UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended September 30, 2012

OR

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

For the transition period from              to             

Commission File number: 000-53764

SUPERFUND GOLD, L.P.

(Exact name of registrant as specified in charter)

Delaware	98-0574019 (Series A); 98-0574020 (Series B)
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
Superfund Office Building P.O. Box 1479 Grand Anse St. George’s, Grenada West Indies	Not applicable
(Address of principal executive offices)	(Zip Code)

(473) 439-2418

(Registrant’s telephone number, including area code)

Not applicable

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

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

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

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

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

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

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

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

	Page
Unaudited Financial Statements: Superfund Gold, L.P.
Statements of Assets and Liabilities as of September 30, 2012 and December 31, 2011		3
Condensed Schedule of Investments as of September 30, 2012		4
Condensed Schedule of Investments as of December 31, 2011		5
Statements of Operations for the Three and Nine Months Ended September 30, 2012 and September  30, 2011		6
Statements of Changes in Net Assets for the Nine Months Ended September 30, 2012 and September  30, 2011		7
Statement of Cash Flows for the Nine Months Ended September 30, 2012 and September 30, 2011		8
Unaudited Financial Statements: Superfund Gold, L.P. – Series A
Statements of Assets and Liabilities as of September 30, 2012 and December 31, 2011		9
Condensed Schedule of Investments as of September 30, 2012		10
Condensed Schedule of Investments as of December 31, 2011		11
Statements of Operations for the Three and Nine Months Ended September 30, 2012 and September  30, 2011		12
Statements of Changes in Net Assets for the Nine Months Ended September 30, 2012 and September  30, 2011		13
Statement of Cash Flows for the Nine Months Ended September 30, 2012 and September 30, 2011		14
Unaudited Financial Statements: Superfund Gold, L.P. – Series B
Statements of Assets and Liabilities as of September 30, 2012 and December 31, 2011		15
Condensed Schedule of Investments as of September 30, 2012		16
Condensed Schedule of Investments as of December 31, 2011		17
Statements of Operations for the Three and Nine Months Ended September 30, 2012 and September  30, 2011		18
Statements of Changes in Net Assets for the Nine Months Ended September 30, 2012 and September  30, 2011		19
Statements of Cash Flows for the Nine Months Ended September 30, 2012 and September 30, 2011		20
Notes to Unaudited Financial Statements as of and for the Three and Nine Months ended September  30, 2012		21-43

2

SUPERFUND GOLD, L.P.

UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES

as of September 30, 2012 and December 31, 2011

	September 30, 2012		December 31, 2011
ASSETS
U.S. Government securities, at fair value (amortized cost of $6,400,000 as of December 31, 2011)	$	—	$	6,400,000
Due from brokers		13,751,117		17,505,597
Unrealized appreciation on open forward contracts		92,083		134,988
Futures contracts purchased		2,339,662		—
Futures contracts sold		—		378,483
Cash		11,784,649		5,304,787
Total assets		27,967,511		29,723,855
LIABILITIES
Unrealized depreciation on open forward contracts		94,342		95,397
Futures contracts purchased		—		2,237,362
Futures contracts sold		531,698		—
Subscriptions received in advance		261,901		914,000
Redemptions payable		86,157		904,938
Management fee payable		50,774		107,656
Other fees payable		49,245		105,056
Total liabilities		1,074,117		4,364,409
NET ASSETS	$	26,893,394	$	25,359,446

See accompanying notes to unaudited financial statements.

3

SUPERFUND GOLD, L.P.

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of September 30, 2012

	Percentage of
	Net Assets			Fair Value
Forward contracts, at fair value
Unrealized appreciation on forward contracts Currency		0.3	%	$	92,083
Total unrealized appreciation on forward contracts		0.3			92,083
Unrealized depreciation on forward contracts Currency		(0.4	)		(94,342	)
Total unrealized depreciation on forward contracts		(0.4	)		(94,342	)
Total forward contracts, at fair value		(0.0	)*%	$	(2,259	)
Futures contracts, at fair value
Futures contracts purchased
Currency		(1.0	)%	$	(278,010	)
Energy		0.4			111,474
Financial		0.8			219,428
Food & Fiber		0.1			34,738
Indices		(2.1	)		(554,731	)
Livestock		0.2			53,850
Metals
CMX Gold expiring December 2012		8.9			2,406,750
Other		1.3			346,163
Total Metals		10.2			2,752,913
Total futures contracts purchased		8.7			2,339,662
Futures contracts sold
Currency		0.1			22,585
Energy		(0.1	)		(38,290	)
Financial		(0.0	)*		(6,608	)
Food & Fiber		(0.1	)		(38,717	)
Livestock		(0.6	)		(159,631	)
Metals		(1.2	)		(311,037	)
Total futures contracts sold		(2.0	)		(531,698	)
Total futures contracts, at fair value		6.7	%	$	1,807,964
Futures and forward contracts by country composition
Australia		0.0	*%	$	12,738
European Monetary Union		(0.0	)*		(13,220	)
Great Britain		0.3			81,797
Japan		(0.1	)		(13,732	)
United States		7.5			2,016,196
Other		(1.0	)		(278,074	)
Total futures and forward contracts by country		6.7	%	$	1,805,705

* Due to rounding

See accompanying notes to unaudited financial statements.

4

SUPERFUND GOLD, L.P.

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of December 31, 2011

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

* Due to rounding

See accompanying notes to unaudited financial statements.

5

SUPERFUND GOLD, L.P.

UNAUDITED STATEMENTS OF OPERATIONS

	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
Investment income
Interest income	$	1,358		$	2,232		$	2,548		$	10,645
Other Income		1			—			968			—
Total income		1,359			2,232			3,516			10,645
Expenses
Brokerage commissions		161,576			115,714			493,364			410,721
Management fee		150,810			177,498			460,357			505,376
Selling commission		95,667			113,580			290,913			322,540
Incentive fee		—			—			—			648,939
Operating expenses		50,270			59,166			153,452			168,456
Loss on MF Global		—			—			12,764			—
Other		4,360			6,314			12,766			15,479
Total expenses		462,683			472,272			1,423,616			2,071,511
Net investment loss	$	(461,324	)	$	(470,040	)	$	(1,420,100	)	$	(2,060,866	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts	$	478,267		$	2,261,814		$	(401,448	)	$	6,411,015
Net change in unrealized appreciation (depreciation) on futures and forward contracts:		1,171,821			1,682,395			3,624,993			(883,098	)
Net gain on investments	$	1,650,088		$	3,944,209		$	3,223,545		$	5,527,917
Net increase in net assets from operations	$	1,188,764		$	3,474,169		$	1,803,445		$	3,467,051

See accompanying notes to unaudited financial statements.

6

SUPERFUND GOLD, L.P.

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS

	Nine Months Ended September 30,
	2012			2011
Increase in net assets from operations
Net investment loss	$	(1,420,100	)	$	(2,060,866	)
Net realized gain (loss) on futures and forward contracts		(401,448	)		6,411,015
Net change in unrealized appreciation (depreciation) on futures and forward contracts		3,624,993			(883,098	)
Net increase in net assets from operations		1,803,445			3,467,051
Capital share transactions
Issuance of Units		2,731,861			8,149,507
Redemption of Units		(3,001,358	)		(8,571,679	)
Net decrease in net assets from capital share transactions		(269,497	)		(422,172	)
Net increase in net assets		1,533,948			3,044,879
Net assets, beginning of period		25,359,446			26,675,225
Net assets, end of period	$	26,893,394		$	29,720,104

See accompanying notes to unaudited financial statements.

7

SUPERFUND GOLD, L.P.

UNAUDITED STATEMENTS OF CASH FLOWS

	Nine Months Ended September 30,
	2012			2011
Cash flows from operating activities
Net increase in net assets from operations	$	1,803,445		$	3,467,051
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Changes in operating assets and liabilities:
Purchases of U.S. government securities		(7,948,374	)		(27,546,385	)
Maturities of U.S. government securities		14,350,000			29,848,550
Amortization of discounts and premiums		(1,626	)		(4,078	)
Due from brokers		3,754,480			(4,946,864	)
Due from affiliate		—			5,599
Unrealized appreciation on open forward contracts		42,905			(99,565	)
Unrealized depreciation on open forward contracts		(1,055	)		201,760
Futures contracts purchased		(4,577,024	)		3,273,971
Futures contracts sold		910,181			(2,493,068	)
Incentive fee		—			(409,223	)
Management fees payable		(56,882	)		4,970
Fees payable		(55,811	)		5,810
Net cash provided by operating activities		8,220,239			1,308,528
Cash flows from financing activities
Subscriptions, net of change in advance subscriptions		2,079,762			8,231,690
Redemptions, net of change in redemptions payable		(3,820,139	)		(8,543,610	)
Net cash used in financing activities		(1,740,377	)		(311,920	)
Net increase in cash		6,479,862			996,608
Cash, beginning of period		5,304,787			3,630,425
Cash, end of period	$	11,784,649		$	4,627,033

See accompanying notes to unaudited financial statements.

8

SUPERFUND GOLD, L.P. - SERIES A

UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES

as of September 30, 2012 and December 31, 2011

	September 30, 2012		December 31, 2011
ASSETS
U.S. Government securities, at fair value (amortized cost of $3,700,000 as of December 31, 2011)	$	—	$	3,700,000
Due from brokers		7,820,253		10,182,255
Unrealized appreciation on open forward contracts		51,923		69,300
Futures contracts purchased		1,519,786		—
Futures contracts sold		—		189,971
Cash		8,883,022		4,325,976
Total assets		18,274,984		18,467,502
LIABILITIES
Unrealized depreciation on open forward contracts		54,399		51,238
Futures contracts purchased		—		1,411,823
Futures contracts sold		286,544		—
Subscriptions received in advance		250,401		336,000
Redemptions payable		86,157		711,068
Management fee payable		33,157		67,674
Other fees payable		34,682		70,546
Total liabilities		745,340		2,648,349
NET ASSETS	$	17,529,644	$	15,819,153
Superfund Gold, L.P. Series A-1 Net Assets	$	14,059,893	$	12,507,057
Number of Units outstanding		8,734.171		8,359.510
Superfund Gold, L.P. Series A-1 Net Asset Value per Unit	$	1,609.76	$	1,496.15
Superfund Gold, L.P. Series A-2 Net Assets	$	3,469,751	$	3,312,096
Number of Units outstanding		1,954.230		2,037.421
Superfund Gold, L.P. Series A-2 Net Asset Value per Unit	$	1,775.51	$	1,625.63

See accompanying notes to unaudited financial statements.

9

SUPERFUND GOLD, L.P. - SERIES A

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of September 30, 2012

	Percentage of Net Assets			Fair Value
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency		0.3	%	$	51,923
Total unrealized appreciation on forward contracts		0.3			51,923
Unrealized depreciation on forward contracts
Currency		(0.3	)		(54,399	)
Total unrealized depreciation on forward contracts		(0.3	)		(54,399	)
Total forward contracts, at fair value		(0.0	)*%	$	(2,476	)
Futures contracts, at fair value
Futures Contracts Purchased
Currency		(0.9	)%	$	(153,649	)
Energy		0.4			68,632
Financial		0.7			119,714
Food & Fiber		0.1			20,025
Indices		(1.7	)		(304,342	)
Livestock		0.2			29,169
Metals
CMX Gold expiring December 2012		8.9			1,556,570
Other		1.0			183,667
Total Metals		9.9			1,740,237
Total futures contracts purchased		8.7			1,519,786
Futures Contracts Sold
Currency		0.1			12,343
Energy		(0.1	)		(20,970	)
Financial		(0.0	)*		(3,482	)
Food & Fiber		(0.1	)		(22,150	)
Livestock		(0.5	)		(86,423	)
Metals		(0.9	)		(165,862	)
Total futures contracts sold		(1.5	)		(286,544	)
Total futures contracts, at fair value		7.2	%	$	1,233,242
Futures and forward contracts by country composition
Australia		0.0	*%	$	6,539
European Monetary Union		(0.0	)*		(6,160	)
Great Britain		0.3			44,419
Japan		(0.0	)*		(4,323	)
United States		7.7			1,342,270
Other		(0.8	)		(151,979	)
Total futures and forward contracts by country		7.2	%	$	1,230,766

* Due to rounding

See accompanying notes to unaudited financial statements.

10

SUPERFUND GOLD, L.P. - SERIES A

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of December 31, 2011

	Face Value		Percentage of Net Assets			Fair Value
Debt Securities United States, at fair value
United States Treasury Bills due February 22, 2012 (amortized cost $3,700,000), securities are held in margin accounts as collateral for open futures and forwards	$	3,700,000		23.4	%	$	3,700,000
Futures Contracts, at fair value
Unrealized appreciation on forward contracts
Currency				0.4			69,300
Total unrealized appreciation on forward contracts				0.4			69,300
Unrealized depreciation on forward contracts
Currency				(0.3	)		(51,238	)
Total unrealized depreciation on forward contracts				(0.3	)		(51,238	)
Total forward contracts, at fair value				0.1	%	$	18,062
Futures Contracts, at fair value
Futures Contracts Purchased
Currency				0.2	%	$	36,900
Energy				(0.3	)		(45,053	)
Financial
2 Year U.S. Treasury Note				0.0	*		1,016
Other				0.0	*		1,598
Total Financial				0.0	*		2,614
Food & Fiber				0.1			16,738
Indices				0.0	*		4,717
Metals
CMX Gold expiring February 2012				(8.9	)		(1,407,280	)
Other				(0.1	)		(20,459	)
Total Metals				(9.0	)		(1,427,739	)
Total futures contracts purchased				(9.0	)		(1,411,823	)
Futures Contracts Sold
Currency				0.3			43,963
Energy				0.3			42,480
Financial				(0.0	)*		(6,656	)
Food & Fiber				0.1			11,607
Indices				0.2			26,026
Livestock				0.1			9,670
Metals				0.4			62,881
Total futures contracts sold				1.4			189,971
Total futures contracts, at fair value				(7.6	)%	$	(1,221,852	)
Futures contracts by country composition
Australia				0.1	%	$	8,242
European Monetary Union				0.2			36,313
Great Britain				0.0	*		2,711
Japan				0.3			55,550
United States				(8.2	)		(1,316,556	)
Other				0.1			9,950
Total futures contracts by country				(7.5	)%	$	(1,203,790	)

* Due to rounding

See accompanying notes to unaudited financial statements.

11

SUPERFUND GOLD, L.P. - SERIES A

UNAUDITED STATEMENTS OF OPERATIONS

	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
Investment income
Interest income	$	742		$	1,330		$	1,330		$	5,365
Other income		1			—			520			—
Total income		743			1,330			1,850			5,365
Expenses
Brokerage commissions		87,909			57,575			265,548			186,379
Management fee		97,456			105,613			292,392			279,880
Selling commission		69,139			75,744			206,653			198,842
Incentive fee		—			—			—			243,449
Operating expenses		32,486			35,204			97,464			93,293
Loss on MF Global		—			—			6,925			—
Other		1,953			2,071			5,408			5,524
Total expenses		288,943			276,207			874,390			1,007,367
Net investment loss	$	(288,200	)	$	(274,877	)	$	(872,540	)	$	(1,002,002	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts	$	352,590		$	1,275,578		$	(286,350	)	$	3,190,579
Net change in unrealized appreciation (depreciation) on futures and forward contracts:		805,069			812,130			2,434,556			(368,875	)
Net gain on investments	$	1,157,659		$	2,087,708		$	2,148,206		$	2,821,704
Net increase in net assets from operations	$	869,459		$	1,812,831		$	1,275,666		$	1,819,702
Net increase in net assets from operations per Unit (based upon weighted average number of units outstanding during period) for Series A-1*	$	78.40		$	180.47		$	112.40		$	183.05
Net increase in net assets from operations per Unit (based upon change in net asset value per unit during period) for Series A-1	$	78.34		$	190.76		$	113.61		$	188.38
Net increase in net assets from operations per Unit (based upon weighted average number of units outstanding during period) for Series A-2**	$	95.16		$	191.48		$	151.90		$	204.67
Net increase in net assets from operations per Unit (based upon change in net asset value per unit during period) for Series A-2	$	94.86		$	214.69		$	149.88		$	226.37

See accompanying notes to unaudited financial statements.

* Weighted average number of Units outstanding for Series A-1 for the Three Months Ended September 30, 2012 and September 30, 2011: 8,637.54 and 8,122.38, respectively; and for the Nine Months Ended September 30, 2012 and September 30, 2011: 8,586.83 and 7,871.84, respectively.

** Weighted average number of Units outstanding for Series A-2 for the Three Months Ended September 30, 2012 and September 30, 2011: 1,996.61 and 1,811.97, respectively; and for the Nine Months Ended September 30, 2012 and September 30, 2011: 2,027.37 and 1,850.80, respectively.

12

SUPERFUND GOLD, L.P. - SERIES A

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS

	Nine Months Ended September 30,
	2012			2011
Increase in net assets from operations
Net investment loss	$	(872,540	)	$	(1,002,002	)
Net realized gain (loss) on futures and forward contracts		(286,350	)		3,190,579
Net change in unrealized appreciation (depreciation) on futures and forward contracts		2,434,556			(368,875	)
Net increase in net assets from operations		1,275,666			1,819,702
Capital share transactions
Issuance of Units		1,960,941			6,077,919
Redemption of Units		(1,526,116	)		(3,564,084	)
Net increase in net assets from capital share transactions		434,825			2,513,835
Net increase in net assets		1,710,491			4,333,537
Net assets, beginning of period		15,819,153			13,716,691
Net assets, end of period	$	17,529,644		$	18,050,228
Series A-1 Units, beginning of period		8,359.510			6,916.044
Issuance of Series A-1 Units		1,152.289			2,965.586
Redemption of Series A-1 Units		(777.628	)		(1,645.853	)
Series A-1 Units, end of period		8,734.171			8,235.777
Series A-2 Units, beginning of period		2,037.421			1,724.508
Issuance of Series A-2 Units		88.686			691.201
Redemption of Series A-2 Units		(171.877	)		(520.336	)
Series A-2 Units, end of period		1,954.230			1,895.373

See accompanying notes to unaudited financial statements.

13

SUPERFUND GOLD, L.P. - SERIES A

UNAUDITED STATEMENTS OF CASH FLOWS

	Nine Months Ended September 30,
	2012			2011
Cash flows from operating activities
Net increase in net assets from operations	$	1,275,666		$	1,819,702
Adjustments to reconcile net increase in net assets from operations to net cash provided by (used in) operating activities:
Changes in operating assets and liabilities:
Purchases of U.S. government securities		(4,249,133	)		(14,448,163	)
Maturities of U.S. government securities		7,950,000			15,199,271
Amortization of discounts and premiums		(867	)		(2,089	)
Due from brokers		2,362,002			(3,753,063	)
Due from affiliate		—			5,599
Unrealized appreciation on open forward contracts		17,377			(66,320	)
Unrealized depreciation on open forward contracts		3,161			106,482
Futures contracts purchased		(2,931,609	)		1,548,342
Futures contracts sold		476,515			(1,219,629	)
Incentive Fee		—			(198,986	)
Management fees payable		(34,517	)		8,075
Fees payable		(35,864	)		8,749
Net cash provided by (used in) operating activities		4,832,731			(992,030	)
Cash flows from financing activities
Subscriptions, net of change in advance subscriptions		1,875,342			6,272,289
Redemptions, net of change in redemptions payable		(2,151,027	)		(3,380,113	)
Net cash used in (provided by) financing activities		(275,685	)		2,892,176
Net increase in cash		4,557,046			1,900,146
Cash, beginning of period		4,325,976			2,215,532
Cash, end of period	$	8,883,022		$	4,115,678

See accompanying notes to unaudited financial statements.

14

SUPERFUND GOLD, L.P. - SERIES B

UNAUDITED STATEMENTS OF ASSETS AND LIABILITIES

as of September 30, 2012 and December 31, 2011

	September 30, 2012		December 31, 2011
ASSETS
U.S. Government securities, at fair value, (amortized cost of $2,700,000 as of December 31, 2011)	$	—	$	2,700,000
Due from brokers		5,930,864		7,323,342
Unrealized appreciation on open forward contracts		40,160		65,688
Futures contracts purchased		819,876		—
Futures contracts sold		—		188,512
Cash		2,901,627		978,811
Total assets		9,692,527		11,256,353
LIABILITIES
Unrealized depreciation on open forward contracts		39,943		44,159
Futures contracts purchased		—		825,539
Futures contracts sold		245,154		—
Subscriptions received in advance		11,500		578,000
Redemptions payable		—		193,870
Management fee payable		17,617		39,982
Other fees payable		14,563		34,510
Total liabilities		328,777		1,716,060
NET ASSETS	$	9,363,750	$	9,540,293
Superfund Gold, L.P. Series B-1 Net Assets	$	5,191,774	$	5,617,352
Number of Units outstanding		4,025.986		4,524.265
Superfund Gold, L.P. Series B-1 Net Asset Value per Unit	$	1,289.57	$	1,241.61
Superfund Gold, L.P. Series B-2 Net Assets	$	4,171,976	$	3,922,941
Number of Units outstanding		3,041.783		3,015.557
Superfund Gold, L.P. Series B-2 Net Asset Value per Unit	$	1,371.56	$	1,300.90

See accompanying notes to unaudited financial statements.

15

SUPERFUND GOLD, L.P. - SERIES B

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of September 30, 2012

	Percentage of Net Assets			Fair Value
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency		0.4	%	$	40,160
Total unrealized appreciation on forward contracts		0.4			40,160
Unrealized depreciation on forward contracts
Currency		(0.4	)		(39,943	)
Total unrealized depreciation on forward contracts		(0.4	)		(39,943	)
Total forward contracts, at fair value		0.0	*%	$	217
Futures contracts, at fair value
Futures Contracts Purchased
Currency		(1.3	)%	$	(124,361	)
Energy		0.5			42,842
Financial		1.1			99,714
Food & Fiber		0.2			14,713
Indices		(2.7	)		(250,389	)
Livestock		0.3			24,681
Metals
CMX Gold expiring December 2012		9.1			850,180
Other metals		1.7			162,496
Total Metals		10.8			1,012,676
Total futures contracts purchased		8.9			819,876
Futures Contracts Sold
Currency		0.1			10,242
Energy		(0.2	)		(17,320	)
Financial		(0.0	)*		(3,126	)
Food & Fiber		(0.2	)		(16,567	)
Livestock		(0.8	)		(73,208	)
Metals		(1.6	)		(145,175	)
Total futures contracts sold		(2.7	)		(245,154	)
Total futures contracts, at fair value		6.2	%	$	574,722
Futures and forward contracts by country composition
Australia		0.1	%	$	6,199
European Monetary Union		(0.1	)		(7,060	)
Great Britain		0.4			37,378
Japan		(0.1	)		(9,409	)
United States		7.2			673,926
Other		(1.3	)		(126,095	)
Total futures and forward contracts by country		6.2	%	$	574,939

* Due to rounding

See accompanying notes to unaudited financial statements.

16

SUPERFUND GOLD, L.P. - SERIES B

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of December 31, 2011

	Face Value		Percentage of Net Assets			Fair Value
Debt Securities United States, at fair value
United States Treasury Bills due February 22, 2012 (amortized cost $2,700,000), securities are held in margin accounts as collateral for open futures and forwards	$	2,700,000		28.3	%	$	2,700,000
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currency				0.7			65,688
Total unrealized appreciation on forward contracts				0.7			65,688
Unrealized depreciation on forward contracts
Currency				(0.5	)		(44,159	)
Total unrealized depreciation on forward contracts				(0.5	)		(44,159	)
Total forward contracts, at fair value				0.2	%	$	21,529
Futures contracts, at fair value
Futures contracts purchased
Currency				0.3	%	$	31,583
Energy				(0.4	)		(41,586	)
Financial
2 Year U.S. Treasury Note				0.0	*		938
Other				0.0	*		2,328
Total Financial				0.0	*		3,266
Food & Fiber				0.1			13,975
Indices				0.0	*		3,476
Metals
CMX Gold expiring February 2012				(8.6	)		(821,340	)
Other				(0.2	)		(14,913	)
Total Metals				(8.8	)		(836,253	)
Total futures contracts purchased				(8.8	)		(825,539	)
Futures contracts sold
Currency				0.4			41,319
Energy				0.4			42,200
Financial				(0.1	)		(5,281	)
Food & Fiber				0.1			11,690
Indices				0.3			32,845
Livestock				0.1			9,280
Metals				0.6			56,459
Total futures contracts sold				1.8			188,512
Total futures contracts, at fair value				(7.0	)%	$	(637,027	)
Futures and forward contracts by country composition
Australia				0.1	%	$	5,388
European Monetary Union				0.3			33,647
Great Britain				0.0	*		2,903
Japan				0.4			51,087
United States				(7.8	)		(732,169	)
Other				0.2			23,646
Total futures and forward contracts by country				(6.8	)%	$	(615,498	)

* Due to rounding

See accompanying notes to unaudited financial statements.

17

SUPERFUND GOLD, L.P. - SERIES B

UNAUDITED STATEMENTS OF OPERATIONS

	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
Investment income
Interest income	$	616		$	902		$	1,218		$	5,280
Other income		—			—			448			—
Total income		616			902			1,666			5,280
Expenses
Brokerage commissions		73,667			58,139			227,816			224,342
Management fee		53,354			71,885			167,965			225,496
Selling commission		26,528			37,836			84,260			123,698
Incentive Fee		—			—			—			405,490
Operating expenses		17,784			23,962			55,988			75,163
Loss on MF Global		—			—			5,839			—
Other		2,407			4,243			7,358			9,955
Total expenses		173,740			196,065			549,226			1,064,144
Net investment loss	$	(173,124	)	$	(195,163	)	$	(547,560	)	$	(1,058,864	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts	$	125,677		$	986,236		$	(115,098	)	$	3,220,436
Net change in unrealized appreciation (depreciation) on futures and forward contracts:		366,752			870,265			1,190,437			(514,223	)
Net gain on investments	$	492,429		$	1,856,501		$	1,075,339		$	2,706,213
Net increase in net assets from operations	$	319,305		$	1,661,338		$	527,779		$	1,647,349
Net increase in net assets from operations per Unit (based upon weighted average number of units outstanding during period) for Series B-1*	$	41.01		$	205.46		$	58.96		$	161.94
Net increase in net assets from operations per Unit (based upon change in net asset value per unit during period) for Series B-1	$	40.56		$	195.61		$	47.96		$	179.66
Net increase in net assets from operations per Unit (based upon weighted average number of units outstanding during period) for Series B-2**	$	49.78		$	229.20		$	88.63		$	212.79
Net increase in net assets from operations per Unit (based upon change in net asset value per unit during period) for Series B-2	$	49.78		$	210.88		$	70.66		$	206.16

See accompanying notes to unaudited financial statements.

* Weighted average number of Units outstanding for Series B-1 for the Three Months Ended September 30, 2012 and September 30, 2011: 4,099.83 and 4,648.34, respectively; and for the Nine Months Ended September 30, 2012 and September 30, 2011: 4,293.04 and 5,696.03, respectively.

** Weighted average number of Units outstanding for Series B-2 for the Three Months Ended September 30, 2012 and September 30, 2011: 3,041.78 and 3,081.49, respectively; for the Nine Months Ended September 30, 2012 and September 30, 2011: 3,108.25 and 3,406.81, respectively.

18

SUPERFUND GOLD, L.P. - SERIES B

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS

	Nine Months Ended September 30,
	2012			2011
Increase in net assets from operations
Net investment loss	$	(547,560	)	$	(1,058,864	)
Net realized gain (loss) on futures and forward contracts		(115,098	)		3,220,436
Net change in unrealized appreciation (depreciation) on futures and forward Contracts		1,190,437			(514,223	)
Net increase in net assets from operations		527,779			1,647,349
Capital share transactions
Issuance of Units		770,920			2,071,588
Redemption of Units		(1,475,242	)		(5,007,595	)
Net decrease in net assets from capital share transactions		(704,322	)		(2,936,007	)
Net decrease in net assets		(176,543	)		(1,288,658	)
Net assets, beginning of period		9,540,293			12,958,534
Net assets, end of period	$	9,363,750		$	11,669,876
Series B-1 Units, beginning of period		4,524.265			5,784.122
Issuance of Series B-1 Units		206.778			1,273.912
Redemption of Series B-1 Units		(705.057	)		(2,523.599	)
Series B-1 Units, end of period		4,025.986			4,534.435
Series B-2 Units, beginning of period		3,015.557			3,700.480
Issuance of Series B-2 Units		389.874			233.456
Redemption of Series B-2 Units		(363.648	)		(971.329	)
Series B-2 Units, end of period		3,041.783			2,962.607

See accompanying notes to unaudited financial statements.

19

SUPERFUND GOLD, L.P. - SERIES B

UNAUDITED STATEMENTS OF CASH FLOWS

	Nine Months Ended September 30,
	2012			2011
Cash flows from operating activities
Net increase in net assets from operations	$	527,779		$	1,647,349
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Changes in operating assets and liabilities:
Purchases of U.S. government securities		(3,699,241	)		(13,098,222	)
Maturities of U.S. government securities		6,400,000			14,649,279
Amortization of discounts and premiums		(759	)		(1,989	)
Due from brokers		1,392,478			(1,193,801	)
Unrealized appreciation on open forward contracts		25,528			(33,245	)
Unrealized depreciation on open forward contracts		(4,216	)		95,278
Futures contracts purchased		(1,645,415	)		1,725,629
Futures contracts sold		433,666			(1,273,439	)
Incentive fee		—			(210,237	)
Management fees payable		(22,365	)		(3,105	)
Fees payable		(19,947	)		(2,939	)
Net cash provided by operating activities		3,387,508			2,300,558
Cash flows from financing activities
Subscriptions, net of change in advance subscriptions		204,420			1,959,401
Redemptions, net of change in redemptions payable		(1,669,112	)		(5,163,497	)
Net cash used in financing activities		(1,464,692	)		(3,204,096	)
Net increase (decrease) in cash		1,922,816			(903,538	)
Cash, beginning of period		978,811			1,414,893
Cash, end of period	$	2,901,627		$	511,355

See accompanying notes to unaudited financial statements.

20

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

NOTES TO UNAUDITED FINANCIAL STATEMENTS

September 30, 2012

1. Nature of operations

Organization and Business

Superfund Gold, L.P., a Delaware limited partnership (the “Fund”), commenced operations on April 1, 2009. The Fund was organized to trade speculatively in the United States (“U.S.”) and international commodity futures and forward markets using a strategy developed by Superfund Capital Management, Inc., the general partner and trading advisor of the Fund (“Superfund Capital Management”). The Fund has issued two series of units of limited partnership interest (the “Units”), each with a subseries, Series A-1/A-2 and Series B-1/B-2 (each, a “Series”). Series A-1/A-2 and Series B-1/B-2 are traded and managed the same way, with the exception of the degree of leverage. Series B implements the Fund’s futures and forward trading program at a leverage level equal to approximately 1.5 times that implemented on behalf of Series A. Over the long term (periods of several years), the targeted average ratio of margin to equity for Series A is approximately 20% and approximately 30% for Series B. The leverage with which each of the Series is traded is the only difference between the Series. Sub-Series within a Series are not managed differently. Rather, Series A-1 Units and Series B-1 Units are subject to selling commissions. Series A-2 Units and Series B-2 Units are not subject to selling commissions but are available exclusively to: (i) investors participating in selling agent asset-based or fixed-fee investment programs or a registered investment adviser’s asset-based fee or fixed-fee advisory program through which an investment adviser recommends a portfolio allocation to the Fund and for which Superfund USA, 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 (“CFTC”) and (iii) investors who have paid the maximum selling commission on their Series A-1 or Series B-1 Units (by re-designation of such Units as Series A-2 Units or Series B-2 Units as described herein). The foregoing eligibility requirements and selling commissions are the only differences between the Sub-Series within a Series.

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

2. Basis of presentation and significant accounting policies

Basis of Presentation

The unaudited financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the U.S. (“U.S. GAAP”) with respect to the Form 10-Q and reflect all adjustments which in the opinion of management are normal and recurring, and which are necessary for a fair statement of the results of interim periods presented. It is suggested that these financial statements be read in conjunction with the financial statements and the related notes included in the Fund’s Annual Report on Form 10-K for the year ended December 31, 2011.

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

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

21

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

Translation of Foreign Currency

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

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

Investment Transactions, Investment Income and Expenses

Investment transactions are accounted for on a trade-date basis. Interest income and expenses are recognized on the accrual basis. The Fund uses the amortized cost method for valuing U.S. Treasury Bills due to the short-term nature of such instruments; accordingly, the cost of securities plus accreted discount, or minus amortized premium, approximates fair value. Operating expenses of the Fund are allocated to each Series in proportion to the net asset value of the Series at the beginning of each month. Expenses directly attributable to a particular Series are charged directly to that Series.

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

Income Taxes

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

Superfund Capital Management has evaluated the application of ASC Topic 740, Income Taxes (“ASC 740”), to the Fund to determine whether or not there are uncertain tax positions that require financial statement recognition. Based on this evaluation, Superfund Capital Management has determined no reserves for uncertain tax positions are required to be recorded as a result of the application of ASC 740. Superfund Capital Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. As a result, no income tax liability or expense has been recorded in the accompanying financial statements. The Fund files federal and various state tax returns. The 2009 through 2011 tax years generally remain subject to examination by the U.S. federal and most state tax authorities.

Use of Estimates

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

Recently Issued Accounting Pronouncements

ASU 2011-11

In December 2011, FASB issued Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2011-11 requires disclosures to make financial statements that are prepared under U.S.

22

GAAP more comparable to those prepared under International Financial Reporting Standards (“IFRS”). The new disclosure requirements mandate that entities disclose both gross and net information about instruments and transactions eligible for offset in the statement of assets and liabilities as well as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, ASU 2011-11 requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements. New disclosures are required for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. Superfund Capital Management is evaluating the impact of ASU 2011-11 on the financial statements and disclosures.

ASU 2011-04

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

3. Fair Value Measurements

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

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

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

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

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

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

23

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

The following table summarizes the valuation of the Fund’s assets and liabilities by the ASC 820 fair value hierarchy as of September 30, 2012, and December 31, 2011:

Superfund Gold, L.P.

	Balance September  30, 2012		Level 1		Level 2		Level 3
ASSETS
Unrealized appreciation on open forward contracts	$	92,083	$	—	$	92,083	$	—
Futures contracts purchased		2,339,662		2,339,662		—		—
Total Assets Measured at Fair Value	$	2,431,745	$	2,339,662	$	92,083	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	94,342	$	—	$	94,342	$	—
Futures contracts sold		531,698		531,698		—		—
Total Liabilities Measured at Fair Value	$	626,040	$	531,698	$	94,342	$	—

	Balance December 31, 2011		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	6,400,000	$	—	$	6,400,000	$	—
Unrealized appreciation on open forward contracts		134,988		—		134,988		—
Futures contracts sold		378,483		378,483		—		—
Total Assets Measured at Fair Value	$	6,913,471	$	378,483	$	6,534,988	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	95,397	$	—	$	95,397	$	—
Futures contracts purchased		2,237,362		2,237,362		—		—
Total Liabilities Measured at Fair Value	$	2,332,759	$	2,237,362	$	95,397	$	—

24

Superfund Gold, L.P. – Series A

	Balance September  30, 2012		Level 1		Level 2		Level 3
ASSETS
Unrealized appreciation on open forward contracts	$	51,923	$	—	$	51,923	$	—
Futures contracts purchased		1,519,786		1,519,786		—		—
Total Assets Measured at Fair Value	$	1,571,709	$	1,519,786	$	51,923	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	54,399	$	—	$	54,399	$	—
Futures contracts sold		286,544		286,544		—		—
Total Liabilities Measured at Fair Value	$	340,943	$	286,544	$	54,399	$	—
	Balance December 31, 2011		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	3,700,000	$	—	$	3,700,000	$	—
Unrealized appreciation on open forward contracts		69,300		—		69,300		—
Futures contracts sold		189,971		189,971		—		—
Total Assets Measured at Fair Value	$	3,959,271	$	189,971	$	3,769,300	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	51,238	$	—	$	51,238	$	—
Futures contracts purchased		1,411,823		1,411,823		—		—
Total Liabilities Measured at Fair Value	$	1,463,061	$	1,411,823	$	51,238	$	—

Superfund Gold, L.P. – Series B

	Balance September  30, 2012		Level 1		Level 2		Level 3
ASSETS
Unrealized appreciation on open forward contracts	$	5,930,864	$	—	$	5,930,864	$	—
Futures contracts purchased		819,876		819,876		—		—
Total Assets Measured at Fair Value	$	6,750,740	$	819,876	$	5,930,864	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	39,943	$	—	$	39,943	$	—
Futures contracts sold		245,154		245,154		—		—
Total Liabilities Measured at Fair Value	$	285,097	$	245,154	$	39,943	$	—

	Balance December 31, 2011		Level 1		Level 2		Level 3
ASSETS
U.S. Government securities	$	2,700,000	$	—	$	2,700,000	$	—
Unrealized appreciation on open forward contracts		65,688		—		65,688		—
Futures contracts sold		188,512		188,512		—		—
Total Assets Measured at Fair Value	$	2,954,200	$	188,512	$	2,765,688	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	44,159	$	—	$	44,159	$	—
Futures contracts purchased		825,539		825,539		—		—
Total Liabilities Measured at Fair Value	$	869,698	$	825,539	$	44,159	$	—

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.

25

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

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

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

Superfund Gold, L.P.

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statements of Assets and Liabilities, as of September 30, 2012, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at September 30, 2012		Liability Derivatives at September  30, 2012			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	92,083	$	—		$	92,083
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(94,342	)		(94,342	)
Futures contracts	Futures contracts purchased		2,339,662		—			2,339,662
Futures contracts	Futures contracts sold		—		(531,698	)		(531,698	)
Totals		$	2,431,745	$	(626,040	)	$	1,805,705

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statements of Assets and Liabilities, as of December 31, 2011, is as follows:

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

26

Effects of Derivative Instruments on the Statement of Operations for the Quarter Ended September 30, 2012:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	(435,379	)	$	193,387
Futures contracts	Net realized gain on futures and forward contracts		913,646			978,434
Total		$	478,267		$	1,171,821

Effects of Derivative Instruments on the Statement of Operations for the Nine Months Ended September 30, 2012:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized  Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	286,444		$	(41,850	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		(687,892	)		3,666,843
Total		$	(401,448	)	$	3,624,993

Effects of Derivative Instruments on the Statement of Operations for the Quarter Ended September 30, 2011:

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	$	(255,706	)	$	78,253
Futures contracts	Net realized gain on futures and forward contracts		2,517,520			1,604,142
Total		$	2,261,814		$	1,682,395

Effects of Derivative Instruments on the Statement of Operations for the Nine Months Ended September 30, 2011:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain on Derivatives Recognized in Income		Net Change in Unrealized Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	92,885	$	(102,193	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		6,318,130		(780,905	)
Total		$	6,411,015	$	(883,098	)

27

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

	As of September 30, 2012
	Long Positions Gross Unrealized										Short Positions Gross Unrealized
	Gains		% of Net Assets		Losses			% of Net Assets			Gains		% of Net Assets		Losses			% of Net Assets			Net Unrealized Gains (Losses) on Open Positions
Foreign Exchange	$	76,179		0.3	$	(42,845	)		(0.2	)	$	15,904		0.1	$	(51,497	)		(0.2	)	$	(2,259	)
Currency		48,288		0.2		(326,298	)		(1.2	)		24,022		0.1		(1,437	)		(0.0	)*		(255,425	)
Financial		233,281		0.9		(13,853	)		(0.1	)		—		—		(6,608	)		(0.0	)*		212,820
Food & Fiber		34,738		0.1		—			—			16,706		0.1		(55,423	)		(0.2	)		(3,979	)
Indices		35,106		0.1		(589,837	)		(2.2	)		—		—		—			—			(554,731	)
Metals		2,755,888		10.2		(2,975	)		(0.0	)*		—		—		(311,037	)		(1.2	)		2,441,876
Livestock		53,850		0.2		—			—			14,910		0.1		(174,541	)		(0.6	)		(105,781	)
Energy		124,344		0.5		(12,870	)		(0.0	)*		—		—		(38,290	)		(0.1	)		73,184
Totals	$	3,361,674		12.5	$	(988,678	)		(3.7	)	$	71,542		0.3	$	(638,833	)		(2.4	)	$	1,805,705

* Due to rounding

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

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

* Due to rounding

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

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

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		917		869
Financial		2,798		533
Food & Fiber		40		69
Indices		1,622		689
Metals		644		206
Livestock		28		89
Energy		464		308
Totals		6,599		2,821

* Based on quarterly holdings

28

Superfund Gold, L.P. average* monthly contract volume by market sector as of quarter ended September 30, 2011:

	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		54		53	$	302,988	$	304,712

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		783		163
Financial		1,405		390
Food & Fiber		200		77
Indices		453		561
Metals		311		161
Livestock		64		46
Energy		218		489
Totals		3,488		1,940

* Based on quarterly holdings

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

	For the Three Months Ended September 30, 2012
	Net Realized Gains  (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(435,379	)	$	193,387		$	(241,992	)
Currency		(723,348	)		(176,540	)		(899,888	)
Financial		379,116			231,909			611,025
Food & Fiber		348,496			12,076			360,572
Indices		147,234			(540,502	)		(393,268	)
Metals		1,558,127			1,451,467			3,009,594
Livestock		(82,950	)		(77,591	)		(160,541	)
Energy		(713,029	)		77,615			(635,414	)
Total net trading gains	$	478,267		$	1,171,821		$	1,650,088

29

	For the Nine Months Ended September 30, 2012
	Net Realized Gains (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	286,444		$	(41,850	)	$	244,594
Currency		(1,565,482	)		(409,190	)		(1,974,672	)
Financial		843,671			218,877			1,062,548
Food & Fiber		(526,221	)		(57,989	)		(584,210	)
Indices		106,786			(621,795	)		(515,009	)
Metals		(1,011,165	)		4,586,528			3,575,363
Livestock		124,155			(124,731	)		(576	)
Energy		1,340,364			75,143			1,415,507
Total net trading gains (losses)	$	(401,448	)	$	3,624,993		$	3,223,545

	For the Three Months Ended September 30, 2011
	Net Realized Gains (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(255,706	)	$	78,253		$	(177,453	)
Currency		(791,442	)		56,094			(735,348	)
Financial		2,943,880			(234,568	)		2,709,312
Food & Fiber		(406,064	)		165,339			(240,725	)
Indices		(203,692	)		(322,098	)		(525,790	)
Metals		2,195,727			499,846			2,695,573
Livestock		(211,200	)		11,520			(199,680	)
Energy		(1,009,689	)		1,428,009			418,320
Total net trading gains	$	2,261,814		$	1,682,395		$	3,944,209

	For the Nine Months Ended September 30, 2011
	Net Realized Gains (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	92,885		$	(102,193	)	$	(9,308	)
Currency		(330,404	)		(351,429	)		(681,833	)
Financial		3,357,654			(134,801	)		3,222,853
Food & Fiber		(644,748	)		39,374			(605,374	)
Indices		(1,129,675	)		(246,451	)		(1,376,126	)
Metals		5,110,059			(1,174,394	)		3,935,665
Livestock		(147,690	)		(84,320	)		(232,010	)
Energy		102,934			1,171,116			1,274,050
Total net trading gains (losses)	$	6,411,015		$	(883,098	)	$	5,527,917

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 Statements of Assets and Liabilities, as of September 30, 2012, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at September 30, 2012		Liability Derivatives at September 30, 2012			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	51,923	$	—		$	51,923
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(54,399	)		(54,399	)
Futures contracts	Futures contracts purchased		1,519,786		—			1,519,786
Futures contracts	Futures contracts sold		—		(286,544	)		(286,544	)
Totals		$	1,571,709	$	(340,943	)	$	1,230,766

30

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statements of Assets and Liabilities, as of December 31, 2011, is as follows:

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

Effects of Derivative Instruments on the Statement of Operations for the Quarter Ended September 30, 2012:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	(242,724	)	$	104,711
Futures contracts	Net realized gain on futures and forward contracts		595,314			700,358
Total		$	352,590		$	805,069

Effects of Derivative Instruments on the Statement of Operations for the Nine Months Ended September 30, 2012:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized  Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	134,463		$	(20,538	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		(420,813	)		2,455,094
Total		$	(286,350	)	$	2,434,556

31

Effects of Derivative Instruments on the Statement of Operations for the Quarter Ended September 30, 2011:

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	$	(132,628	)	$	37,751
Futures contracts	Net realized gain on futures and forward contracts		1,408,206			774,379
Total		$	1,275,578		$	812,130

Effects of Derivative Instruments on the Statement of Operations for the Nine Months Ended September 30, 2011:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain on Derivatives Recognized in Income		Net Change  in Unrealized Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	26,624	$	(40,161	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		3,163,955		(328,714	)
Total		$	3,190,579	$	(368,875	)

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

	As of September 30, 2012
	Long Positions Gross Unrealized										Short Positions Gross Unrealized
	Gains		% of Net Assets		Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gains  (Losses) on Open Positions
Foreign Exchange	$	42,893		0.2	$	(26,737	)		(0.1	)	$	9,030		0.1		$	(27,662	)		(0.2	)	$	(2,476	)
Currency		26,313		0.1		(179,962	)		(1.0	)		13,088		0.1			(745	)		(0.0	)*		(141,306	)
Financial		127,329		0.7		(7,615	)		(0.0	)*		—		—			(3,482	)		(0.0	)*		116,232
Food & Fiber		20,025		0.1		—			—			8,848		0.1			(30,998	)		(0.2	)		(2,125	)
Indices		18,720		0.1		(323,062	)		(1.8	)		—		—			—			—			(304,342	)
Metals		1,741,912		9.9		(1,675	)		(0.0	)*		—		—			(165,862	)		(0.9	)		1,574,375
Livestock		29,169		0.2		—			—			7,960		0.0	*		(94,383	)		(0.5	)		(57,254	)
Energy		75,808		0.4		(7,176	)		(0.0	)*		—		—			(20,970	)		(0.1	)		47,662
Totals	$	2,082,169		11.7	$	(546,227	)		(2.9	)	$	38,926		0.3		$	(344,102	)		(1.9	)	$	1,230,766

* Due to rounding

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

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

* Due to rounding

32

Series A average* monthly contract volume by market sector as of quarter ended September 30, 2012:

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

	Average Number of Long Contracts		Average Number  of Short Contracts
Currency		500		468
Financial		1,513		289
Food & Fiber		21		39
Indices		894		367
Metals		359		110
Livestock		15		48
Energy		253		168
Totals		3,600		1,519

* Based on quarterly holdings

Series A average* monthly contract volume by market sector as of quarter ended September 30, 2011:

	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		27		26	$	149,110	$	151,417

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		389		79
Financial		674		183
Food & Fiber		98		38
Indices		219		280
Metals		163		80
Livestock		32		23
Energy		109		242
Totals		1,711		951

* Based on quarterly holdings

33

Series A trading results by market sector:

	For the Three Months Ended September 30, 2012
	Net Realized Gains  (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(242,724	)	$	104,711		$	(138,013	)
Currency		(392,736	)		(97,992	)		(490,728	)
Financial		202,544			125,242			327,786
Food & Fiber		182,618			5,801			188,419
Indices		102,522			(301,944	)		(199,422	)
Metals		938,160			963,045			1,901,205
Livestock		(44,540	)		(42,224	)		(86,764	)
Energy		(393,254	)		48,430			(344,824	)
Total net trading gains	$	352,590		$	805,069		$	1,157,659
	For the Nine Months Ended September 30, 2012
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	134,463		$	(20,538	)	$	113,925
Currency		(809,836	)		(222,169	)		(1,032,005	)
Financial		475,341			120,274			595,615
Food & Fiber		(285,275	)		(30,470	)		(315,745	)
Indices		129,879			(335,085	)		(205,206	)
Metals		(704,875	)		2,939,233			2,234,358
Livestock		62,477			(66,924	)		(4,447	)
Energy		711,476			50,235			761,711
Total net trading gains (losses)	$	(286,350	)	$	2,434,556		$	2,148,206
	For the Three Months Ended September 30, 2011
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(132,628	)	$	37,751		$	(94,877	)
Currency		(400,532	)		33,714			(366,818	)
Financial		1,428,380			(109,352	)		1,319,028
Food & Fiber		(203,933	)		84,337			(119,596	)
Indices		(74,482	)		(161,479	)		(235,961	)
Metals		1,264,940			210,610			1,475,550
Livestock		(106,470	)		5,770			(100,700	)
Energy		(499,697	)		710,779			211,082
Total net trading gains	$	1,275,578		$	812,130		$	2,087,708
	For the Nine Months Ended September 30, 2011
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	26,624		$	(40,161	)	$	(13,537	)
Currency		(224,113	)		(140,009	)		(364,122	)
Financial		1,660,487			(59,911	)		1,600,576
Food & Fiber		(313,000	)		32,614			(280,386	)
Indices		(558,303	)		(109,231	)		(667,534	)
Metals		2,738,595			(611,727	)		2,126,868
Livestock		(76,910	)		(36,820	)		(113,730	)
Energy		(62,801	)		596,370			533,569
Total net trading gains (losses)	$	3,190,579		$	(368,875	)	$	2,821,704

34

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 Statements of Assets and Liabilities, as of September 30, 2012, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at September 30, 2012		Liability Derivatives at September 30, 2012			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	40,160	$	—		$	40,160
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(39,943	)		(39,943	)
Futures contracts	Futures contracts purchased		819,876		—			819,876
Futures contracts	Futures contracts sold		—		(245,154	)		(245,154	)
Totals		$	860,036	$	(285,097	)	$	574,939

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statements of Assets and Liabilities, as of December 31, 2011, is as follows:

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

Effects of Derivative Instruments on the Statement of Operations for the Quarter Ended September 30, 2012:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	(192,655	)	$	88,676
Futures contracts	Net realized gain on futures and forward contracts		318,332			278,076
Total		$	125,677		$	366,752

35

Effects of Derivative Instruments on the Statement of Operations for the Nine Months Ended September 30, 2012:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized  Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	151,981		$	(21,312	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		(267,079	)		1,211,749
Total		$	(115,098	)	$	1,190,437

Effects of Derivative Instruments on the Statement of Operations for the Quarter Ended September 30, 2011:

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	$	(123,078	)	$	40,502
Futures contracts	Net realized gain on futures and forward contracts		1,109,314			829,763
Total		$	986,236		$	870,265

Effects of Derivative Instruments on the Statement of Operations for the Nine Months Ended September 30, 2011:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain  on Derivatives Recognized in Income		Net Change in Unrealized Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	66,261	$	(62,032	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		3,154,175		(452,191	)
Total		$	3,220,436	$	(514,223	)

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

	As of September 30, 2012
	Long Positions Gross Unrealized										Short Positions Gross Unrealized
	Gains		% of Net Assets		Losses			% of Net Assets			Gains		% of Net Assets		Losses			% of Net Assets			Net Unrealized Gains (Losses) on Open Positions
Foreign Exchange	$	33,286		0.4	$	(16,108	)		(0.2	)	$	6,874		0.1	$	(23,835	)		(0.3	)	$	217
Currency		21,975		0.3		(146,336	)		(1.6	)		10,934		0.1		(692	)		(0.0	)*		(114,119	)
Financial		105,952		1.1		(6,238	)		(0.0	)*		—		—		(3,126	)		(0.0	)*		96,588
Food & Fiber		14,713		0.2		—			—			7,858		0.1		(24,425	)		(0.3	)		(1,854	)
Indices		16,386		0.2		(266,775	)		(2.9	)		—		—		—			—			(250,389	)
Metals		1,013,976		10.8		(1,300	)		(0.0	)*		—		—		(145,175	)		(1.6	)		867,501
Livestock		24,681		0.3		—			—			6,950		0.1		(80,158	)		(0.9	)		(48,527	)
Energy		48,536		0.6		(5,694	)		(0.1	)		—		—		(17,320	)		(0.2	)		25,522
Totals	$	1,279,505		13.9	$	(442,451	)		(4.8	)	$	32,616		0.4	$	(294,731	)		(3.3	)	$	574,939

* Due to rounding

36

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

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

* Due to rounding

Series B average* monthly contract volume by market sector as of quarter ended September 30, 2012:

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

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		417		401
Financial		1,285		244
Food & Fiber		19		30
Indices		728		322
Metals		285		96
Livestock		13		41
Energy		211		140
Totals		2,999		1,302

* Based on quarterly holdings

Series B average* monthly contract volume by market sector for quarter ended September 30, 2011:

	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		27		27	$	153,878	$	153,295

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		394		84
Financial		731		207
Food & Fiber		102		39
Indices		234		281
Metals		148		81
Livestock		32		23
Energy		109		247
Totals		1,777		989

* Based on quarterly holdings

37

Series B trading results by market sector:

	For the Three Months Ended September 30, 2012
	Net Realized Gains  (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(192,655	)	$	88,676		$	(103,979	)
Currency		(330,612	)		(78,548	)		(409,160	)
Financial		176,572			106,667			283,239
Food & Fiber		165,878			6,275			172,153
Indices		44,712			(238,558	)		(193,846	)
Metals		619,967			488,422			1,108,389
Livestock		(38,410	)		(35,367	)		(73,777	)
Energy		(319,775	)		29,185			(290,590	)
Total net trading gains	$	125,677		$	366,752		$	492,429

	For the Nine Months Ended September 30, 2012
	Net Realized Gains  (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	151,981		$	(21,312	)	$	130,669
Currency		(755,646	)		(187,021	)		(942,667	)
Financial		368,330			98,603			466,933
Food & Fiber		(240,946	)		(27,519	)		(268,465	)
Indices		(23,093	)		(286,710	)		(309,803	)
Metals		(306,290	)		1,647,295			1,341,005
Livestock		61,678			(57,807	)		3,871
Energy		628,888			24,908			653,796
Total net trading gains (losses)	$	(115,098	)	$	1,190,437		$	1,075,339

	For the Three Months Ended September 30, 2011
	Net Realized Gains (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(123,078	)	$	40,502		$	(82,576	)
Currency		(390,910	)		22,380			(368,530	)
Financial		1,515,500			(125,216	)		1,390,284
Food & Fiber		(202,131	)		81,002			(121,129	)
Indices		(129,210	)		(160,619	)		(289,829	)
Metals		930,787			289,236			1,220,023
Livestock		(104,730	)		5,750			(98,980	)
Energy		(509,992	)		717,230			207,238
Total net trading gains	$	986,236		$	870,265		$	1,856,501

38

	For the Nine Months Ended September 30, 2011
	Net Realized Gains (Losses)			Change in  Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	66,261		$	(62,032	)	$	4,229
Currency		(106,291	)		(211,420	)		(317,711	)
Financial		1,697,167			(74,890	)		1,622,277
Food & Fiber		(331,748	)		6,760			(324,988	)
Indices		(571,372	)		(137,220	)		(708,592	)
Metals		2,371,464			(562,667	)		1,808,797
Livestock		(70,780	)		(47,500	)		(118,280	)
Energy		165,735			574,746			740,481
Total net trading gains (losses)	$	3,220,436		$	(514,223	)	$	2,706,213

5. Due from/to brokers

Due from brokers consists of proceeds from securities sold. Amounts due from brokers may be restricted to the extent that they serve as deposits for securities sold short. Amounts due to brokers, if any, represent margin borrowings that are collateralized by certain securities. As of September 30, 2012 and December 31, 2011, there were no amounts due to brokers.

In the normal course of business, all of the Fund’s marketable securities transactions, money balances and marketable security positions are transacted with brokers. The Fund is subject to credit risk to the extent any broker with whom it conducts business is unable to fulfill contractual obligations on its behalf.

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

Since the Fund’s initial reserve was taken, an active market has developed for MF Global claims similar to the Fund’s. As a result, Superfund Capital Management recently received bids from third parties for the purchase of the Fund’s MF Global claims. Following this process, Superfund Capital Management determined it was in the best interests of the Fund to sell its MF Global claims, and the Fund closed on the sale in the amount of $312,885 for Series A and $335,057 for Series B on June 11, 2012. Although the sale did not close until June 11, 2012, Superfund Capital Management recognized the change in reserve prior to closing the Fund’s books effective May 31, 2012. Because the sale price was slightly less than the carrying amount of the Fund’s assets on deposit at MF Global as reduced by the reserve taken as of October 31, 2011, each Series recognized an additional reduction in value as of May 31, 2012 due to the sale. Such change in reserve is presented as “Loss on MF Global” on the Statements of Operations. On May 31, 2012, the net asset value of the Series A-1 Units was reduced by approximately 0.05% (or approximately $0.86 per Unit); the net asset value of the Series A-2 Units was reduced by approximately 0.05% (or approximately $0.94 per Unit); the net asset value of the Series B-1 Units was reduced by approximately 0.07% (or approximately $1.06 per Unit); and the net asset value of the Series B-2 Units was reduced by approximately 0.07% (or approximately $1.12 per Unit). Following this sale, the Fund no longer has any exposure to MF Global.

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.

39

7. Related party transactions

Superfund Capital Management shall be paid a management fee equal to one-twelfth of 2.25% of month-end net assets (2.25% per annum) and operating and ongoing offering expenses equal to one-twelfth of 0.75% of month-end net assets (0.75% per annum), when considered together, not to exceed the amount of actual expenses incurred. Superfund Capital Management will also be paid a monthly performance/incentive fee equal to 25% of the new appreciation without respect to interest income or any changes in net asset due to changes in value of the Fund’s dollar for dollar gold position. Trading losses will be carried forward and no further performance/incentive fee may be paid until prior losses have been recovered. In addition, Superfund Asset Management, LLC, an affiliate of Superfund Capital Management, serves as the introducing broker for the Fund’s futures transactions and receives a portion of the brokerage commissions paid by the Fund in connection with its futures trading. Superfund USA an entity related to Superfund Capital Management by common beneficial 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.

As of September 30, 2012, Superfund Capital Management owned 514.918 Units of Series A-1, representing 5.90% of the total issued Units of Series A-1, and 434.258 Units of Series B-1, representing 10.79% of the total issued Units of Series B-1, having a combined value of $1,388,902.97. Gains allocated to Units of Series A-1 and Series B-1 owned by Superfund Capital Management were $57,947.47 for the quarter ended September 30, 2012. Superfund Capital Management did not make any contributions to or withdrawals from any Series during this period.

8. Financial highlights

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

	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees and MF Global		7.6	%		9.3	%		3.9	%		5.5	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
MF Global		0.0	%		0.0	%		(0.1	)%		(0.1	)%
Total return after incentive fees		7.6	%		9.3	%		3.8	%		5.4	%
Ratios to average partners’ capital
Operating expenses before incentive fees and MF Global		5.4	%		3.9	%		6.2	%		4.6	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
MF Global reserve		0.0	%		0.0	%		0.1	%		0.1	%
Total expenses		5.4	%		3.9	%		6.3	%		4.7	%
Net investment loss		(5.4	)%		(3.8	)%		(6.1	)%		(4.7	)%
Net asset value per unit, beginning of period	$	1,496.15		$	1,625.63		$	1,241.61		$	1,300.90
Net investment loss		(85.75	)		(67.18	)		(80.78	)		(64.59	)
Net gain on investments		199.36			217.06			128.74			135.25
Net asset value per unit, end of period	$	1,609.76		$	1,775.51		$	1,289.57		$	1,371.56
Other per Unit information:
Net increase in net assets from operations per Unit (based upon weighted average number of Units during period)**	$	112.40		$	151.90		$	58.96		$	88.63
Net increase in net assets from operations per Unit (based upon change in net asset value per Unit)	$	113.61		$	149.88		$	47.96		$	70.66

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

40

Financial highlights for the period January 1 through September 30, 2011 are as follows:

	2011
	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees		13.5	%		15.3	%		17.4	%		18.5	%
Incentive fees		1.5	%		1.8	%		4.1	%		3.7	%
Total return after incentive fees		12.0	%		13.5	%		13.3	%		14.8	%
Ratios to average partners’ capital
Operating expenses before incentive fees		6.7	%		4.6	%		7.4	%		5.3	%
Incentive fees		1.4	%		1.7	%		3.1	%		3.0	%
Total expenses		8.1	%		6.3	%		10.5	%		8.3	%
Net investment loss		(6.6	)%		(4.6	)%		(7.4	)%		(5.3	)%
Net asset value per unit, beginning of period	$	1,566.65		$	1,671.00		$	1,351.21		$	1,389.80
Net investment loss		(106.66	)		(90.74	)		(122.82	)		(102.90	)
Net gain on investments		295.04			317.11			302.49			309.06
Net asset value per unit, end of period	$	1,775.03		$	1,897.37		$	1,530.88		$	1,595.96
Other per Unit information:
Net increase in net assets from operations per Unit (based upon weighted average number of Units during period)**	$	183.05		$	204.67		$	161.94		$	212.79
Net increase in net assets from operations per Unit (based upon change in net asset value per Unit)	$	188.38		$	226.37		$	179.67		$	206.16

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

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

	2012
	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees		5.1	%		5.6	%		3.2	%		3.8	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
Total return after incentive fees		5.1	%		5.6	%		3.2	%		3.8	%
Ratios to average partners’ capital
Operating expenses before incentive fees		1.8	%		1.3	%		2.1	%		1.6	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
Total expenses		1.8	%		1.3	%		2.1	%		1.6	%
Net investment loss		(1.8	)%		(1.3	)%		(2.1	)%		(1.6	)%
Net asset value per unit, beginning of period	$	1,531.42		$	1,680.65		$	1,249.01		$	1,321.78
Net investment loss		(28.25	)		(22.11	)		(26.46	)		(21.25	)
Net gain on investments		106.59			116.97			67.02			71.03
Net asset value per unit, end of period	$	1,609.76		$	1,775.51		$	1,289.57		$	1,371.56
Other per Unit information:
Net increase in net assets from operations per Unit (based upon weighted average number of Units during period)**	$	78.40		$	95.16		$	41.01		$	49.78
Net increase in net assets from operations per Unit (based upon change in net asset value per Unit)	$	78.34		$	94.86		$	40.56		$	49.78

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

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Financial highlights for the period July 1 through September 30, 2011 are as follows:

	2011
	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees		12.2	%		12.8	%		14.6	%		15.2	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
Total return after incentive fees		12.2	%		12.8	%		14.6	%		15.2	%
Ratios to average partners’ capital
Operating expenses before incentive fees		6.5	%		4.5	%		7.2	%		5.1	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
Total expenses		6.5	%		4.5	%		7.2	%		5.1	%
Net investment loss		(6.5	)%		(4.4	)%		(7.2	)%		(5.1	)%
Net asset value per unit, beginning of period	$	1,564.27		$	1,682.68		$	1,335.27		$	1,385.08
Net investment loss		(29.16	)		(21.46	)		(27.91	)		(20.72	)
Net gain on investments		219.92			236.15			223.52			231.60
Net asset value per unit, end of period	$	1,755.03		$	1,897.37		$	1,530.88		$	1,595.96
Other per Unit information:
Net increase in net assets from operations per Unit (based upon weighted average number of Units during period)**	$	180.47		$	191.48		$	205.46		$	229.20
Net increase in net assets from operations per Unit (based upon change in net asset value per Unit)	$	190.76		$	214.69		$	195.61		$	210.88

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

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 $3,341,133 and $1,533,169, respectively, and gross unrealized gains and losses related to non-exchange-traded forwards were $92,083 and $94,342, respectively, at September 30, 2012.

For Series A, gross unrealized gains and losses related to exchange-traded futures were $2,069,172 and $835,930, respectively, and gross unrealized gains and losses related to non-exchange-traded forwards were $51,923 and $54,399, respectively, at September 30, 2012.

For Series B, gross unrealized gains and losses related to exchange-traded futures were $1,271,961 and $697,239, respectively, and gross unrealized gains and losses related to non-exchange-traded forwards were $40,160 and $39,943, respectively, at September 30, 2012.

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

Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. Credit risk with respect to exchange-traded instruments is reduced to the extent that an exchange or clearing organization acts as a counterparty to the transactions. The Fund’s risk of loss in the event of counterparty default is typically limited to the

42

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

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

The majority of these instruments mature within one year of September 30, 2012. However, due to the nature of the Fund’s business, these instruments may not be held to maturity.

10. Subscriptions and redemptions

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

Limited Partners may request any or all of their investment in a 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 redemption is to be effective. Redemptions will generally be paid within 20 days after the effective date of the redemption. However, in special circumstances, including, but not limited to, inability to liquidate dealers’ positions as of a redemption date or default or delay in payments due to each Series from clearing brokers, banks or other persons or entities, each Series may in turn delay payment to persons requesting redemption of the proportionate part of the net assets of each Series represented by the sums that are the subject of such default or delay, and Limited Partners will be paid their pro rata portion of the redemption amount not subject to defaults or delays.

11. Subsequent events

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

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

INTRODUCTION

The Fund commenced the offering of its Units on February 17, 2009. The initial offering terminated on March 31, 2009, and the Fund commenced operations on April 1, 2009. The continuing offering period commenced at the termination of the initial offering period and is ongoing. Subscription and redemption data is presented for both the Fund, as the SEC registrant, and for Series A and Series B, individually. For the quarter ended September 30, 2012, subscriptions totaling $578,088 in the Fund have been accepted and redemptions over the same period totaled $484,660. For the quarter ended September 30, 2012, subscriptions totaling $535,338 in Series A-1, $20,000 in Series A-2, $22,750 in Series B-1, and $0 in Series B-2 have been accepted and redemptions over the same period totaled $227,950 in Series A-1, $111,449 in Series A-2, $145,261 in Series B-1 and $0 in Series B-2. The Fund operates as a commodity investment pool, whose purpose is speculative trading in the U.S. and international futures and forward markets. Specifically, the Fund trades a portfolio of more than 120 futures and forward markets using a fully-automated, proprietary, computerized trading system. The Fund also seeks to maintain an investment in gold approximately equal to the total capital of each Series, as of the beginning of each month. The gold investment is intended to delink each Series’ net asset value, which is determined in U.S. dollars, from the value of the U.S. dollar relative to gold, effectively denominating the Series’ net asset value in terms of gold.

LIQUIDITY

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

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

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

CAPITAL RESOURCES

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

RESULTS OF OPERATIONS

Three Months Ended September 30, 2012

Series A:

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

Series B:

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

Nine Months Ended September 30, 2012

Series A:

Net results for the nine-month period ended September 30, 2012 were a gain of 7.6% in net asset value for Series A-1 and a gain of 9.3% in net asset value for Series A-2. In this period, Series A experienced a net increase in net assets from operations of $1,275,666. This increase consisted of interest income of $1,330, other income of $520, trading gains of $2,148,206 and total expenses of $874,390. Expenses included $292,392 in management fees, $97,464 in operating expenses, $206,653 in selling commissions, $265,548 in brokerage commissions and $5,408 in other expenses. At September 30, 2012, the net asset value per Unit of Series A-1 was $1,609.76 and the net asset value per Unit of Series A-2 was $1,775.51.

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Series B:

Net results for the nine-month period ended September 30, 2012 were a gain of 3.9% 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 $527,779. This increase consisted of interest income of $1,218, other income of $448, trading gains of $1,075,339 and total expenses of $549,226. Expenses included $167,965 in management fees, $55,988 in operating expenses, $84,260 in selling commissions, $227,816 in brokerage commissions and $7,358 in other expenses. At September 30, 2012, the net asset value per Unit of Series B-1 was $1,289.57 and the net asset value per Unit of Series B-2 was $1,371.56.

Fund results for the 3rd Quarter 2012:

In September, the Fund’s trading strategies produced negative results as the expansion of accommodative policies by central bankers led investors to add risk. Optimism that followed the European Central Bank’s (“ECB”) decision to buy Spanish and Italian bonds was amplified by the U.S. Federal Reserve’s (the “Fed”) announcement of a third round of quantitative easing (“QE3”), lifting equities worldwide. The Fed revealed an open-ended plan to buy mortgage-backed securities while holding the federal funds rate near zero through at least mid-2015. The Bank of Japan’s (the “BOJ”) move to add 10 trillion yen to their asset purchase program and China’s openness to stimulus further supported stocks. Base metals climbed on hopes for increased demand while gold and silver benefited as inflation hedges. NY crude topped $100/bbl before growing stockpiles and the end of the summer driving season helped to reverse the trend. Natural gas rallied to a 2012 high on below normal gains in inventory ahead of the winter heating season. The Fund’s short-term strategies posted mixed results with gains in metals and losses in currencies. The Fund’s bond positions produced moderate losses in September as central bank intervention drove market movement. German bund yields climbed sharply as the ECB’s plan to purchase Italian and Spanish debt reduced safe-haven demand. Bund futures reached 3-month lows before concern over austerity measures within Spain’s 2013 budget and its ability to cooperate with the ECB sparked anxieties and reversed the move. After dipping 1.5%, U.S. 10-year note futures recovered to nearly unchanged on higher than expected U.S. jobless claims. The BOJ also eased, adding 10 trillion yen to its existing asset purchase program, suppressing Japanese Government Bonds (“JGB”) yields. The Fund’s allocation to currencies underperformed in September as the U.S. dollar lost ground against all major currencies in response to the Fed stimulus. Market expectations for QE3 proved to be correct as a weak employment data prompted further injections of liquidity. The Fed moved its focus to the mortgage market, announcing open-ended monthly purchases of $40 billion in mortgage backed securities. The ECB implemented a broad bond purchase program but stopped short of lowering interest rates. These moves prompted a decline in the U.S. dollar versus the euro (+2.2%) and the British pound versus the U.S. dollar (+1.6%). The Canadian dollar (+0.3%) strengthened versus the U.S. dollar as jobs data was better-than-expected. In Japan, the expansion of the BOJ’s bond purchase program led to volatile month for the yen (+0.5% versus the U.S. dollar). The Fund’s positions in the metals sector generated positive results in September as plans for open-ended asset purchases by U.S. and European central bankers and new infrastructure spending in China lifted both precious and base metal alike. Disappointing U.S. jobs data fueled growing expectations for monetary stimulus while China’s approval of new infrastructure spending supported metals early. Metals spiked higher following the announcement of QE3 with London Metal Exchange (“LME”) Aluminum (+11.3%) posting 11 consecutive gains, its longest rally in 25 years. LME and COMEX gained 7.7% and 8.7% respectively on anticipated raw material demand. Labor unrest in South Africa forced the closure of mines owned by Anglo American Platinum, the world’s top producer. Platinum was up 19.2% since August 16. The Fund’s allocations to the energies sector yielded disappointing results in September as the 30% climb in crude since June abruptly reversed on demand concerns and a build in supplies. Saudi Arabia’s commitment to increase production, concern over a Spanish bailout and a reduced profit outlook from economic bellwether Fedex sent prices lower. The September 19 inventory report showed a build of +8.53M bbl, culminating in a 4.4% decline for crude. Gasoline strengthened against crude, climbing 1.2%, as refining capacity remained constrained. Heating oil also gained as the winter heating season draws near. Natural gas (+12.1%) finished at 2012 highs on news that stockpiles will fall short of capacity prior to winter. The Fund’s perpetual long gold position produced strong results as investors flocked to gold in order to hedge away inflation risk brought on by the currency debasing polices of the ECB and the Fed. Gold’s attraction as a value store drove it 5.1% higher, reaching a 6-month high ($1,787 Troy oz). The quarterly gain of 11% was its best since June of 2010.

In August, apart from its perpetual long gold position, the Fund’s strategies produced moderately disappointing results as guidance from central bankers increased investor appetite for risk. ECB president Mario Draghi’s late July statement that the he would do “whatever it takes” to preserve the euro proved to be the driving force behind a rally in European equity markets. German Chancellor Angela Merkel reaffirmed her country’s support for the ECB’s approach, increasing expectations for monetary stimulus. U.S. equities rallied in tandem with Europe, aided by a series of positive economic data, with the Standard & Poor’s 500 (“S&P 500”) reaching a four-year high. Fed minutes released in advance of the highly anticipated Jackson Hole symposium revealed the Federal Open Market Committee’s (“FOMC”) intention to implement a third round of quantitative easing unless the strength and pace of economic recovery improves soon. Energy markets rallied markedly, lifted by U.S. and euro-zone optimism, heightened tensions in the Middle East, and the falling U.S. dollar. The drought gripping the U.S. Midwest drove corn and soybean to all-time highs. The Fund’s short-term strategies underperformed with losses in equities, energies and currencies. The Fund’s positions in equities underperformed in August as European leaders worked to improve the region’s fiscal position, reducing anxiety over euro-zone debt issues. Yields in Spain and Italy fell back on increasing expectations that the ECB will take action to avoid default. Equities in the (United Kingdom (“U.K”) (+1.8%), Italy (+8.9%), and Spain (+10.5%) all finished with gains in spite of

45

weak economic data. France (+3.6%) and Germany (+2.7%) managed to avoid recession during the second quarter, outperforming their neighbors in the European Union (the “EU”). In the U.S., the S&P 500 (+2.2%) also gained, posting a four-year high. Asian equities in Japan (+1.6%) and Taiwan (+3.3%) finished on the plus side while stocks in China (-4.3%) fell as exports slowed. The Fund’s bond positions posted disappointing results in August as U.S. treasuries sold off steadily throughout the first half of the month in response to positive economic data and euro-zone optimism. Retail sales rose for the first time in four months while an encouraging 1.8% gain in housing prices signaled a strengthening economy. Reduced demand for safe-haven assets lifted U.S. 10-year note yields to an intraday three-month high of 1.86% before falling after Fed minutes alluded to the possible need for further stimulus. Positive economic news in Europe also contributed to risk appetite with better-than-expected gross domestic product (“GDP”) data from Germany (+0.3%) and France (unchanged), pressuring German bunds. The Fund’s positions in the energies sector benefited in August as the uptrend in the crude oil complex that began in July continued. Stronger employment data in the U.S. and an easing of European economic fears boosted the crude market early on expectations for increased demand. Inventory reports showed both crude and heating oil shrunk with heating oil inventories falling to a seasonally adjusted 4-year low. Tensions in the Middle East showed no signs of abating as hostilities continued to escalate in Syria. Crude prices climbed 9.6% while heating oil rose 11.5%. Natural gas prices fell back sharply, -12.8% to $2.799 per million British thermal unit (“btu”), as the supply glut rose still further and temperatures moderated. The Fund’s allocation to currencies produced negative results in August. High expectations on the latest ECB meeting went unmet as little new information was revealed and rates were left unchanged. Germany’s firm support of the euro and Greece’s reaffirmed dedication to meeting bailout targets, bolstered confidence. As a result, both the euro (+2.2%) and British pound (+1.3%) gained ground versus the U.S. dollar. The U.S. dollar (-1.8%) was mostly weaker as the slow pace of U.S. growth prompted the FOMC to suggest that additional stimulus might be necessary to spur a sustainable recovery. The Australian dollar (-1.5%) fell as weakening Chinese demand threatened to dampen exports. The Japanese yen (-0.3%) lost ground early on weak economic data but quickly rebounded. The Fund’s perpetual long gold position posted strong gains in August as gold regained its preferred status as an inflationary hedge. Bulls betting on monetary easing were rewarded when Fed minutes predicted additional stimulus measures if the U.S. economy failed to show signs of durable growth soon. Gold had its best month since January, gaining 4.6%.

In July, the Fund’s trading strategies returned to positive territory as capital preservation was the primary goal for investors. Unsustainable debt in Spain had government officials considering all options including bailout, default, or even leaving the euro while Greece’s troika of creditors found the country to be falling short of budgetary targets required for their 240 billion euro rescue package. China’s growth slowed to 7.6%, a three-year low, prompting two rate cuts so far this year. Investors seeking refuge redirected cash into safe haven debt instruments, pushing yields to record lows. In the U.S., the Great Plains growing region is facing the worst drought since 1956. Less than one-third of the U.S. corn and soybean crop is in good condition, propelling both markets to all-time highs. The Fund’s short-term strategies produced mixed results with gains in interest rates and losses in metals. The Fund’s equity positions underperformed in July. Volatility persisted as the overhang of European economic difficulties and slowing global growth continued to weigh on markets. Spain’s Ibex35 (-4.0%) fell to its lowest point since 2003 while the Italian Mib40 (-3.0%) reached an all-time low, prompting regulators to reinstitute short-sale bans in both countries. In the U.S., the Dow Jones Industrial Average (the “Dow”) (+1.1%) was supported by a drop in jobless claims and encouraging durable goods data. In China (+1.1%), slowing growth prompted a second cut to its key lending rate while Japanese stocks (-3.7%) lost ground, pressured by the yen’s appreciation. The Fund’s bond positions were profitable in July as investors poured money into safe-haven debt instruments despite record low yields. Spain remains at the center of Europe’s economic woes with 10-year bond yields reaching 7.75%, a euro-era record. In response, investment into German bunds increased, which twice touched a record low yield of 1.127%. British Long Gilts (+2.3%) also benefited from safe-haven inflows as Bank of England officials announced another 50 billion pounds in quantitative easing. Robust demand for the safety of U.S. debt drove 10-year and 30-year yields to record lows as well, at 1.379% and 2.4405% respectively. The Fund’s allocation to short-term interest rates generated positive returns in July as markets welcomed action from the ECB while looking to the Fed to follow suit. The ECB cut its benchmark lending rate to a record low of 0.75% and its overnight deposit rate to 0% in an effort to stave off recession. Speculation for further cuts drove the Euribor rate to a record low of 0.401%. Markets expect the Fed may now reconsider cutting the IOER (interest on excess reserves) from 0.25% in order to incentivize banks to reallocate reserves away from the Fed and into higher yielding areas. Anticipation for an IOER cut, coordinated with additional Fed tools, lifted Eurodollar futures. The Fund’s allocation to currencies produced moderate gains in July as global economic uncertainly drove money flows into safe-haven sovereign currencies at the expense of the euro. A permanent solution to the debt issues that plague southern Europe remained elusive, pushing the euro to a two-year low versus the U.S. dollar ($1.2043/euro). The yen maintained its favored status, up 7.2% since mid-March, while the Aussie dollar (+2.9%) also remained strong. The Canadian dollar (+1.5%) approached parity with its U.S. counterpart on relative economic outperformance. The Fund’s strategies produced strong returns in grains in July as the U.S. Midwest is experiencing its worst drought in nearly six decades. As of July 30^th, only 25% of the crop was in good condition, the lowest since 1988. The USDA lowered yield estimates 12% to and is expected to make another significant cut in August. December corn gained 27% in July and is 59% higher since mid-June. It is likely that later maturing soybeans will be equally affected by the drought. The most active corn and soybean contracts posted all-time highs of $8.20  ¹/₂ and 16.91  ¹/₂ a bushel respectively. The Fund’s positions in the metals sector underperformed in July as Comex gold continued to trade in a narrow range and global instability hurt base metal demand. LME warehouse zinc (-1.9%) supplies surpassed one million metric tons for the first time in 17 years while

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copper imports to China fell to a 10-month low. Comex copper declined 2.1%, closing at $341.75/lb. Gold was confined to a 4.6% range as traders awaited signals from central bankers towards easing policies. The Fund’s allocation to the energy sector yielded disappointing results in July as crude oil mounted a rally from the dramatic decline over the last several months. Short-covering helped to start prices moving up early in the month as speculators sought to lock in gains. Rising political tensions between Israel and Iran helped to reinforce the rally with unrest in Syria increasing the likelihood of a near-term supply disruption. RBOB gasoline (+6.9%) and heating oil (+5.4%) moved up sharply in step with crude, in spite of ample supplies. Natural gas (+13.6%) rebounded further from lows as hot weather drove up cooling demand from utilities. The Fund’s perpetual long gold position posted modest gains in July as gold remained bound to its established trading range, crossing the $1,600/troy oz. level ten times since early May. Forecasters disagree on market direction with bulls anticipating central bankers being forced to implement further monetary easing while bears cite waning interest and preference for the U.S. dollar.

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

Fund results for 2nd Quarter 2012:

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

In May, the Fund’s trading strategies produced strong results as uncertainty and eroding optimism dominated market sentiment, sending investors on a broad-based flight to safety. Falling business confidence in Germany, rising euro-zone unemployment, and a shrinking manufacturing sector led to dramatic risk reduction across all sectors. The euro decreased to a nearly two-year low as investors sought the safety of the U.S. dollar, pressuring commodities. The S&P GSCI index of 24 commodities plunged 13%, its worst month since the recession of 2008. Demand for capital preservation drove yields of safe-haven debt instruments to all-time lows. The Fund’s short-term models enhanced monthly gains with profitable positions in CME Australian dollar, COMEX gold and CBT U.S. T-Bonds. The Fund’s equity positions excelled in May as markets fell sharply

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on weakening economic conditions. European economies continued to soften with negative quarterly GDP and falling indices in the U.K. (-7.5%), Italy (-10.4%), Spain (-11.8%), and Greece (-30.6%). Even though Germany managed to show slight positive GDP growth of .5%, Dax futures fell 7.9%. The possibility of a Greek departure from the euro-zone increased as economic and political pressures mount. In the U.S., the Dow slipped 5.3% as factory orders fell 1.5% and leading indicators slipped 0.1%, leaving only modest growth expectations for the near-term. The U.S. added 115,000 jobs in April, the fewest since October, 2011. Shares across Asia were decidedly weak with the Hang Seng (-11.5%), Nikkei (-10.2%), and MSCI Taiwan (-3.5%) sinking on weakening export demand. The Fund’s bond exposure returned substantial profits in May as the risk-off trade prevailed in response to the unresolved debt crisis in Europe. Elevated fears that Greece may leave the euro-zone and an increasingly troubled Spanish banking sector combined to lift borrowing costs for at-risk sovereigns. Fear-driven investment poured into safe-haven assets in Germany, the U.S., and Australia. German 10-year bund futures (+3.5%) rose to all-time highs. In the U.S., strong demand for safety pushed the benchmark 10-year note to a record low of 1.5309% with 30-year yields approaching their 2008 bottom. The Fund’s allocations to currencies yielded strong results in May as the U.S. dollar advanced sharply in a general flight to safety. Heightened European instability and slowing global growth hurt equity markets while driving the Dollar Index to a 5.4% gain and a 21-month high. The euro slid 6.6% against the U.S. dollar as regional unemployment hit 10.9%, a 15-year high. U.K. retail sales dropped the most over two years, pushing the British pound 5.0% lower versus the U.S. dollar. The Australian dollar fell 6.2% as the Reserve Bank of Australia (“RBA”) unexpectedly cut its key lending rate 50 basis points to 3.75%. Only the Japanese yen (+1.8%) managed to rise against the U.S. dollar in relatively quiet trade. The Fund’s positions in the metals sector generated significant gains in May. Precious and industrial metals fell as a risk-off mentality began to permeate futures markets once again on renewed fears of a global economic recession. Euro-zone service and manufacturing sector data showed contraction for the ninth consecutive month, adding to concerns about the health of the global economy. Manufacturing data in China continued to reveal slowing growth, pushing down industrial metal. LME and COMEX copper fell for four consecutive weeks while LME aluminum slumped 5.9%. All base metals, with the exception of zinc, established new lows for 2012 in May, as did COMEX gold (-6.1%) and silver (-10.3%). The Fund’s allocation to the energy sector produced robust gains, benefitting from the sharp decline in the petroleum complex as ample supply and slack demand pressured prices. After several months of consolidation in crude, technical breaks below support levels led to a significant decline in both NYMEX and Brent futures, dropping 17.5% and 14.7% respectively. In natural gas, the well-established down-trend was finally broken as multi-year lows spurred buying interest. Mild spring weather and warm near-term forecasts helped support prices on increased cooling needs. The Fund’s perpetual long gold position underperformed in May as gold experienced its worst month in 11 years. Investors concerned over the European debt crisis favored the perceived safety of the U.S. dollar over alternative assets such as precious metals.

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

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COMEX silver (-4.7%) helped to offset losses while COMEX gold (-0.3%) had its smallest monthly change since March of 2010 as traders waited for clarity on global economic conditions. The Fund’s allocation to the energy sector yielded losses in April as encouraging U.S. manufacturing and consumer spending supported energy markets despite reduced geopolitical risk, slowing growth in China, and renewed recession fears in Europe. NYMEX crude posted its least volatile month in 17 years, trading in a 4.8% range, tightly bound by its 100 and 50-day moving averages. Weekly inventories (373 million barrels) reached an 11-month high as Chinese manufacturing contracted for the sixth straight month. Brent crude’s premium over West Texas Intermediate (“WTI”) shrunk to as little as $13.61, the smallest margin since January, as Spain and the U.K. slid back into recession and negotiations with Iran showed promise. The Fund’s perpetual long gold position was relatively flat in April, as gold traded in its tightest range (4.3%) since August of 2009 due to languid investor and physical interest. Gold closed at $1664.20/oz., just below its 200-day moving average and down 7.2% from the 2012 high.

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

Fund results for 1^st Quarter 2012:

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

In February, the Fund’s trading strategies generated solid returns as geopolitical and economic forces pushed energies and equities decidedly higher. Intensifying tensions with Iran over their nuclear program injected risk premium into oil markets, driving crude prices to multi-month highs. Meanwhile, a wave of hopeful economic data and the long-awaited second Greek bailout lifted stocks. U.S. unemployment fell for a fifth straight month, adding 234,000 jobs while U.S. consumer confidence posted its longest streak of gains since 1997. The Nasdaq Stock Market (the “Nasdaq”) hit 11-year highs and the Dow closed above 13,000 for the first time since 2008. The BOJ revealed plans to inject 10 trillion yen into the Japanese economy in an effort to suppress deflation while the ECB sought to stabilize euro-zone banks and stimulate the economy by issuing €529.5 billion of low interest loans. CBOT corn slid sideways awaiting spring plantings, while soybeans soared on expected crop damage in Brazil. Short-term strategies enhanced overall performance with gains in currencies, stocks, metals, and energies. The Fund’s allocation to the energy sector produced significant returns in February as economic optimism, escalating Iranian tensions, and reduced refinery capacity led to robust returns for long energy positions. Extreme cold in Europe in the midst of heavy refinery maintenance drove IPE gas oil (+6.3%) to a nine-month high. New York heating oil (+6.0%), also used in home

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heating, was pulled higher on anticipated demand shift to the U.S. Brent crude gained 10.9%, its best month since May of 2009, while NY crude (+8.6%) reached a nine-month high. Despite poor U.S. gasoline demand, RBOB futures extended an impressive rally, gaining 5.4%, aided by permanent, unplanned, and seasonal refinery closures. Promising U.S. employment data and the Greek bailout approval lifted energies universally on hopes of economic growth. The Fund experienced positive results in global equity markets as stocks rose on continued economic improvement. While Europe worked its way towards the second bailout of Greece, equity markets across the continent were higher as fears of an imminent euro-zone collapse subsided. The ECB eased monetary policy significantly in an effort to support markets, stepping away from its traditional mandate of inflation stability. Markets responded with the CAC40 (+4.5%), FTSE (+3.7%) and DAX (+6.0%) all finishing the month higher. Only the Greek index finished lower with a 9.1% loss. Investor optimism drove up markets across Asia with the Nikkei (+10.2%) climbing sharply as the yen fell. Improvements in the outlook for exports also boosted shares in Hong Kong (+6.6%), Korea (+3.5%) and Taiwan (+7.6%). The U.S. markets rose as unemployment fell to 8.3%, jobless claims hit a four-year low, and modest growth was seen in manufacturing and housing. The S&P 500 (+4.3%) is off to its best start in 21 years. The Fund’s allocation to currencies generated moderate losses due to the sharp reversal in the Japanese yen. The U.S. dollar was weaker against most global currencies as the Fed reiterated its highly accommodative stance in spite of improving economic conditions. The BOJ, which has struggled with deflation for more than a decade, announced it would target a 1% annual inflation rate, adding 10 trillion yen to the economy in the process. Traders took the news seriously and sent the yen (-6.2%) to a seven-month low. The euro (+1.9%) strengthened against the U.S. dollar as fears over a Greek debt disaster abated and expectations rose for increased lending activity. The Swiss franc (+1.8%) and British pound (+1.1%) also gained while better-than-expected economic data in Australia drove the AUD/USD rate to a six-month high (1.0795 $/AUD). South American currencies continued to climb with the Mexican peso (+1.4%), Colombian peso (+2.4%), and the Brazilian real (+1.7%) all gaining. The Fund’s bond portfolio produced negative results in February. U.S. bond prices retreated slightly from January highs as positive economic data continued to foster the strongest equity rally in two decades. U.S. unemployment dropped to 8.3%, returning to a level not seen since February 2009. U.S. 10-year notes retreated on the news and ended the month down 0.8%. The ECB implemented phase two of their long term refinancing operation liquidity program on February 27, injecting 530 billion euros of short-term liquidity into the region. The 1% loan offering was taken up by 800 euro-zone banks. The monetary infusion is expected to make its way into longer-term maturities as seen by the resulting rally in bunds and 10-year Swap Notes. The Fund’s strategies underperformed in the metals sector after bullish trends in precious metals radically corrected as Fed Chairman Bernanke quelled hopes for QE3. Immediately prior to the plunge, gold and silver each hit multi-month highs as investors placed hedges against rising consumer prices and a weakening U.S. dollar. Following Mr. Bernanke’s testimony, gold (-1.7%) and silver (-6.9%) decreased significantly. Fears of reduced euro-zone base metal demand abated as leaders came to agreement on a second aid package for Greece. LME aluminum (+4.0%), assisted by record canceled warrants (orders to withdraw stockpiles), reversed early losses in the broad-based rally. Rising confidence levels on both sides of the Atlantic and falling inventories worked in tandem to elevate COMEX (+2.1%) and LME copper (+2.2%). The Fund’s perpetual long gold position suffered late-month losses as testimony from Mr. Bernanke expressed optimism over improving macroeconomic data, reducing the likelihood of additional monetary stimulus. Gold and other safe-havens dropped on the news as the U.S. dollar rallied.

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

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winter crop conditions. The Fund’s exposure to the energy sector generated positive returns, led by long gasoline and short natural gas positions. Gasoline ended up (+7.3%) for the month, while an unusually warm winter and continued supply glut pushed natural gas to $2.231/btu, a 10-year low. The Fund experienced losses in NYMEX crude oil amid a directionless trade as prices were range-bound between $98 and $103 per barrel. The Fund’s perpetual long gold position produced sizable gains after the FOMC announced that interest rates would remain low through 2014, sparking U.S. dollar worries. The ongoing EU debt crisis also continues to keep the euro weak. The instability associated with these currencies provided strong support for safe-haven assets.

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

Three Months Ended September 30, 2011

Series A:

Net results for the quarter ended September 30, 2011 were a gain of 12.2% in net asset value for Series A-1 and a gain of 12.8% in net asset value for Series A-2. In this period, Series A experienced a net increase in net assets from operations of $1,812,831. This increase consisted of interest income of $1,330, trading gains of $2,087,708 and total expenses of $276,207. Expenses included $105,613 in management fees, $35,204 in operating expenses, $75,744 in selling commissions, $57,575 in brokerage commissions and $2,071 in other expenses. At September 30, 2011, the net asset value per Unit of Series A-1 was $1,755.03 and the net asset value per Unit of Series A-2 was $1,897.37.

Series B:

Net results for the quarter ended September 30, 2011 were a gain of 14.6% in net asset value for Series B-1 and a gain of 15.2% in net asset value for Series B-2. In this period, Series B experienced a net increase in net assets from operations of $1,661,338. This increase consisted of interest income of $902, trading gains of $1,856,501 and total expenses of $196,065. Expenses included $71,885 in management fees, $23,962 in operating expenses, $37,836 in selling commissions, $58,139 in brokerage commissions and $4,243 in other expenses. At September 30, 2011, the net asset value per Unit of Series B-1 was $1,530.88 and the net asset value per Unit of Series B-2 was $1,595.96.

Nine Months Ended September 30, 2011

Series A:

Net results for the nine-month period ended September 30, 2011 were a gain of 13.5% in net asset value for Series A-1 and a gain of 15.3% in net asset value for Series A-2. In this period, Series A experienced a net increase in net assets from operations of $1,819,702. This increase consisted of interest income of $5,365, trading gains of $2,821,704 and total expenses of $1,007,367. Expenses included $279,880 in management fees, $93,293 in operating expenses, $198,842 in selling commissions, $186,379 in brokerage commissions and $5,524 in other expenses. At September 30, 2011, the net asset value per Unit of Series A-1 was $1,755.03 and the net asset value per Unit of Series A-2 was $1,897.37.

Series B:

Net results for the nine-month period ended September 30, 2011 were a gain of 17.4% in net asset value for Series B-1 and a gain of 18.5% in net asset value for Series B-2. In this period, Series B experienced a net increase in net assets from operations of $1,647,349. This increase consisted of interest income of $5,280, trading gains of $2,706,213 and total expenses of $1,064,144. Expenses included $225,496 in management fees, $75,163 in operating expenses, $123,698 in selling commissions, $224,342 in brokerage commissions and $9,955 in other expenses. At September 30, 2011, the net asset value per Unit of Series B-1 was $1,530.88 and the net asset value per Unit of Series B-2 was $1,595.96.

Fund results for 3rd Quarter 2011:

In September, the Fund’s trading strategies posted disappointing results as economic uncertainty spiked, precipitating a severe bout of commodity market liquidation and corresponding flight to the U.S. dollar and treasuries. Equities came under pressure early as poor U.S. unemployment data and growing dysfunction in European money markets prompted liquidation. Values remained under duress for the balance of the month as the International Monetary Fund, the Fed, and the ECB offered bearish assessments of downside risks to global growth. The U.S. dollar gained along with U.S. and European treasuries as investors flocked to safe haven assets while awaiting further clarity from European authorities. Gold and silver reversed August’s gains on a stronger U.S. dollar, increased margin requirements and collateral damage from commodity and equity market liquidation. Grains and soft commodities were hit particularly hard amid the fundamental reassessment of demand, a stronger U.S. dollar

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and improved production prospects. The Fund’s short-term strategies further detracted from overall performance as losses in currencies and energies offset gains in bonds, metals, and stocks. The Fund experienced significant losses in grains and agricultural markets in September. Losses were seen in grain market trades amid global economic concerns, weakening demand, seasonal harvest pressure and a strong U.S. dollar. Positions in agricultural products underperformed as the combination of excellent production and the increasing likelihood of a global recession resulted in heavy liquidation. Allocations to currencies and money markets also yielded negative returns in September. Losses in currency markets resulted from a massive flight out of risk assets, including commodities, commodity currencies and emerging market equities which propelled the U.S. dollar sharply higher against a global basket of currencies. Positions in global money markets lost ground in September as continued instability in financial markets led to choppy action at the top of the recent range. Pressure continued to mount on European officials as major bank shares fell amid reports of rising dysfunction in the inter-bank lending market. This prompted the major central banks to coordinate funding and stability to the system. The Fund’s models produced gains in metals and bonds in September. Metals markets saw positive results overall as the seemingly intractable European debt crisis escalated pessimism regarding industrial metal demand. The Fund’s bond portfolio continued to perform well during September as fear and central bank intervention drove major sovereign debt prices higher. As world commodity and equity prices fell, investors invested into the safe haven assets of medium and long-term sovereign debt. The Fund’s perpetual long gold position produced losses in September. December COMEX gold opened the month with new all-time highs before reversing to post a loss of 11.5% in volatile action. Losses accelerated after the Fed’s plan to purchase long-term debt was announced, citing increasing downside risks to economic growth. By minimizing inflation worries, the Fed’s action also paved the way for a massive exodus out of commodities. As the flight out of risk progressed, gold lost ground as institutions used recent profits to finance losses elsewhere.

In August, the Fund’s trading strategies yielded mixed results as volatility continued to rise in conjunction with political and economic uncertainty. Global contagion fears escalated to new levels during the month following the downgrade of U.S. debt and heightened fears of a downgrade of French debt. The Fund’s trend following models produced gains in bonds and money markets as safe haven capital flooded to sovereign debt. The Fund’s short-term strategies also contributed positively to overall performance as gains in bonds, metals and energies offset losses in stocks and currencies. The Fund’s perpetual long gold position furthered gains as gold futures increased over 12% while posting new all-time highs above $1900 per ounce. The Fund’s allocation to bond markets outperformed once again in August as the fear trade picked up momentum amid flagging consumer sentiment as governments continued to fail to address long-term deficit challenges. U.S. bonds increased over 7% as safe haven demand surged with the S&P downgrade of U.S. debt and subsequent heavy liquidation in global equity markets. The trading strategies also produced gains from short-term interest rate futures positions in August as the uptrend remained firmly entrenched. Short-term rate futures around the world spiked higher early in the month as equities sold off in response to uncertainty surrounding the debt of both sovereigns as well as major financial institutions. Somewhat paradoxically this led to a flight to safety to some of the very sovereigns that were coming under fire, most notably the U.S. Allocations to equities markets yielded negative results in August as global markets collapsed under the weight of fears surrounding the stability of major international banks. Equity market volatility increased as S&P’s downgrade of U.S. debt was followed by fears of a French downgrade due to exposure to Italy. Global growth expectations contracted quickly sending Italian (-15.7%), Spanish (-8.9%) and French (-11.4%) indices sharply lower, prompting regulators to establish short-selling bans. Short sellers responded by attacking Europe’s leading economy, sending Germany’s DAX to a loss of 19.4%. Asian markets also suffered amid global contagion fears, as Japan (-9%), Korea (-13%) and Singapore (-9.7%) witnessed declines. Late month news that Warren Buffet was investing $5 billion in embattled Bank of America shares along with a surprisingly strong U.S. durable goods number and a Greek bank merger restored some measure of confidence while limiting losses in the Dow to 4.1%. The Fund’s currencies positions also yielded negative returns in August as the euro and U.S. dollar settled into tight ranges while risk currencies reversed lower. Other market sectors, relative to those discussed above, did not have a substantial influence on the Fund’s overall positive performance in the month of August.

In July, the Fund’s trading strategies bounced back to produce strong returns as global contagion fears resulted in strong moves for safe haven assets at the expense of risk. The Fund’s short-term strategies contributed positively to overall performance as gains in bonds and stocks offset small losses in currencies, metals and energies. The strongest performing sectors on the month were bonds, metals and currencies, with bonds having the most substantial returns. Meanwhile, stock indices and grains produced moderate losses. The Fund’s perpetual gold position produced substantial positive returns in July as the debt crisis in Europe and the U.S. accelerated. The Fund’s bond positions performed well in July on speculation that there was an increasing likelihood of a debt-related slowdown in Europe and the U.S. German bunds rallied on demand for safe haven assets as CPI figures remained muted despite factory orders and exports easily surpassing expectations. The health of major banks in Italy and Spain came into question forcing Spanish and Italian yield to soar amid increasing loan losses for private banks. In the U.S., the combination of a disappointing early month jobs report and debt ceiling related slowdown fears supported the steady trend higher. Allocations to metals produced positive results on the month as policy maker deadlocks in Europe and the U.S. drove investors to the perceived safety of gold and silver. December gold finished 8.4% higher, surpassing the $1,637 level, while September silver added 15.2% to finish just over the $40 mark. London copper added 4.5% due to strong U.S. corporate earnings and a 20% increase in Chinese refined copper imports following May’s domestic stocks drawdown. An early month Chinese rate hike and a somewhat disappointing GDP report did little to slow the advance. The Fund’s currency market

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positions yielded positive results in July as early U.S. dollar strength reversed mid-month, giving way to concern over the risks associated with a failure to raise the U.S. debt ceiling. The first half of the month saw a significant euro weakness amid conflicting signals from various euro zone officials as to the ultimate fate of their heavily indebted members and the monetary union itself. The U.S. dollar rallied over 2% while the euro gave up over 3% amid Greek default talk and heightening Italian solvency concerns. From there, the U.S dollar reversed as global investors sought protection from a potential U.S. default as debt ceiling negotiations faltered. The Fund yielded slightly negative results in the stock indices sector in July as global markets continued to retrace from spring highs amid debt worries. Grain positions also experienced moderate losses in July on weather related yield uncertainty.

For the third quarter of 2011, the most profitable market group overall was the bonds sector, while the greatest losses were attributable to positions in the currencies sector.

Fund results for 2nd Quarter 2011:

In June, the Fund’s trading strategies yielded negative results as the correction in stocks and commodities that began in May continued, only to reverse late in the month. The Fund’s short-term strategies contributed positively to overall performance as gains in bonds, metals, and stocks offset losses in currencies and energies. The Fund underperformed in equities futures trading in June as stagnating growth and European sovereign debt worries sent indices sharply lower. European equities plummeted as EU officials, private creditors and the Greek government struggled to find a workable solution to the crisis. Meanwhile, the Fund’s bond strategies outperformed across the board in June, responding in a classic inverse manner to the factors impacting equities. German bunds moved steadily higher early as uncertainty over the status of Greek debt intensified. Lower than expected German factory orders and industrial production supported values as well. Australian bonds rallied, due in part to the attractive yield differential versus the U.S., Europe and Japan. The Fund’s allocation to global energy markets produced losses as the recent correction continued in June, reflecting increasing pessimism for economic prospects. Energy markets and commodity currencies sold off while treasuries gained on safe haven flows as softening manufacturing data prompted the ECB and the Fed to lower their longer term inflation estimates. However, with a late month agreement on a new aid package, equities and other risk assets reversed higher, while treasuries gave back earlier gains. Late month losses in previous metals and choppy action in base metals led to negative performance in that sector. The Fund’s trading models also produced losses in grains in June as improving weather and declining demand prospects associated with macroeconomic concerns led to sharp reversals. Gold and silver finished lower on the inflation outlook while grains sold off as excellent weather and an uncertain demand outlook led to higher inventory estimates. The Fund’s perpetual gold futures position yielded subpar results in June as choppy to slightly lower action eroded returns. Europe’s sovereign debt situation dominated much of the headlines as Greek, German and French officials struggled to come to common ground on new financing for the heavily indebted nation. Indeed, gold in euro terms established new all-time highs just below €1,100 per ounce on June 22nd before settling 2.1% lower near the €1,046 per ounce level with the passage of Greek austerity measures and dovish longer term inflation statements by the ECB and the Fed.

In May, the Fund’s medium to long term trading strategies underperformed as investors temporarily abandoned risk assets in favor of safe haven alternatives. The Fund’s short-term strategies also contributed negatively to overall performance as losses in equities, metals and currencies offset gains in bonds and energies. Equities reversed as declines in U.S. employment, housing and GDP combined with disappointing German factory orders to unnerve bullish investors. The Fund’s allocation to global stock indices underperformed despite a late recovery as the European debt crisis and a slowdown in manufacturing heightened fears of stagnant growth. The Fund’s bond strategies produced positive results across the board in May as safe haven assets pressed higher amid uncertainty concerning the sustainability of global economic growth. Treasuries rallied as bond yields in peripheral European states soared amid growing concern that a Greek default or restructuring was a real possibility. Allocations to currencies yielded poor results for the Fund in May as the U.S. dollar and euro reversed April’s action following the ECB’s unexpected removal of the “strong vigilance” on higher prices language from their May policy statement. The growing focus on the European sovereign debt situation prompted a flight out of risk assets and into the U.S dollar and the Swiss franc, which established a new record high against the euro. Energies and base metals saw sharp declines as a bearish Goldman Sachs commodity call, along with heightened volatility in forex markets tied to the problems in Europe, spurred liquidation. The Fund’s performance in the metals sector reversed as gold futures opened the month retracing over 6% from all time highs established on May 2nd. The weakness stemmed from massive liquidation in silver and receding inflation fears as European sovereign debt instability delayed near term prospects for an ECB rate hike. April gains turned into May losses for the Fund in energies as recent upward trends in crude oil, heating oil and gasoline gave way to significant declines. Grains endured more volatile action as extreme weather in the Northern Hemisphere continued to threaten production prospects. The Fund’s position in grains suffered due to continued volatility from broad based commodity selling, a reversal in the U.S. dollar and a surprise 8% upward revision in 2010-11 USDA corn ending stocks. The Fund’s perpetual long gold futures position underperformed in May as heavy early month liquidation led to an eventual loss of 1.3% for the precious metal. The market opened the month with a decline of over 6% from May 2nd record highs amid rumors that George Soros and Carlos Slim were cutting precious metal bets. Values stabilized slightly below $1,500 per ounce before rallying to finish near $1,535 per ounce amid safe haven buying.

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In April, the Fund produced solid overall gains, rebounding from a subpar performance in March. Global equities continued to trend higher despite U.S and European debt issues, Mid-East unrest and the Japanese disaster. Manufacturing maintained its positive trajectory, with notable improvement in Germany driving the DAX over 6% higher while U.S. shares accelerated to new multi-year highs on strong corporate earnings. Bond markets reversed mid-month as a downgrade in the U.S. credit outlook temporarily shifted focus away from inflation and toward longer term obstacles to growth. Gold posted record highs above $1,500 per ounce and silver fell just short of the $50 per ounce mark, adding over 28% as the Fed’s reaffirmation of quantitative easing and a U.S. credit outlook downgrade sent the U.S. dollar plummeting. The Fund experienced uneven results in grains and agricultural markets amid volatile weather conditions. The Fund’s short-term strategies contributed positively to overall performance as gains in currencies, metals and stocks offset losses in bonds and energies. The Fund’s allocation to global stock indices performed well in April as the uptrend in equities continued. The Dow rose 4.4%, reaching mid-2008 highs on excellent quarterly earnings. Late-month results from Apple and IBM easily offset the downgrade of the U.S. credit outlook by S&P. European equities generally ignored sovereign debt worries, finishing broadly higher as surging Germany factory orders and industrial production set a positive tone. However, Greece’s ASE-20 moved back to its lows as debt restructuring rumors rattled investors. Asian indices tracked steadily higher, continuing to capitalize on China’s dynamic growth. Japan’s Nikkei (+1.3%) broke higher late as disaster recovery efforts progressed. The Fund yielded negative results in global bond markets in April as a mid-month reversal produced losses. German bunds continued their recent trend lower early in the month as strong economic data at home combined with sovereign debt fears on the periphery to drive yields higher. Ongoing inflation fears ahead of the ECB’s 25 basis point rate hike also exerted pressure. Values then recovered somewhat before vaulting higher in conjunction with the downgrade of the U.S. credit outlook by S&P as investors received a sobering reminder of the potential long-term risks to global growth prospects. The Fund experienced minor gains from its allocation to short-term interest rate futures in April in mixed action. Eurodollar futures trended higher as the Fed officially reiterated its commitment to completing the second round of quantitative easing (“QE2”) after some doubts were expressed last month. Euribor futures finished mixed as the ECB maintained its vigilant stance on inflation by raising their discount rate 25 basis points as expected. Allocations to currency markets yielded strong results in April as recent trends extended amid accelerating U.S. dollar weakness. The euro surged to its highest level since December of 2009 as an S&P downgrade of the U.S. credit outlook prompted severe U.S dollar weakness as the month came to a close. The Australian dollar marched 6.2% higher amid excellent export growth, while the New Zealand dollar rose by approximately the same percentage on a rising appetite for yield and risk as global investors sought to offset asset deterioration linked to inflation. The Colombian peso added another 5.5% amid heavy foreign direct investment flows into the oil and mining industries. Sweden’s krona and Brazil’s real also gained significantly as rate hikes attracted yield hungry investors. The Fund’s grain positions suffered losses in April amid heightened volatility as values fluctuated along with uncertain weather. Soybeans finished lower on the prospect of U.S. corn acres shifting to soybeans due to an excessively wet spring. A potentially record breaking South American crop led China to cancel U.S. purchases, while a bearish commodity call by Goldman Sachs pressured values as well. Wheat sold off late, losing 7% of its value as forecasts for badly needed rains in winter wheat areas offset the bullish effects of excessive moisture in spring wheat regions. Corn traded to all-time highs above $7.80 per bushel as poor planting progress threatened to exacerbate historically tight supplies. The Fund’s allocation to agricultural markets also resulted in losses for April as growing supplies offset the weaker U.S. dollar. June cattle (-6.2%) fell throughout the month after establishing record highs on April 4th as the USDA reported that commercial red-meat production reached a record high. June hogs also reversed to finish 8.4% lower after a reported 12% increase in frozen pork stocks versus last year. Cotton fell sharply on concern that China’s attempts to slow inflation using higher interest rates and reserve rate requirements would cut into demand. Meanwhile, July NY coffee established 14-year highs amid poor weather in South America. Allocations to metals outperformed in April as exceptional U.S. dollar weakness and rising inflation throughout the world propelled precious metals sharply higher. Gold saw an 8.1% gain, surpassing the $1,550 per ounce mark. July silver tacked on another 28%, pushing its year to date return to over 50% in frenzied action. Copper futures lost 3.4% as the U.S. credit downgrade and another reserve requirement hike in China dampened the growth outlook for the world’s two largest copper consumers. The Fund’s perpetual long gold position surged as gold futures rose to new all time highs in U.S. dollar terms. Consumer Price Index (“CPI”) readings in China, Europe and the U.S. continued to expand with rising energy markets, enhancing demand for the perceived inflation hedge. The U.S. dollar struggled early amid rate hikes in Europe and China, along with a number of hikes in lesser economies. The S&P downgrade of the U.S. long term credit outlook accelerated these U.S. dollar losses.

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

Fund results for 1st Quarter 2011:

In March, the Fund’s allocation to global equity markets underperformed as a sharp countertrend reversal following the disaster in Japan produced losses for the Fund’s strategies. Equity markets opened the month moving sideways as the reemergence of sovereign debt and inflation worries in Europe offset steady expansion in global manufacturing. From there the Nikkei plunged 25.0% on panic-induced selling following the events of March 11th. Results for the Fund’s models experienced losses as most leading indices participated in the selloff as risk appetite abated. Equities quickly recovered as the focus shifted to the growth to be generated by rebuilding Japan. Nikkei futures finished only 7.7% lower on the month while shares in South Korea and Hong Kong finished 9.1% and 0.9% higher, respectively, on the belief that these markets are well positioned to fill the temporary void left by the decimated Japanese manufacturing sector. U.S. equity markets also experienced small gains as

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macroeconomic data continued on a positive trajectory. A mixture of long and short positions in equity markets led the Fund to an overall loss. The Fund’s positions in the bond sector experienced gains in March despite volatile market conditions as geopolitical instability in Libya and Japan and financial instability in Europe led investors to the relative safety of treasuries. Positions in Japanese government 10-year bonds experienced gains as the market opened the month near unchanged before rallying sharply in response to a nearly 20.0% washout in equities following the disaster. The Fund experienced losses in German bund futures as the market finished lower on news of improving employment, factory orders and retail sales. Meanwhile, the sovereign debt situation continued to evolve amid several debt downgrades of peripheral states, prompting investors to demand more yield to hold German debt even as EU leaders agreed to an expanded bailout package for troubled states. Results in U.S. bonds also experienced losses in turbulent trading activity as strong economic prospects offset geopolitical safe haven buying. A mixture of long and short bond positions led the Fund to an overall gain on the month. The Fund’s currency positions experienced gains in March as interest rate expectations and unsettling geopolitical developments dominated trading activity. June euro futures advanced 2.9% despite debt downgrades of Greece, Portugal and Spain as the ECB chairman continued to express the need for extreme vigilance with respect to the growing threat of inflation. The Swiss franc benefitted as investors sought shelter from the U.S.’s quantitative easing and Europe’s sovereign debt troubles. The yen rose over 4.0% following the catastrophic earthquake, amid expectations for a massive repatriation of capital to rebuild the stricken nation. However, in the first coordinated G7 intervention since the 2000 support for the euro, central bankers crushed the rally on March 18th, leading to a loss of 1.6% on the month. The Mexican peso outperformed as the oil producing nation saw slowing inflation complimented by expectations for continuing strong GDP growth. A mixture of long and short currency positions led the Fund to an overall gain on the month. June gold contracts finished a choppy month with a 2.0% gain as the trend of a shift from improving macroeconomic results to inflation risks continued. Daily reminders of rising food costs fuelled the inflation story and, according to the United Nations, food costs posted record highs in February after rising 25.0% in 2010. Gold experienced a mid-month correction of 4.4% following the catastrophe in Japan as investors moved out of risk assets. However, the market closed strong as European Central Bank rate hike expectations pressured the U.S. dollar to a loss of 1.5% on the month. These factors produced an overall gain for the Fund’s perpetual long gold futures position.

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

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month. The Fund experienced gains in April gold contracts, which finished the month 5.6% higher as the market’s focus shifted from improving economic results to inflation risks. Gold rallied early as China responded aggressively to its inflation challenges with interest rate and reserve requirement hikes. While the unrest in Egypt subsided relatively peacefully, matters took a more violent turn in Bahrain and Libya as rising food costs exacerbated widespread discontent, fuelling skyrocketing energy markets which posed even greater inflation risks and support for gold. These factors produced an overall gain for the Fund’s perpetual long gold futures position.

In January, the Fund’s allocation to global equities finished mixed in January as disappointing performances in several peripheral markets offset steady trends in major indices. In Europe, several past laggards, including Greece, Italy and Spain finished the month 13.9%, 9.2% and 10.2% higher, respectively, as heavy ECB participation in secondary market debt auctions and plans for a comprehensive debt relief structure reassured investors. Small gains on positions in Germany’s DAX, France’s CAC40 and the Amsterdam EOE Index, which finished 2.5%, 5.1% and 1.3% higher, respectively, offset losses in the sector as several core European economies improved. U.S. equities pressed higher as improving employment figures and solid consumer demand elevated corporate earnings. The Fund experienced early losses in Australia’s SPI as epic flooding cut into 2011 GDP prospects. Chinese H-Shares reversed lower late in the month to the Fund’s detriment as authorities continued to struggle with inflation. Overall, a mixture of long and short stock indices positions led the Fund to an overall loss. The Fund’s allocation to global bond markets underperformed in January as investors exited safe haven assets in response to improving global economic conditions. The Fund experienced losses in its Japanese government bond positions as large auctions and generally poor economic performance resulted in a ratings agency debt downgrade, encouraging investors to put money to work outside the country. In Europe, investors sold bund and bobl futures as Euro-zone industrial production readings easily surpassed expectations. Additionally, positive dialogue from various heads of state regarding a comprehensive crisis solution was backed up by aggressive ECB purchases of Italian, Portuguese and Spanish debt in secondary markets, ensuring successful auctions for the embattled countries. In the U.S., performance suffered in choppy countertrend action as bond and note futures moved sideways to slightly higher as QE2 persisted in spite of rising inflation concerns in the rest of the world. A mixture of long and short bond positions led the Fund to an overall loss on the month. The Fund experienced losses in the interest rates sector as European short rates reversed sharply from December’s strong close. While the ECB left rates unchanged in January, their policy minutes emphasized vigilance over price stability in the midst of rising commodity prices. Policy makers also noted that uncertainty remains elevated and some financial institutions still face the threat of balance sheet adjustments despite positive underlying momentum in the economy. They also stressed the need for Euro members to reduce debt-to-GDP ratios. Short rate futures in the U.S. finished near their highs as early weakness associated with a strong employment report was offset by staunchly accommodative Fed monetary policy. Their focus, in contrast to the ECB, continues to be focused on growth and full employment at the expense of inflation. Meanwhile, Australian short rate futures moved higher to the Fund’s benefit as epic flooding cut into 2011 GDP estimates, thereby reducing prospects for previously expected rate hikes. A mixture of long and short interest rate positions led the Fund to an overall loss on the month. The Fund’s allocation to currency markets underperformed in January as the euro and British pound finished 2.4% and 2.8% higher against the U.S. dollar, respectively, and euro-zone regionals reversed late 2010 losses. Early month news that Japan would buy distressed sovereign debt and strong ECB secondary market participation in Portugal, Spain and Italian bond auctions provided support to these economies. As confidence in the euro improved, investors moved out of the Swiss franc, which finished 0.9% lower against the U.S. dollar, and back into risk plays in Hungary and Poland, which finished 5.4% and 4.1% higher, respectively, resulting in losses for the Fund. The Australian dollar finished 2.1% lower against the U.S. dollar as flood damage triggered a one-time levy, which tempered 2011 growth estimates and rate hike expectations. The Fund experienced losses in the yen following a credit rating downgrade as Japan’s huge debt load and limited policy options unnerved investors. Gains in the Mexican peso, which finished 1.8% higher against the U.S. dollar offset some losses in the sector as the peso rallied on prospects for a sustained U.S. economic recovery. The Fund’s mixture of long and short currency positions led to an overall loss on the month. The Fund experienced losses in the metals sector in January as gold and silver futures traded sharply lower amid growing optimism that the global economic recovery is gaining momentum. April gold finished with a loss of 6.2% as strong early month U.S. employment figures and ebbing contagion fears in Europe limited investors’ appetite for the alternative asset. March silver finished the month 8.8% lower in correlated action. The Fund’s allocation to industrial metals also suffered. The Fund’s positions in March Comex copper were stopped out after a 6.0% intra-month decline due to China raising its reserve requirement in response to elevated GDP and CPI reports. Fears that China would take more aggressive measures to limit growth led to losses in London aluminum, lead and zinc as several Chinese banks were forced to cease lending for the remainder of the month. A mixture of long and short metals positions led the Fund to an overall loss on the month. The Fund’s allocation to global energy markets produced positive returns in January as economic, logistical and geopolitical factors underpinned values. Strong U.S. employment figures and a pipeline shutdown in Alaska supported the Fund’s New York crude oil positions early in the month. However, elevated Chinese GDP and CPI readings precipitated another reserve requirement hike while increasing expectations for additional measures to slow their economy. This scenario, along with a bearish U.S. inventory report, contributed to losses for the Fund amid an 8.0% drop from intra-month highs. Long positions in brent crude finished 6.6% higher, surpassing $100 per barrel following a reversal in European demand expectations, an accident in the North Sea which idled 200k barrels of production and heightening unrest in Egypt. Front-month heating oil surged as well, adding 7.4% as exceptionally cold weather gripped the northern hemisphere, providing excellent returns for the Fund. A mixture of long and short energy positions led the Fund to an overall gain on the month.

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

OFF-BALANCE SHEET RISK

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

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

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

Since the Fund’s initial reserve was taken, an active market has developed for MF Global claims similar to the Fund’s. As a result, Superfund Capital Management recently received bids from third parties for the purchase of the Fund’s MF Global claims. Following this process, Superfund Capital Management determined it was in the best interests of the Fund to sell its MF Global claims, and the Fund closed on the sale in the amount of $312,885 for Series A and $335,057 for Series B on June 11, 2012. Although the sale did not close until June 11, 2012, Superfund Capital Management recognized the change in reserve prior to closing the Fund’s books effective May 31, 2012. Because the sale price was slightly less than the carrying amount of the Fund’s assets on deposit at MF Global as reduced by the reserve taken as of October 31, 2011, each Series recognized an additional reduction in value as of May 31, 2012 due to the sale. Such change in reserve is presented as “Loss on MF Global” on the Statements of Operations. On May 31, 2012, the net asset value of the Series A-1 Units was reduced by approximately 0.05% (or approximately $0.86 per Unit); the net asset value of the Series A-2 Units was reduced by approximately 0.05% (or approximately $0.94 per Unit); the net asset value of the Series B-1 Units was reduced by approximately 0.07% (or approximately $1.06 per Unit); and the net asset value of the Series B-2 Units was reduced by approximately 0.07% (or approximately $1.12 per Unit). Following this sale, the Fund no longer has any exposure to MF Global.

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

57

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 each Series’ open forward contracts as well as the fair value of the futures contracts purchased and sold by each Series at September 30, 2012 and December 31, 2011.

CRITICAL ACCOUNTING POLICIES – VALUATION OF THE FUND’S POSITIONS

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

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

ASU 2011-11

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

ASU 2011-04

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

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not required.

ITEM 4. CONTROLS AND PROCEDURES

Superfund Capital Management, the Fund’s general partner, with the participation of Superfund Capital Management’s principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures with respect to each Series individually, as well as the Fund as a whole, as of the end of the period covered by this quarterly report, and, based on their evaluation, have concluded that these disclosure controls and procedures are effective. There were no formal changes in Superfund Capital Management’s internal controls over financial reporting during the quarter ended September 30, 2012 that have materially affected, or are reasonably likely to materially affect, Superfund Capital Management’s internal control over financial reporting with respect to each Series individually, as well as the Fund as a whole.

The Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer, Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer, Section 1350 Certification of Principal Executive Officer and Section 1350 Certification of Principal Financial Officer, Exhibit 31.1, Exhibit 31.2, Exhibit 32.1 and Exhibit 32.2 hereto, respectively, are applicable with respect to each Series individually, as well as to the Fund as a whole.

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PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

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

ITEM 1A. RISK FACTORS

Not required.

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

(a) There were no sales of unregistered securities during the quarter ended September 30, 2012.

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

The following tables summarize the redemptions by investors during the three months ended September 30, 2012:

Series A-1:

Month	Units Redeemed		Net Asset Value per Unit ($)
July 31, 2012		72.909		1,560.84
August 31, 2012		34.863		1,586.25
September 30, 2012		36.559		1,609.76
Total		144.331

Series A-2:

Month	Units Redeemed		Net Asset Value per Unit ($)
July 31, 2012		9.739		1,715.81
August 31, 2012		38.607		1,746.66
September 30, 2012		15.379		1,775.51
Total		63.725

Series B-1:

Month	Units Redeemed		Net Asset Value per Unit ($)
July 31, 2012		4.215		1,287.76
August 31, 2012		107.959		1,295.24
September 30, 2012		—		1,289.57
Total		112.174

Series B-2:

Month	Units Redeemed		Net Asset Value per Unit ($)
July 31, 2012		—		1,365.06
August 31, 2012		—		1,375.29
September 30, 2012		—		1,371.56
Total		—

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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

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

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SIGNATURES

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

Date: November 13, 2012	SUPERFUND GOLD, L.P.
		(Registrant)
	By:	Superfund Capital Management, Inc.
		General Partner
	By:	/s/ Nigel James
		Nigel James
		President and Principal Executive Officer
	By:	/s/ Martin Schneider
		Martin Schneider
		Vice President and Principal Financial Officer

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EXHIBIT INDEX

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

E-1