10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended September 30, 2014

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
Financial Statements: Superfund Gold, L.P.
	Statements of Assets and Liabilities as of September 30, 2014 (unaudited) and December 31, 2013		3
	Unaudited Condensed Schedule of Investments as of September 30, 2014		4
	Condensed Schedule of Investments as of December 31, 2013		5
	Unaudited Statements of Operations for the Three and Nine Months Ended September 30, 2014 and September  30, 2013		6
	Unaudited Statements of Changes in Net Assets for the Nine Months Ended September  30, 2014 and September 30, 2013		7
	Unaudited Statements of Cash Flows for the Nine Months Ended September 30, 2014 and September 30, 2013		8
Financial Statements: Superfund Gold, L.P. – Series A
	Statements of Assets and Liabilities as of September 30, 2014 (unaudited) and December 31, 2013		9
	Unaudited Condensed Schedule of Investments as of September 30, 2014		10
	Condensed Schedule of Investments as of December 31, 2013		11
	Unaudited Statements of Operations for the Three and Nine Months Ended September  30, 2014 and September 30, 2013		12
	Unaudited Statements of Changes in Net Assets for the Nine Months Ended September  30, 2014 and September 30, 2013		13
	Unaudited Statements of Cash Flows for the Nine Months Ended September 30, 2014 and September 30, 2013		14
Financial Statements: Superfund Gold, L.P. – Series B
	Statements of Assets and Liabilities as of September 30, 2014 (unaudited) and December 31, 2013		15
	Unaudited Condensed Schedule of Investments as of September 30, 2014		16
	Condensed Schedule of Investments as of December 31, 2013		17
	Unaudited Statements of Operations for the Three and Nine Months Ended September  30, 2014 and September 30, 2013		18
	Unaudited Statements of Changes in Net Assets for the Nine Months Ended September  30, 2014 and September 30, 2013		19
	Unaudited Statements of Cash Flows for the Nine Months Ended September 30, 2014 and September 30, 2013		20
Notes to Unaudited Financial Statements			21-42

2

SUPERFUND GOLD, L.P.

STATEMENTS OF ASSETS AND LIABILITIES

as of September 30, 2014 and December 31, 2013

	September 30, 2014 (unaudited)		December 31, 2013
ASSETS
Due from brokers	$	3,453,560	$	7,856,372
Unrealized appreciation on open forward contracts		—		3
Unrealized gain on futures contracts purchased		59,330		434,347
Unrealized gain on futures contracts sold		243,244		336,188
Cash		5,388,774		5,499,481
Total assets		9,144,908		14,126,391
LIABILITIES
Unrealized depreciation on open forward contracts		—		5
Unrealized loss on futures contracts purchased		778,822		623,378
Unrealized loss on futures contracts sold		6,305		190,551
Subscriptions received in advance		—		15,000
Redemptions payable		277,884		583,958
Management fees payable		15,675		24,932
Fees payable		13,053		22,160
Total liabilities		1,091,739		1,459,984
NET ASSETS	$	8,053,169	$	12,666,407

See accompanying notes to unaudited financial statements.

3

SUPERFUND GOLD, L.P.

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of September 30, 2014

	Percentage of Net Assets			Fair Value
Futures contracts purchased
Currency		(0.0	)*%	$	(2,456	)
Energy		(0.2	)		(19,311	)
Financial		0.2			20,104
Food & Fiber		(0.0	)*		(426	)
Indices		(0.4	)		(34,547	)
Livestock		0.2			13,450
Metals
CMX Gold expiring December 2014		(8.4	)		(665,980	)
Other		(0.4	)		(30,326	)
Total Metals		(8.6	)		(696,306	)
Total futures contracts purchased		(8.9	)		(719,492	)
Futures contracts sold
Currency		0.6			44,950
Energy		0.4			32,211
Financial		0.1			4,678
Food & Fiber		0.3			21,641
Indices		0.0	*		1,794
Metals		1.6			131,665
Total futures contracts sold		3.0			236,939
Total futures contracts, at fair value		(5.9	)%	$	(482,553	)
Futures and forward contracts by country composition
Australia		(0.0	)*%	$	(735	)
European Monetary Union		0.0	*		164
Great Britain		0.1			4,860
Japan		(0.1	)		(7,935	)
United States		(6.1	)		(493,903	)
Other		0.2			14,996
Total futures and forward contracts by country composition		(5.9	)%	$	(482,553	)

* Due to rounding – amount is less than 0.05%

See accompanying notes to unaudited financial statements.

4

SUPERFUND GOLD, L.P.

CONDENSED SCHEDULE OF INVESTMENTS

as of December 31, 2013

	Percentage of Net Assets			Fair Value
Forward contracts, at fair value
Unrealized appreciation on open forward contracts
Currency		0.0	*%	$	3
Total unrealized appreciation on open forward contracts		0.0	*		3
Unrealized depreciation on open forward contracts
Currency		(0.0	)*		(5	)
Total unrealized depreciation on open forward contracts		(0.0	)*		(5	)
Total forward contracts, at fair value		(0.0	)*%	$	(2	)
Futures contracts purchased
Currency		0.2	%	$	20,369
Energy		(0.5	)		(64,665	)
Financial		(0.1	)		(11,330	)
Food & Fiber		(0.2	)		(30,514	)
Indices		1.7			212,720
Livestock		(0.0	)*		(4,820	)
Metals		(2.5	)		(310,791	)
Total futures contracts purchased		(1.4	)		(189,031	)
Futures contracts sold
Currency		0.5			63,135
Energy		0.8			104,221
Financial		0.5			61,459
Food & Fiber		(0.1	)		(11,040	)
Metals		(0.6	)		(72,138	)
Total futures contracts sold		1.1			145,637
Total futures contracts, at fair value		(0.3	)%	$	(43,394	)
Futures and forward contracts by country composition
Australia		(0.1	)%	$	(17,985	)
European Monetary Union		0.0	*		268
Great Britain		0.0	*		6,192
Japan		0.1			13,085
United States		(0.8	)		(97,305	)
Other		0.4			52,349
Total futures and forward contracts by country composition		(0.3	)%	$	(43,396	)

* Due to rounding – amount is less than 0.05%

See accompanying notes to unaudited financial statements.

5

SUPERFUND GOLD, L.P.

UNAUDITED STATEMENTS OF OPERATIONS

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Investment Income
Interest income	$	272		$	430		$	994		$	1,811
Other income		22			45			31			59
Total investment income		294			475			1,025			1,870
Expenses
Brokerage commissions		47,029			68,511			201,187			315,756
Management fee		54,969			90,415			190,925			325,459
Selling commission		25,952			53,244			95,924			194,327
Operating expenses		18,323			30,138			63,641			108,489
Other		5,131			3,684			10,512			14,058
Total expenses		151,404			245,992			562,189			958,089
Net investment loss	$	(151,110	)	$	(245,517	)	$	(561,164	)	$	(956,219	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts	$	1,059,499		$	(1,512,882	)	$	1,760,506		$	(2,015,046	)
Net change in unrealized appreciation (depreciation) on futures and forward contracts		(1,044,148	)		2,032,909			(439,157	)		(307,006	)
Net gain (loss) on investments	$	15,351		$	520,027		$	1,321,349		$	(2,322,052	)
Net increase (decrease) in net assets from operations	$	(135,759	)	$	274,510		$	760,185		$	(3,278,271	)

See accompanying notes to unaudited financial statements.

6

SUPERFUND GOLD, L.P.

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS

	Nine Months Ended September 30,
	2014			2013
Increase (decrease) in net assets from operations
Net investment loss	$	(561,164	)	$	(956,219	)
Net realized gain (loss) on futures and forward contracts		1,760,506			(2,015,046	)
Net change in unrealized depreciation on futures and forward contracts		(439,157	)		(307,006	)
Net increase (decrease) in net assets from operations		760,185			(3,278,271	)
Capital share transactions
Issuance of Units		1,245,023			2,038,453
Redemption of Units		(6,618,446	)		(6,889,985	)
Net decrease in net assets from capital share transactions		(5,373,423	)		(4,851,532	)
Net decrease in net assets		(4,613,238	)		(8,129,803	)
Net assets, beginning of period		12,666,407			22,366,689
Net assets, end of period	$	8,053,169		$	14,236,886

See accompanying notes to unaudited financial statements.

7

SUPERFUND GOLD, L.P.

UNAUDITED STATEMENTS OF CASH FLOWS

	Nine Months Ended September 30,
	2014			2013
Cash flows from operating activities
Net increase (decrease) in net assets from operations	$	760,185		$	(3,278,271	)
Adjustment to reconcile net increase (decrease) in net assets from operations to net cash provided by operating activities:
Changes in operating assets and liabilities:
Decrease in due from brokers		4,402,812			4,094,008
Decrease in unrealized appreciation on open forward contracts		3			182,142
Decrease in unrealized depreciation on open forward contracts		(5	)		(101,771	)
Decrease in futures contracts purchased		530,461			98,194
Increase (decrease) in futures contracts sold		(91,302	)		128,441
Decrease in management fees payable		(9,257	)		(15,201	)
Decrease in fees payable		(9,107	)		(14,768	)
Net cash provided by operating activities		5,583,790			1,092,774
Cash flows from financing activities
Subscriptions, net of change in advanced subscriptions		1,230,023			1,953,938
Redemptions, net of change in redemptions payable		(6,924,520	)		(6,836,967	)
Net cash used in financing activities		(5,694,497	)		(4,883,029	)
Net decrease in cash		(110,707	)		(3,790,255	)
Cash, beginning of period		5,499,481			9,250,263
Cash, end of period	$	5,388,774		$	5,460,008

See accompanying notes to unaudited financial statements.

8

SUPERFUND GOLD, L.P. – SERIES A

STATEMENTS OF ASSETS AND LIABILITIES

as of September 30, 2014 and December 31, 2013

	September 30, 2014 (unaudited)		December 31, 2013
ASSETS
Due from brokers	$	2,404,378	$	4,366,891
Unrealized appreciation on open forward contracts		—		3
Unrealized gain on futures contracts purchased		41,767		254,637
Unrealized gain on futures contracts sold		153,737		177,920
Cash		4,064,192		4,314,062
Total assets		6,664,074		9,113,513
LIABILITIES
Unrealized depreciation on open forward contracts		—		1
Unrealized loss on futures contracts purchased		553,536		379,957
Unrealized loss on futures contracts sold		5,404		110,852
Subscriptions received in advance		—		15,000
Redemptions payable		277,884		279,141
Management fees payable		11,447		16,139
Fees payable		10,271		16,219
Total liabilities		858,542		817,309
NET ASSETS	$	5,805,532	$	8,296,204
Superfund Gold, L.P. Series A-1 Net Assets	$	3,693,782	$	6,261,154
Number of Units outstanding		3,296.942		5,778.843
Superfund Gold, L.P. Series A-1 Net Asset Value per Unit	$	1,120.37	$	1,083.46
Superfund Gold, L.P. Series A-2 Net Assets	$	2,111,750	$	2,035,050
Number of Units outstanding		1,641.692		1,660.757
Superfund Gold, L.P. Series A-2 Net Asset Value per Unit	$	1,286.33	$	1,225.37

See accompanying notes to unaudited financial statements.

9

SUPERFUND GOLD, L.P. – SERIES A

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of September 30, 2014

	Percentage of Net Assets			Fair Value
Futures contracts purchased
Currency		(0.0	)*%	$	(2,081	)
Energy		(0.2	)		(11,825	)
Financial		0.2			14,044
Food & Fiber		(0.0	)*		(58	)
Indices		(0.4	)		(20,480	)
Livestock		0.1			8,510
Metals
CMX Gold expiring December 2014		(8.4	)		(487,060	)
Other		(0.2	)		(12,819	)
Total Metals		(8.6	)		(499,879	)
Total futures contracts purchased		(8.9	)		(511,769	)
Futures contracts sold
Currency		0.5			31,235
Energy		0.3			19,823
Financial		0.0	*		2,357
Food & Fiber		0.3			15,369
Indices		0.0	*		1,718
Metals		1.3			77,831
Total futures contracts sold		2.6			148,333
Total futures contracts, at fair value		(6.3	)%	$	(363,436	)
Futures and forward contracts by country composition
Australia		(0.0	)*%	$	(454	)
European Monetary Union		0.0	*		164
Great Britain		0.0	*		2,918
Japan		(0.0	)*		(2,668	)
United States		(6.5	)		(375,349	)
Other		0.2			11,953
Total futures and forward contracts by country composition		(6.3	)%	$	(363,436	)

* Due to rounding – amount is less than 0.05%

See accompanying notes to unaudited financial statements.

10

SUPERFUND GOLD, L.P. – SERIES A

CONDENSED SCHEDULE OF INVESTMENTS

as of December 31, 2013

	Percentage of Net Assets			Fair Value
Forward contracts, at fair value
Unrealized appreciation on open forward contracts
Currency		0.0	*%	$	3
Total unrealized appreciation on open forward contracts		0.0	*		3
Unrealized depreciation on open forward contracts
Currency		(0.0	)*		(1	)
Total unrealized depreciation on open forward contracts		(0.0	)*		(1	)
Total forward contracts, at fair value		0.0	*%	$	2
Futures contracts purchased
Currency		0.1	%	$	11,719
Energy		(0.3	)		(24,089	)
Financial		(0.1	)		(6,327	)
Food & Fiber		(0.2	)		(15,802	)
Indices		1.4			120,148
Livestock		(0.0	)*		(3,020	)
Metals		(2.4	)		(207,949	)
Total futures contracts purchased		(1.5	)		(125,320	)
Futures contracts sold
Currency		0.4			35,289
Energy		0.7			55,379
Financial		0.4			31,349
Food & Fiber		(0.1	)		(6,357	)
Metals		(0.6	)		(48,592	)
Total futures contracts sold		0.8			67,068
Total futures contracts, at fair value		(0.7	)%	$	(58,252	)
Futures and forward contracts by country composition
Australia		(0.1	)%	$	(10,382	)
European Monetary Union		0.0	*		124
Great Britain		0.0	*		2,552
Japan		0.1			9,002
United States		(1.1	)		(88,697	)
Other		0.4			29,151
Total futures and forward contracts by country composition		(0.7	)%	$	(58,250	)

* Due to rounding – amount is less than 0.05%

See accompanying notes to unaudited financial statements.

11

SUPERFUND GOLD, L.P. – SERIES A

UNAUDITED STATEMENTS OF OPERATIONS

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Investment Income
Interest income	$	161		$	294		$	552		$	1,112
Other income		14			33			19			41
Total investment income		175			327			571			1,153
Expenses
Brokerage commissions		26,186			38,878			111,577			181,543
Management fee		35,925			59,592			124,319			216,357
Selling commission		20,811			42,149			77,194			152,017
Operating expenses		11,975			19,864			41,439			72,122
Other		1,935			1,342			3,328			5,216
Total expenses		96,832			161,825			357,857			627,255
Net investment loss	$	(96,657	)	$	(161,498	)	$	(357,286	)	$	(626,102	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts	$	598,617		$	(971,798	)	$	999,118		$	(1,663,345	)
Net change in unrealized appreciation (depreciation) on futures and forward contracts		(713,053	)		1,346,187			(305,186	)		(132,146	)
Net gain (loss) on investments	$	(114,436	)	$	374,389		$	693,932		$	(1,795,491	)
Net increase (decrease) in net assets from operations	$	(211,093	)	$	212,891		$	336,646		$	(2,421,593	)
Net increase (decrease) in net assets from operations per Series A-1 Unit (based upon weighted average number of units outstanding during period)*	$	(40.87	)	$	23.70		$	(59.71	)	$	(262.57	)
Net increase (decrease) in net assets from operations per Series A-1 Unit (based upon change in net asset value per unit during period)	$	(39.54	)	$	17.69		$	36.91		$	(271.46	)
Net increase (decrease) in net assets from operations per Series A-2 Unit (based upon weighted average number of units outstanding during period)**	$	(41.69	)	$	35.49		$	51.75		$	(278.65	)
Net increase (decrease) in net assets from operations per Series A-2 Unit (based upon change in net asset value per unit during period)	$	(38.73	)	$	26.29		$	60.96		$	(281.56	)

* Weighted average number of Units outstanding for Series A-1 for the three months ended September 30, 2014 and September 30, 2013: 3,474.60 and 6,699.01, respectively; and for the nine months ended September 30, 2014 and September 30, 2013: 4,219.65 and 7,400.17, respectively.

** Weighted average number of Units outstanding for Series A-2 for the three months ended September 30, 2014 and September 30, 2013: 1,657.24 and 1,524.69, respectively; and for the nine months ended September 30, 2014 and September 30, 2013: 1,636.65 and 1,717.28, respectively.

See accompanying notes to unaudited financial statements.

12

SUPERFUND GOLD, L.P. – SERIES A

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS

	Nine Months Ended September 30,
	2014			2013
Increase (decrease) in net assets from operations
Net investment loss	$	(357,286	)	$	(626,102	)
Net realized gain (loss) on futures and forward contracts		999,118			(1,663,345	)
Net change in unrealized depreciation on futures and forward contracts		(305,186	)		(132,146	)
Net increase (decrease) in net assets from operations		336,646			(2,421,593	)
Capital share transactions
Issuance of Units		838,304			871,316
Redemption of Units		(3,665,622	)		(4,449,597	)
Net decrease in net assets from capital share transactions		(2,827,318	)		(3,578,281	)
Net decrease in net assets		(2,490,672	)		(5,999,874	)
Net assets, beginning of period		8,296,204			15,322,426
Net assets, end of period	$	5,805,532		$	9,322,552
Series A-1 Units, beginning of period		5,778.843			8,423.300
Issuance of Series A-1 Units		24.628			321.785
Redemption of Units		(2,506.529	)		(2,355.412	)
Series A-1 Units, end of period		3,296.942			6,389.673
Series A-2 Units, beginning of period		1,660.757			2,114.666
Issuance of Series A-2 Units		617.577			276.264
Redemption of Units		(636.642	)		(875.077	)
Series A-2 Units, end of period		1,641.692			1,515.853

See accompanying notes to unaudited financial statements.

13

SUPERFUND GOLD, L.P. – SERIES A

UNAUDITED STATEMENTS OF CASH FLOWS

	Nine Months Ended September 30,
	2014			2013
Cash flows from operating activities
Net increase (decrease) in net assets from operations	$	336,646		$	(2,421,593	)
Adjustment to reconcile net increase (decrease) in net assets from operations to net cash provided by operating activities:
Changes in operating assets and liabilities:
Decrease in due from brokers		1,962,513			2,519,885
Decrease in unrealized appreciation on open forward contracts		3			111,538
Decrease in unrealized depreciation on open forward contracts		(1	)		(60,600	)
Decrease in futures contracts purchased		386,449			6,772
Increase (decrease) in futures contracts sold		(81,265	)		74,436
Decrease in management fees payable		(4,692	)		(10,947	)
Decrease in fees payable		(5,948	)		(10,523	)
Net cash provided by operating activities		2,593,705			208,968
Cash flows from financing activities
Subscriptions, net of change in advanced subscriptions		823,304			792,552
Redemptions, net of change in redemptions payable		(3,666,879	)		(4,266,236	)
Net cash used in financing activities		(2,843,575	)		(3,473,684	)
Net decrease in cash		(249,870	)		(3,264,716	)
Cash, beginning of period		4,314,062			7,542,936
Cash, end of period	$	4,064,192		$	4,278,220

See accompanying notes to unaudited financial statements.

14

SUPERFUND GOLD, L.P. – SERIES B

STATEMENTS OF ASSETS AND LIABILITIES

as of September 30, 2014 and December 31, 2013

	September 30, 2014 (unaudited)		December 31, 2013
ASSETS
Due from brokers	$	1,049,182	$	3,489,481
Unrealized gain on futures contracts purchased		17,563		179,710
Unrealized gain on futures contracts sold		89,507		158,268
Cash		1,324,582		1,185,419
Total assets		2,480,834		5,012,878
LIABILITIES
Unrealized depreciation on open forward contracts		—		4
Unrealized loss on futures contracts purchased		225,286		243,421
Unrealized loss on futures contracts sold		901		79,699
Redemptions payable		—		304,817
Management fees payable		4,228		8,793
Fees payable		2,782		5,941
Total liabilities		233,197		642,675
NET ASSETS	$	2,247,637	$	4,370,203
Superfund Gold, L.P. Series B-1 Net Assets	$	849,446	$	1,689,188
Number of Units outstanding		860.155		1,849.736
Superfund Gold, L.P. Series B-1 Net Asset Value per Unit	$	987.55	$	913.20
Superfund Gold, L.P. Series B-2 Net Assets	$	1,398,191	$	2,681,015
Number of Units outstanding		1,278.818		2,691.953
Superfund Gold, L.P. Series B-2 Net Asset Value per Unit	$	1,093.35	$	995.94

See accompanying notes to unaudited financial statements.

15

SUPERFUND GOLD, L.P. – SERIES B

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of September 30, 2014

	Percentage of Net Assets			Fair Value
Futures contracts purchased
Currency		(0.0	)*%	$	(375	)
Energy		(0.3	)		(7,486	)
Financial		0.3			6,060
Food & Fiber		(0.0	)*		(368	)
Indices		(0.6	)		(14,067	)
Livestock		0.2			4,940
Metals
CMX Gold expiring December 2014		(8.0	)		(178,920	)
Other		(0.8	)		(17,507	)
Total Metals		(8.8	)		(196,427	)
Total futures contracts purchased		(9.2	)		(207,723	)
Futures contracts sold
Currency		0.6			13,715
Energy		0.6			12,388
Financial		0.1			2,321
Food & Fiber		0.3			6,272
Indices		0.0	*		76
Metals		2.4			53,834
Total futures contracts sold		4.0			88,606
Total futures contracts, at fair value		(5.2	)%	$	(119,117	)
Futures and forward contracts by country composition
Australia		(0.0	)*%	$	(281	)
Great Britain		0.1			1,942
Japan		(0.2	)		(5,267	)
United States		(5.3	)		(118,554	)
Other		0.2			3,043
Total futures and forward contracts by country composition		(5.2	)%	$	(119,117	)

* Due to rounding – amount is less than 0.05%

See accompanying notes to unaudited financial statements.

16

SUPERFUND GOLD, L.P. – SERIES B

CONDENSED SCHEDULE OF INVESTMENTS

as of December 31, 2013

	Percentage of Net Assets			Fair Value
Forward contracts, at fair value
Unrealized depreciation on open forward contracts
Currency		(0.0	)*%	$	(4	)
Total unrealized depreciation on open forward contracts		(0.0	)*		(4	)
Total forward contracts, at fair value		(0.0	)*%	$	(4	)
Futures contracts purchased
Currency		0.2	%	$	8,650
Energy		(0.9	)		(40,576	)
Financial		(0.1	)		(5,003	)
Food & Fiber		(0.3	)		(14,712	)
Indices		2.1			92,572
Livestock		(0.0	)*		(1,800	)
Metals		(2.5	)		(102,842	)
Total futures contracts purchased		(1.5	)		(63,711	)
Futures contracts sold
Currency		0.6			27,846
Energy		1.1			48,842
Financial		0.7			30,110
Food & Fiber		(0.1	)		(4,683	)
Metals		(0.5	)		(23,546	)
Total futures contracts sold		1.8			78,569
Total futures contracts, at fair value		0.3	%	$	14,858
Futures and forward contracts by country composition
Australia		(0.2	)%	$	(7,603	)
European Monetary Union		0.0	*		144
Great Britain		0.1			3,640
Japan		0.1			4,083
United States		(0.2	)		(8,608	)
Other		0.5			23,198
Total futures and forward contracts by country composition		0.3	%	$	14,854

* Due to rounding – amount is less than 0.05%

See accompanying notes to unaudited financial statements.

17

SUPERFUND GOLD, L.P. – SERIES B

UNAUDITED STATEMENTS OF OPERATIONS

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Investment Income
Interest income	$	111		$	136		$	442		$	699
Other income		8			12			12			18
Total investment income		119			148			454			717
Expenses
Brokerage commissions		20,843			29,633			89,610			134,213
Management fee		19,044			30,823			66,606			109,102
Selling commission		5,141			11,095			18,730			42,310
Operating expenses		6,348			10,274			22,202			36,367
Other		3,196			2,342			7,184			8,842
Total expenses		54,572			84,167			204,332			330,834
Net investment loss	$	(54,453	)	$	(84,019	)	$	(203,878	)	$	(330,117	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts	$	460,882		$	(541,084	)	$	761,388		$	(351,701	)
Net change in unrealized appreciation (depreciation) on futures and forward contracts		(331,095	)		686,722			(133,971	)		(174,860	)
Net gain (loss) on investments	$	129,787		$	145,638		$	627,417		$	(526,561	)
Net increase (decrease) in net assets from operations	$	75,334		$	61,619		$	423,539		$	(856,678	)
Net increase (decrease) in net assets from operations per Series B-1 Unit (based upon weighted average number of units outstanding during period)*	$	8.23		$	9.37		$	99.00		$	(143.67	)
Net increase (decrease) in net assets from operations per Series B-1 Unit (based upon change in net asset value per unit during period)	$	1.88		$	0.11		$	74.35		$	(167.21	)
Net increase (decrease) in net assets from operations per Series B-2 Unit (based upon weighted average number of units outstanding during period)**	$	41.13		$	14.66		$	132.30		$	(168.47	)
Net increase (decrease) in net assets from operations per Series B-2 Unit (based upon change in net asset value per unit during period)	$	7.54		$	5.24		$	97.41		$	(163.44	)

* Weighted average number of Units outstanding for Series B-1 for the three months ended September 30, 2014 and September 30, 2013: 938.258 and 2,115.76, respectively; and for the nine months ended September 30, 2014 and September 30, 2013: 1,169.82 and 2,442.53, respectively.

** Weighted average number of Units outstanding for Series B-2 for the three months ended September 30, 2014 and September 30, 2013: 1,643.74 and 2,849.73, respectively; and for the nine months ended September 30, 2014 and September 30, 2013: 2,325.96 and 3,002.12, respectively.

See accompanying notes to unaudited financial statements.

18

SUPERFUND GOLD, L.P. – SERIES B

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS

	Nine Months Ended September 30,
	2014			2013
Increase (decrease) in net assets from operations
Net investment loss	$	(203,878	)	$	(330,117	)
Net realized gain (loss) on futures and forward contracts		761,388			(351,701	)
Net change in unrealized depreciation on futures and forward contracts		(133,971	)		(174,860	)
Net increase (decrease) in net assets from operations		423,539			(856,678	)
Capital share transactions
Issuance of Units		406,719			1,167,137
Redemption of Units		(2,952,824	)		(2,440,388	)
Net decrease in net assets from capital share transactions		(2,546,105	)		(1,273,251	)
Net decrease in net assets		(2,122,566	)		(2,129,929	)
Net assets, beginning of period		4,370,203			7,044,263
Net assets, end of period	$	2,247,637		$	4,914,334
Series B-1 Units, beginning of period		1,849.736			3,258.284
Issuance of Series B-1 Units		35.804			184.070
Redemption of Units		(1,025.385	)		(1,372.044	)
Series B-1 Units, end of period		860.155			2,070.310
Series B-2 Units, beginning of period		2,691.953			2,885.689
Issuance of Series B-2 Units		338.108			753.364
Redemption of Units		(1,751.243	)		(746.319	)
Series B-2 Units, end of period		1,278.818			2,892.734

See accompanying notes to unaudited financial statements.

19

SUPERFUND GOLD, L.P. – SERIES B

UNAUDITED STATEMENTS OF CASH FLOWS

	Nine Months Ended September 30,
	2014			2013
Cash flows from operating activities
Net increase (decrease) in net assets from operations	$	423,539		$	(856,678	)
Adjustment to reconcile net increase (decrease) in net assets from operations to net cash provided by operating activities:
Changes in operating assets and liabilities:
Decrease in due from brokers		2,440,299			1,574,123
Decrease in unrealized appreciation on open forward contracts		—			70,604
Decrease in unrealized depreciation on open forward contracts		(4	)		(41,171	)
Decrease in futures contracts purchased		144,012			91,422
Increase (decrease) in futures contracts sold		(10,037	)		54,005
Decrease in management fees payable		(4,565	)		(4,254	)
Decrease in fees payable		(3,159	)		(4,245	)
Net cash provided by operating activities		2,990,085			883,806
Cash flows from financing activities
Subscriptions, net of change in advanced subscriptions		406,719			1,161,386
Redemptions, net of change in redemptions payable		(3,257,641	)		(2,570,731	)
Net cash used in financing activities		(2,850,922	)		(1,409,345	)
Net increase (decrease) in cash		139,163			(525,539	)
Cash, beginning of period		1,185,419			1,707,327
Cash, end of period	$	1,324,582		$	1,181,788

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, 2014

SUPERFUND GOLD, L.P.

1. Nature of operations

Organization and Business

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

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

2. Basis of presentation and significant accounting policies

Basis of Presentation

The unaudited financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the U.S. (“U.S. GAAP”) with respect to the Form 10-Q and reflect all adjustments which in the opinion of management are normal and recurring, and which are necessary for a fair statement of the results of interim periods presented. It is suggested that these financial statements be read in conjunction with the financial statements and the related notes included in the Fund’s Annual Report on Form 10-K for the year ended December 31, 2013.

21

Valuation of Investments in Futures Contracts and Forward Contracts

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

Exchange-traded futures contracts are valued at settlement prices published by the recognized exchange. Any spot and forward foreign currency contracts held by the Fund will be valued at published settlement prices or at dealers’ quotes.

Translation of Foreign Currency

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

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

Investment Transactions, Investment Income and Expenses

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

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

Set forth herein are instruments and transactions eligible for offset in the statements of assets and liabilities and which are subject to derivative clearing agreements with the Fund’s futures commission merchants. Each futures commission merchant nets margin held on behalf of each Series of the Fund or payment obligations of the futures commission merchant to each Series against any payment obligations of that Series to the futures commission merchant. Each Series is required to deposit margin at each futures commission merchant to meet the original and maintenance requirements established by that futures commission merchant, and/or the exchange or clearinghouse associated with the exchange on which the instrument is traded. The derivative clearing agreements give each futures commission merchant a security interest in this margin to secure any liabilities owed to the futures commission merchant arising from a default by the Series. As of September 30, 2014, the Fund had on deposit $1,923,622 at ADM Investor Services, Inc., $517,199 at Barclays Capital Inc. and $1,012,739 at Merrill Lynch, Pierce, Fenner & Smith Inc. As of September 30, 2014, Series A had on deposit $1,322,951 at ADM Investor Services, Inc., $339,942 at Barclays Capital Inc. and $741,485 at Merrill Lynch, Pierce, Fenner & Smith Inc. As of September 30, 2014, Series B had on deposit $600,671 at ADM Investor Services, Inc., $177,257 at Barclays Capital Inc. and $271,254 at Merrill Lynch, Pierce, Fenner & Smith Inc.

Income Taxes

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

Superfund Capital Management has evaluated the application of ASC Topic 740, Income Taxes (“ASC 740”), to the Fund to determine whether or not there are uncertain tax positions that require financial statement recognition. Based on this evaluation, Superfund Capital Management has determined no reserves for uncertain tax positions are required to be recorded as a result of the application of ASC 740. Superfund Capital Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. As a result, no income tax liability or expense has been recorded in the accompanying financial statements. The Fund files federal and various state tax returns. The 2010 through 2013 tax years generally remain subject to examination by the U.S. federal and most state tax authorities.

22

Use of Estimates

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

Recently Issued Accounting Pronouncements

ASU 2013-08

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

ASU 2011-11

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

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

3. Fair Value Measurements

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

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

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.

23

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

Certain OTC derivatives trade in less liquid markets with limited pricing information, and the determination of fair value for these derivatives is inherently more difficult. Such instruments are classified within Level 3 of the fair value hierarchy. Where the Fund does not have corroborating market evidence to support significant model inputs and cannot verify the model to market transactions, transaction price is initially used as the best estimate of fair value. Accordingly, when a pricing model is used to value such an instrument, the model is adjusted so that the model value at inception equals the transaction price. The valuations of these less liquid OTC derivatives are typically based on Level 1 and/or Level 2 inputs that can be observed in the market, as well as unobservable Level 3 inputs. Subsequent to initial recognition, the Fund updates the Level 1 and Level 2 inputs to reflect observable market changes, with resulting gains and losses reflected within Level 3. Level 3 inputs are changed only when corroborated by evidence such as similar market transactions, third-party pricing services and/or broker or dealer quotations, or other empirical market data. In circumstances in which the Fund cannot verify the model value to market transactions, it is possible that a different valuation model could produce a materially different estimate of fair value. The Fund attempts to avoid holding less liquid OTC derivatives. However, once held, the market for any particular derivative contract could become less liquid during the holding period. There were no Level 3 holdings at September 30, 2014 or December 31, 2013 or during the periods then ended.

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

Superfund Gold, L.P.

	Balance September 30, 2014		Level 1		Level 2		Level 3
ASSETS
Futures contracts purchased	$	59,330	$	59,330	$	—	$	—
Futures contracts sold		243,244		243,244		—		—
Total Assets Measured at Fair Value	$	302,574	$	302,574	$	—	$	—
LIABILITIES
Futures contracts purchased	$	778,822	$	778,822	$	—	$	—
Futures contracts sold		6,305		6,305		—		—
Total Liabilities Measured at Fair Value	$	785,127	$	785,127	$	—	$	—
	Balance December 31, 2013		Level 1		Level 2		Level 3
ASSETS
Unrealized appreciation on open forward contracts	$	3	$	—	$	3	$	—
Futures contracts purchased		434,347		434,347		—		—
Futures contracts sold		336,188		336,188		—		—
Total Assets Measured at Fair Value	$	770,538	$	770,535	$	3	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	5	$	—	$	5	$	—
Futures contracts purchased		623,378		623,378		—		—
Futures contracts sold		190,551		190,551		—		—
Total Liabilities Measured at Fair Value	$	813,934	$	813,929	$	5	$	—

24

Superfund Gold, L.P. – Series A

	Balance September 30, 2014		Level 1		Level 2		Level 3
ASSETS
Futures contracts purchased	$	41,767	$	41,767	$	—	$	—
Futures contracts sold		153,737		153,737		—		—
Total Assets Measured at Fair Value	$	195,504	$	195,504	$	—	$	—
LIABILITIES
Futures contracts purchased	$	553,536	$	553,536	$	—	$	—
Futures contracts sold		5,404		5,404		—		—
Total Liabilities Measured at Fair Value	$	558,940	$	558,940	$	—	$	—
	Balance December 31, 2013		Level 1		Level 2		Level 3
ASSETS
Unrealized appreciation on open forward contracts	$	3	$	—	$	3	$	—
Futures contracts purchased		254,637		254,637		—		—
Futures contracts sold		177,920		177,920		—		—
Total Assets Measured at Fair Value	$	432,560	$	432,557	$	3	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	1	$	—	$	1	$	—
Futures contracts purchased		379,957		379,957		—		—
Futures contracts sold		110,852		110,852		—		—
Total Liabilities Measured at Fair Value	$	490,810	$	490,809	$	1	$	—

Superfund Gold, L.P. – Series B

	Balance September 30, 2014		Level 1		Level 2		Level 3
ASSETS
Futures contracts purchased	$	17,563	$	17,563	$	—	$	—
Futures contracts sold		89,507		89,507		—		—
Total Assets Measured at Fair Value	$	107,070	$	107,070	$	—	$	—
LIABILITIES
Futures contracts purchased	$	225,286	$	225,286	$	—	$	—
Futures contracts sold		901		901		—		—
Total Liabilities Measured at Fair Value	$	226,187	$	226,187	$	—	$	—

25

	Balance December 31, 2013		Level 1		Level 2		Level 3
ASSETS
Futures contracts purchased	$	179,710	$	179,710	$	—	$	—
Futures contracts sold		158,268		158,268		—		—
Total Assets Measured at Fair Value	$	337,978	$	337,978	$	—	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	4	$	—	$	4	$	—
Futures contracts purchased		243,421		243,421		—		—
Futures contracts sold		79,699		79,699		—		—
Total Liabilities Measured at Fair Value	$	323,124	$	323,120	$	4	$	—

4. Disclosure of derivative instruments and hedging activities

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

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

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

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

Superfund Gold, L.P.

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the statement of assets and liabilities, as of September 30, 2014, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at September 30, 2014		Liability Derivatives at September 30, 2014			Net
Futures contracts	Futures contracts purchased	$	59,330	$	(778,822	)	$	(719,492	)
Futures contracts	Futures contracts sold		243,244		(6,305	)		236,939
Totals		$	302,574	$	(785,127	)	$	(482,553	)

26

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the statement of assets and liabilities, as of December 31, 2013, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at December 31, 2013		Liability Derivatives at December 31, 2013			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	3	$	—		$	3
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(5	)		(5	)
Futures contracts	Futures contracts purchased		434,347		(623,378	)		(189,031	)
Futures contracts	Futures contracts sold		336,188		(190,551	)		145,637
Totals		$	770,538	$	(813,934	)	$	(43,396	)

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

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized loss on futures and forward contracts	$	(9,245	)	$	—
Futures contracts	Net realized gain (loss) on futures and forward contracts		1,068,744			(1,044,148	)
Total		$	1,059,499		$	(1,044,148	)

Effects of derivative instruments on the statement of operations for the nine months ended September 30, 2014:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	(107,245	)	$	2
Futures contracts	Net realized gain (loss) on futures and forward contracts		1,867,751			(439,159	)
Total		$	1,760,506		$	(439,157	)

27

Effects of derivative instruments on the statement of operations for the three months ended September 30, 2013:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Loss on Derivatives Recognized in Income			Net Change in Unrealized Appreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized/unrealized gain (loss) on futures and forward contracts	$	(27,189	)	$	4,601
Futures contracts	Net realized/unrealized gain (loss) on futures and forward contracts		(1,485,693	)		2,028,308
Total		$	(1,512,882	)	$	2,032,909

Effects of derivative instruments on the statement of operations for the nine months ended September 30, 2013:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Loss on Derivatives Recognized in Income	Net Realized Loss on Derivatives Recognized in Income			Net Change in Unrealized Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized/unrealized loss on futures and forward contracts	$	(302,903	)	$	(80,371	)
Futures contracts	Net realized/unrealized loss on futures and forward contracts		(1,712,143	)		(226,635	)
Total		$	(2,015,046	)	$	(307,006	)

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

	As of September 30, 2014
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Currency	$	1,013		0.0	*	$	(3,469	)		(0.0	)*	$	46,227		0.6		$	(1,277	)		(0.0	)*	$	42,494
Financial		27,318		0.3			(7,214	)		(0.1	)		5,536		0.1			(858	)		(0.0	)*		24,782
Food & Fiber		1,825		0.0	*		(2,251	)		(0.0	)*		24,901		0.3			(3,260	)		(0.0	)*		21,215
Indices		9,740		0.1			(44,287	)		(0.5	)		1,966		0.0	*		(172	)		(0.0	)*		(32,753	)
Metals		1,615		0.0	*		(697,921	)		(8.7	)		131,948		1.6			(283	)		(0.0	)*		(564,641	)
Energy		2,002		0.0	*		(21,313	)		(0.3	)		32,667		0.4			(456	)		(0.0	)*		12,900
Livestock		15,820		0.2			(2,370	)		(0.0	)*		—		—			—			—			13,450
Totals	$	59,333		0.6		$	(778,825	)		(9.6	)	$	243,245		3.0		$	(6,306	)		(0.0	)*	$	(482,553	)
*  Due to rounding – amount is less than 0.05%
	As of December 31, 2013
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Foreign Exchange	$	3		0.0	*	$	—			—		$	—		—		$	(5	)		(0.0	)*	$	(2	)
Currency		34,356		0.3			(13,987	)		(0.1	)		67,051		0.5			(3,916	)		(0.0	)*		83,504
Financial		—		—			(11,330	)		(0.1	)		115,315		0.9			(11,094	)		(0.1	)		92,891
Food & Fiber		4,780		0.0	*		(35,294	)		(0.3	)		61,459		0.5			—			—			30,945
Indices		226,092		1.8			(13,372	)		(0.1	)		168		0.0	*		(11,208	)		(0.1	)		201,680
Metals		113,479		0.9			(424,270	)		(3.3	)		92,195		0.7			(164,333	)		(1.3	)		(382,929	)
Energy		55,539		0.4			(120,204	)		(0.9	)		—		—			—			—			(64,665	)
Livestock		100		0.0	*		(4,920	)		(0.0	)*		—		—			—			—			(4,820	)
Totals	$	434,349		3.4		$	(623,377	)		(4.9	)	$	336,188		2.7		$	(190,556	)		(1.5	)	$	(43,396	)
*  Due to rounding – amount is less than 0.05%

28

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

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

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		304		220
Financial		1,344		192
Food & Fiber		15		71
Indices		545		60
Metals		298		83
Energy		84		78
Livestock		25		2
Total		2,615		706

* Based on quarterly holdings

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

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

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		341		178
Financial		860		1,187
Food & Fiber		59		102
Indices		1,211		282
Metals		339		199
Energy		304		227
Livestock		38		80
Total		3,164		2,266

* Based on quarterly holdings

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

	For the Three Months Ended September 30, 2014
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(9,245	)	$	—		$	(9,245	)
Currency		121,971			24,440			146,411
Financial		333,148			8,073			341,221
Food & Fiber		233,493			(2,525	)		230,968
Indices		260,157			(23,832	)		236,325
Metals		182,662			(1,058,896	)		(876,234	)
Livestock		(1,730	)		(13,620	)		(15,350	)
Energy		(60,957	)		22,212			(38,745	)
Total net trading gains (losses)	$	1,059,499		$	(1,044,148	)	$	15,351

29

	For the Nine Months Ended September 30, 2014
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(107,245	)	$	2		$	(107,243	)
Currency		(55,476	)		(41,010	)		(96,486	)
Financial		804,624			(68,109	)		736,515
Food & Fiber		427,438			(9,730	)		417,708
Indices		582,781			(234,433	)		348,348
Metals		251,114			(181,712	)		69,402
Livestock		195,780			18,270			214,050
Energy		(338,510	)		77,565			(260,945	)
Total net trading gains (losses)	$	1,760,506		$	(439,157	)	$	1,321,349
	For the Three Months Ended September 30, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(27,189	)	$	4,601		$	(22,588	)
Currency		(451,746	)		267,657			(184,089	)
Financial		23,964			58,049			82,013
Food & Fiber		(78,659	)		(11,557	)		(90,216	)
Indices		484,005			(175,746	)		308,259
Metals		(1,212,983	)		1,972,076			759,093
Livestock		(99,970	)		(8,040	)		(108,010	)
Energy		(150,304	)		(74,131	)		(224,435	)
Total net trading gains (losses)	$	(1,512,882	)	$	2,032,909		$	520,027
	For the Nine Months Ended September 30, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(302,903	)	$	(80,371	)	$	(383,274	)
Currency		(665,324	)		(163,947	)		(829,271	)
Financial		165,012			(50,717	)		114,295
Food & Fiber		(632,359	)		(69,187	)		(701,546	)
Indices		2,128,610			(433,849	)		1,694,761
Metals		(2,666,477	)		601,358			(2,065,119	)
Livestock		113,450			(4,850	)		108,600
Energy		(155,055	)		(105,443	)		(260,498	)
Total net trading losses	$	(2,015,046	)	$	(307,006	)	$	(2,322,052	)

Superfund Gold, L.P. – Series A

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the statement of assets and liabilities, as of September 30, 2014, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at September 30, 2014		Liability Derivatives at September 30, 2014			Net
Futures contracts	Futures contracts purchased	$	41,767	$	(553,536	)	$	(511,769	)
Futures contracts	Futures contracts sold		153,737		(5,404	)		148,333
Totals		$	195,504	$	(558,940	)	$	(363,436	)

30

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the statement of assets and liabilities, as of December 31, 2013, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at December 31, 2013		Liability Derivatives at December 31, 2013			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	3	$	—		$	3
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(1	)		(1	)
Futures contracts	Futures contracts purchased		254,637		(379,957	)		(125,320	)
Futures contracts	Futures contracts sold		177,920		(110,852	)		67,068
Totals		$	432,560	$	(490,810	)	$	(58,250	)

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

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized loss on futures and forward contracts	$	(6,328	)	$	—
Futures contracts	Net realized gain (loss) on futures and forward contracts		604,945			(713,053	)
Total		$	598,617		$	(713,053	)

Effects of derivative instruments on the statement of operations for the nine months ended September 30, 2014:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized loss on futures and forward contracts	$	(60,362	)	$	(2	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		1,059,480			(305,184	)
Total		$	999,118		$	(305,186	)

31

Effects of derivative instruments on the statement of operations for the three months ended September 30, 2013:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Loss on Derivatives Recognized in Income			Net Change in Unrealized Appreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized/unrealized gain (loss) on futures and forward contracts	$	(18,978	)	$	5,708
Futures contracts	Net realized/unrealized gain (loss) on futures and forward contracts		(952,820	)		1,340,479
Total		$	(971,798	)	$	1,346,187

Effects of derivative instruments on the statement of operations for the nine months ended September 30, 2013:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Loss on Derivatives Recognized in Income	Net Realized Loss on Derivatives Recognized in Income			Net Change in Unrealized Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized/unrealized loss on futures and forward contracts	$	(180,050	)	$	(50,938	)
Futures contracts	Net realized/unrealized loss on futures and forward contracts		(1,483,295	)		(81,208	)
Total		$	(1,663,345	)	$	(132,146	)

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

	As of September 30, 2014
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Currency	$	588		0.0	*	$	(2,669	)		(0.0	)*	$	32,512		0.6		$	(1,277	)		(0.0	)*	$	29,154
Financial		18,321		0.3			(4,277	)		(0.1	)		3,215		0.1			(858	)		(0.0	)*		16,401
Food & Fiber		1,305		0.0	*		(1,363	)		(0.0	)*		17,901		0.3			(2,532	)		(0.0	)*		15,311
Indices		7,962		0.1			(28,442	)		(0.5	)		1,890		0.0	*		(172	)		(0.0	)*		(18,762	)
Metals		1,169		0.0	*		(501,048	)		(8.6	)		78,050		1.3			(219	)		(0.0	)*		(422,048	)
Energy		1,974		0.0	*		(13,799	)		(0.2	)		20,170		0.3			(347	)		(0.0	)*		7,998
Livestock		10,450		0.2			(1,940	)		(0.0	)*		—		—			—			—			8,510
Totals	$	41,769		0.7		$	(553,538	)		(9.5	)	$	153,738		2.6			$    (5,405	)		(0.1	)	$	(363,436	)

* Due to rounding – amount is less than 0.05%

32

	As of December 31, 2013
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Foreign Exchange	$	3		0.0	*	$	—			—		$	—		—		$	(1	)		(0.0	)*	$	2
Currency		19,106		0.2			(7,387	)		(0.1	)		37,407		0.5			(2,118	)		(0.0	)*		47,008
Financial		—		—			(6,327	)		(0.1	)		61,890		0.7			(6,511	)		(0.1	)		49,052
Food & Fiber		4,780		0.1			(20,582	)		(0.2	)		31,349		0.4			—			—			15,547
Indices		125,924		1.5			(5,776	)		(0.1	)		112		0.0	*		(6,469	)		(0.1	)		113,791
Metals		68,111		0.8			(276,060	)		(3.3	)		47,162		0.6			(95,754	)		(1.2	)		(256,541	)
Energy		36,615		0.4			(60,704	)		(0.7	)		—		—			—			—			(24,089	)
Livestock		100		0.0	*		(3,120	)		(0.0	)*		—		—			—			—			(3,020	)
Totals	$	254,639		3.1		$	(379,956	)		(4.6	)	$	177,920		2.1		$	(110,853	)		(1.3	)	$	(58,250	)

* Due to rounding – amount is less than 0.05%

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

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

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		165		122
Financial		730		103
Food & Fiber		9		39
Indices		314		34
Metals		169		46
Energy		50		46
Livestock		14		1
Total		1,451		391

* Based on quarterly holdings

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

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

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		194		100
Financial		481		662
Food & Fiber		34		56
Indices		678		163
Metals		203		113
Energy		179		129
Livestock		22		45
Total		1,799		1,276

* Based on quarterly holdings

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

	For the Three Months Ended September 30, 2014
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(6,328	)	$	—		$	(6,328	)
Currency		73,508			19,420			92,928
Financial		163,686			6,612			170,298
Food & Fiber		128,845			2,208			131,053
Indices		125,220			(15,675	)		109,545
Metals		148,885			(732,888	)		(584,003	)
Livestock		(2,630	)		(3,990	)		(6,620	)
Energy		(32,569	)		11,260			(21,309	)
Total net trading gains (losses)	$	598,617		$	(713,053	)	$	(114,436	)

33

	For the Nine Months Ended September 30, 2014
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(60,362	)	$	(2	)	$	(60,364	)
Currency		(11,977	)		(17,854	)		(29,831	)
Financial		424,017			(32,651	)		391,366
Food & Fiber		235,378			(236	)		235,142
Indices		278,757			(132,553	)		146,204
Metals		221,648			(165,507	)		56,141
Livestock		114,310			11,530			125,840
Energy		(202,653	)		32,087			(170,566	)
Total net trading gains (losses)	$	999,118		$	(305,186	)	$	693,932
	For the Three Months Ended September 30, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(18,978	)	$	5,708		$	(13,270	)
Currency		(264,857	)		156,889			(107,968	)
Financial		5,967			35,744			41,711
Food & Fiber		(48,610	)		(4,034	)		(52,644	)
Indices		264,520			(100,981	)		163,539
Metals		(761,347	)		1,305,587			544,240
Livestock		(53,590	)		(6,490	)		(60,080	)
Energy		(94,903	)		(46,236	)		(141,139	)
Total net trading gains (losses)	$	(971,798	)	$	1,346,187		$	374,389
	For the Nine Months Ended September 30, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(180,050	)	$	(50,938	)	$	(230,988	)
Currency		(386,729	)		(90,848	)		(477,577	)
Financial		123,993			(31,163	)		92,830
Food & Fiber		(367,563	)		(41,943	)		(409,506	)
Indices		1,229,408			(258,983	)		970,425
Metals		(2,008,889	)		405,335			(1,603,554	)
Livestock		66,360			(2,950	)		63,410
Energy		(139,875	)		(60,656	)		(200,531	)
Total net trading losses	$	(1,663,345	)	$	(132,146	)	$	(1,795,491	)

Superfund Gold, L.P. – Series B

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the statement of assets and liabilities, as of September 30, 2014, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at September 30, 2014		Liability Derivatives at September 30, 2014			Net
Futures contracts	Futures contracts purchased	$	17,563	$	(225,286	)	$	(207,723	)
Futures contracts	Futures contracts sold		89,507		(901	)		88,606
Totals		$	107,070	$	(226,187	)	$	(119,117	)

34

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the statement of assets and liabilities, as of December 31, 2013, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at December 31, 2013		Liability Derivatives at December 31, 2013			Net
Foreign exchange contracts	Unrealized depreciation on open forward contracts	$	—	$	(4	)	$	(4	)
Futures contracts	Futures contracts purchased		179,710		(243,421	)		(63,711	)
Futures contracts	Futures contracts sold		158,268		(79,699	)		78,569
Totals		$	337,978	$	(323,124	)	$	14,854

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

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized loss on futures and forward contracts	$	(2,917	)	$	—
Futures contracts	Net realized gain (loss) on futures and forward contracts		463,799			(331,095	)
Total		$	460,882		$	(331,095	)

Effects of derivative instruments on the statement of operations for the nine months ended September 30, 2014:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in  Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	(46,883	)	$	4
Futures contracts	Net realized gain (loss) on futures and forward contracts		808,271			(133,975	)
Total		$	761,388		$	(133,971	)

35

Effects of derivative instruments on the statement of operations for the three months ended September 30, 2013:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Loss on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in  Income
Foreign exchange contracts	Net realized/unrealized loss on futures and forward contracts	$	(8,211	)	$	(1,107	)
Futures contracts	Net realized/unrealized gain (loss) on futures and forward contracts		(532,873	)		687,829
Total		$	(541,084	)	$	686,722

Effects of derivative instruments on the statement of operations for the nine months ended September 30, 2013:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Loss on Derivatives Recognized in Income	Net Realized Loss on Derivatives Recognized in Income			Net Change in Unrealized Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized/unrealized loss on futures and forward contracts	$	(122,853	)	$	(29,433	)
Futures contracts	Net realized/unrealized loss on futures and forward contracts		(228,848	)		(145,427	)
Total		$	(351,701	)	$	(174,860	)

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

	As of September 30, 2014
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Currency	$	425		0.0	*	$	(800	)		(0.0	)*	$	13,715		0.6		$	—			—		$	13,340
Financial		8,997		0.4			(2,937	)		(0.1	)		2,321		0.1			—			—			8,381
Food & Fiber		520		0.0	*		(888	)		(0.0	)*		7,000		0.3			(728	)		(0.0	)*		5,904
Indices		1,778		0.1			(15,845	)		(0.4	)		76		0.0	*		—			—			(13,991	)
Metals		446		0.0	*		(196,873	)		(8.8	)		53,898		2.4			(64	)		(0.0	)*		(142,593	)
Energy		28		0.0	*		(7,514	)		(0.3	)		12,497		0.6			(109	)		(0.0	)*		4,902
Livestock		5,370		0.2			(430	)		(0.0	)*		—		—			—			—			4,940
Totals	$	17,564		0.8		$	(225,287	)		(10.0	)	$	89,507		4.0		$	(901	)		(0.0	)*	$	(119,117	)
*  Due to rounding – amount is less than 0.05%
	As of December 31, 2013
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Foreign Exchange	$	—		—		$	—			—		$	—		—		$	(4	)		(0.0	)*	$	(4	)
Currency		15,250		0.3			(6,600	)		(0.2	)		29,644		0.7			(1,798	)		(0.0	)*		36,496
Financial		—		—			(5,003	)		(0.1	)		53,425		1.2			(4,583	)		(0.1	)		43,839
Food & Fiber		—		—			(14,712	)		(0.3	)		30,110		0.7			—			—			15,398
Indices		100,168		2.3			(7,596	)		(0.2	)		56		0.0	*		(4,739	)		(0.1	)		87,889
Metals		45,368		1.0			(148,210	)		(3.4	)		45,033		1.0			(68,579	)		(1.6	)		(126,388	)
Energy		18,924		0.4			(59,500	)		(1.4	)		—		—			—			—			(40,576	)
Livestock		—		—			(1,800	)		(0.0	)*		—		—			—			—			(1,800	)
Totals	$	179,710		4.1		$	(243,421	)		(5.6	)	$	158,268		3.6		$	(79,703	)		(1.8	)	$	14,854
*  Due to rounding – amount is less than 0.05%

36

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

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

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		139		98
Financial		614		89
Food & Fiber		6		32
Indices		231		26
Metals		129		37
Energy		34		32
Livestock		11		1
Total		1,164		315

* Based on quarterly holdings

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

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

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		147		78
Financial		379		525
Food & Fiber		25		46
Indices		533		119
Metals		136		86
Energy		125		98
Livestock		16		35
Total		1,365		990

* Based on quarterly holdings

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

	For the Three Months Ended September 30, 2014
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(2,917	)	$	—		$	(2,917	)
Currency		48,463			5,020			53,483
Financial		169,462			1,461			170,923
Food & Fiber		104,648			(4,733	)		99,915
Indices		134,937			(8,157	)		126,780
Metals		33,777			(326,008	)		(292,231	)
Livestock		900			(9,630	)		(8,730	)
Energy		(28,388	)		10,952			(17,436	)
Total net trading gains (losses)	$	460,882		$	(331,095	)	$	129,787

37

	For the Nine Months Ended September 30, 2014
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(46,883	)	$	4		$	(46,879	)
Currency		(43,499	)		(23,156	)		(66,655	)
Financial		380,607			(35,458	)		345,149
Food & Fiber		192,060			(9,494	)		182,566
Indices		304,024			(101,880	)		202,144
Metals		29,466			(16,205	)		13,261
Livestock		81,470			6,740			88,210
Energy		(135,857	)		45,478			(90,379	)
Total net trading gains (losses)	$	761,388		$	(133,971	)	$	627,417
	For the Three Months Ended September 30, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(8,211	)	$	(1,107	)	$	(9,318	)
Currency		(186,889	)		110,768			(76,121	)
Financial		17,997			22,305			40,302
Food & Fiber		(30,049	)		(7,523	)		(37,572	)
Indices		219,485			(74,765	)		144,720
Metals		(451,636	)		666,489			214,853
Livestock		(46,380	)		(1,550	)		(47,930	)
Energy		(55,401	)		(27,895	)		(83,296	)
Total net trading gains (losses)	$	(541,084	)	$	686,722		$	145,638
	For the Nine Months Ended September 30, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(122,853	)	$	(29,433	)	$	(152,286	)
Currency		(278,595	)		(73,099	)		(351,694	)
Financial		41,019			(19,554	)		21,465
Food & Fiber		(264,796	)		(27,244	)		(292,040	)
Indices		899,202			(174,866	)		724,336
Metals		(657,588	)		196,023			(461,565	)
Livestock		47,090			(1,900	)		45,190
Energy		(15,180	)		(44,787	)		(59,967	)
Total net trading losses	$	(351,701	)	$	(174,860	)	$	(526,561	)

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, 2014 and December 31, 2013, there were no amounts due to brokers.

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

6. Allocation of net profits and losses

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

38

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

7. Related party transactions

Superfund Capital Management shall be paid a management fee equal to one-twelfth of 2.25% of month-end net assets (2.25% per annum) and operating and ongoing offering expenses equal to one-twelfth of 0.75% of month-end net assets (0.75% per annum) when considered together, not to exceed the amount of actual expenses incurred. Superfund Capital Management will also be paid a monthly performance/incentive fee equal to 25% of the new appreciation without respect to interest income or any changes in net asset due to changes in value of the Fund’s dollar for dollar gold position. Trading losses will be carried forward and no further performance/incentive fee may be paid until the prior losses have been recovered. In addition, Superfund Brokerage Services, Inc., an affiliate of Superfund Capital Management, serves as the introducing broker for the Fund’s futures transactions and receives a portion of the brokerage commissions paid by the Fund in connection with its futures trading. Superfund USA, LLC, an entity related to Superfund Capital Management by common ownership, shall be paid selling commissions equal to 2% of the month-end net asset value per Series A-1 Unit and Series B-1 Unit (one-twelfth of 2% per month). These amounts are included under selling commission in the statements of operations. However, the maximum cumulative selling commission per Unit is limited to 10% of the gross offering proceeds of such Unit.

8. Financial highlights

Financial highlights for the period January 1 through September 30, 2014 are as follows:

	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees		3.4	%		5.0	%		8.1	%		9.8	%
Incentive fees		0.0			0.0			0.0			0.0
Total return after incentive fees		3.4	%		5.0	%		8.1	%		9.8	%
Ratios to average partners’ capital**
Operating expenses before incentive fees		5.2	%		3.8	%		6.0	%		3.4	%
Incentive fees		0.0			0.0			0.0			0.0
Total expenses		5.2	%		3.8	%		6.0	%		3.4	%
Net investment loss		(5.2	)%		(3.8	)%		(6.0	)%		(3.4	)%
Net asset value per unit, beginning of period	$	1,083.46		$	1,225.37		$	913.20		$	995.94
Net investment loss		(59.02	)		(49.40	)		(58.00	)		(36.23	)
Net gain on investments		95.93			110.36			132.35			133.64
Net asset value per unit, end of period	$	1,120.37		$	1,286.33		$	987.55		$	1,093.35
Other per Unit information:
Net increase in net assets from operations per Unit (based upon weighted average number of Units during period) upon weighted average number of Units during period)	$	59.71		$	51.75		$	99.00		$	132.30
Net increase in net assets from operations per Unit (based upon change in net asset value per Unit) upon change in net asset value per Unit)	$	36.91		$	60.96		$	74.35		$	97.41

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

** Annualized for periods less than a year.

39

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

	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees		(19.1	)%		(17.8	)%		(15.1	)%		(13.8	)%
Incentive fees		0.0			0.0			0.0			0.0
Total return after incentive fees		(19.1	)%		(17.8	)%		(15.1	)%		(13.8	)%
Ratios to average partners’ capital**
Operating expenses before incentive fees		5.1	%		3.6	%		5.9	%		4.5	%
Incentive fees		0.0			0.0			0.0			0.0
Total expenses		5.1	%		3.6	%		5.9	%		4.5	%
Net investment loss		(5.1	)%		(3.6	)%		(5.8	)%		(4.5	)%
Net asset value per unit, beginning of period	$	1,423.03		$	1,577.45		$	1,110.58		$	1,187.13
Net investment loss		(68.50	)		(54.20	)		(64.34	)		(52.58	)
Net loss on investments		(202.96	)		(227.36	)		(102.87	)		(110.86	)
Net asset value per unit, end of period	$	1,151.57		$	1,295.89		$	943.37		$	1,023.69
Other per Unit information:
Net decrease in net assets from operations per Unit (based upon weighted average number of Units during period) upon weighted average number of Units during period)	$	(262.57	)	$	(278.65	)	$	(143.67	)	$	(168.47	)
Net decrease in net assets from operations per Unit (based upon change in net asset value per Unit) upon change in net asset value per Unit)	$	(271.46	)	$	(281.56	)	$	(167.21	)	$	(163.44	)

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

** Annualized for periods less than a year.

Financial highlights for the period July 1 through September 30, 2014 are as follows:

	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees		(3.4	)%		(2.9	)%		0.2	%		0.7	%
Incentive fees		0.0			0.0			0.0			0.0
Total return after incentive fees		(3.4	)%		(2.9	)%		0.2	%		0.7	%
Ratios to average partners’ capital**
Operating expenses before incentive fees		1.7	%		1.2	%		1.9	%		1.4	%
Incentive fees		0.0			0.0			0.0			0.0
Total expenses		1.7	%		1.2	%		1.9	%		1.4	%
Net investment loss		(1.7	)%		(1.2	)%		(1.9	)%		(1.4	)%
Net asset value per unit, beginning of period	$	1,159.91		$	1,325.06		$	985.67		$	1,085.81
Net investment loss		(19.03	)		(15.69	)		(19.01	)		(15.04	)
Net gain on investments		(20.51	)		(23.04	)		20.89			22.58
Net asset value per unit, end of period	$	1,120.37		$	1,286.33		$	987.55		$	1,093.35
Other per Unit information:
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of Units during period) upon weighted average number of Units during period)	$	(40.87	)	$	(41.69	)	$	8.23		$	41.13
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit) upon change in net asset value per Unit)	$	(39.54	)	$	(38.73	)	$	1.88		$	7.54

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

** Annualized for periods less than a year.

40

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

	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees		1.6	%		2.1	%		0.0	%		0.5	%
Incentive fees		0.0			0.0			0.0			0.0
Total return after incentive fees		1.6	%		2.1	%		0.0	%		0.5	%
Ratios to average partners’ capital**
Operating expenses before incentive fees		1.7	%		1.1	%		1.8	%		1.3	%
Incentive fees		0.0			0.0			0.0			0.0
Total expenses		1.7	%		1.1	%		1.8	%		1.3	%
Net investment loss		(1.6	)%		(1.1	)%		(1.8	)%		(1.3	)%
Net asset value per unit, beginning of period	$	1,133.88		$	1,269.60		$	943.26		$	1,018.45
Net investment loss		(19.56	)		(15.09	)		(18.02	)		(14.15	)
Net gain on investments		37.25			41.38			18.13			19.39
Net asset value per unit, end of period	$	1,151.57		$	1,295.89		$	943.37		$	1,023.69
Other per Unit information:
Net increase in net assets from operations per Unit (based upon weighted average number of Units during period) upon weighted average number of Units during period)	$	23.70		$	35.49		$	9.37		$	14.66
Net increase in net assets from operations per Unit (based upon change in net asset value per Unit) upon change in net asset value per Unit)	$	17.69		$	26.29		$	0.11		$	5.24

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

** Annualized for periods less than a year.

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

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 $302,574 and $785,127, respectively, at September 30, 2014.

For Series A, gross unrealized gains and losses related to exchange-traded futures were $195,504 and $558,940, respectively, at September 30, 2014.

For Series B, gross unrealized gains and losses related to exchange-traded futures were $107,070 and $226,187, respectively, at September 30, 2014.

Market risk is the potential for changes in the value of the financial instruments traded by the Fund due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity or security prices. In entering into these contracts, there exists a market risk that such contracts may be significantly influenced by conditions, such as interest rate

41

volatility, resulting in such contracts being less valuable. If the markets should move against all of the futures interest positions at the same time, and Superfund Capital Management was unable to offset such positions, the Fund could experience substantial losses.

Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. Credit risk with respect to exchange-traded instruments is reduced to the extent that an exchange or clearing organization acts as a counterparty to the transactions. The Fund’s risk of loss in the event of counterparty default is typically limited to the amounts recognized in the statements of assets and liabilities and not represented by the contract or notional amounts of the instruments. As the Fund’s assets are held in segregated accounts with futures commission merchants, the Fund has credit risk and concentration risk. The Fund’s futures commission merchants are currently ADM Investor Services, Inc., Barclays Capital Inc. and Merrill Lynch, Pierce, Fenner & Smith Inc.

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

The majority of these instruments mature within one year of September 30, 2014. However, due to the nature of the Fund’s business, these instruments may not be held to maturity.

10. Subscriptions and redemptions

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

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

11. Indemnification

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

12. Subsequent events

Superfund Capital Management has determined to cease the trading and investment operations of the Fund as of the close of business on December 31, 2014 and to close the Fund. Pursuant to the terms of the Limited Partnership Agreement, Superfund Capital Management will withdraw from the Fund as general partner in mid-March 2015, which will terminate the Fund as a limited partnership. Limited Partners of the Fund have been informed of its closing.

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

INTRODUCTION

The Fund commenced the offering of its Units on February 17, 2009. The initial offering terminated on March 31, 2009, and the Fund commenced operations on April 1, 2009. The continuing offering period commenced at the termination of the initial offering period and ended as of May 1, 2014. Subscription and redemption data is presented for both the Fund, as the SEC

42

registrant, and for Series A and Series B, individually. For the quarter ended September 30, 2014, redemptions totaled $2,837,938 in the Fund. For the quarter ended September 30, 2014, redemptions totaled $597,032 in Series A-1, $177,331 in Series A-2, $306,676 in Series B-1 and $1,756,899 in Series B-1. The Fund operates as a commodity investment pool, whose purpose is speculative trading in the U.S. and international futures and forward markets. Specifically, the Fund trades a portfolio of more than 120 futures and forward contracts using a fully-automated, proprietary, computerized trading system. The Fund also seeks to maintain an investment in gold approximately equal to the total capital of each Series, as of the beginning of each month. The gold investment is intended to delink each Series’ net asset value, which is determined in U.S. dollars, from the value of the U.S. dollar relative to gold, effectively denominating the Series’ net asset value in terms of gold.

LIQUIDITY

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

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

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

CAPITAL RESOURCES

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

RESULTS OF OPERATIONS

Three Months Ended September 30, 2014

Series A:

Net results for the quarter ended September 30, 2014, were a loss of 3.4% in net asset value for Series A-1 and a loss of 2.9% in net asset value for Series A-2. In this period, Series A experienced a net decrease in net assets from operations of $211,093. This decrease consisted of total income of $175, trading losses of $114,436, and total expenses of $96,832. Expenses included $35,925 in management fees, $11,975 in operating expenses, $20,811 in selling commissions, $26,186 in brokerage commissions and $1,935 in other expenses. At September 30, 2014, the net asset value per Unit of Series A-1 was $1,120.37, and the net asset value per Unit of Series A-2 was $1,286.33.

Series B:

Net results for the quarter ended September 30, 2014, were a gain of 0.2% in net asset value for Series B-1 and a gain of 0.7% in net asset value for Series B-2. In this period, Series B experienced a net increase in net assets from operations of $75,334. This increase consisted of total income of $119, trading gains of $129,787, and total expenses of $54,572. Expenses included $19,044 in management fees, $6,348 in operating expenses, $5,141 in selling commissions, $20,843 in brokerage commissions and $3,196 in other expenses. At September 30, 2014, the net asset value per Unit of Series B-1 was $987.55, and the net asset value per Unit of Series B-2 was $1,093.35.

Fund results for 3rd Quarter 2014:

In September, the Fund’s managed futures strategy produced positive returns based primarily on the Fund’s allocations to the currencies, metals and grains markets. The U.S. dollar strengthened to highest level in almost four years as a result of the continued expansion of the U.S. economy. The Fund benefitted from short positions in the Japanese yen and in COMEX gold as both slid throughout the month. The Fund’s long positions in U.S. stock indices produced negative results. These losses

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were partially offset by the Fund’s long positions in the Tokyo Stock Price Index as increased demand for Japanese exports fuelled Japanese equity markets. The Fund’s short positions in corn futures produced positive returns as the market traced on larger than expected inventories. The Fund’s perpetual long gold position had a negative impact on performance in September.

In August, the Fund’s managed futures strategy produced strong positive results mainly due to the Fund’s long positions in the bonds and indices markets. The German bund rose throughout the month as German 10-year yields dropped due to inflation. The Fund’s long positions in U.S. stock indices produced positive returns as the S&P500 reached all-time highs after rebounding from an eight week low. The Fund’s allocations to the metals market produced slightly negative results as tensions seemed to ease in the Ukraine. The Fund’s long positions in natural gas gained as hotter weather increased demand. The Fund’s perpetual long gold position had a minimal impact on performance in August.

In July, the Fund’s managed futures strategy produced negative results with losses primarily attributable to the metal, stock index and energy markets. The Fund’s long positions in U.S. stock indices yielded negative returns as the S&P500 declined over two percent in a single day, marking the largest decline in the index since 2012. The Fund’s long positions in gold also produced negative returns as speculators continued to offload gold on concerns that the U.S. Federal Reserve (the “Fed”) may increase interest rates in a bid to fight inflation. The Fund’s short positions in the grains market were favorable, with projected yields for corn expected to reach record levels. The Fund’s long positions in the energy market also produced negative returns as crude oil prices dropped to three month lows. The Fund’s perpetual long gold position had a negative impact on performance in July.

Three Months Ended June 30, 2014

Series A:

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

Series B:

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

Fund results for 2nd Quarter 2014:

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

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

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

Three Months Ended March 31, 2014

Series A:

Net results for the quarter ended March 31, 2014, were a gain of 5.1% in net asset value for Series A-1 and a gain of 5.6% in net asset value for Series A-2. In this period, Series A experienced a net increase in net assets from operations of $417,300. This increase consisted of total income of $232, trading gains of $561,364, and total expenses of $144,296. Expenses included $46,930 in management fees, $15,643 in operating expenses, $30,733 in selling commissions, $50,083 in brokerage commissions and $907 in other expenses. At March 31, 2014, the net asset value per Unit of Series A-1 was $1,138.34, and the net asset value per Unit of Series A-2 was $1,293.91.

Series B:

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

Fund results for 1st Quarter 2014:

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

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

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

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Three Months Ended September 30, 2013

Series A:

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

Series B:

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

Fund results for 3rd Quarter 2013:

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

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

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

Three Months Ended June 30, 2013

Series A:

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

Series B:

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

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Fund results for 2nd Quarter 2013:

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

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

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

Three Months Ended March 31, 2013

Series A:

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

Series B:

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

Fund results for 1st Quarter 2013:

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

The Fund’s managed futures strategy produced positive results in February as unmet expectations for global demand sent commodities lower while unsettling election results in Italy and negative growth renewed European debt concerns. Long positions in equity indices yielded losses for the Fund as European political instability and the slow pace of economic activity

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

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

OFF-BALANCE SHEET RISK

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

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

OFF-BALANCE SHEET ARRANGEMENTS

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

CONTRACTUAL OBLIGATIONS

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

CRITICAL ACCOUNTING POLICIES – VALUATION OF THE FUND’S POSITIONS

Superfund Capital Management believes that the accounting policies that will be most critical to the Fund’s financial condition and results of operations relate to the valuation of the Fund’s positions. The majority of the Fund’s positions will be exchange-traded

48

futures contracts, which will be valued daily at settlement prices published by the exchanges. Any spot and forward foreign currency or swap contracts held by the Fund will also be valued at published daily settlement prices or at dealers’ quotes. Thus, Superfund Capital Management expects that under normal circumstances substantially all of the Fund’s assets will be valued on a daily basis using objective measures.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

ASU 2013-08

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

ASU 2011-11

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

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

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

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

49

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, 2014.

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

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

Series A-1:

Month	Units Redeemed		Net Asset Value per Unit ($)
July 31, 2014		172.852		1,115.21
August 31, 2014		182.144		1,175.27
September 30, 2014		169.761		1,120.37
Total		524.757

Series A-2:

Month	Units Redeemed		Net Asset Value per Unit ($)
July 31, 2014		43.885		1,276.13
August 31, 2014		24.971		1,347.13
September 30, 2014		68.170		1,286.33
Total		137.026

Series B-1:

Month	Units Redeemed		Net Asset Value per Unit ($)
July 31, 2014		75.584		948.14
August 31, 2014		229.350		1,024.68
September 30, 2014		—		987.55
Total		304.934

Series B-2:

Month	Units Redeemed		Net Asset Value per Unit ($)
July 31, 2014		58.568		1,046.21
August 31, 2014		1,497.153		1,132.56
September 30, 2014		—		1,093.35
Total		1,555.721

50

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

51

SIGNATURES

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

Date: November 13, 2014	SUPERFUND GOLD, L.P.
	(Registrant)
	By: Superfund Capital Management, Inc.
	General Partner
	By:	/s/ Nigel James
	Nigel James
	President and Principal Executive Officer
	By:	/s/ Martin Schneider
	Martin Schneider
	Vice President and Principal Financial Officer

52

EXHIBIT INDEX

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

E-1

EX-31.1

Exhibit 31.1

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

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

I, Nigel James, certify that:

1. I have reviewed this report on Form 10-Q for the period ending September 30, 2014, of Superfund Gold, L.P.;

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

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

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

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

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

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

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

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

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

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

Date: November 13, 2014	By:	/s/ Nigel James
	Nigel James
	President and Principal Executive Officer

E-2

EX-31.2

Exhibit 31.2

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

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

I, Martin Schneider, certify that:

1. I have reviewed this report on Form 10-Q for the period ending September 30, 2014, of Superfund Gold, L.P.;

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

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

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

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

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

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

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

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

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

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

Date: November 13, 2014	By:	/s/ Martin Schneider
		Martin Schneider
		Vice President and Principal Financial Officer

E-3

EX-32.1

Exhibit 32.1

SECTION 1350 CERTIFICATION

OF PRINCIPAL EXECUTIVE OFFICER

In connection with the report on Form 10-Q for the period ending September 30, 2014 (the “Report”), I, Nigel James, President and Principal Executive Officer of Superfund Capital Management, Inc., the general partner of Superfund Gold, L.P. (the “Fund”), certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

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

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

Date: November 13, 2014	By:	/s/ Nigel James
	Nigel James
	President and Principal Executive Officer

E-4

EX-32.2

Exhibit 32.2

SECTION 1350 CERTIFICATION

OF PRINCIPAL FINANCIAL OFFICER

In connection with the report on Form 10-Q for the period ending September 30, 2014 (the “Report”), I, Martin Schneider, Vice President and Principal Financial Officer of Superfund Capital Management, Inc., the general partner of Superfund Gold, L.P. (the “Fund”), certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

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

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

Date: November 13, 2014	By:	/s/ Martin Schneider
	Martin Schneider
	Vice President and Principal Financial Officer

E-5

XML

Subscriptions and Redemptions - Additional Information (Detail) (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Partners capital account redemptions	$ 6,618,446	$ 6,889,985
Number of days for redemptions	20 days
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Partners capital account redemptions	1,000
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Partners capital account redemptions	$ 10,000
Partners capital account, number of days for a written request for redemptions	5 days

XML

Average Monthly Contract Volume by Market Sector (Detail) (USD $)	9 Months Ended
	Sep. 30, 2014 Contract		Sep. 30, 2013 Contract
Long Position
Derivative [Line Items]
Average Number of Contracts	2,615	[1]	3,164	[1]
Long Position | Currency
Derivative [Line Items]
Average Number of Contracts	304	[1]	341	[1]
Long Position | Foreign Exchange
Derivative [Line Items]
Average Number of Contracts		[1]	12	[1]
Average Value of Positions		[1]	$ 21,907	[1]
Long Position | Financial
Derivative [Line Items]
Average Number of Contracts	1,344	[1]	860	[1]
Long Position | Food And Fiber
Derivative [Line Items]
Average Number of Contracts	15	[1]	59	[1]
Long Position | Indices
Derivative [Line Items]
Average Number of Contracts	545	[1]	1,211	[1]
Long Position | Metals
Derivative [Line Items]
Average Number of Contracts	298	[1]	339	[1]
Long Position | Energy
Derivative [Line Items]
Average Number of Contracts	84	[1]	304	[1]
Long Position | Livestock
Derivative [Line Items]
Average Number of Contracts	25	[1]	38	[1]
Short Position
Derivative [Line Items]
Average Number of Contracts	706	[1]	2,266	[1]
Short Position | Currency
Derivative [Line Items]
Average Number of Contracts	220	[1]	178	[1]
Short Position | Foreign Exchange
Derivative [Line Items]
Average Number of Contracts		[1]	11	[1]
Average Value of Positions		[1]	26,115	[1]
Short Position | Financial
Derivative [Line Items]
Average Number of Contracts	192	[1]	1,187	[1]
Short Position | Food And Fiber
Derivative [Line Items]
Average Number of Contracts	71	[1]	102	[1]
Short Position | Indices
Derivative [Line Items]
Average Number of Contracts	60	[1]	282	[1]
Short Position | Metals
Derivative [Line Items]
Average Number of Contracts	83	[1]	199	[1]
Short Position | Energy
Derivative [Line Items]
Average Number of Contracts	78	[1]	227	[1]
Short Position | Livestock
Derivative [Line Items]
Average Number of Contracts	2	[1]	80	[1]
SERIES A | Long Position
Derivative [Line Items]
Average Number of Contracts	1,451	[1]	1,799	[1]
SERIES A | Long Position | Currency
Derivative [Line Items]
Average Number of Contracts	165	[1]	194	[1]
SERIES A | Long Position | Foreign Exchange
Derivative [Line Items]
Average Number of Contracts		[1]	8	[1]
Average Value of Positions		[1]	13,238	[1]
SERIES A | Long Position | Financial
Derivative [Line Items]
Average Number of Contracts	730	[1]	481	[1]
SERIES A | Long Position | Food And Fiber
Derivative [Line Items]
Average Number of Contracts	9	[1]	34	[1]
SERIES A | Long Position | Indices
Derivative [Line Items]
Average Number of Contracts	314	[1]	678	[1]
SERIES A | Long Position | Metals
Derivative [Line Items]
Average Number of Contracts	169	[1]	203	[1]
SERIES A | Long Position | Energy
Derivative [Line Items]
Average Number of Contracts	50	[1]	179	[1]
SERIES A | Long Position | Livestock
Derivative [Line Items]
Average Number of Contracts	14	[1]	22	[1]
SERIES A | Short Position
Derivative [Line Items]
Average Number of Contracts	391	[1]	1,276	[1]
SERIES A | Short Position | Currency
Derivative [Line Items]
Average Number of Contracts	122	[1]	100	[1]
SERIES A | Short Position | Foreign Exchange
Derivative [Line Items]
Average Number of Contracts		[1]	8	[1]
Average Value of Positions		[1]	18,007	[1]
SERIES A | Short Position | Financial
Derivative [Line Items]
Average Number of Contracts	103	[1]	662	[1]
SERIES A | Short Position | Food And Fiber
Derivative [Line Items]
Average Number of Contracts	39	[1]	56	[1]
SERIES A | Short Position | Indices
Derivative [Line Items]
Average Number of Contracts	34	[1]	163	[1]
SERIES A | Short Position | Metals
Derivative [Line Items]
Average Number of Contracts	46	[1]	113	[1]
SERIES A | Short Position | Energy
Derivative [Line Items]
Average Number of Contracts	46	[1]	129	[1]
SERIES A | Short Position | Livestock
Derivative [Line Items]
Average Number of Contracts	1	[1]	45	[1]
SERIES B | Long Position
Derivative [Line Items]
Average Number of Contracts	1,164	[1]	1,365	[1]
SERIES B | Long Position | Currency
Derivative [Line Items]
Average Number of Contracts	139	[1]	147	[1]
SERIES B | Long Position | Foreign Exchange
Derivative [Line Items]
Average Number of Contracts		[1]	4	[1]
Average Value of Positions		[1]	8,669	[1]
SERIES B | Long Position | Financial
Derivative [Line Items]
Average Number of Contracts	614	[1]	379	[1]
SERIES B | Long Position | Food And Fiber
Derivative [Line Items]
Average Number of Contracts	6	[1]	25	[1]
SERIES B | Long Position | Indices
Derivative [Line Items]
Average Number of Contracts	231	[1]	533	[1]
SERIES B | Long Position | Metals
Derivative [Line Items]
Average Number of Contracts	129	[1]	136	[1]
SERIES B | Long Position | Energy
Derivative [Line Items]
Average Number of Contracts	34	[1]	125	[1]
SERIES B | Long Position | Livestock
Derivative [Line Items]
Average Number of Contracts	11	[1]	16	[1]
SERIES B | Short Position
Derivative [Line Items]
Average Number of Contracts	315	[1]	990	[1]
SERIES B | Short Position | Currency
Derivative [Line Items]
Average Number of Contracts	98	[1]	78	[1]
SERIES B | Short Position | Foreign Exchange
Derivative [Line Items]
Average Number of Contracts		[1]	3	[1]
Average Value of Positions		[1]	$ 8,108	[1]
SERIES B | Short Position | Financial
Derivative [Line Items]
Average Number of Contracts	89	[1]	525	[1]
SERIES B | Short Position | Food And Fiber
Derivative [Line Items]
Average Number of Contracts	32	[1]	46	[1]
SERIES B | Short Position | Indices
Derivative [Line Items]
Average Number of Contracts	26	[1]	119	[1]
SERIES B | Short Position | Metals
Derivative [Line Items]
Average Number of Contracts	37	[1]	86	[1]
SERIES B | Short Position | Energy
Derivative [Line Items]
Average Number of Contracts	32	[1]	98	[1]
SERIES B | Short Position | Livestock
Derivative [Line Items]
Average Number of Contracts	1	[1]	35	[1]

[1] Based on quarterly holdings

XML

Nature of Operations - Additional Information (Detail) (USD $)	9 Months Ended
	Sep. 30, 2014
Limited Partners' Capital Account [Line Items]
Percentage of Owning Units by Limited Partners of Outstanding Units of Each Series Having Right of Dissolution of Fund	50.00%
Minimum Notice Period for Dissolution	90 days
Minimum Aggregate Net Assets Position Not Resulting in Dissolution	$ 500,000
Period to Cease the General Partner of Fund	120 days
SERIES A
Limited Partners' Capital Account [Line Items]
Targeted Average Ratio of Margin to Equity Percentage	20.00%
SERIES B
Limited Partners' Capital Account [Line Items]
Targeted Average Ratio of Margin to Equity Percentage	30.00%
Leverage ratio used for implementation of fund's futures and forward trading program	1.5

XML

Financial Highlights (Detail) (USD $)	3 Months Ended				9 Months Ended
	Sep. 30, 2014		Sep. 30, 2013		Sep. 30, 2014		Sep. 30, 2013
Limited Partners' Capital Account [Line Items]
Incentive fees					25.00%
Series A-1
Limited Partners' Capital Account [Line Items]
Total return before incentive fees	(3.40%)	[1]	1.60%	[1]	3.40%	[1]	(19.10%)	[1]
Incentive fees	0.00%	[1]	0.00%	[1]	0.00%	[1]	0.00%	[1]
Total return after incentive fees	(3.40%)	[1]	1.60%	[1]	3.40%	[1]	(19.10%)	[1]
Ratios to average partners' capital, Operating expenses before incentive fees	1.70%	[2]	1.70%	[2]	5.20%	[2]	5.10%	[2]
Ratios to average partners' capital, Incentive fees	0.00%	[2]	0.00%	[2]	0.00%	[2]	0.00%	[2]
Ratios to average partners' capital, Total expenses	1.70%	[2]	1.70%	[2]	5.20%	[2]	5.10%	[2]
Net investment loss	(1.70%)	[2]	(1.60%)	[2]	(5.20%)	[2]	(5.10%)	[2]
Net asset value per unit, beginning of period	$ 1,159.91		$ 1,133.88		$ 1,083.46		$ 1,423.03
Net investment loss	$ (19.03)		$ (19.56)		$ (59.02)		$ (68.50)
Net gain (loss) on investments	$ (20.51)		$ 37.25		$ 95.93		$ (202.96)
Net asset value per unit, end of period	$ 1,120.37		$ 1,151.57		$ 1,120.37		$ 1,151.57
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of Units during period) upon weighted average number of Units during period)	$ (40.87)	[3]	$ 23.70	[3]	$ (59.71)	[3]	$ (262.57)	[3]
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit) upon change in net asset value per Unit)	$ (39.54)		$ 17.69		$ 36.91		$ (271.46)
Series A-2
Limited Partners' Capital Account [Line Items]
Total return before incentive fees	(2.90%)	[1]	2.10%	[1]	5.00%	[1]	(17.80%)	[1]
Incentive fees	0.00%	[1]	0.00%	[1]	0.00%	[1]	0.00%	[1]
Total return after incentive fees	(2.90%)	[1]	2.10%	[1]	5.00%	[1]	(17.80%)	[1]
Ratios to average partners' capital, Operating expenses before incentive fees	1.20%	[2]	1.10%	[2]	3.80%	[2]	3.60%	[2]
Ratios to average partners' capital, Incentive fees	0.00%	[2]	0.00%	[2]	0.00%	[2]	0.00%	[2]
Ratios to average partners' capital, Total expenses	1.20%	[2]	1.10%	[2]	3.80%	[2]	3.60%	[2]
Net investment loss	(1.20%)	[2]	(1.10%)	[2]	(3.80%)	[2]	(3.60%)	[2]
Net asset value per unit, beginning of period	$ 1,325.06		$ 1,269.60		$ 1,225.37		$ 1,577.45
Net investment loss	$ (15.69)		$ (15.09)		$ (49.40)		$ (54.20)
Net gain (loss) on investments	$ (23.04)		$ 41.38		$ 110.36		$ (227.36)
Net asset value per unit, end of period	$ 1,286.33		$ 1,295.89		$ 1,286.33		$ 1,295.89
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of Units during period) upon weighted average number of Units during period)	$ (41.69)	[4]	$ 35.49	[4]	$ 51.75	[4]	$ (278.65)	[4]
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit) upon change in net asset value per Unit)	$ (38.73)		$ 26.29		$ 60.96		$ (281.56)
Series B-1
Limited Partners' Capital Account [Line Items]
Total return before incentive fees	0.20%	[1]	0.00%	[1]	8.10%	[1]	(15.10%)	[1]
Incentive fees	0.00%	[1]	0.00%	[1]	0.00%	[1]	0.00%	[1]
Total return after incentive fees	0.20%	[1]	0.00%	[1]	8.10%	[1]	(15.10%)	[1]
Ratios to average partners' capital, Operating expenses before incentive fees	1.90%	[2]	1.80%	[2]	6.00%	[2]	5.90%	[2]
Ratios to average partners' capital, Incentive fees	0.00%	[2]	0.00%	[2]	0.00%	[2]	0.00%	[2]
Ratios to average partners' capital, Total expenses	1.90%	[2]	1.80%	[2]	6.00%	[2]	5.90%	[2]
Net investment loss	(1.90%)	[2]	(1.80%)	[2]	(6.00%)	[2]	(5.80%)	[2]
Net asset value per unit, beginning of period	$ 985.67		$ 943.26		$ 913.20		$ 1,110.58
Net investment loss	$ (19.01)		$ (18.02)		$ (58.00)		$ (64.34)
Net gain (loss) on investments	$ 20.89		$ 18.13		$ 132.35		$ (102.87)
Net asset value per unit, end of period	$ 987.55		$ 943.37		$ 987.55		$ 943.37
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of Units during period) upon weighted average number of Units during period)	$ 8.23	[5]	$ 9.37	[5]	$ 99.00	[5]	$ (143.67)	[5]
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit) upon change in net asset value per Unit)	$ 1.88		$ 0.11		$ 74.35		$ (167.21)
Series B-2
Limited Partners' Capital Account [Line Items]
Total return before incentive fees	0.70%	[1]	0.50%	[1]	9.80%	[1]	(13.80%)	[1]
Incentive fees	0.00%	[1]	0.00%	[1]	0.00%	[1]	0.00%	[1]
Total return after incentive fees	0.70%	[1]	0.50%	[1]	9.80%	[1]	(13.80%)	[1]
Ratios to average partners' capital, Operating expenses before incentive fees	1.40%	[2]	1.30%	[2]	3.40%	[2]	4.50%	[2]
Ratios to average partners' capital, Incentive fees	0.00%	[2]	0.00%	[2]	0.00%	[2]	0.00%	[2]
Ratios to average partners' capital, Total expenses	1.40%	[2]	1.30%	[2]	3.40%	[2]	4.50%	[2]
Net investment loss	(1.40%)	[2]	(1.30%)	[2]	(3.40%)	[2]	(4.50%)	[2]
Net asset value per unit, beginning of period	$ 1,085.81		$ 1,018.45		$ 995.94		$ 1,187.13
Net investment loss	$ (15.04)		$ (14.15)		$ (36.23)		$ (52.58)
Net gain (loss) on investments	$ 22.58		$ 19.39		$ 133.64		$ (110.86)
Net asset value per unit, end of period	$ 1,093.35		$ 1,023.69		$ 1,093.35		$ 1,023.69
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of Units during period) upon weighted average number of Units during period)	$ 41.13	[6]	$ 14.66	[6]	$ 132.30	[6]	$ (168.47)	[6]
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit) upon change in net asset value per Unit)	$ 7.54		$ 5.24		$ 97.41		$ (163.44)

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

[2] Annualized for periods less than a year.

[3] Weighted average number of Units outstanding for Series A-1 for the three months ended September 30, 2014 and September 30, 2013: 3,474.60 and 6,699.01, respectively; and for the nine months ended September 30, 2014 and September 30, 2013: 4,219.65 and 7,400.17, respectively.

[4] Weighted average number of Units outstanding for Series A-2 for the three months ended September 30, 2014 and September 30, 2013: 1,657.24 and 1,524.69, respectively; and for the nine months ended September 30, 2014 and September 30, 2013: 1,636.65 and 1,717.28, respectively.

[5] Weighted average number of Units outstanding for Series B-1 for the three months ended September 30, 2014 and September 30, 2013: 938.258 and 2,115.76, respectively; and for the nine months ended September 30, 2014 and September 30, 2013: 1,169.82 and 2,442.53, respectively.

[6] Weighted average number of Units outstanding for Series B-2 for the three months ended September 30, 2014 and September 30, 2013: 1,643.74 and 2,849.73, respectively; and for the nine months ended September 30, 2014 and September 30, 2013: 2,325.96 and 3,002.12, respectively.

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Disclosure of derivative instruments and hedging activities

9 Months Ended

Sep. 30, 2014

Disclosure of derivative instruments and hedging activities

4. Disclosure of derivative instruments and hedging activities

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

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

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

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

Superfund Gold, L.P.

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the statement of assets and liabilities, as of September 30, 2014, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at September 30, 2014		Liability Derivatives at September 30, 2014			Net
Futures contracts	Futures contracts purchased	$	59,330	$	(778,822	)	$	(719,492	)
Futures contracts	Futures contracts sold		243,244		(6,305	)		236,939
Totals		$	302,574	$	(785,127	)	$	(482,553	)

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the statement of assets and liabilities, as of December 31, 2013, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at December 31, 2013		Liability Derivatives at December 31, 2013			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	3	$	—		$	3
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(5	)		(5	)
Futures contracts	Futures contracts purchased		434,347		(623,378	)		(189,031	)
Futures contracts	Futures contracts sold		336,188		(190,551	)		145,637
Totals		$	770,538	$	(813,934	)	$	(43,396	)

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

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized loss on futures and forward contracts	$	(9,245	)	$	—
Futures contracts	Net realized gain (loss) on futures and forward contracts		1,068,744			(1,044,148	)
Total		$	1,059,499		$	(1,044,148	)

Effects of derivative instruments on the statement of operations for the nine months ended September 30, 2014:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	(107,245	)	$	2
Futures contracts	Net realized gain (loss) on futures and forward contracts		1,867,751			(439,159	)
Total		$	1,760,506		$	(439,157	)

Effects of derivative instruments on the statement of operations for the three months ended September 30, 2013:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Loss on Derivatives Recognized in Income			Net Change in Unrealized Appreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized/unrealized gain (loss) on futures and forward contracts	$	(27,189	)	$	4,601
Futures contracts	Net realized/unrealized gain (loss) on futures and forward contracts		(1,485,693	)		2,028,308
Total		$	(1,512,882	)	$	2,032,909

Effects of derivative instruments on the statement of operations for the nine months ended September 30, 2013:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Loss on Derivatives Recognized in Income	Net Realized Loss on Derivatives Recognized in Income			Net Change in Unrealized Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized/unrealized loss on futures and forward contracts	$	(302,903	)	$	(80,371	)
Futures contracts	Net realized/unrealized loss on futures and forward contracts		(1,712,143	)		(226,635	)
Total		$	(2,015,046	)	$	(307,006	)

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

	As of September 30, 2014
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Currency	$	1,013		0.0	*	$	(3,469	)		(0.0	)*	$	46,227		0.6		$	(1,277	)		(0.0	)*	$	42,494
Financial		27,318		0.3			(7,214	)		(0.1	)		5,536		0.1			(858	)		(0.0	)*		24,782
Food & Fiber		1,825		0.0	*		(2,251	)		(0.0	)*		24,901		0.3			(3,260	)		(0.0	)*		21,215
Indices		9,740		0.1			(44,287	)		(0.5	)		1,966		0.0	*		(172	)		(0.0	)*		(32,753	)
Metals		1,615		0.0	*		(697,921	)		(8.7	)		131,948		1.6			(283	)		(0.0	)*		(564,641	)
Energy		2,002		0.0	*		(21,313	)		(0.3	)		32,667		0.4			(456	)		(0.0	)*		12,900
Livestock		15,820		0.2			(2,370	)		(0.0	)*		—		—			—			—			13,450
Totals	$	59,333		0.6		$	(778,825	)		(9.6	)	$	243,245		3.0		$	(6,306	)		(0.0	)*	$	(482,553	)
*  Due to rounding – amount is less than 0.05%
	As of December 31, 2013
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Foreign Exchange	$	3		0.0	*	$	—			—		$	—		—		$	(5	)		(0.0	)*	$	(2	)
Currency		34,356		0.3			(13,987	)		(0.1	)		67,051		0.5			(3,916	)		(0.0	)*		83,504
Financial		—		—			(11,330	)		(0.1	)		115,315		0.9			(11,094	)		(0.1	)		92,891
Food & Fiber		4,780		0.0	*		(35,294	)		(0.3	)		61,459		0.5			—			—			30,945
Indices		226,092		1.8			(13,372	)		(0.1	)		168		0.0	*		(11,208	)		(0.1	)		201,680
Metals		113,479		0.9			(424,270	)		(3.3	)		92,195		0.7			(164,333	)		(1.3	)		(382,929	)
Energy		55,539		0.4			(120,204	)		(0.9	)		—		—			—			—			(64,665	)
Livestock		100		0.0	*		(4,920	)		(0.0	)*		—		—			—			—			(4,820	)
Totals	$	434,349		3.4		$	(623,377	)		(4.9	)	$	336,188		2.7		$	(190,556	)		(1.5	)	$	(43,396	)
*  Due to rounding – amount is less than 0.05%

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

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

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		304		220
Financial		1,344		192
Food & Fiber		15		71
Indices		545		60
Metals		298		83
Energy		84		78
Livestock		25		2
Total		2,615		706

* Based on quarterly holdings

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

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

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		341		178
Financial		860		1,187
Food & Fiber		59		102
Indices		1,211		282
Metals		339		199
Energy		304		227
Livestock		38		80
Total		3,164		2,266

* Based on quarterly holdings

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

	For the Three Months Ended September 30, 2014
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(9,245	)	$	—		$	(9,245	)
Currency		121,971			24,440			146,411
Financial		333,148			8,073			341,221
Food & Fiber		233,493			(2,525	)		230,968
Indices		260,157			(23,832	)		236,325
Metals		182,662			(1,058,896	)		(876,234	)
Livestock		(1,730	)		(13,620	)		(15,350	)
Energy		(60,957	)		22,212			(38,745	)
Total net trading gains (losses)	$	1,059,499		$	(1,044,148	)	$	15,351

	For the Nine Months Ended September 30, 2014
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(107,245	)	$	2		$	(107,243	)
Currency		(55,476	)		(41,010	)		(96,486	)
Financial		804,624			(68,109	)		736,515
Food & Fiber		427,438			(9,730	)		417,708
Indices		582,781			(234,433	)		348,348
Metals		251,114			(181,712	)		69,402
Livestock		195,780			18,270			214,050
Energy		(338,510	)		77,565			(260,945	)
Total net trading gains (losses)	$	1,760,506		$	(439,157	)	$	1,321,349
	For the Three Months Ended September 30, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(27,189	)	$	4,601		$	(22,588	)
Currency		(451,746	)		267,657			(184,089	)
Financial		23,964			58,049			82,013
Food & Fiber		(78,659	)		(11,557	)		(90,216	)
Indices		484,005			(175,746	)		308,259
Metals		(1,212,983	)		1,972,076			759,093
Livestock		(99,970	)		(8,040	)		(108,010	)
Energy		(150,304	)		(74,131	)		(224,435	)
Total net trading gains (losses)	$	(1,512,882	)	$	2,032,909		$	520,027
	For the Nine Months Ended September 30, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(302,903	)	$	(80,371	)	$	(383,274	)
Currency		(665,324	)		(163,947	)		(829,271	)
Financial		165,012			(50,717	)		114,295
Food & Fiber		(632,359	)		(69,187	)		(701,546	)
Indices		2,128,610			(433,849	)		1,694,761
Metals		(2,666,477	)		601,358			(2,065,119	)
Livestock		113,450			(4,850	)		108,600
Energy		(155,055	)		(105,443	)		(260,498	)
Total net trading losses	$	(2,015,046	)	$	(307,006	)	$	(2,322,052	)

Superfund Gold, L.P. – Series A

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the statement of assets and liabilities, as of September 30, 2014, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at September 30, 2014		Liability Derivatives at September 30, 2014			Net
Futures contracts	Futures contracts purchased	$	41,767	$	(553,536	)	$	(511,769	)
Futures contracts	Futures contracts sold		153,737		(5,404	)		148,333
Totals		$	195,504	$	(558,940	)	$	(363,436	)

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the statement of assets and liabilities, as of December 31, 2013, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at December 31, 2013		Liability Derivatives at December 31, 2013			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	3	$	—		$	3
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(1	)		(1	)
Futures contracts	Futures contracts purchased		254,637		(379,957	)		(125,320	)
Futures contracts	Futures contracts sold		177,920		(110,852	)		67,068
Totals		$	432,560	$	(490,810	)	$	(58,250	)

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

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized loss on futures and forward contracts	$	(6,328	)	$	—
Futures contracts	Net realized gain (loss) on futures and forward contracts		604,945			(713,053	)
Total		$	598,617		$	(713,053	)

Effects of derivative instruments on the statement of operations for the nine months ended September 30, 2014:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized loss on futures and forward contracts	$	(60,362	)	$	(2	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		1,059,480			(305,184	)
Total		$	999,118		$	(305,186	)

Effects of derivative instruments on the statement of operations for the three months ended September 30, 2013:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Loss on Derivatives Recognized in Income			Net Change in Unrealized Appreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized/unrealized gain (loss) on futures and forward contracts	$	(18,978	)	$	5,708
Futures contracts	Net realized/unrealized gain (loss) on futures and forward contracts		(952,820	)		1,340,479
Total		$	(971,798	)	$	1,346,187

Effects of derivative instruments on the statement of operations for the nine months ended September 30, 2013:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Loss on Derivatives Recognized in Income	Net Realized Loss on Derivatives Recognized in Income			Net Change in Unrealized Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized/unrealized loss on futures and forward contracts	$	(180,050	)	$	(50,938	)
Futures contracts	Net realized/unrealized loss on futures and forward contracts		(1,483,295	)		(81,208	)
Total		$	(1,663,345	)	$	(132,146	)

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

	As of September 30, 2014
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Currency	$	588		0.0	*	$	(2,669	)		(0.0	)*	$	32,512		0.6		$	(1,277	)		(0.0	)*	$	29,154
Financial		18,321		0.3			(4,277	)		(0.1	)		3,215		0.1			(858	)		(0.0	)*		16,401
Food & Fiber		1,305		0.0	*		(1,363	)		(0.0	)*		17,901		0.3			(2,532	)		(0.0	)*		15,311
Indices		7,962		0.1			(28,442	)		(0.5	)		1,890		0.0	*		(172	)		(0.0	)*		(18,762	)
Metals		1,169		0.0	*		(501,048	)		(8.6	)		78,050		1.3			(219	)		(0.0	)*		(422,048	)
Energy		1,974		0.0	*		(13,799	)		(0.2	)		20,170		0.3			(347	)		(0.0	)*		7,998
Livestock		10,450		0.2			(1,940	)		(0.0	)*		—		—			—			—			8,510
Totals	$	41,769		0.7		$	(553,538	)		(9.5	)	$	153,738		2.6			$    (5,405	)		(0.1	)	$	(363,436	)

* Due to rounding – amount is less than 0.05%

	As of December 31, 2013
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Foreign Exchange	$	3		0.0	*	$	—			—		$	—		—		$	(1	)		(0.0	)*	$	2
Currency		19,106		0.2			(7,387	)		(0.1	)		37,407		0.5			(2,118	)		(0.0	)*		47,008
Financial		—		—			(6,327	)		(0.1	)		61,890		0.7			(6,511	)		(0.1	)		49,052
Food & Fiber		4,780		0.1			(20,582	)		(0.2	)		31,349		0.4			—			—			15,547
Indices		125,924		1.5			(5,776	)		(0.1	)		112		0.0	*		(6,469	)		(0.1	)		113,791
Metals		68,111		0.8			(276,060	)		(3.3	)		47,162		0.6			(95,754	)		(1.2	)		(256,541	)
Energy		36,615		0.4			(60,704	)		(0.7	)		—		—			—			—			(24,089	)
Livestock		100		0.0	*		(3,120	)		(0.0	)*		—		—			—			—			(3,020	)
Totals	$	254,639		3.1		$	(379,956	)		(4.6	)	$	177,920		2.1		$	(110,853	)		(1.3	)	$	(58,250	)

* Due to rounding – amount is less than 0.05%

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

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

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		165		122
Financial		730		103
Food & Fiber		9		39
Indices		314		34
Metals		169		46
Energy		50		46
Livestock		14		1
Total		1,451		391

* Based on quarterly holdings

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

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

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		194		100
Financial		481		662
Food & Fiber		34		56
Indices		678		163
Metals		203		113
Energy		179		129
Livestock		22		45
Total		1,799		1,276

* Based on quarterly holdings

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

	For the Three Months Ended September 30, 2014
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(6,328	)	$	—		$	(6,328	)
Currency		73,508			19,420			92,928
Financial		163,686			6,612			170,298
Food & Fiber		128,845			2,208			131,053
Indices		125,220			(15,675	)		109,545
Metals		148,885			(732,888	)		(584,003	)
Livestock		(2,630	)		(3,990	)		(6,620	)
Energy		(32,569	)		11,260			(21,309	)
Total net trading gains (losses)	$	598,617		$	(713,053	)	$	(114,436	)

	For the Nine Months Ended September 30, 2014
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(60,362	)	$	(2	)	$	(60,364	)
Currency		(11,977	)		(17,854	)		(29,831	)
Financial		424,017			(32,651	)		391,366
Food & Fiber		235,378			(236	)		235,142
Indices		278,757			(132,553	)		146,204
Metals		221,648			(165,507	)		56,141
Livestock		114,310			11,530			125,840
Energy		(202,653	)		32,087			(170,566	)
Total net trading gains (losses)	$	999,118		$	(305,186	)	$	693,932
	For the Three Months Ended September 30, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(18,978	)	$	5,708		$	(13,270	)
Currency		(264,857	)		156,889			(107,968	)
Financial		5,967			35,744			41,711
Food & Fiber		(48,610	)		(4,034	)		(52,644	)
Indices		264,520			(100,981	)		163,539
Metals		(761,347	)		1,305,587			544,240
Livestock		(53,590	)		(6,490	)		(60,080	)
Energy		(94,903	)		(46,236	)		(141,139	)
Total net trading gains (losses)	$	(971,798	)	$	1,346,187		$	374,389
	For the Nine Months Ended September 30, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(180,050	)	$	(50,938	)	$	(230,988	)
Currency		(386,729	)		(90,848	)		(477,577	)
Financial		123,993			(31,163	)		92,830
Food & Fiber		(367,563	)		(41,943	)		(409,506	)
Indices		1,229,408			(258,983	)		970,425
Metals		(2,008,889	)		405,335			(1,603,554	)
Livestock		66,360			(2,950	)		63,410
Energy		(139,875	)		(60,656	)		(200,531	)
Total net trading losses	$	(1,663,345	)	$	(132,146	)	$	(1,795,491	)

Superfund Gold, L.P. – Series B

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the statement of assets and liabilities, as of September 30, 2014, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at September 30, 2014		Liability Derivatives at September 30, 2014			Net
Futures contracts	Futures contracts purchased	$	17,563	$	(225,286	)	$	(207,723	)
Futures contracts	Futures contracts sold		89,507		(901	)		88,606
Totals		$	107,070	$	(226,187	)	$	(119,117	)

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the statement of assets and liabilities, as of December 31, 2013, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at December 31, 2013		Liability Derivatives at December 31, 2013			Net
Foreign exchange contracts	Unrealized depreciation on open forward contracts	$	—	$	(4	)	$	(4	)
Futures contracts	Futures contracts purchased		179,710		(243,421	)		(63,711	)
Futures contracts	Futures contracts sold		158,268		(79,699	)		78,569
Totals		$	337,978	$	(323,124	)	$	14,854

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

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized loss on futures and forward contracts	$	(2,917	)	$	—
Futures contracts	Net realized gain (loss) on futures and forward contracts		463,799			(331,095	)
Total		$	460,882		$	(331,095	)

Effects of derivative instruments on the statement of operations for the nine months ended September 30, 2014:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in  Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	(46,883	)	$	4
Futures contracts	Net realized gain (loss) on futures and forward contracts		808,271			(133,975	)
Total		$	761,388		$	(133,971	)

Effects of derivative instruments on the statement of operations for the three months ended September 30, 2013:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Loss on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in  Income
Foreign exchange contracts	Net realized/unrealized loss on futures and forward contracts	$	(8,211	)	$	(1,107	)
Futures contracts	Net realized/unrealized gain (loss) on futures and forward contracts		(532,873	)		687,829
Total		$	(541,084	)	$	686,722

Effects of derivative instruments on the statement of operations for the nine months ended September 30, 2013:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Loss on Derivatives Recognized in Income	Net Realized Loss on Derivatives Recognized in Income			Net Change in Unrealized Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized/unrealized loss on futures and forward contracts	$	(122,853	)	$	(29,433	)
Futures contracts	Net realized/unrealized loss on futures and forward contracts		(228,848	)		(145,427	)
Total		$	(351,701	)	$	(174,860	)

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

	As of September 30, 2014
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Currency	$	425		0.0	*	$	(800	)		(0.0	)*	$	13,715		0.6		$	—			—		$	13,340
Financial		8,997		0.4			(2,937	)		(0.1	)		2,321		0.1			—			—			8,381
Food & Fiber		520		0.0	*		(888	)		(0.0	)*		7,000		0.3			(728	)		(0.0	)*		5,904
Indices		1,778		0.1			(15,845	)		(0.4	)		76		0.0	*		—			—			(13,991	)
Metals		446		0.0	*		(196,873	)		(8.8	)		53,898		2.4			(64	)		(0.0	)*		(142,593	)
Energy		28		0.0	*		(7,514	)		(0.3	)		12,497		0.6			(109	)		(0.0	)*		4,902
Livestock		5,370		0.2			(430	)		(0.0	)*		—		—			—			—			4,940
Totals	$	17,564		0.8		$	(225,287	)		(10.0	)	$	89,507		4.0		$	(901	)		(0.0	)*	$	(119,117	)
*  Due to rounding – amount is less than 0.05%
	As of December 31, 2013
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Foreign Exchange	$	—		—		$	—			—		$	—		—		$	(4	)		(0.0	)*	$	(4	)
Currency		15,250		0.3			(6,600	)		(0.2	)		29,644		0.7			(1,798	)		(0.0	)*		36,496
Financial		—		—			(5,003	)		(0.1	)		53,425		1.2			(4,583	)		(0.1	)		43,839
Food & Fiber		—		—			(14,712	)		(0.3	)		30,110		0.7			—			—			15,398
Indices		100,168		2.3			(7,596	)		(0.2	)		56		0.0	*		(4,739	)		(0.1	)		87,889
Metals		45,368		1.0			(148,210	)		(3.4	)		45,033		1.0			(68,579	)		(1.6	)		(126,388	)
Energy		18,924		0.4			(59,500	)		(1.4	)		—		—			—			—			(40,576	)
Livestock		—		—			(1,800	)		(0.0	)*		—		—			—			—			(1,800	)
Totals	$	179,710		4.1		$	(243,421	)		(5.6	)	$	158,268		3.6		$	(79,703	)		(1.8	)	$	14,854
*  Due to rounding – amount is less than 0.05%

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

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

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		139		98
Financial		614		89
Food & Fiber		6		32
Indices		231		26
Metals		129		37
Energy		34		32
Livestock		11		1
Total		1,164		315

* Based on quarterly holdings

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

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

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		147		78
Financial		379		525
Food & Fiber		25		46
Indices		533		119
Metals		136		86
Energy		125		98
Livestock		16		35
Total		1,365		990

* Based on quarterly holdings

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

	For the Three Months Ended September 30, 2014
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(2,917	)	$	—		$	(2,917	)
Currency		48,463			5,020			53,483
Financial		169,462			1,461			170,923
Food & Fiber		104,648			(4,733	)		99,915
Indices		134,937			(8,157	)		126,780
Metals		33,777			(326,008	)		(292,231	)
Livestock		900			(9,630	)		(8,730	)
Energy		(28,388	)		10,952			(17,436	)
Total net trading gains (losses)	$	460,882		$	(331,095	)	$	129,787

	For the Nine Months Ended September 30, 2014
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(46,883	)	$	4		$	(46,879	)
Currency		(43,499	)		(23,156	)		(66,655	)
Financial		380,607			(35,458	)		345,149
Food & Fiber		192,060			(9,494	)		182,566
Indices		304,024			(101,880	)		202,144
Metals		29,466			(16,205	)		13,261
Livestock		81,470			6,740			88,210
Energy		(135,857	)		45,478			(90,379	)
Total net trading gains (losses)	$	761,388		$	(133,971	)	$	627,417
	For the Three Months Ended September 30, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(8,211	)	$	(1,107	)	$	(9,318	)
Currency		(186,889	)		110,768			(76,121	)
Financial		17,997			22,305			40,302
Food & Fiber		(30,049	)		(7,523	)		(37,572	)
Indices		219,485			(74,765	)		144,720
Metals		(451,636	)		666,489			214,853
Livestock		(46,380	)		(1,550	)		(47,930	)
Energy		(55,401	)		(27,895	)		(83,296	)
Total net trading gains (losses)	$	(541,084	)	$	686,722		$	145,638
	For the Nine Months Ended September 30, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(122,853	)	$	(29,433	)	$	(152,286	)
Currency		(278,595	)		(73,099	)		(351,694	)
Financial		41,019			(19,554	)		21,465
Food & Fiber		(264,796	)		(27,244	)		(292,040	)
Indices		899,202			(174,866	)		724,336
Metals		(657,588	)		196,023			(461,565	)
Livestock		47,090			(1,900	)		45,190
Energy		(15,180	)		(44,787	)		(59,967	)
Total net trading losses	$	(351,701	)	$	(174,860	)	$	(526,561	)

XML

Fair Value of Fund's Derivatives by Instrument Type (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 302,574	$ 770,538
Liability Derivatives	(785,127)	(813,934)
Net	(482,553)	(43,396)
Foreign Exchange Contract | Unrealized Appreciation on Open Forward Contracts
Derivatives, Fair Value [Line Items]
Asset Derivatives		3
Net		3
Foreign Exchange Contract | Unrealized Depreciation on Open Forward Contracts
Derivatives, Fair Value [Line Items]
Liability Derivatives		(5)
Net		(5)
Futures Contracts | Futures Contracts Purchased
Derivatives, Fair Value [Line Items]
Asset Derivatives	59,330	434,347
Liability Derivatives	(778,822)	(623,378)
Net	(719,492)	(189,031)
Futures Contracts | Futures Contracts Sold
Derivatives, Fair Value [Line Items]
Asset Derivatives	243,244	336,188
Liability Derivatives	(6,305)	(190,551)
Net	236,939	145,637
SERIES A
Derivatives, Fair Value [Line Items]
Asset Derivatives	195,504	432,560
Liability Derivatives	(558,940)	(490,810)
Net	(363,436)	(58,250)
SERIES A | Foreign Exchange Contract | Unrealized Appreciation on Open Forward Contracts
Derivatives, Fair Value [Line Items]
Asset Derivatives		3
Net		3
SERIES A | Foreign Exchange Contract | Unrealized Depreciation on Open Forward Contracts
Derivatives, Fair Value [Line Items]
Liability Derivatives		(1)
Net		(1)
SERIES A | Futures Contracts | Futures Contracts Purchased
Derivatives, Fair Value [Line Items]
Asset Derivatives	41,767	254,637
Liability Derivatives	(553,536)	(379,957)
Net	(511,769)	(125,320)
SERIES A | Futures Contracts | Futures Contracts Sold
Derivatives, Fair Value [Line Items]
Asset Derivatives	153,737	177,920
Liability Derivatives	(5,404)	(110,852)
Net	148,333	67,068
SERIES B
Derivatives, Fair Value [Line Items]
Asset Derivatives	107,070	337,978
Liability Derivatives	(226,187)	(323,124)
Net	(119,117)	14,854
SERIES B | Foreign Exchange Contract | Unrealized Depreciation on Open Forward Contracts
Derivatives, Fair Value [Line Items]
Liability Derivatives		(4)
Net		(4)
SERIES B | Futures Contracts | Futures Contracts Purchased
Derivatives, Fair Value [Line Items]
Asset Derivatives	17,563	179,710
Liability Derivatives	(225,286)	(243,421)
Net	(207,723)	(63,711)
SERIES B | Futures Contracts | Futures Contracts Sold
Derivatives, Fair Value [Line Items]
Asset Derivatives	89,507	158,268
Liability Derivatives	(901)	(79,699)
Net	$ 88,606	$ 78,569

XML

Summary of Valuation of Fund's Assets and Liabilities (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets Measured at Fair Value	$ 302,574	$ 770,538
Total Liabilities Measured at Fair Value	785,127	813,934
Unrealized Appreciation on Open Forward Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets Measured at Fair Value		3
Futures Contracts Purchased
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets Measured at Fair Value	59,330	434,347
Total Liabilities Measured at Fair Value	778,822	623,378
Futures Contracts Sold
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets Measured at Fair Value	243,244	336,188
Total Liabilities Measured at Fair Value	6,305	190,551
Unrealized Depreciation on Open Forward Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Liabilities Measured at Fair Value		5
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets Measured at Fair Value	302,574	770,535
Total Liabilities Measured at Fair Value	785,127	813,929
Fair Value, Inputs, Level 1 | Futures Contracts Purchased
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets Measured at Fair Value	59,330	434,347
Total Liabilities Measured at Fair Value	778,822	623,378
Fair Value, Inputs, Level 1 | Futures Contracts Sold
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets Measured at Fair Value	243,244	336,188
Total Liabilities Measured at Fair Value	6,305	190,551
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets Measured at Fair Value		3
Total Liabilities Measured at Fair Value		5
Fair Value, Inputs, Level 2 | Unrealized Appreciation on Open Forward Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets Measured at Fair Value		3
Fair Value, Inputs, Level 2 | Unrealized Depreciation on Open Forward Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Liabilities Measured at Fair Value		5
SERIES A
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets Measured at Fair Value	195,504	432,560
Total Liabilities Measured at Fair Value	558,940	490,810
SERIES A | Unrealized Appreciation on Open Forward Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets Measured at Fair Value		3
SERIES A | Futures Contracts Purchased
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets Measured at Fair Value	41,767	254,637
Total Liabilities Measured at Fair Value	553,536	379,957
SERIES A | Futures Contracts Sold
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets Measured at Fair Value	153,737	177,920
Total Liabilities Measured at Fair Value	5,404	110,852
SERIES A | Unrealized Depreciation on Open Forward Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Liabilities Measured at Fair Value		1
SERIES A | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets Measured at Fair Value	195,504	432,557
Total Liabilities Measured at Fair Value	558,940	490,809
SERIES A | Fair Value, Inputs, Level 1 | Futures Contracts Purchased
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets Measured at Fair Value	41,767	254,637
Total Liabilities Measured at Fair Value	553,536	379,957
SERIES A | Fair Value, Inputs, Level 1 | Futures Contracts Sold
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets Measured at Fair Value	153,737	177,920
Total Liabilities Measured at Fair Value	5,404	110,852
SERIES A | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets Measured at Fair Value		3
Total Liabilities Measured at Fair Value		1
SERIES A | Fair Value, Inputs, Level 2 | Unrealized Appreciation on Open Forward Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets Measured at Fair Value		3
SERIES A | Fair Value, Inputs, Level 2 | Unrealized Depreciation on Open Forward Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Liabilities Measured at Fair Value		1
SERIES B
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets Measured at Fair Value	107,070	337,978
Total Liabilities Measured at Fair Value	226,187	323,124
SERIES B | Futures Contracts Purchased
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets Measured at Fair Value	17,563	179,710
Total Liabilities Measured at Fair Value	225,286	243,421
SERIES B | Futures Contracts Sold
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets Measured at Fair Value	89,507	158,268
Total Liabilities Measured at Fair Value	901	79,699
SERIES B | Unrealized Depreciation on Open Forward Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Liabilities Measured at Fair Value		4
SERIES B | Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets Measured at Fair Value	107,070	337,978
Total Liabilities Measured at Fair Value	226,187	323,120
SERIES B | Fair Value, Inputs, Level 1 | Futures Contracts Purchased
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets Measured at Fair Value	17,563	179,710
Total Liabilities Measured at Fair Value	225,286	243,421
SERIES B | Fair Value, Inputs, Level 1 | Futures Contracts Sold
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Assets Measured at Fair Value	89,507	158,268
Total Liabilities Measured at Fair Value	901	79,699
SERIES B | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Liabilities Measured at Fair Value		4
SERIES B | Fair Value, Inputs, Level 2 | Unrealized Depreciation on Open Forward Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Liabilities Measured at Fair Value		$ 4

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Effects of Derivative Instruments on Statement of Operations (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Derivative Instruments, Gain (Loss) [Line Items]
Net Realized Gain (Loss) on Derivatives Recognized in Income	$ 1,059,499	$ (1,512,882)	$ 1,760,506	$ (2,015,046)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income	(1,044,148)	2,032,909	(439,157)	(307,006)
Net Realized Gain (Loss) on Futures and Forward Contracts | Foreign Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Net Realized Gain (Loss) on Derivatives Recognized in Income	(9,245)	(27,189)	(107,245)	(302,903)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income		4,601	2	(80,371)
Net Realized Gain (Loss) on Futures and Forward Contracts | Futures Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Net Realized Gain (Loss) on Derivatives Recognized in Income	1,068,744	(1,485,693)	1,867,751	(1,712,143)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income	(1,044,148)	2,028,308	(439,159)	(226,635)
SERIES A
Derivative Instruments, Gain (Loss) [Line Items]
Net Realized Gain (Loss) on Derivatives Recognized in Income	598,617	(971,798)	999,118	(1,663,345)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income	(713,053)	1,346,187	(305,186)	(132,146)
SERIES A | Net Realized Gain (Loss) on Futures and Forward Contracts | Foreign Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Net Realized Gain (Loss) on Derivatives Recognized in Income	(6,328)	(18,978)	(60,362)	(180,050)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income		5,708	(2)	(50,938)
SERIES A | Net Realized Gain (Loss) on Futures and Forward Contracts | Futures Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Net Realized Gain (Loss) on Derivatives Recognized in Income	604,945	(952,820)	1,059,480	(1,483,295)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income	(713,053)	1,340,479	(305,184)	(81,208)
SERIES B
Derivative Instruments, Gain (Loss) [Line Items]
Net Realized Gain (Loss) on Derivatives Recognized in Income	460,882	(541,084)	761,388	(351,701)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income	(331,095)	686,722	(133,971)	(174,860)
SERIES B | Net Realized Gain (Loss) on Futures and Forward Contracts | Foreign Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Net Realized Gain (Loss) on Derivatives Recognized in Income	(2,917)	(8,211)	(46,883)	(122,853)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income		(1,107)	4	(29,433)
SERIES B | Net Realized Gain (Loss) on Futures and Forward Contracts | Futures Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Net Realized Gain (Loss) on Derivatives Recognized in Income	463,799	(532,873)	808,271	(228,848)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income	$ (331,095)	$ 687,829	$ (133,975)	$ (145,427)

XML

Gross and Net Unrealized Gains and Losses by Long and Short Positions (Detail) (USD $)	Sep. 30, 2014		Dec. 31, 2013
Derivative Instruments, Gain (Loss) [Line Items]
Net Unrealized Gain (Loss) on Open Positions	$ (482,553)		$ (43,396)
Currency
Derivative Instruments, Gain (Loss) [Line Items]
Net Unrealized Gain (Loss) on Open Positions	42,494		83,504
Foreign Exchange
Derivative Instruments, Gain (Loss) [Line Items]
Net Unrealized Gain (Loss) on Open Positions			(2)
Financial
Derivative Instruments, Gain (Loss) [Line Items]
Net Unrealized Gain (Loss) on Open Positions	24,782		92,891
Food And Fiber
Derivative Instruments, Gain (Loss) [Line Items]
Net Unrealized Gain (Loss) on Open Positions	21,215		30,945
Indices
Derivative Instruments, Gain (Loss) [Line Items]
Net Unrealized Gain (Loss) on Open Positions	(32,753)		201,680
Metals
Derivative Instruments, Gain (Loss) [Line Items]
Net Unrealized Gain (Loss) on Open Positions	(564,641)		(382,929)
Energy
Derivative Instruments, Gain (Loss) [Line Items]
Net Unrealized Gain (Loss) on Open Positions	12,900		(64,665)
Livestock
Derivative Instruments, Gain (Loss) [Line Items]
Net Unrealized Gain (Loss) on Open Positions	13,450		(4,820)
Long Position
Derivative Instruments, Gain (Loss) [Line Items]
Gains	59,333		434,349
Gains percentage of net assets	0.60%		3.40%
Losses	(778,825)		(623,377)
Loss percentage of net assets	(9.60%)		(4.90%)
Long Position | Currency
Derivative Instruments, Gain (Loss) [Line Items]
Gains	1,013		34,356
Gains percentage of net assets	0.00%	[1]	0.30%
Losses	(3,469)		(13,987)
Loss percentage of net assets	0.00%	[1]	(0.10%)
Long Position | Foreign Exchange
Derivative Instruments, Gain (Loss) [Line Items]
Gains			3
Gains percentage of net assets			0.00%	[1]
Long Position | Financial
Derivative Instruments, Gain (Loss) [Line Items]
Gains	27,318
Gains percentage of net assets	0.30%
Losses	(7,214)		(11,330)
Loss percentage of net assets	(0.10%)		(0.10%)
Long Position | Food And Fiber
Derivative Instruments, Gain (Loss) [Line Items]
Gains	1,825		4,780
Gains percentage of net assets	0.00%	[1]	0.00%	[1]
Losses	(2,251)		(35,294)
Loss percentage of net assets	0.00%	[1]	(0.30%)
Long Position | Indices
Derivative Instruments, Gain (Loss) [Line Items]
Gains	9,740		226,092
Gains percentage of net assets	0.10%		1.80%
Losses	(44,287)		(13,372)
Loss percentage of net assets	(0.50%)		(0.10%)
Long Position | Metals
Derivative Instruments, Gain (Loss) [Line Items]
Gains	1,615		113,479
Gains percentage of net assets	0.00%	[1]	0.90%
Losses	(697,921)		(424,270)
Loss percentage of net assets	(8.70%)		(3.30%)
Long Position | Energy
Derivative Instruments, Gain (Loss) [Line Items]
Gains	2,002		55,539
Gains percentage of net assets	0.00%	[1]	0.40%
Losses	(21,313)		(120,204)
Loss percentage of net assets	(0.30%)		(0.90%)
Long Position | Livestock
Derivative Instruments, Gain (Loss) [Line Items]
Gains	15,820		100
Gains percentage of net assets	0.20%		0.00%	[1]
Losses	(2,370)		(4,920)
Loss percentage of net assets	0.00%	[1]	0.00%	[1]
Short Position
Derivative Instruments, Gain (Loss) [Line Items]
Gains	243,245		336,188
Gains percentage of net assets	3.00%		2.70%
Losses	(6,306)		(190,556)
Loss percentage of net assets	0.00%	[1]	(1.50%)
Short Position | Currency
Derivative Instruments, Gain (Loss) [Line Items]
Gains	46,227		67,051
Gains percentage of net assets	0.60%		0.50%
Losses	(1,277)		(3,916)
Loss percentage of net assets	0.00%	[1]	0.00%	[1]
Short Position | Foreign Exchange
Derivative Instruments, Gain (Loss) [Line Items]
Losses			(5)
Loss percentage of net assets			0.00%	[1]
Short Position | Financial
Derivative Instruments, Gain (Loss) [Line Items]
Gains	5,536		115,315
Gains percentage of net assets	0.10%		0.90%
Losses	(858)		(11,094)
Loss percentage of net assets	0.00%	[1]	(0.10%)
Short Position | Food And Fiber
Derivative Instruments, Gain (Loss) [Line Items]
Gains	24,901		61,459
Gains percentage of net assets	0.30%		0.50%
Losses	(3,260)
Loss percentage of net assets	0.00%	[1]
Short Position | Indices
Derivative Instruments, Gain (Loss) [Line Items]
Gains	1,966		168
Gains percentage of net assets	0.00%	[1]	0.00%	[1]
Losses	(172)		(11,208)
Loss percentage of net assets	0.00%	[1]	(0.10%)
Short Position | Metals
Derivative Instruments, Gain (Loss) [Line Items]
Gains	131,948		92,195
Gains percentage of net assets	1.60%		0.70%
Losses	(283)		(164,333)
Loss percentage of net assets	0.00%	[1]	(1.30%)
Short Position | Energy
Derivative Instruments, Gain (Loss) [Line Items]
Gains	32,667
Gains percentage of net assets	0.40%
Losses	(456)
Loss percentage of net assets	0.00%	[1]
SERIES A
Derivative Instruments, Gain (Loss) [Line Items]
Net Unrealized Gain (Loss) on Open Positions	(363,436)		(58,250)
SERIES A | Currency
Derivative Instruments, Gain (Loss) [Line Items]
Net Unrealized Gain (Loss) on Open Positions	29,154		47,008
SERIES A | Foreign Exchange
Derivative Instruments, Gain (Loss) [Line Items]
Net Unrealized Gain (Loss) on Open Positions			2
SERIES A | Financial
Derivative Instruments, Gain (Loss) [Line Items]
Net Unrealized Gain (Loss) on Open Positions	16,401		49,052
SERIES A | Food And Fiber
Derivative Instruments, Gain (Loss) [Line Items]
Net Unrealized Gain (Loss) on Open Positions	15,311		15,547
SERIES A | Indices
Derivative Instruments, Gain (Loss) [Line Items]
Net Unrealized Gain (Loss) on Open Positions	(18,762)		113,791
SERIES A | Metals
Derivative Instruments, Gain (Loss) [Line Items]
Net Unrealized Gain (Loss) on Open Positions	(422,048)		(256,541)
SERIES A | Energy
Derivative Instruments, Gain (Loss) [Line Items]
Net Unrealized Gain (Loss) on Open Positions	7,998		(24,089)
SERIES A | Livestock
Derivative Instruments, Gain (Loss) [Line Items]
Net Unrealized Gain (Loss) on Open Positions	8,510		(3,020)
SERIES A | Long Position
Derivative Instruments, Gain (Loss) [Line Items]
Gains	41,769		254,639
Gains percentage of net assets	0.70%		3.10%
Losses	(553,538)		(379,956)
Loss percentage of net assets	(9.50%)		(4.60%)
SERIES A | Long Position | Currency
Derivative Instruments, Gain (Loss) [Line Items]
Gains	588		19,106
Gains percentage of net assets	0.00%	[1]	0.20%
Losses	(2,669)		(7,387)
Loss percentage of net assets	0.00%	[1]	(0.10%)
SERIES A | Long Position | Foreign Exchange
Derivative Instruments, Gain (Loss) [Line Items]
Gains			3
Gains percentage of net assets			0.00%	[1]
SERIES A | Long Position | Financial
Derivative Instruments, Gain (Loss) [Line Items]
Gains	18,321
Gains percentage of net assets	0.30%
Losses	(4,277)		(6,327)
Loss percentage of net assets	(0.10%)		(0.10%)
SERIES A | Long Position | Food And Fiber
Derivative Instruments, Gain (Loss) [Line Items]
Gains	1,305		4,780
Gains percentage of net assets	0.00%	[1]	0.10%
Losses	(1,363)		(20,582)
Loss percentage of net assets	0.00%	[1]	(0.20%)
SERIES A | Long Position | Indices
Derivative Instruments, Gain (Loss) [Line Items]
Gains	7,962		125,924
Gains percentage of net assets	0.10%		1.50%
Losses	(28,442)		(5,776)
Loss percentage of net assets	(0.50%)		(0.10%)
SERIES A | Long Position | Metals
Derivative Instruments, Gain (Loss) [Line Items]
Gains	1,169		68,111
Gains percentage of net assets	0.00%	[1]	0.80%
Losses	(501,048)		(276,060)
Loss percentage of net assets	(8.60%)		(3.30%)
SERIES A | Long Position | Energy
Derivative Instruments, Gain (Loss) [Line Items]
Gains	1,974		36,615
Gains percentage of net assets	0.00%	[1]	0.40%
Losses	(13,799)		(60,704)
Loss percentage of net assets	(0.20%)		(0.70%)
SERIES A | Long Position | Livestock
Derivative Instruments, Gain (Loss) [Line Items]
Gains	10,450		100
Gains percentage of net assets	0.20%		0.00%	[1]
Losses	(1,940)		(3,120)
Loss percentage of net assets	0.00%	[1]	0.00%	[1]
SERIES A | Short Position
Derivative Instruments, Gain (Loss) [Line Items]
Gains	153,738		177,920
Gains percentage of net assets	2.60%		2.10%
Losses	(5,405)		(110,853)
Loss percentage of net assets	(0.10%)		(1.30%)
SERIES A | Short Position | Currency
Derivative Instruments, Gain (Loss) [Line Items]
Gains	32,512		37,407
Gains percentage of net assets	0.60%		0.50%
Losses	(1,277)		(2,118)
Loss percentage of net assets	0.00%	[1]	0.00%	[1]
SERIES A | Short Position | Foreign Exchange
Derivative Instruments, Gain (Loss) [Line Items]
Losses			(1)
Loss percentage of net assets			0.00%	[1]
SERIES A | Short Position | Financial
Derivative Instruments, Gain (Loss) [Line Items]
Gains	3,215		61,890
Gains percentage of net assets	0.10%		0.70%
Losses	(858)		(6,511)
Loss percentage of net assets	0.00%	[1]	(0.10%)
SERIES A | Short Position | Food And Fiber
Derivative Instruments, Gain (Loss) [Line Items]
Gains	17,901		31,349
Gains percentage of net assets	0.30%		0.40%
Losses	(2,532)
Loss percentage of net assets	0.00%	[1]
SERIES A | Short Position | Indices
Derivative Instruments, Gain (Loss) [Line Items]
Gains	1,890		112
Gains percentage of net assets	0.00%	[1]	0.00%	[1]
Losses	(172)		(6,469)
Loss percentage of net assets	0.00%	[1]	(0.10%)
SERIES A | Short Position | Metals
Derivative Instruments, Gain (Loss) [Line Items]
Gains	78,050		47,162
Gains percentage of net assets	1.30%		0.60%
Losses	(219)		(95,754)
Loss percentage of net assets	0.00%	[1]	(1.20%)
SERIES A | Short Position | Energy
Derivative Instruments, Gain (Loss) [Line Items]
Gains	20,170
Gains percentage of net assets	0.30%
Losses	(347)
Loss percentage of net assets	0.00%	[1]
SERIES B
Derivative Instruments, Gain (Loss) [Line Items]
Net Unrealized Gain (Loss) on Open Positions	(119,117)		14,854
SERIES B | Currency
Derivative Instruments, Gain (Loss) [Line Items]
Net Unrealized Gain (Loss) on Open Positions	13,340		36,496
SERIES B | Foreign Exchange
Derivative Instruments, Gain (Loss) [Line Items]
Net Unrealized Gain (Loss) on Open Positions			(4)
SERIES B | Financial
Derivative Instruments, Gain (Loss) [Line Items]
Net Unrealized Gain (Loss) on Open Positions	8,381		43,839
SERIES B | Food And Fiber
Derivative Instruments, Gain (Loss) [Line Items]
Net Unrealized Gain (Loss) on Open Positions	5,904		15,398
SERIES B | Indices
Derivative Instruments, Gain (Loss) [Line Items]
Net Unrealized Gain (Loss) on Open Positions	(13,991)		87,889
SERIES B | Metals
Derivative Instruments, Gain (Loss) [Line Items]
Net Unrealized Gain (Loss) on Open Positions	(142,593)		(126,388)
SERIES B | Energy
Derivative Instruments, Gain (Loss) [Line Items]
Net Unrealized Gain (Loss) on Open Positions	4,902		(40,576)
SERIES B | Livestock
Derivative Instruments, Gain (Loss) [Line Items]
Net Unrealized Gain (Loss) on Open Positions	4,940		(1,800)
SERIES B | Long Position
Derivative Instruments, Gain (Loss) [Line Items]
Gains	17,564		179,710
Gains percentage of net assets	0.80%		4.10%
Losses	(225,287)		(243,421)
Loss percentage of net assets	(10.00%)		(5.60%)
SERIES B | Long Position | Currency
Derivative Instruments, Gain (Loss) [Line Items]
Gains	425		15,250
Gains percentage of net assets	0.00%	[1]	0.30%
Losses	(800)		(6,600)
Loss percentage of net assets	0.00%	[1]	(0.20%)
SERIES B | Long Position | Financial
Derivative Instruments, Gain (Loss) [Line Items]
Gains	8,997
Gains percentage of net assets	0.40%
Losses	(2,937)		(5,003)
Loss percentage of net assets	(0.10%)		(0.10%)
SERIES B | Long Position | Food And Fiber
Derivative Instruments, Gain (Loss) [Line Items]
Gains	520
Gains percentage of net assets	0.00%	[1]
Losses	(888)		(14,712)
Loss percentage of net assets	0.00%	[1]	(0.30%)
SERIES B | Long Position | Indices
Derivative Instruments, Gain (Loss) [Line Items]
Gains	1,778		100,168
Gains percentage of net assets	0.10%		2.30%
Losses	(15,845)		(7,596)
Loss percentage of net assets	(0.40%)		(0.20%)
SERIES B | Long Position | Metals
Derivative Instruments, Gain (Loss) [Line Items]
Gains	446		45,368
Gains percentage of net assets	0.00%	[1]	1.00%
Losses	(196,873)		(148,210)
Loss percentage of net assets	(8.80%)		(3.40%)
SERIES B | Long Position | Energy
Derivative Instruments, Gain (Loss) [Line Items]
Gains	28		18,924
Gains percentage of net assets	0.00%	[1]	0.40%
Losses	(7,514)		(59,500)
Loss percentage of net assets	(0.30%)		(1.40%)
SERIES B | Long Position | Livestock
Derivative Instruments, Gain (Loss) [Line Items]
Gains	5,370
Gains percentage of net assets	0.20%
Losses	(430)		(1,800)
Loss percentage of net assets	0.00%	[1]	0.00%	[1]
SERIES B | Short Position
Derivative Instruments, Gain (Loss) [Line Items]
Gains	89,507		158,268
Gains percentage of net assets	4.00%		3.60%
Losses	(901)		(79,703)
Loss percentage of net assets	0.00%	[1]	(1.80%)
SERIES B | Short Position | Currency
Derivative Instruments, Gain (Loss) [Line Items]
Gains	13,715		29,644
Gains percentage of net assets	0.60%		0.70%
Losses			(1,798)
Loss percentage of net assets			0.00%	[1]
SERIES B | Short Position | Foreign Exchange
Derivative Instruments, Gain (Loss) [Line Items]
Losses			(4)
Loss percentage of net assets			0.00%	[1]
SERIES B | Short Position | Financial
Derivative Instruments, Gain (Loss) [Line Items]
Gains	2,321		53,425
Gains percentage of net assets	0.10%		1.20%
Losses			(4,583)
Loss percentage of net assets			(0.10%)
SERIES B | Short Position | Food And Fiber
Derivative Instruments, Gain (Loss) [Line Items]
Gains	7,000		30,110
Gains percentage of net assets	0.30%		0.70%
Losses	(728)
Loss percentage of net assets	0.00%	[1]
SERIES B | Short Position | Indices
Derivative Instruments, Gain (Loss) [Line Items]
Gains	76		56
Gains percentage of net assets	0.00%	[1]	0.00%	[1]
Losses			(4,739)
Loss percentage of net assets			(0.10%)
SERIES B | Short Position | Metals
Derivative Instruments, Gain (Loss) [Line Items]
Gains	53,898		45,033
Gains percentage of net assets	2.40%		1.00%
Losses	(64)		(68,579)
Loss percentage of net assets	0.00%	[1]	(1.60%)
SERIES B | Short Position | Energy
Derivative Instruments, Gain (Loss) [Line Items]
Gains	12,497
Gains percentage of net assets	0.60%
Losses	$ (109)
Loss percentage of net assets	0.00%	[1]

[1] Due to rounding - amount is less than 0.05%

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Fair Value Measurements

9 Months Ended

Sep. 30, 2014

Fair Value Measurements

3. Fair Value Measurements

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

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

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

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

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

Certain OTC derivatives trade in less liquid markets with limited pricing information, and the determination of fair value for these derivatives is inherently more difficult. Such instruments are classified within Level 3 of the fair value hierarchy. Where the Fund does not have corroborating market evidence to support significant model inputs and cannot verify the model to market transactions, transaction price is initially used as the best estimate of fair value. Accordingly, when a pricing model is used to value such an instrument, the model is adjusted so that the model value at inception equals the transaction price. The valuations of these less liquid OTC derivatives are typically based on Level 1 and/or Level 2 inputs that can be observed in the market, as well as unobservable Level 3 inputs. Subsequent to initial recognition, the Fund updates the Level 1 and Level 2 inputs to reflect observable market changes, with resulting gains and losses reflected within Level 3. Level 3 inputs are changed only when corroborated by evidence such as similar market transactions, third-party pricing services and/or broker or dealer quotations, or other empirical market data. In circumstances in which the Fund cannot verify the model value to market transactions, it is possible that a different valuation model could produce a materially different estimate of fair value. The Fund attempts to avoid holding less liquid OTC derivatives. However, once held, the market for any particular derivative contract could become less liquid during the holding period. There were no Level 3 holdings at September 30, 2014 or December 31, 2013 or during the periods then ended.

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

Superfund Gold, L.P.

	Balance September 30, 2014		Level 1		Level 2		Level 3
ASSETS
Futures contracts purchased	$	59,330	$	59,330	$	—	$	—
Futures contracts sold		243,244		243,244		—		—
Total Assets Measured at Fair Value	$	302,574	$	302,574	$	—	$	—
LIABILITIES
Futures contracts purchased	$	778,822	$	778,822	$	—	$	—
Futures contracts sold		6,305		6,305		—		—
Total Liabilities Measured at Fair Value	$	785,127	$	785,127	$	—	$	—
	Balance December 31, 2013		Level 1		Level 2		Level 3
ASSETS
Unrealized appreciation on open forward contracts	$	3	$	—	$	3	$	—
Futures contracts purchased		434,347		434,347		—		—
Futures contracts sold		336,188		336,188		—		—
Total Assets Measured at Fair Value	$	770,538	$	770,535	$	3	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	5	$	—	$	5	$	—
Futures contracts purchased		623,378		623,378		—		—
Futures contracts sold		190,551		190,551		—		—
Total Liabilities Measured at Fair Value	$	813,934	$	813,929	$	5	$	—

Superfund Gold, L.P. – Series A

	Balance September 30, 2014		Level 1		Level 2		Level 3
ASSETS
Futures contracts purchased	$	41,767	$	41,767	$	—	$	—
Futures contracts sold		153,737		153,737		—		—
Total Assets Measured at Fair Value	$	195,504	$	195,504	$	—	$	—
LIABILITIES
Futures contracts purchased	$	553,536	$	553,536	$	—	$	—
Futures contracts sold		5,404		5,404		—		—
Total Liabilities Measured at Fair Value	$	558,940	$	558,940	$	—	$	—
	Balance December 31, 2013		Level 1		Level 2		Level 3
ASSETS
Unrealized appreciation on open forward contracts	$	3	$	—	$	3	$	—
Futures contracts purchased		254,637		254,637		—		—
Futures contracts sold		177,920		177,920		—		—
Total Assets Measured at Fair Value	$	432,560	$	432,557	$	3	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	1	$	—	$	1	$	—
Futures contracts purchased		379,957		379,957		—		—
Futures contracts sold		110,852		110,852		—		—
Total Liabilities Measured at Fair Value	$	490,810	$	490,809	$	1	$	—

Superfund Gold, L.P. – Series B

	Balance September 30, 2014		Level 1		Level 2		Level 3
ASSETS
Futures contracts purchased	$	17,563	$	17,563	$	—	$	—
Futures contracts sold		89,507		89,507		—		—
Total Assets Measured at Fair Value	$	107,070	$	107,070	$	—	$	—
LIABILITIES
Futures contracts purchased	$	225,286	$	225,286	$	—	$	—
Futures contracts sold		901		901		—		—
Total Liabilities Measured at Fair Value	$	226,187	$	226,187	$	—	$	—

	Balance December 31, 2013		Level 1		Level 2		Level 3
ASSETS
Futures contracts purchased	$	179,710	$	179,710	$	—	$	—
Futures contracts sold		158,268		158,268		—		—
Total Assets Measured at Fair Value	$	337,978	$	337,978	$	—	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	4	$	—	$	4	$	—
Futures contracts purchased		243,421		243,421		—		—
Futures contracts sold		79,699		79,699		—		—
Total Liabilities Measured at Fair Value	$	323,124	$	323,120	$	4	$	—

XML

Gross and Net Unrealized Gains and Losses by Long and Short Positions (Parenthetical) (Detail) (Maximum)	Sep. 30, 2014	Dec. 31, 2013
Derivative Instruments, Gain (Loss) [Line Items]
Percentage of Net Assets	0.05%	0.05%
SERIES A
Derivative Instruments, Gain (Loss) [Line Items]
Percentage of Net Assets	0.05%	0.05%
SERIES B
Derivative Instruments, Gain (Loss) [Line Items]
Percentage of Net Assets	0.05%	0.05%

XML

STATEMENTS OF ASSETS AND LIABILITIES (USD $)	Sep. 30, 2014	Dec. 31, 2013
ASSETS
Due from brokers	$ 3,453,560	$ 7,856,372
Unrealized appreciation on open forward contracts		3
Unrealized gain on futures contracts purchased	59,330	434,347
Unrealized gain on futures contracts sold	243,244	336,188
Cash	5,388,774	5,499,481
Total assets	9,144,908	14,126,391
LIABILITIES
Unrealized depreciation on open forward contracts		5
Unrealized loss on futures contracts purchased	778,822	623,378
Unrealized loss on futures contracts sold	6,305	190,551
Subscriptions received in advance		15,000
Redemptions payable	277,884	583,958
Management fees payable	15,675	24,932
Fees payable	13,053	22,160
Total liabilities	1,091,739	1,459,984
NET ASSETS	8,053,169	12,666,407
SERIES A
ASSETS
Due from brokers	2,404,378	4,366,891
Unrealized appreciation on open forward contracts		3
Unrealized gain on futures contracts purchased	41,767	254,637
Unrealized gain on futures contracts sold	153,737	177,920
Cash	4,064,192	4,314,062
Total assets	6,664,074	9,113,513
LIABILITIES
Unrealized depreciation on open forward contracts		1
Unrealized loss on futures contracts purchased	553,536	379,957
Unrealized loss on futures contracts sold	5,404	110,852
Subscriptions received in advance		15,000
Redemptions payable	277,884	279,141
Management fees payable	11,447	16,139
Fees payable	10,271	16,219
Total liabilities	858,542	817,309
NET ASSETS	5,805,532	8,296,204
Series A-1
LIABILITIES
NET ASSETS	3,693,782	6,261,154
Number of Units outstanding	3,296.942	5,778.843
Net Asset Value per Unit	$ 1,120.37	$ 1,083.46
Series A-2
LIABILITIES
NET ASSETS	2,111,750	2,035,050
Number of Units outstanding	1,641.692	1,660.757
Net Asset Value per Unit	$ 1,286.33	$ 1,225.37
SERIES B
ASSETS
Due from brokers	1,049,182	3,489,481
Unrealized gain on futures contracts purchased	17,563	179,710
Unrealized gain on futures contracts sold	89,507	158,268
Cash	1,324,582	1,185,419
Total assets	2,480,834	5,012,878
LIABILITIES
Unrealized depreciation on open forward contracts		4
Unrealized loss on futures contracts purchased	225,286	243,421
Unrealized loss on futures contracts sold	901	79,699
Redemptions payable		304,817
Management fees payable	4,228	8,793
Fees payable	2,782	5,941
Total liabilities	233,197	642,675
NET ASSETS	2,247,637	4,370,203
Series B-1
LIABILITIES
NET ASSETS	849,446	1,689,188
Number of Units outstanding	860.155	1,849.736
Net Asset Value per Unit	$ 987.55	$ 913.20
Series B-2
LIABILITIES
NET ASSETS	$ 1,398,191	$ 2,681,015
Number of Units outstanding	1,278.818	2,691.953
Net Asset Value per Unit	$ 1,093.35	$ 995.94

XML

Nature of operations

9 Months Ended

Sep. 30, 2014

Nature of operations

1. Nature of operations

Organization and Business

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

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

XML

Due From To Brokers - Additional Information (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Due to Brokers	$ 0	$ 0

XML

Condensed Schedule of Investments (Detail) (USD $)	Sep. 30, 2014		Dec. 31, 2013
Forward Contracts
Summary of Investment Holdings [Line Items]
Percentage of Net Assets			0.00%	[1]
Fair Value			$ (2)
Futures Contracts
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	(5.90%)		(0.30%)
Fair Value	(482,553)		(43,394)
Unrealized Appreciation on Open Forward Contracts | Currency
Summary of Investment Holdings [Line Items]
Percentage of Net Assets			0.00%	[1]
Fair Value			3
Unrealized Appreciation on Open Forward Contracts | Forward Contracts
Summary of Investment Holdings [Line Items]
Percentage of Net Assets			0.00%	[1]
Fair Value			3
Unrealized Depreciation on Open Forward Contracts | Currency
Summary of Investment Holdings [Line Items]
Percentage of Net Assets			0.00%	[1]
Fair Value			(5)
Unrealized Depreciation on Open Forward Contracts | Forward Contracts
Summary of Investment Holdings [Line Items]
Percentage of Net Assets			0.00%	[1]
Fair Value			(5)
Futures Contracts Purchased
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	(8.90%)		(1.40%)
Fair Value	(719,492)		(189,031)
Futures Contracts Purchased | Currency
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.00%	[1]	0.20%
Fair Value	(2,456)		20,369
Futures Contracts Purchased | Energy
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	(0.20%)		(0.50%)
Fair Value	(19,311)		(64,665)
Futures Contracts Purchased | Financial
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.20%		(0.10%)
Fair Value	20,104		(11,330)
Futures Contracts Purchased | Food And Fiber
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.00%	[1]	(0.20%)
Fair Value	(426)		(30,514)
Futures Contracts Purchased | Indices
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	(0.40%)		1.70%
Fair Value	(34,547)		212,720
Futures Contracts Purchased | Livestock
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.20%		0.00%	[1]
Fair Value	13,450		(4,820)
Futures Contracts Purchased | Metals
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	(8.60%)		(2.50%)
Fair Value	(696,306)		(310,791)
Futures Contracts Purchased | Gold
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	(8.40%)
Fair Value	(665,980)
Futures Contracts Purchased | Other Metals
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	(0.40%)
Fair Value	(30,326)
Futures Contracts Sold
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	3.00%		1.10%
Fair Value	236,939		145,637
Futures Contracts Sold | Currency
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.60%		0.50%
Fair Value	44,950		63,135
Futures Contracts Sold | Energy
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.40%		0.80%
Fair Value	32,211		104,221
Futures Contracts Sold | Financial
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.10%		0.50%
Fair Value	4,678		61,459
Futures Contracts Sold | Food And Fiber
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.30%		(0.10%)
Fair Value	21,641		(11,040)
Futures Contracts Sold | Indices
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.00%	[1]
Fair Value	1,794
Futures Contracts Sold | Metals
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	1.60%		(0.60%)
Fair Value	131,665		(72,138)
Futures And Forward Contracts
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	(5.90%)		(0.30%)
Fair Value	(482,553)		(43,396)
Futures And Forward Contracts | Australia
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.00%	[1]	(0.10%)
Fair Value	(735)		(17,985)
Futures And Forward Contracts | European Monetary Union
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.00%	[1]	0.00%	[1]
Fair Value	164		268
Futures And Forward Contracts | UNITED KINGDOM
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.10%		0.00%	[1]
Fair Value	4,860		6,192
Futures And Forward Contracts | JAPAN
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	(0.10%)		0.10%
Fair Value	(7,935)		13,085
Futures And Forward Contracts | UNITED STATES
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	(6.10%)		(0.80%)
Fair Value	(493,903)		(97,305)
Futures And Forward Contracts | Other Countries
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.20%		0.40%
Fair Value	14,996		52,349
SERIES A | Forward Contracts
Summary of Investment Holdings [Line Items]
Percentage of Net Assets			0.00%	[1]
Fair Value			2
SERIES A | Futures Contracts
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	(6.30%)		(0.70%)
Fair Value	(363,436)		(58,252)
SERIES A | Unrealized Appreciation on Open Forward Contracts | Currency
Summary of Investment Holdings [Line Items]
Percentage of Net Assets			0.00%	[1]
Fair Value			3
SERIES A | Unrealized Appreciation on Open Forward Contracts | Forward Contracts
Summary of Investment Holdings [Line Items]
Percentage of Net Assets			0.00%	[1]
Fair Value			3
SERIES A | Unrealized Depreciation on Open Forward Contracts | Currency
Summary of Investment Holdings [Line Items]
Percentage of Net Assets			0.00%	[1]
Fair Value			(1)
SERIES A | Unrealized Depreciation on Open Forward Contracts | Forward Contracts
Summary of Investment Holdings [Line Items]
Percentage of Net Assets			0.00%	[1]
Fair Value			(1)
SERIES A | Futures Contracts Purchased
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	(8.90%)		(1.50%)
Fair Value	(511,769)		(125,320)
SERIES A | Futures Contracts Purchased | Currency
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.00%	[1]	0.10%
Fair Value	(2,081)		11,719
SERIES A | Futures Contracts Purchased | Energy
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	(0.20%)		(0.30%)
Fair Value	(11,825)		(24,089)
SERIES A | Futures Contracts Purchased | Financial
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.20%		(0.10%)
Fair Value	14,044		(6,327)
SERIES A | Futures Contracts Purchased | Food And Fiber
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.00%	[1]	(0.20%)
Fair Value	(58)		(15,802)
SERIES A | Futures Contracts Purchased | Indices
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	(0.40%)		1.40%
Fair Value	(20,480)		120,148
SERIES A | Futures Contracts Purchased | Livestock
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.10%		0.00%	[1]
Fair Value	8,510		(3,020)
SERIES A | Futures Contracts Purchased | Metals
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	(8.60%)		(2.40%)
Fair Value	(499,879)		(207,949)
SERIES A | Futures Contracts Purchased | Gold
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	(8.40%)
Fair Value	(487,060)
SERIES A | Futures Contracts Purchased | Other Metals
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	(0.20%)
Fair Value	(12,819)
SERIES A | Futures Contracts Sold
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	2.60%		0.80%
Fair Value	148,333		67,068
SERIES A | Futures Contracts Sold | Currency
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.50%		0.40%
Fair Value	31,235		35,289
SERIES A | Futures Contracts Sold | Energy
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.30%		0.70%
Fair Value	19,823		55,379
SERIES A | Futures Contracts Sold | Financial
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.00%	[1]	0.40%
Fair Value	2,357		31,349
SERIES A | Futures Contracts Sold | Food And Fiber
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.30%		(0.10%)
Fair Value	15,369		(6,357)
SERIES A | Futures Contracts Sold | Indices
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.00%	[1]
Fair Value	1,718
SERIES A | Futures Contracts Sold | Metals
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	1.30%		(0.60%)
Fair Value	77,831		(48,592)
SERIES A | Futures And Forward Contracts
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	(6.30%)		(0.70%)
Fair Value	(363,436)		(58,250)
SERIES A | Futures And Forward Contracts | Australia
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.00%	[1]	(0.10%)
Fair Value	(454)		(10,382)
SERIES A | Futures And Forward Contracts | European Monetary Union
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.00%	[1]	0.00%	[1]
Fair Value	164		124
SERIES A | Futures And Forward Contracts | UNITED KINGDOM
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.00%	[1]	0.00%	[1]
Fair Value	2,918		2,552
SERIES A | Futures And Forward Contracts | JAPAN
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.00%	[1]	0.10%
Fair Value	(2,668)		9,002
SERIES A | Futures And Forward Contracts | UNITED STATES
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	(6.50%)		(1.10%)
Fair Value	(375,349)		(88,697)
SERIES A | Futures And Forward Contracts | Other Countries
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.20%		0.40%
Fair Value	11,953		29,151
SERIES B | Forward Contracts
Summary of Investment Holdings [Line Items]
Percentage of Net Assets			0.00%	[1]
Fair Value			(4)
SERIES B | Futures Contracts
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	(5.20%)		0.30%
Fair Value	(119,117)		14,858
SERIES B | Unrealized Depreciation on Open Forward Contracts | Currency
Summary of Investment Holdings [Line Items]
Percentage of Net Assets			0.00%	[1]
Fair Value			(4)
SERIES B | Unrealized Depreciation on Open Forward Contracts | Forward Contracts
Summary of Investment Holdings [Line Items]
Percentage of Net Assets			0.00%	[1]
Fair Value			(4)
SERIES B | Futures Contracts Purchased
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	(9.20%)		(1.50%)
Fair Value	(207,723)		(63,711)
SERIES B | Futures Contracts Purchased | Currency
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.00%	[1]	0.20%
Fair Value	(375)		8,650
SERIES B | Futures Contracts Purchased | Energy
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	(0.30%)		(0.90%)
Fair Value	(7,486)		(40,576)
SERIES B | Futures Contracts Purchased | Financial
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.30%		(0.10%)
Fair Value	6,060		(5,003)
SERIES B | Futures Contracts Purchased | Food And Fiber
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.00%	[1]	(0.30%)
Fair Value	(368)		(14,712)
SERIES B | Futures Contracts Purchased | Indices
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	(0.60%)		2.10%
Fair Value	(14,067)		92,572
SERIES B | Futures Contracts Purchased | Livestock
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.20%		0.00%	[1]
Fair Value	4,940		(1,800)
SERIES B | Futures Contracts Purchased | Metals
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	(8.80%)		(2.50%)
Fair Value	(196,427)		(102,842)
SERIES B | Futures Contracts Purchased | Gold
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	(8.00%)
Fair Value	(178,920)
SERIES B | Futures Contracts Purchased | Other Metals
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	(0.80%)
Fair Value	(17,507)
SERIES B | Futures Contracts Sold
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	4.00%		1.80%
Fair Value	88,606		78,569
SERIES B | Futures Contracts Sold | Currency
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.60%		0.60%
Fair Value	13,715		27,846
SERIES B | Futures Contracts Sold | Energy
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.60%		1.10%
Fair Value	12,388		48,842
SERIES B | Futures Contracts Sold | Financial
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.10%		0.70%
Fair Value	2,321		30,110
SERIES B | Futures Contracts Sold | Food And Fiber
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.30%		(0.10%)
Fair Value	6,272		(4,683)
SERIES B | Futures Contracts Sold | Indices
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.00%	[1]
Fair Value	76
SERIES B | Futures Contracts Sold | Metals
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	2.40%		(0.50%)
Fair Value	53,834		(23,546)
SERIES B | Futures And Forward Contracts
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	(5.20%)		0.30%
Fair Value	(119,117)		14,854
SERIES B | Futures And Forward Contracts | Australia
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.00%	[1]	(0.20%)
Fair Value	(281)		(7,603)
SERIES B | Futures And Forward Contracts | European Monetary Union
Summary of Investment Holdings [Line Items]
Percentage of Net Assets			0.00%	[1]
Fair Value			144
SERIES B | Futures And Forward Contracts | UNITED KINGDOM
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.10%		0.10%
Fair Value	1,942		3,640
SERIES B | Futures And Forward Contracts | JAPAN
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	(0.20%)		0.10%
Fair Value	(5,267)		4,083
SERIES B | Futures And Forward Contracts | UNITED STATES
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	(5.30%)		(0.20%)
Fair Value	(118,554)		(8,608)
SERIES B | Futures And Forward Contracts | Other Countries
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.20%		0.50%
Fair Value	$ 3,043		$ 23,198

[1] Due to rounding - amount is less than 0.05%

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Related Party Transactions - Additional Information (Detail)	3 Months Ended				9 Months Ended
	Sep. 30, 2014		Sep. 30, 2013		Sep. 30, 2014		Sep. 30, 2013
Related Party Transaction [Line Items]
Management fee					2.25%
Offering expenses percentage	0.75%				0.75%
Incentive fees					25.00%
Maximum cumulative selling commission percentage	10.00%				10.00%
Series A-1
Related Party Transaction [Line Items]
Incentive fees	0.00%	[1]	0.00%	[1]	0.00%	[1]	0.00%	[1]
Selling commissions percentage	2.00%				2.00%
Series B-1
Related Party Transaction [Line Items]
Incentive fees	0.00%	[1]	0.00%	[1]	0.00%	[1]	0.00%	[1]
Selling commissions percentage	2.00%				2.00%

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

XML

Statement of Changes in Net Assets (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Increase (decrease) in net assets from operations
Net investment loss	$ (151,110)	$ (245,517)	$ (561,164)	$ (956,219)
Net realized gain (loss) on futures and forward contracts	1,059,499	(1,512,882)	1,760,506	(2,015,046)
Net change in unrealized depreciation on futures and forward contracts	(1,044,148)	2,032,909	(439,157)	(307,006)
Net increase (decrease) in net assets from operations	(135,759)	274,510	760,185	(3,278,271)
Capital share transactions
Issuance of Units			1,245,023	2,038,453
Redemption of Units			(6,618,446)	(6,889,985)
Net decrease in net assets from capital share transactions			(5,373,423)	(4,851,532)
Net decrease in net assets			(4,613,238)	(8,129,803)
Net assets, beginning of period			12,666,407	22,366,689
Net assets, end of period	8,053,169	14,236,886	8,053,169	14,236,886
SERIES A
Increase (decrease) in net assets from operations
Net investment loss	(96,657)	(161,498)	(357,286)	(626,102)
Net realized gain (loss) on futures and forward contracts	598,617	(971,798)	999,118	(1,663,345)
Net change in unrealized depreciation on futures and forward contracts	(713,053)	1,346,187	(305,186)	(132,146)
Net increase (decrease) in net assets from operations	(211,093)	212,891	336,646	(2,421,593)
Capital share transactions
Issuance of Units			838,304	871,316
Redemption of Units			(3,665,622)	(4,449,597)
Net decrease in net assets from capital share transactions			(2,827,318)	(3,578,281)
Net decrease in net assets			(2,490,672)	(5,999,874)
Net assets, beginning of period			8,296,204	15,322,426
Net assets, end of period	5,805,532	9,322,552	5,805,532	9,322,552
Series A-1
Capital share transactions
Net assets, beginning of period			6,261,154
Net assets, end of period	3,693,782		3,693,782
Series Units, beginning of period			5,778.843	8,423.300
Issuance of Units			24.628	321.785
Redemption of Units			(2,506.529)	(2,355.412)
Series Units, end of period	3,296.942	6,389.673	3,296.942	6,389.673
Series A-2
Capital share transactions
Net assets, beginning of period			2,035,050
Net assets, end of period	2,111,750		2,111,750
Series Units, beginning of period			1,660.757	2,114.666
Issuance of Units			617.577	276.264
Redemption of Units			(636.642)	(875.077)
Series Units, end of period	1,641.692	1,515.853	1,641.692	1,515.853
SERIES B
Increase (decrease) in net assets from operations
Net investment loss	(54,453)	(84,019)	(203,878)	(330,117)
Net realized gain (loss) on futures and forward contracts	460,882	(541,084)	761,388	(351,701)
Net change in unrealized depreciation on futures and forward contracts	(331,095)	686,722	(133,971)	(174,860)
Net increase (decrease) in net assets from operations	75,334	61,619	423,539	(856,678)
Capital share transactions
Issuance of Units			406,719	1,167,137
Redemption of Units			(2,952,824)	(2,440,388)
Net decrease in net assets from capital share transactions			(2,546,105)	(1,273,251)
Net decrease in net assets			(2,122,566)	(2,129,929)
Net assets, beginning of period			4,370,203	7,044,263
Net assets, end of period	2,247,637	4,914,334	2,247,637	4,914,334
Series B-1
Capital share transactions
Net assets, beginning of period			1,689,188
Net assets, end of period	849,446		849,446
Series Units, beginning of period			1,849.736	3,258.284
Issuance of Units			35.804	184.070
Redemption of Units			(1,025.385)	(1,372.044)
Series Units, end of period	860.155	2,070.310	860.155	2,070.310
Series B-2
Capital share transactions
Net assets, beginning of period			2,681,015
Net assets, end of period	$ 1,398,191		$ 1,398,191
Series Units, beginning of period			2,691.953	2,885.689
Issuance of Units			338.108	753.364
Redemption of Units			(1,751.243)	(746.319)
Series Units, end of period	1,278.818	2,892.734	1,278.818	2,892.734

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Basis of presentation and significant accounting policies

9 Months Ended

Sep. 30, 2014

Basis of presentation and significant accounting policies

2. Basis of presentation and significant accounting policies

Basis of Presentation

The unaudited financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the U.S. (“U.S. GAAP”) with respect to the Form 10-Q and reflect all adjustments which in the opinion of management are normal and recurring, and which are necessary for a fair statement of the results of interim periods presented. It is suggested that these financial statements be read in conjunction with the financial statements and the related notes included in the Fund’s Annual Report on Form 10-K for the year ended December 31, 2013.

Valuation of Investments in Futures Contracts and Forward Contracts

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

Exchange-traded futures contracts are valued at settlement prices published by the recognized exchange. Any spot and forward foreign currency contracts held by the Fund will be valued at published settlement prices or at dealers’ quotes.

Translation of Foreign Currency

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

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

Investment Transactions, Investment Income and Expenses

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

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

Set forth herein are instruments and transactions eligible for offset in the statements of assets and liabilities and which are subject to derivative clearing agreements with the Fund’s futures commission merchants. Each futures commission merchant nets margin held on behalf of each Series of the Fund or payment obligations of the futures commission merchant to each Series against any payment obligations of that Series to the futures commission merchant. Each Series is required to deposit margin at each futures commission merchant to meet the original and maintenance requirements established by that futures commission merchant, and/or the exchange or clearinghouse associated with the exchange on which the instrument is traded. The derivative clearing agreements give each futures commission merchant a security interest in this margin to secure any liabilities owed to the futures commission merchant arising from a default by the Series. As of September 30, 2014, the Fund had on deposit $1,923,622 at ADM Investor Services, Inc., $517,199 at Barclays Capital Inc. and $1,012,739 at Merrill Lynch, Pierce, Fenner & Smith Inc. As of September 30, 2014, Series A had on deposit $1,322,951 at ADM Investor Services, Inc., $339,942 at Barclays Capital Inc. and $741,485 at Merrill Lynch, Pierce, Fenner & Smith Inc. As of September 30, 2014, Series B had on deposit $600,671 at ADM Investor Services, Inc., $177,257 at Barclays Capital Inc. and $271,254 at Merrill Lynch, Pierce, Fenner & Smith Inc.

Income Taxes

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

Superfund Capital Management has evaluated the application of ASC Topic 740, Income Taxes (“ASC 740”), to the Fund to determine whether or not there are uncertain tax positions that require financial statement recognition. Based on this evaluation, Superfund Capital Management has determined no reserves for uncertain tax positions are required to be recorded as a result of the application of ASC 740. Superfund Capital Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. As a result, no income tax liability or expense has been recorded in the accompanying financial statements. The Fund files federal and various state tax returns. The 2010 through 2013 tax years generally remain subject to examination by the U.S. federal and most state tax authorities.

Use of Estimates

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

Recently Issued Accounting Pronouncements

ASU 2013-08

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

ASU 2011-11

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

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

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STATEMENTS OF OPERATIONS (USD $)	3 Months Ended				9 Months Ended
	Sep. 30, 2014		Sep. 30, 2013		Sep. 30, 2014		Sep. 30, 2013
Interest income	$ 272		$ 430		$ 994		$ 1,811
Other income	22		45		31		59
Total investment income	294		475		1,025		1,870
Expenses
Brokerage commissions	47,029		68,511		201,187		315,756
Management fee	54,969		90,415		190,925		325,459
Selling commission	25,952		53,244		95,924		194,327
Operating expenses	18,323		30,138		63,641		108,489
Other	5,131		3,684		10,512		14,058
Total expenses	151,404		245,992		562,189		958,089
Net investment loss	(151,110)		(245,517)		(561,164)		(956,219)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts	1,059,499		(1,512,882)		1,760,506		(2,015,046)
Net change in unrealized appreciation (depreciation) on futures and forward contracts	(1,044,148)		2,032,909		(439,157)		(307,006)
Net gain (loss) on investments	15,351		520,027		1,321,349		(2,322,052)
Net increase (decrease) in net assets from operations	(135,759)		274,510		760,185		(3,278,271)
SERIES A
Interest income	161		294		552		1,112
Other income	14		33		19		41
Total investment income	175		327		571		1,153
Expenses
Brokerage commissions	26,186		38,878		111,577		181,543
Management fee	35,925		59,592		124,319		216,357
Selling commission	20,811		42,149		77,194		152,017
Operating expenses	11,975		19,864		41,439		72,122
Other	1,935		1,342		3,328		5,216
Total expenses	96,832		161,825		357,857		627,255
Net investment loss	(96,657)		(161,498)		(357,286)		(626,102)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts	598,617		(971,798)		999,118		(1,663,345)
Net change in unrealized appreciation (depreciation) on futures and forward contracts	(713,053)		1,346,187		(305,186)		(132,146)
Net gain (loss) on investments	(114,436)		374,389		693,932		(1,795,491)
Net increase (decrease) in net assets from operations	(211,093)		212,891		336,646		(2,421,593)
Series A-1
Realized and unrealized gain (loss) on investments
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of units outstanding during period)	$ (40.87)	[1]	$ 23.70	[1]	$ (59.71)	[1]	$ (262.57)	[1]
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per unit during period)	$ (39.54)		$ 17.69		$ 36.91		$ (271.46)
Series A-2
Realized and unrealized gain (loss) on investments
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of units outstanding during period)	$ (41.69)	[2]	$ 35.49	[2]	$ 51.75	[2]	$ (278.65)	[2]
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per unit during period)	$ (38.73)		$ 26.29		$ 60.96		$ (281.56)
SERIES B
Interest income	111		136		442		699
Other income	8		12		12		18
Total investment income	119		148		454		717
Expenses
Brokerage commissions	20,843		29,633		89,610		134,213
Management fee	19,044		30,823		66,606		109,102
Selling commission	5,141		11,095		18,730		42,310
Operating expenses	6,348		10,274		22,202		36,367
Other	3,196		2,342		7,184		8,842
Total expenses	54,572		84,167		204,332		330,834
Net investment loss	(54,453)		(84,019)		(203,878)		(330,117)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts	460,882		(541,084)		761,388		(351,701)
Net change in unrealized appreciation (depreciation) on futures and forward contracts	(331,095)		686,722		(133,971)		(174,860)
Net gain (loss) on investments	129,787		145,638		627,417		(526,561)
Net increase (decrease) in net assets from operations	$ 75,334		$ 61,619		$ 423,539		$ (856,678)
Series B-1
Realized and unrealized gain (loss) on investments
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of units outstanding during period)	$ 8.23	[3]	$ 9.37	[3]	$ 99.00	[3]	$ (143.67)	[3]
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per unit during period)	$ 1.88		$ 0.11		$ 74.35		$ (167.21)
Series B-2
Realized and unrealized gain (loss) on investments
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of units outstanding during period)	$ 41.13	[4]	$ 14.66	[4]	$ 132.30	[4]	$ (168.47)	[4]
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per unit during period)	$ 7.54		$ 5.24		$ 97.41		$ (163.44)

[1] Weighted average number of Units outstanding for Series A-1 for the three months ended September 30, 2014 and September 30, 2013: 3,474.60 and 6,699.01, respectively; and for the nine months ended September 30, 2014 and September 30, 2013: 4,219.65 and 7,400.17, respectively.

[2] Weighted average number of Units outstanding for Series A-2 for the three months ended September 30, 2014 and September 30, 2013: 1,657.24 and 1,524.69, respectively; and for the nine months ended September 30, 2014 and September 30, 2013: 1,636.65 and 1,717.28, respectively.

[3] Weighted average number of Units outstanding for Series B-1 for the three months ended September 30, 2014 and September 30, 2013: 938.258 and 2,115.76, respectively; and for the nine months ended September 30, 2014 and September 30, 2013: 1,169.82 and 2,442.53, respectively.

[4] Weighted average number of Units outstanding for Series B-2 for the three months ended September 30, 2014 and September 30, 2013: 1,643.74 and 2,849.73, respectively; and for the nine months ended September 30, 2014 and September 30, 2013: 2,325.96 and 3,002.12, respectively.

XML

Subsequent events

9 Months Ended

Sep. 30, 2014

Subsequent events

12. Subsequent events

Superfund Capital Management has determined to cease the trading and investment operations of the Fund as of the close of business on December 31, 2014 and to close the Fund. Pursuant to the terms of the Limited Partnership Agreement, Superfund Capital Management will withdraw from the Fund as general partner in mid-March 2015, which will terminate the Fund as a limited partnership. Limited Partners of the Fund have been informed of its closing.

XML

Document and Entity Information	9 Months Ended
	Sep. 30, 2014
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q3
Entity Registrant Name	SUPERFUND GOLD, L.P.
Entity Central Index Key	0001433147
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding	0

XML

Basis of presentation and significant accounting policies (Policies)

9 Months Ended

Sep. 30, 2014

Basis of Presentation

Basis of Presentation

The unaudited financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the U.S. (“U.S. GAAP”) with respect to the Form 10-Q and reflect all adjustments which in the opinion of management are normal and recurring, and which are necessary for a fair statement of the results of interim periods presented. It is suggested that these financial statements be read in conjunction with the financial statements and the related notes included in the Fund’s Annual Report on Form 10-K for the year ended December 31, 2013.

Valuation of Investments in Futures Contracts, and Forward Contracts

Valuation of Investments in Futures Contracts and Forward Contracts

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

Exchange-traded futures contracts are valued at settlement prices published by the recognized exchange. Any spot and forward foreign currency contracts held by the Fund will be valued at published settlement prices or at dealers’ quotes.

Translation of Foreign Currency

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, Investment Income and Expenses

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

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

Set forth herein are instruments and transactions eligible for offset in the statements of assets and liabilities and which are subject to derivative clearing agreements with the Fund’s futures commission merchants. Each futures commission merchant nets margin held on behalf of each Series of the Fund or payment obligations of the futures commission merchant to each Series against any payment obligations of that Series to the futures commission merchant. Each Series is required to deposit margin at each futures commission merchant to meet the original and maintenance requirements established by that futures commission merchant, and/or the exchange or clearinghouse associated with the exchange on which the instrument is traded. The derivative clearing agreements give each futures commission merchant a security interest in this margin to secure any liabilities owed to the futures commission merchant arising from a default by the Series. As of September 30, 2014, the Fund had on deposit $1,923,622 at ADM Investor Services, Inc., $517,199 at Barclays Capital Inc. and $1,012,739 at Merrill Lynch, Pierce, Fenner & Smith Inc. As of September 30, 2014, Series A had on deposit $1,322,951 at ADM Investor Services, Inc., $339,942 at Barclays Capital Inc. and $741,485 at Merrill Lynch, Pierce, Fenner & Smith Inc. As of September 30, 2014, Series B had on deposit $600,671 at ADM Investor Services, Inc., $177,257 at Barclays Capital Inc. and $271,254 at Merrill Lynch, Pierce, Fenner & Smith Inc.

Income Taxes

Income Taxes

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

Superfund Capital Management has evaluated the application of ASC Topic 740, Income Taxes (“ASC 740”), to the Fund to determine whether or not there are uncertain tax positions that require financial statement recognition. Based on this evaluation, Superfund Capital Management has determined no reserves for uncertain tax positions are required to be recorded as a result of the application of ASC 740. Superfund Capital Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. As a result, no income tax liability or expense has been recorded in the accompanying financial statements. The Fund files federal and various state tax returns. The 2010 through 2013 tax years generally remain subject to examination by the U.S. federal and most state tax authorities.

Use of Estimates

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

Recently Issued Accounting Pronouncements

ASU 2013-08

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

ASU 2011-11

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

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

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STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities
Net increase (decrease) in net assets from operations	$ 760,185	$ (3,278,271)
Changes in operating assets and liabilities:
Decrease in due from brokers	4,402,812	4,094,008
Decrease in unrealized appreciation on open forward contracts	3	182,142
Decrease in unrealized depreciation on open forward contracts	(5)	(101,771)
Decrease in futures contracts purchased	530,461	98,194
Increase (decrease) in futures contracts sold	(91,302)	128,441
Decrease in management fees payable	(9,257)	(15,201)
Decrease in fees payable	(9,107)	(14,768)
Net cash provided by operating activities	5,583,790	1,092,774
Cash flows from financing activities
Subscriptions, net of change in advanced subscriptions	1,230,023	1,953,938
Redemptions, net of change in redemptions payable	(6,924,520)	(6,836,967)
Net cash used in financing activities	(5,694,497)	(4,883,029)
Net increase (decrease) in cash	(110,707)	(3,790,255)
Cash, beginning of period	5,499,481	9,250,263
Cash, end of period	5,388,774	5,460,008
SERIES A
Cash flows from operating activities
Net increase (decrease) in net assets from operations	336,646	(2,421,593)
Changes in operating assets and liabilities:
Decrease in due from brokers	1,962,513	2,519,885
Decrease in unrealized appreciation on open forward contracts	3	111,538
Decrease in unrealized depreciation on open forward contracts	(1)	(60,600)
Decrease in futures contracts purchased	386,449	6,772
Increase (decrease) in futures contracts sold	(81,265)	74,436
Decrease in management fees payable	(4,692)	(10,947)
Decrease in fees payable	(5,948)	(10,523)
Net cash provided by operating activities	2,593,705	208,968
Cash flows from financing activities
Subscriptions, net of change in advanced subscriptions	823,304	792,552
Redemptions, net of change in redemptions payable	(3,666,879)	(4,266,236)
Net cash used in financing activities	(2,843,575)	(3,473,684)
Net increase (decrease) in cash	(249,870)	(3,264,716)
Cash, beginning of period	4,314,062	7,542,936
Cash, end of period	4,064,192	4,278,220
SERIES B
Cash flows from operating activities
Net increase (decrease) in net assets from operations	423,539	(856,678)
Changes in operating assets and liabilities:
Decrease in due from brokers	2,440,299	1,574,123
Decrease in unrealized appreciation on open forward contracts		70,604
Decrease in unrealized depreciation on open forward contracts	(4)	(41,171)
Decrease in futures contracts purchased	144,012	91,422
Increase (decrease) in futures contracts sold	(10,037)	54,005
Decrease in management fees payable	(4,565)	(4,254)
Decrease in fees payable	(3,159)	(4,245)
Net cash provided by operating activities	2,990,085	883,806
Cash flows from financing activities
Subscriptions, net of change in advanced subscriptions	406,719	1,161,386
Redemptions, net of change in redemptions payable	(3,257,641)	(2,570,731)
Net cash used in financing activities	(2,850,922)	(1,409,345)
Net increase (decrease) in cash	139,163	(525,539)
Cash, beginning of period	1,185,419	1,707,327
Cash, end of period	$ 1,324,582	$ 1,181,788

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Related party transactions

9 Months Ended

Sep. 30, 2014

Related party transactions

7. Related party transactions

Superfund Capital Management shall be paid a management fee equal to one-twelfth of 2.25% of month-end net assets (2.25% per annum) and operating and ongoing offering expenses equal to one-twelfth of 0.75% of month-end net assets (0.75% per annum) when considered together, not to exceed the amount of actual expenses incurred. Superfund Capital Management will also be paid a monthly performance/incentive fee equal to 25% of the new appreciation without respect to interest income or any changes in net asset due to changes in value of the Fund’s dollar for dollar gold position. Trading losses will be carried forward and no further performance/incentive fee may be paid until the prior losses have been recovered. In addition, Superfund Brokerage Services, Inc., an affiliate of Superfund Capital Management, serves as the introducing broker for the Fund’s futures transactions and receives a portion of the brokerage commissions paid by the Fund in connection with its futures trading. Superfund USA, LLC, an entity related to Superfund Capital Management by common ownership, shall be paid selling commissions equal to 2% of the month-end net asset value per Series A-1 Unit and Series B-1 Unit (one-twelfth of 2% per month). These amounts are included under selling commission in the statements of operations. However, the maximum cumulative selling commission per Unit is limited to 10% of the gross offering proceeds of such Unit.

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Allocation of net profits and losses

9 Months Ended

Sep. 30, 2014

Allocation of net profits and losses

6. Allocation of net profits and losses

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

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

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Condensed Schedule of Investments (Parenthetical) (Detail) (Maximum)	Sep. 30, 2014	Dec. 31, 2013
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.05%	0.05%
SERIES A
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.05%	0.05%
SERIES B
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	0.05%	0.05%

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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2014

Summary of Valuation of Fund's Assets and Liabilities

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

Superfund Gold, L.P.

	Balance September 30, 2014		Level 1		Level 2		Level 3
ASSETS
Futures contracts purchased	$	59,330	$	59,330	$	—	$	—
Futures contracts sold		243,244		243,244		—		—
Total Assets Measured at Fair Value	$	302,574	$	302,574	$	—	$	—
LIABILITIES
Futures contracts purchased	$	778,822	$	778,822	$	—	$	—
Futures contracts sold		6,305		6,305		—		—
Total Liabilities Measured at Fair Value	$	785,127	$	785,127	$	—	$	—
	Balance December 31, 2013		Level 1		Level 2		Level 3
ASSETS
Unrealized appreciation on open forward contracts	$	3	$	—	$	3	$	—
Futures contracts purchased		434,347		434,347		—		—
Futures contracts sold		336,188		336,188		—		—
Total Assets Measured at Fair Value	$	770,538	$	770,535	$	3	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	5	$	—	$	5	$	—
Futures contracts purchased		623,378		623,378		—		—
Futures contracts sold		190,551		190,551		—		—
Total Liabilities Measured at Fair Value	$	813,934	$	813,929	$	5	$	—

Superfund Gold, L.P. – Series A

	Balance September 30, 2014		Level 1		Level 2		Level 3
ASSETS
Futures contracts purchased	$	41,767	$	41,767	$	—	$	—
Futures contracts sold		153,737		153,737		—		—
Total Assets Measured at Fair Value	$	195,504	$	195,504	$	—	$	—
LIABILITIES
Futures contracts purchased	$	553,536	$	553,536	$	—	$	—
Futures contracts sold		5,404		5,404		—		—
Total Liabilities Measured at Fair Value	$	558,940	$	558,940	$	—	$	—
	Balance December 31, 2013		Level 1		Level 2		Level 3
ASSETS
Unrealized appreciation on open forward contracts	$	3	$	—	$	3	$	—
Futures contracts purchased		254,637		254,637		—		—
Futures contracts sold		177,920		177,920		—		—
Total Assets Measured at Fair Value	$	432,560	$	432,557	$	3	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	1	$	—	$	1	$	—
Futures contracts purchased		379,957		379,957		—		—
Futures contracts sold		110,852		110,852		—		—
Total Liabilities Measured at Fair Value	$	490,810	$	490,809	$	1	$	—

Superfund Gold, L.P. – Series B

	Balance September 30, 2014		Level 1		Level 2		Level 3
ASSETS
Futures contracts purchased	$	17,563	$	17,563	$	—	$	—
Futures contracts sold		89,507		89,507		—		—
Total Assets Measured at Fair Value	$	107,070	$	107,070	$	—	$	—
LIABILITIES
Futures contracts purchased	$	225,286	$	225,286	$	—	$	—
Futures contracts sold		901		901		—		—
Total Liabilities Measured at Fair Value	$	226,187	$	226,187	$	—	$	—

	Balance December 31, 2013		Level 1		Level 2		Level 3
ASSETS
Futures contracts purchased	$	179,710	$	179,710	$	—	$	—
Futures contracts sold		158,268		158,268		—		—
Total Assets Measured at Fair Value	$	337,978	$	337,978	$	—	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	4	$	—	$	4	$	—
Futures contracts purchased		243,421		243,421		—		—
Futures contracts sold		79,699		79,699		—		—
Total Liabilities Measured at Fair Value	$	323,124	$	323,120	$	4	$	—

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Subscriptions and redemptions

9 Months Ended

Sep. 30, 2014

Subscriptions and redemptions

10. Subscriptions and redemptions

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

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

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Financial highlights

9 Months Ended

Sep. 30, 2014

Financial highlights

8. Financial highlights

Financial highlights for the period January 1 through September 30, 2014 are as follows:

	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees		3.4	%		5.0	%		8.1	%		9.8	%
Incentive fees		0.0			0.0			0.0			0.0
Total return after incentive fees		3.4	%		5.0	%		8.1	%		9.8	%
Ratios to average partners’ capital**
Operating expenses before incentive fees		5.2	%		3.8	%		6.0	%		3.4	%
Incentive fees		0.0			0.0			0.0			0.0
Total expenses		5.2	%		3.8	%		6.0	%		3.4	%
Net investment loss		(5.2	)%		(3.8	)%		(6.0	)%		(3.4	)%
Net asset value per unit, beginning of period	$	1,083.46		$	1,225.37		$	913.20		$	995.94
Net investment loss		(59.02	)		(49.40	)		(58.00	)		(36.23	)
Net gain on investments		95.93			110.36			132.35			133.64
Net asset value per unit, end of period	$	1,120.37		$	1,286.33		$	987.55		$	1,093.35
Other per Unit information:
Net increase in net assets from operations per Unit (based upon weighted average number of Units during period) upon weighted average number of Units during period)	$	59.71		$	51.75		$	99.00		$	132.30
Net increase in net assets from operations per Unit (based upon change in net asset value per Unit) upon change in net asset value per Unit)	$	36.91		$	60.96		$	74.35		$	97.41

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

** Annualized for periods less than a year.

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

	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees		(19.1	)%		(17.8	)%		(15.1	)%		(13.8	)%
Incentive fees		0.0			0.0			0.0			0.0
Total return after incentive fees		(19.1	)%		(17.8	)%		(15.1	)%		(13.8	)%
Ratios to average partners’ capital**
Operating expenses before incentive fees		5.1	%		3.6	%		5.9	%		4.5	%
Incentive fees		0.0			0.0			0.0			0.0
Total expenses		5.1	%		3.6	%		5.9	%		4.5	%
Net investment loss		(5.1	)%		(3.6	)%		(5.8	)%		(4.5	)%
Net asset value per unit, beginning of period	$	1,423.03		$	1,577.45		$	1,110.58		$	1,187.13
Net investment loss		(68.50	)		(54.20	)		(64.34	)		(52.58	)
Net loss on investments		(202.96	)		(227.36	)		(102.87	)		(110.86	)
Net asset value per unit, end of period	$	1,151.57		$	1,295.89		$	943.37		$	1,023.69
Other per Unit information:
Net decrease in net assets from operations per Unit (based upon weighted average number of Units during period) upon weighted average number of Units during period)	$	(262.57	)	$	(278.65	)	$	(143.67	)	$	(168.47	)
Net decrease in net assets from operations per Unit (based upon change in net asset value per Unit) upon change in net asset value per Unit)	$	(271.46	)	$	(281.56	)	$	(167.21	)	$	(163.44	)

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

** Annualized for periods less than a year.

Financial highlights for the period July 1 through September 30, 2014 are as follows:

	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees		(3.4	)%		(2.9	)%		0.2	%		0.7	%
Incentive fees		0.0			0.0			0.0			0.0
Total return after incentive fees		(3.4	)%		(2.9	)%		0.2	%		0.7	%
Ratios to average partners’ capital**
Operating expenses before incentive fees		1.7	%		1.2	%		1.9	%		1.4	%
Incentive fees		0.0			0.0			0.0			0.0
Total expenses		1.7	%		1.2	%		1.9	%		1.4	%
Net investment loss		(1.7	)%		(1.2	)%		(1.9	)%		(1.4	)%
Net asset value per unit, beginning of period	$	1,159.91		$	1,325.06		$	985.67		$	1,085.81
Net investment loss		(19.03	)		(15.69	)		(19.01	)		(15.04	)
Net gain on investments		(20.51	)		(23.04	)		20.89			22.58
Net asset value per unit, end of period	$	1,120.37		$	1,286.33		$	987.55		$	1,093.35
Other per Unit information:
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of Units during period) upon weighted average number of Units during period)	$	(40.87	)	$	(41.69	)	$	8.23		$	41.13
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit) upon change in net asset value per Unit)	$	(39.54	)	$	(38.73	)	$	1.88		$	7.54

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

** Annualized for periods less than a year.

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

	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees		1.6	%		2.1	%		0.0	%		0.5	%
Incentive fees		0.0			0.0			0.0			0.0
Total return after incentive fees		1.6	%		2.1	%		0.0	%		0.5	%
Ratios to average partners’ capital**
Operating expenses before incentive fees		1.7	%		1.1	%		1.8	%		1.3	%
Incentive fees		0.0			0.0			0.0			0.0
Total expenses		1.7	%		1.1	%		1.8	%		1.3	%
Net investment loss		(1.6	)%		(1.1	)%		(1.8	)%		(1.3	)%
Net asset value per unit, beginning of period	$	1,133.88		$	1,269.60		$	943.26		$	1,018.45
Net investment loss		(19.56	)		(15.09	)		(18.02	)		(14.15	)
Net gain on investments		37.25			41.38			18.13			19.39
Net asset value per unit, end of period	$	1,151.57		$	1,295.89		$	943.37		$	1,023.69
Other per Unit information:
Net increase in net assets from operations per Unit (based upon weighted average number of Units during period) upon weighted average number of Units during period)	$	23.70		$	35.49		$	9.37		$	14.66
Net increase in net assets from operations per Unit (based upon change in net asset value per Unit) upon change in net asset value per Unit)	$	17.69		$	26.29		$	0.11		$	5.24

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

** Annualized for periods less than a year.

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

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Financial instrument risk

9 Months Ended

Sep. 30, 2014

Financial instrument risk

9. Financial instrument risk

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

For the Fund, gross unrealized gains and losses related to exchange-traded futures were $302,574 and $785,127, respectively, at September 30, 2014.

For Series A, gross unrealized gains and losses related to exchange-traded futures were $195,504 and $558,940, respectively, at September 30, 2014.

For Series B, gross unrealized gains and losses related to exchange-traded futures were $107,070 and $226,187, respectively, at September 30, 2014.

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

Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. Credit risk with respect to exchange-traded instruments is reduced to the extent that an exchange or clearing organization acts as a counterparty to the transactions. The Fund’s risk of loss in the event of counterparty default is typically limited to the amounts recognized in the statements of assets and liabilities and not represented by the contract or notional amounts of the instruments. As the Fund’s assets are held in segregated accounts with futures commission merchants, the Fund has credit risk and concentration risk. The Fund’s futures commission merchants are currently ADM Investor Services, Inc., Barclays Capital Inc. and Merrill Lynch, Pierce, Fenner & Smith Inc.

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

The majority of these instruments mature within one year of September 30, 2014. However, due to the nature of the Fund’s business, these instruments may not be held to maturity.

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Indemnification

9 Months Ended

Sep. 30, 2014

Indemnification

11. Indemnification

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

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Funds Trading Results by Market Sector (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Derivative Instruments, Gain (Loss) [Line Items]
Net Realized Gains (Losses)	$ 1,059,499	$ (1,512,882)	$ 1,760,506	$ (2,015,046)
Change in Net Unrealized Gains (Losses)	(1,044,148)	2,032,909	(439,157)	(307,006)
Net Trading Gains (Losses)	15,351	520,027	1,321,349	(2,322,052)
Currency
Derivative Instruments, Gain (Loss) [Line Items]
Net Realized Gains (Losses)	121,971	(451,746)	(55,476)	(665,324)
Change in Net Unrealized Gains (Losses)	24,440	267,657	(41,010)	(163,947)
Net Trading Gains (Losses)	146,411	(184,089)	(96,486)	(829,271)
Foreign Exchange
Derivative Instruments, Gain (Loss) [Line Items]
Net Realized Gains (Losses)	(9,245)	(27,189)	(107,245)	(302,903)
Change in Net Unrealized Gains (Losses)		4,601	2	(80,371)
Net Trading Gains (Losses)	(9,245)	(22,588)	(107,243)	(383,274)
Financial
Derivative Instruments, Gain (Loss) [Line Items]
Net Realized Gains (Losses)	333,148	23,964	804,624	165,012
Change in Net Unrealized Gains (Losses)	8,073	58,049	(68,109)	(50,717)
Net Trading Gains (Losses)	341,221	82,013	736,515	114,295
Food And Fiber
Derivative Instruments, Gain (Loss) [Line Items]
Net Realized Gains (Losses)	233,493	(78,659)	427,438	(632,359)
Change in Net Unrealized Gains (Losses)	(2,525)	(11,557)	(9,730)	(69,187)
Net Trading Gains (Losses)	230,968	(90,216)	417,708	(701,546)
Indices
Derivative Instruments, Gain (Loss) [Line Items]
Net Realized Gains (Losses)	260,157	484,005	582,781	2,128,610
Change in Net Unrealized Gains (Losses)	(23,832)	(175,746)	(234,433)	(433,849)
Net Trading Gains (Losses)	236,325	308,259	348,348	1,694,761
Metals
Derivative Instruments, Gain (Loss) [Line Items]
Net Realized Gains (Losses)	182,662	(1,212,983)	251,114	(2,666,477)
Change in Net Unrealized Gains (Losses)	(1,058,896)	1,972,076	(181,712)	601,358
Net Trading Gains (Losses)	(876,234)	759,093	69,402	(2,065,119)
Livestock
Derivative Instruments, Gain (Loss) [Line Items]
Net Realized Gains (Losses)	(1,730)	(99,970)	195,780	113,450
Change in Net Unrealized Gains (Losses)	(13,620)	(8,040)	18,270	(4,850)
Net Trading Gains (Losses)	(15,350)	(108,010)	214,050	108,600
Energy
Derivative Instruments, Gain (Loss) [Line Items]
Net Realized Gains (Losses)	(60,957)	(150,304)	(338,510)	(155,055)
Change in Net Unrealized Gains (Losses)	22,212	(74,131)	77,565	(105,443)
Net Trading Gains (Losses)	(38,745)	(224,435)	(260,945)	(260,498)
SERIES A
Derivative Instruments, Gain (Loss) [Line Items]
Net Realized Gains (Losses)	598,617	(971,798)	999,118	(1,663,345)
Change in Net Unrealized Gains (Losses)	(713,053)	1,346,187	(305,186)	(132,146)
Net Trading Gains (Losses)	(114,436)	374,389	693,932	(1,795,491)
SERIES A | Currency
Derivative Instruments, Gain (Loss) [Line Items]
Net Realized Gains (Losses)	73,508	(264,857)	(11,977)	(386,729)
Change in Net Unrealized Gains (Losses)	19,420	156,889	(17,854)	(90,848)
Net Trading Gains (Losses)	92,928	(107,968)	(29,831)	(477,577)
SERIES A | Foreign Exchange
Derivative Instruments, Gain (Loss) [Line Items]
Net Realized Gains (Losses)	(6,328)	(18,978)	(60,362)	(180,050)
Change in Net Unrealized Gains (Losses)		5,708	(2)	(50,938)
Net Trading Gains (Losses)	(6,328)	(13,270)	(60,364)	(230,988)
SERIES A | Financial
Derivative Instruments, Gain (Loss) [Line Items]
Net Realized Gains (Losses)	163,686	5,967	424,017	123,993
Change in Net Unrealized Gains (Losses)	6,612	35,744	(32,651)	(31,163)
Net Trading Gains (Losses)	170,298	41,711	391,366	92,830
SERIES A | Food And Fiber
Derivative Instruments, Gain (Loss) [Line Items]
Net Realized Gains (Losses)	128,845	(48,610)	235,378	(367,563)
Change in Net Unrealized Gains (Losses)	2,208	(4,034)	(236)	(41,943)
Net Trading Gains (Losses)	131,053	(52,644)	235,142	(409,506)
SERIES A | Indices
Derivative Instruments, Gain (Loss) [Line Items]
Net Realized Gains (Losses)	125,220	264,520	278,757	1,229,408
Change in Net Unrealized Gains (Losses)	(15,675)	(100,981)	(132,553)	(258,983)
Net Trading Gains (Losses)	109,545	163,539	146,204	970,425
SERIES A | Metals
Derivative Instruments, Gain (Loss) [Line Items]
Net Realized Gains (Losses)	148,885	(761,347)	221,648	(2,008,889)
Change in Net Unrealized Gains (Losses)	(732,888)	1,305,587	(165,507)	405,335
Net Trading Gains (Losses)	(584,003)	544,240	56,141	(1,603,554)
SERIES A | Livestock
Derivative Instruments, Gain (Loss) [Line Items]
Net Realized Gains (Losses)	(2,630)	(53,590)	114,310	66,360
Change in Net Unrealized Gains (Losses)	(3,990)	(6,490)	11,530	(2,950)
Net Trading Gains (Losses)	(6,620)	(60,080)	125,840	63,410
SERIES A | Energy
Derivative Instruments, Gain (Loss) [Line Items]
Net Realized Gains (Losses)	(32,569)	(94,903)	(202,653)	(139,875)
Change in Net Unrealized Gains (Losses)	11,260	(46,236)	32,087	(60,656)
Net Trading Gains (Losses)	(21,309)	(141,139)	(170,566)	(200,531)
SERIES B
Derivative Instruments, Gain (Loss) [Line Items]
Net Realized Gains (Losses)	460,882	(541,084)	761,388	(351,701)
Change in Net Unrealized Gains (Losses)	(331,095)	686,722	(133,971)	(174,860)
Net Trading Gains (Losses)	129,787	145,638	627,417	(526,561)
SERIES B | Currency
Derivative Instruments, Gain (Loss) [Line Items]
Net Realized Gains (Losses)	48,463	(186,889)	(43,499)	(278,595)
Change in Net Unrealized Gains (Losses)	5,020	110,768	(23,156)	(73,099)
Net Trading Gains (Losses)	53,483	(76,121)	(66,655)	(351,694)
SERIES B | Foreign Exchange
Derivative Instruments, Gain (Loss) [Line Items]
Net Realized Gains (Losses)	(2,917)	(8,211)	(46,883)	(122,853)
Change in Net Unrealized Gains (Losses)		(1,107)	4	(29,433)
Net Trading Gains (Losses)	(2,917)	(9,318)	(46,879)	(152,286)
SERIES B | Financial
Derivative Instruments, Gain (Loss) [Line Items]
Net Realized Gains (Losses)	169,462	17,997	380,607	41,019
Change in Net Unrealized Gains (Losses)	1,461	22,305	(35,458)	(19,554)
Net Trading Gains (Losses)	170,923	40,302	345,149	21,465
SERIES B | Food And Fiber
Derivative Instruments, Gain (Loss) [Line Items]
Net Realized Gains (Losses)	104,648	(30,049)	192,060	(264,796)
Change in Net Unrealized Gains (Losses)	(4,733)	(7,523)	(9,494)	(27,244)
Net Trading Gains (Losses)	99,915	(37,572)	182,566	(292,040)
SERIES B | Indices
Derivative Instruments, Gain (Loss) [Line Items]
Net Realized Gains (Losses)	134,937	219,485	304,024	899,202
Change in Net Unrealized Gains (Losses)	(8,157)	(74,765)	(101,880)	(174,866)
Net Trading Gains (Losses)	126,780	144,720	202,144	724,336
SERIES B | Metals
Derivative Instruments, Gain (Loss) [Line Items]
Net Realized Gains (Losses)	33,777	(451,636)	29,466	(657,588)
Change in Net Unrealized Gains (Losses)	(326,008)	666,489	(16,205)	196,023
Net Trading Gains (Losses)	(292,231)	214,853	13,261	(461,565)
SERIES B | Livestock
Derivative Instruments, Gain (Loss) [Line Items]
Net Realized Gains (Losses)	900	(46,380)	81,470	47,090
Change in Net Unrealized Gains (Losses)	(9,630)	(1,550)	6,740	(1,900)
Net Trading Gains (Losses)	(8,730)	(47,930)	88,210	45,190
SERIES B | Energy
Derivative Instruments, Gain (Loss) [Line Items]
Net Realized Gains (Losses)	(28,388)	(55,401)	(135,857)	(15,180)
Change in Net Unrealized Gains (Losses)	10,952	(27,895)	45,478	(44,787)
Net Trading Gains (Losses)	$ (17,436)	$ (83,296)	$ (90,379)	$ (59,967)

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Financial highlights (Tables)

9 Months Ended

Sep. 30, 2014

Summary of Financial Highlights

Financial highlights for the period January 1 through September 30, 2014 are as follows:

	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees		3.4	%		5.0	%		8.1	%		9.8	%
Incentive fees		0.0			0.0			0.0			0.0
Total return after incentive fees		3.4	%		5.0	%		8.1	%		9.8	%
Ratios to average partners’ capital**
Operating expenses before incentive fees		5.2	%		3.8	%		6.0	%		3.4	%
Incentive fees		0.0			0.0			0.0			0.0
Total expenses		5.2	%		3.8	%		6.0	%		3.4	%
Net investment loss		(5.2	)%		(3.8	)%		(6.0	)%		(3.4	)%
Net asset value per unit, beginning of period	$	1,083.46		$	1,225.37		$	913.20		$	995.94
Net investment loss		(59.02	)		(49.40	)		(58.00	)		(36.23	)
Net gain on investments		95.93			110.36			132.35			133.64
Net asset value per unit, end of period	$	1,120.37		$	1,286.33		$	987.55		$	1,093.35
Other per Unit information:
Net increase in net assets from operations per Unit (based upon weighted average number of Units during period) upon weighted average number of Units during period)	$	59.71		$	51.75		$	99.00		$	132.30
Net increase in net assets from operations per Unit (based upon change in net asset value per Unit) upon change in net asset value per Unit)	$	36.91		$	60.96		$	74.35		$	97.41

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

** Annualized for periods less than a year.

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

	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees		(19.1	)%		(17.8	)%		(15.1	)%		(13.8	)%
Incentive fees		0.0			0.0			0.0			0.0
Total return after incentive fees		(19.1	)%		(17.8	)%		(15.1	)%		(13.8	)%
Ratios to average partners’ capital**
Operating expenses before incentive fees		5.1	%		3.6	%		5.9	%		4.5	%
Incentive fees		0.0			0.0			0.0			0.0
Total expenses		5.1	%		3.6	%		5.9	%		4.5	%
Net investment loss		(5.1	)%		(3.6	)%		(5.8	)%		(4.5	)%
Net asset value per unit, beginning of period	$	1,423.03		$	1,577.45		$	1,110.58		$	1,187.13
Net investment loss		(68.50	)		(54.20	)		(64.34	)		(52.58	)
Net loss on investments		(202.96	)		(227.36	)		(102.87	)		(110.86	)
Net asset value per unit, end of period	$	1,151.57		$	1,295.89		$	943.37		$	1,023.69
Other per Unit information:
Net decrease in net assets from operations per Unit (based upon weighted average number of Units during period) upon weighted average number of Units during period)	$	(262.57	)	$	(278.65	)	$	(143.67	)	$	(168.47	)
Net decrease in net assets from operations per Unit (based upon change in net asset value per Unit) upon change in net asset value per Unit)	$	(271.46	)	$	(281.56	)	$	(167.21	)	$	(163.44	)

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

** Annualized for periods less than a year.

Financial highlights for the period July 1 through September 30, 2014 are as follows:

	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees		(3.4	)%		(2.9	)%		0.2	%		0.7	%
Incentive fees		0.0			0.0			0.0			0.0
Total return after incentive fees		(3.4	)%		(2.9	)%		0.2	%		0.7	%
Ratios to average partners’ capital**
Operating expenses before incentive fees		1.7	%		1.2	%		1.9	%		1.4	%
Incentive fees		0.0			0.0			0.0			0.0
Total expenses		1.7	%		1.2	%		1.9	%		1.4	%
Net investment loss		(1.7	)%		(1.2	)%		(1.9	)%		(1.4	)%
Net asset value per unit, beginning of period	$	1,159.91		$	1,325.06		$	985.67		$	1,085.81
Net investment loss		(19.03	)		(15.69	)		(19.01	)		(15.04	)
Net gain on investments		(20.51	)		(23.04	)		20.89			22.58
Net asset value per unit, end of period	$	1,120.37		$	1,286.33		$	987.55		$	1,093.35
Other per Unit information:
Net increase (decrease) in net assets from operations per Unit (based upon weighted average number of Units during period) upon weighted average number of Units during period)	$	(40.87	)	$	(41.69	)	$	8.23		$	41.13
Net increase (decrease) in net assets from operations per Unit (based upon change in net asset value per Unit) upon change in net asset value per Unit)	$	(39.54	)	$	(38.73	)	$	1.88		$	7.54

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

** Annualized for periods less than a year.

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

	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees		1.6	%		2.1	%		0.0	%		0.5	%
Incentive fees		0.0			0.0			0.0			0.0
Total return after incentive fees		1.6	%		2.1	%		0.0	%		0.5	%
Ratios to average partners’ capital**
Operating expenses before incentive fees		1.7	%		1.1	%		1.8	%		1.3	%
Incentive fees		0.0			0.0			0.0			0.0
Total expenses		1.7	%		1.1	%		1.8	%		1.3	%
Net investment loss		(1.6	)%		(1.1	)%		(1.8	)%		(1.3	)%
Net asset value per unit, beginning of period	$	1,133.88		$	1,269.60		$	943.26		$	1,018.45
Net investment loss		(19.56	)		(15.09	)		(18.02	)		(14.15	)
Net gain on investments		37.25			41.38			18.13			19.39
Net asset value per unit, end of period	$	1,151.57		$	1,295.89		$	943.37		$	1,023.69
Other per Unit information:
Net increase in net assets from operations per Unit (based upon weighted average number of Units during period) upon weighted average number of Units during period)	$	23.70		$	35.49		$	9.37		$	14.66
Net increase in net assets from operations per Unit (based upon change in net asset value per Unit) upon change in net asset value per Unit)	$	17.69		$	26.29		$	0.11		$	5.24

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

** Annualized for periods less than a year.

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Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) (USD $)	Sep. 30, 2014
ADM Investor Services, Inc.
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Margin on deposit	$ 1,923,622
ADM Investor Services, Inc. | SERIES A
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Margin on deposit	1,322,951
ADM Investor Services, Inc. | SERIES B
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Margin on deposit	600,671
Barclays Capital Inc.
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Margin on deposit	517,199
Barclays Capital Inc. | SERIES A
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Margin on deposit	339,942
Barclays Capital Inc. | SERIES B
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Margin on deposit	177,257
Merrill Lynch, Pierce, Fenner & Smith Inc.
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Margin on deposit	1,012,739
Merrill Lynch, Pierce, Fenner & Smith Inc. | SERIES A
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Margin on deposit	741,485
Merrill Lynch, Pierce, Fenner & Smith Inc. | SERIES B
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Margin on deposit	$ 271,254

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STATEMENTS OF OPERATIONS (Parenthetical)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Series A-1
Weighted Average Limited Partnership Units Outstanding, Basic	3,474.60	6,699.01	4,219.65	7,400.17
Series A-2
Weighted Average Limited Partnership Units Outstanding, Basic	1,657.24	1,524.69	1,636.65	1,717.28
Series B-1
Weighted Average Limited Partnership Units Outstanding, Basic	938.258	2,115.760	1,169.820	2,442.530
Series B-2
Weighted Average Limited Partnership Units Outstanding, Basic	1,643.74	2,849.73	2,325.96	3,002.12

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Due from/to brokers

9 Months Ended

Sep. 30, 2014

Due from/to brokers

5. Due from/to brokers

Due from brokers consists of proceeds from securities sold. Amounts due from brokers may be restricted to the extent that they serve as deposits for securities sold short. Amounts due to brokers, if any, represent margin borrowings that are collateralized by certain securities. As of September 30, 2014 and December 31, 2013, there were no amounts due to brokers.

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

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Fair Value Measurements - Additional Information (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Fair Value Measurements [Line Items]
Derivative Contracts, Level 3 holdings during period	$ 0	$ 0

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Financial Instrument Risk - Additional Information (Detail) (USD $)	9 Months Ended
	Sep. 30, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Instrument maturity period	1 year
Exchange Traded Futures
Derivative Instruments, Gain (Loss) [Line Items]
Gross unrealized gains	$ 302,574
Gross unrealized losses	785,127
SERIES A | Exchange Traded Futures
Derivative Instruments, Gain (Loss) [Line Items]
Gross unrealized gains	195,504
Gross unrealized losses	558,940
SERIES B | Exchange Traded Futures
Derivative Instruments, Gain (Loss) [Line Items]
Gross unrealized gains	107,070
Gross unrealized losses	$ 226,187

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Disclosure of derivative instruments and hedging activities (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value of Funds Derivatives by Instrument Type

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the statement of assets and liabilities, as of September 30, 2014, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at September 30, 2014		Liability Derivatives at September 30, 2014			Net
Futures contracts	Futures contracts purchased	$	59,330	$	(778,822	)	$	(719,492	)
Futures contracts	Futures contracts sold		243,244		(6,305	)		236,939
Totals		$	302,574	$	(785,127	)	$	(482,553	)

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the statement of assets and liabilities, as of December 31, 2013, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at December 31, 2013		Liability Derivatives at December 31, 2013			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	3	$	—		$	3
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(5	)		(5	)
Futures contracts	Futures contracts purchased		434,347		(623,378	)		(189,031	)
Futures contracts	Futures contracts sold		336,188		(190,551	)		145,637
Totals		$	770,538	$	(813,934	)	$	(43,396	)

Effects of Derivative Instruments on Statement of Operations

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

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized loss on futures and forward contracts	$	(9,245	)	$	—
Futures contracts	Net realized gain (loss) on futures and forward contracts		1,068,744			(1,044,148	)
Total		$	1,059,499		$	(1,044,148	)

Effects of derivative instruments on the statement of operations for the nine months ended September 30, 2014:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	(107,245	)	$	2
Futures contracts	Net realized gain (loss) on futures and forward contracts		1,867,751			(439,159	)
Total		$	1,760,506		$	(439,157	)

Effects of derivative instruments on the statement of operations for the three months ended September 30, 2013:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Loss on Derivatives Recognized in Income			Net Change in Unrealized Appreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized/unrealized gain (loss) on futures and forward contracts	$	(27,189	)	$	4,601
Futures contracts	Net realized/unrealized gain (loss) on futures and forward contracts		(1,485,693	)		2,028,308
Total		$	(1,512,882	)	$	2,032,909

Effects of derivative instruments on the statement of operations for the nine months ended September 30, 2013:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Loss on Derivatives Recognized in Income	Net Realized Loss on Derivatives Recognized in Income			Net Change in Unrealized Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized/unrealized loss on futures and forward contracts	$	(302,903	)	$	(80,371	)
Futures contracts	Net realized/unrealized loss on futures and forward contracts		(1,712,143	)		(226,635	)
Total		$	(2,015,046	)	$	(307,006	)

Gross and Net Unrealized Gains and Losses by Long and Short Positions

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

	As of September 30, 2014
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Currency	$	1,013		0.0	*	$	(3,469	)		(0.0	)*	$	46,227		0.6		$	(1,277	)		(0.0	)*	$	42,494
Financial		27,318		0.3			(7,214	)		(0.1	)		5,536		0.1			(858	)		(0.0	)*		24,782
Food & Fiber		1,825		0.0	*		(2,251	)		(0.0	)*		24,901		0.3			(3,260	)		(0.0	)*		21,215
Indices		9,740		0.1			(44,287	)		(0.5	)		1,966		0.0	*		(172	)		(0.0	)*		(32,753	)
Metals		1,615		0.0	*		(697,921	)		(8.7	)		131,948		1.6			(283	)		(0.0	)*		(564,641	)
Energy		2,002		0.0	*		(21,313	)		(0.3	)		32,667		0.4			(456	)		(0.0	)*		12,900
Livestock		15,820		0.2			(2,370	)		(0.0	)*		—		—			—			—			13,450
Totals	$	59,333		0.6		$	(778,825	)		(9.6	)	$	243,245		3.0		$	(6,306	)		(0.0	)*	$	(482,553	)
*  Due to rounding – amount is less than 0.05%
	As of December 31, 2013
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Foreign Exchange	$	3		0.0	*	$	—			—		$	—		—		$	(5	)		(0.0	)*	$	(2	)
Currency		34,356		0.3			(13,987	)		(0.1	)		67,051		0.5			(3,916	)		(0.0	)*		83,504
Financial		—		—			(11,330	)		(0.1	)		115,315		0.9			(11,094	)		(0.1	)		92,891
Food & Fiber		4,780		0.0	*		(35,294	)		(0.3	)		61,459		0.5			—			—			30,945
Indices		226,092		1.8			(13,372	)		(0.1	)		168		0.0	*		(11,208	)		(0.1	)		201,680
Metals		113,479		0.9			(424,270	)		(3.3	)		92,195		0.7			(164,333	)		(1.3	)		(382,929	)
Energy		55,539		0.4			(120,204	)		(0.9	)		—		—			—			—			(64,665	)
Livestock		100		0.0	*		(4,920	)		(0.0	)*		—		—			—			—			(4,820	)
Totals	$	434,349		3.4		$	(623,377	)		(4.9	)	$	336,188		2.7		$	(190,556	)		(1.5	)	$	(43,396	)
*  Due to rounding – amount is less than 0.05%

Average Contract Volume by Market Sector

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

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

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		304		220
Financial		1,344		192
Food & Fiber		15		71
Indices		545		60
Metals		298		83
Energy		84		78
Livestock		25		2
Total		2,615		706

* Based on quarterly holdings

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

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

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		341		178
Financial		860		1,187
Food & Fiber		59		102
Indices		1,211		282
Metals		339		199
Energy		304		227
Livestock		38		80
Total		3,164		2,266

* Based on quarterly holdings

Funds Trading Results by Market Sector

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

	For the Three Months Ended September 30, 2014
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(9,245	)	$	—		$	(9,245	)
Currency		121,971			24,440			146,411
Financial		333,148			8,073			341,221
Food & Fiber		233,493			(2,525	)		230,968
Indices		260,157			(23,832	)		236,325
Metals		182,662			(1,058,896	)		(876,234	)
Livestock		(1,730	)		(13,620	)		(15,350	)
Energy		(60,957	)		22,212			(38,745	)
Total net trading gains (losses)	$	1,059,499		$	(1,044,148	)	$	15,351

	For the Nine Months Ended September 30, 2014
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(107,245	)	$	2		$	(107,243	)
Currency		(55,476	)		(41,010	)		(96,486	)
Financial		804,624			(68,109	)		736,515
Food & Fiber		427,438			(9,730	)		417,708
Indices		582,781			(234,433	)		348,348
Metals		251,114			(181,712	)		69,402
Livestock		195,780			18,270			214,050
Energy		(338,510	)		77,565			(260,945	)
Total net trading gains (losses)	$	1,760,506		$	(439,157	)	$	1,321,349
	For the Three Months Ended September 30, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(27,189	)	$	4,601		$	(22,588	)
Currency		(451,746	)		267,657			(184,089	)
Financial		23,964			58,049			82,013
Food & Fiber		(78,659	)		(11,557	)		(90,216	)
Indices		484,005			(175,746	)		308,259
Metals		(1,212,983	)		1,972,076			759,093
Livestock		(99,970	)		(8,040	)		(108,010	)
Energy		(150,304	)		(74,131	)		(224,435	)
Total net trading gains (losses)	$	(1,512,882	)	$	2,032,909		$	520,027
	For the Nine Months Ended September 30, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(302,903	)	$	(80,371	)	$	(383,274	)
Currency		(665,324	)		(163,947	)		(829,271	)
Financial		165,012			(50,717	)		114,295
Food & Fiber		(632,359	)		(69,187	)		(701,546	)
Indices		2,128,610			(433,849	)		1,694,761
Metals		(2,666,477	)		601,358			(2,065,119	)
Livestock		113,450			(4,850	)		108,600
Energy		(155,055	)		(105,443	)		(260,498	)
Total net trading losses	$	(2,015,046	)	$	(307,006	)	$	(2,322,052	)

SERIES A

Fair Value of Funds Derivatives by Instrument Type

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the statement of assets and liabilities, as of September 30, 2014, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at September 30, 2014		Liability Derivatives at September 30, 2014			Net
Futures contracts	Futures contracts purchased	$	41,767	$	(553,536	)	$	(511,769	)
Futures contracts	Futures contracts sold		153,737		(5,404	)		148,333
Totals		$	195,504	$	(558,940	)	$	(363,436	)

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the statement of assets and liabilities, as of December 31, 2013, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at December 31, 2013		Liability Derivatives at December 31, 2013			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	3	$	—		$	3
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(1	)		(1	)
Futures contracts	Futures contracts purchased		254,637		(379,957	)		(125,320	)
Futures contracts	Futures contracts sold		177,920		(110,852	)		67,068
Totals		$	432,560	$	(490,810	)	$	(58,250	)

Effects of Derivative Instruments on Statement of Operations

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

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized loss on futures and forward contracts	$	(6,328	)	$	—
Futures contracts	Net realized gain (loss) on futures and forward contracts		604,945			(713,053	)
Total		$	598,617		$	(713,053	)

Effects of derivative instruments on the statement of operations for the nine months ended September 30, 2014:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized loss on futures and forward contracts	$	(60,362	)	$	(2	)
Futures contracts	Net realized gain (loss) on futures and forward contracts		1,059,480			(305,184	)
Total		$	999,118		$	(305,186	)

Effects of derivative instruments on the statement of operations for the three months ended September 30, 2013:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Loss on Derivatives Recognized in Income			Net Change in Unrealized Appreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized/unrealized gain (loss) on futures and forward contracts	$	(18,978	)	$	5,708
Futures contracts	Net realized/unrealized gain (loss) on futures and forward contracts		(952,820	)		1,340,479
Total		$	(971,798	)	$	1,346,187

Effects of derivative instruments on the statement of operations for the nine months ended September 30, 2013:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Loss on Derivatives Recognized in Income	Net Realized Loss on Derivatives Recognized in Income			Net Change in Unrealized Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized/unrealized loss on futures and forward contracts	$	(180,050	)	$	(50,938	)
Futures contracts	Net realized/unrealized loss on futures and forward contracts		(1,483,295	)		(81,208	)
Total		$	(1,663,345	)	$	(132,146	)

Gross and Net Unrealized Gains and Losses by Long and Short Positions

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

	As of September 30, 2014
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Currency	$	588		0.0	*	$	(2,669	)		(0.0	)*	$	32,512		0.6		$	(1,277	)		(0.0	)*	$	29,154
Financial		18,321		0.3			(4,277	)		(0.1	)		3,215		0.1			(858	)		(0.0	)*		16,401
Food & Fiber		1,305		0.0	*		(1,363	)		(0.0	)*		17,901		0.3			(2,532	)		(0.0	)*		15,311
Indices		7,962		0.1			(28,442	)		(0.5	)		1,890		0.0	*		(172	)		(0.0	)*		(18,762	)
Metals		1,169		0.0	*		(501,048	)		(8.6	)		78,050		1.3			(219	)		(0.0	)*		(422,048	)
Energy		1,974		0.0	*		(13,799	)		(0.2	)		20,170		0.3			(347	)		(0.0	)*		7,998
Livestock		10,450		0.2			(1,940	)		(0.0	)*		—		—			—			—			8,510
Totals	$	41,769		0.7		$	(553,538	)		(9.5	)	$	153,738		2.6			$    (5,405	)		(0.1	)	$	(363,436	)

* Due to rounding – amount is less than 0.05%

	As of December 31, 2013
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Foreign Exchange	$	3		0.0	*	$	—			—		$	—		—		$	(1	)		(0.0	)*	$	2
Currency		19,106		0.2			(7,387	)		(0.1	)		37,407		0.5			(2,118	)		(0.0	)*		47,008
Financial		—		—			(6,327	)		(0.1	)		61,890		0.7			(6,511	)		(0.1	)		49,052
Food & Fiber		4,780		0.1			(20,582	)		(0.2	)		31,349		0.4			—			—			15,547
Indices		125,924		1.5			(5,776	)		(0.1	)		112		0.0	*		(6,469	)		(0.1	)		113,791
Metals		68,111		0.8			(276,060	)		(3.3	)		47,162		0.6			(95,754	)		(1.2	)		(256,541	)
Energy		36,615		0.4			(60,704	)		(0.7	)		—		—			—			—			(24,089	)
Livestock		100		0.0	*		(3,120	)		(0.0	)*		—		—			—			—			(3,020	)
Totals	$	254,639		3.1		$	(379,956	)		(4.6	)	$	177,920		2.1		$	(110,853	)		(1.3	)	$	(58,250	)

* Due to rounding – amount is less than 0.05%

Average Contract Volume by Market Sector

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

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

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		165		122
Financial		730		103
Food & Fiber		9		39
Indices		314		34
Metals		169		46
Energy		50		46
Livestock		14		1
Total		1,451		391

* Based on quarterly holdings

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

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

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		194		100
Financial		481		662
Food & Fiber		34		56
Indices		678		163
Metals		203		113
Energy		179		129
Livestock		22		45
Total		1,799		1,276

* Based on quarterly holdings

Funds Trading Results by Market Sector

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

	For the Three Months Ended September 30, 2014
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(6,328	)	$	—		$	(6,328	)
Currency		73,508			19,420			92,928
Financial		163,686			6,612			170,298
Food & Fiber		128,845			2,208			131,053
Indices		125,220			(15,675	)		109,545
Metals		148,885			(732,888	)		(584,003	)
Livestock		(2,630	)		(3,990	)		(6,620	)
Energy		(32,569	)		11,260			(21,309	)
Total net trading gains (losses)	$	598,617		$	(713,053	)	$	(114,436	)

	For the Nine Months Ended September 30, 2014
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(60,362	)	$	(2	)	$	(60,364	)
Currency		(11,977	)		(17,854	)		(29,831	)
Financial		424,017			(32,651	)		391,366
Food & Fiber		235,378			(236	)		235,142
Indices		278,757			(132,553	)		146,204
Metals		221,648			(165,507	)		56,141
Livestock		114,310			11,530			125,840
Energy		(202,653	)		32,087			(170,566	)
Total net trading gains (losses)	$	999,118		$	(305,186	)	$	693,932
	For the Three Months Ended September 30, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(18,978	)	$	5,708		$	(13,270	)
Currency		(264,857	)		156,889			(107,968	)
Financial		5,967			35,744			41,711
Food & Fiber		(48,610	)		(4,034	)		(52,644	)
Indices		264,520			(100,981	)		163,539
Metals		(761,347	)		1,305,587			544,240
Livestock		(53,590	)		(6,490	)		(60,080	)
Energy		(94,903	)		(46,236	)		(141,139	)
Total net trading gains (losses)	$	(971,798	)	$	1,346,187		$	374,389
	For the Nine Months Ended September 30, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(180,050	)	$	(50,938	)	$	(230,988	)
Currency		(386,729	)		(90,848	)		(477,577	)
Financial		123,993			(31,163	)		92,830
Food & Fiber		(367,563	)		(41,943	)		(409,506	)
Indices		1,229,408			(258,983	)		970,425
Metals		(2,008,889	)		405,335			(1,603,554	)
Livestock		66,360			(2,950	)		63,410
Energy		(139,875	)		(60,656	)		(200,531	)
Total net trading losses	$	(1,663,345	)	$	(132,146	)	$	(1,795,491	)

SERIES B

Fair Value of Funds Derivatives by Instrument Type

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the statement of assets and liabilities, as of September 30, 2014, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at September 30, 2014		Liability Derivatives at September 30, 2014			Net
Futures contracts	Futures contracts purchased	$	17,563	$	(225,286	)	$	(207,723	)
Futures contracts	Futures contracts sold		89,507		(901	)		88,606
Totals		$	107,070	$	(226,187	)	$	(119,117	)

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the statement of assets and liabilities, as of December 31, 2013, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at December 31, 2013		Liability Derivatives at December 31, 2013			Net
Foreign exchange contracts	Unrealized depreciation on open forward contracts	$	—	$	(4	)	$	(4	)
Futures contracts	Futures contracts purchased		179,710		(243,421	)		(63,711	)
Futures contracts	Futures contracts sold		158,268		(79,699	)		78,569
Totals		$	337,978	$	(323,124	)	$	14,854

Effects of Derivative Instruments on Statement of Operations

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

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized loss on futures and forward contracts	$	(2,917	)	$	—
Futures contracts	Net realized gain (loss) on futures and forward contracts		463,799			(331,095	)
Total		$	460,882		$	(331,095	)

Effects of derivative instruments on the statement of operations for the nine months ended September 30, 2014:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in  Income
Foreign exchange contracts	Net realized gain (loss) on futures and forward contracts	$	(46,883	)	$	4
Futures contracts	Net realized gain (loss) on futures and forward contracts		808,271			(133,975	)
Total		$	761,388		$	(133,971	)

Effects of derivative instruments on the statement of operations for the three months ended September 30, 2013:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Loss on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in  Income
Foreign exchange contracts	Net realized/unrealized loss on futures and forward contracts	$	(8,211	)	$	(1,107	)
Futures contracts	Net realized/unrealized gain (loss) on futures and forward contracts		(532,873	)		687,829
Total		$	(541,084	)	$	686,722

Effects of derivative instruments on the statement of operations for the nine months ended September 30, 2013:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Loss on Derivatives Recognized in Income	Net Realized Loss on Derivatives Recognized in Income			Net Change in Unrealized Depreciation on Derivatives Recognized in Income
Foreign exchange contracts	Net realized/unrealized loss on futures and forward contracts	$	(122,853	)	$	(29,433	)
Futures contracts	Net realized/unrealized loss on futures and forward contracts		(228,848	)		(145,427	)
Total		$	(351,701	)	$	(174,860	)

Gross and Net Unrealized Gains and Losses by Long and Short Positions

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

	As of September 30, 2014
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Currency	$	425		0.0	*	$	(800	)		(0.0	)*	$	13,715		0.6		$	—			—		$	13,340
Financial		8,997		0.4			(2,937	)		(0.1	)		2,321		0.1			—			—			8,381
Food & Fiber		520		0.0	*		(888	)		(0.0	)*		7,000		0.3			(728	)		(0.0	)*		5,904
Indices		1,778		0.1			(15,845	)		(0.4	)		76		0.0	*		—			—			(13,991	)
Metals		446		0.0	*		(196,873	)		(8.8	)		53,898		2.4			(64	)		(0.0	)*		(142,593	)
Energy		28		0.0	*		(7,514	)		(0.3	)		12,497		0.6			(109	)		(0.0	)*		4,902
Livestock		5,370		0.2			(430	)		(0.0	)*		—		—			—			—			4,940
Totals	$	17,564		0.8		$	(225,287	)		(10.0	)	$	89,507		4.0		$	(901	)		(0.0	)*	$	(119,117	)
*  Due to rounding – amount is less than 0.05%
	As of December 31, 2013
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Foreign Exchange	$	—		—		$	—			—		$	—		—		$	(4	)		(0.0	)*	$	(4	)
Currency		15,250		0.3			(6,600	)		(0.2	)		29,644		0.7			(1,798	)		(0.0	)*		36,496
Financial		—		—			(5,003	)		(0.1	)		53,425		1.2			(4,583	)		(0.1	)		43,839
Food & Fiber		—		—			(14,712	)		(0.3	)		30,110		0.7			—			—			15,398
Indices		100,168		2.3			(7,596	)		(0.2	)		56		0.0	*		(4,739	)		(0.1	)		87,889
Metals		45,368		1.0			(148,210	)		(3.4	)		45,033		1.0			(68,579	)		(1.6	)		(126,388	)
Energy		18,924		0.4			(59,500	)		(1.4	)		—		—			—			—			(40,576	)
Livestock		—		—			(1,800	)		(0.0	)*		—		—			—			—			(1,800	)
Totals	$	179,710		4.1		$	(243,421	)		(5.6	)	$	158,268		3.6		$	(79,703	)		(1.8	)	$	14,854
*  Due to rounding – amount is less than 0.05%

Average Contract Volume by Market Sector

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

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

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		139		98
Financial		614		89
Food & Fiber		6		32
Indices		231		26
Metals		129		37
Energy		34		32
Livestock		11		1
Total		1,164		315

* Based on quarterly holdings

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

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

	Average Number of Long Contracts		Average Number of Short Contracts
Currency		147		78
Financial		379		525
Food & Fiber		25		46
Indices		533		119
Metals		136		86
Energy		125		98
Livestock		16		35
Total		1,365		990

* Based on quarterly holdings

Funds Trading Results by Market Sector

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

	For the Three Months Ended September 30, 2014
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(2,917	)	$	—		$	(2,917	)
Currency		48,463			5,020			53,483
Financial		169,462			1,461			170,923
Food & Fiber		104,648			(4,733	)		99,915
Indices		134,937			(8,157	)		126,780
Metals		33,777			(326,008	)		(292,231	)
Livestock		900			(9,630	)		(8,730	)
Energy		(28,388	)		10,952			(17,436	)
Total net trading gains (losses)	$	460,882		$	(331,095	)	$	129,787

	For the Nine Months Ended September 30, 2014
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(46,883	)	$	4		$	(46,879	)
Currency		(43,499	)		(23,156	)		(66,655	)
Financial		380,607			(35,458	)		345,149
Food & Fiber		192,060			(9,494	)		182,566
Indices		304,024			(101,880	)		202,144
Metals		29,466			(16,205	)		13,261
Livestock		81,470			6,740			88,210
Energy		(135,857	)		45,478			(90,379	)
Total net trading gains (losses)	$	761,388		$	(133,971	)	$	627,417
	For the Three Months Ended September 30, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(8,211	)	$	(1,107	)	$	(9,318	)
Currency		(186,889	)		110,768			(76,121	)
Financial		17,997			22,305			40,302
Food & Fiber		(30,049	)		(7,523	)		(37,572	)
Indices		219,485			(74,765	)		144,720
Metals		(451,636	)		666,489			214,853
Livestock		(46,380	)		(1,550	)		(47,930	)
Energy		(55,401	)		(27,895	)		(83,296	)
Total net trading gains (losses)	$	(541,084	)	$	686,722		$	145,638
	For the Nine Months Ended September 30, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(122,853	)	$	(29,433	)	$	(152,286	)
Currency		(278,595	)		(73,099	)		(351,694	)
Financial		41,019			(19,554	)		21,465
Food & Fiber		(264,796	)		(27,244	)		(292,040	)
Indices		899,202			(174,866	)		724,336
Metals		(657,588	)		196,023			(461,565	)
Livestock		47,090			(1,900	)		45,190
Energy		(15,180	)		(44,787	)		(59,967	)
Total net trading losses	$	(351,701	)	$	(174,860	)	$	(526,561	)