UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended September 30, 2013

¨	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

98-00574019 (Series A); 98-0574020 (Series B)

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

Superfund Office Building

P.O. Box 1479

Grand Anse

St. George’s, Grenada

West Indies

Not applicable

(Address of principal executive offices)

(Zip Code)

(473) 439-2418

(Registrant’s telephone number, including area code)

Not applicable

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

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

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

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

PART I—FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS

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


	Page
Unaudited Financial Statements: Superfund Gold, L.P.
Statements of Assets and Liabilities as of September 30, 2013 and December 31, 2012		3

Condensed Schedule of Investments as of September 30, 2013		4

Condensed Schedule of Investments as of December 31, 2012		5

Statements of Operations for the Three and Nine Months Ended September 30, 2013 and September 30, 2012		6

Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2013 and September 30, 2012		7

Statements of Cash Flows for the Nine Months Ended September 30, 2013 and September 30, 2012		8

Unaudited Financial Statements: Superfund Gold, L.P. – Series A
Statements of Assets and Liabilities as of September 30, 2013 and December 31, 2012		9

Condensed Schedule of Investments as of September 30, 2013		10

Condensed Schedule of Investments as of December 31, 2012		11

Statements of Operations for the Three and Nine Months Ended September 30, 2013 and September 30, 2012		12

Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2013 and September 30, 2012		13

Statements of Cash Flows for the Nine Months Ended September 30, 2013 and September 30, 2012		14

Unaudited Financial Statements: Superfund Gold, L.P. – Series B
Statements of Assets and Liabilities as of September 30, 2013 and December 31, 2012		15

Condensed Schedule of Investments as of September 30, 2013		16

Condensed Schedule of Investments as of December 31, 2012		17

Statements of Operations for the Three and Nine Months Ended September 30, 2013 and September 30, 2012		18

Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2013 and September 30, 2012		19

Statements of Cash Flows for the Nine Months Ended September 30, 2013 and September 30, 2012		20

Notes to Unaudited Financial Statements as of and for the Three and Nine Months ended September 30, 2013		21-44

SUPERFUND GOLD, L.P.

UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES

as of September 30, 2013 and December 31, 2012


	September 30, 2013		December 31, 2012
ASSETS
Due from brokers	$	9,458,640	$	13,552,648
Unrealized appreciation on open forward contracts		47		182,189
Futures contracts purchased		278,677		30,068
Futures contracts sold		142,973		155,131
Cash		5,460,008		9,250,263

Total assets		15,340,345		23,170,299

LIABILITIES
Unrealized depreciation on open forward contracts		18		101,789
Futures contracts purchased		436,413		89,610
Futures contracts sold		116,283		—
Subscriptions received in advance		—		84,515
Redemptions payable		497,565		444,547
Management fees payable		27,728		42,929
Fees payable		25,452		40,220

Total liabilities		1,103,459		803,610

NET ASSETS	$	14,236,886	$	22,366,689

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P.

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of September 30, 2013


	Percentage of Net Assets			Fair Value
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency		0.0	*%	$	47

Total unrealized appreciation on forward contracts		0.0	*		47

Unrealized depreciation on forward contracts
Currency		(0.0	)*		(18	)

Total unrealized depreciation on forward contracts		(0.0	)*		(18	)

Total forward contracts, at fair value		0.0	*%	$	29

Futures contracts purchased
Currency		0.6	%	$	86,966
Energy		(0.5	)		(74,671	)
Financial		0.8			111,590
Food & Fiber		0.0	*		4,899
Indices		(1.2	)		(164,398	)
Livestock		(0.0	)*		(4,850	)
Metals		(0.8	)		(117,272	)

Total futures contracts purchased		(1.1	)		(157,736	)

Futures contracts sold
Currency		(0.0	)*		(2,868	)
Energy		0.4			60,054
Financial		(0.0	)*		(3,571	)
Food & Fiber		0.3			46,259
Metals		(0.5	)		(73,184	)

Total futures contracts sold		0.2			26,690

Total futures contracts, at fair value		(0.9	)%	$	(131,046	)

Futures and forward contracts by country composition
Australia		(0.0	)*%	$	(5,353	)
Great Britain		0.0	*		2,027
Japan		(0.2	)		(28,727	)
United States		(0.8	)		(106,719	)
Other		0.1			7,755

Total futures and forward contracts by country composition		(0.9	)%	$	(131,017	)

*	Due to rounding

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P.

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of December 31, 2012


	Percentage of Net Assets			Fair Value
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency		0.8	%	$	182,189

Total unrealized appreciation on forward contracts		0.8			182,189

Unrealized depreciation on forward contracts
Currency		(0.4	)		(101,789	)

Total unrealized depreciation on forward contracts		(0.4	)		(101,789	)

Total forward contracts, at fair value		0.4	%	$	80,400

Futures contracts purchased
Currency		(0.0	)*%	$	(10,164	)
Energy		0.4			93,730
Financial		0.7			157,123
Indices		1.2			269,955
Metals		(2.6	)		(570,186	)

Total futures contracts purchased		(0.3	)		(59,542	)

Futures contracts sold
Currency		1.2			258,209
Energy		(0.0	)*		(2,904	)
Financial		0.0	*		1,613
Food & Fiber		0.5			120,345
Indices		(0.0	)*		(504	)
Metals		(1.0	)		(221,628	)

Total futures contracts sold		0.7			155,131

Total futures contracts, at fair value		0.4	%	$	95,589

Futures and forward contracts by country composition
Australia		0.2	%	$	33,214
European Monetary Union		(0.1	)		(22,837	)
Great Britain		(0.1	)		(15,450	)
Japan		1.3			282,720
United States		(1.3	)		(284,465	)
Other		0.8			182,807

Total futures and forward contracts by country composition		0.8	%	$	175,989

*	Due to rounding

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P.

UNAUDITED STATEMENTS OF OPERATIONS


	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Investment income
Interest income	$	430		$	1,358		$	1,811		$	2,548
Other income		45			1			59			968

Total investment income		475			1,359			1,870			3,516

Expenses
Brokerage commissions		68,511			161,576			315,756			493,364
Management fee		90,415			150,810			325,459			460,357
Selling commission		53,244			95,667			194,327			290,913
Operating expenses		30,138			50,270			108,489			153,452
Loss on MF Global		—			—			—			12,764
Other		3,684			4,360			14,058			12,766

Total expenses		245,992			462,683			958,089			1,423,616

Net investment loss	$	(245,517	)	$	(461,324	)	$	(956,219	)	$	(1,420,100	)

Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts	$	(1,512,882	)	$	478,267		$	(2,015,046	)	$	(401,448	)
Net change in unrealized appreciation (depreciation) on futures and forward contracts		2,032,909			1,171,821			(307,006	)		3,624,993

Net gain (loss) on investments	$	520,027		$	1,650,088		$	(2,322,052	)	$	3,223,545

Net increase (decrease) in net assets from operations	$	274,510		$	1,188,764		$	(3,278,271	)	$	1,803,445

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P.

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS


	Nine Months Ended September 30,
	2013			2012
Decrease in net assets from operations
Net investment loss	$	(956,219	)	$	(1,420,100	)
Net realized loss on futures and forward contracts		(2,015,046	)		(401,448	)
Net change in unrealized appreciation (depreciation) on futures and forward contracts		(307,006	)		3,624,993

Net increase (decrease) in net assets from operations		(3,278,271	)		1,803,445

Capital share transactions
Issuance of Units		2,038,453			2,731,861
Redemption of Units		(6,889,985	)		(3,001,358	)

Net decrease in net assets from capital share transactions		(4,851,532	)		(269,497	)

Net increase (decrease) in net assets		(8,129,803	)		1,533,948
Net assets, beginning of period		22,366,689			25,359,446

Net assets, end of period	$	14,236,886		$	26,893,394

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P.

UNAUDITED STATEMENTS OF CASH FLOWS


	Nine Months Ended September 30,
	2013			2012
Cash flows from operating activities
Net increase (decrease) in net assets from operations	$	(3,278,271	)	$	1,803,445
Adjustment to reconcile net increase (decrease) in net assets from operations to net cash provided by operating activities:
Changes in operating assets and liabilities:
Purchases of U.S. government securities		—			(7,948,374	)
Sales and maturities of U.S. government securities		—			14,350,000
Amortization of discounts and premiums		—			(1,626	)
Increase in due from brokers		4,094,008			3,754,480
Increase in unrealized appreciation on open forward contracts		182,142			42,905
Decrease in unrealized depreciation on open forward contracts		(101,771	)		(1,055	)
Increase (decrease) in futures contracts purchased		98,194			(4,577,024	)
Increase in futures contracts sold		128,441			910,181
Decrease in management fees payable		(15,201	)		(56,882	)
Decrease in fees payable		(14,768	)		(55,811	)

Net cash provided by operating activities		1,092,774			8,220,239

Cash flows from financing activities
Subscriptions, net of change in advanced subscriptions		1,953,938			2,079,762
Redemptions, net of change in redemptions payable		(6,836,967	)		(3,820,139	)

Net cash used in financing activities		(4,883,029	)		(1,740,377	)

Net increase (decrease) in cash		(3,790,255	)		6,479,862
Cash, beginning of period		9,250,263			5,304,787

Cash, end of period	$	5,460,008		$	11,784,649

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. – SERIES A

UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES

as of September 30, 2013 and December 31, 2012


	September 30, 2013		December 31, 2012
ASSETS
Due from brokers	$	5,631,449	$	8,151,334
Unrealized appreciation on open forward contracts		19		111,557
Futures contracts purchased		158,568		—
Futures contracts sold		79,379		85,248
Cash		4,278,220		7,542,936

Total assets		10,147,635		15,891,075

LIABILITIES
Unrealized depreciation on open forward contracts		10		60,610
Futures contracts purchased		254,950		89,610
Futures contracts sold		68,567		—
Subscriptions received in advance		—		78,764
Redemptions payable		464,106		280,745
Management fees payable		18,421		29,368
Fees payable		19,029		29,552

Total liabilities		825,083		568,649

NET ASSETS	$	9,322,552	$	15,322,426

Superfund Gold, L.P. Series A-1 Net Assets	$	7,358,173	$	11,986,641

Number of Units outstanding		6,389.673		8,423.300

Superfund Gold, L.P. Series A-1 Net Asset Value per Unit	$	1,151.57	$	1,423.03

Superfund Gold, L.P. Series A-2 Net Assets	$	1,964,379	$	3,335,785

Number of Units outstanding		1,515.853		2,114.666

Superfund Gold, L.P. Series A-2 Net Asset Value per Unit	$	1,295.89	$	1,577.45

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. – SERIES A

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of September 30, 2013


	Percentage of Net Assets			Fair Value
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency		0.0	*%	$	19

Total unrealized appreciation on forward contracts		0.0	*		19

Unrealized depreciation on forward contracts
Currency		(0.0	)*		(10	)

Total unrealized depreciation on forward contracts		(0.0	)*		(10	)

Total forward contracts, at fair value		0.0	*%	$	9

Futures contracts purchased
Currency		0.5	%	$	50,626
Energy		(0.5	)		(45,419	)
Financial		0.7			64,291
Food & Fiber		0.0	*		2,219
Indices		(1.0	)		(95,083	)
Livestock		(0.0	)*		(2,950	)
Metals		(0.8	)		(70,066	)

Total futures contracts purchased		(1.1	)		(96,382	)

Futures contracts sold
Currency		(0.0	)*		(1,182	)
Energy		0.3			32,039
Financial		(0.0	)*		(1,527	)
Food & Fiber		0.3			25,717
Metals		(0.5	)		(44,235	)

Total futures contracts sold		0.1			10,812

Total futures contracts, at fair value		(0.9	)%	$	(85,570	)

Futures and forward contracts by country composition
Australia		(0.0	)*%	$	(2,812	)
Great Britain		(0.0	)*		(1,481	)
Japan		(0.2	)		(15,239	)
United States		(0.8	)		(70,962	)
Other		0.1			4,933

Total futures and forward contracts by country composition		(0.9	)%	$	(85,561	)

*	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, 2012


	Percentage of Net Assets			Fair Value
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency		0.7	%	$	111,557

Total unrealized appreciation on forward contracts		0.7			111,557

Unrealized depreciation on forward contracts
Currency		(0.4	)		(60,610	)

Total unrealized depreciation on forward contracts		(0.4	)		(60,610	)

Total forward contracts, at fair value		0.3	%	$	50,947

Futures contracts purchased
Currency		(0.0	)*%	$	(5,989	)
Energy		0.4			53,671
Financial		0.6			92,894
Indices		1.1			164,177
Metals		(2.6	)		(394,363	)

Total futures contracts purchased		(0.5	)		(89,610	)

Futures contracts sold
Currency		1.0			146,281
Energy		(0.1	)		(6,395	)
Financial		0.0	*		1,033
Food & Fiber		0.5			69,879
Indices		(0.0	)*		(277	)
Metals		(0.8	)		(125,273	)

Total futures contracts sold		0.6			85,248

Total futures contracts, at fair value		(0.0	)*%	$	(4,362	)

Futures and forward contracts by country composition
Australia		0.1	%	$	18,911
European Monetary Union		(0.1	)		(13,510	)
Great Britain		(0.1	)		(10,846	)
Japan		1.1			170,893
United States		(1.4	)		(228,553	)
Other		0.7			109,690

Total futures and forward contracts by country composition		0.3	%	$	46,585

*	Due to rounding

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. – SERIES A

UNAUDITED STATEMENTS OF OPERATIONS


	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Investment income
Interest income	$	294		$	742		$	1,112		$	1,330
Other income		33			1			41			520

Total investment income		327			743			1,153			1,850

Expenses
Brokerage commissions		38,878			87,909			181,543			265,548
Management fee		59,592			97,456			216,357			292,392
Selling commission		42,149			69,139			152,017			206,653
Operating expenses		19,864			32,486			72,122			97,464
Loss on MF Global		—			—			—			6,925
Other		1,342			1,953			5,216			5,408

Total expenses		161,825			288,943			627,255			874,390

Net investment loss	$	(161,498	)	$	(288,200	)	$	(626,102	)	$	(872,540	)

Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts	$	(971,798	)	$	352,590		$	(1,663,345	)	$	(286,350	)
Net change in unrealized appreciation (depreciation) on futures and forward contracts		1,346,187			805,069			(132,146	)		2,434,556

Net gain (loss) on investments	$	374,389		$	1,157,659		$	(1,795,491	)	$	2,148,206

Net increase (decrease) in net assets from operations	$	212,891		$	869,459		$	(2,421,593	)	$	1,275,666

Net increase (decrease) in net assets from operations per Series A-1 Unit (based upon weighted average number of units outstanding during period)*	$	23.70		$	78.40		$	(262.57	)	$	112.40

Net increase (decrease) in net assets from operations per Series A-1 Unit (based upon change in net asset value per unit during period)	$	17.69		$	78.34		$	(271.46	)	$	113.61

Net increase (decrease) in net assets from operations per Series A-2 Unit (based upon weighted average number of units outstanding during period) **	$	35.49		$	95.16		$	(278.65	)	$	151.90

Net increase (decrease) in net assets from operations per Series A-2 Unit (based upon change in net asset value per unit during period)*	$	26.29		$	94.86		$	(281.56	)	$	149.88

*	Weighted average number of Units outstanding for Series A-1 for the Three Months Ended September 30, 2013 and September 30, 2012: 6,699.01 and 8,637.54, respectively; and for the Nine Months Ended September 30, 2013 and September 30, 2012: 7,400.17 and 8,586.83, respectively.

*	Weighted average number of Units outstanding for Series A-2 for the Three Months Ended September 30, 2013 and September 30, 2012: 1,524.69 and 1,996.61, respectively; and for the Nine Months Ended September 30, 2013 and September 30, 2012: 1,717.28 and 2,027.37, respectively.

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. – SERIES A

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS


	Nine Months Ended September 30,
	2013			2012
Decrease in net assets from operations
Net investment loss	$	(626,102	)	$	(872,540	)
Net realized loss on futures and forward contracts		(1,663,345	)		(286,350	)
Net change in unrealized appreciation (depreciation) on futures and forward contracts		(132,146	)		2,434,556

Net increase (decrease) in net assets from operations		(2,421,593	)		1,275,666
Capital share transactions
Issuance of Units		871,316			1,960,941
Redemption of Units		(4,449,597	)		(1,526,116	)

Net increase (decrease) in net assets from capital share transactions		(3,578,281	)		434,825

Net increase (decrease) in net assets		(5,999,874	)		1,710,491
Net assets, beginning of period		15,322,426			15,819,153

Net assets, end of period	$	9,322,552		$	17,529,644

Series A-1 Units, beginning of period		8,423.300			8,359.510
Issuance of Series A-1 Units		321.785			1,152.289
Redemption of Units		(2,355.412	)		(777.628	)

Series A-1 Units, end of period		6,389.673			8,734.171

Series A-2 Units, beginning of period		2,114.666			2,037.421
Issuance of Series A-2 Units		276.264			88.686
Redemption of Units		(875.077	)		(171.877	)

Series A-2 Units, end of period		1,515.853			1,954.230

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. – SERIES A

UNAUDITED STATEMENTS OF CASH FLOWS


	Nine Months Ended September 30,
	2013			2012
Cash flows from operating activities
Net increase (decrease) in net assets from operations	$	(2,421,593	)	$	1,275,666
Adjustment to reconcile net increase (decrease) in net assets from operations to net cash provided by operating activities:
Changes in operating assets and liabilities:
Purchases of U.S. government securities		—			(4,249,133	)
Sales and maturities of U.S. government securities		—			7,950,000
Amortization of discounts and premiums		—			(867	)
Increase in due from brokers		2,519,885			2,362,002
Increase in unrealized appreciation on open forward contracts		111,538			17,377
Increase (decrease) in unrealized depreciation on open forward contracts		(60,600	)		3,161
Increase (decrease) in futures contracts purchased		6,772			(2,931,609	)
Increase in futures contracts sold		74,436			476,515
Decrease in management fees payable		(10,947	)		(34,517	)
Decrease in fees payable		(10,523	)		(35,864	)

Net cash provided by operating activities		208,968			4,832,731

Cash flows from financing activities
Subscriptions, net of change in advanced subscriptions		792,552			1,875,342
Redemptions, net of change in redemptions payable		(4,266,236	)		(2,151,027	)

Net cash used in financing activities		(3,473,684	)		(275,685	)

Net increase (decrease) in cash		(3,264,716	)		4,557,046
Cash, beginning of period		7,542,936			4,325,976

Cash, end of period	$	4,278,220		$	8,883,022

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. – SERIES B

UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES

as of September 30, 2013 and December 31, 2012


	September 30, 2013		December 31, 2012
ASSETS
Due from brokers	$	3,827,191	$	5,401,314
Unrealized appreciation on open forward contracts		28		70,632
Futures contracts purchased		120,109		30,068
Futures contracts sold		63,594		69,883
Cash		1,181,788		1,707,327

Total assets		5,192,710		7,279,224

LIABILITIES
Unrealized depreciation on open forward contracts		8		41,179
Futures contracts purchased		181,463		—
Futures contracts sold		47,716		—
Subscriptions received in advance		—		5,751
Redemptions payable		33,459		163,802
Management fees payable		9,307		13,561
Fees payable		6,423		10,668

Total liabilities		278,376		234,961

NET ASSETS	$	4,914,334	$	7,044,263

Superfund Gold, L.P. Series B-1 Net Assets	$	1,953,073	$	3,618,576

Number of Units outstanding		2,070.310		3,258.284

Superfund Gold, L.P. Series B-1 Net Asset Value per Unit	$	943.37	$	1,110.58

Superfund Gold, L.P. Series B-2 Net Assets	$	2,961,261	$	3,425,687

Number of Units outstanding		2,892.734		2,885.689

Superfund Gold, L.P. Series B-2 Net Asset Value per Unit	$	1,023.69	$	1,187.13

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. – SERIES B

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of September 30, 2013


	Percentage of Net Assets			Fair Value
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency		0.0	*%	$	28

Total unrealized appreciation on forward contracts		0.0	*		28

Unrealized depreciation on forward contracts
Currency		(0.0	)*		(8	)

Total unrealized depreciation on forward contracts		(0.0	)*		(8	)

Total forward contracts, at fair value		0.0	*%	$	20

Futures contracts purchased
Currency		0.7	%	$	36,340
Energy		(0.6	)		(29,252	)
Financial		1.0			47,299
Food & Fiber		0.1			2,680
Indices		(1.4	)		(69,315	)
Livestock		(0.0	)*		(1,900	)
Metals		(1.0	)		(47,206	)

Total futures contracts purchased		(1.2	)		(61,354	)

Futures contracts sold
Currency		(0.0	)*		(1,686	)
Energy		0.6			28,015
Financial		(0.1	)		(2,044	)
Food & Fiber		0.4			20,542
Metals		(0.6	)		(28,949	)

Total futures contracts sold		0.3			15,878

Total futures contracts, at fair value		(0.9	)%	$	(45,476	)

Futures and forward contracts by country composition
Australia		(0.1	)%	$	(2,541	)
Great Britain		0.1			3,508
Japan		(0.3	)		(13,488	)
United States		(0.7	)		(35,757	)
Other		0.1			2,822

Total futures and forward contracts by country composition		(0.9	)%	$	(45,456	)

*	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, 2012


	Percentage of Net Assets			Fair Value
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency		1.0	%		70,632

Total unrealized appreciation on forward contracts		1.0		$	70,632

Unrealized depreciation on forward contracts
Currency		(0.6	)		(41,179	)

Total unrealized depreciation on forward contracts		(0.6	)		(41,179	)

Total forward contracts, at fair value		0.4	%	$	29,453

Futures contracts purchased
Currency		(0.1	)%	$	(4,175	)
Energy		0.6			40,059
Financial		0.9			64,229
Indices		1.5			105,778
Metals		(2.5	)		(175,823	)

Total futures contracts purchased		0.4			30,068

Futures contracts sold
Currency		1.6			111,928
Energy		0.1			3,491
Financial		0.0	*		580
Food & Fiber		0.7			50,466
Indices		(0.0	)*		(227	)
Metals		(1.4	)		(96,355	)

Total futures contracts sold		1.0			69,883

Total futures contracts, at fair value		1.4	%	$	99,951

Futures and forward contracts by country composition
Australia		0.2	%	$	14,303
European Monetary Union		(0.1	)		(9,327	)
Great Britain		(0.1	)		(4,604	)
Japan		1.6			111,827
United States		(0.8	)		(55,912	)
Other		1.0			73,117

Total futures and forward contracts by country composition		1.8	%	$	129,404

*	Due to rounding

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. – SERIES B

UNAUDITED STATEMENTS OF OPERATIONS


	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Investment income
Interest income	$	136		$	616		$	699		$	1,218
Other income		12			—			18			448

Total investment income		148			616			717			1,666

Expenses
Brokerage commissions		29,633			73,667			134,213			227,816
Management fee		30,823			53,354			109,102			167,965
Selling commission		11,095			26,528			42,310			84,260
Operating expenses		10,274			17,784			36,367			55,988
Loss on MF Global		—			—			—			5,839
Other		2,342			2,407			8,842			7,358

Total expenses		84,167			173,740			330,834			549,226

Net investment loss	$	(84,019	)	$	(173,124	)	$	(330,117	)	$	(547,560	)

Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts	$	(541,084	)	$	125,677		$	(351,701	)	$	(115,098	)
Net change in unrealized appreciation (depreciation) on futures and forward contracts		686,722			366,752			(174,860	)		1,190,437

Net gain (loss) on investments	$	145,638		$	492,429		$	(526,561	)	$	1,075,339

Net increase (decrease) in net assets from operations		61,619		$	319,305		$	(856,678	)	$	527,779

Net increase (decrease) in net assets from operations per Series B-1 Unit (based upon weighted average number of units outstanding during period)*	$	9.37		$	41.01		$	(143.67	)	$	58.96

Net increase (decrease) in net assets from operations per Series B-1 Unit (based upon change in net asset value per unit during period)	$	0.11		$	40.56		$	(167.21	)	$	47.96

Net increase (decrease) in net assets from operations per Series B-2 Unit (based upon weighted average number of units outstanding during period) **	$	14.66		$	49.78		$	(168.47	)	$	88.63

Net increase (decrease) in net assets from operations per Series B-2 Unit (based upon change in net asset value per unit during period)*	$	5.24		$	49.78		$	(163.44	)	$	70.66

*	Weighted average number of Units outstanding for Series B-1 for the Three Months Ended September 30, 2013 and September 30, 2012: 2,115.76 and 4,099.83, respectively; and for the Nine Months Ended September 30, 2013 and September 30, 2012: 2,442.53 and 4,293.04, respectively.

*	Weighted average number of Units outstanding for Series B-2 for the Three Months Ended September 30, 2013 and September 30, 2012: 2,849.73 and 3,041.78, respectively; and for the Nine Months Ended September 30, 2013 and September 30, 2012: 3,002.12 and 3,108.25, respectively.

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. – SERIES B

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS


	Nine Months Ended September 30,
	2013			2012
Decrease in net assets from operations
Net investment loss	$	(330,117	)	$	(547,560	)
Net realized loss on futures and forward contracts		(351,701	)		(115,098	)
Net change in unrealized appreciation (depreciation) on futures and forward contracts		(174,860	)		1,190,437

Net increase (decrease) in net assets from operations		(856,678	)		527,779
Capital share transactions
Issuance of Units		1,167,137			770,920
Redemption of Units		(2,440,388	)		(1,475,242	)

Net decrease in net assets from capital share transactions		(1,273,251	)		(704,322	)

Net decrease in net assets		(2,129,929	)		(176,543	)
Net assets, beginning of period		7,044,263			9,540,293

Net assets, end of period	$	4,914,334		$	9,363,750

Series B-1 Units, beginning of period		3,258.284			4,524.265
Issuance of Series B-1 Units		184.070			206.778
Redemption of Units		(1,372.044	)		(705.057	)

Series B-1 Units, end of period		2,070.310			4,025.986

Series B-2 Units, beginning of period		2,885.689			3,015.557
Issuance of Series B-2 Units		753.364			389.874
Redemption of Units		(746.319	)		(363.648	)

Series B-2 Units, end of period		2,892.734			3,041.783

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. – SERIES B

UNAUDITED STATEMENTS OF CASH FLOWS


	Nine Months Ended September 30,
	2013			2012
Cash flows from operating activities
Net increase (decrease) in net assets from operations	$	(856,678	)	$	527,779
Adjustment to reconcile net increase (decrease) in net assets from operations to net cash provided by operating activities:
Changes in operating assets and liabilities:
Purchases of U.S. government securities		—			(3,699,241	)
Sales and maturities of U.S. government securities		—			6,400,000
Amortization of discounts and premiums		—			(759	)
Increase in due from brokers		1,574,123			1,392,478
Decrease in unrealized appreciation on open forward contracts		70,604			25,528
Increase in unrealized depreciation on open forward contracts		(41,171	)		(4,216	)
(Decrease) increase in futures contracts purchased		91,422			(1,645,415	)
Increase in futures contracts sold		54,005			433,666
Decrease in management fees payable		(4,254	)		(22,365	)
Decrease in fees payable		(4,245	)		(19,947	)

Net cash provided by operating activities		883,806			3,387,508

Cash flows from financing activities
Subscriptions, net of change in advanced subscriptions		1,161,386			204,420
Redemptions, net of change in redemptions payable		(2,570,731	)		(1,669,112	)

Net cash used in financing activities		(1,409,345	)		(1,464,692	)

Net increase (decrease) in cash		(525,539	)		1,922,816
Cash, beginning of period		1,707,327			978,811

Cash, end of period	$	1,181,788		$	2,901,627

See accompanying notes to unaudited financial statements.

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

NOTES TO UNAUDITED FINANCIAL STATEMENTS

September 30, 2013

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

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

2.	Basis of presentation and significant accounting policies

Basis of Presentation

The unaudited financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the U.S. (“U.S. GAAP”) with respect to the Form 10-Q and reflect all adjustments which in the opinion of management are normal and recurring, and which are necessary for a fair statement of the results of interim periods presented. It is suggested that these financial statements be read in conjunction with the financial statements and the related notes included in the Fund’s Annual Report on Form 10-K for the year ended December 31, 2012.

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

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

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

Translation of Foreign Currency

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

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

Investment Transactions, Investment Income and Expenses

Investment transactions are accounted for on a trade-date basis. Interest income and expenses are recognized on the accrual basis. The Fund uses the amortized cost method for valuing U.S. Treasury Bills. Operating expenses of the Fund are allocated to each Series in proportion to the net asset value of the Series at the beginning of each month. Expenses directly attributable to a particular Series are charged directly to that Series.

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

Set forth herein are instruments and transactions eligible for offset in the Statements of Assets and Liabilities and which are subject to derivative clearing agreements with the Fund’s futures commission merchants. Each futures commission merchant nets margin held on behalf of each Series of the Fund or payment obligations of the futures commission merchant to each Series against any payment obligations of that Series to the futures commission merchant. Each Series is required to deposit margin at each futures commission merchant to meet the original and maintenance requirements established by that futures commission merchant, and/or the exchange or clearinghouse associated with the exchange on which the instrument is traded. The derivative clearing agreements give each futures commission merchant a security interest in this margin to secure any liabilities owed to the futures commission merchant arising from a default by the Series. As of September 30, 2013, the Fund had on deposit $5,112,364 at ADM Investor Services, Inc., $3,225,763 at Barclays Capital Inc. and $1,120,513 at Citigroup Global Markets Inc. As of September 30, 2013, Series A had on deposit $3,044,411 at ADM Investor Services, Inc., $1,981,566 at Barclays Capital Inc. and $605,471 at Citigroup Global Markets Inc. As of September 30, 2013, Series B had on deposit $2,067,953 at ADM Investor Services, Inc., $1,244,197 at Barclays Capital Inc. and $515,042 at Citigroup Global Markets Inc.

Income Taxes

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

Superfund Capital Management has evaluated the application of ASC Topic 740, Income Taxes (“ASC 740”), to the Fund to determine whether or not there are uncertain tax positions that require financial statement recognition. Based on this evaluation, Superfund Capital Management has determined no reserves for uncertain tax positions are required to be recorded as a result of the application of ASC 740. Superfund Capital Management is not aware of any tax positions for which it is reasonably possible

that the total amounts of unrecognized tax benefits will change materially in the next twelve months. As a result, no income tax liability or expense has been recorded in the accompanying financial statements. The Fund files federal and various state tax returns. The 2010 through 2012 tax years generally remain subject to examination by the U.S. federal and most state tax authorities.

Use of Estimates

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

Recently Issued Accounting Pronouncements

ASU 2011-11

In December 2011, FASB issued ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”). ASU 2011-11 requires disclosures to make financial statements that are prepared under U.S. GAAP more comparable to those prepared under International Financial Reporting Standards (“IFRS”). The new disclosure requirements mandate that entities disclose both gross and net information about instruments and transactions eligible for offset in the statement of assets and liabilities as well as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, ASU 2011-11 requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements.

In January 2013, the FASB issued guidance to clarify the scope of disclosures about offsetting assets and liabilities. The amendments clarify that the scope of guidance issued in December 2011 to enhance disclosures around financial instrument and derivative instruments that are either (a) offset, or (b) subject to a master netting agreement or similar agreement, irrespective of whether they are offset, applies to derivatives, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset or subject to an enforceable master netting arrangement or similar agreement. The amendments are effective for interim and annual periods beginning on or after January 1, 2013. Adoption did not have a material impact on the Funds’ financial statements.

ASU 2011-04

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

3.	Fair Value Measurements

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


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

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

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

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

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

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

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

Certain OTC derivatives trade in less liquid markets with limited pricing information, and the determination of fair value for these derivatives is inherently more difficult. Such instruments are classified within Level 3 of the fair value hierarchy. Where the Fund does not have corroborating market evidence to support significant model inputs and cannot verify the model to market transactions, transaction price is initially used as the best estimate of fair value. Accordingly, when a pricing model is used to value such an instrument, the model is adjusted so that the model value at inception equals the transaction price. The valuations of these less liquid OTC derivatives are typically based on Level 1 and/or Level 2 inputs that can be observed in the market, as well as unobservable Level 3 inputs. Subsequent to initial recognition, the Fund updates the Level 1 and Level 2 inputs to reflect observable market changes, with resulting gains and losses reflected within Level 3. Level 3 inputs are changed only when corroborated by evidence such as similar market transactions, third-party pricing services and/or broker or dealer quotations, or other empirical market data. In circumstances in which the Fund cannot verify the model value to market transactions, it is possible that a different valuation model could produce a materially different estimate of fair value. The Fund attempts to avoid holding less liquid OTC derivatives. However, once held, the market for any particular derivative contract could become less liquid during the holding period. As of and during the quarters ended September 30, 2013 and September 30, 2012, the Fund held no derivative contracts valued using Level 3 inputs.

The following table summarizes the valuation of the Fund’s assets and liabilities by the ASC 820 fair value hierarchy as of September 30, 2013 and December 31, 2012:

Superfund Gold, L.P.


	Balance September 30, 2013		Level 1		Level 2		Level 3
ASSETS
Unrealized appreciation on open forward contracts	$	47	$	—	$	47	$	—
Futures contracts purchased		278,677		278,677		—		—
Futures contracts sold		142,973		142,973		—		—

Total Assets Measured at Fair Value	$	421,697	$	421,650	$	47	$	—

LIABILITIES
Unrealized depreciation on open forward contracts	$	18	$	—	$	18	$	—
Futures contracts purchased		436,413		436,413		—		—
Futures contracts sold		116,283		116,283		—		—

Total Liabilities Measured at Fair Value	$	552,714	$	552,696	$	18	$	—


	Balance December 31, 2012		Level 1		Level 2		Level 3
ASSETS
Unrealized appreciation on open forward contracts	$	182,189	$	—	$	182,189	$	—
Futures contracts purchased		30,068		30,068		—		—
Futures contracts sold		155,131		155,131		—		—

Total Assets Measured at Fair Value	$	367,388	$	185,199	$	182,189	$	—

LIABILITIES
Unrealized depreciation on open forward contracts	$	101,789	$	—	$	101,789	$	—
Futures contracts purchased		89,610		89,610		—		—

Total Liabilities Measured at Fair Value	$	191,399	$	89,610	$	101,789	$	—

Superfund Gold, L.P. – Series A


	Balance September 30, 2013		Level 1		Level 2		Level 3
ASSETS
Unrealized appreciation on open forward contracts	$	19	$	—	$	19	$	—
Futures contracts purchased		158,568		158,568		—		—
Futures contracts sold		79,379		79,379		—		—

Total Assets Measured at Fair Value	$	237,966	$	237,947	$	19	$	—

LIABILITIES
Unrealized depreciation on open forward contracts	$	10	$	—	$	10	$	—
Futures contracts purchased		254,950		254,950		—		—
Futures contracts sold		68,567		68,567		—		—

Total Liabilities Measured at Fair Value	$	323,527	$	323,517	$	10	$	—


	Balance December 31, 2012		Level 1		Level 2		Level 3
ASSETS
Unrealized appreciation on open forward contracts	$	111,557	$	—	$	111,557	$	—
Futures contracts sold		85,248		85,248		—		—

Total Assets Measured at Fair Value	$	196,805	$	85,248	$	111,557	$	—

LIABILITIES
Unrealized depreciation on open forward contracts	$	60,610	$	—	$	60,610	$	—
Futures contracts purchased		89,610		89,610		—		—

Total Liabilities Measured at Fair Value	$	150,220	$	89,610	$	60,610	$	—

Superfund Gold, L.P. – Series B


	Balance September 30, 2013		Level 1		Level 2		Level 3
ASSETS
Unrealized appreciation on open forward contracts	$	28	$	—	$	28	$	—
Futures contracts purchased		120,109		120,109		—		—
Futures contracts sold		63,594		63,594		—		—

Total Assets Measured at Fair Value	$	183,731	$	183,703	$	28	$	—

LIABILITIES
Unrealized depreciation on open forward contracts	$	8	$	—	$	8	$	—
Futures contracts purchased		181,463		181,463		—		—
Futures contracts sold		47,716		47,716		—		—

Total Liabilities Measured at Fair Value	$	229,187	$	229,179	$	8	$	—


	Balance December 31, 2012		Level 1		Level 2		Level 3
ASSETS
Unrealized appreciation on open forward contracts	$	70,632	$	—	$	70,632	$	—
Futures contracts purchased		30,068		30,068		—		—
Futures contracts sold		69,883		69,883		—		—

Total Assets Measured at Fair Value	$	170,583	$	99,951	$	70,632	$	—

LIABILITIES
Unrealized depreciation on open forward contracts	$	41,179	$	—	$	41,179	$	—

Total Liabilities Measured at Fair Value	$	41,179	$	—	$	41,179	$	—

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 Statements of Operations for each Series.

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

derivatives held or sold by the Fund are for speculative trading purposes, the derivative instruments are not designated as hedging instruments under the provisions of ASC 815. Accordingly, all realized gains and losses, as well as any change in net unrealized gains or losses on open positions from the preceding period, are recognized as part of the Fund’s realized and unrealized gain (loss) on investments in the Statements of Operations.

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

Superfund Gold, L.P.

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statement of Assets and Liabilities, as of September 30, 2013, is as follows:


Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at September 30, 2013		Liability Derivatives at September 30, 2013			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	47	$	—		$	47
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(18	)		(18	)
Futures contracts	Futures contracts purchased		278,677		(436,413	)		(157,736	)
Futures contracts	Futures contracts sold		142,973		(116,283	)		26,690

Totals		$	421,697	$	(552,714	)	$	(131,017	)

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statement of Assets and Liabilities, as of December 31, 2012, is as follows:


Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at December 31, 2012		Liability Derivatives at December 31, 2012			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	182,189	$	—		$	182,189
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(101,789	)		(101,789	)
Futures contracts	Futures contracts purchased		30,068		(89,610	)		(59,542	)
Futures contracts	Futures contracts sold		155,131		—			155,131

Totals		$	367,388	$	(191,399	)	$	175,989

Effects of Derivative Instruments on the Statement of Operations for the three months ended September 30, 2013:


Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Loss on Derivatives Recognized in Income			Net Change in Unrealized Appreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized/unrealized gain (loss) on futures and forward contracts	$	(27,189	)	$	4,601
Futures contracts	Net realized/unrealized gain (loss) on futures and forward contracts		(1,485,693	)		2,028,308

Total		$	(1,512,882	)	$	2,032,909

Effects of Derivative Instruments on the Statement of Operations for the nine months ended September 30, 2013:


Derivatives not Designated as Hedging Instruments under ASC 815	Location of Loss on Derivatives Recognized in Income	Net Realized Loss on Derivatives Recognized in Income			Net Change in Unrealized Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized/unrealized loss on futures and forward contracts	$	(302,903	)	$	(80,371	)
Futures contracts	Net realized/unrealized loss on futures and forward contracts		(1,712,143	)		(226,635	)

Total		$	(2,015,046	)	$	(307,006	)

Effects of Derivative Instruments on the Statement of Operations for the three months ended September 30, 2012:


Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized/unrealized gain (loss) on futures and forward contracts	$	(435,379	)	$	193,387
Futures contracts	Net realized/unrealized gain on futures and forward contracts		913,646			978,434

Total		$	478,267		$	1,171,821

Effects of Derivative Instruments on the Statement of Operations for the nine months ended September 30, 2012:


Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized/unrealized gain (loss) on futures and forward contracts	$	286,444		$	(41,850	)
Futures contracts	Net realized/unrealized gain (loss) on futures and forward contracts		(687,892	)		3,666,843

Total		$	(401,448	)	$	3,624,993

Superfund Gold, L.P. gross and net unrealized gains and losses by long and short positions as of September 30, 2013 and December 31, 2012:


	As of September 30, 2013
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Foreign Exchange	$	47		0.0	*	$	(4	)		(0.0	)*	$	—		—		$	(14	)		(0.0	)*	$	29
Currency		109,257		0.8			(22,291	)		(0.2	)		1,582		0.0	*		(4,450	)		(0.0	)*		84,098
Financial		117,078		0.8			(5,488	)		(0.1	)		1,070		0.0	*		(4,641	)		(0.0	)*		108,019
Food & Fiber		7,366		0.1			(2,467	)		(0.0	)*		46,259		0.3			—			—			51,158
Indices		38,129		0.3			(202,527	)		(1.4	)		—		—			—			—			(164,398	)
Metals		5,918		0.0	*		(123,190	)		(0.9	)		3,457		0.0	*		(76,641	)		(0.6	)		(190,456	)
Energy		650		0.0	*		(75,321	)		(0.5	)		90,604		0.7			(30,550	)		(0.2	)		(14,617	)
Livestock		280		0.0	*		(5,130	)		(0.0	)*		—		—			—			—			(4,850	)

Totals	$	278,725		2.0		$	(436,418	)		(3.1	)	$	142,972		1.0		$	(116,296	)		(0.8	)	$	(131,017	)

*	Due to rounding


	As of December 31, 2012
	Long Positions Gross Unrealized										Short Positions Gross Unrealized
	Gains		% of Net Assets		Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Foreign Exchange	$	181,362		0.8	$	(16,748	)		(0.1	)	$	827		0.0	*	$	(85,041	)		(0.4	)	$	80,400
Currency		80,981		0.4		(91,145	)		(0.4	)		260,503		1.2			(2,294	)		(0.0	)*		248,045
Financial		172,165		0.8		(15,042	)		(0.1	)		1,613		0.0	*		—			—			158,736
Food & Fiber		—		—		—			—			123,461		0.5			(3,116	)		(0.0	)*		120,345
Indices		365,180		1.6		(95,225	)		(0.4	)		—		—			(504	)		(0.0	)*		269,451
Metals		88,702		0.4		(658,888	)		(2.9	)		226,985		1.0			(448,613	)		(2.0	)		(791,814	)
Energy		94,444		0.4		(714	)		(0.0	)*		194,796		0.9			(197,700	)		(0.9	)		90,826

Totals	$	982,834		4.4	$	(877,762	)		(3.9	)	$	808,185		3.6		$	(737,268	)		(3.3	)	$	175,989

*	Due to rounding

Superfund Gold, L.P. average* monthly contract volume by market sector as of quarter ended September 30, 2013:


	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		12		11	$	21,907	$	26,115


	Average Number of Long Contracts		Average Number of Short Contracts
Currency		341		178
Financial		860		1,187
Food & Fiber		59		102
Indices		1,211		282
Metals		339		199
Energy		304		227
Livestock		38		80

Total		3,164		2,266

*	Based on quarterly holdings

Superfund Gold, L.P. average* monthly contract volume by market sector as of quarter ended September 30, 2012:


	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		86		58	$	179,828	$	338,488



	Average Number of Long Contracts		Average Number of Short Contracts
Currency		917		869
Financial		2,798		533
Food & Fiber		40		69
Indices		1,622		689
Metals		644		206
Energy		464		308
Livestock		28		89

Total		6,599		2,821

*	Based on quarterly holdings

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


	For the Three Months Ended September 30, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(27,189	)	$	4,601		$	(22,588	)
Currency		(451,746	)		267,657			(184,089	)
Financial		23,964			58,049			82,013
Food & Fiber		(78,659	)		(11,557	)		(90,216	)
Indices		484,005			(175,746	)		308,259
Metals		(1,212,983	)		1,972,076			759,093
Livestock		(99,970	)		(8,040	)		(108,010	)
Energy		(150,304	)		(74,131	)		(224,435	)

Total net trading gains (losses)	$	(1,512,882	)	$	2,032,909		$	520,027


	For the Nine Months Ended September 30, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(302,903	)	$	(80,371	)	$	(383,274	)
Currency		(665,324	)		(163,947	)		(829,271	)
Financial		165,012			(50,717	)		114,295
Food & Fiber		(632,359	)		(69,187	)		(701,546	)
Indices		2,128,610			(433,849	)		1,694,761
Metals		(2,666,477	)		601,358			(2,065,119	)
Livestock		113,450			(4,850	)		108,600
Energy		(155,055	)		(105,443	)		(260,498	)

Total net trading losses	$	(2,015,046	)	$	(307,006	)	$	(2,322,052	)


	For the Three Months Ended September 30, 2012
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(435,379	)	$	193,387		$	(241,992	)
Currency		(723,348	)		(176,540	)		(899,888	)
Financial		379,116			231,909			611,025
Food & Fiber		348,496			12,076			360,572
Indices		147,234			(540,502	)		(393,268	)
Metals		1,558,127			1,451,467			3,009,594
Livestock		(82,950	)		(77,591	)		(160,541	)
Energy		(713,029	)		77,615			(635,414	)

Total net trading gains	$	478,267		$	1,171,821		$	1,650,088


	For the Nine Months Ended September 30, 2012
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	286,444		$	(41,850	)	$	244,594
Currency		(1,565,482	)		(409,190	)		(1,974,672	)
Financial		843,671			218,877			1,062,548
Food & Fiber		(526,221	)		(57,989	)		(584,210	)
Indices		106,786			(621,795	)		(515,009	)
Metals		(1,011,165	)		4,586,528			3,575,363
Livestock		124,155			(124,731	)		(576	)
Energy		1,340,364			75,143			1,415,507

Total net trading gains (losses)	$	(401,448	)	$	3,624,993		$	3,223,545

Superfund Gold, L.P. – Series A

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statement of Assets and Liabilities, as of September 30, 2013, is as follows:


Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at September 30, 2013		Liability Derivatives at September 30, 2013			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	19	$	—		$	19
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(10	)		(10	)
Futures contracts	Futures contracts purchased		158,568		(254,950	)		(96,382	)
Futures contracts	Futures contracts sold		79,379		(68,567	)		10,812

Totals		$	237,966	$	(323,527	)	$	(85,561	)

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statement of Assets and Liabilities, as of December 31, 2012, is as follows:


Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at December 31, 2012		Liability Derivatives at December 31, 2012			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	111,557	$	—		$	111,557
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(60,610	)		(60,610	)
Futures contracts	Futures contracts purchased		—		(89,610	)		(89,610	)
Futures contracts	Futures contracts sold		85,248		—			85,248

Totals		$	196,805	$	(150,220	)	$	46,585

Effects of Derivative Instruments on the Statement of Operations for the three months ended September 30, 2013:


Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Loss on Derivatives Recognized in Income			Net Change in Unrealized Appreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized/unrealized gain (loss) on futures and forward contracts	$	(18,978	)	$	5,708
Futures contracts	Net realized/unrealized gain (loss) on futures and forward contracts		(952,820	)		1,340,479

Total		$	(971,798	)	$	1,346,187

Effects of Derivative Instruments on the Statement of Operations for the nine months ended September 30, 2013:


Derivatives not Designated as Hedging Instruments under ASC 815	Location of Loss on Derivatives Recognized in Income	Net Realized Loss on Derivatives Recognized in Income			Net Change in Unrealized Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized/unrealized loss on futures and forward contracts	$	(180,050	)	$	(50,938	)
Futures contracts	Net realized/unrealized loss on futures and forward contracts		(1,483,295	)		(81,208	)

Total		$	(1,663,345	)	$	(132,146	)

Effects of Derivative Instruments on the Statement of Operations for the three months ended September 30, 2012:


Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized/unrealized gain (loss) on futures and forward contracts	$	(242,724	)	$	104,711
Futures contracts	Net realized/unrealized gain on futures and forward contracts		595,314			700,358

Total		$	352,590		$	805,069

Effects of Derivative Instruments on the Statement of Operations for the nine months ended September 30, 2012:


Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized/unrealized gain (loss) on futures and forward contracts	$	134,463		$	(20,538	)
Futures contracts	Net realized/unrealized gain (loss) on futures and forward contracts		(420,813	)		2,455,094

Total		$	(286,350	)	$	2,434,556

Superfund Gold, L.P. – Series A gross and net unrealized gains and losses by long and short positions as of September 30, 2013 and December 31, 2012:


	As of September 30, 2013
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Foreign Exchange	$	19		0.0	*	$	(2	)		(0.0	)*	$	—		—		$	(8	)		(0.0	)*	$	9
Currency		62,069		0.7			(11,443	)		(0.1	)		1,043		0.0	*		(2,225	)		(0.0	)*		49,444
Financial		67,125		0.7			(2,834	)		(0.0	)*		1,070		0.0	*		(2,597	)		(0.0	)*		62,764
Food & Fiber		4,061		0.0			(1,842	)		(0.0	)*		25,717		0.3			—			—			27,936
Indices		22,100		0.2			(117,183	)		(1.3	)		—		—			—			—			(95,083	)
Metals		2,934		0.0	*		(73,000	)		(0.8	)		1,870		0.0	*		(46,105	)		(0.5	)		(114,301	)
Energy		—		—			(45,419	)		(0.5	)		49,679		0.5			(17,640	)		(0.2	)		(13,380	)
Livestock		280		0.0	*		(3,230	)		(0.0	)*		—		—			—			—			(2,950	)

Totals	$	158,588		1.7		$	(254,953	)		(2.7	)	$	79,379		0.8		$	(68,575	)		(0.7	)	$	(85,561	)

*	Due to rounding


	As of December 31, 2012
	Long Positions Gross Unrealized										Short Positions Gross Unrealized
	Gains		% of Net Assets		Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Foreign Exchange	$	111,070		0.7	$	(9,470	)		(0.1	)	$	487		0.0	*	$	(51,140	)		(0.3	)	$	50,947
Currency		47,906		0.4		(53,895	)		(0.4	)		147,619		1.0			(1,338	)		(0.0	)*		140,292
Financial		101,664		0.7		(8,770	)		(0.1	)		1,033		0.0	*		—			—			93,927
Food & Fiber		—		—		—			—			71,612		0.5			(1,733	)		(0.0	)*		69,879
Indices		220,513		1.5		(56,336	)		(0.4	)		—		—			(277	)		(0.0	)*		163,900
Metals		50,177		0.3		(444,540	)		(2.9	)		132,145		0.9			(257,418	)		(1.7	)		(519,636	)
Energy		54,057		0.4		(386	)		(0.0	)*		105,825		0.7			(112,220	)		(0.8	)		47,276

Totals	$	585,387		4.0	$	(573,397	)		(3.9	)	$	458,721		3.1		$	(424,126	)		(2.8	)	$	46,585

*	Due to rounding

Superfund Gold, L.P. – Series A average* monthly contract volume by market sector as of quarter ended September 30, 2013:


	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		8		8	$	13,238	$	18,007


	Average Number of Long Contracts		Average Number of Short Contracts
Currency		194		100
Financial		481		662
Food & Fiber		34		56
Indices		678		163
Metals		203		113
Energy		179		129
Livestock		22		45

Total		1,799		1,276

*	Based on quarterly holdings

Superfund Gold, L.P. – Series A average* monthly contract volume by market sector as of quarter ended September 30, 2012:


	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		45		30	$	99,466	$	188,230


	Average Number of Long Contracts		Average Number of Short Contracts
Currency		500		468
Financial		1,513		289
Food & Fiber		21		39
Indices		894		367
Metals		359		110
Energy		253		168
Livestock		15		48

Total		3,600		1,519

*	Based on quarterly holdings

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


	For the Three Months Ended September 30, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(18,978	)	$	5,708		$	(13,270	)
Currency		(264,857	)		156,889			(107,968	)
Financial		5,967			35,744			41,711
Food & Fiber		(48,610	)		(4,034	)		(52,644	)
Indices		264,520			(100,981	)		163,539
Metals		(761,347	)		1,305,587			544,240
Livestock		(53,590	)		(6,490	)		(60,080	)
Energy		(94,903	)		(46,236	)		(141,139	)

Total net trading gains (losses)	$	(971,798	)	$	1,346,187		$	374,389


	For the Nine Months Ended September 30, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(180,050	)	$	(50,938	)	$	(230,988	)
Currency		(386,729	)		(90,848	)		(477,577	)
Financial		123,993			(31,163	)		92,830
Food & Fiber		(367,563	)		(41,943	)		(409,506	)
Indices		1,229,408			(258,983	)		970,425
Metals		(2,008,889	)		405,335			(1,603,554	)
Livestock		66,360			(2,950	)		63,410
Energy		(139,875	)		(60,656	)		(200,531	)

Total net trading losses	$	(1,663,345	)	$	(132,146	)	$	(1,795,491	)


	For the Three Months Ended September 30, 2012
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(242,724	)	$	104,711		$	(138,013	)
Currency		(392,736	)		(97,992	)		(490,728	)
Financial		202,544			125,242			327,786
Food & Fiber		182,618			5,801			188,419
Indices		102,522			(301,944	)		(199,422	)
Metals		938,160			963,045			1,901,205
Livestock		(44,540	)		(42,224	)		(86,764	)
Energy		(393,254	)		48,430			(344,824	)

Total net trading gains	$	352,590		$	805,069		$	1,157,659


	For the Nine Months Ended September 30, 2012
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	134,463		$	(20,538	)	$	113,925
Currency		(809,836	)		(222,169	)		(1,032,005	)
Financial		475,341			120,274			595,615
Food & Fiber		(285,275	)		(30,470	)		(315,745	)
Indices		129,879			(335,085	)		(205,206	)
Metals		(704,875	)		2,939,233			2,234,358
Livestock		62,477			(66,924	)		(4,447	)
Energy		711,476			50,235			761,711

Total net trading gains (losses)	$	(286,350	)	$	2,434,556		$	2,148,206

Superfund Gold, L.P. – Series B

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statement of Assets and Liabilities, as of September 30, 2013, is as follows:


Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at September 30, 2013		Liability Derivatives at September 30, 2013			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	28	$	—		$	28
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(8	)		(8	)
Futures contracts	Futures contracts purchased		120,109		(181,463	)		(61,354	)
Futures contracts	Futures contracts sold		63,594		(47,716	)		15,878

Totals		$	183,731	$	(229,187	)	$	(45,456	)

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statement of Assets and Liabilities, as of December 31, 2012, is as follows:


Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at December 31, 2012		Liability Derivatives at December 31, 2012			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	70,632	$	—		$	70,632
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(41,179	)		(41,179	)
Futures contracts	Futures contracts purchased		30,068		—			30,068
Futures contracts	Futures contracts sold		69,883		—			69,883

Totals		$	170,583	$	(41,179	)	$	129,404

Effects of Derivative Instruments on the Statement of Operations for the three months ended September 30, 2013:


Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Loss on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized/unrealized loss on futures and forward contracts	$	(8,211	)	$	(1,107	)
Futures contracts	Net realized/unrealized gain (loss) on futures and forward contracts		(532,873	)		687,829

Total		$	(541,084	)	$	686,722

Effects of Derivative Instruments on the Statement of Operations for the nine months ended September 30, 2013:


Derivatives not Designated as Hedging Instruments under ASC 815	Location of Loss on Derivatives Recognized in Income	Net Realized Loss on Derivatives Recognized in Income			Net Change in Unrealized Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized/unrealized loss on futures and forward contracts	$	(122,853	)	$	(29,433	)
Futures contracts	Net realized/unrealized loss on futures and forward contracts		(228,848	)		(145,427	)

Total		$	(351,701	)	$	(174,860	)

Effects of Derivative Instruments on the Statement of Operations for the three months ended September 30, 2012:


Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized/unrealized gain (loss) on futures and forward contracts	$	(192,655	)	$	88,676
Futures contracts	Net realized/unrealized gain on futures and forward contracts		318,332			278,076

Total		$	125,677		$	366,752

Effects of Derivative Instruments on the Statement of Operations for the nine months ended September 30, 2012:


Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized/unrealized gain (loss) on futures and forward contracts	$	151,981		$	(21,312	)
Futures contracts	Net realized/unrealized gain (loss) on futures and forward contracts		(267,079	)		1,211,749

Total		$	(115,098	)	$	1,190,437

Superfund Gold, L.P. – Series B gross and net unrealized gains and losses by long and short positions as of September 30, 2013 and December 31, 2012:


	As of September 30, 2013
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Foreign Exchange	$	28		0.0	*	$	(2	)		(0.0	)*	$	—		—		$	(6	)		(0.0	)*	$	20
Currency		47,188		1.0			(10,848	)		(0.2	)		539		0.0	*		(2,225	)		(0.1	)		34,654
Financial		49,953		1.0			(2,654	)		(0.1	)		—		—			(2,044	)		(0.0	)*		45,255
Food & Fiber		3,305		0.1			(625	)		(0.0	)*)		20,542		0.4			—			—			23,222
Indices		16,029		0.3			(85,344	)		(1.8	)		—		—			—			—			(69,315	)
Metals		2,984		0.1			(50,190	)		(1.0	)		1,587		0.0	*		(30,536	)		(0.6	)		(76,155	)
Energy		650		0.0	*		(29,902	)		(0.6	)		40,925		0.9			(12,910	)		(0.3	)		(1,237	)
Livestock		—		—			(1,900	)		(0.0	)*		—		—			—			—			(1,900	)

Totals	$	120,137		2.5		$	(181,465	)		(3.7	)	$	63,593		1.3		$	(47,721	)		(1.0	)	$	(45,456	)

*	Due to rounding


	As of December 31, 2012
	Long Positions Gross Unrealized										Short Positions Gross Unrealized
	Gains		% of Net Assets		Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Foreign Exchange	$	70,292		1.0	$	(7,278	)		(0.1	)	$	340		0.0	*	$	(33,901	)		(0.5	)	$	29,453
Currency		33,075		0.5		(37,250	)		(0.5	)		112,884		1.5			(956	)		(0.0	)*		107,753
Financial		70,501		1.0		(6,272	)		(0.1	)		580		0.0	*		—			—			64,809
Food & Fiber		—		—		—			—			51,849		0.7			(1,383	)		(0.0	)*		50,466
Indices		144,667		2.0		(38,889	)		(0.6	)		—		—			(227	)		(0.0	)*		105,551
Metals		38,525		0.5		(214,348	)		(3.0	)		94,840		1.3			(191,195	)		(2.7	)		(272,178	)
Energy		40,387		0.6		(328	)		(0.0	)*		88,971		1.3			(85,480	)		(1.2	)		43,550

Totals	$	397,447		5.6	$	(304,365	)		(4.3	)	$	349,464		4.8		$	(313,142	)		(4.4	)	$	129,404

*	Due to rounding

Superfund Gold, L.P. – Series B average* monthly contract volume by market sector as of quarter ended September 30, 2013:


	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		4		3	$	8,669	$	8,108


	Average Number of Long Contracts		Average Number of Short Contracts
Currency		147		78
Financial		379		525
Food & Fiber		25		46
Indices		533		119
Metals		136		86
Energy		125		98
Livestock		16		35

Total		1,365		990

*	Based on quarterly holdings

Superfund Gold, L.P. – Series B average* monthly contract volume by market sector as of quarter ended September 30, 2012:


	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		41		28	$	80,362	$	150,258


	Average Number of Long Contracts		Average Number of Short Contracts
Currency		417		401
Financial		1,285		244
Food & Fiber		19		30
Indices		728		322
Metals		285		96
Energy		211		140
Livestock		13		41

Total		1,777		1,302

*	Based on quarterly holdings

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


	For the Three Months Ended September 30, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(8,211	)	$	(1,107	)	$	(9,318	)
Currency		(186,889	)		110,768			(76,121	)
Financial		17,997			22,305			40,302
Food & Fiber		(30,049	)		(7,523	)		(37,572	)
Indices		219,485			(74,765	)		144,720
Metals		(451,636	)		666,489			214,853
Livestock		(46,380	)		(1,550	)		(47,930	)
Energy		(55,401	)		(27,895	)		(83,296	)

Total net trading gains (losses)	$	(541,084	)	$	686,722		$	145,638


	For the Nine Months Ended September 30, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(122,853	)	$	(29,433	)	$	(152,286	)
Currency		(278,595	)		(73,099	)		(351,694	)
Financial		41,019			(19,554	)		21,465
Food & Fiber		(264,796	)		(27,244	)		(292,040	)
Indices		899,202			(174,866	)		724,336
Metals		(657,588	)		196,023			(461,565	)
Livestock		47,090			(1,900	)		45,190
Energy		(15,180	)		(44,787	)		(59,967	)

Total net trading losses	$	(351,701	)	$	(174,860	)	$	(526,561	)


	For the Three Months Ended September 30, 2012
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(192,655	)	$	88,676		$	(103,979	)
Currency		(330,612	)		(78,548	)		(409,160	)
Financial		176,572			106,667			283,239
Food & Fiber		165,878			6,275			172,153
Indices		44,712			(238,558	)		(193,846	)
Metals		619,967			488,422			1,108,389
Livestock		(38,410	)		(35,367	)		(73,777	)
Energy		(319,775	)		29,185			(290,590	)

Total net trading gains	$	125,677		$	366,752		$	492,429


	For the Nine Months Ended September 30, 2012
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	151,981		$	(21,312	)	$	130,669
Currency		(755,646	)		(187,021	)		(942,667	)
Financial		368,330			98,603			466,933
Food & Fiber		(240,946	)		(27,519	)		(268,465	)
Indices		(23,093	)		(286,710	)		(309,803	)
Metals		(306,290	)		1,647,295			1,341,005
Livestock		61,678			(57,807	)		3,871
Energy		628,888			24,908			653,796

Total net trading gains (losses)	$	(115,098	)	$	1,190,437		$	1,075,339

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 September 30, 2013 and December 31, 2012, 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 Third Amended and Restated Limited Partnership Agreement (the “Limited Partnership Agreement”), net profits and losses of the Fund are allocated to partners according to their respective interests in the Fund as of the beginning of each month.

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

7.	Related party transactions

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

8.	Financial highlights

Financial highlights for the period January 1 through September 30, 2013 are as follows:


	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees		(19.1	)%		(17.8	)%		(15.1	)%		(13.8	)%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%

Total return after incentive fees		(19.1	)%		(17.8	)%		(15.1	)%		(13.8	)%

Ratios to average partners’ capital**
Operating expenses before incentive fees		5.1	%		3.6	%		5.9	%		4.5	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%

Total expenses		5.1	%		3.6	%		5.9	%		4.5	%

Net investment loss		(5.1	)%		(3.6	)%		(5.8	)%		(4.5	)%

Net asset value per unit, beginning of period	$	1,423.03		$	1,577.45		$	1,110.58		$	1,187.13
Net investment loss		(68.50	)		(54.20	)		(64.34	)		(52.58	)
Net loss on investments		(202.96	)		(227.36	)		(102.87	)		(110.86	)

Net asset value per unit, end of period	$	1,151.57		$	1,295.89		$	943.37		$	1,023.69

Other per Unit information:
Net decrease in net assets from operations per Unit (based upon weighted average number of Units during period) upon weighted average number of Units during period)	$	(262.57	)	$	(278.65	)	$	(143.67	)	$	(168.47	)

Net decrease in net assets from operations per Unit (based upon change in net asset value per Unit) upon change in net asset value per Unit)	$	(271.46	)	$	(281.56	)	$	(167.21	)	$	(163.44	)

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

**	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.

Financial highlights for the period January 1 through September 30, 2012 are as follows:


	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees and MF Global reserve		7.6	%		9.3	%		3.9	%		5.5	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
MF Global reserve		0.0	%		0.0	%		(0.1	)%		(0.1	)%

Total return after incentive fees		7.6	%		9.3	%		3.8	%		5.4	%

Ratios to average partners’ capital**
Operating expenses before incentive fees		5.4	%		3.9	%		6.2	%		4.6	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
MF Global reserve		0.0	%		0.0	%		0.1	%		0.1	%

Total expenses		5.4	%		3.9	%		6.3	%		4.7	%

Net investment loss		(5.4	)%		(3.8	)%		(6.1	)%		(4.7	)%

Net asset value per unit, beginning of period	$	1,496.15		$	1,625.63		$	1,241.61		$	1,300.90
Net investment loss		(85.75	)		(67.18	)		(80.78	)		(64.59	)
Net gain on investments		199.36			217.06			128.74			135.25

Net asset value per unit, end of period	$	1,609.76		$	1,775.51		$	1,289.57		$	1,371.56

Other per Unit information:
Net increase in net assets from operations per Unit (based upon weighted average number of Units during period) upon weighted average number of Units during period)	$	112.40		$	151.90		$	58.96		$	88.63

Net increase in net assets from operations per Unit (based upon change in net asset value per Unit) upon change in net asset value per Unit)	$	113.61		$	149.88		$	47.96		$	70.66

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

**	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.

Financial highlights for the period July 1 through September 30, 2013 are as follows:


	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees		1.6	%		2.1	%		0.0	%		0.5	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%

Total return after incentive fees		1.6	%		2.1	%		0.0	%		0.5	%

Ratios to average partners’ capital**
Operating expenses before incentive fees		1.7	%		1.1	%		1.8	%		1.3	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%

Total expenses		1.7	%		1.1	%		1.8	%		1.3	%

Net investment loss		(1.6	)%		(1.1	)%		(1.8	)%		(1.3	)%

Net asset value per unit, beginning of period	$	1,133.88		$	1,269.60		$	943.26		$	1,018.45
Net investment loss		(19.56	)		(15.09	)		(18.02	)		(14.15	)
Net gain on investments		37.25			41.38			18.13			19.39

Net asset value per unit, end of period	$	1,151.57		$	1,295.89		$	943.37		$	1,023.69

Other per Unit information:
Net increase in net assets from operations per Unit (based upon weighted average number of Units during period) upon weighted average number of Units during period)	$	23.70		$	35.49		$	9.37		$	14.66

Net increase in net assets from operations per Unit (based upon change in net asset value per Unit) upon change in net asset value per Unit)	$	17.69		$	26.29		$	0.11		$	5.24

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

**	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.

Financial highlights for the period July 1 through September 30, 2012 are as follows:


	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees		5.1	%		5.6	%		3.2	%		3.8	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%

Total return after incentive fees		5.1	%		5.6	%		3.2	%		3.8	%

Ratios to average partners’ capital**
Operating expenses before incentive fees		1.8	%		1.3	%		2.1	%		1.6	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%

Total expenses		1.8	%		1.3	%		2.1	%		1.6	%

Net investment loss		(1.8	)%		(1.3	)%		(2.1	)%		(1.6	)%

Net asset value per unit, beginning of period	$	1,531.42		$	1,680.65		$	1,249.01		$	1,321.78
Net investment loss		(28.25	)		(22.11	)		(26.46	)		(21.25	)
Net gain on investments		106.59			116.97			67.02			71.03

Net asset value per unit, end of period	$	1,609.76		$	1,775.51		$	1,289.57		$	1,371.56

Other per Unit information:
Net increase in net assets from operations per Unit (based upon weighted average number of Units during period) upon weighted average number of Units during period)	$	78.40		$	95.16		$	41.01		$	49.78

Net increase in net assets from operations per Unit (based upon change in net asset value per Unit) upon change in net asset value per Unit)	$	78.34		$	94.86		$	40.56		$	49.78

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

**	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 $421,650 and $552,696, respectively, and gross unrealized gains and losses related to non-exchange-traded forwards were $47 and $18, respectively, at September 30, 2013.

For Series A, gross unrealized gains and losses related to exchange-traded futures were $237,948 and $323,518, respectively, and gross unrealized gains and losses related to non-exchange-traded forwards were $19 and $10, respectively, at September 30, 2013.

For Series B, gross unrealized gains and losses related to exchange-traded futures were $183,702 and $229,178, respectively, and gross unrealized gains and losses related to non-exchange-traded forwards were $28 and $8, respectively, at September 30, 2013.

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 Citigroup Global Markets Inc.

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

The majority of these instruments mature within one year of September 30, 2013. However, due to the nature of the Fund’s business, these instruments may not be held to maturity.

10.

Subscriptions and redemptions

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

Limited Partners may request any or all of their investment in such Series be redeemed by such Series at the net asset value of a Unit within such Series as of the end of the month, subject to a minimum redemption of $1,000. A request for less than a full redemption that would reduce a Limited Partner’s remaining investment to less than $10,000 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 the redemption is to be effective. Redemptions will generally be paid within 20 days after the effective date of the redemption. However, in special circumstances, including, but not limited to, inability to liquidate dealers’ positions as of a redemption date or default or delay in payments due to each Series from clearing brokers, banks or other persons or entities, each Series may in turn delay payment to persons requesting redemption of the proportionate part of the net assets of each Series represented by the sums that are the subject of such default or delay, and Limited Partners will be paid their pro rata portion of the redemption amount not subject to defaults or delays.

11.

Indemnification

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

12.

Subsequent events

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

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

INTRODUCTION

The Fund commenced the offering of its Units on February 17, 2009. The initial offering terminated on March 31, 2009, and the Fund commenced operations on April 1, 2009. The continuing offering period commenced at the termination of the initial offering period and is ongoing. Subscription and redemption data is presented for both the Fund, as the SEC registrant, and for Series A and Series B, individually. For the quarter ended September 30, 2013, subscriptions totaling $303,437 in the Fund have been accepted and redemptions over the same period totaled $2,111,753. For the quarter ended September 30, 2013, subscriptions totaling $70,041 in Series A-1, $75,707 in Series A-2, $0 in Series B-1, and $157,689 in Series B-2 have been accepted and redemptions over the same period totaled $974,014 in Series A-1, $292,634 in Series A-2, $305,037 in Series B-1 and $540,068 in Series B-2. The Fund operates as a commodity investment pool, whose purpose is speculative trading in the U.S. and international futures and forward markets. Specifically, the Fund trades a portfolio of more than 120 futures and forward contracts 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 September 30, 2013

Series A:

Net results for the quarter ended September 30, 2013 were a gain of 1.6% in net asset value for Series A-1 and a gain of 2.1% in net asset value for Series A-2. In this period, Series A experienced a net increase in net assets from operations of $212,891. This increase consisted of interest income of $294, other income of $33, trading gains of $374,389 and total expenses of $161,825. Expenses included $59,592 in management fees, $19,864 in operating expenses, $42,149 in selling commissions, $38,878 in brokerage commissions and $1,342 in other expenses. At September 30, 2013, the net asset value per Unit of Series A-1 was $1,151.57 and the net asset value per Unit of Series A-2 was $1,295.89.

Series B:

Net results for the quarter ended September 30, 2013 were a gain of slightly more than 0.0% in net asset value for Series B-1 and a gain of 0.5% in net asset value for Series B-2. In this period, Series B experienced a net increase in net assets from operations of $61,619. This increase consisted of interest income of $136, trading gains of $145,638 and total expenses of $84,167. Expenses included $30,823 in management fees, $10,274 in operating expenses, $11,095 in selling commissions, $29,633 in brokerage commissions and $2,342 in other expenses. At September 30, 2013, the net asset value per Unit of Series B-1 was $943.37 and the net asset value per Unit of Series B-2 was $1,023.69.

Fund results for 3rd Quarter 2013:

The Fund’s managed futures strategies produced negative returns in September. The Fund’s long positions in the energy sector hurt performance as natural gas futures continued to retrace from near three-month highs amid reduced anticipated demand based on U.S. weather forecasts. The Fund’s long positions in the metals markets also underperformed as gold futures tumbled following a report that U.S. jobless claims fell to the lowest level since April 2006. Gold and silver continued to decline on concerns over a possible shutdown of the U.S. government in October. The Fund’s positions in the bonds sector produced favorable returns as Japan’s inflation rate soared to its highest level since 2008. The Fund’s perpetual long gold position negatively impacted performance in September.

In August, the Fund’s managed futures strategies underperformed as gold and silver continued its recovery from the previous month on news that U.S. home sales fell below consensus forecast indicating that the Fed will continue its stimulus program. The Fund’s short positions in the grain markets lost ground as soybeans rose to a nine-month high. The Fund’s long positions in crude yielded positive results as prices rose at the end of the month to its highest level since April 2011. Crude’s rally coincided with signs of accelerating economic growth in Europe and the contemplation of Western military action against Syria. The Fund’s perpetual long gold position had a positive impact on performance in August.

The Fund’s managed futures strategies produced slightly negative returns in July. The Fund’s short positions in the metals and bonds markets suffered as the market weighed the U.S. Federal Reserve’s (the “Fed”) next move on monetary stimulus against the prospects for demand amid higher prices. Gold also recovered from a three-year low on news that the Fed would only start phasing out the stimulus once the economy was strong enough to stand on its own. This news allayed fears of imminent cuts to the Fed’s monthly bond purchases. The losses from the Fund’s metals and bond positions was partly offset by gains from the Fund’s long positions in the energy sector as U.S. Energy Information Administration data showed oil inventories feel for a fourth consecutive week. The Fund’s perpetual long gold position had a positive effect on performance in July.

Three Months Ended June 30, 2013

Series A:

Net results for the quarter ended June 30, 2013, were a loss of 21.9% in net asset value for Series A-1 and a loss of 21.5% in net asset value for Series A-2. In this period, Series A experienced a net decrease in net assets from operations of $2,941,925. This decrease consisted of total income of $411, trading losses of $2,743,008, and total expenses of $199,328. Expenses included $70,876 in management fees, $23,625 in operating expenses, $50,019 in selling commissions, $53,243 in brokerage commissions and $1,565 in other expenses. At June 30, 2013, the net asset value per Unit of Series A-1 was $1,133.88, and the net asset value per Unit of Series A-2 was $1,269.60.

Series B:

Net results for the quarter ended June 30, 2013, were a loss of 20.8% in net asset value for Series B-1 and a loss of 20.4% in net asset value for Series B-2. In this period, Series B experienced a net decrease in net assets from operations of $1,433,035. This increase consisted of total income of $273, trading losses of $1,324,872, and total expenses of $108,436. Expenses included $37,709 in management fees, $12,570 in operating expenses, $13,379 in selling commissions, $41,930 in brokerage commissions and $2,848 in other expenses. At June 30, 2013, the net asset value per Unit of Series B-1 was $943.26, and the net asset value per Unit of Series B-2 was $1,018.45.

Fund results for 2nd Quarter 2013:

The Fund’s strategies produced negative returns in June, driven primarily by losses from the Fund’s allocation to energies markets as U.S. Department of Energy data showed higher than expected oil inventories. These losses were tempered slightly by gains experienced from the Fund’s metals positions, as gold and silver each dropped to its lowest level in over two years. The Fund’s allocation to the bonds markets also produced positive returns as a rise in the U.S. dollar produced sharp downward pressure on interest rate products. Based on the aforementioned decrease in price, the Fund’s perpetual long gold position negatively affected performance in June.

In May, the Fund yielded disappointing results due primarily to its positions in the bonds and energy sectors. The Fund’s long natural gas positions negatively affected performance amid reports from the U.S. Energy Information Administration of rising inventories. The U.S. Environmental Protection Agency also issued reports that downplayed the environmental impact of natural gas fracking. The Fund’s long soybean positions produced sold returns in May as China, the world’s largest soybean consumer, continued to show increased demand. The Fund’s perpetual long gold position had a negative effect on performance amid speculation that the Fed will scale back its aggressive bond purchasing program.

In April, the Fund’s managed futures strategy posted positive returns amidst high volatility in several key markets. The Fund’s positions in the metals sector generated positive returns, as did its long natural gas positions. The Fund’s allocation to the grains sector suffered in April after the U.S. Department of Agriculture (“USDA”) reported that farmers had planted 2 million more acres of corn than expected. The Fund’s perpetual long gold position had a negative effect on performance as gold experienced its sharpest monthly decline since December 2011.

Three Months Ended March 31, 2013

Series A:

Net results for the quarter ended March 31, 2013, were a gain of 2.0% in net asset value for Series A-1 and a gain of 2.5% in net asset value for Series A-2. In this period, Series A experienced a net increase in net assets from operations of $307,441. This increase consisted of total income of $415, trading gains of $573,128, and total expenses of $266,102. Expenses included $85,889 in management fees, $28,633 in operating expenses, $59,849 in selling commissions, $89,422 in brokerage commissions and $2,309 in other expenses. At March 31, 2013, the net asset value per Unit of Series A-1 was $1,451.82, and the net asset value per Unit of Series A-2 was $1,617.46.

Series B:

Net results for the quarter ended March 31, 2013, were a gain of 7.3% in net asset value for Series B-1 and a gain of 7.8% in net asset value for Series B-2. In this period, Series B experienced a net increase in net assets from operations of $514,738. This increase consisted of total income of $296, trading gains of $652,673, and total expenses of $138,231. Expenses included $40,570 in management fees, $13,523 in operating expenses, $17,836 in selling commissions, $62,650 in brokerage commissions and $3,652 in other expenses. At March 31, 2013, the net asset value per Unit of Series B-1 was $1,191.23, and the net asset value per Unit of Series B-2 was $1,279.75.

Fund results for 1^st Quarter 2013:

In March, the Fund’s trading strategies produced positive returns. U.S. stock indices rose for a third consecutive month with the Standard and Poor’s 500 Index (the “S&P 500”) approaching an all-time high, leading to profitable returns for the Fund’s long positions. The Fund’s long positions in European long-term interest rate futures produced significant gains as investors feared the banking crisis in Cyprus could spill over into neighboring economies. Short positions in base metals added to positive returns as markets were pressured by the debt crisis in Europe, slumping Chinese stocks, and the rising U.S. dollar. The Fund also benefited from long natural gas positions as below normal temperatures forecasted for April lifted futures to an 18-month high. Larger than expected U.S. inventories and record projected planting acreage sent Chicago Board of Trade (“CBOT”) corn to limit down conditions on the last day of trading, resulting in losses for the Fund’s long positions across the grain sector. The Fund’s perpetual long gold position had a small positive effect on performance in March.

The Fund produced positive results in February as unmet expectations for global demand sent commodities lower while unsettling election results in Italy and negative growth renewed European debt concerns. Long positions in equity indices yielded losses for the Fund as European political instability and the slow pace of economic activity again raised concerns over regional finances. The Fund’s long bond positions generated solid returns in treasuries as European debt crisis fears were reignited in reaction to inconclusive Italian election results. Long positions in the money market sector generated favorable returns for the Funds as rising interbank borrowing costs prompted European Central Bank (“ECB”) President Mario Draghi to restate the ECB’s readiness to loosen monetary policy, lowering yield expectations. The U.S. dollar strengthened dramatically against a basket of world currencies leading to disappointing results for the Fund’s long positions in counter-currencies. The Fund’s short position in London Metal Exchange (“LME”) aluminum generated healthy returns as anticipated increases in demand had yet to be realized, Chinese production swelled and stockpiles tracked by LME rose for a fifth straight month. After climbing 6% in January, the crude oil complex fell back as the slow pace of recovery across the globe was unable to support a further advance, leading to losses for the Fund’s long positions in the energies sector. The Fund’s perpetual long gold position had a negative impact on performance in February as growing optimism for a U.S. economic recovery led investors to exit safe-haven assets, sending gold lower for a fifth consecutive month.

In January, the Fund produced positive returns to start 2013 with gains across multiple market sectors. The Fund’s strategies performed well in global equities as indices reached multi-year highs on growing investor optimism, producing profits for the Fund’s long positions. The Fund’s long positions in base metals produced favorable results with the rebound in the global economy leading to increased industrial demand. Long allocations across the energies sector also generated healthy returns for the Fund as improving global economic conditions lifted demand prospects while unrest across North Africa and the Middle East injected geopolitical risk premium. Growing global economic stability eroded demand for the safety of government securities in January, leading to negative returns for the Fund’s long positions in the bonds sector. Expectations for the removal of excess liquidity from the financial system led to losses for the Fund’s long positions in money market futures. The Fund’s perpetual long gold position negatively affected performance in January as positive economic metrics, fading inflation concerns, and prospects for an end to the Fed monetary stimulus led to the fourth straight monthly decline for gold.

Three Months Ended September 30, 2012

Series A:

Net results for the quarter ended September 30, 2012 were a gain of 5.1% in net asset value for Series A-1 and a gain of 5.6% in net asset value for Series A-2. In this period, Series A experienced a net increase in net assets from operations of $869,459. This increase consisted of interest income of $742, other income of $1, trading gains of $1,157,659 and total expenses of $288,943. Expenses included $97,456 in management fees, $32,486 in operating expenses, $69,139 in selling commissions, $87,909 in brokerage commissions and $1,953 in other expenses. At September 30, 2012, the net asset value per Unit of Series A-1 was $1,609.76 and the net asset value per Unit of Series A-2 was $1,775.51.

Series B:

Net results for the quarter ended September 30, 2012 were a gain of 3.2% in net asset value for Series B-1 and a gain of 3.8% in net asset value for Series B-2. In this period, Series B experienced a net increase in net assets from operations of $319,305. This increase consisted of interest income of $616, trading gains of $492,429 and total expenses of $173,740. Expenses included $53,354 in management fees, $17,784 in operating expenses, $26,528 in selling commissions, $73,667 in brokerage commissions and $2,407 in other expenses. At September 30, 2012, the net asset value per Unit of Series B-1 was $1,289.57 and the net asset value per Unit of Series B-2 was $1,371.56.

Fund results for the 3rd Quarter 2012:

In September, the Fund’s trading strategies produced negative results as the expansion of accommodative policies by central bankers led investors to add risk. Optimism that followed the ECB’s decision to buy Spanish and Italian bonds was amplified by the Fed’s announcement of a third round of quantitative easing (“QE3”), lifting equities worldwide. The Fed revealed an open-ended plan to buy mortgage-backed securities while holding the federal funds rate near zero through at least mid-2015. The Bank of Japan’s (the “BOJ”) move to add 10 trillion yen to their asset purchase program and China’s openness to stimulus further supported stocks. Base metals climbed on hopes for increased demand while gold and silver benefited as inflation hedges. NY crude topped $100/bbl before growing stockpiles and the end of the summer driving season helped to reverse the trend. Natural gas rallied to a 2012 high on below normal gains in inventory ahead of the winter heating season. The Fund’s short-term strategies posted mixed results with gains in metals and losses in currencies. The Fund’s bond positions produced moderate losses in September as central bank intervention drove market movement. German bund yields climbed sharply as the ECB’s plan to purchase Italian and Spanish debt reduced safe-haven demand. Bund futures reached 3-month lows before concern over austerity measures within Spain’s 2013 budget and its ability to cooperate with the ECB sparked anxieties and reversed the move. After dipping 1.5%, U.S. 10-year note futures recovered to nearly unchanged on higher than expected U.S.

jobless claims. The BOJ also eased, adding 10 trillion yen to its existing asset purchase program, suppressing Japanese Government Bonds (“JGB”) yields. The Fund’s allocation to currencies underperformed in September as the U.S. dollar lost ground against all major currencies in response to the Fed stimulus. Market expectations for QE3 proved to be correct as a weak employment data prompted further injections of liquidity. The Fed moved its focus to the mortgage market, announcing open-ended monthly purchases of $40 billion in mortgage backed securities. The ECB implemented a broad bond purchase program but stopped short of lowering interest rates. These moves prompted a decline in the U.S. dollar versus the euro (+2.2%) and the British pound versus the U.S. dollar (+1.6%). The Canadian dollar (+0.3%) strengthened versus the U.S. dollar as jobs data was better-than-expected. In Japan, the expansion of the BOJ’s bond purchase program led to volatile month for the yen (+0.5% versus the U.S. dollar). The Fund’s positions in the metals sector generated positive results in September as plans for open-ended asset purchases by U.S. and European central bankers and new infrastructure spending in China lifted both precious and base metal alike. Disappointing U.S. jobs data fueled growing expectations for monetary stimulus while China’s approval of new infrastructure spending supported metals early. Metals spiked higher following the announcement of QE3 with LME Aluminum (+11.3%) posting 11 consecutive gains, its longest rally in 25 years. LME and COMEX copper gained 7.7% and 8.7% respectively on anticipated raw material demand. Labor unrest in South Africa forced the closure of mines owned by Anglo American Platinum, the world’s top producer. Platinum was up 19.2% since August 16, 2012. The Fund’s allocations to the energies sector yielded disappointing results in September as the 30% climb in crude since June, 2012 abruptly reversed on demand concerns and a build in supplies. Saudi Arabia’s commitment to increase production, concern over a Spanish bailout and a reduced profit outlook from economic bellwether Fedex sent prices lower. The September 19, 2012 inventory report showed a build of +8.53M bbl, culminating in a 4.4% decline for crude. Gasoline strengthened against crude, climbing 1.2%, as refining capacity remained constrained. Heating oil also gained as the winter heating season draws near. Natural gas (+12.1%) finished at 2012 highs on news that stockpiles will fall short of capacity prior to winter. The Fund’s perpetual long gold position produced strong results as investors flocked to gold in order to hedge away inflation risk brought on by the currency debasing polices of the ECB and the Fed. Gold’s attraction as a value store drove it 5.1% higher, reaching a 6-month high ($1,787/Troy oz). The quarterly gain of 11% was its best since June of 2010.

In August, apart from its perpetual long gold position, the Fund’s strategies produced moderately disappointing results as guidance from central bankers increased investor appetite for risk. ECB president Mario Draghi’s late July statement that the he would do “whatever it takes” to preserve the euro proved to be the driving force behind a rally in European equity markets. German Chancellor Angela Merkel reaffirmed her country’s support for the ECB’s approach, increasing expectations for monetary stimulus. U.S. equities rallied in tandem with Europe, aided by a series of positive economic data, with the Standard & Poor’s 500 (“S&P 500”) reaching a four-year high. Fed minutes released in advance of the highly anticipated Jackson Hole symposium revealed the Federal Open Market Committee’s (“FOMC”) intention to implement a third round of quantitative easing unless the strength and pace of economic recovery improves soon. Energy markets rallied markedly, lifted by U.S. and euro-zone optimism, heightened tensions in the Middle East, and the falling U.S. dollar. The drought gripping the U.S. Midwest drove corn and soybean to all-time highs. The Fund’s short-term strategies underperformed with losses in equities, energies and currencies. The Fund’s positions in equities underperformed in August as European leaders worked to improve the region’s fiscal position, reducing anxiety over euro-zone debt issues. Yields in Spain and Italy fell back on increasing expectations that the ECB will take action to avoid default. Equities in the United Kingdom (“U.K.”) (+1.8%), Italy (+8.9%), and Spain (+10.5%) all finished with gains in spite of weak economic data. France (+3.6%) and Germany (+2.7%) managed to avoid recession during the second quarter, outperforming their neighbors in the European Union (the “EU”). In the U.S., the S&P 500 (+2.2%) also gained, posting a four-year high. Asian equities in Japan (+1.6%) and Taiwan (+3.3%) finished on the plus side while stocks in China (-4.3%) fell as exports slowed. The Fund’s bond positions posted disappointing results in August as U.S. treasuries sold off steadily throughout the first half of the month in response to positive economic data and euro-zone optimism. Retail sales rose for the first time in four months while an encouraging 1.8% gain in housing prices signaled a strengthening economy. Reduced demand for safe-haven assets lifted U.S. 10-year note yields to an intraday three-month high of 1.86% before falling after Fed minutes alluded to the possible need for further stimulus. Positive economic news in Europe also contributed to risk appetite with better-than-expected gross domestic product (“GDP”) data from Germany (+0.3%) and France (unchanged), pressuring German bunds. The Fund’s positions in the energies sector benefited in August as the uptrend in the crude oil complex that began in July continued. Stronger employment data in the U.S. and an easing of European economic fears boosted the crude market early on expectations for increased demand. Inventory reports showed both crude and heating oil shrunk with heating oil inventories falling to a seasonally adjusted 4-year low. Tensions in the Middle East showed no signs of abating as hostilities continued to escalate in Syria. Crude prices climbed 9.6% while heating oil rose 11.5%. Natural gas prices fell back sharply, -12.8% to $2.799 per million British thermal unit (“btu”), as the supply glut rose still further and temperatures moderated. The Fund’s allocation to currencies produced negative results in August. High expectations on the latest ECB meeting went unmet as little new information was revealed and rates were left unchanged. Germany’s firm support of the euro and Greece’s reaffirmed dedication to meeting bailout targets, bolstered confidence. As a result, both the euro (+2.2%) and British pound (+1.3%) gained ground versus the U.S. dollar. The U.S. dollar (-1.8%) was mostly weaker as the slow pace of U.S. growth prompted the FOMC to suggest that additional stimulus might be necessary to spur a sustainable recovery. The Australian dollar (-1.5%) fell as weakening Chinese demand threatened to dampen exports. The Japanese yen (-0.3%) lost ground early on weak economic data but quickly rebounded. The Fund’s perpetual long gold position posted strong gains in August as gold regained its preferred status as an inflationary hedge. Bulls betting on monetary easing were rewarded when Fed minutes predicted additional stimulus measures if the U.S. economy failed to show signs of durable growth soon. Gold had its best month since January, gaining 4.6%.

In July, the Fund’s trading strategies returned to positive territory as capital preservation was the primary goal for investors. Unsustainable debt in Spain had government officials considering all options including bailout, default, or even leaving the euro while Greece’s troika of creditors found the country to be falling short of budgetary targets required for their 240 billion euro rescue package. China’s growth slowed to 7.6%, a three-year low, prompting two rate cuts so far this year. Investors seeking refuge redirected cash into safe haven debt instruments, pushing yields to record lows. In the U.S., the Great Plains growing region is facing the worst drought since 1956. Less than one-third of the U.S. corn and soybean crop is in good condition, propelling both markets to all-time highs. The Fund’s short-term strategies produced mixed results with gains in interest rates and losses in metals. The Fund’s equity positions underperformed in July. Volatility persisted as the overhang of European economic difficulties and slowing global growth continued to weigh on markets. Spain’s Ibex35 (-4.0%) fell to its lowest point since 2003 while the Italian Mib40 (-3.0%) reached an all-time low, prompting regulators to reinstitute short-sale bans in both countries. In the U.S., the Dow Jones Industrial Average (the “Dow”) (+1.1%) was supported by a drop in jobless claims and encouraging durable goods data. In China (+1.1%), slowing growth prompted a second cut to its key lending rate while Japanese stocks (-3.7%) lost ground, pressured by the yen’s appreciation. The Fund’s bond positions were profitable in July as investors poured money into safe-haven debt instruments despite record low yields. Spain remains at the center of Europe’s economic woes with 10-year bond yields reaching 7.75%, a euro-era record. In response, investment into German bunds increased, which twice touched a record low yield of 1.127%. British Long Gilts (+2.3%) also benefited from safe-haven inflows as Bank of England officials announced another 50 billion pounds in quantitative easing. Robust demand for the safety of U.S. debt drove 10-year and 30-year yields to record lows as well, at 1.379% and 2.4405% respectively. The Fund’s allocation to short-term interest rates generated positive returns in July as markets welcomed action from the ECB while looking to the Fed to follow suit. The ECB cut its benchmark lending rate to a record low of 0.75% and its overnight deposit rate to 0% in an effort to stave off recession. Speculation for further cuts drove the Euribor rate to a record low of 0.401%. Markets expect the Fed may now reconsider cutting the IOER (interest on excess reserves) from 0.25% in order to incentivize banks to reallocate reserves away from the Fed and into higher yielding areas. Anticipation for an IOER cut, coordinated with additional Fed tools, lifted Eurodollar futures. The Fund’s allocation to currencies produced moderate gains in July as global economic uncertainly drove money flows into safe-haven sovereign currencies at the expense of the euro. A permanent solution to the debt issues that plague southern Europe remained elusive, pushing the euro to a two-year low versus the U.S. dollar ($1.2043/euro). The yen maintained its favored status, up 7.2% since mid-March, while the Aussie dollar (+2.9%) also remained strong. The Canadian dollar (+1.5%) approached parity with its U.S. counterpart on relative economic outperformance. The Fund’s strategies produced strong returns in grains in July as the U.S. Midwest is experiencing its worst drought in nearly six decades. As of July 30^th, only 25% of the crop was in good condition, the lowest since 1988. The USDA lowered yield estimates 12% to and is expected to make another significant cut in August. December corn gained 27% in July and is 59% higher since mid-June. It is likely that later maturing soybeans will be equally affected by the drought. The most active corn and soybean contracts posted all-time highs of $8.20¹⁄₂ and 16.91¹⁄₂ a bushel respectively. The Fund’s positions in the metals sector underperformed in July as Comex gold continued to trade in a narrow range and global instability hurt base metal demand. LME warehouse zinc (-1.9%) supplies surpassed one million metric tons for the first time in 17 years while copper imports to China fell to a 10-month low. Comex copper declined 2.1%, closing at $341.75/lb. Gold was confined to a 4.6% range as traders awaited signals from central bankers towards easing policies. The Fund’s allocation to the energy sector yielded disappointing results in July as crude oil mounted a rally from the dramatic decline over the last several months. Short-covering helped to start prices moving up early in the month as speculators sought to lock in gains. Rising political tensions between Israel and Iran helped to reinforce the rally with unrest in Syria increasing the likelihood of a near-term supply disruption. RBOB gasoline (+6.9%) and heating oil (+5.4%) moved up sharply in step with crude, in spite of ample supplies. Natural gas (+13.6%) rebounded further from lows as hot weather drove up cooling demand from utilities. The Fund’s perpetual long gold position posted modest gains in July as gold remained bound to its established trading range, crossing the $1,600/troy oz. level ten times since early May. Forecasters disagree on market direction with bulls anticipating central bankers being forced to implement further monetary easing while bears cite waning interest and preference for the U.S. dollar.

For the third quarter of 2012, the most profitable market group overall was the money market sector while the greatest losses were attributable to positions in the currencies sector.

Three Months Ended June 30, 2012

Series A:

Net results for the quarter ended June 30, 2012, were a gain of 1.2% in net asset value for Series A-1 and a gain of 1.8% in net asset value for Series A-2. In this period, Series A experienced a net increase in net assets from operations of $236,598. This increase consisted of total income of $592, trading gains of $546,416, and total expenses of $310,410. Expenses included $95,954 in management fees, $31,984 in operating expenses, $67,964 in selling commissions, $104,683 in brokerage commissions, $6,925 attributable to the MF Global reserve and $2,900 in other expenses. At June 30, 2012, the net asset value per Unit of Series A-1 was $1,531.42, and the net asset value per Unit of Series A-2 was $1,680.65.

Series B:

Net results for the quarter ended June 30, 2012, were a gain of 2.1% in net asset value for Series B-1 and a gain of 2.9% in net asset value for Series B-2. In this period, Series B experienced a net increase in net assets from operations of $261,470. This increase consisted of total income of $607, trading gains of $461,701, and total expenses of $200,838. Expenses included $54,995 in management fees, $18,332 in operating expenses, $28,030 in selling commissions, $90,155 in brokerage commissions, $5,839 attributable to the MF Global reserve and $3,487 in other expenses. At June 30, 2012, the net asset value per Unit of Series B-1 was $1,249.01, and the net asset value per Unit of Series B-2 was $1,321.78.

Fund results for 2^nd Quarter 2012:

In June, the Fund’s trading strategies yielded disappointing results as market sensitivity to European debt crisis news led to choppy market conditions. Investor focus remained on troubled European economies, with eyes turned to faltering Spain. Moody’s downgrade of Spanish sovereign debt was followed by rating reductions for numerous Spanish lenders. Depressed European indices reacted positively to EU summit agreements to reduce funding costs for Spain and Italy. U.S. stocks rallied in anticipation of QE3 but were disappointed as the Fedoffered only an extension of the Operation Twist program. Commodity demand remains weak as supplies build in base metals and energies. U.S. crude inventories are at their highest since 1990 as growth in consumption is met with greater gains in production. The Fund’s short-term trading strategies also underperformed. The Fund’s allocation to equities underperformed in June due to volatile and directionless trading as European economic conditions weighed on global markets. Uncertainty over Greek elections eased as pro-EU moderates prevailed while business confidence in Germany hit a two-year low. European equities rose at the end of the month, as EU summit leaders eased repayment terms for Spanish banks. In the U.S., the Dow rose 3.4% but gains were tempered by poor unemployment and weak consumer confidence. China reacted to slowing growth by cutting its key interest rate. The Australian SPI fell 0.4% despite surprise gains in GDP and employment, while the Japanese Nikkei climbed 5.6% on expectations for further stimulus. The Fund’s bond portfolio experienced losses in June as the recent rally stagnated due to a lack of substantial central bank stimulus. Investors hoping for new asset purchases from the Fed were disappointed as they chose only to expand their Operation Twist program by $267 billion. Europe’s bond rally also retreated as area-wide interest rates climbed in response to the increasingly insolvent Spanish banking sector. While bond rallies in the U.S. and Europe cooled, Japanese 10-year bond futures continued higher with yields reaching 0.79%, the lowest since 2003. The Fund’s allocation to currencies produced negative results in June as the U.S. dollar declined versus major currencies. The euro (+2.4% against the U.S. dollar) finished in positive territory while remaining under pressure due to the unresolved debt crisis. Spanish bank insolvency and unsustainable sovereign debt had sent the euro to 23-month low before regaining ground. The Swiss franc (+2.5%) gained against the dollar while holding steady against the euro. The British pound (+1.7%) rose versus the dollar after May’s sharp decline while also gaining favor versus the euro. The Fund’s grain allocations generated moderate losses in June as hot and dry conditions in the U.S. threatened to damage the largest projected corn crop since 1937. December corn surged 21.6% as the market digested rapidly deteriorating crop conditions. Soybeans (+12.4%) trailed corn higher, tempered by hopes that the later developing crop still has time to recover. The Fund’s positions in the metals sector generated moderately negative results in June as gains in short base metal positions were offset by losses in range-bound COMEX gold (-0.4%). Demand for base metals has suffered as Chinese growth has slowed and the broader world economy has failed to show significant signs of recovery. After spending nearly the entire month in negative territory, however, base metals took part in a global rally spurred by European leaders’ agreement on short-term measures to assist Spanish banks. The Fund’s allocation to the energy sector produced gains in June as weak demand and ample supplies pushed prices lower. Global economic weakness continues to be the key driver of prices near-term as slowing global growth has hurt overall energy demand. Crude oil touched an eight-month low of $77.28/bbl with supplies reaching 22-year highs. Gasoline (-3.5%) fell as U.S. supplies rose more than expected and demand remains soft. Heating oil (-0.4%) also suffered from a rise in inventories and warm temperatures. The Fund’s perpetual long gold position posted disappointing results in June as conflicting market influences produced trendless trading. The supportive effects of central bank reserve purchases, a weaker dollar and lackluster U.S. economic data were counteracted by the lack of new stimulus from the Fed and reduced demand out of India, the world’s top consumer.

In May, the Fund’s trading strategies produced strong results as uncertainty and eroding optimism dominated market sentiment, sending investors on a broad-based flight to safety. Falling business confidence in Germany, rising euro-zone unemployment, and a shrinking manufacturing sector led to dramatic risk reduction across all sectors. The euro decreased to a nearly two-year low as investors sought the safety of the U.S. dollar, pressuring commodities. The S&P GSCI index of 24 commodities plunged 13%, its worst month since the recession of 2008. Demand for capital preservation drove yields of safe-haven debt instruments to all-time lows. The Fund’s short-term models enhanced monthly gains with profitable positions in CME Australian dollar, COMEX gold and CBT U.S. T-Bonds. The Fund’s equity positions excelled in May as markets fell sharply on weakening economic conditions. European economies continued to soften with negative quarterly GDP and falling indices in the United Kingdom (“U.K.”) (-7.5%), Italy (-10.4%), Spain (-11.8%), and Greece (-30.6%). Even though Germany

managed to show slight positive GDP growth of .5%, Dax futures fell 7.9%. The possibility of a Greek departure from the euro-zone increased as economic and political pressures mount. In the U.S., the Dow slipped 5.3% as factory orders fell 1.5% and leading indicators slipped 0.1%, leaving only modest growth expectations for the near-term. The U.S. added 115,000 jobs in April, the fewest since October, 2011. Shares across Asia were decidedly weak with the Hang Seng (-11.5%), Nikkei (-10.2%), and MSCI Taiwan (-3.5%) sinking on weakening export demand. The Fund’s bond exposure returned substantial profits in May as the risk-off trade prevailed in response to the unresolved debt crisis in Europe. Elevated fears that Greece may leave the euro-zone and an increasingly troubled Spanish banking sector combined to lift borrowing costs for at-risk sovereigns. Fear-driven investment poured into safe-haven assets in Germany, the U.S., and Australia. German 10-year bund futures (+3.5%) rose to all-time highs. In the U.S., strong demand for safety pushed the benchmark 10-year note to a record low of 1.5309% with 30-year yields approaching their 2008 bottom. The Fund’s allocations to currencies yielded strong results in May as the U.S. dollar advanced sharply in a general flight to safety. Heightened European instability and slowing global growth hurt equity markets while driving the Dollar Index to a 5.4% gain and a 21-month high. The euro slid 6.6% against the U.S. dollar as regional unemployment hit 10.9%, a 15-year high. U.K. retail sales dropped the most over two years, pushing the British pound 5.0% lower versus the U.S. dollar. The Australian dollar fell 6.2% as the Reserve Bank of Australia (“RBA”) unexpectedly cut its key lending rate 50 basis points to 3.75%. Only the Japanese yen (+1.8%) managed to rise against the U.S. dollar in relatively quiet trade. The Fund’s positions in the metals sector generated significant gains in May. Precious and industrial metals fell as a risk-off mentality began to permeate futures markets once again on renewed fears of a global economic recession. Euro-zone service and manufacturing sector data showed contraction for the ninth consecutive month, adding to concerns about the health of the global economy. Manufacturing data in China continued to reveal slowing growth, pushing down industrial metal. London Metal Exchange (“LME”) and COMEX copper fell for four consecutive weeks while LME aluminum slumped 5.9%. All base metals, with the exception of zinc, established new lows for 2012 in May, as did COMEX gold (-6.1%) and silver (-10.3%). The Fund’s allocation to the energy sector produced robust gains, benefitting from the sharp decline in the petroleum complex as ample supply and slack demand pressured prices. After several months of consolidation in crude, technical breaks below support levels led to a significant decline in both NYMEX and Brent futures, dropping 17.5% and 14.7% respectively. In natural gas, the well-established down-trend was finally broken as multi-year lows spurred buying interest. Mild spring weather and warm near-term forecasts helped support prices on increased cooling needs. The Fund’s perpetual long gold position underperformed in May as gold experienced its worst month in 11 years. Investors concerned over the European debt crisis favored the perceived safety of the U.S. dollar over alternative assets such as precious metals.

In April, the Fund’s trading strategies produced mixed results as markets digested signs of moderating growth and concerns over European sovereign debt. Minutes from a meeting of the Fed revealed the U.S. central bank will refrain from additional stimulus unless the economy wavers, sparking concern over growth and demand for raw materials. Upticks in weekly jobless claims and weak sales of previously-owned homes added to bearish sentiment. Chinese GDP grew 8.1%, the slowest pace in nearly three years as the country seeks to rebalance its economy away from exports and towards domestic consumption. Tenuous optimism in Europe gave way to increasing instability as austerity measures and ECB efforts to spur growth have yet to solve the regions debt woes, punctuated by S&P’s downgrade of Spanish debt. Investment flowed into safe-haven debt instruments of the U.S., Germany, and Australia in response to the weakness. The Fund’s bond exposure produced robust returns in April as investment poured into safe-haven assets on renewed euro-zone weakness and concerns over slowing growth. Spain’s soaring unemployment (24.4%), contracting GDP (-0.3%), and alarming spike in non-performing loans led to poor debt auctions as their 10-year yield climbed back above 6%. Resurging peripheral debt woes sent investors flocking to the security of German Bunds (+1.9%). British Long Gilts also benefited from safe-haven inflows but performance was muted due to negative GDP growth in the U.K. Despite mixed economic signals and signs of stagnation, the U.S. maintained its favored position relative to struggling European economies, driving demand for U.S. debt. Australian debt yields fell to record lows as easing inflation data is widely expected to prompt a rate cut from the Reserve Bank of Australia (the “RBA”) at its next meeting. The Fund’s allocation to foreign exchange markets underperformed in April as markets ended little changed in volatile trade. Concerns over sovereign debt and slowing economic growth left European currencies seeking solid direction. The euro (-0.7%) fell modestly as economic indicators softened and Spain’s debt was downgraded. The Swiss franc (-0.5%) fell against the U.S. dollar after reversing early month gains. The British pound (+1.5%) gained against the U.S. dollar and the euro (+2.2%) on expectations the Bank of England will not pursue further stimulus. The Australian dollar (+1.0%) continued its position as a favored currency with the RBA keeping rates unchanged as their economy sustains growth. The Canadian dollar (1.1%) also appreciated as unemployment there fell to 7.2%. The Japanese yen (+3.8%) regained ground from its recent decline as the Bank of Japan remains focused on easing in an effort to strengthen growth prospects. The Mexican peso (-1.5%) fell back on worries global growth concerns will dampen exports. The Fund’s positions in the metals sector generated moderate losses in April due to sharp reversals in the LME and COMEX copper markets. Poor U.S. monthly payroll and industrial production figures, slowing Chinese growth and heightened euro-zone debt concerns drove copper 6.6% lower to 3-month lows before being turned markedly higher on falling inventories. LME copper stockpiles dropped to 241,550 tons, the lowest level since November of 2008 and down 30% since January as miners struggle to keep pace with consumption. COMEX copper posted five consecutive gains at month’s end, its longest rally since August, to close nearly unchanged. Short positions in COMEX silver (-4.7%) helped to offset losses while COMEX gold (-0.3%) had its smallest monthly change since March of 2010 as traders waited for clarity on global economic conditions. The Fund’s allocation to the energy sector yielded losses in

April as encouraging U.S. manufacturing and consumer spending supported energy markets despite reduced geopolitical risk, slowing growth in China, and renewed recession fears in Europe. NYMEX crude posted its least volatile month in 17 years, trading in a 4.8% range, tightly bound by its 100 and 50-day moving averages. Weekly inventories (373 million barrels) reached an 11-month high as Chinese manufacturing contracted for the sixth straight month. Brent crude’s premium over West Texas Intermediate (“WTI”) shrunk to as little as $13.61, the smallest margin since January, as Spain and the U.K. slid back into recession and negotiations with Iran showed promise. The Fund’s perpetual long gold position was relatively flat in April, as gold traded in its tightest range (4.3%) since August of 2009 due to languid investor and physical interest. Gold closed at $1664.20/oz., just below its 200-day moving average and down 7.2% from the 2012 high.

For the second quarter of 2012, the most profitable market group overall was the bonds sector while the greatest losses were attributable to positions in the grains sector.

Three Months Ended March 31, 2012

Series A:

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

Series B:

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

Fund results for 1^st Quarter 2012:

In March, the Fund’s trading strategies produced disappointing returns as rapidly shifting macroeconomic factors led to trendless and choppy market conditions. The U.S. economy sustained momentum, adding another 227,000 jobs for its best six-month streak since May of 2006. Retail sales climbed 1.1%, the most in five months, reflecting consumer confidence despite rising gas prices. In contrast, commodity-driven economies such as Australia felt the effects of reduced base-metal demand, while euro-zone GDP unexpectedly contracted as the region struggles to contain its debt crisis. Crude oil declined as the impact of Iranian tensions receded when compared to slowing global demand and ample supplies. The Fund’s short-term strategies produced mixed to slightly negative results. The Fund’s allocation to currency markets yielded poor results in March. The U.S. dollar (+0.5%) advanced early as improvements in the U.S. economy and positive investor sentiment drove up equities and sent interest rates modestly higher. Later in the month Chairman Bernanke of the Fed reiterated his commitment to low interest rates, pressuring the U.S. dollar and erasing previous gains. The ECB continued to hold the line on interest rates, keeping its discount rate at 1%. The euro and British pound finished unchanged versus the U.S. dollar after declines of 2%. The Australian dollar (-4.4%) fell on weak GDP, an unexpected rise in unemployment, as well as softening commodity exports. The Fund’s bond exposure experienced losses during a turbulent March as U.S. and European bonds sold off precipitously only to rebound later in the month. Japanese Government Bonds (“JGB”) came under pressure as the Bank of Japan (“BOJ”) resisted calls to increase asset purchases beyond the 30 trillion yen committed at their February meeting. JGB yields rose to 1.056%, the highest since December 2011. The Fund experienced negative results in the global equity markets in March. European stocks fell sharply on euro-zone GDP contraction (-0.3%) before optimistic U.S. data helped lift futures to 8-month highs. Markets quickly reversed on China’s shrinking economy and the possible need for further Greek debt restructuring. The FTSE (-2.1%), Amsterdam EOE Index (-1.2%), and Euro Stoxx (-4.5%) all finished lower. The Dow (+1.2%) and the S&P 500 (+2.5%) rose to four-year highs. Asian shares were mostly lower, pressured by the slowdown in China. China’s H-Shares (-10.9%) sank on weaker-than-expected housing and auto data with stocks in Singapore (-1.1%), Taiwan (-2.5%), and India (-2.3%) also lower. The Nikkei (+1.5%) managed to gain as the BOJ continued to ease in an effort to boost growth and weaken the yen. The Fund’s grains positions experienced moderate losses for the month. Directionless trading led to losses in corn and wheat while trending soybeans benefited long soybean meal positions. The Fund’s exposure to the metals sectors generated moderate losses as precious metals declined on increasingly positive sentiment surrounding the stability of the global economy. The Fund’s allocation to money market futures also produced negative results. Short-rate price movement closely mirrored the volatility seen in longer-term maturities as central banks continued to hold overnight lending rates between 0 and 25 basis points.

Although targeted rates are expected to remain near zero for an extended period, the strength of the equity rally precipitated a decline in global short-rate prices, negatively impacting the Fund’s long positions. The Fund’s perpetual long gold position underperformed in March as investors exited the precious metal in exchange for risk. The steady pace of upbeat economic reports in the U.S., including consumer spending and confidence, fed growing optimism over the stability of the world’s largest economy.

In February, the Fund’s trading strategies generated solid returns as geopolitical and economic forces pushed energies and equities decidedly higher. Intensifying tensions with Iran over their nuclear program injected risk premium into oil markets, driving crude prices to multi-month highs. Meanwhile, a wave of hopeful economic data and the long-awaited second Greek bailout lifted stocks. U.S. unemployment fell for a fifth straight month, adding 234,000 jobs while U.S. consumer confidence posted its longest streak of gains since 1997. The Nasdaq Stock Market (the “Nasdaq”) hit 11-year highs and the Dow closed above 13,000 for the first time since 2008. The BOJ revealed plans to inject 10 trillion yen into the Japanese economy in an effort to suppress deflation while the ECB sought to stabilize euro-zone banks and stimulate the economy by issuing €529.5 billion of low interest loans. CBOT corn slid sideways awaiting spring plantings, while soybeans soared on expected crop damage in Brazil. Short-term strategies enhanced overall performance with gains in currencies, stocks, metals, and energies. The Fund’s allocation to the energy sector produced significant returns in February as economic optimism, escalating Iranian tensions, and reduced refinery capacity led to robust returns for long energy positions. Extreme cold in Europe in the midst of heavy refinery maintenance drove IPE gas oil (+6.3%) to a nine-month high. New York heating oil (+6.0%), also used in home heating, was pulled higher on anticipated demand shift to the U.S. Brent crude gained 10.9%, its best month since May of 2009, while NY crude (+8.6%) reached a nine-month high. Despite poor U.S. gasoline demand, RBOB futures extended an impressive rally, gaining 5.4%, aided by permanent, unplanned, and seasonal refinery closures. Promising U.S. employment data and the Greek bailout approval lifted energies universally on hopes of economic growth. The Fund experienced positive results in global equity markets as stocks rose on continued economic improvement. While Europe worked its way towards the second bailout of Greece, equity markets across the continent were higher as fears of an imminent euro-zone collapse subsided. The ECB eased monetary policy significantly in an effort to support markets, stepping away from its traditional mandate of inflation stability. Markets responded with the CAC40 (+4.5%), FTSE (+3.7%) and DAX (+6.0%) all finishing the month higher. Only the Greek index finished lower with a 9.1% loss. Investor optimism drove up markets across Asia with the Nikkei (+10.2%) climbing sharply as the yen fell. Improvements in the outlook for exports also boosted shares in Hong Kong (+6.6%), Korea (+3.5%) and Taiwan (+7.6%). The U.S. markets rose as unemployment fell to 8.3%, jobless claims hit a four-year low, and modest growth was seen in manufacturing and housing. The S&P 500 (+4.3%) is off to its best start in 21 years. The Fund’s allocation to currencies generated moderate losses due to the sharp reversal in the Japanese yen. The U.S. dollar was weaker against most global currencies as the Fed reiterated its highly accommodative stance in spite of improving economic conditions. The BOJ, which has struggled with deflation for more than a decade, announced it would target a 1% annual inflation rate, adding 10 trillion yen to the economy in the process. Traders took the news seriously and sent the yen (-6.2%) to a seven-month low. The euro (+1.9%) strengthened against the U.S. dollar as fears over a Greek debt disaster abated and expectations rose for increased lending activity. The Swiss franc (+1.8%) and British pound (+1.1%) also gained while better-than-expected economic data in Australia drove the AUD/USD rate to a six-month high (1.0795 $/AUD). South American currencies continued to climb with the Mexican peso (+1.4%), Colombian peso (+2.4%), and the Brazilian real (+1.7%) all gaining. The Fund’s bond portfolio produced negative results in February. U.S. bond prices retreated slightly from January highs as positive economic data continued to foster the strongest equity rally in two decades. U.S. unemployment dropped to 8.3%, returning to a level not seen since February 2009. U.S. 10-year notes retreated on the news and ended the month down 0.8%. The ECB implemented phase two of their long term refinancing operation liquidity program on February 27^th, injecting €530 billion of short-term liquidity into the region. The 1% loan offering was taken up by 800 euro-zone banks. The monetary infusion is expected to make its way into longer-term maturities as seen by the resulting rally in Bunds and 10-year Swap Notes. The Fund’s strategies underperformed in the metals sector after bullish trends in precious metals radically corrected as Fed Chairman Bernanke quelled hopes for a third round of quantitative easing. Immediately prior to the plunge, gold and silver each hit multi-month highs as investors placed hedges against rising consumer prices and a weakening U.S. dollar. Following Mr. Bernanke’s testimony, gold (-1.7%) and silver (-6.9%) decreased significantly. Fears of reduced euro-zone base metal demand abated as leaders came to agreement on a second aid package for Greece. LME aluminum (+4.0%), assisted by record canceled warrants (orders to withdraw stockpiles), reversed early losses in the broad-based rally. Rising confidence levels on both sides of the Atlantic and falling inventories worked in tandem to elevate Comex (+2.1%) and LME copper (+2.2%). The Fund’s perpetual long gold position suffered late-month losses as testimony from Fed Chairman Ben Bernanke expressed optimism over improving macroeconomic data, reducing the likelihood of additional monetary stimulus. Gold and other safe-havens dropped on the news as the U.S. dollar rallied.

In January, the Fund’s strategies produced mixed results as optimism toward a European debt resolution and positive economic growth indicators led investors to add risk. The U.S. dollar declined against major currencies as the “safety trade” unwound, accelerated by the Fed’s stated willingness to purchase additional bonds. Gold benefited from the dollar’s decline, posting a +10% gain, climbing solidly back above its 200-day moving average while base-metals surged on production cutbacks and anticipated Chinese demand. EU negotiations with Greece, initially promising, weighed on equity markets towards month-end as leaders debated terms of a second rescue package worth 500 billion euro. NYMEX gasoline trended higher throughout the

month as supply concerns intensified due to multiple refinery closures while natural gas plummeted to a 10-year low on unseasonably warm winter temperatures and overabundant supply. The Fund’s short-term strategies contributed positively to performance with gains in bonds, stocks, and metals, while the Fund’s perpetual long gold position produced significant gains for the month. The Fund’s allocation to money market futures yielded robust returns as central banks universally maintained accommodative monetary policies. In the U.S., minutes from the FOMC revealed the Fed’s commitment to maintain interest rates at or near zero through 2014. The ECB, having cut rates twice in the last three months, maintained rates at a record low of 1%, citing signs of stabilization. In the United Kingdom, the Bank of England also maintained a record low benchmark of 0.5%. The Fund’s allocation to currency markets yielded negative returns as the U.S. dollar reversed its recent uptrend as global economic concerns began to subside. What had been a flight to safety in the U.S. dollar in late 2011 reversed as investors chose risk exposure and yield over conservation. The euro reached a 17-month low before recovering on perceived EU debt negotiation progress. The Australian dollar sustained its climb on relative economic outperformance, attractive interest rates, and strength in commodity prices. South American currencies, which lost significant ground in 2011, advanced considerably against the U.S. dollar. The Japanese yen rallied sharply late, closing at a three-month high, as investors flocked to the currency given the short-term U.S. interest rate outlook. The Fund’s grain positions experienced moderate losses for the month. Lingering concerns over South American corn and soybean yields drove grains to multi-week highs before surprisingly bearish USDA figures abruptly reversed trends. The highly anticipated January USDA report caused significant declines mid-month on unexpected increases in corn production and inventories, resulting in losses for the Fund’s corn positions. Wheat traded in tandem with corn, pressured by weak exports, ample supply, and favorable winter crop conditions. The Fund’s exposure to the energy sector generated positive returns, led by long gasoline and short natural gas positions. Gasoline ended up (+7.3%) for the month, while an unusually warm winter and continued supply glut pushed natural gas to $2.231/btu, a 10-year low. The Fund experienced losses in NYMEX crude oil amid a directionless trade as prices were range-bound between $98 and $103 per barrel. The Fund’s perpetual long gold position produced sizable gains after the FOMC announced that interest rates would remain low through 2014, sparking U.S. dollar worries. The ongoing EU debt crisis also continues to keep the euro weak. The instability associated with these currencies provided strong support for safe-haven assets.

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

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 September 30, 2013 and December 31, 2012.

CRITICAL ACCOUNTING POLICIES – VALUATION OF THE FUND’S POSITIONS

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

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

ASU 2011-11

ASU 2011-04

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

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not required.

ITEM 4.

CONTROLS AND PROCEDURES

Superfund Capital Management, the Fund’s general partner, with the participation of Superfund Capital Management’s principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures with respect to each Series individually, as well as the Fund as a whole, as of the end of the period covered by this quarterly report, and, based on their evaluation, have concluded that these disclosure controls and procedures are effective. There were no formal changes in Superfund Capital Management’s internal controls over financial reporting during the quarter ended September 30, 2013 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 September 30, 2013.

(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 September 30, 2013:

Series A-1:


Month	Units Redeemed		Net Asset Value per Unit ($)
July 31, 2013		249.360		1,212.42
August 31, 2013		190.179		1,249.92
September 30, 2013		376.854		1,151.57

Total		816.393

Series A-2:


Month	Units Redeemed		Net Asset Value per Unit ($)
July 31, 2013		106.168		1,359.82
August 31, 2013		84.127		1,404.22
September 30, 2013		23.250		1,295.89

Total		213.545

Series B-1:


Month	Units Redeemed		Net Asset Value per Unit ($)
July 31, 2013		209.973		1,011.01
August 31, 2013		57.166		1,037.24
September 30, 2013		35.467		943.37

Total		302.606

Series B-2:


Month	Units Redeemed		Net Asset Value per Unit ($)
July 31, 2013		490.820		1,093.42
August 31, 2013		3.021		1,123.67
September 30, 2013		0.000		1,023.69

Total		493.841

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4.

MINE SAFETY DISCLOSURE

Not applicable.

ITEM 5.

OTHER INFORMATION

None.

ITEM 6.

EXHIBITS

The following exhibits are included herewith:



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

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

32.1		Section 1350 Certification of Principal Executive Officer

32.2		Section 1350 Certification of Principal Financial Officer

101.INS		XBRL Instance Document

101.SCH		XBRL Taxonomy Extension Schema Document

101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		XBRL Taxonomy Extension Labe Linkbase Document

101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

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: November 12, 2013	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

Large Accelerated Filer

Accelerated Filer

Non-Accelerated Filer

¨ (Do not check if a smaller reporting company)

Smaller Reporting Company

SUPERFUND GOLD, L.P. 10-Q