##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-Q/A
 Amendment No. 1
  þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended June 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
    
    Smaller reporting company o(Do not check if a smaller reporting company)
  o þ




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EXPLANATORY NOTE
   2




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##### Table of Contents



PART I  FINANCIAL INFORMATION
   PageFinancial Statements (unaudited)Statements of Assets and Liabilities as of June 30, 2008
and December 31, 2007
    
    4Condensed Schedule of Investments as of June 30, 2008
    
    5Condensed Schedule of Investments as of December 31, 2007
    
    6Statements of Operations for the three months ended June 30, 2008 and
June 30, 2007 and the six months ended June 30, 2008 and
June 30, 2007
    
    7Statements of Changes in Net Assets for the six months ended June 30, 2008
and June 30, 2007
    
    8Statements of Cash Flows for the six months ended June 30, 2008 and
June 30, 2007
    
    9Exhibit 31.1Exhibit 31.2Exhibit 32.1Exhibit 32.2
   PageFinancial Statements (unaudited)Statements of Assets and Liabilities as of June 30, 2008
and December 31, 2007
    
    10Condensed Schedule of Investments as of June 30, 2008
    
    11Condensed Schedule of Investments as of December 31, 2007
    
    12Statements of Operations for the three months ended June 30, 2008 and
June 30, 2007 and the six months ended June 30, 2008 and June 30, 2007
    
    13Statements of Changes in Net Assets for the six months ended June 30, 2008
and June 30, 2007
    
    14Statements of Cash Flows for the six months ended June 30, 2008 and
June 30, 2007
    
    15Notes to Series A and Series B Unaudited Financial Statements Dated June 30, 2008
    
    16-22
 3




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A
 
 STATEMENTS OF ASSETS AND LIABILITIES
 June 30, 2008 (Unaudited) and December 31, 2007
 June 30, 2008
    
    
    December 31, 2007ASSETSUS Government securities, at fair value
(amortized costs of $37,188,450 and $55,219,759 as of
June 30, 2008 and December 31, 2007 respectively)
    
    $
    37,188,450
    
    
    $
    55,219,759Due from brokers
    
    
    3,906,720
    
    
    
    5,505,137Unrealized appreciation on open forward contracts
    
    
    496,336
    
    
    
    229,714Futures contracts purchased
    
    
    1,497,834
    
    
    
    366,012Futures contracts sold
    
    
    1,299,076
    
    
    
    758,252Cash
    
    
    98,589
    
    
    
    114,554Total assets
    
    
    44,487,005
    
    
    
    62,193,428LIABILITIESUnrealized depreciation on open forward contracts
    
    
    295,713
    
    
    
    918,468Redemptions payable
    
    
    640,705
    
    
    
    2,895,673Due to affiliate
    
    
    
    
    
    
    133,276Fees payableIncentive fee payable to affiliate
    
    
    1,005,589
    
    
    
    Management fees
    
    
    68,130
    
    
    
    Other fees payable
    
    
    188,265
    
    
    
    311,503Total fees payable
    
    
    1,261,984
    
    
    
    311,503Total liabilities
    
    
    2,198,402
    
    
    
    4,258,920NET ASSETS
    
    $
    42,288,603
    
    
    $
    57,934,508Number of Units
    
    
    21,731.615
    
    
    
    38,975.348Net asset value per Unit
    
    $
    1,945.95
    
    
    $
    1,486.44
  4




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A
 
 CONDENSED SCHEDULE OF INVESTMENTS
 June 30, 2008 (Unaudited)
 PercentageofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due August 28, 2008
(amortized cost of $37,188,450), securities are held in
margin accounts as collateral for open futures and
forwards
    
    $
    37,300,000
    
    
    
    87.9
    %
    
    $
    37,188,450Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    1.2
    
    
    
    496,336Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    1.2
    
    
    
    496,336Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (0.7
    )
    
    
    (295,713
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (0.7
    )
    
    
    (295,713
    )Total forward contracts, at fair value
    
    
    
    
    
    
    0.5
    
    
    
    200,623Futures contracts, at fair valueFutures Contracts PurchasedCurrency
    
    
    
    
    
    
    0.8
    
    
    
    326,359Energy
    
    
    
    
    
    
    1.6
    
    
    
    677,732Financial
    
    
    
    
    
    
    0.0
    *
    
    
    1,594Food & Fiber
    
    
    
    
    
    
    0.6
    
    
    
    262,774Indices
    
    
    
    
    
    
    (0.0)
    *
    
    
    2,582Metals
    
    
    
    
    
    
    0.5
    
    
    
    226,793Total futures contracts purchased
    
    
    
    
    
    
    3.5
    
    
    
    1,497,834Futures Contracts SoldCurrency
    
    
    
    
    
    
    0.1
    
    
    
    62,790Financial
    
    
    
    
    
    
    1.5
    
    
    
    618,834Indices
    
    
    
    
    
    
    1.3
    
    
    
    533,134Livestock
    
    
    
    
    
    
    0.1
    
    
    
    46,230Food & Fiber
    
    
    
    
    
    
    0.0
    *
    
    
    (1,900
    )Metals
    
    
    
    
    
    
    0.1
    
    
    
    39,988Total futures contracts sold
    
    
    
    
    
    
    3.1
    
    
    
    1,299,076Total futures contracts, at fair value
    
    
    
    
    
    
    6.6
    
    
    
    2,796,910Futures and forward contracts by country compositionEuropean Monetary Union
    
    
    
    
    
    
    1.6
    
    
    
    692,724Japan
    
    
    
    
    
    
    1.1
    
    
    
    464,913United States
    
    
    
    
    
    
    2.7
    
    
    
    1,139,987Other
    
    
    
    
    
    
    1.7
    
    
    
    699,909Total futures and forward contracts by country
    
    
    
    
    
    
    7.1
    %
    
    $
    2,997,533
 
 *
    
    Due to Rounding  5




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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 of $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 6




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QUADRIGA SUPERFUND, L.P.  SERIES A
 
 STATEMENTS OF OPERATIONS
 (Unaudited)
 Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2008
    
    
    2007
    
    
    2008
    
    
    2007Investment incomeInterest income
    
    $
    229,437
    
    
    $
    735,223
    
    
    $
    638,324
    
    
    $
    1,580,521Total income
    
    
    229,437
    
    
    
    735,223
    
    
    
    638,324
    
    
    
    1,580,521ExpensesIncentive fee
    
    
    1,422,166
    
    
    
    
    
    
    
    1,786,681
    
    
    
    Management fee
    
    
    198,062
    
    
    
    301,641
    
    
    
    464,496
    
    
    
    601,629Ongoing offering expenses
    
    
    107,061
    
    
    
    80,843
    
    
    
    251,079
    
    
    
    242,998Operating expenses
    
    
    16,059
    
    
    
    24,457
    
    
    
    37,662
    
    
    
    48,781Selling commission
    
    
    428,243
    
    
    
    652,195
    
    
    
    1,004,317
    
    
    
    1,300,818Brokerage commissions
    
    
    156,476
    
    
    
    373,240
    
    
    
    446,654
    
    
    
    843,384Other
    
    
    3,059
    
    
    
    512
    
    
    
    4,242
    
    
    
    1,066Total expenses
    
    
    2,331,126
    
    
    
    1,432,888
    
    
    
    3,995,131
    
    
    
    3,038,676Net investment loss
    
    
    (2,101,689
    )
    
    
    (697,665
    )
    
    
    (3,356,807
    )
    
    
    (1,458,155
    )Realized and unrealized gain
(loss) on investmentsNet realized gain (loss) on futures
and forward contracts
    
    
    5,645,421
    
    
    
    4,976,086
    
    
    
    14,639,770
    
    
    
    (2,124,949
    )Net change in unrealized appreciation
on futures and forward contracts
    
    
    889,012
    
    
    
    6,197,114
    
    
    
    2,562,023
    
    
    
    953,066Net gain (loss) on investments
    
    
    6,534,433
    
    
    
    11,173,200
    
    
    
    17,201,793
    
    
    
    (1,171,883
    )Net increase (decrease) in
net assets from operations
    
    $
    4,432,744
    
    
    $
    10,475,535
    
    
    $
    13,844,986
    
    
    $
    (2,630,038
    )Net increase (decrease) in net assets from
operations per unit (based upon weighted
average number of units outstanding during
period)
    
    $
    188.97
    
    
    $
    219.74
    
    
    $
    474.51
    
    
    $
    (55.26
    )Net increase (decrease) in net assets from
operations per unit (based upon change in net
asset value per unit during period)
    
    $
    201.74
    
    
    $
    222.60
    
    
    $
    459.51
    
    
    $
    (50.60
    )
  7




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QUADRIGA SUPERFUND, L.P.  SERIES A
 
 STATEMENTS OF CHANGES IN NET ASSETS
 For the Six Months Ended June 30,
 (Unaudited)
 2008
    
    
    2007Increase (decrease) in net assets from operationsNet investment loss
    
    $
    (3,356,807
    )
    
    $
    (1,458,155
    )Net realized gain (loss) on futures and forward contracts
    
    
    14,639,770
    
    
    
    (2,124,949
    )Net change in unrealized appreciation on futures
and forward contracts
    
    
    2,562,023
    
    
    
    953,066Net increase (decrease) in net assets from operations
    
    
    13,844,986
    
    
    
    (2,630,038
    )Capital share transactionsIssuance of Units
    
    
    2,377,050
    
    
    
    2,619,227Redemption of Units
    
    
    (31,867,941
    )
    
    
    (7,678,153
    )Net decrease in net assets from capital share
transactions
    
    
    (29,490,891
    )
    
    
    (5,058,926
    )Net decrease in net assets
    
    
    (15,645,905
    )
    
    
    (7,688,964
    )Net assets,beginning of period
    
    
    57,934,508
    
    
    
    72,305,161Net assets,end of period
    
    $
    42,288,603
    
    
    $
    64,616,197Units,beginning of period
    
    
    38,975.348
    
    
    
    48,197.014Issuance of Units
    
    
    1,428.016
    
    
    
    1,937.050Redemption of Units
    
    
    (18,671.749
    )
    
    
    (5,559.020
    )Units,end of period
    
    
    21,731.615
    
    
    
    44,575.044
  8




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QUADRIGA SUPERFUND, L.P.  SERIES A
 
 STATEMENTS OF CASH FLOWS
 For the Six Months Ended June 30,
 (Unaudited)
 2008
    
    
    2007Cash flows from operating activitiesNet increase (decrease) in net assets from operations
    
    $
    13,844,986
    
    
    $
    (2,630,038
    )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
    
    
    (85,217,987
    )
    
    
    (118,544,437
    )Gross sales of U.S. Government securities
    
    
    102,682,797
    
    
    
    121,759,734Amortization of discounts and premiums
    
    
    566,499
    
    
    
    1,441,995Due from brokers
    
    
    1,598,417
    
    
    
    4,730,549Due to affiliate
    
    
    (133,276
    )
    
    
    Unrealized appreciation on open forward contracts
    
    
    (266,622
    )
    
    
    176,861Futures contracts purchased
    
    
    (1,131,822
    )
    
    
    (794,229
    )Unrealized depreciation on open forward contracts
    
    
    (622,755
    )
    
    
    (552,979
    )Futures contracts sold
    
    
    (540,824
    )
    
    
    217,281Fees payableIncentive fee payable to affiliate
    
    
    1,005,589
    
    
    
    Management fee
    
    
    68,130
    
    
    
    Other fees payable
    
    
    (123,238
    )
    
    
    121,475Total fees payable
    
    
    950,481
    
    
    
    121,475Net cash provided by operating activities
    
    
    31,729,894
    
    
    
    5,926,212Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    2,377,050
    
    
    
    2,341,727Redemptions, net of redemptions payable
    
    
    (34,122,909
    )
    
    
    (8,469,584
    )Net cash used in financing activities
    
    
    (31,745,859
    )
    
    
    (6,127,857
    )Net decrease in cash
    
    
    (15,965
    )
    
    
    (201,645
    )Cash, beginning of period
    
    
    114,554
    
    
    
    555,433Cash, end of period
    
    $
    98,589
    
    
    $
    353,788Supplemental disclosure of non-cash financing activities2007 subscriptions received in 2006
    
    
    
    
    
    $
    277,500Redemptions payable
    
    $
    640,705
  9




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QUADRIGA SUPERFUND, L.P.  SERIES B
 
 STATEMENTS OF ASSETS AND LIABILITIES
 June 30, 2008 (Unaudited) and December 31, 2007
 June 30, 2008
    
    
    December 31, 2007ASSETSUS Government securities, at fair value (amortized
costs of $40,812,530 and $24,013,695) as of
June 30, 2008 and December 31, 2007 respectively
    
    $
    40,812,530
    
    
    $
    24,013,695Due from brokers
    
    
    13,245,044
    
    
    
    3,513,469Due from affiliates
    
    
    
    
    
    
    133,276Unrealized appreciation on open forward contracts
    
    
    1,086,904
    
    
    
    156,446Futures contracts purchased
    
    
    3,064,759
    
    
    
    233,786Futures contracts sold
    
    
    2,778,799
    
    
    
    501,945Cash
    
    
    399,394
    
    
    
    73,375Total assets
    
    
    61,387,430
    
    
    
    28,625,992LIABILITIESUnrealized depreciation on open forward contracts
    
    
    662,278
    
    
    
    607,349Redemptions payable
    
    
    444,624
    
    
    
    2,092,474Fees payableIncentive fee payable to affiliates
    
    
    2,138,912
    
    
    
    Management fees
    
    
    93,618
    
    
    
    Other fees payable
    
    
    260,612
    
    
    
    71,022Total fees payable
    
    
    2,493,142
    
    
    
    71,022Total liabilities
    
    
    3,600,044
    
    
    
    2,770,845NET ASSETS
    
    $
    57,787,386
    
    
    $
    25,855,147Number of Units
    
    
    22,283.145
    
    
    
    14,568.812Net asset value per Unit
    
    $
    2,593.32
    
    
    $
    1,774.69
  10




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QUADRIGA SUPERFUND, L.P.  SERIES B
 
 CONDENSED SCHEDULE OF INVESTMENTS
 June 30, 2008 (Unaudited)
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due August 28, 2008
(amortized cost of $40,812,530), securities are held in
margin accounts as collateral for open futures and forwards
    
    $
    40,930,000
    
    
    
    70.6
    %
    
    $
    40,812,530Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrencies
    
    
    
    
    
    
    1.9
    
    
    
    1,086,904Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    1.9
    
    
    
    1,086,904Unrealized depreciation on forward contractsCurrencies
    
    
    
    
    
    
    (1.2
    )
    
    
    (662,278
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (1.2
    )
    
    
    (662,278
    )Total forward contracts, at fair value
    
    
    
    
    
    
    0.7
    
    
    
    424,626Futures contracts, at fair valueFutures contracts purchasedCurrency
    
    
    
    
    
    
    1.1
    
    
    
    648,869Energy
    
    
    
    
    
    
    2.4
    
    
    
    1,395,811Financial
    
    
    
    
    
    
    0.0
    *
    
    
    4,516Food & Fiber
    
    
    
    
    
    
    0.9
    
    
    
    526,491Indices
    
    
    
    
    
    
    (0.0
    )*
    
    
    399Metals
    
    
    
    
    
    
    0.9
    
    
    
    488,673Total futures contracts purchased
    
    
    
    
    
    
    5.3
    
    
    
    3,064,759Futures contracts soldCurrency
    
    
    
    
    
    
    0.2
    
    
    
    128,960Financial
    
    
    
    
    
    
    2.2
    
    
    
    1,282,074Indices
    
    
    
    
    
    
    2.0
    
    
    
    1,148,095Livestock
    
    
    
    
    
    
    0.1
    
    
    
    93,230Food & Fiber
    
    
    
    
    
    
    0.0
    *
    
    
    (3,660
    )Metals
    
    
    
    
    
    
    0.2
    
    
    
    130,100Total futures contracts sold
    
    
    
    
    
    
    4.7
    
    
    
    2,778,799Total futures contracts, at fair value
    
    
    
    
    
    
    10.0
    
    
    
    5,843,558Futures and forward contracts by country compositionEuropean Monetary Union
    
    
    
    
    
    
    2.5
    
    
    
    1,462,486Japan
    
    
    
    
    
    
    1.6
    
    
    
    950,666United States
    
    
    
    
    
    
    4.1
    
    
    
    2,422,757Other
    
    
    
    
    
    
    2.5
    
    
    
    1,432,275Total futures and forward contracts by country
    
    
    
    
    
    
    10.7
    %
    
    $
    6,268,184
 
 *
    
    Due to rounding  11




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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 of $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 contractsCurrencies
    
    
    
    
    
    
    0.6
    
    
    
    156,446Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    0.6
    
    
    
    156,446Unrealized depreciation on forward contractsCurrencies
    
    
    
    
    
    
    (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
  12




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QUADRIGA SUPERFUND, L.P.  SERIES B
 
 STATEMENTS OF OPERATIONS
 (Unaudited)
 Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2008
    
    
    2007
    
    
    2008
    
    
    2007Investment incomeInterest income
    
    $
    210,065
    
    
    $
    322,594
    
    
    $
    398,212
    
    
    $
    725,511Total income
    
    
    210,065
    
    
    
    322,594
    
    
    
    398,212
    
    
    
    725,511ExpensesIncentive fee
    
    
    3,050,224
    
    
    
    
    
    
    
    3,831,165
    
    
    
    Management fee
    
    
    242,922
    
    
    
    136,197
    
    
    
    401,146
    
    
    
    276,984Ongoing offering expenses
    
    
    131,309
    
    
    
    36,144
    
    
    
    216,836
    
    
    
    112,245Operating expenses
    
    
    19,696
    
    
    
    11,043
    
    
    
    32,525
    
    
    
    22,458Selling commission
    
    
    525,236
    
    
    
    294,478
    
    
    
    867,342
    
    
    
    598,884Brokerage commissions
    
    
    286,367
    
    
    
    237,099
    
    
    
    579,812
    
    
    
    571,848Other
    
    
    2,784
    
    
    
    598
    
    
    
    3,846
    
    
    
    1,616Total expenses
    
    
    4,258,538
    
    
    
    715,559
    
    
    
    5,932,672
    
    
    
    1,584,035Net investment loss
    
    
    (4,048,473
    )
    
    
    (392,965
    )
    
    
    (5,534,460
    )
    
    
    (858,524
    )Realized and unrealized gain
(loss) on investmentsNet realized gain (loss) on futures
and forward contracts
    
    
    8,845,367
    
    
    
    3,060,949
    
    
    
    15,214,060
    
    
    
    (1,802,959
    )Net change in unrealized appreciation
on futures and forward contracts
    
    
    4,592,198
    
    
    
    3,902,938
    
    
    
    5,983,356
    
    
    
    227,781Net gain (loss) on investments
    
    
    13,437,565
    
    
    
    6,963,887
    
    
    
    21,197,416
    
    
    
    (1,575,178
    )Net increase (decrease) in
net assets from operations
    
    $
    9,389,092
    
    
    $
    6,570,922
    
    
    $
    15,662,956
    
    
    $
    (2,433,702
    )Net increase (decrease) in net assets from
operations per unit (based upon weighted
average number of units outstanding during
period)
    
    $
    427.30
    
    
    $
    353.64
    
    
    $
    813.75
    
    
    $
    (128.56
    )Net increase (decrease) in net assets from
operations per unit (based upon change in net
asset value per unit during period)
    
    $
    420.30
    
    
    $
    358.63
    
    
    $
    818.63
    
    
    $
    (106.99
    )
  13




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QUADRIGA SUPERFUND, L.P.  SERIES B
 
 STATEMENTS OF CHANGES IN NET ASSETS
 For the Six Months Ended June 30,
 (Unaudited)
 2008
    
    
    2007Increase (decrease) in net assets from operationsNet investment loss
    
    $
    (5,534,460
    )
    
    
    (858,524
    )Net realized gain (loss) on futures and forward contracts
    
    
    15,214,060
    
    
    
    (1,802,959
    )Net change in unrealized appreciation on futures and forward contracts
    
    
    5,983,356
    
    
    
    227,781Net increase (decrease) in net assets from operations
    
    
    15,662,956
    
    
    
    (2,433,702
    )Capital share transactionsIssuance of Units
    
    
    21,205,755
    
    
    
    2,812,105Redemption of Units
    
    
    (4,936,472
    )
    
    
    (7,353,228
    )Net increase (decrease) in net assets from capital share transactions
    
    
    16,269,283
    
    
    
    (4,541,123
    )Net increase (decrease) in net assets
    
    
    31,932,239
    
    
    
    (6,974,825
    )Net assets,beginning of period
    
    
    25,855,147
    
    
    
    36,431,693Net assets,end of period
    
    $
    57,787,386
    
    
    $
    29,456,868Units,beginning of period
    
    
    14,568.812
    
    
    
    19,995.520Issuance of Units
    
    
    10,038.272
    
    
    
    1,857.294Redemption of Units
    
    
    (2,323.939
    )
    
    
    (4,676.791
    )Units,end of period
    
    
    22,283.145
    
    
    
    17,176.023
  14




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
 
 STATEMENTS OF CASH FLOWS
 For the Six Months Ended June 30,
 (Unaudited)
 2008
    
    
    2007Cash flows from operating activitiesNet increase (decrease) in net assets from operations
    
    $
    15,662,956
    
    
    $
    (2,433,702
    )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
    
    
    (81,868,189
    )
    
    
    (58,085,437
    )Gross sales of U.S. Government securities
    
    
    64,734,394
    
    
    
    61,857,427Amortization of discounts and premiums
    
    
    334,960
    
    
    
    655,748Due from brokers
    
    
    (9,731,575
    )
    
    
    3,123,005Other receivable
    
    
    
    
    
    
    88,391Due from affiliate
    
    
    133,276
    
    
    
    Unrealized appreciation on open forward contracts
    
    
    (930,458
    )
    
    
    183,902Futures contracts purchased
    
    
    (2,830,973
    )
    
    
    (485,494
    )Unrealized depreciation on open forward contracts
    
    
    54,929
    
    
    
    (401,436
    )Futures contracts sold
    
    
    (2,276,854
    )
    
    
    475,879Fees payable
Incentive fees payable to affiliate
    
    
    2,138,912
    
    
    
    Management fees
    
    
    93,618
    
    
    
    Other fees payable
    
    
    189,590
    
    
    
    (62,951
    )Total fees payable
    
    
    2,422,120
    
    
    
    (62,951
    )Net cash provided by (used in) operating activities
    
    
    (14,295,414
    )
    
    
    4,915,332Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    21,205,755
    
    
    
    2,552,297Redemptions, net of redemptions payable
    
    
    (6,584,322
    )
    
    
    (7,724,420
    )Net cash provided by (used in) financing activities
    
    
    14,621,433
    
    
    
    (5,172,123
    )Net increase (decrease) in cash
    
    
    326,019
    
    
    
    (256,791
    )Cash, beginning of period
    
    
    73,375
    
    
    
    468,093Cash, end of period
    
    $
    399,394
    
    
    
    211,302Supplemental disclosure of noncash financing activities:2007 subscriptions received in 2006
    
    
    
    
    
    $
    259,808Redemptions payable
    
    $
    444,624
  15




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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
   16




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##### Table of Contents



Investment Transactions, Related Investment Income and Expenses
  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.
 17




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##### Table of Contents



Derivative Contracts.
   18




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##### Table of Contents



BalanceJune 30, 2008
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government
securities
    
    $
    37,188,450
    
    
    $
    
    
    
    $
    37,188,450
    
    
    $
    Unrealized
appreciation on
open forward
contracts
    
    
    496,336
    
    
    
    
    
    
    
    496,336
    
    
    
    Futures contracts
purchased
    
    
    1,497,834
    
    
    
    1,497,834
    
    
    
    
    
    
    
    Futures contracts
sold
    
    
    1,299,076
    
    
    
    1,299,076
    
    
    
    
    
    
    
    Total
Assets
Measured
at
Fair
Value
    
    $
    40,481,696
    
    
    $
    2,796,910
    
    
    $
    37,684,786
    
    
    $
    LIABILITIESUnrealized
depreciation on
open forward
contracts
    
    $
    295,713
    
    
    $
    
    
    
    $
    295,713
    
    
    $
    Total
Liabilities
Measured at
Fair Value
    
    $
    295,713
    
    
    $
    
    
    
    $
    295,713
    
    
    $
    
  BalanceJune 30, 2008
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government
securities
    
    $
    40,812,530
    
    
    $
    
    
    
    $
    40,812,530
    
    
    $
    Unrealized
appreciation on
open forward
contracts
    
    
    1,086,904
    
    
    
    
    
    
    
    1,086,904
    
    
    
    Futures contracts
purchased
    
    
    3,064,759
    
    
    
    3,064,759
    
    
    
    
    
    
    
    Futures contracts
sold
    
    
    2,778,799
    
    
    
    2,778,799
    
    
    
    
    
    
    
    Total
Assets
Measured
at
Fair
Value
    
    $
    47,742,992
    
    
    $
    5,843,558
    
    
    $
    41,899,434
    
    
    $
    LIABILITIESUnrealized
depreciation on
open forward
contracts
    
    $
    662,278
    
    
    $
    
    
    
    $
    662,278
    
    
    $
    Total
Liabilities
Measured at
Fair Value
    
    $
    662,278
    
    
    $
    
    
    
    $
    662,278
    
    
    $
    
 19




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##### Table of Contents



4. Due from/to brokers
   5. Allocation of net profits and losses
   6. Related party transactions
   20




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##### Table of Contents



7. Financial highlights
  2008
    
    
    2007Series A
    
    
    Series B
    
    
    Series A
    
    
    Series BTotal return before incentive fees*
    
    
    36.4
    %
    
    
    57.3
    %
    
    
    (3.4
    )%
    
    
    (5.9
    )%Incentive fees*
    
    
    5.5
    %
    
    
    11.2
    %
    
    
    0.0
    %
    
    
    0.0
    %Total return after incentive fees*
    
    
    30.9
    %
    
    
    46.1
    %
    
    
    (3.4
    )%
    
    
    (5.9
    )%Ratios to average net assets **Operating expenses before incentive fees
    
    
    8.7
    %
    
    
    10.5
    %
    
    
    9.3
    %
    
    
    10.4
    %Incentive fees
    
    
    3.5
    %
    
    
    9.6
    %
    
    
    0.0
    %
    
    
    0.0
    %Total expenses
    
    
    12.2
    %
    
    
    20.1
    %
    
    
    9.3
    %
    
    
    10.4
    %Net investment loss
    
    
    (6.2
    )%
    
    
    (8.5
    )%
    
    
    (4.6
    )%
    
    
    (5.6
    )%Net asset value per unit, beginning of period
    
    $
    1,486.44
    
    
    $
    1,774.69
    
    
    $
    1,500.20
    
    
    $
    1,821.99Net investment loss
    
    
    (114.21
    )
    
    
    (286.29
    )
    
    
    (31.15
    )
    
    
    (44.99
    )Net gain (loss) on investments
    
    
    573.72
    
    
    
    1,104.92
    
    
    
    (19.45
    )
    
    
    (62.00
    )Net asset value per unit, end of period
    
    $
    1,945.95
    
    
    $
    2,593.32
    
    
    $
    1,449.60
    
    
    $
    1,715.00
  2008
    
    
    2007Series A
    
    
    Series B
    
    
    Series A
    
    
    Series BTotal return before incentive fees*
    
    
    15.3
    %
    
    
    25.6
    %
    
    
    18.1
    %
    
    
    26.4
    %Incentive fees*
    
    
    3.7
    %
    
    
    6.3
    %
    
    
    0.0
    %
    
    
    0.0
    %Total return after incentive fees*
    
    
    11.6
    %
    
    
    19.3
    %
    
    
    18.1
    %
    
    
    26.4
    %Ratios to average net assets **Operating expenses before incentive fees
    
    
    8.3
    %
    
    
    9.9
    %
    
    
    9.1
    %
    
    
    10.1
    %Incentive fees
    
    
    3.2
    %
    
    
    6.2
    %
    
    
    0.0
    %
    
    
    0.0
    %Total expenses
    
    
    11.5
    %
    
    
    16.1
    %
    
    
    9.1
    %
    
    
    10.1
    %Net investment loss
    
    
    (6.2
    )%
    
    
    (8.2
    )%
    
    
    (4.4
    )%
    
    
    (5.5
    )%Net asset value per unit, beginning of period
    
    $
    1,744.21
    
    
    $
    2,173.02
    
    
    $
    1,227.00
    
    
    $
    1,356.37Net investment loss
    
    
    (89.60
    )
    
    
    (184.25
    )
    
    
    (14.73
    )
    
    
    (21.20
    )Net gain (loss) in investments
    
    
    291.34
    
    
    
    604.55
    
    
    
    237.33
    
    
    
    379.83Net asset value per unit, end of period
    
    $
    1,945.95
    
    
    $
    2,593.32
    
    
    $
    1,449.60
    
    
    $
    1,715.00
 
 *
    
    Not annualized**
    
    Annualized, except for incentive fees  21




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8. Financial instrument risk
  
     9. Subscriptions and redemptions
   22




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##### Table of Contents



SIGNATURES
  QUADRIGA SUPERFUND, L.P.(Registrant)By: Superfund Capital Management, Inc.General PartnerAugust 21, 2008

Date
    
    
    
    By: /s/ Nigel James

Nigel JamesPresident and Principal Executive OfficerAugust 21, 2008

Date
    
    
    
    By: /s/ Roman Gregorig

Roman GregorigVice President and Principal Financial Officer
 23




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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