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 March 31, 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	98-00574019 (Series A); 98-0574020 (Series B)
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

Superfund Office Building P.O. Box 1479 Grand Anse St. George’s, Grenada
West Indies	Not applicable
(Address of principal executive offices)	(Zip Code)

(473) 439-2418

(Registrant’s telephone number, including area code)

Not applicable

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

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

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

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

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

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

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

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

	Page
Unaudited Financial Statements: Superfund Gold, L.P.
Statements of Assets and Liabilities as of March 31, 2014 and December 31, 2013		3
Condensed Schedule of Investments as of March 31, 2014		4
Condensed Schedule of Investments as of December 31, 2013		5
Statements of Operations for the Three Months Ended March 31, 2014 and March 31, 2013		6
Statements of Changes in Net Assets for the Three Months Ended March 31, 2014 and March 31, 2013		7
Statements of Cash Flows for the Three Months Ended March 31, 2014 and March 31, 2013		8
Unaudited Financial Statements: Superfund Gold, L.P. – Series A
Statements of Assets and Liabilities as of March 31, 2014 and December 31, 2013		9
Condensed Schedule of Investments as of March 31, 2014		10
Condensed Schedule of Investments as of December 31, 2013		11
Statements of Operations for the Three Months Ended March 31, 2014 and March 31, 2013		12
Statements of Changes in Net Assets for the Three Months Ended March 31, 2014 and March 31, 2013		13
Statements of Cash Flows for the Three Months Ended March 31, 2014 and March 31, 2013		14
Unaudited Financial Statements: Superfund Gold, L.P. – Series B
Statements of Assets and Liabilities as of March 31, 2014 and December 31, 2013		15
Condensed Schedule of Investments as of March 31, 2014		16
Condensed Schedule of Investments as of December 31, 2013		17
Statements of Operations for the Three Months Ended March 31, 2014 and March 31, 2013		18
Statements of Changes in Net Assets for the Three Months Ended March 31, 2014 and March 31, 2013		19
Statements of Cash Flows for the Three Months Ended March 31, 2014 and March 31, 2013		20
Notes to Unaudited Financial Statements		21-39

2

SUPERFUND GOLD, L.P.

STATEMENTS OF ASSETS AND LIABILITIES

As of March 31, 2014 and December 31, 2013

	March 31, 2014 (unaudited)		December 31, 2013
ASSETS
Due from brokers	$	4,637,565	$	7,856,372
Unrealized appreciation on open forward contracts		6		3
Unrealized gain on futures contracts purchased		209,502		434,347
Unrealized gain on futures contracts sold		136,596		336,188
Cash		7,381,786		5,499,481
Total assets		12,365,455		14,126,391
LIABILITIES
Unrealized depreciation on open forward contracts		166		5
Unrealized loss on futures contracts purchased		182,942		623,378
Unrealized loss on futures contracts sold		51,282		190,551
Subscriptions received in advance		34,314		15,000
Redemptions payable		541,032		583,958
Management fees payable		22,682		24,932
Fees payable		18,922		22,160
Total liabilities		851,340		1,459,984
NET ASSETS	$	11,514,115	$	12,666,407

See accompanying notes to unaudited financial statements.

3

SUPERFUND GOLD, L.P.

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of March 31, 2014

	Percentage of Net Assets			Fair Value
Forward contracts, at fair value
Unrealized appreciation on open forward contracts
Currency		0.0	*%	$	6
Total unrealized appreciation on open forward contracts		0.0	*		6
Unrealized depreciation on open forward contracts
Currency		(0.0	)*		(166	)
Total unrealized depreciation on open forward contracts		(0.0	)*		(166	)
Total forward contracts, at fair value		(0.0	)*%	$	(160	)
Futures contracts purchased
Currency		(0.1	)%	$	(13,026	)
Energy		0.0	*		3,697
Financial		0.2			17,528
Food & Fiber		0.7			79,904
Indices		0.4			43,673
Livestock		0.1			13,130
Metals		(1.0	)		(118,346	)
Total futures contracts purchased		0.2			26,560
Futures contracts sold
Currency		0.2			19,982
Energy		(0.1	)		(6,686	)
Financial		0.0	*		1,599
Food & Fiber		(0.1	)		(13,111	)
Indices		0.2			22,349
Metals		0.5			61,181
Total futures contracts sold		0.7			85,314
Total futures contracts, at fair value		1.0	%	$	111,874
Futures and forward contracts by country composition
Australia		0.1	%	$	9,740
European Monetary Union		0.1			14,740
Great Britain		(0.0	)*		(3,245	)
Japan		(0.1	)		(15,882	)
United States		0.9			108,287
Other		(0.0	)		(1,926	)
Total futures and forward contracts by country composition		1.0	%	$	111,714

*   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 March 31,
	2014			2013
Investment income
Interest income	$	426		$	710
Other income		7			1
Total investment income		433			711
Expenses
Brokerage commissions		89,627			152,072
Management fees		71,455			126,459
Selling commissions		38,212			77,685
Operating expenses		23,818			42,156
Other		3,035			5,961
Total expenses		226,147			404,333
Net investment loss		(225,714	)		(403,622	)
Realized and unrealized gain on investments
Net realized gain on futures and forward contracts		710,782			400,424
Net change in unrealized appreciation on futures and forward contracts		155,110			825,377
Net gain on investments		865,892			1,225,801
Net increase in net assets from operations	$	640,178		$	822,179

See accompanying notes to unaudited financial statements.

6

SUPERFUND GOLD, L.P.

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS

	Three Months Ended March 31,
	2014			2013
Increase in net assets from operations
Net investment loss	$	(225,714	)	$	(403,622	)
Net realized gain on futures and forward contracts		710,782			400,424
Net change in unrealized appreciation on futures and forward contracts		155,110			825,377
Net increase in net assets from operations		640,178			822,179
Capital share transactions
Issuance of Units		323,790			416,885
Redemption of Units		(2,116,260	)		(2,968,883	)
Net decrease in net assets from capital share transactions		(1,792,470	)		(2,551,998	)
Net decrease in net assets		(1,152,292	)		(1,729,819	)
Net assets, beginning of period		12,666,407			22,366,689
Net assets, end of period	$	11,514,115		$	20,636,870

See accompanying notes to unaudited financial statements.

7

SUPERFUND GOLD, L.P.

UNAUDITED STATEMENTS OF CASH FLOWS

	Three Months Ended March 31,
	2014			2013
Cash flows from operating activities
Net increase in net assets from operations	$	640,178		$	822,179
Adjustment to reconcile net increase in net assets from operations to net cash provided by operating activities:
Changes in operating assets and liabilities:
Increase in due from brokers		3,218,807			373,654
Increase (decrease) in unrealized appreciation on open forward contracts		(3	)		121,901
Increase (decrease) in unrealized depreciation on open forward contracts		161			(78,287	)
Decrease in futures contracts purchased		(215,591	)		(326,450	)
Increase (decrease) in futures contracts sold		60,323			(542,541	)
Decrease in management fees payable		(2,250	)		(1,225	)
Decrease in fees payable		(3,238	)		(1,027	)
Net cash provided by operating activities		3,698,387			368,204
Cash flows from financing activities
Subscriptions, net of change in advanced subscriptions		343,104			508,090
Redemptions, net of change in redemptions payable		(2,159,186	)		(1,889,334	)
Net cash used in financing activities		(1,816,082	)		(1,381,244	)
Net increase (decrease) in cash		1,882,305			(1,013,040	)
Cash, beginning of period		5,499,481			9,250,263
Cash, end of period	$	7,381,786		$	8,237,223

See accompanying notes to unaudited financial statements.

8

SUPERFUND GOLD, L.P. – SERIES A

STATEMENTS OF ASSETS AND LIABILITIES

As of March 31, 2014 and December 31, 2013

	March 31, 2014 (unaudited)		December 31, 2013
ASSETS
Due from brokers	$	2,526,289	$	4,366,891
Unrealized appreciation on open forward contracts		4		3
Unrealized gain on futures contracts purchased		121,657		254,637
Unrealized gain on futures contracts sold		80,237		177,920
Cash		5,391,273		4,314,062
Total assets		8,119,460		9,113,513
LIABILITIES
Unrealized depreciation on open forward contracts		94		1
Unrealized loss on futures contracts purchased		110,173		379,957
Unrealized loss on futures contracts sold		29,988		110,852
Subscriptions received in advance		21,000		15,000
Redemptions payable		453,420		279,141
Management fees payable		14,922		16,139
Fees payable		14,172		16,219
Total liabilities		643,769		817,309
NET ASSETS	$	7,475,691	$	8,296,204
Superfund Gold, L.P. Series A-1 Net Assets	$	5,344,331	$	6,261,154
Number of Units outstanding		4,694.852		5,778.843
Superfund Gold, L.P. Series A-1 Net Asset Value per Unit	$	1,138.34	$	1,083.46
Superfund Gold, L.P. Series A-2 Net Assets	$	2,131,360	$	2,035,050
Number of Units outstanding		1,647.218		1,660.757
Superfund Gold, L.P. Series A-2 Net Asset Value per Unit	$	1,293.91	$	1,225.37

See accompanying notes to unaudited financial statements.

9

SUPERFUND GOLD, L.P. – SERIES A

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of March 31, 2014

	Percentage of Net Assets			Fair Value
Forward contracts, at fair value
Unrealized appreciation on open forward contracts
Currency		0.0	*%	$	4
Total unrealized appreciation on open forward contracts		0.0	*		4
Unrealized depreciation on open forward contracts
Currency		0.0	*		(94	)
Total unrealized depreciation on open forward contracts		0.0	*		(94	)
Total forward contracts, at fair value		0.0	*%	$	(90	)
Futures contracts purchased
Currency		(0.1	)%	$	(6,438	)
Energy		0.0	*		3,056
Financial		0.1			9,883
Food & Fiber		0.6			45,821
Indices		0.3			26,101
Livestock		0.1			8,070
Metals		(1.0	)		(75,009	)
Total futures contracts purchased		0.2			11,484
Futures contracts sold
Currency		0.1			11,113
Energy		(0.0	)*		(3,343	)
Financial		0.0	*		844
Food & Fiber		(0.0	)*		(90	)
Indices		(0.3	)		(19,456	)
Metals		0.8			61,181
Total futures contracts sold		0.7			50,249
Total futures contracts, at fair value		0.8	%	$	61,733
Futures and forward contracts by country composition
Australia		0.1	%	$	5,389
European Monetary Union		0.1			9,604
Great Britain		(0.0	)*		(1,833	)
Japan		(0.1	)		(8,050	)
United States		0.8			59,019
Other		(0.0	)*		(2,486	)
Total futures and forward contracts by country composition		0.8	%	$	61,643

* 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 March 31,
	2014			2013
Investment income
Interest income	$	228		$	414
Other income		4			1
Total investment income		232			415
Expenses
Brokerage commissions		50,083			89,422
Management fees		46,930			85,889
Selling commissions		30,733			59,849
Operating expenses		15,643			28,633
Other		907			2,309
Total expenses		144,296			266,102
Net investment loss		(144,064	)		(265,687	)
Realized and unrealized gain on investments
Net realized gain on futures and forward contracts		441,471			36,921
Net change in unrealized appreciation on futures and forward contracts		119,893			536,207
Net gain on investments		561,364			573,128
Net increase in net assets from operations	$	417,300		$	307,441
Net increase in net assets from operations per Series A-1 Unit (based upon weighted average number of units outstanding during period)*	$	63.82		$	27.70
Net increase in net assets from operations per Series A-1 Unit (based upon change in net asset value per unit during period)	$	54.88		$	28.79
Net increase in net assets from operations per Series A-2 Unit (based upon weighted average number of units outstanding during period) **	$	62.09		$	40.55
Net increase in net assets from operations per Series A-2 Unit (based upon change in net asset value per unit during period)*	$	68.54		$	40.01

* Weighted average number of Units outstanding for Series A-1 for the Three Months Ended March 31, 2014 and March 31, 2013: 4,973.00 and 8,214.28, respectively.

* Weighted average number of Units outstanding for Series A-2 for the Three Months Ended March 31, 2014 and March 31, 2013: 1,609.33 and 1,970.92, respectively.

See accompanying notes to unaudited financial statements.

12

SUPERFUND GOLD, L.P. – SERIES A

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS

	Three Months Ended March 31,
	2014			2013
Increase in net assets from operations
Net investment loss	$	(144,064	)	$	(265,687	)
Net realized gain on futures and forward contracts		441,471			36,921
Net change in unrealized appreciation on futures and forward contracts		119,893			536,207
Net increase in net assets from operations		417,300			307,441
Capital share transactions
Issuance of Units		312,920			303,752
Redemption of Units		(1,550,733	)		(1,797,985	)
Net decrease in net assets from capital share transactions		(1,237,813	)		(1,494,233	)
Net decrease in net assets		(820,513	)		(1,186,792	)
Net assets, beginning of period		8,296,204			15,322,426
Net assets, end of period	$	7,475,691		$	14,135,634
Series A-1 Units, beginning of period		5,778.843			8,423.300
Issuance of Series A-1 Units		24.628			210.478
Redemption of Units		(1,108.619	)		(828.128	)
Series A-1 Units, end of period		4,694.852			7,805.650
Series A-2 Units, beginning of period		1,660.757			2,114.666
Issuance of Series A-2 Units		213.583			3.224
Redemption of Units		(227.122	)		(384.771	)
Series A-2 Units, end of period		1,647.218			1,733.119

See accompanying notes to unaudited financial statements.

13

SUPERFUND GOLD, L.P. – SERIES A

UNAUDITED STATEMENTS OF CASH FLOWS

	Three Months Ended March 31,
	2014			2013
Cash flows from operating activities
Net increase in net assets from operations	$	417,300		$	307,441
Adjustment to reconcile net increase in net assets from operations to net cash provided by (used in) operating activities:
Changes in operating assets and liabilities:
Increase in due from brokers		1,840,602			54,230
Increase (decrease) in unrealized appreciation on open forward contracts		(1	)		73,996
Increase (decrease) in unrealized depreciation on open forward contracts		93			(45,471	)
Decrease in futures contracts purchased		(136,804	)		(231,960	)
Increase (decrease) in futures contracts sold		16,819			(332,772	)
Decrease in management fees payable		(1,217	)		(1,238	)
Decrease in fees payable		(2,047	)		(566	)
Net cash provided by (used in) operating activities		2,134,745			(176,340	)
Cash flows from financing activities
Subscriptions, net of change in advanced subscriptions		318,920			273,708
Redemptions, net of change in redemptions payable		(1,376,454	)		(1,268,991	)
Net cash used in financing activities		(1,057,534	)		(995,283	)
Net increase (decrease) in cash		1,077,211			(1,171,623	)
Cash, beginning of period		4,314,062			7,542,936
Cash, end of period	$	5,391,273		$	6,371,313

See accompanying notes to unaudited financial statements.

14

SUPERFUND GOLD, L.P. – SERIES B

STATEMENTS OF ASSETS AND LIABILITIES

As of March 31, 2014 and December 31, 2013

	March 31, 2014 (unaudited)		December 31, 2013
ASSETS
Due from brokers	$	2,111,276	$	3,489,481
Unrealized appreciation on open forward contracts		2		—
Unrealized gain on futures contracts purchased		87,845		179,710
Unrealized gain on futures contracts sold		56,359		158,268
Cash		1,990,513		1,185,419
Total assets		4,245,995		5,012,878
LIABILITIES
Unrealized depreciation on open forward contracts		72		4
Unrealized loss on futures contracts purchased		72,769		243,421
Unrealized loss on futures contracts sold		21,294		79,699
Subscriptions received in advance		13,314		—
Redemptions payable		87,612		304,817
Management fees payable		7,760		8,793
Fees payable		4,750		5,941
Total liabilities		207,571		642,675
NET ASSETS	$	4,038,424	$	4,370,203
Superfund Gold, L.P. Series B-1 Net Assets	$	1,216,623	$	1,689,188
Number of Units outstanding		1,269.439		1,849.736
Superfund Gold, L.P. Series B-1 Net Asset Value per Unit	$	958.39	$	913.20
Superfund Gold, L.P. Series B-2 Net Assets	$	2,821,801	$	2,681,015
Number of Units outstanding		2,686.213		2,691.953
Superfund Gold, L.P. Series B-2 Net Asset Value per Unit	$	1,050.48	$	995.94

See accompanying notes to unaudited financial statements.

15

SUPERFUND GOLD, L.P. – SERIES B

UNAUDITED CONDENSED SCHEDULE OF INVESTMENTS

as of March 31, 2014

	Percentage of Net Assets			Fair Value
Forward contracts, at fair value
Unrealized appreciation on open forward contracts
Currency		0.0	*%	$	2
Total unrealized appreciation on open forward contracts		0.0	*		2
Unrealized depreciation on open forward contracts
Currency		(0.0	)*		(72	)
Total unrealized depreciation on open forward contracts		(0.0	)*		(72	)
Total forward contracts, at fair value		(0.0	)%	$	(70	)
Futures contracts purchased
Currency		(0.2	)%	$	(6,588	)
Energy		0.0	*		641
Financial		0.2			7,645
Food & Fiber		0.8			34,083
Indices		0.4			17,572
Livestock		0.1			5,060
Metals		(1.1	)		(43,337	)
Total futures contracts purchased		0.4			15,076
Futures contracts sold
Currency		0.2			8,869
Energy		(0.1	)		(3,343	)
Financial		0.0	*		755
Indices		(0.3	)		(13,021	)
Metals		1.0			41,805
Total futures contracts sold		0.9			35,065
Total futures contracts, at fair value		1.2	%	$	50,141
Futures and forward contracts by country composition
Australia		0.1	%	$	4,351
European Monetary Union		0.1			5,136
Great Britain		(0.0	)*		(1,412	)
Japan		(0.2	)		(7,832	)
United States		1.2			49,268
Other		0.0	*		560
Total futures and forward contracts by country composition		1.2	%	$	50,071

* 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 March 31,
	2014			2013
Investment income
Interest income	$	198		$	296
Other income		3			—
Total investment income		201			296
Expenses
Brokerage commissions		39,544			62,650
Management fees		24,525			40,570
Selling commissions		7,479			17,836
Operating expenses		8,175			13,523
Other		2,128			3,652
Total expenses		81,851			138,231
Net investment loss		(81,650	)		(137,935	)
Realized and unrealized gain on investments
Net realized gain on futures and forward contracts		269,311			363,503
Net change in unrealized appreciation on futures and forward contracts		35,217			289,170
Net gain on investments		304,528			652,673
Net increase in net assets from operations	$	222,878		$	514,738
Net increase in net assets from operations per Series B-1 Unit (based upon weighted average number of units outstanding during period)*	$	55.51		$	84.11
Net increase in net assets from operations per Series B-1 Unit (based upon change in net asset value per unit during period)	$	45.19		$	80.65
Net increase in net assets from operations per Series B-2 Unit (based upon weighted average number of units outstanding during period) **	$	54.84		$	93.31
Net increase in net assets from operations per Series B-2 Unit (based upon change in net asset value per unit during period)*	$	54.54		$	92.62

* Weighted average number of Units outstanding for Series B-1 for the Three Months Ended March 31, 2014 and March 31, 2013: 1,355.86 and 2,872.86, respectively.

* Weighted average number of Units outstanding for Series B-2 for the Three Months Ended March 31, 2014 and March 31, 2013: 2,691.56 and 2,926.78, respectively.

See accompanying notes to unaudited financial statements.

18

SUPERFUND GOLD, L.P. – SERIES B

UNAUDITED STATEMENTS OF CHANGES IN NET ASSETS

	Three Months Ended March 31,
	2014			2013
Increase in net assets from operations
Net investment loss	$	(81,650	)	$	(137,935	)
Net realized gain on futures and forward contracts		269,311			363,503
Net change in unrealized appreciation on futures and forward contracts		35,217			289,170
Net increase in net assets from operations		222,878			514,738
Capital share transactions
Issuance of Units		10,870			113,133
Redemption of Units		(565,527	)		(1,170,898	)
Net decrease in net assets from capital share transactions		(554,657	)		(1,057,765	)
Net decrease in net assets		(331,779	)		(543,027	)
Net assets, beginning of period		4,370,203			7,044,263
Net assets, end of period	$	4,038,424		$	6,501,236
Series B-1 Units, beginning of period		1,849.736			3,258.284
Issuance of Series B-1 Units		—			8.637
Redemption of Units		(580.297	)		(974.534	)
Series B-1 Units, end of period		1,269.439			2,292.387
Series B-2 Units, beginning of period		2,691.953			2,885.689
Issuance of Series B-2 Units		10.751			85.326
Redemption of Units		(16.491	)		(24.764	)
Series B-2 Units, end of period		2,686.213			2,946.251

See accompanying notes to unaudited financial statements.

19

SUPERFUND GOLD, L.P. – SERIES B

UNAUDITED STATEMENTS OF CASH FLOWS

	Three Months Ended March 31,
	2014			2013
Cash flows from operating activities
Net increase in net assets from operations	$	222,878		$	514,738
Adjustment to reconcile net increase in net assets from operations to net cash provided by operating activities:
Changes in operating assets and liabilities:
Increase in due from brokers		1,378,205			319,424
Increase (decrease) in unrealized appreciation on open forward contracts		(2	)		47,905
Increase (decrease) in unrealized depreciation on open forward contracts		68			(32,816	)
Decrease in futures contracts purchased		(78,787	)		(94,490	)
Increase (decrease) in futures contracts sold		43,504			(209,769	)
Increase (decrease) in management fees payable		(1,033	)		13
Decrease in fees payable		(1,191	)		(461	)
Net cash provided by operating activities		1,563,642			544,544
Cash flows from financing activities
Subscriptions, net of change in advanced subscriptions		24,184			234,382
Redemptions, net of change in redemptions payable		(782,732	)		(620,343	)
Net cash used in financing activities		(758,548	)		(385,961	)
Net increase in cash		805,094			158,583
Cash, beginning of period		1,185,419			1,707,327
Cash, end of period	$	1,990,513		$	1,865,910

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

March 31, 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 financial condition as a net gain or loss, as there exists a right of offset of unrealized gains or losses in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 210-20, Offsetting – Balance Sheet.

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 March 31, 2014, the Fund had on deposit $2,828,953 at ADM Investor Services, Inc., $757,878 at Barclays Capital Inc. and $1,050,734 at Citigroup Global Markets Inc. As of March 31, 2014, Series A had on deposit $1,658,574 at ADM Investor Services, Inc., $378,060 at Barclays Capital Inc. and $489,655 at Citigroup Global Markets Inc. As of March 31, 2014, Series B had on deposit $1,170,379 at ADM Investor Services, Inc., $379,818 at Barclays Capital Inc. and $561,079 at Citigroup Global Markets Inc.

Income Taxes

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

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

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

ASU 2011-11

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

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

3. Fair Value Measurements

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

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

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

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. As of and during the quarters ended March 31, 2014 and March 31, 2013, the Fund held no derivative contracts valued using Level 3 inputs.

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

Superfund Gold, L.P.

	Balance March 31, 2014		Level 1		Level 2		Level 3
ASSETS
Unrealized appreciation on open forward contracts	$	6	$	—	$	6	$	—
Futures contracts purchased		209,502		209,502		—		—
Futures contracts sold		136,596		136,596		—		—
Total Assets Measured at Fair Value	$	346,104	$	346,098	$	6	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	166	$	—	$	166	$	—
Futures contracts purchased		182,942		182,942		—		—
Futures contracts sold		51,282		51,282		—		—
Total Liabilities Measured at Fair Value	$	234,390	$	234,224	$	166	$	—

24

	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 March 31, 2014		Level 1		Level 2		Level 3
ASSETS
Unrealized appreciation on open forward contracts	$	4	$	—	$	4	$	—
Futures contracts purchased		121,657		121,657		—		—
Futures contracts sold		80,237		80,237		—		—
Total Assets Measured at Fair Value	$	201,898	$	201,894	$	4	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	94	$	—	$	94	$	—
Futures contracts purchased		110,173		110,173		—		—
Futures contracts sold		29,988		29,988		—		—
Total Liabilities Measured at Fair Value	$	140,255	$	140,161	$	94	$	—

	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	$	—

25

Superfund Gold, L.P. – Series B

	Balance March 31, 2014		Level 1		Level 2		Level 3
ASSETS
Unrealized appreciation on open forward contracts	$	2	$	—	$	2	$	—
Futures contracts purchased		87,845		87,845		—		—
Futures contracts sold		56,359		56,359		—		—
Total Assets Measured at Fair Value	$	144,206	$	144,204	$	2	$	—
LIABILITIES
Unrealized depreciation on open forward contracts	$	72	$	—	$	72	$	—
Futures contracts purchased		72,769		72,769		—		—
Futures contracts sold		21,294		21,294		—		—
Total Liabilities Measured at Fair Value	$	94,135	$	94,063	$	72	$	—

	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 statement of operations for each Series.

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

26

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 March 31, 2014, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at March 31, 2014		Liability Derivatives at March 31, 2014			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	6	$	—		$	6
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(166	)		(166	)
Futures contracts	Futures contracts purchased		209,502		(182,942	)		26,560
Futures contracts	Futures contracts sold		136,596		(51,282	)		85,314
Totals		$	346,104	$	(234,390	)	$	111,714

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the statements of assets and liabilities, as of December 31, 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 March 31, 2014:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized loss on futures and forward contracts	$	(96,793	)	$	(158	)
Futures contracts	Net realized gain on futures and forward contracts		807,575			155,268
Total		$	710,782		$	155,110

27

Effects of derivative instruments on the statement of operations for the three months ended March 31, 2013:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized loss on futures and forward contracts	$	(195,977	)	$	(43,614	)
Futures contracts	Net realized gain on futures and forward contracts		596,401			868,991
Total		$	400,424		$	825,377

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

	As of March 31, 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
Foreign Exchange	$	6		0.0	*	$	(18	)		(0.0	)*	$	—		—		$	(148	)		(0.0	)*	$	(160	)
Currency		706		0.0	*		(13,732	)		(0.1	)		24,225		0.2			(4,243	)		(0.0	)*		6,956
Financial		32,972		0.3			(15,444	)		(0.1	)		3,786		0.0	*		(2,187	)		(0.0	)*		19,127
Food & Fiber		80,238		0.7			(334	)		(0.0	)*		—		—			(90	)		(0.0	)*		79,814
Indices		71,678		0.6			(28,005	)		(0.3	)		—		—			(32,477	)		(0.3	)		11,196
Metals		2,520		0.0	*		(120,866	)		(1.1	)		108,585		1.0			(5,599	)		(0.0	)*		(15,360	)
Energy		7,099		0.1			(3,402	)		(0.0	)*		—		—			(6,686	)		(0.1	)		(2,989	)
Livestock		14,290		0.1			(1,160	)		(0.0	)*		—		—			—			—			13,130
Totals	$	209,509		1.8		$	(182,961	)		(1.6	)	$	136,596		1.2		$	(51,430	)		(0.4	)	$	111,714

* Due to rounding

	As of December 31, 2013
	Long Positions Gross Unrealized											Short Positions Gross Unrealized
	Gains		% of Net Assets			Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Foreign Exchange	$	3		0.0	*	$	—			—		$	—		—		$	(5	)		(0.0	)*	$	(2	)
Currency		34,356		0.3			(13,987	)		(0.1	)		67,051		0.5			(3,916	)		(0.0	)*		83,504
Financial		—		—			(11,330	)		(0.1	)		115,315		0.9			(11,094	)		(0.1	)		92,891
Food & Fiber		4,780		0.0	*		(35,294	)		(0.3	)		61,459		0.5			—			—			30,945
Indices		226,092		1.8			(13,372	)		(0.1	)		168		0.0	*		(11,208	)		(0.1	)		201,680
Metals		113,479		0.9			(424,270	)		(3.3	)		92,195		0.7			(164,333	)		(1.3	)		(382,929	)
Energy		55,539		0.4			(120,204	)		(0.9	)		—		—			—			—			(64,665	)
Livestock		100		0.0	*		(4,920	)		(0.0	)*		—		—			—			—			(4,820	)
Totals	$	434,349		3.4		$	(623,377	)		(4.9	)	$	336,188		2.7		$	(190,556	)		(1.5	)	$	(43,396	)

* Due to rounding

28

Superfund Gold, L.P. average* monthly contract volume by market sector as of quarter ended March 31, 2014:

	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		50		39	$	115	$	165
	Average Number of Long Contracts		Average Number of Short Contracts
Currency		330		160
Financial		1,999		624
Food & Fiber		75		44
Indices		1,046		323
Metals		417		196
Energy		202		85
Livestock		66		1
Total		4,185		1,472

* Based on quarterly holdings

Superfund Gold, L.P. average* monthly contract volume by market sector as of quarter ended March 31, 2013:

	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		59		91	$	386,965	$	347,311
	Average Number of Long Contracts		Average Number of Short Contracts
Currency		444		359
Financial		3,820		172
Food & Fiber		213		302
Indices		1,284		64
Metals		986		321
Energy		415		465
Livestock		—		123
Total		7,221		1,897

* Based on quarterly holdings

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

	For the Three Months Ended March 31, 2014
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(96,793	)	$	(158	)	$	(96,951	)
Currency		4,448			(76,548	)		(72,100	)
Financial		434,707			(73,764	)		360,943
Food & Fiber		84,881			48,869			133,750
Indices		60,215			(190,484	)		(130,269	)
Metals		377,719			367,569			745,288
Livestock		175,560			17,950			193,510
Energy		(329,955	)		61,676			(268,279	)
Total net trading gains	$	710,782		$	155,110		$	865,892
	For the Three Months Ended March 31, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(195,977	)	$	(43,614	)	$	(239,591	)
Currency		158,510			(246,883	)		(88,373	)
Financial		(84,385	)		165,770			81,385
Food & Fiber		(98,712	)		(231,418	)		(330,130	)
Indices		1,687,973			(292,140	)		1,395,833
Metals		(1,203,185	)		1,235,206			32,021
Livestock		156,610			18,240			174,850
Energy		(20,410	)		220,216			199,806
Total net trading gains	$	400,424		$	825,377		$	1,225,801

29

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 March 31, 2014, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at March 31, 2014		Liability Derivatives at March 31, 2014			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	4	$	—		$	4
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(94	)		(94	)
Futures contracts	Futures contracts purchased		121,657		(110,173	)		11,484
Futures contracts	Futures contracts sold		80,237		(29,988	)		50,249
Totals		$	201,898	$	(140,255	)	$	61,643

The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the statements of assets and liabilities, as of December 31, 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 March 31, 2014:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized loss on futures and forward contracts	$	(53,359	)	$	(92	)
Futures contracts	Net realized gain on futures and forward contracts		494,830			119,985
Total		$	441,471		$	119,893

30

Effects of derivative instruments on the statement of operations for the three months ended March 31, 2013:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized loss on futures and forward contracts	$	(108,743	)	$	(28,525	)
Futures contracts	Net realized gain on futures and forward contracts		145,664			564,732
Total		$	36,921		$	536,207

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

	As of March 31, 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
Foreign Exchange	$	4		0.0	*	$	(9	)		(0.0	)*	$	—		—		$	(85	)		(0.0	)*	$	(90	)
Currency		469		0.0	*		(6,907	)		(0.1	)		13,337		0.2			(2,224	)		(0.0	)*		4,675
Financial		18,673		0.2			(8,790	)		(0.1	)		2,039		0.0	*		(1,195	)		(0.0	)*		10,727
Food & Fiber		45,988		0.6			(167	)		(0.0	)*		—		—			(90	)		(0.0	)*		45,731
Indices		41,274		0.6			(15,173	)		(0.2	)		—		—			(19,456	)		(0.3	)		6,645
Metals		1,437		0.0	*		(76,446	)		(1.0	)		64,861		0.9			(3,680	)		(0.1	)		(13,828	)
Energy		4,587		0.1			(1,531	)		(0.0	)*		—		—			(3,343	)		(0.0	)*		(287	)
Livestock		9,230		0.1			(1,160	)		(0.0	)*		—		—			—			—			8,070
Totals	$	121,662		1.6		$	(110,183	)		(1.4	)	$	80,237		1.1		$	(30,073	)		(0.4	)	$	61,643

* Due to rounding

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

* Due to rounding

31

Superfund Gold, L.P. – Series A average* monthly contract volume by market sector as of quarter ended March 31, 2014:

	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		26		20	$	73	$	102
	Average Number of Long Contracts		Average Number of Short Contracts
Currency		181		88
Financial		1,107		340
Food & Fiber		42		24
Indices		586		180
Metals		247		114
Energy		116		45
Livestock		38		—
Total		2,343		811

* Based on quarterly holdings

Superfund Gold, L.P. – Series A average* monthly contract volume by market sector as of quarter ended March 31, 2013:

	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		32		49	$	231,676	$	203,725
	Average Number of Long Contracts		Average Number of Short Contracts
Currency		257		214
Financial		2,222		99
Food & Fiber		125		177
Indices		760		38
Metals		590		187
Energy		254		275
Livestock		—		71
Total		4,240		1,110

* Based on quarterly holdings

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

	For the Three Months Ended March 31, 2014
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(53,359	)	$	(92	)	$	(53,451	)
Currency		9,875			(42,333	)		(32,458	)
Financial		241,797			(38,325	)		203,472
Food & Fiber		46,711			30,184			76,895
Indices		24,300			(107,146	)		(82,846	)
Metals		257,154			242,713			499,867
Livestock		100,970			11,090			112,060
Energy		(185,977	)		23,802			(162,175	)
Total net trading gains	$	441,471		$	119,893		$	561,364

32

	For the Three Months Ended March 31, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(108,743	)	$	(28,525	)	$	(137,268	)
Currency		86,967			(140,688	)		(53,721	)
Financial		(35,941	)		95,536			59,595
Food & Fiber		(56,711	)		(131,727	)		(188,438	)
Indices		998,480			(175,740	)		822,740
Metals		(874,680	)		773,267			(101,413	)
Livestock		86,440			12,810			99,250
Energy		(58,891	)		131,274			72,383
Total net trading gains	$	36,921		$	536,207		$	573,128

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 March 31, 2014, is as follows:

Type of Instrument	Statement of Assets and Liabilities Location	Asset Derivatives at March 31, 2014		Liability Derivatives at March 31, 2014			Net
Foreign exchange contracts	Unrealized appreciation on open forward contracts	$	2	$	—		$	2
Foreign exchange contracts	Unrealized depreciation on open forward contracts		—		(72	)		(72	)
Futures contracts	Futures contracts purchased		87,845		(72,769	)		15,076
Futures contracts	Futures contracts sold		56,359		(21,294	)		35,065
Totals		$	144,206	$	(94,135	)	$	50,071

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

33

Effects of derivative instruments on the statement of operations for the three months ended March 31, 2014:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized loss on futures and forward contracts	$	(43,434	)	$	(66	)
Futures contracts	Net realized gain on futures and forward contracts		312,745			35,283
Total		$	269,311		$	35,217

Effects of derivative instruments on the statement of operations for the three months ended March 31, 2013:

Derivatives not Designated as Hedging Instruments under ASC 815	Location of Gain (Loss) on Derivatives Recognized in Income	Net Realized Gain (Loss) on Derivatives Recognized in Income			Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Foreign exchange contracts	Net realized loss on futures and forward contracts	$	(87,234	)	$	(15,089	)
Futures contracts	Net realized gain on futures and forward contracts		450,737			304,259
Total		$	363,503		$	289,170

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

	As of March 31, 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
Foreign Exchange	$	2		0.0	*	$	(9	)		(0.0	)*	$	—		—		$	(63	)		(0.0	)*	$	(70	)
Currency		237		0.0	*		(6,825	)		(0.2	)		10,888		0.3			(2,019	)		(0.1	)		2,281
Financial		14,299		0.4			(6,654	)		(0.2	)		1,747		0.0	*		(992	)		(0.0	)*		8,400
Food & Fiber		34,250		0.8			(167	)		(0.0	)*		—		—			—			—			34,083
Indices		30,404		0.8			(12,832	)		(0.3	)		—		—			(13,021	)		(0.3	)		4,551
Metals		1,083		0.0	*		(44,420	)		(1.1	)		43,724		1.1			(1,919	)		(0.0	)*		(1,532	)
Energy		2,512		0.1			(1,871	)		(0.0	)*		—		—			(3,343	)		(0.1	)		(2,702	)
Livestock		5,060		0.1			—			—			—		—			—			—			5,060
Totals	$	87,847		2.2		$	(72,778	)		(1.8	)	$	56,359		1.4		$	(21,357	)		(0.2	)	$	50,071

* Due to rounding

	As of December 31, 2013
	Long Positions Gross Unrealized										Short Positions Gross Unrealized
	Gains		% of Net Assets		Losses			% of Net Assets			Gains		% of Net Assets			Losses			% of Net Assets			Net Unrealized Gain (Loss) on Open Positions
Foreign Exchange	$	—		—	$	—			—		$	—		—		$	(4	)		(0.0	)*	$	(4	)
Currency		15,250		0.3		(6,600	)		(0.2	)		29,644		0.7			(1,798	)		(0.0	)*		36,496
Financial		—		—		(5,003	)		(0.1	)		53,425		1.2			(4,583	)		(0.1	)		43,839
Food & Fiber		—		—		(14,712	)		(0.3	)		30,110		0.7			—			—			15,398
Indices		100,168		2.3		(7,596	)		(0.2	)		56		0.0	*		(4,739	)		(0.1	)		87,889
Metals		45,368		1.0		(148,210	)		(3.4	)		45,033		1.0			(68,579	)		(1.6	)		(126,388	)
Energy		18,924		0.4		(59,500	)		(1.4	)		—		—			—			—			(40,576	)
Livestock		—		—		(1,800	)		(0.0	)*		—		—			—			—			(1,800	)
Totals	$	179,710		4.1	$	(243,421	)		(5.6	)	$	158,268		3.6		$	(79,703	)		(1.8	)	$	14,854

* Due to rounding

34

Superfund Gold, L.P. – Series B average* monthly contract volume by market sector as of quarter ended March 31, 2014:

	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		24		19	$	42	$	63
	Average Number of Long Contracts		Average Number of Short Contracts
Currency		149		72
Financial		892		284
Food & Fiber		33		20
Indices		460		143
Metals		170		82
Energy		86		40
Livestock		28		1
Total		1,842		661

* Based on quarterly holdings

Superfund Gold, L.P. – Series B average* monthly contract volume by market sector as of quarter ended March 31, 2013:

	Average Number of Long Contracts		Average Number of Short Contracts		Average Value of Long Positions		Average Value of Short Positions
Foreign Exchange		27		42	$	155,289	$	143,586
	Average Number of Long Contracts		Average Number of Short Contracts
Currency		187		145
Financial		1,598		73
Food & Fiber		88		125
Indices		524		26
Metals		396		134
Energy		161		190
Livestock		—		52
Total		2,981		787

* Based on quarterly holdings

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

	For the Three Months Ended March 31, 2014
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(43,434	)	$	(66	)	$	(43,500	)
Currency		(5,427	)		(34,215	)		(39,642	)
Financial		192,910			(35,439	)		157,471
Food & Fiber		38,170			18,685			56,855
Indices		35,915			(83,338	)		(47,423	)
Metals		120,565			124,856			245,421
Livestock		74,590			6,860			81,450
Energy		(143,978	)		37,874			(106,104	)
Total net trading gains	$	269,311		$	35,217		$	304,528

35

	For the Three Months Ended March 31, 2013
	Net Realized Gains (Losses)			Change in Net Unrealized Gains (Losses)			Net Trading Gains (Losses)
Foreign Exchange	$	(87,234	)	$	(15,089	)	$	(102,323	)
Currency		71,543			(106,195	)		(34,652	)
Financial		(48,444	)		70,234			21,790
Food & Fiber		(42,001	)		(99,691	)		(141,692	)
Indices		689,493			(116,400	)		573,093
Metals		(328,505	)		461,939			133,434
Livestock		70,170			5,430			75,600
Energy		38,481			88,942			127,423
Total net trading gains	$	363,503		$	289,170		$	652,673

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

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

6. Allocation of net profits and losses

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

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

7. Related party transactions

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

8. Financial highlights

Financial highlights for the period January 1 through March 31, 2014 are as follows:

	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees		5.1	%		5.6	%		4.9	%		5.5	%
Incentive fees		0.0			0.0			0.0			0.0
Total return after incentive fees		5.1	%		5.6	%		4.9	%		5.5	%
Ratios to average partners’ capital**
Operating expenses before incentive fees		1.9	%		1.4	%		2.1	%		1.7	%

36

Incentive fees		0.0			0.0			0.0			0.0
Total expenses		1.9	%		1.4	%		2.1	%		1.7	%
Net investment loss		(1.9	)%		(1.4	)%		(2.1	)%		(1.7	)%
Net asset value per unit, beginning of period	$	1,083.46		$	1,225.37		$	913.20		$	995.94
Net investment loss		(20.95	)		(17.84	)		(20.29	)		(18.09	)
Net gain (loss) on investments		75.83			86.38			65.48			72.63
Net asset value per unit, end of period	$	1,138.34		$	1,293.91		$	958.39		$	1,050.48
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)	$	63.82		$	62.09		$	55.51		$	54.84
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)	$	54.88		$	68.54		$	45.19		$	54.54

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

Financial highlights for the period January 1 through March 31, 2013 are as follows:

	Series A-1			Series A-2			Series B-1			Series B-2
Total Return*
Total return before incentive fees		2.0	%		2.5	%		7.3	%		7.8	%
Incentive fees		0.0			0.0			0.0			0.0
Total return after incentive fees		2.0	%		2.5	%		7.3	%		7.8	%
Ratios to average partners’ capital**
Operating expenses before incentive fees		1.9	%		1.4	%		2.3	%		1.7	%
Incentive fees		0.0			0.0			0.0			0.0
Total expenses		1.9	%		1.4	%		2.3	%		1.7	%
Net investment loss		(1.9	)%		(1.4	)%		(2.3	)%		(1.7	)%
Net asset value per unit, beginning of period	$	1,423.03		$	1,577.45		$	1,110.58		$	1,187.13
Net investment loss		(26.75	)		(22.13	)		(25.90	)		(20.88	)
Net gain on investments		55.54			62.14			106.55			113.50
Net asset value per unit, end of period	$	1,451.82		$	1,617.46		$	1,191.23		$	1,279.75
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)	$	27.70		$	40.55		$	84.11		$	93.31
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)	$	28.79		$	40.01		$	80.65		$	92.62

* 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.

37

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 $346,099 and $234,225, respectively, and gross unrealized gains and losses related to non-exchange-traded forwards were $6 and $166, respectively, at March 31, 2014.

For Series A, gross unrealized gains and losses related to exchange-traded futures were $201,895 and $140,162, respectively, and gross unrealized gains and losses related to non-exchange-traded forwards were $4 and $94, respectively, at March 31, 2014.

For Series B, gross unrealized gains and losses related to exchange-traded futures were $144,204 and $94,063, respectively, and gross unrealized gains and losses related to non-exchange-traded forwards were $2 and $72, respectively, at March 31, 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 Citigroup Global Markets Inc.

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

The majority of these instruments mature within one year of March 31, 2014. However, due to the nature of the Fund’s business, these instruments may not be held to maturity.

10. Subscriptions and redemptions

Investors must submit subscriptions at least five business days prior to the applicable month-end closing date and they will be accepted once payments are received and cleared. All subscription funds are required to be promptly transmitted to U.S. Bank National Association, as escrow agent. Subscriptions must be accepted or rejected by Superfund Capital Management within five business days of receipt, and the settlement date for the deposit of subscription funds in escrow must be within five business days of acceptance. No fees or costs will be assessed on any subscription while held in escrow, irrespective of whether the subscription is accepted or the subscription funds are returned. Effective May 1, 2014, the Fund no longer accepts subscriptions.

38

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

11. Indemnification

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

12. Subsequent events

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

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

INTRODUCTION

The Fund commenced the offering of its Units on February 17, 2009. The initial offering terminated on March 31, 2009, and the Fund commenced operations on April 1, 2009. The continuing offering period commenced at the termination of the initial offering period and ended as of May 1, 2014. Subscription and redemption data is presented for both the Fund, as the SEC registrant, and for Series A and Series B, individually. For the quarter ended March 31, 2014, subscriptions totaling $323,790 in the Fund have been accepted and redemptions over the same period totaled $2,116,260. For the quarter ended March 31, 2014, subscriptions totaling $28,000 in Series A-1, $284,920 in Series A-2, $0 in Series B-1, and $10,870 in Series B-2 have been accepted and redemptions over the same period totaled $1,262,208 in Series A-1, $288,525 in Series A-2, $547,832 in Series B-1 and $17,695 in Series B-2. The Fund operates as a commodity investment pool, whose purpose is speculative trading in the U.S. and international futures and forward markets. Specifically, the Fund trades a portfolio of more than 120 futures and forward contracts using a fully-automated, proprietary, computerized trading system. The Fund also seeks to maintain an investment in gold approximately equal to the total capital of each Series, as of the beginning of each month. The gold investment is intended to delink each Series’ net asset value, which is determined in U.S. dollars, from the value of the U.S. dollar relative to gold, effectively denominating the Series’ net asset value in terms of gold.

LIQUIDITY

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

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

39

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 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 United States (“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 European Central Bank (“ECB”) left interest rates unchanged and refrained from additional stimulus. The Fund’s short positions in silver and gold negatively affected performance as gold made experienced its largest monthly gain since July 2013 after investors and speculators chased prices higher on concerns about the pace of the U.S. economic recovery. The Fund’s long positions in crude oil and natural gas yielded profits as the markets continued to climb as cold weather demand pushed prices up in the first three weeks of the month. The Fund’s perpetual long gold position had a strong positive impact on performance in February.

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

40

Three Months Ended March 31, 2013

Series A:

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

Series B:

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

Fund results for 1^st Quarter 2013:

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

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

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

41

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 March 31, 2014 and December 31, 2013.

CRITICAL ACCOUNTING POLICIES – VALUATION OF THE FUND’S POSITIONS

Superfund Capital Management believes that the accounting policies that will be most critical to the Fund’s financial condition and results of operations relate to the valuation of the Fund’s positions. The majority of the Fund’s positions will be exchange-traded futures contracts, which will be valued daily at settlement prices published by the exchanges. Any spot and forward foreign currency or swap contracts held by the Fund will also be valued at published daily settlement prices or at dealers’ quotes. Thus, Superfund Capital Management expects that under normal circumstances substantially all of the Fund’s assets will be valued on a daily basis using objective measures.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

ASU 2013-08

In June 2013, the Financial Accounting Standards Board (“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, the FASB issued guidance to clarify the scope of disclosures about offsetting assets and liabilities. The amendments clarify that the scope of guidance issued in December 2011 to enhance disclosures around financial instrument and derivative instruments that are either (a) offset, or (b) subject to a master netting agreement or similar agreement, irrespective of whether they are offset, applies to derivatives, including bifurcated embedded derivatives, repurchase

42

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 March 31, 2014 that have materially affected, or are reasonably likely to materially affect, Superfund Capital Management’s internal control over financial reporting with respect to each Series individually, as well as the Fund as a whole.

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

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

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

ITEM 1A. RISK FACTORS

Not required.

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

(a) There were no sales of unregistered securities during the quarter ended March 31, 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 March 31, 2014:

Series A-1:

Month	Units Redeemed		Net Asset Value per Unit ($)
January 31, 2014		536.883		1,103.04
February 28, 2014		294.281		1,203.49
March 31, 2014		277.455		1,138.34
Total		705.188

43

Series A-2:

Month	Units Redeemed		Net Asset Value per Unit ($)
January 31, 2014		120.795		1,249.61
February 28, 2014		—		1,365.68
March 31, 2014		106.327		1,293.92
Total		227.122

Series B-1:

Month	Units Redeemed		Net Asset Value per Unit ($)
January 31, 2014		414.623		925.54
February 28, 2014		86.126		1,019.96
March 31, 2014		79.548		958.39
Total		580.297

Series B-2:

Month	Units Redeemed		Net Asset Value per Unit ($)
January 31, 2014		—		1,011.08
February 28, 2014		5.663		1,116.08
March 31, 2014		10.828		1,050.48
Total		16.491

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

44

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: May 14, 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

45

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