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

SUPERFUND GOLD, L.P. - FORM 10-Q - August 8, 2014

Attached files

Attached files

SUPERFUND GOLD, L.P. Reports

file	filename
EXCEL - IDEA: XBRL DOCUMENT - SUPERFUND GOLD, L.P.	Financial_Report.xls
EX-32.1 - EX-32.1 - SUPERFUND GOLD, L.P.	d758509dex321.htm
EX-32.2 - EX-32.2 - SUPERFUND GOLD, L.P.	d758509dex322.htm
EX-31.2 - EX-31.2 - SUPERFUND GOLD, L.P.	d758509dex312.htm
EX-31.1 - EX-31.1 - SUPERFUND GOLD, L.P.	d758509dex311.htm

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 June 30, 2014

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

For the transition period from to

Commission File number: 000-53764

SUPERFUND GOLD, L.P.

(Exact name of registrant as specified in charter)

Delaware

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

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

Superfund Office Building

P.O. Box 1479

Grand Anse

St. George’s, Grenada

West Indies

Not applicable

(Address of principal executive offices)

(Zip Code)

(473) 439-2418

(Registrant’s telephone number, including area code)

Not applicable

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

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

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

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

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
Financial Statements: Superfund Gold, L.P.
Statements of Assets and Liabilities as of June 30, 2014 (unaudited) and December 31, 2013		3

Unaudited Condensed Schedule of Investments as of June 30, 2014		4

Condensed Schedule of Investments as of December 31, 2013		5

Unaudited Statements of Operations for the Three and Six Months Ended June 30, 2014 and June 30, 2013		6

Unaudited Statements of Changes in Net Assets for the Six Months Ended June 30, 2014 and June 30, 2013		7

Unaudited Statements of Cash Flows for the Six Months Ended June 30, 2014 and June 30, 2013		8

Financial Statements: Superfund Gold, L.P. – Series A
Statements of Assets and Liabilities as of June 30, 2014 (unaudited) and December 31, 2013		9

Unaudited Condensed Schedule of Investments as of June 30, 2014		10

Condensed Schedule of Investments as of December 31, 2013		11

Unaudited Statements of Operations for the Three and Six Months Ended June 30, 2014 and June 30, 2013		12

Unaudited Statements of Changes in Net Assets for the Six Months Ended June 30, 2014 and June 30, 2013		13

Unaudited Statements of Cash Flows for the Six Months Ended June 30, 2014 and June 30, 2013		14

Financial Statements: Superfund Gold, L.P. – Series B
Statements of Assets and Liabilities as of June 30, 2014 (unaudited) and December 31, 2013		15

Unaudited Condensed Schedule of Investments as of June 30, 2014		16

Condensed Schedule of Investments as of December 31, 2013		17

Unaudited Statements of Operations for the Three and Six Months Ended June 30, 2014 and June 30, 2013		18

Unaudited Statements of Changes in Net Assets for the Six Months Ended June 30, 2014 and June 30, 2013		19

Unaudited Statements of Cash Flows for the Six Months Ended June 30, 2014 and June 30, 2013		20

Notes to Unaudited Financial Statements		21-42

SUPERFUND GOLD, L.P.

STATEMENTS OF ASSETS AND LIABILITIES

as of June 30, 2014 and December 31, 2013


	June 30, 2014 (unaudited)		December 31, 2013
ASSETS
Due from brokers	$	3,653,300	$	7,856,372
Unrealized appreciation on open forward contracts		—		3
Unrealized gain on futures contracts purchased		648,054		434,347
Unrealized gain on futures contracts sold		29,539		336,188
Cash		7,100,893		5,499,481

Total assets		11,431,786		14,126,391

LIABILITIES
Unrealized depreciation on open forward contracts		—		5
Unrealized loss on futures contracts purchased		95,957		623,378
Unrealized loss on futures contracts sold		20,041		190,551
Subscriptions received in advance		—		15,000
Redemptions payable		706,149		583,958
Management fees payable		21,217		24,932
Fees payable		17,134		22,160

Total liabilities		860,498		1,459,984

NET ASSETS	$	10,571,288	$	12,666,407

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P.

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of June 30, 2014


	Percentage of Net Assets			Fair Value
Futures contracts purchased
Currency		0.2	%	$	16,328
Energy		(0.1	)		(8,072	)
Financial		0.3			30,260
Food & Fiber		(0.0	)*		(4,072	)
Indices		(0.0	)*		(5,040	)
Livestock		0.3			27,070
Metals		4.7			495,623

Total futures contracts purchased		5.2			552,097

Futures contracts sold
Currency		0.0	*		1,726
Energy		(0.0	)*		(1,240	)
Financial		(0.1	)		(13,551	)
Food & Fiber		0.3			27,812
Indices		(0.0	)*		(3,881	)
Metals		(0.0	)*		(1,368	)

Total futures contracts sold		0.1			9,498

Total futures contracts, at fair value		5.3	%	$	561,595

Futures contracts by country composition
Great Britain		(0.1	)%	$	(5,782	)
Japan		0.1			7,678
United States		5.4			567,843
Other		(0.1	)		(8,144	)

Total futures contracts by country composition		5.3	%	$	561,595

*	Due to rounding – amount is less than 0.05%

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P.

CONDENSED SCHEDULE OF INVESTMENTS

as of December 31, 2013


	Percentage of Net Assets			Fair Value
Forward contracts, at fair value
Unrealized appreciation on open forward contracts
Currency		0.0	*%	$	3

Total unrealized appreciation on open forward contracts		0.0	*		3

Unrealized depreciation on open forward contracts
Currency		(0.0	)*		(5	)

Total unrealized depreciation on open forward contracts		(0.0	)*		(5	)

Total forward contracts, at fair value		(0.0	)*%	$	(2	)

Futures contracts purchased
Currency		0.2	%	$	20,369
Energy		(0.5	)		(64,665	)
Financial		(0.1	)		(11,330	)
Food & Fiber		(0.2	)		(30,514	)
Indices		1.7			212,720
Livestock		(0.0	)*		(4,820	)
Metals		(2.5	)		(310,791	)

Total futures contracts purchased		(1.4	)		(189,031	)

Futures contracts sold
Currency		0.5			63,135
Energy		0.8			104,221
Financial		0.5			61,459
Food & Fiber		(0.1	)		(11,040	)
Metals		(0.6	)		(72,138	)

Total futures contracts sold		1.1			145,637

Total futures contracts, at fair value		(0.3	)%	$	(43,394	)

Futures and forward contracts by country composition
Australia		(0.1	)%	$	(17,985	)
European Monetary Union		0.0	*		268
Great Britain		0.0	*		6,192
Japan		0.1			13,085
United States		(0.8	)		(97,305	)
Other		0.4			52,349

Total futures and forward contracts by country composition		(0.3	)%	$	(43,396	)

*	Due to rounding – amount is less than 0.05%

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P.

UNAUDITED STATEMENTS OF OPERATIONS


	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Investment Income
Interest income	$	296		$	671		$	722		$	1,381
Other income		2			13			9			14

Total investment income		298			684			731			1,395

Expenses
Brokerage commissions		64,531			95,173			154,158			247,245
Management fee		64,501			108,585			135,956			235,044
Selling commission		31,760			63,398			69,972			141,083
Operating expenses		21,500			36,195			45,318			78,351
Other		2,346			4,413			5,381			10,374

Total expenses		184,638			307,764			410,785			712,097

Net investment loss	$	(184,340	)	$	(307,080	)	$	(410,054	)	$	(710,702	)

Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts	$	(9,775	)	$	(902,588	)	$	701,007		$	(502,164	)
Net change in unrealized appreciation (depreciation) on futures and forward contracts		449,881			(3,165,292	)		604,991			(2,339,915	)

Net gain (loss) on investments	$	440,106		$	(4,067,880	)	$	1,305,998		$	(2,842,079	)

Net increase (decrease) in net assets from operations	$	255,766		$	(4,374,960	)	$	895,944		$	(3,552,781	)

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P.

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended June 30,
	2014			2013
Increase (decrease) in net assets from operations

Net investment loss	$	(410,054	)	$	(710,702	)
Net realized gain (loss) on futures and forward contracts		701,007			(502,164	)
Net change in unrealized appreciation (depreciation) on futures and forward contracts		604,991			(2,339,915	)

Net increase (decrease) in net assets from operations		895,944			(3,552,781	)

Capital share transactions
Issuance of Units		789,445			1,735,016
Redemption of Units		(3,780,508	)		(4,778,232	)

Net decrease in net assets from capital share transactions		(2,991,063	)		(3,043,216	)

Net decrease in net assets		(2,095,119	)		(6,595,997	)

Net assets, beginning of period		12,666,407			22,366,689

Net assets, end of period	$	10,571,288		$	15,770,692

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P.

UNAUDITED STATEMENTS OF CASH FLOWS


	Six Months Ended June 30,
	2014			2013
Cash flows from operating activities
Net increase (decrease) in net assets from operations	$	895,944		$	(3,552,781	)
Adjustment to reconcile net increase (decrease) in net assets from operations to net cash provided by operating activities:
Changes in operating assets and liabilities:
Decrease in due from brokers		4,203,072			1,756,794
Decrease in unrealized appreciation on open forward contracts		3			169,295
Increase in unrealized depreciation on open forward contracts		(5	)		(84,323	)
Increase in futures contracts purchased		(741,128	)		2,855,052
Decrease (increase) in futures contracts sold		136,139			(600,109	)
Decrease in management fees payable		(3,715	)		(12,666	)
Decrease in fees payable		(5,026	)		(12,501	)

Net cash provided by operating activities		4,485,284			518,761

Cash flows from financing activities
Subscriptions, net of change in advanced subscriptions		774,445			1,680,501
Redemptions, net of change in redemptions payable		(3,658,317	)		(4,911,301	)

Net cash used in financing activities		(2,883,872	)		(3,230,800	)

Net increase (decrease) in cash		1,601,412			(2,712,039	)

Cash, beginning of period		5,499,481			9,250,263

Cash, end of period	$	7,100,893		$	6,538,224

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. – SERIES A

STATEMENTS OF ASSETS AND LIABILITIES

as of June 30, 2014 and December 31, 2013


	June 30, 2014 (unaudited)		December 31, 2013
ASSETS
Due from brokers	$	2,294,036	$	4,366,891
Unrealized appreciation on open forward contracts		—		3
Unrealized gain on futures contracts purchased		392,187		254,637
Unrealized gain on futures contracts sold		16,028		177,920
Cash		4,564,321		4,314,062

Total assets		7,266,572		9,113,513

LIABILITIES
Unrealized depreciation on open forward contracts		—		1
Unrealized loss on futures contracts purchased		47,685		379,957
Unrealized loss on futures contracts sold		10,913		110,852
Subscriptions received in advance		—		15,000
Redemptions payable		580,530		279,141
Management fees payable		13,515		16,139
Fees payable		12,565		16,219

Total liabilities		665,208		817,309

NET ASSETS	$	6,601,364	$	8,296,204

Superfund Gold, L.P. Series A-1 Net Assets	$	4,432,821	$	6,261,154
Number of Units outstanding		3,821.699		5,778.843

Superfund Gold, L.P. Series A-1 Net Asset Value per Unit	$	1,159.91	$	1,083.46

Superfund Gold, L.P. Series A-2 Net Assets	$	2,168,543	$	2,035,050
Number of Units outstanding		1,636.559		1,660.757

Superfund Gold, L.P. Series A-2 Net Asset Value per Unit	$	1,325.06	$	1,225.37

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. – SERIES A

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of June 30, 2014


	Percentage of Net Assets			Fair Value
Futures contracts purchased
Currency		0.1	%	$	8,931
Energy		(0.0	)*		(2,642	)
Financial		0.3			16,834
Food & Fiber		(0.0	)*		(2,122	)
Indices		(0.0	)*		(566	)
Livestock		0.2			12,500
Metals		4.7			311,567

Total futures contracts purchased		5.2			344,502

Futures contracts sold
Currency		0.0	*		803
Energy		(0.0	)*		(620	)
Financial		(0.1	)		(7,045	)
Food & Fiber		0.2			15,225
Indices		(0.0	)*		(2,521	)
Metals		(0.0	)*		(727	)

Total futures contracts sold		0.1			5,115

Total futures contracts, at fair value		5.3	%	$	349,617

Futures contracts by country composition
Great Britain		(0.0	)*%	$	(2,861	)
Japan		0.1			4,091
United States		5.3			348,968
Other		0.0	*		(581	)

Total futures contracts by country composition		5.3	%	$	349,617

*	Due to rounding – amount is less than 0.05%

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. – SERIES A

CONDENSED SCHEDULE OF INVESTMENTS

as of December 31, 2013


	Percentage of Net Assets			Fair Value
Forward contracts, at fair value
Unrealized appreciation on open forward contracts
Currency		0.0	*%	$	3

Total unrealized appreciation on open forward contracts		0.0	*		3

Unrealized depreciation on open forward contracts
Currency		(0.0	)*		(1	)

Total unrealized depreciation on open forward contracts		(0.0	)*		(1	)

Total forward contracts, at fair value		0.0	*%	$	2

Futures contracts purchased
Currency		0.1	%	$	11,719
Energy		(0.3	)		(24,089	)
Financial		(0.1	)		(6,327	)
Food & Fiber		(0.2	)		(15,802	)
Indices		1.4			120,148
Livestock		(0.0	)*		(3,020	)
Metals		(2.4	)		(207,949	)

Total futures contracts purchased		(1.5	)		(125,320	)

Futures contracts sold
Currency		0.4			35,289
Energy		0.7			55,379
Financial		0.4			31,349
Food & Fiber		(0.1	)		(6,357	)
Metals		(0.6	)		(48,592	)

Total futures contracts sold		0.8			67,068

Total futures contracts, at fair value		(0.7	)%	$	(58,252	)

Futures and forward contracts by country composition
Australia		(0.1	)%	$	(10,382	)
European Monetary Union		0.0	*		124
Great Britain		0.0	*		2,552
Japan		0.1			9,002
United States		(1.1	)		(88,697	)
Other		0.4			29,151

Total futures and forward contracts by country composition		(0.7	)%	$	(58,250	)

*	Due to rounding – amount is less than 0.05%

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. – SERIES A

UNAUDITED STATEMENTS OF OPERATIONS


	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Investment Income
Interest income	$	163		$	404		$	391		$	818
Other income		1			7			5			8

Total investment income		164			411			396			826

Expenses
Brokerage commissions		35,308			53,243			85,391			142,665
Management fee		41,464			70,876			88,394			156,765
Selling commission		25,650			50,019			56,383			109,868
Operating expenses		13,821			23,625			29,464			52,258
Other		486			1,565			1,393			3,874

Total expenses		116,729			199,328			261,025			465,430

Net investment loss	$	(116,565	)	$	(198,917	)	$	(260,629	)	$	(464,604	)

Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts	$	(40,970	)	$	(728,468	)	$	400,501		$	(691,547	)
Net change in unrealized appreciation (depreciation) on futures and forward contracts		287,974			(2,014,540	)		407,867			(1,478,333	)

Net gain (loss) on investments	$	247,004		$	(2,743,008	)	$	808,368		$	(2,169,880	)

Net increase (decrease) in net assets from operations	$	130,439		$	(2,941,925	)	$	547,739		$	(2,634,484	)

Net increase (decrease) in net assets from operations per Series A-1 Unit (based upon weighted average number of units outstanding during period)*	$	18.10		$	(318.66	)	$	85.65		$	(270.93	)

Net increase (decrease) in net assets from operations per Series A-1 Unit (based upon change in net asset value per unit during period)	$	21.57		$	(317.94	)	$	76.45		$	(289.15	)

Net increase (decrease) in net assets from operations per Series A-2 Unit (based upon weighted average number of units outstanding during period) **	$	32.80		$	(367.06	)	$	94.58		$	(293.34	)

Net increase (decrease) in net assets from operations per Series A-2 Unit (based upon change in net asset value per unit during period)	$	31.15		$	(347.86	)	$	99.69		$	(307.85	)

*	Weighted average number of Units outstanding for Series A-1 for the Three Months Ended June 30, 2014 and June 30, 2013: 4,230.350 and 7,310.023, respectively; and for the Six Months Ended June 30, 2014 and June 30, 2013: 4,599.309 and 7,757.798, respectively.

**	Weighted average number of Units outstanding for Series A-2 for the Three Months Ended June 30, 2014 and June 30, 2013: 1,642.324 and 1,668.800, respectively; and for the Six Months Ended June 30, 2014 and June 30, 2013: 1,625.955 and 1,815.752, respectively.

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. – SERIES A

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended June 30,
	2014			2013
Increase (decrease) in net assets from operations

Net investment loss	$	(260,629	)	$	(464,604	)
Net realized gain (loss) on futures and forward contracts		400,501			(691,547	)
Net change in unrealized appreciation (depreciation) on futures and forward contracts		407,867			(1,478,333	)

Net increase (decrease) in net assets from operations		547,739			(2,634,484	)

Capital share transactions
Issuance of Units		648,680			725,568
Redemption of Units		(2,891,259	)		(3,182,949	)

Net decrease in net assets from capital share transactions		(2,242,579	)		(2,457,381	)

Net decrease in net assets		(1,694,840	)		(5,091,865	)

Net assets, beginning of period		8,296,204			15,322,426

Net assets, end of period	$	6,601,364		$	10,230,561

Series A-1 Units, beginning of period		5,778.843			8,423.300
Issuance of Series A-1 Units		24.628			262.303
Redemption of Units		(1,981.772	)		(1,539.020	)

Series A-1 Units, end of period		3,821.699			7,146.583

Series A-2 Units, beginning of period		1,660.757			2,114.666
Issuance of Series A-2 Units		475.419			222.349
Redemption of Units		(499.617	)		(661.531	)

Series A-2 Units, end of period		1,636.559			1,675.484

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. – SERIES A

UNAUDITED STATEMENTS OF CASH FLOWS


	Six Months Ended June 30,
	2014			2013
Cash flows from operating activities
Net increase (decrease) in net assets from operations	$	547,739		$	(2,634,484	)
Adjustment to reconcile net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities:
Changes in operating assets and liabilities:
Decrease in due from brokers		2,072,855			902,833
Decrease in unrealized appreciation on open forward contracts		3			104,261
Decrease in unrealized depreciation on open forward contracts		(1	)		(47,615	)
Decrease (increase) in futures contracts purchased		(469,822	)		1,764,506
Decrease (increase) in futures contracts sold		61,953			(342,819	)
Decrease in management fees payable		(2,624	)		(9,581	)
Decrease in fees payable		(3,654	)		(9,101	)

Net cash provided by (used in) operating activities		2,206,449			(272,000	)

Cash flows from financing activities
Subscriptions, net of change in advanced subscriptions		633,680			676,804
Redemptions, net of change in redemptions payable		(2,589,870	)		(3,181612	)

Net cash used in financing activities		(1,956,190	)		(2,504,808	)

Net increase (decrease) in cash		250,259			(2,776,808	)

Cash, beginning of period		4,314,062			7,542,936

Cash, end of period	$	4,564,321		$	4,766,128

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. – SERIES B

STATEMENTS OF ASSETS AND LIABILITIES

as of June 30, 2014 and December 31, 2013


	June 30, 2014 (unaudited)		December 31, 2013
ASSETS
Due from brokers	$	1,359,264	$	3,489,481
Unrealized gain on futures contracts purchased		255,867		179,710
Unrealized gain on futures contracts sold		13,511		158,268
Cash		2,536,572		1,185,419

Total assets		4,165,214		5,012,878

LIABILITIES
Unrealized depreciation on open forward contracts		—		4
Unrealized loss on futures contracts purchased		48,272		243,421
Unrealized loss on futures contracts sold		9,128		79,699
Redemptions payable		125,619		304,817
Management fees payable		7,702		8,793
Fees payable		4,569		5,941

Total liabilities		195,290		642,675

NET ASSETS	$	3,969,924	$	4,370,203

Superfund Gold, L.P. Series B-1 Net Assets	$	1,148,399	$	1,689,188
Number of Units outstanding		1,165.089		1,849.736

Superfund Gold, L.P. Series B-1 Net Asset Value per Unit	$	985.67	$	913.20

Superfund Gold, L.P. Series B-2 Net Assets	$	2,821,525	$	2,681,015
Number of Units outstanding		2,598.540		2,691.953

Superfund Gold, L.P. Series B-2 Net Asset Value per Unit	$	1,085.81	$	995.94

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. – SERIES B

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of June 30, 2014


	Percentage of Net Assets			Fair Value
Futures contracts purchased
Currency		0.2	%	$	7,397
Energy		(0.1	)		(5,430	)
Financial		0.3			13,426
Food & Fiber		(0.0	)*		(1,950	)
Indices		(0.1	)		(4,474	)
Livestock		0.4			14,570
Metals		4.6			184,056

Total futures contracts purchased		5.2			207,595

Futures contracts sold
Currency		0.0	*		923
Energy		(0.0	)*		(620	)
Financial		(0.2	)		(6,506	)
Food & Fiber		0.3			12,587
Indices		(0.0	)*		(1,360	)
Metals		(0.0	)*		(641	)

Total futures contracts sold		0.1			4,383

Total futures contracts, at fair value		5.3	%	$	211,978

Futures contracts by country composition
Great Britain		(0.1	)%	$	(2,921	)
Japan		0.1			3,587
United States		5.5			218,875
Other		(0.2	)		(7,563	)

Total futures contracts by country composition		5.3	%	$	211,978

*	Due to rounding – amount is less than 0.05%

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. – SERIES B

CONDENSED SCHEDULE OF INVESTMENTS

as of December 31, 2013


	Percentage of Net Assets			Fair Value
Forward contracts, at fair value

Unrealized depreciation on open forward contracts
Currency		(0.0	)*%	$	(4	)

Total unrealized depreciation on open forward contracts		(0.0	)*		(4	)

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

Futures contracts purchased
Currency		0.2	%	$	8,650
Energy		(0.9	)		(40,576	)
Financial		(0.1	)		(5,003	)
Food & Fiber		(0.3	)		(14,712	)
Indices		2.1			92,572
Livestock		(0.0	)*		(1,800	)
Metals		(2.5	)		(102,842	)

Total futures contracts purchased		(1.5	)		(63,711	)

Futures contracts sold
Currency		0.6			27,846
Energy		1.1			48,842
Financial		0.7			30,110
Food & Fiber		(0.1	)		(4,683	)
Metals		(0.5	)		(23,546	)

Total futures contracts sold		1.8			78,569

Total futures contracts, at fair value		0.3	%	$	14,858

Futures and forward contracts by country composition
Australia		(0.2	)%	$	(7,603	)
European Monetary Union		0.0	*		144
Great Britain		0.1			3,640
Japan		0.1			4,083
United States		(0.2	)		(8,608	)
Other		0.5			23,198

Total futures and forward contracts by country composition		0.3	%	$	14,854

*	Due to rounding – amount is less than 0.05%

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. – SERIES B

UNAUDITED STATEMENTS OF OPERATIONS


	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Investment Income
Interest income	$	133		$	267		$	331		$	563
Other income		1			6			4			6

Total investment income		134			273			335			569

Expenses
Brokerage commissions		29,223			41,930			68,767			104,580
Management fee		23,037			37,709			47,562			78,279
Selling commission		6,110			13,379			13,589			31,215
Operating expenses		7,679			12,570			15,854			26,093
Other		1,860			2,848			3,988			6,500

Total expenses		67,909			108,436			149,760			246,667

Net investment loss	$	(67,775	)	$	(108,163	)	$	(149,425	)	$	(246,098	)

Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts	$	31,195		$	(174,120	)	$	300,506		$	189,383
Net change in unrealized appreciation (depreciation) on futures and forward contracts		161,907			(1,150,752	)		197,124			(861,582	)

Net gain (loss) on investments	$	193,102		$	(1,324,872	)	$	497,630		$	(672,199	)

Net increase (decrease) in net assets from operations	$	125,327		$	(1,433,035	)	$	348,205		$	(918,297	)

Net increase (decrease) in net assets from operations per Series B-1 Unit (based upon weighted average number of units outstanding during period)*	$	26.88		$	(260.61	)	$	83.92		$	(142.06	)

Net increase (decrease) in net assets from operations per Series B-1 Unit (based upon change in net asset value per unit during period)	$	27.28		$	(247.97	)	$	72.47		$	(167.32	)

Net increase (decrease) in net assets from operations per Series B-2 Unit (based upon weighted average number of units outstanding during period) **	$	34.86		$	(253.86	)	$	89.83		$	(177.65	)

Net increase (decrease) in net assets from operations per Series B-2 Unit (based upon change in net asset value per unit during period)	$	35.33		$	(261.30	)	$	89.87		$	(168.68	)

*	Weighted average number of Units outstanding for Series B-1 for the Three Months Ended June 30, 2014 and June 30, 2013: 1,220.810 and 2,349.787, respectively; and for the Six Months Ended June 30, 2014 and June 30, 2013: 1,287.942 and 2,609.787, respectively.

**	Weighted average number of Units outstanding for Series B-2 for the Three Months Ended June 30, 2014 and June 30, 2013: 2,653.902 and 3,232.673, respectively; and for the Six Months Ended June 30, 2014 and June 30, 2013: 2,672.894 and 3,082.236, respectively.

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. – SERIES B

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS


	Six Months Ended June 30,
	2014			2013
Increase (decrease) in net assets from operations

Net investment loss	$	(149,425	)	$	(246,098	)
Net realized gain on futures and forward contracts		300,506			189,383
Net change in unrealized appreciation (depreciation) on futures and forward contracts		197,124			(861,582	)

Net increase (decrease) in net assets from operations		348,205			(918,297	)

Capital share transactions
Issuance of Units		140,765			1,009,448
Redemption of Units		(889,249	)		(1,595,283	)

Net decrease in net assets from capital share transactions		(748,484	)		(585,835	)

Net decrease in net assets		(400,279	)		(1,504,132	)

Net assets, beginning of period		4,370,203			7,044,263

Net assets, end of period	$	3,969,924		$	5,540,131

Series B-1 Units, beginning of period		1,849.736			3,258.284
Issuance of Series B-1 Units		35.804			184.070
Redemption of Units		(720.451	)		(1,069.438	)

Series B-1 Units, end of period		1,165.089			2,372.916

Series B-2 Units, beginning of period		2,691.953			2,885.689
Issuance of Series B-2 Units		102.109			608.830
Redemption of Units		(195.522	)		(252.478	)

Series B-2 Units, end of period		2,598.540			3,242.041

See accompanying notes to unaudited financial statements.

SUPERFUND GOLD, L.P. – SERIES B

UNAUDITED STATEMENTS OF CASH FLOWS


	Six Months Ended June 30,
	2014			2013
Cash flows from operating activities
Net increase (decrease) in net assets from operations	$	348,205		$	(918,297	)
Adjustment to reconcile net increase (decrease) in net assets from operations to net cash provided by operating activities:
Changes in operating assets and liabilities:
Decrease in due from brokers		2,130,217			853,961
Decrease (increase) in unrealized appreciation on open forward contracts		—			65,034
Decrease (increase) in unrealized depreciation on open forward contracts		(4	)		(36,708	)
Decrease (increase) in futures contracts purchased		(271,306	)		1,090,546
Decrease (increase) in futures contracts sold		74,186			(257,290	)
Decrease in management fees payable		(1,091	)		(3,085	)
Decrease in fees payable		(1,372	)		(3,400	)

Net cash provided by operating activities		2,278,835			790,761

Cash flows from financing activities
Subscriptions, net of change in advanced subscriptions		140,765			1,003,697
Redemptions, net of change in redemptions payable		(1,068,447	)		(1,729,689	)

Net cash used in financing activities		(927,682	)		(725,992	)

Net increase in cash		1,351,153			64,769

Cash, beginning of period		1,185,419			1,707,327

Cash, end of period	$	2,536,572		$	1,772,096

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

June 30, 2014

SUPERFUND GOLD, L.P.

1.	Nature of operations

Organization and Business

Superfund Gold, L.P. (the “Fund”), a Delaware limited partnership, commenced operations on April 1, 2009. The Fund was organized to trade speculatively in the United States (“U.S.”) and international commodity futures and forward markets using a strategy developed by Superfund Capital Management, Inc. (“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, 2013.

Valuation of Investments in Futures Contracts, and Forward Contracts

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.

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. 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 June 30, 2014, the Fund had on deposit $2,447,847 at ADM Investor Services, Inc. and $1,205,453 at Barclays Capital Inc. As of June 30, 2014, Series A had on deposit $1,444,403 at ADM Investor Services, Inc. and $849,633 at Barclays Capital Inc. As of June 30, 2014, Series B had on deposit $1,003,444 at ADM Investor Services, Inc. and $355,820 at Barclays Capital 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 2013 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 2013-08

In June 2013, FASB issued Accounting Standards Update (“ASU”) No. 2013-08, Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”). ASU 2013-08 contains new guidance regarding the approach to investment company assessment, requires non-controlling ownership interests in other investment companies to be measured at fair value and requires additional disclosures about the investment company’s status as an investment company and information required to be provided to any of its investees. The amendments in the update are effective for interim and annual reporting periods in fiscal years that begin after December 15, 2013. The adoption of the provisions of ASU 2013-08 has not had a material impact on the Fund’s financial statement disclosures.

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, 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 Fund’s financial statements.

3.	Fair Value Measurements

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


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

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

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

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

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 June 30, 2014 and June 30, 2013, the Fund held no derivative contracts valued using Level 3 inputs.

The following table summarizes the valuation of the Fund’s assets and liabilities by the ASC 820 fair value hierarchy as of June 30, 2014 and December 31, 2013:

Superfund Gold, L.P.


	Balance June 30, 2014		Level 1		Level 2		Level 3
ASSETS
Futures contracts purchased	$	648,054	$	648,054	$	—	$	—
Futures contracts sold		29,539		29,539		—		—

Total Assets Measured at Fair Value	$	677,593	$	677,593	$	—	$	—

LIABILITIES
Futures contracts purchased	$	95,957	$	95,957	$	—	$	—
Futures contracts sold		20,041		20,041		—		—

Total Liabilities Measured at Fair Value	$	115,998	$	115,998	$	—	$	—


	Balance December 31, 2013		Level 1		Level 2		Level 3
ASSETS
Unrealized appreciation on open forward contracts	$	3	$	—	$	3	$	—
Futures contracts purchased		434,347		434,347		—		—
Futures contracts sold		336,188		336,188		—		—

Total Assets Measured at Fair Value	$	770,538	$	770,535	$	3	$	—

LIABILITIES
Unrealized depreciation on open forward contracts	$	5	$	—	$	5	$	—
Futures contracts purchased		623,378		623,378		—		—
Futures contracts sold		190,551		190,551		—		—

Total Liabilities Measured at Fair Value	$	813,934	$	813,929	$	5	$	—

Superfund Gold, L.P. – Series A


	Balance June 30, 2014		Level 1		Level 2		Level 3
ASSETS
Futures contracts purchased	$	392,187	$	392,187	$	—	$	—
Futures contracts sold		16,028		16,028		—		—

Total Assets Measured at Fair Value	$	408,215	$	408,215	$	—	$	—

LIABILITIES
Futures contracts purchased	$	47,685	$	47,685	$	—	$	—
Futures contracts sold		10,913		10,913		—		—

Total Liabilities Measured at Fair Value	$	58,598	$	58,598	$	—	$	—


	Balance December 31, 2013		Level 1		Level 2		Level 3
ASSETS
Unrealized appreciation on open forward contracts	$	3	$	—	$	3	$	—
Futures contracts purchased		254,637		254,637		—		—
Futures contracts sold		177,920		177,920		—		—

Total Assets Measured at Fair Value	$	432,560	$	432,557	$	3	$	—

LIABILITIES
Unrealized depreciation on open forward contracts	$	1	$	—	$	1	$	—
Futures contracts purchased		379,957		379,957		—		—
Futures contracts sold		110,852		110,852		—		—

Total Liabilities Measured at Fair Value	$	490,810	$	490,809	$	1	$	—

Superfund Gold, L.P. – Series B


	Balance June 30, 2014		Level 1		Level 2		Level 3
ASSETS
Futures contracts purchased	$	255,867	$	255,867	$	—	$	—
Futures contracts sold		13,511		13,511		—		—

Total Assets Measured at Fair Value	$	269,378	$	269,378	$	—	$	—

LIABILITIES
Futures contracts purchased	$	48,272	$	48,272	$	—	$	—
Futures contracts sold		9,128		9,128		—		—

Total Liabilities Measured at Fair Value	$	57,400	$	57,400	$	—	$	—


	Balance December 31, 2013		Level 1		Level 2		Level 3
ASSETS
Futures contracts purchased	$	179,710	$	179,710	$	—	$	—
Futures contracts sold		158,268		158,268		—		—

Total Assets Measured at Fair Value	$	337,978	$	337,978	$	—	$	—

LIABILITIES
Unrealized depreciation on open forward contracts	$	4	$	—	$	4	$	—
Futures contracts purchased		243,421		243,421		—		—
Futures contracts sold		79,699		79,699		—		—

Total Liabilities Measured at Fair Value	$	323,124	$	323,120	$	4	$	—

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, 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 June 30, 2014, is as follows:


Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at June 30, 2014		Liability Derivatives at June 30, 2014			Net
Futures contracts	Futures contracts purchased	$	648,054	$	(95,957	)	$	552,097
Futures contracts	Futures contracts sold		29,539		(20,041	)		9,498

Totals		$	677,593	$	(115,998	)	$	561,595

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, 2013, is as follows:


Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at December 31, 2013		Liability Derivatives at December 31, 2013			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	3	$	—		$	3
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(5	)		(5	)
Futures contracts	Futures contracts purchased		434,347		(623,378	)		(189,031	)
Futures contracts	Futures contracts sold		336,188		(190,551	)		145,637

Totals		$	770,538	$	(813,934	)	$	(43,396	)

Effects of derivative instruments on the statement of operations for the three months ended June 30, 2014:


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 gain (loss) on futures and forward contracts	$	(1,207	)	$	160
Futures contracts	Net realized gain (loss) on futures and forward contracts		(8,568	)		449,721

Total		$	(9,775	)	$	449,881

Effects of derivative instruments on the statement of operations for the six months ended June 30, 2014:


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 gain (loss) on futures and forward contracts	$	(98,000	)	$	2
Futures contracts	Net realized gain on futures and forward contracts		799,007			604,989

Total		$	701,007		$	604,991

Effects of derivative instruments on the statement of operations for the three months ended June 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 loss on futures and forward contracts	$	(79,737	)	$	(41,358	)
Futures contracts	Net realized loss on futures and forward contracts		(822,851	)		(3,123,934	)

Total		$	(902,588	)	$	(3,165,292	)

Effects of derivative instruments on the statement of operations for the six months ended June 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 loss on futures and forward contracts	$	(275,714	)	$	(84,972	)
Futures contracts	Net realized loss on futures and forward contracts		(226,450	)		(2,254,943	)

Total		$	(502,164	)	$	(2,339,915	)

Superfund Gold, L.P. gross and net unrealized gains and losses by long and short positions as of June 30, 2014 and December 31, 2013:


	As of June 30, 2014
	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
Currency	$	31,391		0.3		$	(15,063	)		(0.1	)	$	1,726		0.0	*	$	—			—		$	18,054
Financial		30,260		0.3			—			—			—		—			(13,551	)		(0.1	)		16,709
Food & Fiber		4,686		0.0	*		(8,758	)		(0.1	)		27,812		0.3			—			—			23,740
Indices		36,354		0.3			(41,394	)		(0.4	)		—		—			(3,881	)		(0.0	)*		(8,921	)
Metals		496,434		4.7			(811	)		(0.0	)*		—		—			(1,368	)		(0.0	)*		494,255
Energy		21,859		0.2			(29,931	)		(0.3	)		—		—			(1,240	)		(0.0	)*		(9,312	)
Livestock		27,070		0.3			—			—			—		—			—			—			27,070

Totals	$	648,054		6.1		$	(95,957	)		(0.9	)	$	29,538		0.3		$	(20,040	)		(0.2	)	$	561,595

*	Due to rounding


	As of December 31, 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	$	3		0.0	*	$	—			—		$	—		—		$	(5	)		(0.0	)*	$	(2	)
Currency		34,356		0.3			(13,987	)		(0.1	)		67,051		0.5			(3,916	)		(0.0	)*		83,504
Financial		—		—			(11,330	)		(0.1	)		115,315		0.9			(11,094	)		(0.1	)		92,891
Food & Fiber		4,780		0.0	*		(35,294	)		(0.3	)		61,459		0.5			—			—			30,945
Indices		226,092		1.8			(13,372	)		(0.1	)		168		0.0	*		(11,208	)		(0.1	)		201,680
Metals		113,479		0.9			(424,270	)		(3.3	)		92,195		0.7			(164,333	)		(1.3	)		(382,929	)
Energy		55,539		0.4			(120,204	)		(0.9	)		—		—			—			—			(64,665	)
Livestock		100		0.0	*		(4,920	)		(0.0	)*		—		—			—			—			(4,820	)

Totals	$	434,349		3.4		$	(623,377	)		(4.9	)	$	336,188		2.7		$	(190,556	)		(1.5	)	$	(43,396	)

*	Due to rounding

Superfund Gold, L.P. average* monthly contract volume by market sector as of quarter ended June 30, 2014:


	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		28		26	$	—	$	—


	Average Number of Long Contracts		Average Number of Short Contracts
Currency		393		206
Financial		1,322		244
Food & Fiber		55		71
Indices		953		40
Metals		185		174
Energy		207		24
Livestock		42		—

Total		3,185		785

*	Based on quarterly holdings

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


	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		54		49	$	259,111	$	308,025


	Average Number of Long Contracts		Average Number of Short Contracts
Currency		356		303
Financial		2,345		738
Food & Fiber		276		252
Indices		1,182		407
Metals		530		229
Livestock		9		46
Energy		351		328

Total		5,103		2,352

*	Based on quarterly holdings

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


	For the Three Months Ended June 30, 2014
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(1,207	)	$	160		$	(1,047	)
Currency		(181,895	)		11,098			(170,797	)
Financial		36,769			(2,418	)		34,351
Food & Fiber		109,064			(56,074	)		52,990
Indices		262,409			(20,117	)		242,292
Metals		(309,267	)		509,615			200,348
Livestock		21,950			13,940			35,890
Energy		52,402			(6,323	)		46,079

Total net trading gains (losses)	$	(9,775	)	$	449,881		$	440,106


	For the Six Months Ended June 30, 2014
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(98,000	)	$	2		$	(97,998	)
Currency		(177,447	)		(65,450	)		(242,897	)
Financial		471,476			(76,182	)		395,294
Food & Fiber		193,945			(7,205	)		186,740
Indices		322,624			(210,601	)		112,023
Metals		68,452			877,184			945,636
Livestock		197,510			31,890			229,400
Energy		(277,553	)		55,353			(222,200	)

Total net trading gains	$	701,007		$	604,991		$	1,305,998


	For the Three Months Ended June 30, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(79,737	)	$	(41,358	)	$	(121,095	)
Currency		(372,088	)		(184,721	)		(556,809	)
Financial		225,433			(274,536	)		(49,103	)
Food & Fiber		(454,988	)		173,788			(281,200	)
Indices		(43,368	)		34,037			(9,331	)
Metals		(250,309	)		(2,605,924	)		(2,856,233	)
Livestock		56,810			(15,050	)		41,760
Energy		15,659			(251,528	)		(235,869	)

Total net trading losses	$	(902,588	)	$	(3,165,292	)	$	(4,067,880	)


	For the Six Months Ended June 30, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(275,714	)	$	(84,972	)	$	(360,686	)
Currency		(213,578	)		(431,604	)		(645,182	)
Financial		141,048			(108,766	)		32,282
Food & Fiber		(553,700	)		(57,630	)		(611,330	)
Indices		1,644,605			(258,103	)		1,386,502
Metals		(1,453,494	)		(1,370,718	)		(2,824,212	)
Livestock		213,420			3,190			216,610
Energy		(4,751	)		(31,312	)		(36,063	)

Total net trading losses	$	(502,164	)	$	(2,339,915	)	$	(2,842,079	)

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 June 30, 2014, is as follows:


Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at June 30, 2014		Liability Derivatives at June 30, 2014			Net
Futures contracts	Futures contracts purchased	$	392,187	$	(47,685	)	$	344,502
Futures contracts	Futures contracts sold		16,028		(10,913	)		5,115

Totals		$	408,215	$	(58,598	)	$	349,617

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, 2013, is as follows:


Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at December 31, 2013		Liability Derivatives at December 31, 2013			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	3	$	—		$	3
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(1	)		(1	)
Futures contracts	Futures contracts purchased		254,637		(379,957	)		(125,320	)
Futures contracts	Futures contracts sold		177,920		(110,852	)		67,068

Totals		$	432,560	$	(490,810	)	$	(58,250	)

Effects of derivative instruments on the statement of operations for the three months ended June 30, 2014:


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 gain (loss) on futures and forward contracts	$	(675	)	$	90
Futures contracts	Net realized gain (loss) on futures and forward contracts		(40,295	)		287,884

Total		$	(40,970	)	$	284,974

Effects of derivative instruments on the statement of operations for the six months ended June 30, 2014:


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 loss on futures and forward contracts	$	(54,034	)	$	(2	)
Futures contracts	Net realized gain on futures and forward contracts		454,535			407,869

Total		$	400,501		$	407,867

Effects of derivative instruments on the statement of operations for the three months ended June 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 loss on futures and forward contracts	$	(52,329	)	$	(28,121	)
Futures contracts	Net realized loss on futures and forward contracts		(676,139	)		(1,986,419	)

Total		$	(728,468	)	$	(2,014,540	)

Effects of derivative instruments on the statement of operations for the six months ended June 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 loss on futures and forward contracts	$	(161,072	)	$	(56,646	)
Futures contracts	Net realized loss on futures and forward contracts		(530,475	)		(1,421,687	)

Total		$	(691,547	)	$	(1,478,333	)

Superfund Gold, L.P. – Series A gross and net unrealized gains and losses by long and short positions as of June 30, 2014 and December 31, 2013:


	As of June 30, 2014
	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
Currency	$	16,969		0.3		$	(8,038	)		(0.1	)	$	803		0.0	*	$	—			—		$	9,734
Financial		16,834		0.3			—			—			—		—			(7,045	)		(0.1	)		9,789
Food & Fiber		2,432		0.0	*		(4,554	)		(0.1	)		15,225		0.2			—			—			13,103
Indices		19,107		0.3			(19,673	)		(0.3	)		—		—			(2,521	)		(0.0	)*		(3,087	)
Metals		311,983		4.7			(416	)		(0.0	)*		—		—			(727	)		(0.0	)*		310,840
Energy		12,362		0.2			(15,004	)		(0.2	)		—		—			(620	)		(0.0	)*		(3,262	)
Livestock		12,500		0.2			—			—			—		—			—			—			12,500

Totals	$	392,187		5.9		$	(47,685	)		(0.7	)	$	16,028		0.2		$	(10,913	)		(0.2	)	$	349,617

*	Due to rounding


	As of December 31, 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	$	3		0.0	*	$	—			—		$	—		—		$	(1	)		(0.0	)*	$	2
Currency		19,106		0.2			(7,387	)		(0.1	)		37,407		0.5			(2,118	)		(0.0	)*		47,008
Financial		—		—			(6,327	)		(0.1	)		61,890		0.7			(6,511	)		(0.1	)		49,052
Food & Fiber		4,780		0.1			(20,582	)		(0.2	)		31,349		0.4			—			—			15,547
Indices		125,924		1.5			(5,776	)		(0.1	)		112		0.0	*		(6,469	)		(0.1	)		113,791
Metals		68,111		0.8			(276,060	)		(3.3	)		47,162		0.6			(95,754	)		(1.2	)		(256,541	)
Energy		36,615		0.4			(60,704	)		(0.7	)		—		—			—			—			(24,089	)
Livestock		100		0.0	*		(3,120	)		(0.0	)*		—		—			—			—			(3,020	)

Totals	$	254,639		3.1		$	(379,956	)		(4.6	)	$	177,920		2.1		$	(110,853	)		(1.3	)	$	(58,250	)

*	Due to rounding

Superfund Gold, L.P. – Series A average* monthly contract volume by market sector as of quarter ended June 30, 2014:


	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		15		13	$	—	$	—


	Average Number of Long Contracts		Average Number of Short Contracts
Currency		216		109
Financial		714		134
Food & Fiber		30		38
Indices		525		22
Metals		25		98
Energy		116		13
Livestock		25		—

Total		1,666		427

*	Based on quarterly holdings

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


	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		31		27	$	150,400	$	180,167


	Average Number of Long Contracts		Average Number of Short Contracts
Currency		198		168
Financial		1,294		403
Food & Fiber		154		145
Indices		661		221
Metals		304		133
Livestock		5		26
Energy		196		185

Total		2,843		1,308

*	Based on quarterly holdings

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


	For the Three Months Ended June 30, 2014
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(675	)	$	90		$	(585	)
Currency		(95,360	)		5,059			(90,301	)
Financial		18,534			(938	)		17,596
Food & Fiber		59,822			(32,628	)		27,194
Indices		129,237			(9,732	)		119,505


Metals		(184,391	)		324,668			140,277
Livestock		15,970			4,430			20,400
Energy		15,893			(2,975	)		12,918

Total net trading gains (losses)	$	(40,970	)	$	287,974		$	247,004


	For the Six Months Ended June 30, 2014
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(54,034	)	$	(2	)	$	(54,036	)
Currency		(85,485	)		(37,274	)		(122,759	)
Financial		260,331			(39,263	)		221,068
Food & Fiber		106,533			(2,444	)		104,089
Indices		153,537			(116,878	)		36,659
Metals		72,763			567,381			640,144
Livestock		116,940			15,520			132,460
Energy		(170,084	)		20,827			(149,257	)

Total net trading gains	$	400,501		$	407,867		$	808,368


	For the Three Months Ended June 30, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(52,329	)	$	(28,121	)	$	(80,450	)
Currency		(208,839	)		(107,049	)		(315,888	)
Financial		153,967			(162,443	)		(8,476	)
Food & Fiber		(262,242	)		93,818			(168,424	)
Indices		(33,592	)		17,738			(15,854	)
Metals		(372,862	)		(1,673,519	)		(2,046,381	)
Livestock		33,510			(9,270	)		24,240
Energy		13,919			(145,694	)		(131,775	)

Total net trading losses	$	(728,468	)	$	(2,014,540	)	$	(2,743,008	)


	For the Six Months Ended June 30, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(161,072	)	$	(56,646	)	$	(217,718	)
Currency		(121,872	)		(247,737	)		(369,609	)
Financial		118,026			(66,907	)		51,119
Food & Fiber		(318,953	)		(37,909	)		(356,862	)
Indices		964,888			(158,002	)		806,886
Metals		(1,247,542	)		(900,252	)		(2,147,794	)
Livestock		119,950			3,540			123,490
Energy		(44,972	)		(14,420	)		(59,392	)

Total net trading losses	$	(691,547	)	$	(1,478,333	)	$	(2,169,880	)

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 June 30, 2014, is as follows:


Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at June 30, 2014		Liability Derivatives at June 30, 2014			Net
Futures contracts	Futures contracts purchased	$	255,867	$	(48,272	)	$	207,595
Futures contracts	Futures contracts sold		13,511		(9,128	)		4,383

Totals		$	269,378	$	(57,400	)	$	211,978

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, 2013, is as follows:


Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at December 31, 2013		Liability Derivatives at December 31, 2013			Net
Foreign exchange contracts	Unrealized depreciation on open forward contracts	$	—	$	(4	)	$	(4	)
Futures contracts	Futures contracts purchased		179,710		(243,421	)		(63,711	)
Futures contracts	Futures contracts sold		158,268		(79,699	)		78,569

Totals		$	337,978	$	(323,124	)	$	14,854

Effects of derivative instruments on the statement of operations for the three months ended June 30, 2014:


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 gain (loss) on futures and forward contracts	$	(532	)	$	70
Futures contracts	Net realized gain on futures and forward contracts		31,727			161,837

Total		$	31,195		$	161,907

Effects of derivative instruments on the statement of operations for the six months ended June 30, 2014:


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 gain (loss) on futures and forward contracts	$	(43,966	)	$	4
Futures contracts	Net realized gain on futures and forward contracts		344,472			197,120

Total		$	300,506		$	197,124

Effects of derivative instruments on the statement of operations for the three months ended June 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 loss on futures and forward contracts	$	(27,408	)	$	(13,237	)
Futures contracts	Net realized loss on futures and forward contracts		(146,712	)		(1,137,515	)

Total		$	(174,120	)	$	(1,150,752	)

Effects of derivative instruments on the statement of operations for the six months ended June 30, 2013:


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 Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized loss on futures and forward contracts	$	(114,642	)	$	(28,326	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		304,025			(833,256	)

Total		$	189,383		$	(861,582	)

Superfund Gold, L.P. – Series B gross and net unrealized gains and losses by long and short positions as of June 30, 2014 and December 31, 2013:


	As of June 30, 2014
	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
Currency	$	14,422		0.4	$	(7,025	)		(0.2	)	$	923		0.0	*	$	—			—		$	8,320
Financial		13,426		0.3		—			—			—		—			(6,506	)		(0.2	)		6,920
Food & Fiber		2,254		0.1		(4,204	)		(0.1	)		12,587		0.3			—			—			10,637
Indices		17,247		0.4		(21,721	)		(0.5	)		—		—			(1,360	)		(0.0	)*		(5,834	)
Metals		184,451		4.6		(395	)		(0.0	)*		—		—			(641	)		(0.0	)*		183,415
Energy		9,497		0.2		(14,927	)		(0.4	)		—		—			(620	)		(0.0	)*		(6,050	)
Livestock		14,570		0.4		—			—			—		—			—			—			14,570

Totals	$	255,867		6.4	$	(48,272	)		(1.2	)	$	13,510		0.3		$	(9,127	)		(0.2	)	$	211,978

*	Due to rounding


	As of December 31, 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	$	—		—	$	—			—		$	—		—		$	(4	)		(0.0	)*	$	(4	)
Currency		15,250		0.3		(6,600	)		(0.2	)		29,644		0.7			(1,798	)		(0.0	)*		36,496
Financial		—		—		(5,003	)		(0.1	)		53,425		1.2			(4,583	)		(0.1	)		43,839
Food & Fiber		—		—		(14,712	)		(0.3	)		30,110		0.7			—			—			15,398
Indices		100,168		2.3		(7,596	)		(0.2	)		56		0.0	*		(4,739	)		(0.1	)		87,889
Metals		45,368		1.0		(148,210	)		(3.4	)		45,033		1.0			(68,579	)		(1.6	)		(126,388	)
Energy		18,924		0.4		(59,500	)		(1.4	)		—		—			—			—			(40,576	)
Livestock		—		—		(1,800	)		(0.0	)*		—		—			—			—			(1,800	)

Totals	$	179,710		4.1	$	(243,421	)		(5.6	)	$	158,268		3.6		$	(79,703	)		(1.8	)	$	14,854

*	Due to rounding

Superfund Gold, L.P. – Series B average* monthly contract volume by market sector as of quarter ended June 30, 2014:


	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		13		13	$	—	$	—


	Average Number of Long Contracts		Average Number of Short Contracts
Currency		177		97
Financial		608		110
Food & Fiber		25		33
Indices		428		18
Metals		160		76
Energy		91		11
Livestock		17		—

Total		1,519		358

*	Based on quarterly holdings

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


	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		23		22	$	108,711	$	127,858


	Average Number of Long Contracts		Average Number of Short Contracts
Currency		158		135
Financial		1,051		335
Food & Fiber		122		107
Indices		521		186
Metals		226		96
Livestock		4		20
Energy		155		143

Total		2,260		1,044

*	Based on quarterly holdings

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


	For the Three Months Ended June 30, 2014
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(532	)	$	70		$	(462	)
Currency		(86,535	)		6,039			(80,496	)
Financial		18,235			(1,480	)		16,755
Food & Fiber		49,242			(23,446	)		25,796
Indices		133,172			(10,385	)		122,787
Metals		(124,876	)		184,947			60,071
Livestock		5,980			9,510			15,490
Energy		36,509			(3,348	)		33,161

Total net trading gains	$	31,195		$	161,907		$	193,102


	For the Six Months Ended June 30, 2014
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(43,966	)	$	4		$	(43,962	)
Currency		(91,962	)		(28,176	)		(120,138	)
Financial		211,145			(36,919	)		174,226
Food & Fiber		87,412			(4,761	)		82,651
Indices		169,087			(93,723	)		75,364
Metals		(4,311	)		309,803			305,492
Livestock		80,570			16,370			96,940
Energy		(107,469	)		34,526			(72,943	)

Total net trading gains	$	300,506		$	197,124		$	497,630


	For the Three Months Ended June 30, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(27,408	)	$	(13,237	)	$	(40,645	)
Currency		(163,249	)		(77,672	)		(240,921	)
Financial		71,466			(112,093	)		(40,627	)
Food & Fiber		(192,746	)		79,970			(112,776	)
Indices		(9,776	)		16,299			6,523
Metals		122,553			(932,405	)		(809,852	)
Livestock		23,300			(5,780	)		17,520
Energy		1,740			(105,834	)		(104,094	)

Total net trading losses	$	(174,120	)	$	(1,150,752	)	$	(1,324,872	)


	For the Six Months Ended June 30, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(114,642	)	$	(28,326	)	$	(142,968	)
Currency		(91,706	)		(183,867	)		(275,573	)
Financial		23,022			(41,859	)		(18,837	)
Food & Fiber		(234,747	)		(19,721	)		(254,468	)
Indices		679,717			(100,101	)		579,616
Metals		(205,952	)		(470,466	)		(676,418	)
Livestock		93,470			(350	)		93,120
Energy		40,221			(16,892	)		23,329

Total net trading gains (losses)	$	189,383		$	(861,582	)	$	(672,199	)

5.	Due from/to brokers

Due from brokers consists of proceeds from securities sold. Amounts due from brokers may be restricted to the extent that they serve as deposits for securities sold short. Amounts due to brokers, if any, represent margin borrowings that are collateralized by certain securities. As of June 30, 2014 and December 31, 2013, 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.

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 June 30, 2014 are as follows:


	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees		7.1	%		8.1	%		7.9	%		9.0	%
Incentive fees		0.0			0.0			0.0			0.0

Total return after incentive fees		7.1	%		8.1	%		7.9	%		9.0	%

Ratios to average partners’ capital**
Operating expenses before incentive fees		3.6	%		2.6	%		4.1	%		3.3	%
Incentive fees		0.0			0.0			0.0			0.0

Total expenses		3.6	%		2.6	%		4.1	%		3.3	%

Net investment loss		(3.6	)%		(2.6	)%		(4.1	)%		(3.2	)%

Net asset value per unit, beginning of period	$	1,083.46		$	1,225.37		$	913.20		$	995.94
Net investment loss		(40.20	)		(33.86	)		(39.06	)		(34.04	)
Net gain on investments		116.65			133.55			111.53			123.91

Net asset value per unit, end of period	$	1,159.91		$	1,325.06		$	985.67		$	1,085.81

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)	$	85.65		$	94.58		$	83.92		$	89.83

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)	$	76.45		$	99.69		$	72.47		$	89.87

*	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 for the period January 1 through June 30, 2013 are as follows:


	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees		(20.3	)%		(19.5	)%		(15.1	)%		(14.2	)%
Incentive fees		0.0			0.0			0.0			0.0

Total return after incentive fees		(20.3	)%		(19.5	)%		(15.1	)%		(14.2	)%

Ratios to average partners’ capital**
Operating expenses before incentive fees		3.5	%		2.5	%		4.0	%		3.1	%


Incentive fees		0.0			0.0			0.0			0.0

Total expenses		3.5	%		2.5	%		4.0	%		3.1	%

Net investment loss		(3.5	)%		(2.5	)%		(4.0	)%		(3.1	)%

Net asset value per unit, beginning of period	$	1,423.03		$	1,577.45		$	1,110.58		$	1,187.13
Net investment loss		(48.70	)		(38.74	)		(45.79	)		(38.12	)
Net loss on investments		(240.45	)		(269.11	)		(121.53	)		(130.56	)

Net asset value per unit, end of period	$	1,133.88		$	1,269.60		$	943.26		$	1,018.45

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)	$	(270.93	)	$	(293.34	)	$	(142.06	)	$	(177.65	)

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)	$	(289.15	)	$	(307.85	)	$	(167.32	)	$	(168.68	)

*	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 for the period April 1 through June 30, 2014 are as follows:


	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees		1.9	%		2.4	%		2.8	%		3.4	%
Incentive fees		0.0			0.0			0.0			0.0

Total return after incentive fees		1.9	%		2.4	%		2.8	%		3.4	%

Ratios to average partners’ capital**
Operating expenses before incentive fees		1.7	%		1.3	%		2.0	%		1.5	%
Incentive fees		0.0			0.0			0.0			0.0

Total expenses		1.7	%		1.3	%		2.0	%		1.5	%

Net investment loss		(1.7	)%		(1.3	)%		(2.0	)%		(1.5	)%

Net asset value per unit, beginning of period	$	1,138.34		$	1,293.91		$	958.39		$	1,050.48
Net investment loss		(19.47	)		(16.17	)		(19.33	)		(15.98	)
Net gain on investments		41.04			47.32			46.61			51.31

Net asset value per unit, end of period	$	1,159.91		$	1,325.06		$	985.67		$	1,085.81

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)	$	18.10		$	32.80		$	26.88		$	34.86

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)	$	21.57		$	31.15		$	27.28		$	35.33

*	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 for the period April 1 through June 30, 2013 are as follows:


	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees		(21.9	)%		(21.5	)%		(20.8	)%		(20.4	)%
Incentive fees		0.0			0.0			0.0			0.0

Total return after incentive fees		(21.9	)%		(21.5	)%		(20.8	)%		(20.4	)%

Ratios to average partners’ capital**
Operating expenses before incentive fees		1.6	%		1.2	%		1.9	%		1.4	%
Incentive fees		0.0			0.0			0.0			0.0

Total expenses		1.6	%		1.2	%		1.9	%		1.4	%

Net investment loss		(1.6	)%		(1.2	)%		(1.9	)%		(1.4	)%

Net asset value per unit, beginning of period	$	1,451.82		$	1,617.46		$	1,191.23		$	1,279.75
Net investment loss		(22.11	)		(17.51	)		(21.74	)		(17.66	)
Net loss on investments		(295.83	)		(330.35	)		(226.23	)		(243.64	)

Net asset value per unit, end of period	$	1,133.88		$	1,269.60		$	943.26		$	1,018.45

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)	$	(318.66	)	$	(367.06	)	$	(260.61	)	$	(253.86	)

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)	$	(317.94	)	$	(347.86	)	$	(247.97	)	$	(261.30	)

*	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 $677,593 and $115,998, respectively, at June 30, 2014.

For Series A, gross unrealized gains and losses related to exchange-traded futures were $408,215 and $58,598, respectively, at June 30, 2014.

For Series B, gross unrealized gains and losses related to exchange-traded futures were $269,378 and $57,400, respectively, at June 30, 2014.

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. and Barclays Capital 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 June 30, 2014. However, due to the nature of the Fund’s business, these instruments may not be held to maturity.

10.

Subscriptions and redemptions

Effective May 1, 2014, the Fund no longer accepts subscriptions.

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 ended as of May 1, 2014. Subscription and redemption data is presented for both the Fund, as the SEC registrant, and for Series A and Series B, individually. For the quarter ended June 30, 2014, subscriptions totaling $465,655 in the Fund have been accepted and redemptions over the same period totaled $1,664,248. For the quarter ended June 30, 2014, subscriptions totaling $0 in Series A-1, $335,760 in Series A-2, $34,314 in Series B-1, and $95,581 in Series B-2 have been accepted and redemptions over the same period totaled $988,079 in Series A-1, $352,447 in Series A-2, $135,359 in Series B-1 and $188,363 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 June 30, 2014

Series A:

Net results for the quarter ended June 30, 2014, were a gain of 1.9% in net asset value for Series A-1 and a gain of 2.4% in net asset value for Series A-2. In this period, Series A experienced a net increase in net assets from operations of $130,439. This increase consisted of total income of $164, trading gains of $247,004, and total expenses of $116,729. Expenses included $41,464 in management fees, $13,821 in operating expenses, $25,650 in selling commissions, $35,308 in brokerage commissions and $486 in other expenses. At June 30, 2014, the net asset value per Unit of Series A-1 was $1,159.91, and the net asset value per Unit of Series A-2 was $1,325.06.

Series B:

Net results for the quarter ended June 30, 2014, were a gain of 2.8% in net asset value for Series B-1 and a gain of 3.4% in net asset value for Series B-2. In this period, Series B experienced a net increase in net assets from operations of $125,327. This increase consisted of total income of $134, trading gains of $193,102, and total expenses of $67,909. Expenses included $23,037 in management fees, $7,679 in operating expenses, $6,110 in selling commissions, $29,223 in brokerage commissions and $1,860 in other expenses. At June 30, 2014, the net asset value per Unit of Series B-1 was $985.67, and the net asset value per Unit of Series B-2 was $1,085.81.

Fund results for 2nd Quarter 2014:

In April, the Fund’s managed futures strategy produced negative results, with long positions in U.S. stock indices suffering as the S&P500 retraced from record highs. The Fund’s long positions in United States (“U.S.”) ten-year treasury notes also yielded negative returns. These losses were partially offset by positive performance from the Fund’s long Euro-bund positions. The Fund’s short positions in natural gas and crude oil produced negative results in April as tensions and political crisis in the Ukraine remained high and rising fears that any full-scale armed conflict in the region would disrupt supplies and send oil and gas prices higher. The Fund’s short positions in COMEX gold and silver remained flat as the improving U.S and European economies helped to pressure gold prices. The Fund’s perpetual long gold position had a positive impact on performance in April.

In May, the Fund’s managed futures strategy produced positive performance, mainly due to allocations to the bond, stock index and metal markets. The Fund’s long positions in the CME S&P500 yielded positive returns as the index continued to break all-time highs as manufacturing indices indicated that economic growth would rebound in the second quarter. The Fund’s short positions in COMEX gold and silver also produced strong results as strong U.S. economic data eroded the metal’s “safe-haven” appeal. The Fund’s allocations to currencies produced negative results in May. The Euro tumbled from an almost 2.5-year high as European Central Bank (“ECB”) President Mario Draghi said that it would be open to taking further measures to support the Euro-zone economy. The ECB signal of a potential interest-rate cut has also weighed on the Euro. The Fund’s perpetual long gold position had a strong negative impact on performance in May, completely negating the positive performance produced by the Fund’s managed futures strategy.

In June, the Fund’s managed futures strategy yielded slightly negative results as positions in the bond and metal markets suffered. The Fund’s short positions in COMEX gold lost ground as gold gained amid concerns regarding rising violence in Iraq. The Fund’s allocations to the energy, agricultural and equity markets all produced positive results, helping to partially offset the losses from the Fund’s bond and metal positions. The Fund’s long crude oil positions gained as violence in Iraq escalated, threatening the output of OPEC’s second largest producer. The Fund’s short positions in corn and soybeans gained as corn dropped to a five-month low and soybean experienced its biggest slump in five years as USDA reports showed farmers will plant record acreage. The Fund’s long E-mini S&P500 positions gained as the index continued to break record highs with its sixth straight quarterly gain. The Fund’s perpetual long gold position had a strong positive impact on performance, offsetting the losses produced by the managed futures strategy and leading to positive overall performance for the Fund in June.

Three Months Ended March 31, 2014

Series A:

Net results for the quarter ended March 31, 2014, 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 $417,300. This increase consisted of total income of $232, trading gains of $561,364, and total expenses of $144,296. Expenses included $46,930 in management fees, $15,643 in operating expenses, $30,733 in selling commissions, $50,083 in brokerage commissions and $907 in other expenses. At March 31, 2014, the net asset value per Unit of Series A-1 was $1,138.34, and the net asset value per Unit of Series A-2 was $1,293.91.

Series B:

Net results for the quarter ended March 31, 2014, were a gain of 4.9% in net asset value for Series B-1 and a gain of 5.5% in net asset value for Series B-2. In this period, Series B experienced a net increase in net assets from operations of $222,878. This increase consisted of total income of $201, trading gains of $304,528, and total expenses of $81,851. Expenses included $24,525 in management fees, $8,175 in operating expenses, $7,479 in selling commissions, $39,544 in brokerage commissions and $2,128 in other expenses. At March 31, 2014, the net asset value per Unit of Series B-1 was $958.39, and the net asset value per Unit of Series B-2 was $1,050.48.

Fund results for 1st Quarter 2014:

In March, the Fund’s managed futures strategy underperformed. The Fund’s bond positions negatively impacted performance as treasuries fell amid hints from the U.S. government of rate increases in 2015. The Fund’s allocations to energy markets also posted losses, as crude fell modestly due to tensions in Ukraine and a drop in Libyan oil production. The Fund’s positions in the metals, grains and agricultural markets, however, yielded positive returns, helping to offset the losses in other sectors. Among these markets, the Fund’s short positions in London Metal Exchange (“LME”) copper profited on concerns that the rising debt in China will curb copper demand. The fund also benefited from long positions soybean meal and cocoa gained amid poor weather conditions in Brazil. The Fund’s perpetual long gold position had a negative impact on performance in March.

In February, the Fund’s managed futures strategy yielded positive returns in all market groups apart except for metals, currencies and money markets. The Fund’s positions in bonds sector produced positive results as U.S. stocks rallied amid earnings and jobless claims, while German bonds fell as the ECB left interest rates unchanged and refrained from additional stimulus. The Fund’s short positions in silver and gold negatively affected performance as gold made experienced its largest monthly gain since July 2013 after investors and speculators chased prices higher on concerns about the pace of the U.S. economic recovery. The Fund’s long positions in crude oil and natural gas yielded profits as the markets continued to climb as cold weather demand pushed prices up in the first three weeks of the month. The Fund’s perpetual long gold position had a strong positive impact on performance in February.

In January, the Fund managed futures strategy produced negative results in as positions in the indices and energy sectors underperformed. The Fund’s crude oil positions yielded losses amid speculation that the U.S. Federal Reserve (the “Fed”) would curb stimulus measures further following signs of improvement in the U.S. economy. The Fund’s positions in natural gas helped to minimize losses in the energies sector as it rallied throughout the second half of January due to a reported decrease in inventories to its lowest level in almost four years. The Fund’s positions in the metals markets performed poorly as gold and silver continued to rise on increased demand in Asia. The Fund’s allocations to indices also performed negatively as U.S. indices suffered the largest losses since 2012 on fears over emerging markets resulted in significant selloffs. The Fund’s perpetual long gold position had a positive impact on performance in January.

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 decrease 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 energies 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 solid 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 strong 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 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 1st 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 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 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 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 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’s monetary stimulus led to the fourth straight monthly decline for gold.

OFF-BALANCE SHEET RISK

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

In addition to market risk, in entering into futures and forward contracts, there is a credit risk that a counterparty will not be able to meet its obligations to the Fund. The counterparty for futures contracts traded in the U.S. and on most foreign

exchanges is the clearinghouse associated with such exchange. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearinghouse is not backed by the clearing members, like some foreign exchanges, it is normally backed by a consortium of banks or other financial institutions.

OFF-BALANCE SHEET ARRANGEMENTS

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

CONTRACTUAL OBLIGATIONS

The Fund does not enter into contractual obligations or commercial commitments to make future payments of a type that would be typical for an operating company. The Fund’s sole business is trading futures, currency, forward and certain swap contracts, both long (contracts to buy) and short (contracts to sell). All such contracts are settled by offset, not delivery. Substantially all such contracts are for settlement within four months of the trade date and substantially all such contracts are held by the Fund for less than four months before being offset or rolled over into new contracts with similar maturities. The financial statements of the Fund present a condensed schedule of investments setting forth net unrealized appreciation (depreciation) of such Series’ open forward contracts as well as the fair value of the futures contracts purchased and sold by each Series at June 30, 2014 and December 31, 2013.

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 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 2013-08

In June 2013, FASB issued ASU No. 2013-08, Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”). ASU 2013-08 contains new guidance regarding the approach to investment company assessment, requires non-controlling ownership interests in other investment companies to be measured at fair value and requires additional disclosures about the investment company’s status as an investment company and information required to be provided to any of its investees. The amendments in the update are effective for interim and annual reporting periods in fiscal years that begin after December 15, 2013. The adoption of the provisions of ASU 2013-08 has not had a material impact on the Fund’s financial statement disclosures.

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. 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.

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 June 30, 2014 that have materially affected, or are reasonably likely to materially affect, Superfund Capital Management’s internal control over financial reporting with respect to each Series individually, as well as the Fund as a whole.

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

PART II - OTHER INFORMATION

ITEM 1.

LEGAL PROCEEDINGS

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

ITEM 1A.

RISK FACTORS

Not required.

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

(a) There were no sales of unregistered securities during the quarter ended June 30, 2014.

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

The following tables summarize the redemptions by investors during the three months ended June 30, 2014:

Series A-1:


Month	Units Redeemed		Net Asset Value per Unit ($)
April 30, 2014		56.925		1,129.08
May 31, 2014		408.374		1,103.72
June 30, 2014		407.854		1,159.91

Total		873.153

Series A-2:


Month	Units Redeemed		Net Asset Value per Unit ($)
April 30, 2014		151.641		1,285.54
May 31, 2014		39.760		1,258.77
June 30, 2014		81.093		1,325.06

Total		272.494

Series B-1:


Month	Units Redeemed		Net Asset Value per Unit ($)
April 30, 2014		39.319		953.20
May 31, 2014		34.961		942.50
June 30, 2014		65.873		985.67

Total		140.153

Series B-2:


Month	Units Redeemed		Net Asset Value per Unit ($)
April 30, 2014		4.224		1,046.54
May 31, 2014		118.912		1,036.51
June 30, 2014		55.895		1,085.81

Total		179.031

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: August 8, 2014						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