##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-Q
 (Mark One)
 þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period endedSeptember 30, 2008
 OR
 o
    
    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: 000-51634
 QUADRIGA SUPERFUND, L.P.
  Delaware
    
    98-0375395(State)
    
    (IRS Employer Identification No.)Otway BuildingP.O. Box 1479Grand AnseSt. Georges, GrenadaWest Indies
    
    N/A(Address of Principal Executive Offices)
    
    (Zip Code)
 (Registrants telephone number, including area code)
  þ o
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer   þ
(Do not check if a smaller reporting company)
    
    Smaller Reporting Company o
  o þ




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##### 



PART I  FINANCIAL INFORMATION
   PageFinancial Statements (unaudited)Statements of Assets and Liabilities as of September 30, 2008
and December 31, 2007
    
    3Condensed Schedule of Investments as of September 30, 2008
    
    4Condensed Schedule of Investments as of December 31, 2007
    
    5Statements of Operations for the three months ended September 30, 2008 and
September 30, 2007 and for nine months ended September 30, 2008 and
September 30, 2007
    
    6Statements of Changes in Net Assets for the nine months ended September 30, 2008
and September 30, 2007
    
    7Statements of Cash Flows for the nine months ended September 30, 2008 and
September 30, 2007
    
    8EX-31.1EX-31.2EX-32.1EX-32.2
   PageFinancial Statements (unaudited)Statements of Assets and Liabilities as of September 30, 2008
and December 31, 2007
    
    9Condensed Schedule of Investments as of September 30, 2008
    
    10Condensed Schedule of Investments as of December 31, 2007
    
    11Statements of Operations for the three months ended September 30, 2008 and
September 30, 2007 and for nine months ended September 30, 2008 and
September 30, 2007
    
    12Statements of Changes in Net Assets for the nine months ended September 30, 2008
and September 30, 2007
    
    13Statements of Cash Flows for the nine months ended September 30, 2008 and
September 30, 2007
    
    14Notes to Series A and Series B Unaudited Financial Statements Dated September 30, 2008
    
    15-21
 2




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A
 
 STATEMENTS OF ASSETS AND LIABILITIES
September 30, 2008 (Unaudited) and December 31, 2007
 September 30, 2008
    
    
    December 31, 2007ASSETSUS Government securities,at fair value

(amortized costs of $31,514,102 and $55,219,759 as of

September 30, 2008 and December 31, 2007, respectively)$
    31,514,102
    
    
    $
    55,219,759Due from brokers
    
    
    3,413,696
    
    
    
    5,505,137Unrealized appreciation on open forward contracts
    
    
    252,146
    
    
    
    229,714Futures contracts purchased
    
    
    
    
    
    
    366,012Futures contracts sold
    
    
    819,905
    
    
    
    758,252Cash
    
    
    506,320
    
    
    
    114,554Total assets
    
    
    36,506,169
    
    
    
    62,193,428LIABILITIESUnrealized depreciation on open forward contracts
    
    
    262,617
    
    
    
    918,468Futures contracts purchased
    
    
    306,455
    
    
    
    Redemptions payable
    
    
    1,694,843
    
    
    
    2,895,673Due to affiliate
    
    
    
    
    
    
    133,276Management fees
    
    
    55,425
    
    
    
    94,313Other fees payable
    
    
    138,952
    
    
    
    217,190Total liabilities
    
    
    2,458,292
    
    
    
    4,258,920NET ASSETS
    
    $
    34,047,877
    
    
    $
    57,934,508Number of Units
    
    
    20,323.508
    
    
    
    38,975.348Net asset value per Unit
    
    $
    1,675.30
    
    
    $
    1,486.44
  3




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A
 
 CONDENSED SCHEDULE OF INVESTMENTS
September 30, 2008 (Unaudited)
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States
Treasury Bills due November 28, 2008 (amortized cost
$31,514,102), securities are held in margin accounts as
collateral for open futures and forwards
    
    $
    31,600,000
    
    
    
    92.6
    %
    
    $
    31,514,102Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    0.7
    
    
    
    252,146Total unrealized appreciation on
forward contracts
    
    
    
    
    
    
    0.7
    
    
    
    252,146Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (0.7
    )
    
    
    (262,617
    )Total unrealized depreciation on
forward contracts
    
    
    
    
    
    
    (0.7
    )
    
    
    (262,617
    )Total forward contracts, at fair value
    
    
    
    
    
    
    (0.0)
    *
    
    
    (10,471
    )Futures contracts, at fair valueFutures Contracts PurchasedCurrency
    
    
    
    
    
    
    0.1
    
    
    
    50,910Financial
    
    
    
    
    
    
    0.2
    
    
    
    77,858Food & Fiber
    
    
    
    
    
    
    (0.1
    )
    
    
    (52,594
    )Indices
    
    
    
    
    
    
    (0.0)
    *
    
    
    (2,724
    )Metals
    
    
    
    
    
    
    (1.1
    )
    
    
    (379,905
    )Total futures contracts purchased
    
    
    
    
    
    
    (0.9
    )
    
    
    (306,455
    )Futures Contracts SoldCurrency
    
    
    
    
    
    
    (0.1
    )
    
    
    (39,094
    )Financial
    
    
    
    
    
    
    0.4
    
    
    
    148,333Indices
    
    
    
    
    
    
    1.7
    
    
    
    566,820Livestock
    
    
    
    
    
    
    0.3
    
    
    
    94,850Food & Fiber
    
    
    
    
    
    
    0.1
    
    
    
    50,108Metals
    
    
    
    
    
    
    (0.0)
    *
    
    
    (1,112
    )Total futures contracts sold
    
    
    
    
    
    
    2.4
    
    
    
    819,905Total futures contracts, at fair value
    
    
    
    
    
    
    1.5
    
    
    
    513,450Futures and forward contracts by country compositionEuropean Monetary Union
    
    
    
    
    
    
    0.6
    
    
    
    190,245Japan
    
    
    
    
    
    
    0.8
    
    
    
    272,547United States
    
    
    
    
    
    
    (0.4
    )
    
    
    (144,433
    )Other
    
    
    
    
    
    
    0.5
    
    
    
    184,620Total futures and forward contracts by country
    
    
    
    
    
    
    1.5
    %
    
    $
    502,979
 
 *
    
    Due to rounding  4




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A
 
 CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2007
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due February 28, 2008
(amortized cost $55,219,759), securities are held in
margin accounts as collateral for open futures and
forwards
    
    $
    55,500,000
    
    
    
    95.3
    %
    
    $
    55,219,759Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    0.4
    
    
    
    229,714Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    0.4
    
    
    
    229,714Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (1.6
    )
    
    
    (918,468
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (1.6
    )
    
    
    (918,468
    )Total forward contracts, at fair value
    
    
    
    
    
    
    (1.2
    )
    
    
    (688,754
    )Futures Contracts, at fair valueFutures Contracts PurchasedCurrency
    
    
    
    
    
    
    (0.3
    )
    
    
    (153,958
    )Energy
    
    
    
    
    
    
    0.6
    
    
    
    326,355Financial
    
    
    
    
    
    
    0.2
    
    
    
    135,282Food & Fiber
    
    
    
    
    
    
    0.0
    *
    
    
    12,542Indices
    
    
    
    
    
    
    (0.1
    )
    
    
    (77,845
    )Livestock
    
    
    
    
    
    
    (0.0)
    *
    
    
    (3,100
    )Metals
    
    
    
    
    
    
    0.2
    
    
    
    126,736Total futures contracts purchased
    
    
    
    
    
    
    0.6
    
    
    
    366,012Futures Contracts SoldCurrency
    
    
    
    
    
    
    (0.0)
    *
    
    
    (6,020
    )Energy
    
    
    
    
    
    
    0.0
    *
    
    
    31,270Financial
    
    
    
    
    
    
    0.5
    
    
    
    269,688Food & Fiber
    
    
    
    
    
    
    (0.0)
    *
    
    
    (20,205
    )Livestock
    
    
    
    
    
    
    0.1
    
    
    
    85,950Metals
    
    
    
    
    
    
    0.7
    
    
    
    397,569Total futures contracts sold
    
    
    
    
    
    
    1.3
    
    
    
    758,252Total futures contracts, at fair value
    
    
    
    
    
    
    1.9
    
    
    
    1,124,264Futures, swap and forward contracts by country compositionEuropean Monetary Union
    
    
    
    
    
    
    (0.3
    )
    
    
    (160,775
    )Japan
    
    
    
    
    
    
    0.5
    
    
    
    329,554United States
    
    
    
    
    
    
    1.3
    
    
    
    756,824Other
    
    
    
    
    
    
    (0.8
    )
    
    
    (490,093
    )Total futures and forward contracts by country
    
    
    
    
    
    
    0.7
    %
    
    $
    435,510
 
 *
    
    Due to rounding  5




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A
 
 STATEMENTS OF OPERATIONS  (Unaudited)
 Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2008
    
    
    2007
    
    
    2008
    
    
    2007Investment incomeInterest income
    
    $
    176,226
    
    
    $
    706,474
    
    
    $
    814,550
    
    
    $
    2,286,995Total income
    
    
    176,226
    
    
    
    706,474
    
    
    
    814,550
    
    
    
    2,286,995ExpensesSelling commissions
    
    
    376,532
    
    
    
    596,817
    
    
    
    1,380,848
    
    
    
    1,897,636Management fee
    
    
    174,146
    
    
    
    276,028
    
    
    
    638,642
    
    
    
    877,656Ongoing offering expenses
    
    
    94,133
    
    
    
    37,301
    
    
    
    345,212
    
    
    
    280,299Operating expenses
    
    
    14,120
    
    
    
    22,381
    
    
    
    51,782
    
    
    
    71,161Incentive fee
    
    
    
    
    
    
    
    
    
    
    1,786,681
    
    
    
    Brokerage commissions
    
    
    133,131
    
    
    
    411,958
    
    
    
    579,785
    
    
    
    1,255,342Other
    
    
    7,537
    
    
    
    1,452
    
    
    
    11,780
    
    
    
    2,519Total expenses
    
    
    799,599
    
    
    
    1,345,937
    
    
    
    4,794,730
    
    
    
    4,384,613Net investment loss
    
    
    (623,373
    )
    
    
    (639,463
    )
    
    
    (3,980,180
    )
    
    
    (2,097,618
    )Realized and unrealized gain
(loss) on investmentsNet realized gain (loss) on futures
and forward contracts
    
    
    (2,946,421
    )
    
    
    (742,660
    )
    
    
    11,735,085
    
    
    
    (2,857,156
    )Net change in unrealized
appreciation (depreciation) on
futures and forward contracts
    
    
    (2,452,818
    )
    
    
    (1,799,851
    )
    
    
    67,469
    
    
    
    (857,238
    )Net gain (loss) on investments
    
    
    (5,399,239
    )
    
    
    (2,542,511
    )
    
    
    11,802,554
    
    
    
    (3,714,394
    )Net increase (decrease) in net assets
from operations
    
    $
    (6,022,612
    )
    
    $
    (3,181,974
    )
    
    $
    7,822,374
    
    
    $
    (5,812,012
    )Net increase (decrease) in net assets
from operations per unit (based upon
weighted average number of units
outstanding during period)
    
    $
    (271.05
    )
    
    $
    (71.32
    )
    
    $
    292.31
    
    
    $
    (125.19
    )Net increase (decrease) in net assets
from operations per unit (based upon
change in net asset value per unit
during period)
    
    $
    (270.65
    )
    
    $
    (69.67
    )
    
    $
    188.86
    
    
    $
    (120.27
    )
  6




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A
 
 STATEMENTS OF CHANGES IN NET ASSETS
For the Nine Months Ended September 30,
(Unaudited)
 2008
    
    
    2007Increase (Decrease) in net assets from operationsNet investment loss
    
    $
    (3,980,180
    )
    
    $
    (2,097,618
    )Net realized gain (loss) on futures and forward contracts
    
    
    11,735,085
    
    
    
    (2,857,156
    )Net change in unrealized appreciation (depreciation) on
futures and forward contracts
    
    
    67,469
    
    
    
    (857,238
    )Net increase (decrease) in net assets from operations
    
    
    7,822,374
    
    
    
    (5,812,012
    )Capital share transactionsIssuance of Units
    
    
    4,768,309
    
    
    
    3,064,060Redemption of Units
    
    
    (36,477,314
    )
    
    
    (11,083,533
    )Net decrease in net assets from capital share
transactions
    
    
    (31,709,005
    )
    
    
    (8,019,473
    )Net decrease in net assets
    
    
    (23,886,631
    )
    
    
    (13,831,485
    )Net assets,beginning of period
    
    
    57,934,508
    
    
    
    72,305,161Net assets,end of period
    
    $
    34,047,877
    
    
    $
    58,473,676Units,beginning of period
    
    
    38,975.348
    
    
    
    48,197.014Issuance of Units
    
    
    2,747.546
    
    
    
    2,251.510Redemption of Units
    
    
    (21,399.386
    )
    
    
    (8,074.217
    )Units,end of period
    
    
    20,323.508
    
    
    
    42,374.307
  7




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A
 
 STATEMENTS OF CASH FLOWS
For the Nine Months Ended September 30,
(Unaudited)
 2008
    
    
    2007Cash flows from operating activitiesNet increase (decrease) in net assets from operations
    
    $
    7,822,374
    
    
    $
    (5,812,012
    )Adjustments to reconcile net increase (decrease) in net assets from
operations to net cash provided by operating activities:Changes in operating assets and liabilities:Gross purchases of U.S. Government securities
    
    
    (120,334,035
    )
    
    
    (173,875,535
    )Gross sales of U.S. Government securities
    
    
    143,314,323
    
    
    
    180,842,157Amortization of discounts and premiums
    
    
    725,369
    
    
    
    2,080,758Due from brokers
    
    
    2,091,441
    
    
    
    4,847,355Due to affiliate
    
    
    (133,276
    )
    
    
    Unrealized appreciation on open forward contracts
    
    
    (22,432
    )
    
    
    (637,684
    )Futures contracts purchased
    
    
    672,467
    
    
    
    (3,026,058
    )Unrealized depreciation on open forward contracts
    
    
    (655,851
    )
    
    
    (794,842
    )Futures contracts sold
    
    
    (61,653
    )
    
    
    5,246,634Management fee
    
    
    (38,888
    )
    
    
    (21,770
    )Other fees payable
    
    
    (78,238
    )
    
    
    (104,486
    )Net cash provided by operating activities
    
    
    33,301,601
    
    
    
    8,744,517Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    4,768,309
    
    
    
    2,786,560Redemptions, net of redemptions payable
    
    
    (37,678,144
    )
    
    
    (12,087,489
    )Cash overdraft
    
    
    
    
    
    
    979Net cash used in financing activities
    
    
    (32,909,835
    )
    
    
    (9,299,950
    )Net increase (decrease) in cash
    
    
    391,766
    
    
    
    (555,433
    )Cash, beginning of period
    
    
    114,554
    
    
    
    555,433Cash, end of period
    
    $
    506,320
    
    
    $
    Supplemental disclosure of non-cash financing activities2007 subscriptions received in 2006
    
    
    
    
    
    $
    277,500Redemptions payable
    
    $
    1,694,843
  8




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
 
 STATEMENTS OF ASSETS AND LIABILITIES
September 30, 2008 (Unaudited) and December 31, 2007
 September 30, 2008
    
    
    December 31, 2007ASSETSUS Government securities, at fair value
(amortized costs of $39,826,242 and $24,013,695 as
of September 30, 2008 and December 31, 2007, respectively)
    
    $
    39,826,242
    
    
    $
    24,013,695Due from brokers
    
    
    11,974,814
    
    
    
    3,513,469Due from affiliates
    
    
    
    
    
    
    133,276Unrealized appreciation on open forward contracts
    
    
    616,408
    
    
    
    156,446Futures contracts purchased
    
    
    
    
    
    
    233,786Futures contracts sold
    
    
    2,020,790
    
    
    
    501,945Cash
    
    
    454,356
    
    
    
    73,375Total assets
    
    
    54,892,610
    
    
    
    28,625,992LIABILITIESUnrealized depreciation on open forward contracts
    
    
    650,569
    
    
    
    607,349Futures contracts purchased
    
    
    643,997
    
    
    
    Redemptions payable
    
    
    996,594
    
    
    
    2,092,474Management fees
    
    
    82,646
    
    
    
    43,331Other fees payable
    
    
    220,217
    
    
    
    27,691Total liabilities
    
    
    2,594,023
    
    
    
    2,770,845NET ASSETS
    
    $
    52,298,587
    
    
    $
    25,855,147Number of Units
    
    
    25,471.798
    
    
    
    14,568.812Net asset value per Unit
    
    $
    2,053.20
    
    
    $
    1,774.69
  9




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
 
 CONDENSED SCHEDULE OF INVESTMENTS
September 30, 2008 (Unaudited)
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States
Treasury Bills due November 28, 2008 (amortized cost
$39,826,242), securities are held in margin accounts as
collateral for open futures and forwards
    
    $
    39,935,000
    
    
    
    76.2
    %
    
    $
    39,826,242Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    1.2
    
    
    
    616,408Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    1.2
    
    
    
    616,408Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (1.2
    )
    
    
    (650,569
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (1.2
    )
    
    
    (650,569
    )Total forward contracts, at fair value
    
    
    
    
    
    
    (0.0
    )*
    
    
    (34,161
    )Futures contracts, at fair valueFutures contracts purchasedCurrency
    
    
    
    
    
    
    0.2
    
    
    
    91,471Financial
    
    
    
    
    
    
    0.4
    
    
    
    207,867Food & Fiber
    
    
    
    
    
    
    (0.2
    )
    
    
    (129,218
    )Indices
    
    
    
    
    
    
    (0.1
    )
    
    
    (7,067
    )Metals
    
    
    
    
    
    
    (1.6
    )
    
    
    (807,050
    )Total futures contracts purchased
    
    
    
    
    
    
    (1.3
    )
    
    
    (643,997
    )Futures contracts soldCurrency
    
    
    
    
    
    
    (0.2
    )
    
    
    (88,612
    )Financial
    
    
    
    
    
    
    0.7
    
    
    
    346,342Indices
    
    
    
    
    
    
    2.6
    
    
    
    1,375,701Livestock
    
    
    
    
    
    
    0.4
    
    
    
    223,270Food & Fiber
    
    
    
    
    
    
    0.3
    
    
    
    144,988Metals
    
    
    
    
    
    
    0.1
    
    
    
    19,101Total futures contracts sold
    
    
    
    
    
    
    3.9
    
    
    
    2,020,790Total futures contracts, at fair value
    
    
    
    
    
    
    2.6
    
    
    
    1,376,793Futures and forward contracts by country compositionEuropean Monetary Community
    
    
    
    
    
    
    0.9
    
    
    
    451,435Japan
    
    
    
    
    
    
    1.3
    
    
    
    673,782United States
    
    
    
    
    
    
    (0.4
    )
    
    
    (205,660
    )Other
    
    
    
    
    
    
    0.8
    
    
    
    423,075Total futures and forward contracts by country
    
    
    
    
    
    
    2.6
    %
    
    $
    1,342,632
 
 *
    
    Due to rounding  10




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
 
 CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2007
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due February 28, 2008
(amortized cost $24,013,695), securities
are held in margin accounts as collateral for open
futures and forwards
    
    $
    24,135,000
    
    
    
    92.9
    %
    
    $
    24,013,695Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    0.6
    
    
    
    156,446Total unrealized appreciation
on forward contracts
    
    
    
    
    
    
    0.6
    
    
    
    156,446Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (2.3
    )
    
    
    (607,349
    )Total unrealized depreciation on
forward contracts
    
    
    
    
    
    
    (2.3
    )
    
    
    (607,349
    )Total forward contracts, at fair value
    
    
    
    
    
    
    (1.7
    )
    
    
    (450,903
    )Futures contracts, at fair valueFutures contracts purchasedCurrency
    
    
    
    
    
    
    (0.3
    )
    
    
    (97,491
    )Energy
    
    
    
    
    
    
    0.8
    
    
    
    216,449Financial
    
    
    
    
    
    
    0.3
    
    
    
    75,979Food & Fiber
    
    
    
    
    
    
    0.0
    *
    
    
    9,762Indices
    
    
    
    
    
    
    (0.2
    )
    
    
    (50,940
    )Livestock
    
    
    
    
    
    
    (0.0
    )*
    
    
    (2,000
    )Metals
    
    
    
    
    
    
    0.3
    
    
    
    82,027Total futures contracts purchased
    
    
    
    
    
    
    0.9
    
    
    
    233,786Futures contracts soldCurrency
    
    
    
    
    
    
    (0.0
    )*
    
    
    (3,870
    )Energy
    
    
    
    
    
    
    0.0
    *
    
    
    12,840Financial
    
    
    
    
    
    
    0.7
    
    
    
    185,915Livestock
    
    
    
    
    
    
    0.3
    
    
    
    57,400Food & Fiber
    
    
    
    
    
    
    (0.1
    )
    
    
    (12,415
    )Metals
    
    
    
    
    
    
    1.0
    
    
    
    262,075Total futures contracts sold
    
    
    
    
    
    
    1.9
    
    
    
    501,945Total futures contracts, at fair value
    
    
    
    
    
    
    2.8
    
    
    
    735,731Futures and forward contracts by country compositionEuropean Monetary Union
    
    
    
    
    
    
    (0.4
    )
    
    
    (100,727
    )Japan
    
    
    
    
    
    
    0.8
    
    
    
    200,616United States
    
    
    
    
    
    
    1.9
    
    
    
    487,685Other
    
    
    
    
    
    
    (1.2
    )
    
    
    (302,746
    )Total futures and forward contracts by country
    
    
    
    
    
    
    1.1
    %
    
    $
    284,828
 
 *
    
    Due to rounding  11




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
 
 STATEMENTS OF OPERATIONS  (Unaudited)
 Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2008
    
    
    2007
    
    
    2008
    
    
    2007Investment incomeInterest income
    
    $
    234,976
    
    
    $
    313,795
    
    
    $
    633,188
    
    
    $
    1,036,910Total income
    
    
    234,976
    
    
    
    313,795
    
    
    
    633,188
    
    
    
    1,036,910ExpensesSelling commissions
    
    
    514,910
    
    
    
    269,574
    
    
    
    1,382,252
    
    
    
    868,456Management fee
    
    
    238,146
    
    
    
    124,678
    
    
    
    639,292
    
    
    
    401,661Ongoing offering expenses
    
    
    128,727
    
    
    
    16,848
    
    
    
    345,563
    
    
    
    129,094Operating expenses
    
    
    19,309
    
    
    
    10,109
    
    
    
    51,834
    
    
    
    32,567Incentive fee
    
    
    
    
    
    
    
    
    
    
    3,831,165
    
    
    
    Brokerage commissions
    
    
    294,619
    
    
    
    280,526
    
    
    
    874,431
    
    
    
    852,375Other
    
    
    12,815
    
    
    
    1,350
    
    
    
    16,661
    
    
    
    571Total expenses
    
    
    1,208,526
    
    
    
    703,085
    
    
    
    7,141,198
    
    
    
    2,284,724Net investment loss
    
    
    (973,550
    )
    
    
    (389,290
    )
    
    
    (6,508,010
    )
    
    
    (1,247,814
    )Realized and unrealized gain
(loss) on investmentsNet realized gain (loss)
on futures and forward
contracts
    
    
    (6,774,348
    )
    
    
    (832,765
    )
    
    
    8,513,880
    
    
    
    (2,628,569
    )Net change in unrealized
appreciation (depreciation) on
futures and forward contracts
    
    
    (4,851,385
    )
    
    
    (973,808
    )
    
    
    1,057,804
    
    
    
    (753,182
    )Net gain (loss) on investments
    
    
    (11,625,733
    )
    
    
    (1,806,573
    )
    
    
    9,571,684
    
    
    
    (3,381,751
    )Net increase (decrease) in net assets
from operations
    
    
    (12,599,283
    )
    
    
    (2,195,863
    )
    
    
    3,063,674
    
    
    
    (4,629,565
    )Net increase (decrease) in net assets
from operations per unit (based upon
weighted average number of units
outstanding during period)
    
    
    (511.52
    )
    
    
    (124.24
    )
    
    
    146.07
    
    
    
    (251.04
    )Net increase (decrease) in net assets
from operations per unit (based upon
change in net asset value per unit
during period)
    
    $
    (540.12
    )
    
    $
    (123.84
    )
    
    $
    278.51
    
    
    $
    (230.83
    )
  12




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
 
 STATEMENTS OF CHANGES IN NET ASSETS
For the Nine Months Ended September 30,
(Unaudited)
 2008
    
    
    2007Increase (decrease) in net assets from operationsNet investment loss
    
    $
    (6,508,010
    )
    
    $
    (1,247,814
    )Net realized gain (loss) on futures and forward contracts
    
    
    8,513,880
    
    
    
    (2,628,569
    )Net change in unrealized appreciation (depreciation) on futures
and forward contracts
    
    
    1,057,804
    
    
    
    (753,182
    )Net increase (decrease) in net assets from operations
    
    
    3,063,674
    
    
    
    (4,629,565
    )Capital share transactionsIssuance of Units
    
    
    30,269,792
    
    
    
    4,345,222Redemption of Units
    
    
    (6,890,026
    )
    
    
    (10,409,586
    )Net increase (decrease) in net assets from capital share
transactions
    
    
    23,379,766
    
    
    
    (6,064,364
    )Net increase (decrease) in net assets
    
    
    26,443,440
    
    
    
    (10,693,929
    )Net assets,beginning of period
    
    
    25,855,147
    
    
    
    36,431,693Net assets,end of period
    
    $
    52,298,587
    
    
    $
    25,737,764Units,beginning of period
    
    
    14,568.812
    
    
    
    19,995.520Issuance of Units
    
    
    14,166.071
    
    
    
    2,820.373Redemption of Units
    
    
    (3,263.085
    )
    
    
    (6,640.372
    )Units,end of period
    
    
    25,471.798
    
    
    
    16,175.521
  13




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
 
 STATEMENTS OF CASH FLOWS
For the Nine Months Ended September 30,
(Unaudited)
 2008
    
    
    2007Cash flows from operating activitiesNet increase (decrease) in net assets from operations
    
    $
    3,063,674
    
    
    $
    (4,629,565
    )Adjustments to reconcile net increase (decrease) in net assets from
operations to net cash provided by (used in) operating activities:Changes in operating assets and liabilities:Gross purchases of U.S. Government securities
    
    
    (122,002,215
    )
    
    
    (81,866,667
    )Gross sales of U.S. Government securities
    
    
    105,669,394
    
    
    
    87,382,041Amortization of discounts and premiums
    
    
    520,274
    
    
    
    931,825Due from brokers
    
    
    (8,461,345
    )
    
    
    3,040,378Other receivables
    
    
    
    
    
    
    88,391Due from affiliate
    
    
    133,276
    
    
    
    Unrealized appreciation on open forward contracts
    
    
    (459,962
    )
    
    
    (364,067
    )Futures contracts purchased
    
    
    877,783
    
    
    
    (2,055,795
    )Unrealized depreciation on open forward contracts
    
    
    43,220
    
    
    
    (555,619
    )Futures contracts sold
    
    
    (1,518,845
    )
    
    
    3,684,816Management fees
    
    
    39,315
    
    
    
    (8,077
    )Other fees payable
    
    
    192,526
    
    
    
    (74,996
    )Net cash provided by (used in) operating activities
    
    
    (21,902,905
    )
    
    
    5,572,665Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    30,269,792
    
    
    
    4,085,414Redemptions, net of redemptions payable
    
    
    (7,985,906
    )
    
    
    (10,064,442
    )Net cash provided by (used in) financing activities
    
    
    22,283,886
    
    
    
    (5,979,028
    )Net increase (decrease) in cash
    
    
    380,981
    
    
    
    (406,363
    )Cash, beginning of period
    
    
    73,375
    
    
    
    468,093Cash, end of period
    
    $
    454,356
    
    
    $
    61,730Supplemental disclosure of noncash financing activities:2007 contributions received in 2006
    
    
    
    
    
    $
    259,808Redemptions payable
    
    $
    996,594
  14




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A AND B
 1. Nature of operations
 Organization and Business
   2. Basis of presentation and significant accounting policies
 Basis of Presentation
  Valuation of Investments in Futures Contracts, Forward Contracts, and U.S Treasury Bills
  Translation of Foreign Currency
   15




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##### Table of Contents



Investment Transactions and Related Investment Income
  Income Taxes
  Use of Estimates
  Recently Issued Accounting Standards
 SFAS No. 161
  3. Fair Value Measurements
  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.
  U.S. Government Securities.
 Derivative Contracts.
 16




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##### Table of Contents



BalanceSeptember30, 2008
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government
securities
    
    $
    31,514,102
    
    
    $
    
    
    
    $
    31,514,102
    
    
    $
    Unrealized
appreciation on
open forward
contracts
    
    
    252,146
    
    
    
    
    
    
    
    252,146
    
    
    
    Futures contracts
sold
    
    
    819,905
    
    
    
    819,905
    
    
    
    
    
    
    
    Total
Assets
Measured
at
Fair
Value
    
    $
    32,586,153
    
    
    $
    819,905
    
    
    $
    31,766,248
    
    
    $
    LIABILITIESUnrealized
depreciation on
open forward
contracts
    
    $
    262,617
    
    
    $
    
    
    
    $
    262,617
    
    
    $
    Futures contracts
purchased
    
    
    306,455
    
    
    
    306,455
    
    
    
    
    
    
    
    Total
Liabilities
Measured at
Fair Value
    
    $
    569,072
    
    
    $
    306,455
    
    
    $
    262,617
    
    
    $
    
 17




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##### Table of Contents



BalanceSeptember30, 2008
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government securities
    
    $
    39,826,242
    
    
    $
    
    
    
    $
    39,826,242
    
    
    $
    Unrealized appreciation on
open forward contracts
    
    
    616,408
    
    
    
    
    
    
    
    616,408
    
    
    
    Futures contracts sold
    
    
    2,020,790
    
    
    
    2,020,790
    
    
    
    
    
    
    
    Total Assets Measured at
Fair Value
    
    $
    42,463,440
    
    
    $
    2,020,790
    
    
    $
    40,442,650
    
    
    $
    LIABILITIESUnrealized depreciation on
open forward contracts
    
    $
    650,569
    
    
    $
    
    
    
    $
    650,569
    
    
    $
    Futures contracts purchased
    
    
    643,997
    
    
    
    643,997
    
    
    
    
    
    
    
    Total Liabilities Measured
at Fair Value
    
    $
    1,294,566
    
    
    $
    643,997
    
    
    $
    650,569
    
    
    $
    
 18




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##### Table of Contents



4. Due from/to brokers
   5. Allocation of net profits and losses
   6. Related party transactions
   7. Financial highlights
  2008
    
    
    2007Series A
    
    
    Series B
    
    
    Series A
    
    
    Series BTotal return before incentive fees*
    
    
    18.2
    %
    
    
    25.3
    %
    
    
    (8.0
    )%
    
    
    (12.7
    )%Incentive fees*
    
    
    5.5
    %
    
    
    9.6
    %
    
    
    0.0
    %
    
    
    0.0
    %Total return after incentive fees*
    
    
    12.7
    %
    
    
    15.7
    %
    
    
    (8.0
    )%
    
    
    (12.7
    )%Ratios to average partners capital **Operating expenses before incentive fees
    
    
    8.6
    %
    
    
    10.2
    %
    
    
    9.1
    %
    
    
    10.3
    %Incentive fees
    
    
    3.8
    %
    
    
    8.8
    %
    
    
    0.0
    %
    
    
    0.0
    %Total expenses
    
    
    12.4
    %
    
    
    19.0
    %
    
    
    9.1
    %
    
    
    10.3
    %Net investment loss
    
    
    (6.3
    )%
    
    
    (8.2
    )%
    
    
    (4.4
    )%
    
    
    (5.6
    )%Net asset value per unit, beginning of period
    
    $
    1,486.44
    
    
    $
    1,774.69
    
    
    $
    1,500.20
    
    
    $
    1,821.99Net investment loss
    
    
    (147.95
    )
    
    
    (309.47
    )
    
    
    (44.84
    )
    
    
    (66.77
    )Net gain (loss) in investments
    
    
    336.81
    
    
    
    587.98
    
    
    
    (75.43
    )
    
    
    (164.06
    )Net asset value per unit, end of period
    
    $
    1,675.30
    
    
    $
    2,053.20
    
    
    $
    1,379.93
    
    
    $
    1,591.16
 
 *
    
    Not annualized**
    
    Annualized, except for incentive fees 19




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##### Table of Contents



2008
    
    
    2007Series A
    
    
    Series B
    
    
    Series A
    
    
    Series BTotal return before incentive fees*
    
    
    (13.9
    )%
    
    
    (20.8
    )%
    
    
    (4.8
    )%
    
    
    (7.2
    )%Incentive fees*
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %Total return after incentive fees*
    
    
    (13.9
    )%
    
    
    (20.8
    )%
    
    
    (4.8
    )%
    
    
    (7.2
    )%Ratios to average partners capital **Operating expenses before incentive fees
    
    
    8.2
    %
    
    
    9.1
    %
    
    
    8.7
    %
    
    
    10.0
    %Incentive fees
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %Total expenses
    
    
    8.2
    %
    
    
    9.1
    %
    
    
    8.7
    %
    
    
    10.0
    %Net investment loss
    
    
    (6.4
    )%
    
    
    (7.3
    )%
    
    
    (4.2
    )%
    
    
    (5.6
    )%Net asset value per unit, beginning of period
    
    $
    1,945.95
    
    
    $
    2,593.32
    
    
    $
    1,449.60
    
    
    $
    1,715.00Net investment loss
    
    
    (28.05
    )
    
    
    (39.52
    )
    
    
    (14.36
    )
    
    
    (22.14
    )Net loss on investments
    
    
    (242.60
    )
    
    
    (500.60
    )
    
    
    (55.31
    )
    
    
    (101.70
    )Net asset value per unit, end of period
    
    $
    1,675.30
    
    
    $
    2,053.20
    
    
    $
    1,379.93
    
    
    $
    1,591.16
 
 *
    
    Not annualized**
    
    Annualized, except for incentive fees  8. Financial instrument risk
  20




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9. Subscriptions and redemptions
   21




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Three Months ended September 30, 2008
   22




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rd
     Three Months ended June 30, 2008
   23




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##### Table of Contents



nd
     Three Months ended March 31, 2008
     24




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##### Table of Contents



st
    Three Months ended September 30, 2007
     rd
  25




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##### Table of Contents



Three Months ended June 30, 2007
     nd
  26




---



##### Table of Contents



Three Months ended March 31, 2007
     st
  27




---



##### Table of Contents



28




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##### Table of Contents



FASB Interpretation 161
         29




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30




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##### Table of Contents



Value at
    
    
    % of TotalSector
    
    Risk
    
    
    CapitalizationStock Indices
    
    $
    1,164,119
    
    
    
    3.25
    %Financial Futures
    
    
    649,332
    
    
    
    1.82Currencies
    
    
    261,185
    
    
    
    0.73Agricultural Products
    
    
    157,054
    
    
    
    0.44Metals
    
    
    121,902
    
    
    
    0.34Total
    
    $
    2,353,592
    
    
    
    6.58
    %
  Value at
    
    
    % of TotalSector
    
    Risk
    
    
    CapitalizationStock Indices
    
    $
    2,694,404
    
    
    
    5.05
    %Financial
Futures
    
    
    1,367,307
    
    
    
    2.57Currencies
    
    
    557,255
    
    
    
    1.05Agricultural
Products
    
    
    426,071
    
    
    
    0.80Metals
    
    
    324,049
    
    
    
    0.60Total
    
    $
    5,369,086
    
    
    
    10.07
    %
        31




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##### Table of Contents



Stock Indices
  Agricultural Market
  Currencies
  Metals
  Interest Rates
  Energy
   General
  32




---



##### Table of Contents



Foreign Currency Balances
  Treasury Bill Positions
        33




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##### Table of Contents



A Bankruptcy Court Could Find the Assets of One Series to be Available to Offset the
Liabilities of the Other Series
      Month
    
    Units Redeemed
    
    NAV per Unit ($)July 31, 2008
    
    
    461.021
    
    
    
    1,758.12August 31, 2008
    
    
    1,255.584
    
    
    
    1,676.53September 30, 2008
    
    
    1,011.128
    
    
    
    1,675.302,727.733Series B:Month
    
    Units Redeemed
    
    NAV per Unit ($)July 31, 2008
    
    
    183.020
    
    
    
    2,204.38August 31, 2008
    
    
    270.831
    
    
    
    2,043.87September 30, 2008
    
    
    485.363
    
    
    
    2,053.20939.214
    34




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##### Table of Contents



31.1
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer31.2
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer32.1
    
    Section 1350 Certification of Principal Executive Officer32.2
    
    Section 1350 Certification of Principal Financial Officer
 35




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##### Table of Contents



SIGNATURES
  QUADRIGA SUPERFUND, L.P.(Registrant)By:
    
    Superfund Capital Management, Inc.
General PartnerNovember 14 , 2008
    
    
    
    By:
    
    /s/Nigel JamesDate
    
    
    
    
    
    Nigel JamesPresident and Principal Executive OfficerNovember 14, 2008
    
    
    
    By:
    
    /s/Roman GregorigDate
    
    
    
    
    
    Roman GregorigVice President and Principal Financial Officer
 36




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##### Table of Contents



Exhibit Number
    
    Description of Document
    
    Page Number31.1
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer
    
    E-231.2
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer
    
    E-332.1
    
    Section 1350 Certification of Principal Executive Officer
    
    E-432.2
    
    Section 1350 Certification of Principal Financial Officer
    
    E-5
 E-1