	*		7,860		0.1			—			—			5,820

Totals	$	1,835,248		11.7		$	(236,993	)		(1.5	)	$	18,904		0.1		$	(53,934	)		(0.3	)	$	1,563,225


*		Due to rounding

Superfund Gold, L.P. average monthly contract volume by market sector as of quarter ended June 30, 2010:


	Average Number of		Average Number of		Average Value of		Average Value of
	Long Contracts		Short Contracts		Long Positions		Short Positions
Foreign Exchange		59		77	$	284,812	$	304,936


	Average Number of Long		Average Number of
	Contracts		Short Contracts
Currency		498		—
Financial		1088		384
Food & Fiber		123		135
Indices		476		26
Metals		266		76
Livestock		12		4
Energy		153		159

Totals		2,675		861

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


	For the Three Months Ended June 30, 2010
				Change in Net
	Net Realized			Unrealized			Net Trading
	Gain (Losses)			Gains (Losses)			Gains (Losses)
Foreign Exchange	$	(176,916	)	$	(23,211	)	$	(200,127	)
Currency		(351,331	)		(15,964	)		(367,295	)
Financial		1,354,276			(2,696	)		1,351,580
Food & Fiber		(58,572	)		(194,849	)		(253,421	)
Indices		(367,565	)		(324,725	)		(692,290	)
Metals		1,946,471			474,498			2,420,969
Livestock		(13,440	)		(10,160	)		(23,600	)
Energy		(433,712	)		(831,416	)		(1,265,128	)

Total net trading gains (losses)	$	1,899,211		$	(928,523	)	$	970,688


	For the Six Months Ended June 30, 2010
				Change in Net
	Net Realized			Unrealized			Net Trading
	Gain (Losses)			Gains (Losses)			Gains (Losses)
Foreign Exchange	$	(365,721	)	$	56,249		$	(309,472	)
Currency		(710,831	)		270,654			(440,177	)
Financial		1,503,854			687,245			2,191,099
Food & Fiber		(176,123	)		(149,016	)		(325,139	)
Indices		27,426			(362,221	)		(334,795	)
Metals		481,345			2,007,142			2,488,487
Livestock		(79,160	)		(970	)		(80,130	)
Energy		(440,350	)		(46,046	)		(486,396	)

Total net trading gains	$	240,440		$	2,463,037		$	2,703,477

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 June 30, 2010, is as follows:


	Statement of Assets			Liability
	and Liabilities	Asset Derivatives		Derivatives at June
Type of Instrument	Location	at June 30, 2010		30, 2010			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	2,406	$	—		$	2,406

Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(8,679	)		(8,679	)

Futures contracts	Futures contracts purchased & futures contacts sold		597,420		(8,902	)		588,518


Totals		$	599,826	$	(17,581	)	$	582,245

Effects of Derivative Instruments on the Statement of Operations for the Quarter Ended June 30, 2010:

Change in

Unrealized

Location of Gain

Realized Gain

Appreciation

Derivatives not

(Loss) on

(Depreciation) on

Designated as

Derivatives

Hedging Instruments

Recognized in

under ASC 815

Income

Foreign exchange contracts

Net realized loss on futures
and forward contracts

(19,919

)

(10,340

)

Futures contracts

Net realized gain (loss) on
futures and forward contracts

737,589

(35,977

)

Total

717,670

(46,317

)

Effects of Derivative Instruments on the Statement of Operations for the Six Months Ended June 30, 2010:

Change in

Unrealized

Location of Gain

Realized Gain

Appreciation

Derivatives not

(Loss) on

(Depreciation) on

Designated as

Derivatives

Hedging Instruments

Recognized in

under ASC 815

Income

Foreign exchange contracts

Net realized loss on futures
and forward contracts

(23,533

)

(6,274

)

Futures contracts

Net realized gain on futures
and forward contracts

330,859

869,826

Total

307,326

863,552

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

Change in

Unrealized

Location of Gain

Realized Gain

Appreciation

Derivatives not

(Loss) on

(Depreciation) on

Designated as

Derivatives

Hedging Instruments

Recognized in

under ASC 815

Income

Foreign exchange contracts

Net realized gain on futures
and forward contracts

866

Futures contracts

Net realized gain (loss) on
futures and forward contracts

694,820

(281,307

)

Total

695,686

(281,307

)


	As of June 30, 2010
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
			% of						% of					% of						% of			Net Unrealized
			Net						Net					Net						Net			Gain (Loss) on
	Gains		Assets			Losses			Assets			Gains		Assets			Losses			Assets			Open Positions
Foreign Exchange	$	2,031		0.0	*	$	(8,679	)		(0.1	)	$	375		0.0	*	$	—			—		$	(6,273	)
Currency		69,244		0.9			(14,388	)		(0.2	)		—		—			—			—			54,856
Financial		191,518		2.4			—			—			—		—			(2,806	)		(0.0	)*		188,712
Food & Fiber		6,217		0.1			(210	)		(0.0	)*		2,374		0.0	*		(12,410	)		(0.1	)		(4,029	)
Indices		49		0.0	*		(23,847	)		(0.3	)		—		—			—			—			(23,798	)
Metals		378,130		5.0			(6,778	)		(0.1	)		—		—			—			—			371,352
Livestock		—		—			(3,110	)		(0.0	)*		—		—			—			—			(3,110	)
Energy		1,225		0.0	*		(630	)		(0.0	)*		3,940		0.1			—			—			4,535

Totals	$	648,414		8.4		$	(57,642	)		(0.7	)	$	6,689		0.1		$	(15,216	)		(0.1	)	$	582,245


*		Due to rounding

Series A average monthly contract volume by market sector as of quarter ended June 30, 2010:


	Average Number of		Average Number of		Average Value of		Average Value of
	Long Contracts		Short Contracts		Long Positions		Short Positions
Foreign Exchange		15		20	$	42,583	$	38,566


	Average Number of Long		Average Number of
	Contracts		Short Contracts
Currency		147		—
Financial		320		110
Food & Fiber		29		39
Indices		127		6
Metals		81		19
Livestock		4		1
Energy		38		44

Totals		761		239

Series A trading results by market sector:


	For the Three Months Ended June 30, 2010
				Change in Net
	Net Realized			Unrealized			Net Trading
	Gain (Losses)			Gains (Losses)			Gains (Losses)
Foreign Exchange	$	(19,919	)	$	(10,340	)	$	(30,259	)
Currency		(97,125	)		325			(96,800	)
Financial		369,117			13,471			382,588
Food & Fiber		(9,687	)		(56,820	)		(66,507	)
Indices		(74,813	)		(72,251	)		(147,064	)
Metals		700,848			250,812			951,660
Livestock		(4,320	)		(3,110	)		(7,430	)
Energy		(146,431	)		(168,404	)		(314,835	)

Total net trading gains (losses)	$	717,670		$	(46,317	)	$	671,353


	For the Six Months Ended June 30, 2010
				Change in Net
	Net Realized			Unrealized			Net Trading
	Gain (Losses)			Gains (Losses)			Gains (Losses)
Foreign Exchange	$	(23,533	)	$	(6,274	)	$	(29,807	)
Currency		(175,095	)		69,953			(105,142	)
Financial		404,283			196,640			600,923
Food & Fiber		(54,002	)		(19,969	)		(73,971	)
Indices		3,642			(39,642	)		(36,000	)
Metals		312,321			658,223			970,544
Livestock		(17,650	)		(2,030	)		(19,680	)
Energy		(142,640	)		6,651			(135,989	)

Total net trading gains	$	307,326		$	863,552		$	1,170,878

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 June 30, 2010, is as follows:


	Statement of Assets			Liability
	and Liabilities	Asset Derivatives		Derivatives at June
Type of Instrument	Location	at June 30, 2010		30, 2010			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	16,256	$	—		$	16,256

Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(26,760	)		(26,760	)

Futures contracts	Futures contracts purchased & futures contacts sold		1,020,980		(29,496	)		991,484


Totals		$	1,037,236	$	(56,256	)	$	980,980

Effects of Derivative Instruments on the Statement of Operations for the Quarter Ended June 30, 2010:


						Change in Unrealized
Derivatives not						Appreciation
Designated as Hedging		Location of Gain (Loss) on	Realized Gain (Loss) on			(Depreciation) on
Instruments under ASC		Derivatives Recognized in	Derivatives Recognized in			Derivatives Recognized
815		Income	Income			in Income
Foreign Exchange contracts		Net realized loss on futures and forward contracts	$	(156,997	)	$	(12,871	)

Futures contracts		Net realized gain (loss) on futures and forward contracts		1,338,538			(869,335	)


	Total		$	1,181,541		$	(882,206	)

Effects of Derivative Instruments on the Statement of Operations for the Six Months Ended June 30, 2010:

Change in Unrealized

Derivatives not

Appreciation

Designated as Hedging

Location of Gain (Loss) on

Realized Gain (Loss) on

(Depreciation) on

Instruments under ASC

Derivatives Recognized in

Derivatives Recognized

815

Income

in Income

Foreign Exchange contracts

Net realized gain (loss) on futures and forward contracts

(342,188

)

62,523

Futures contracts

Net realized gain on futures and forward contracts

275,302

1,536,962

Total

(66,886

)

1,599,485

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


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

Futures contracts		Net realized gain (loss) on futures and forward contracts		1,036,790			(545,479	)


	Total		$	912,784		$	(618,505	)


	As of June 30, 2010
	Long Positions Gross Unrealized										Short Positions Gross Unrealized
			% of					% of					% of						% of			Net Unrealized
			Net					Net					Net						Net			Gain (Loss) on
	Gains		Assets		Losses			Assets			Gains		Assets			Losses			Assets			Open Positions
Foreign Exchange	$	14,116		0.2	$	(27,613	)		(0.3	)	$	3,545		0.0	*	$	(552	)		(0.0)	*	$	(10,504	)
Currency		147,700		1.9		(28,588	)		(0.4	)		—		—			—			—			119,112
Financial		440,358		5.4		—			—			—		—			(7,625	)		(0.1	)		432,733
Food & Fiber		12,684		0.1		(2,246	)		(0.0)	*		4,750		0.0	*		(25,945	)		(0.3	)		(10,757	)
Indices		126		0.0		(84,684	)		(1.0	)		—		—			—			—			(84,558	)
Metals		571,850		7.0		(26,535	)		(0.3	)		—		—			(4,596	)		(0.1	)		540,719
Livestock		—		—		(7,050	)		(0.1	)		—		—			—			—			(7,050	)
Energy		—		—		(2,635	)		(0.0)	*		3,920		0.1			—			—			1,285

Totals	$	1,186,834		14.6	$	(179,351	)		(2.1	)	$	12,215		0.1		$	(38,718	)		(0.5	)	$	980,980


*		Due to rounding

Series B average monthly contract volume by market sector for quarter ended June 30, 2010:

Average Number

Average

Average Value

of Long

Number of Short

of Long

of Short

Contracts

Positions

Foreign Exchange

242,229

266,370


	Average Number		Average
	of Long		Number of Short
	Contracts		Contracts
Currency		351		—
Financial		768		274
Food & Fiber		94		96
Indices		349		20
Metals		185		57
Livestock		8		3
Energy		115		115

Totals		1,914		622

Series B trading results by market sector


	For the Three Months Ended June 30, 2010
				Change in Net
	Net Realized			Unrealized			Net Trading
	Gain (Losses)			Gains (Losses)			Gains (Losses)
Foreign Exchange	$	(156,997	)	$	(12,871	)	$	(169,868	)
Currency		(254,206	)		(16,289	)		(270,495	)
Financial		985,159			(16,167	)		968,992
Food & Fiber		(48,885	)		(138,029	)		(186,914	)
Indices		(292,752	)		(252,474	)		(545,226	)
Metals		1,245,623			223,686			1,469,309
Livestock		(9,120	)		(7,050	)		(16,170	)
Energy		(287,281	)		(663,012	)		(950,293	)

Total net trading gains (losses)	$	1,181,541		$	(882,206	)	$	299,335


	For the Six Months Ended June 30, 2010
				Change in Net
	Net Realized			Unrealized			Net Trading
	Gain (Losses)			Gains (Losses)			Gains (Losses)
Foreign Exchange	$	(342,188	)	$	62,523		$	(279,665	)
Currency		(535,736	)		200,701			(335,035	)
Financial		1,099,571			490,605			1,590,176
Food & Fiber		(122,121	)		(129,047	)		(251,168	)
Indices		23,784			(322,579	)		(298,795	)
Metals		169,024			1,348,919			1,517,943
Livestock		(61,510	)		1,060			(60,450	)
Energy		(297,710	)		(52,697	)		(350,407	)

Total net trading gains (losses)	$	(66,886	)	$	1,599,485		$	1,532,599

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 June 30, 2010, there were no amounts due to brokers.

In the normal course of business, all of the Fund’s marketable securities transactions, money balances and marketable security positions are transacted with brokers. The Fund is subject to credit risk to the extent any broker with whom it conducts business is unable to fulfill contractual obligations on its behalf. Superfund Capital Management monitors the financial condition of such brokers and does not anticipate any losses from these counterparties.

6. Allocation of net profits and losses

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

Subscriptions received in advance, if any, represent cash received prior to the balance sheet date for subscriptions of the subsequent month and do not participate in the earnings of the Fund until the following month.

7. Related party transactions

Superfund Capital Management shall be paid a management fee equal to one-twelfth of 2.25% of month-end net assets (2.25% per annum) and operating and ongoing offering expenses equal to one-twelfth of 0.75% of month-end net assets (0.75% per annum), not to exceed the amount of actual expenses incurred. In accordance with the Prospectus of the Fund dated November 3, 2009, included within the Registration Statement on Form S-1 (File No. 333-151632), Superfund USA, Inc., (“Superfund USA”) an entity related to Superfund Capital Management by common ownership, shall be paid selling commissions equal to 2% of the month-end net asset value per Series A-1 Unit and Series B-1 Unit (one-twelfth of 2% per month). These amounts are included under “Selling commissions” in the Statements of Operations. However, the maximum cumulative selling commission per Unit is limited to 10% of the gross offering proceeds price of such Unit.

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

8. Financial highlights

Financial highlights for the period January 1 through June 30, 2010 are as follows:


	2010
	Series A-1			Series A-2			Series B-1			Series B-2
Total Return
Total return before incentive fees		13.6	%		14.5	%		9.6	%		10.7	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%


Total return after incentive fees		13.6	%		14.5	%		9.6	%		10.7	%


	2010
	Series A-1			Series A-2			Series B-1			Series B-2
Ratios to average partners’ capital*
Operating expenses before incentive fees		7.5	%		5.4	%		8.8	%		6.8	%
Incentive fees		0.4	%		0.7	%		0.0	%		0.0	%

Total expenses		7.9	%		6.1	%		8.8	%		6.8	%

Net investment loss*		(7.2	)%		(5.4	)%		(8.8	)%		(6.8	)%

Net asset value per unit, beginning of period	$	1,056.90		$	1,111.40		$	873.68		$	886.92
Net investment loss		(45.15	)		(39.65	)		(40.00	)		(31.32	)
Net gain on investments		189.34			200.48			124.22			126.63

Net asset value per unit, end of period	$	1,201.09		$	1,272.23		$	957.90		$	982.23

Other per Unit information:
Net increase in net assets from operations per Unit (based upon weighted average Number of Units during period)	$	165.01		$	180.54		$	100.29		$	104.43

Net increase in net assets from operations per Unit (based upon change in net asset value per Unit)	$	144.19		$	160.83		$	84.22		$	95.31


*		Annualized for periods less than a year

Financial highlights for the period January 1 through June 30, 2009 are as follows (the Fund’s inception was April 1, 2009):


	2009
	Series A-1			Series A-2			Series B-1			Series B-2
Total Return
Total return before incentive fees		(1.6	)%		2.8	%		(9.0	)%		(8.5	)%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%

Total return after incentive fees		(1.6	)%		2.8	%		(9.0	)%		(8.5	)%

Ratios to average partners’ capital*
Operating expenses before incentive fees		5.9	%		4.0	%		9.5	%		6.3	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%

Total expenses		5.9	%		4.0	%		9.5	%		6.3	%

Net investment loss*		(5.8	)%		(3.9	)%		(9.4	)%		(6.2	)%

Net asset value per unit, beginning of period	$	919.50		$	919.50		$	919.50		$	919.50
Net investment loss		(13.29	)		(6.20	)		(20.24	)		(13.48	)
Net gain on investments		(1.74	)		32.25			(62.25	)		(64.80	)

Net asset value per unit, end of period	$	904.47		$	945.55		$	837.01		$	841.22

Other per Unit information:
Net increase in net assets from operations per Unit (based upon weighted average Number of Units during period)	$	(20.29	)	$	15.86		$	(112.27	)	$	(81.03	)

Net increase in net assets from operations per Unit (based upon change in net asset value per Unit)	$	(15.03	)	$	26.05		$	(82.49	)	$	(78.28	)


*		Annualized for periods less than a year

Financial highlights for the period April 1 through June 30, 2010 are as follows:


				2010
	Series A-1			Series A-2			Series B-1			Series B-2
Total Return
Total return before incentive fees		7.1	%		7.4	%		0.0	%		0.5	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%

Total return after incentive fees		7.1	%		7.4	%		0.0	%		0.5	%


	2010
	Series A-1			Series A-2			Series B-1			Series B-2
Ratios to average partners’ capital*
Operating expenses before incentive fees		7.1	%		5.1	%		8.5	%		6.5	%
Incentive fees		0.4	%		0.5	%		0.0	%		0.0	%

Total expenses		7.5	%		5.6	%		8.5	%		6.5	%

Net investment loss*		(7.1	)%		(5.1	)%		(8.5	)%		(6.5	)%

Net asset value per unit, beginning of period	$	1,121.67		$	1,184.20		$	957.71		$	977.12
Net investment loss		(25.26	)		(22.56	)		(20.75	)		(16.30	)
Net gain (loss) on investments		104.68			110.59			20.94			21.41

Net asset value per unit, end of period	$	1,201.09		$	1,272.23		$	957.90		$	982.23

Other per Unit information:
Net increase in net assets from operations per Unit (based upon weighted average Number of Units during period)	$	85.33		$	88.26		$	7.67		$	5.96

Net increase in net assets from operations per Unit (based upon change in net asset value per Unit)	$	79.42		$	88.03		$	0.19		$	5.11


*		Annualized for periods less than a year

Financial highlights for the period April 1 through June 30, 2009 are as follows (the Fund’s inception was April 1, 2009):


	2009
	Series A-1			Series A-2			Series B-1			Series B-2
Total Return
Total return before incentive fees		(1.6	)%		2.8	%		(9.0	)%		(8.5	)%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%

Total return after incentive fees		(1.6	)%		2.8	%		(9.0	)%		(8.5	)%

Ratios to average partners’ capital*
Operating expenses before incentive fees		5.9	%		4.0	%		9.5	%		6.3	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%

Total expenses		5.9	%		4.0	%		9.5	%		6.3	%

Net investment loss*		(5.8	)%		(3.9	)%		(9.4	)%		(6.2	)%

Net asset value per unit, beginning of period	$	919.50		$	919.50		$	919.50		$	919.50
Net investment loss		(13.29	)		(6.20	)		(20.24	)		(13.48	)
Net gain (loss) on investments		(1.74	)		32.25			(62.25	)		(64.80	)

Net asset value per unit, end of period	$	904.47		$	945.55		$	837.01		$	841.22

Other per Unit information:
Net increase in net assets from operations per Unit (based upon weighted average Number of Units during period)	$	(20.29	)	$	15.86		$	(112.27	)	$	(81.03	)

Net increase in net assets from operations per Unit (based upon change in net asset value per Unit)	$	(15.03	)	$	26.05		$	(82.49	)	$	(78.28	)


*		Annualized for periods less than a year

Financial highlights are calculated for each Series taken as a whole. An individual partner’s return, per unit data, and ratios may vary based on the timing of capital transactions.

9. Financial instrument risk

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

risks similar to those related to the underlying financial instruments including market and credit risk. In general, the risks associated with OTC contracts are greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract.

For the Fund, gross unrealized gains and losses related to exchange-traded futures were $1,834,085 and $254,083 respectively, and gross unrealized gains and losses related to non-exchange-traded forwards were $20,067 and $36,844, respectively, at June 30, 2010.

For Series A, gross unrealized gains and losses related to exchange-traded futures were $652,697 and $64,179 respectively, and gross unrealized gains and losses related to non-exchange-traded forwards were $2,406 and $8,679, respectively, at June 30, 2010.

For Series B, gross unrealized gains and losses related to exchange-traded futures were $1,181,388 and $189,904, respectively, and gross unrealized gains and losses related to non-exchange-traded forwards were $17,661 and $28,165, respectively, at June 30, 2010.

Market risk is the potential for changes in the value of the financial instruments traded by the Fund due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity 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.

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

The majority of these futures and forwards mature within one year of June 30, 2010. However, due to the nature of the Fund’s business, these instruments may not be held to maturity.

10. Subscriptions and redemptions

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

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

11. Subsequent events

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


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

INTRODUCTION

The Fund commenced the offering of its Units on February 17, 2009. The initial offering terminated on March 31, 2009, and the Fund commenced operations on April 1, 2009. The continuing offering period commenced at the termination of the initial offering period and is ongoing. Subscription and redemption data is presented for both the Fund, as the SEC registrant, and for Series A and Series B, individually. For the quarter ended June 30, 2010, subscriptions totaling $1,771,971 in the Fund have been accepted and redemptions over the same period totaled $4,110,133. For the quarter ended June 30, 2010, subscriptions totaling $1,142,593 in Series A-1, $134,377 in Series A-2, $426,001 in Series B-1, and $69,000 in Series B-2 have been accepted and redemptions over the same period totaled $735,398 in Series A-1, $11,795 in Series A-2, $3,325,178 in Series B-1 and $37,762 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 forwards markets. Specifically, the Fund trades a portfolio of more than 120 futures and forwards markets using a fully-automated, proprietary, computerized trading system. The Fund also seeks to maintain an investment in gold approximately equal to the total capital of each Series, as of the beginning of each month. The gold investment is intended to delink each Series’ net asset value, which is determined in U.S. dollars, from the value of the U.S. dollar relative to gold, effectively denominating the Series’ net asset value in terms of gold.

LIQUIDITY

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

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

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

CAPITAL RESOURCES

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

RESULTS OF OPERATIONS

Three Months Ended June 30, 2010

Fund results for 2^nd Quarter 2010:

In June, the Fund’s allocations to global equity indices underperformed as volatile action resulted in losses. Extremely poor housing and retail sales figures spurred profit-taking, leaving front-month Dow Jones Industrial Average (the “Dow”) futures down 3.5% on the month. A mixture of long and short positions led the Fund to an overall loss in the stock indices sector for the month. Stronger results were obtained in the global bond markets as weaker than expected fundamental and inflation data complemented intensifying euro area sovereign debt risk, thus prompting widespread buying of bonds. September 30-year

U.S. Treasury bonds surged after U.S. employment increased less than previously forecast with private payrolls accounting for only 10.0% of the jobs added. A mixture of long and short positions led the Fund to an overall gain in the bond sector for the month. Allocations to the energy sector underperformed amid significant losses in natural gas futures following an 18% rally through mid-month. Mild weather moved in toward the end of the month, sending values sharply lower and leaving the August contract with only a modest gain of 4.7%. A mixture of long and short positions led the Fund to an overall loss in the energy sector for the month. The Fund’s gold hedge experienced gains as gold futures posted new all-time highs as unease surrounding the sustainability of the global recovery continued to mount. In euro terms, gold traded near the €1,050/oz. level due to early month news of a possible Hungarian default and ongoing civil strife in Europe. Meanwhile in the U.S., poor retail sales, weak consumer confidence, and falling housing figures supported August gold to a gain of 2.5%. Growing concern surrounding Chinese growth also cast a pall over risk assets, providing support to gold into month-end.

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

In April, markets around the globe finished with mixed results. Stocks came under acute pressure in Europe as concerns continued over the financial condition of several European Union members. Japan’s Nikkei and Australia’s SPI finished with modest losses, down 0.4% and 1.2%, respectively, while gains were seen in Taiwan and Singapore, finishing 1.1% and 3.1% higher, respectively, as those economies benefited from rebounding export demand. In the U.S., the NASDAQ and Dow finished the month 2.1% and 1.5% higher, respectively. A mixture of long and short positions led the Fund to an overall gain on the month in the stock indices sector. Early month news that the U.S. economy added 162,000 jobs combined with excellent growth in the U.S. services industry to propelled crude oil futures to their highest levels since the fall of 2008. Later in the month, excellent U.S. corporate earnings, rising consumer confidence, and the loss of a production platform in the Gulf of Mexico propelled July crude to a 4.3% gain. June gasoline futures finished 4.1% higher as a late month inventory report showed supplies had fallen more than expected. A mixture of long and short positions led the Fund to an overall gain in the energies sector on the month. The Fund experienced strong gains on its June gold futures, as the metal finished the month 5.8% higher. The Fund’s long positions in the metals sector resulted in gains for the month.

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

Three Months Ended March 31, 2010

Fund results for 1^st Quarter 2010:

In March, the Fund saw excellent results in the equities sector as global stock markets throughout the world surged. Rising business confidence in Germany propelled the DAX to a gain of 9.7%, while Italy’s MIB40, Spain’s IBEX, and Poland’s WIG20 finished up 8.5%, 4.8% and 12.6%, respectively. In Asia, Japan’s Nikkei finished up 10.3%, and in the U.S., the S&P 500 and Dow finished up 6.0% and 5.3%, respectively. A mixture of long and short positions in the stock indices sector led to a gain for the Fund for the month. The Fund continued to experience significant gains from its energy positions as global economic strength propelled crude oil demand expectations higher while warm weather and inflated inventories extended the downtrend in natural gas prices. Front-month crude oil futures finished up 4.7% on the month. The U.S. increased the number of natural gas rigs to 941, up 16.0% from a year earlier. These factors, combined with a mild weather forecast, sent front-month natural gas down, finishing 19.6% lower on the month. A mixture of long and short positions in the energy sector led to a gain for the Fund for the month. The Fund also experienced solid results in its long metals positions as base metals surged despite the stronger U.S. dollar. London copper finished 8.4% higher as exchange inventories fell for most of the month. London

nickel rose to its highest level since June 2008, finishing 17.9% higher. The Fund’s long positions in the metals sector resulted in an overall gain for the month. Front-month gold futures experienced sideways price action during the month of March and closed with a slight decline in U.S. dollar terms. In relation to the euro, the rally in gold futures continued and reached another record high as the worries regarding the European sovereign debt crisis widened.

In February, world bond markets experienced volatile action as sovereign debt contagion worries spread while economic data showed promising signs. The Fund’s net short position in U.S. 30-year Treasury bonds fell prey to small losses as futures rallied near month-end despite better than expected economic reports. In Europe, March bonds surged at month-end to finish moderately higher, producing overall gains for the Fund’s long positions. Overall, a mixture of long and short positions in the bonds sector produced a gain for the Fund for the month. Global short-term interest rate futures traded higher in February, continuing a strong-upward trend and providing the Fund with positive returns. In the U.S., three-month Eurodollar futures rallied to new highs after the Federal Reserve unexpectedly raised the discount rate but reaffirmed that the federal funds rate will remain at exceptionally low levels for an extended period. The Fund’s long positions in the interest rates sector resulted in a gain for the month. Fundamentals in the grain sector improved enough to offset the U.S. dollar rally. May soybeans, wheat and corn finished the month 3.9%, 6.3% and 5.7% higher, respectively. A mixture of long and short positions in the grains sector led to a loss for the Fund on the month. The Fund experienced solid returns in global energy markets in February as macroeconomic data continued to impress. Crude oil finished 8.5% higher, while the ample supply of natural gas proved too much to keep prices high for long. Natural gas finished 6.1% lower, benefiting the Fund’s short positions in this market. A mixture of long and short positions in the energy sector led to an overall loss for the Fund on the month. New York and London front-month sugar futures reversed sharply, finishing the month 19.2% and 9.8% lower, respectively, while May New York cocoa contracts lost 10.2% on the month. Chinese cotton production was estimated to have fallen 15.0% from the prior year, propelling May cotton to a gain of 16.7% on the month. A mixture of long and short positions in the agricultural sector led to a loss for the Fund on the month. In the month of February, front-month gold futures rallied and finished the month with a gain of 3.31%. Buying was attributed to investors exiting the euro due to the intensifying Greek sovereign debt crisis and seeking the safety of gold as an alternative currency. Gold futures proceeded to trade to a record-high in euro currency terms near month-end.

In January, global equities continued to trend higher but reversed sharply by month’s end. In the U.S., the Dow and Nasdaq Composite Index finished 3.5% and 6.8% lower, respectively. European equities also experienced significant declines, with Germany’s DAX, the United Kingdom’s FTSE and France’s CAC40 finishing 6.7%, 4.2% and 5.1% lower, respectively. Asian stocks fell as China began to take steps to slow growth and curb lending in response to an overheating economy. The Hang Seng and Japan’s Nikkei finished 7.8% and 3.6% lower, respectively. A mixture of long and short positions in the stock indices sector produced an overall loss for the Fund on the month. Global short-term interest futures rebounded in January with numerous products trading to new contract highs. Eurodollar futures rallied as weaker than expected fundamental data in the U.S. prompted the selling of equities and the buying of safer short-term assets. A mixture of long and short positions in the interest rates sector resulted in a gain for the Fund for the month. The U.S. dollar index extended its December gains in January, finishing the month 1.7% higher as risk capital flowed into the greenback following China’s strong signals that it would act to contain its rapid growth. Entrenched trends in emerging market currencies continued to unwind with the Brazilian real and Chilean peso finishing the month down 8.7% and 3.3%, respectively. The Fund’s short positions in the U.S. dollar led the currencies sector to a loss on the month. Front-month crude oil futures rose to their highest level since the fall of 2008 in early January until a U.S. dollar reversal and growing global economic fears led to an 8.4% decline on the month. March natural gas finished 7.0% lower as the return of mild temperatures stabilized inventories near the 5-year average after the steep drawdown following December’s cold snap. A mixture of long and short energy positions led the Fund to an overall loss on the month in the sector. London zinc declined 17.0%, while lead and copper lost 17.1% and 9.0%, respectively on the month, as the Chinese central bank raised reserve requirements and ordered some banks to cease lending altogether. February gold sold off late to finish 1.2% lower. The Fund’s long positions in the metals sector led to an overall loss for the month. Front-month gold futures ended the month of January down 1.35% as the U.S. dollar appreciated amid widespread deleveraging, which decreased the buying of gold as an alternative investment. The combination of the Chinese moving to limit excessive growth in their economy and the U.S. government’s planned initiative to ban proprietary trading by U.S. banks contributed to the decline.

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

Three Months Ended June 30, 2009

Fund results for 2^nd Quarter 2009:

In June, U.S. stock indices finished near unchanged, while most Asian stock indices finished higher; Hong Kong’s Chinese Enterprise Index rose 6.1%. The Fund’s short positions in the stock indices sector experienced a loss. World bond markets reversed early month lows by month end, finishing higher as improving bond yields and a stagnating equity rally attracted buyers. The Fund’s long positions in the bonds sector led to a gain. U.S. and European short-term interest rate futures finished

slightly higher in June, recovering from a substantial early month selloff. The Fund’s long positions during the earlier part of the month resulted in losses. The Australian dollar finished the month 1.2% higher, while the British pound finished 2.0% higher. The Fund’s long positions in the U.S. dollar led to a loss. December wheat contracts plunged, losing 17.5% as the global recession continued to destroy demand. The Fund’s short positions in the grains sector produced gains. London copper added 3.7%, while lead also rose 8.9% as Chinese auto sales soared. London nickel finished up 10% as Chinese imports for the first 4 months of 2009 exceeded 2008 levels by 16%. The Fund’s short positions in the metals sector resulted in losses. U.S. August crude oil futures added 4.1% despite rising inventories as Chinese buying supported values. The Fund’s short positions in the energy sector produced losses. August gold futures finished the month 5.4% lower based on positive sentiment associated with better than expected U.S. employment figures and positive retail sales. The Fund’s long gold position led to a loss. Other market sectors, relative to the sectors mentioned above, did not reveal significant trends and did not have a substantial influence on this month’s overall negative performance.

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

In April, the S&P 500 Index rose 9.4% led by bank stocks as a relaxation of marked-to-market accounting rules in the U.S. and strong earnings from favorable spreads created by cheap central bank liquidity supported values. The Fund’s short stock indices positions led to a relatively large loss. World bond markets tracked steadily lower in April as money flowed out of low yielding treasuries and into equities. The Fund’s long positions in the bonds sector produced an overall loss. The U.S. dollar index finished down 1.2% while the euro moved sideways as capital moved out of the U.S. and European Union amid unattractive treasury yields. The Hungarian forint, Polish zloty and Czech koruna gained 6.0%, 4.6% and 2.1%, respectively, against the U.S. dollar while the Australian dollar, Canadian dollar and Brazilian real finished up 5.0%, 5.5% and 5.7%, respectively, against the U.S. dollar. The Fund’s long positions in the U.S. dollar lead to an overall loss for the currency sector. Positive economic signals from the G20 meeting and the resulting rise in world equity markets were offset by rising inventories as global energy demand continued to contract. June natural gas prices continued lower, posting a 13.8% loss as storage increased to nearly 34% greater than a year ago and 23% greater than the five-year moving average. The Fund’s short positions in the energy sector produced a relatively large gain. June gold futures opened April with a 6.5% loss as assurances from the G-20 that the IMF/World Bank will receive $1.1 trillion in capital diminished the need for a safe haven from faltering financial markets. The precious metal moved sideways from there, straddling the $900 level, as news that the Chinese plan to continue building gold reserves was offset by poor physical demand data out of India. The Fund’s long gold position produced a loss. Other market sectors did not reveal significant trends and did not have a substantial influence on April’s overall negative performance.

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

OFF-BALANCE SHEET RISK

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

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

OFF-BALANCE SHEET ARRANGEMENTS

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

CONTRACTUAL OBLIGATIONS

The Fund does not enter into contractual obligations or commercial commitments to make future payments of a type that would be typical for an operating company. The Fund’s sole business is trading futures, currency, forward and certain swap contracts, both long (contracts to buy) and short (contracts to sell). All such contracts are settled by offset, not delivery. Substantially all such contracts are for settlement within four months of the trade date and substantially all such contracts are held by the Fund for less than four months before being offset or rolled over into new contracts with similar maturities. The Financial Statements of the Fund present a Condensed Schedule of Investments setting forth net unrealized appreciation (depreciation) of such Series’ open forward contracts as well as the fair value of the futures contracts purchased and sold by each Series at June 30, 2010 and December 31, 2009.

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 2010-06

In January 2010, FASB issued ASU 2010-06, Improving Disclosures about Fair Value Measurements (“ASU 2010-06”), which amends the disclosure requirements of ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), and requires new disclosures regarding transfers in and out of Level 1 and 2 categories, as well as requires entities to separately present purchases, sales, issuances, and settlements in their reconciliation of Level 3 fair value measurements (i.e. to present such items on a gross basis rather than on a net basis), and which clarifies existing disclosure requirements provided by ASC 820 regarding the level of disaggregation and the inputs and valuation techniques used to measure fair value for measurements that fall within either Level 2 or Level 3 of the fair value hierarchy. ASU 2010-06 is effective for interim and annual periods beginning after December 15, 2009, except for the disclosures about purchases, sales, issuances, and settlements in the roll forward of activity in Level 3 fair value measurements (which are effective for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years). The Fund has adopted ASU 2010-06 effective for reporting periods beginning after December 15, 2009. The adoption of ASU 2010-06 did not have any impact on the Fund’s results of operations, financial condition or cash flows, as the Fund has not had any transfers in or out of Level 1 or 2 categories, nor does it hold Level 3 assets or liabilities.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not required.

ITEM 4T. 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 June 30, 2010, 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 June 30, 2010.

(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 June 30, 2010, the Fund sold $5,794,689 of Series A-1 Units, $1,443,907 of Series A-2 Units, $7,585,985 of Series B-1 Units, and $2,993,975 of Series B-2 Units.

	(v)		As of June 30, 2010, the Fund incurred expenses for the account of the Fund totaling $1,169,535 of which $954,217 was paid to Superfund Capital Management and $215,318 was paid to Superfund USA.

	(vi)		Net offering proceeds to the Fund as of June 30, 2010 were $16,649,021.

	(vii)		As of June 30, 2010, the amount of net offering proceeds to the Fund for commodity futures and forward trading in accordance with Superfund Capital Management’s trading program totaled $16,649,021.

(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 June 30, 2010:

Series A-1:


			Net Asset Value
Month	Units Redeemed		per Unit ($)
April 30, 2010		590.641		1,222.43
May 31, 2010		0.000		1,165.20
June 30, 2010		11.143		1,201.09


Total		601.784

Series A-2:


			Net Asset Value
Month	Units Redeemed		per Unit ($)
April 30, 2010		0.000		1,290.52
May 31, 2010		0.000		1,232.16
June 30, 2010		9.270		1,272.23


Total		9.270

Series B-1:


			Net Asset Value
Month	Units Redeemed		per Unit ($)
April 30, 2010		665.654		1,071.50
May 31, 2010		11.805		931.72
June 30, 2010		2,715.241		957.90


Total		3,392.700

Series B-2:


			Net Asset Value
Month	Units Redeemed		per Unit ($)
April 30, 2010		34.488		1,095.04
May 31, 2010		0.000		953.78
June 30, 2010		0.000		982.23


Total		34.488

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. (REMOVED AND RESERVED)

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

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: August 23, 2010	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

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

SUPERFUND GOLD, L.P. - FORM 10-Q - August 23, 2010

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SUPERFUND GOLD, L.P. Reports

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