##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-Q
  þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended June 30, 2007
 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 Building 
P.O. Box 1479
Grand Anse 
St. Georges, Grenada 
West Indies
    
    N/A(Address of Principal Executive Offices)
    
    (Zip Code)
  (Registrants telephone number, including area code)
 þ o
  o o þ
 o þ




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##### 



PagePART I  FINANCIAL INFORMATIONITEM 1. FINANCIAL STATEMENTSThe following financial statements of Quadriga Superfund, L.P.  Series A are included in Item 1:Financial StatementsStatements of Assets and Liabilities as of June 30, 2007 and December 31, 2006
    
    3Condensed Schedule of Investments as of June 30, 2007
    
    4Condensed Schedule of Investments as of December 31, 2006
    
    6Statements of Operations for the three months ended June 30, 2007 and
June 30, 2006 and six months ended June 30, 2007 and June 30, 2006
    
    7Statements of Changes in Net Assets for the six months ended June 30, 2007 and June 30, 2006
    
    8Statements of Cash Flows for the six months ended June 30, 2007 and June 30, 2006
    
    9The following financial statements of Quadriga Superfund, L.P.  Series B are included in Item 1:CertificationCertificationCertificationCertification
  PageFinancial StatementsStatements of Assets and Liabilities as of June 30, 2007 and December 31, 2006
    
    10Condensed Schedule of Investments as of June 30, 2007
    
    11Condensed Schedule of Investments as of December 31, 2006
    
    13Statements of Operations for the three and six months ended June 30, 2007 and June 30, 2006
    
    14Statements of Changes in Net Assets for the six months ended June 30, 2007 and June 30, 2006
    
    15Statements of Cash Flows for the six months ended June 30, 2007 and June 30, 2006
    
    16Notes to Series A and Series B Unaudited Financial Statements Dated June 30, 2007
    
    17-32
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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A
 
 STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2007 (Unaudited) and December 31, 2006
 June 30, 2007
    
    
    December 31, 2006ASSETSUS Government securities, at fair value (amortized
cost $53,175,052 and $57,832,344) as of
June 30, 2007 and December 31, 2006 respectively
    
    $
    53,175,052
    
    
    $
    57,832,344Due from brokers
    
    
    5,221,665
    
    
    
    9,952,214Unrealized appreciation on open forward contracts
    
    
    1,379,396
    
    
    
    1,556,257Futures contracts sold
    
    
    5,744,875
    
    
    
    5,962,156Futures contracts purchased
    
    
    1,488,149
    
    
    
    693,920Cash
    
    
    353,788
    
    
    
    555,433Total assets
    
    
    67,362,925
    
    
    
    76,552,324LIABILITIESUnrealized depreciation on open forward contracts
    
    
    424,493
    
    
    
    977,472Advance subscriptions
    
    
    
    
    
    
    277,500Redemptions payable
    
    
    1,761,525
    
    
    
    2,552,956Fees payable
    
    
    560,710
    
    
    
    439,235Total liabilities
    
    
    2,746,728
    
    
    
    4,247,163NET ASSETS
    
    $
    64,616,197
    
    
    $
    72,305,161Number of Units
    
    
    44,575.044
    
    
    
    48,197.014Net asset value per Unit
    
    $
    1,449.60
    
    
    $
    1,500.20
  3




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A
 
 CONDENSED SCHEDULE OF INVESTMENTS
June 30, 2007 (Unaudited)
 PercentageofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due August 30, 2007
(amortized cost $53,175,052), securities are held in margin
accounts as collateral for open futures and forwards
    
    $
    53,600,000
    
    
    
    82.3
    %
    
    $
    53,175,052Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrencies
    
    
    
    
    
    
    1.7
    
    
    
    1,096,296Metals
    
    
    
    
    
    
    0.4
    
    
    
    283,100Total unrealized appreciation on
forward contracts
    
    
    
    
    
    
    2.1
    
    
    
    1,379,396Unrealized depreciation on forward contractsCurrencies
    
    
    
    
    
    
    (0.6
    )
    
    
    (384,330
    )Metals
    
    
    
    
    
    
    (0.1
    )
    
    
    (40,163
    )Total unrealized depreciation on
forward contracts
    
    
    
    
    
    
    (0.7
    )
    
    
    (424,493
    )Total forward contracts, at fair value
    
    
    
    
    
    
    1.4
    
    
    
    954,903Futures contracts, at fair valueFutures Contracts PurchasedCurrency
    
    
    
    
    
    
    0.6
    
    
    
    372,468Financial
    
    
    
    
    
    
    0.1
    
    
    
    52,715Food & Fiber
    
    
    
    
    
    
    0.7
    
    
    
    441,828Indices
    
    
    
    
    
    
    0.9
    
    
    
    560,825Metals
    
    
    
    
    
    
    0.1
    
    
    
    60,313Total futures contracts purchased
    
    
    
    
    
    
    2.4
    
    
    
    1,488,149Futures Contracts SoldCurrency
    
    
    
    
    
    
    (0.2
    )
    
    
    (135,331
    )Energy
    
    
    
    
    
    
    4.1
    
    
    
    2,625,440Financial
    
    
    
    
    
    
    4.7
    
    
    
    3,042,547Food & Fiber
    
    
    
    
    
    
    (0.3
    )
    
    
    (190,254
    )Indices
    
    
    
    
    
    
    (0.0)
    *
    
    
    (20,897
    )Metals
    
    
    
    
    
    
    0.7
    
    
    
    423,370Total futures contracts sold
    
    
    
    
    
    
    9.0
    
    
    
    5,744,875Total futures contracts, at fair value
    
    
    
    
    
    
    11.4
    %
    
    $
    7,233,024
 4




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PercentageofFace Value
    
    
    Net Assets
    
    
    Fair ValueFutures and forward contracts by country compositionEuropean Monetary Union
    
    
    
    
    
    
    2.5
    %
    
    
    1,614,031Japan
    
    
    
    
    
    
    0.8
    
    
    
    434,135United States
    
    
    
    
    
    
    5.6
    
    
    
    3,627,609Other
    
    
    
    
    
    
    3.9
    
    
    
    2,512,152Total futures and forward contracts by country
    
    
    
    
    
    
    12.8
    %
    
    $
    8,187,927
 
 *
    
    Due to Rounding  5




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A
 
 CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2006
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due March 1, 2007
(amortized cost $57,832,344), securities are held in margin
accounts as collateral for open futures and forwards
    
    $
    58,300,000
    
    
    
    80.0
    %
    
    $
    57,832,344Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrencies
    
    
    
    
    
    
    1.4
    
    
    
    961,041Metals
    
    
    
    
    
    
    0.8
    
    
    
    595,216Total unrealized appreciation on
forward contracts
    
    
    
    
    
    
    2.2
    
    
    
    1,556,257Unrealized depreciation on forward contractsCurrencies
    
    
    
    
    
    
    (0.6
    )
    
    
    (426,597
    )Metals
    
    
    
    
    
    
    (0.8
    )
    
    
    (550,875
    )Total unrealized depreciation on
forward contracts
    
    
    
    
    
    
    (1.4
    )
    
    
    (977,472
    )Total forward contracts, at fair value
    
    
    
    
    
    
    0.8
    
    
    
    578,785Futures Contracts, at fair valueFutures Contracts PurchasedCurrency
    
    
    
    
    
    
    0.1
    
    
    
    35,962Food & Fiber
    
    
    
    
    
    
    (0.1
    )
    
    
    (83,698
    )Indices
    
    
    
    
    
    
    1.2
    
    
    
    887,282Metals
    
    
    
    
    
    
    (0.2
    )
    
    
    (145,626
    )Total futures contracts purchased
    
    
    
    
    
    
    1.0
    
    
    
    693,920Futures Contracts SoldCurrency
    
    
    
    
    
    
    0.2
    
    
    
    164,000Energy
    
    
    
    
    
    
    4.6
    
    
    
    3,333,225Financial
    
    
    
    
    
    
    3.4
    
    
    
    2,464,931Total futures contracts sold
    
    
    
    
    
    
    8.2
    
    
    
    5,962,156Total futures contracts, at fair value
    
    
    
    
    
    
    9.2
    %
    
    $
    6,656,076Futures and forward contracts by country compositionEuropean Monetary Union
    
    
    
    
    
    
    2.9
    %
    
    $
    2,107,995Japan
    
    
    
    
    
    
    1.3
    
    
    
    911,956United States
    
    
    
    
    
    
    4.2
    
    
    
    3,012,867Other
    
    
    
    
    
    
    1.6
    
    
    
    1,202,043Total futures and forward contracts by country
    
    
    
    
    
    
    10.0
    %
    
    $
    7,234,861
  6




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QUADRIGA SUPERFUND, L.P.  SERIES A
 
 STATEMENTS OF OPERATIONS
(Unaudited)
 Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2007
    
    
    2006
    
    
    2007
    
    
    2006Investment income,interest
    
    $
    735,223
    
    
    $
    759,652
    
    
    $
    1,580,521
    
    
    $
    1,389,284ExpensesManagement fee
    
    
    301,641
    
    
    
    320,336
    
    
    
    601,629
    
    
    
    612,717Organization and offering expenses
    
    
    80,843
    
    
    
    173,155
    
    
    
    242,998
    
    
    
    331,198Operating expenses
    
    
    24,457
    
    
    
    25,973
    
    
    
    48,781
    
    
    
    49,680Selling
commissions
    
    
    652,195
    
    
    
    692,618
    
    
    
    1,300,818
    
    
    
    1,324,794Brokerage commissions
    
    
    373,240
    
    
    
    529,543
    
    
    
    843,384
    
    
    
    1,022,970Other
    
    
    512
    
    
    
    447
    
    
    
    1,066
    
    
    
    2,355Total expenses
    
    
    1,432,888
    
    
    
    1,742,072
    
    
    
    3,038,676
    
    
    
    3,343,714Net investment loss
    
    
    (697,665
    )
    
    
    (982,420
    )
    
    
    (1,485,155
    )
    
    
    (1,954,430
    )Realized and unrealized gain
(loss) on investmentsNet realized gain (loss) on futures
and forward contracts
    
    
    4,976,086
    
    
    
    513,515
    
    
    
    (2,124,949
    )
    
    
    4,558,040Net change in unrealized appreciation
(depreciation) on futures and forward
contracts
    
    
    6,197,114
    
    
    
    (1,827,837
    )
    
    
    953,066
    
    
    
    (383,624
    )Net gain (loss) on investments
    
    
    11,173,200
    
    
    
    (1,314,322
    )
    
    
    (1,171,883
    )
    
    
    4,174,416Net increase from payments by Affiliate
    
    
    
    
    
    
    426,879
    
    
    
    
    
    
    
    426,879Net increase (decrease) in
net assets from operations
    
    $
    10,475,535
    
    
    $
    (1,869,863
    )
    
    $
    (2,630,038
    )
    
    $
    2,646,865
  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)
 2007
    
    
    2006Increase (decrease) in net assets from operationsNet investment loss
    
    $
    (1,458,155
    )
    
    $
    (1,954,430
    )Net realized gain (loss) on futures and forward contracts
    
    
    (2,124,949
    )
    
    
    4,558,040Net change in unrealized appreciation on futures
and forward contracts
    
    
    953,066
    
    
    
    (383,624
    )Net increase from payments by Affiliate
    
    
    
    
    
    
    426,879Net increase (decrease) in net assets from operations
    
    
    (2,630,038
    )
    
    
    2,646,865Capital share transactionsIssuance of Units
    
    
    2,619,227
    
    
    
    11,684,167Redemption of Units
    
    
    (7,678,153
    )
    
    
    (5,402,371
    )Net increase (decrease) in net assets from capital share
transactions
    
    
    (5,058,926
    )
    
    
    6,281,796Net increase (decrease) in net assets
    
    
    (7,688,964
    )
    
    
    8,928,661Net assets,beginning of period
    
    
    72,305,161
    
    
    
    59,422,048Net assets,end of period
    
    $
    64,616,197
    
    
    $
    68,350,709Units,beginning of period
    
    
    48,197.014
    
    
    
    44,734.441Issuance of Units
    
    
    1,937.050
    
    
    
    8,237.643Redemption of Units
    
    
    (5,559.020
    )
    
    
    (3,886.326
    )Units,end of period
    
    
    44,575.044
    
    
    
    49,085.758
  8




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QUADRIGA SUPERFUND, L.P.  SERIES A
 
 STATEMENTS OF CASH FLOWS
For the Six Months Ended June 30,
(Unaudited)
 2007
    
    
    2006Cash flows from operating activitiesNet increase (decrease) in net assets from operations
    
    $
    (2,630,038
    )
    
    $
    2,646,865Adjustments 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:US Government securities
    
    
    4,657,292
    
    
    
    (6,759,633
    )Due from brokers
    
    
    4,730,549
    
    
    
    (2,114,737
    )Unrealized appreciation on open forward contracts
    
    
    176,861
    
    
    
    2,032,652Futures contracts purchased
    
    
    (794,229
    )
    
    
    1,967,542Unrealized depreciation on open forward contracts
    
    
    (552,979
    )
    
    
    (738,227
    )Unrealized depreciation on open swap contracts
    
    
    
    
    
    
    (193,624
    )Futures contracts sold
    
    
    217,281
    
    
    
    (2,684,719
    )Receivable from Affiliate
    
    
    
    
    
    
    (426,879
    )Fees payable
    
    
    121,475
    
    
    
    41,518Net cash provided by (used in) operating activities
    
    
    5,926,212
    
    
    
    (6,229,242
    )Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    2,341,727
    
    
    
    12,521,898Redemptions, net of redemptions payable
    
    
    (8,469,584
    )
    
    
    (5,402,371
    )Net cash provided by (used in) financing activities
    
    
    (6,127,857
    )
    
    
    7,119,527Net increase (decrease) in cash
    
    
    (201,645
    )
    
    
    890,285Cash, beginning of period
    
    
    555,433
    
    
    
    888,918Cash, end of period
    
    $
    353,788
    
    
    $
    1,779,203Supplemental disclosure of non-cash financing activities2006 subscriptions received in 2005
    
    
    
    
    
    $
    866,8932007 subscriptions received in 2006
    
    $
    277,500
  9




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QUADRIGA SUPERFUND, L.P.  SERIES B
 
 STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2007 (Unaudited) and December 31, 2006
 June 30, 2007
    
    
    December 31, 2006ASSETSUS Government securities, at fair value (amortized
cost $23,744,555 and $28,172,293) as of
June 30, 2007 and December 31, 2006 respectively
    
    $
    23,744,555
    
    
    $
    28,172,293Due from brokers
    
    
    1,683,222
    
    
    
    4,806,227Unrealized appreciation on open forward contracts
    
    
    875,581
    
    
    
    1,059,483Other receivable
    
    
    
    
    
    
    88,391Futures contracts sold
    
    
    3,638,542
    
    
    
    4,114,331Futures contracts purchased
    
    
    955,581
    
    
    
    470,087Cash
    
    
    211,302
    
    
    
    468,093Total assets
    
    
    31,108,693
    
    
    
    39,178,905LIABILITIESUnrealized depreciation on open forward contracts
    
    
    268,806
    
    
    
    670,242Advance subscriptions
    
    
    
    
    
    
    259,808Redemptions payable
    
    
    1,222,852
    
    
    
    1,594,044Fees payable
    
    
    160,167
    
    
    
    223,118Total liabilities
    
    
    1,651,825
    
    
    
    2,747,212NET ASSETS
    
    $
    29,456,868
    
    
    $
    36,431,693Number of Units
    
    
    17,176.023
    
    
    
    19,995.520Net asset value per Unit
    
    $
    1,715.00
    
    
    $
    1,821.99
  10




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
 
 CONDENSED SCHEDULE OF INVESTMENTS
June 30, 2007 (Unaudited)
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due August 30, 2007
(amortized cost $23,744,555), securities are held in margin
accounts as collateral for open futures and forwards
    
    $
    23,935,000
    
    
    
    80.6
    %
    
    $
    23,744,555Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrencies
    
    
    
    
    
    
    2.4
    
    
    
    696,781Metals
    
    
    
    
    
    
    0.6
    
    
    
    178,800Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    3.0
    
    
    
    875,581Unrealized depreciation on forward contractsCurrencies
    
    
    
    
    
    
    (0.8
    )
    
    
    (245,731
    )Metals
    
    
    
    
    
    
    (0.1
    )
    
    
    (23,075
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (0.9
    )
    
    
    (268,806
    )Total forward contracts, at fair value
    
    
    
    
    
    
    2.1
    
    
    
    606,775Futures contracts, at fair valueFutures contracts purchasedCurrency
    
    
    
    
    
    
    0.7
    
    
    
    210,256Financial
    
    
    
    
    
    
    0.1
    
    
    
    33,715Food & Fiber
    
    
    
    
    
    
    1.0
    
    
    
    290,797Indices
    
    
    
    
    
    
    1.3
    
    
    
    384,990Metals
    
    
    
    
    
    
    0.1
    
    
    
    35,823Total futures contracts purchased
    
    
    
    
    
    
    3.2
    
    
    
    955,581Futures contracts soldCurrency
    
    
    
    
    
    
    (0.3
    )
    
    
    (86,906
    )Energy
    
    
    
    
    
    
    5.6
    
    
    
    1,658,580Financial
    
    
    
    
    
    
    6.5
    
    
    
    1,927,668Food & Fiber
    
    
    
    
    
    
    (0.5
    )
    
    
    (141,329
    )Indices
    
    
    
    
    
    
    (0.0)
    *
    
    
    (13,281
    )Metals
    
    
    
    
    
    
    1.0
    
    
    
    293,720Total futures contracts sold
    
    
    
    
    
    
    12.3
    
    
    
    3,638,452Total futures contracts, at fair value
    
    
    
    
    
    
    15.5
    %
    
    $
    4,594,033
 11




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##### Table of Contents



Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueFutures and forward contracts by country compositionEuropean Monetary Union
    
    
    
    
    
    
    3.8
    %
    
    $
    1,126,734Japan
    
    
    
    
    
    
    0.4
    
    
    
    130,886United States
    
    
    
    
    
    
    7.9
    
    
    
    2,320,103Other
    
    
    
    
    
    
    5.5
    
    
    
    1,623,085Total futures and forward contracts by country
    
    
    
    
    
    
    17.6
    %
    
    $
    5,200,808
 
 *
    
    Due to rounding  12




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
 
 CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2006
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due March 1, 2007
(amortized cost $28,172,293), securities are held in margin accounts as
collateral for open futures and forwards
    
    $
    28,400,000
    
    
    
    77.3
    %
    
    $
    28,172,293Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrencies
    
    
    
    
    
    
    1.8
    
    
    
    659,480Metals
    
    
    
    
    
    
    1.1
    
    
    
    400,003Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    2.9
    
    
    
    1,059,483Unrealized depreciation on forward contractsCurrencies
    
    
    
    
    
    
    (0.8
    )
    
    
    (294,123
    )Metals
    
    
    
    
    
    
    (1.0
    )
    
    
    (376,119
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (1.8
    )
    
    
    (670,242
    )Total forward contracts, at fair value
    
    
    
    
    
    
    1.1
    
    
    
    389,241Futures contracts, at fair valueFutures contracts purchasedCurrency
    
    
    
    
    
    
    0.1
    
    
    
    24,736Food & Fiber
    
    
    
    
    
    
    (0.2
    )
    
    
    (57,797
    )Indices
    
    
    
    
    
    
    1.7
    
    
    
    603,694Metals
    
    
    
    
    
    
    (0.3
    )
    
    
    (100,546
    )Total futures contracts purchased
    
    
    
    
    
    
    1.3
    
    
    
    470,087Futures contracts soldCurrency
    
    
    
    
    
    
    0.3
    
    
    
    112,837Energy
    
    
    
    
    
    
    6.3
    
    
    
    2,302,839Financial
    
    
    
    
    
    
    4.7
    
    
    
    1,698,655Total futures contracts sold
    
    
    
    
    
    
    11.3
    
    
    
    4,114,331Total futures contracts, at fair value
    
    
    
    
    
    
    12.6
    %
    
    $
    4,584,418Futures and forward contracts by country compositionEuropean Monetary Union
    
    
    
    
    
    
    4.0
    %
    
    $
    1,452,747Japan
    
    
    
    
    
    
    1.7
    
    
    
    624,242United States
    
    
    
    
    
    
    5.7
    
    
    
    2,075,380Other
    
    
    
    
    
    
    2.3
    
    
    
    821,290Total futures and forward contracts by country
    
    
    
    
    
    
    13.7
    %
    
    $
    4,973,659
  13




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QUADRIGA SUPERFUND, L.P. 
SERIES B
 
 STATEMENTS OF OPERATIONS
(Unaudited)
 Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2007
    
    
    2006
    
    
    2007
    
    
    2006Investment Income,interest
    
    $
    322,594
    
    
    $
    430,037
    
    
    $
    725,511
    
    
    $
    842,067ExpensesManagement fee
    
    
    136,197
    
    
    
    181,475
    
    
    
    276,984
    
    
    
    368,739Organization and offering expenses
    
    
    36,144
    
    
    
    98,095
    
    
    
    112,24
    
    
    
    199,318Operating expenses
    
    
    11,043
    
    
    
    14,714
    
    
    
    22,458
    
    
    
    29,898Selling
commissions
    
    
    294,478
    
    
    
    392,379
    
    
    
    598,884
    
    
    
    797,273Brokerage commissions
    
    
    237,099
    
    
    
    411,457
    
    
    
    571,848
    
    
    
    847,616Other
    
    
    598
    
    
    
    636
    
    
    
    1,616
    
    
    
    2,428Total expenses
    
    
    715,559
    
    
    
    1,098,756
    
    
    
    1,584,035
    
    
    
    2,245,272Net investment loss
    
    
    (392,965
    )
    
    
    (668,719
    )
    
    
    (858,524
    )
    
    
    (1,403,205
    )Realized and unrealized gain
(loss) on investmentsNet realized gain (loss) on futures
and forward contracts
    
    
    3,060,949
    
    
    
    945,797
    
    
    
    (1,802,959
    )
    
    
    5,109,070Net change in unrealized appreciation
(depreciation) on futures and forward
contracts
    
    
    3,902,938
    
    
    
    (1,814,268
    )
    
    
    227,781
    
    
    
    (1,182,420
    )Net gain (loss) on investments
    
    
    6,963,887
    
    
    
    (868,471
    )
    
    
    (1,575,178
    )
    
    
    3,926,650Net increase from payments by
Affiliate
    
    
    
    
    
    
    584,801
    
    
    
    
    
    
    
    584,801Net increase (decrease) in net assets
from operations
    
    $
    6,570,922
    
    
    $
    (952,389
    )
    
    $
    (2,433,702
    )
    
    $
    3,108,246
  14




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
 
 STATEMENTS OF CHANGES IN NET ASSETS
For the Six Months Ended June 30,
(Unaudited)
 2007
    
    
    2006Increase (decrease) in net assets from operationsNet investment loss
    
    
    (858,524
    )
    
    
    (1,403,205
    )Net realized gain (loss) on futures and forward contracts
    
    
    (1,802,959
    )
    
    
    5,109,070Net increase from payments by Affiliate
    
    
    
    
    
    
    584,801Net change in unrealized appreciation (depreciation) on
futures and forward contracts
    
    
    227,781
    
    
    
    (1,182,420
    )Net increase (decrease) in net assets from operations
    
    
    (2,433,702
    )
    
    
    3,108,246Capital share transactionsIssuance of Units
    
    
    2,812,105
    
    
    
    1,857,884Redemption of Units
    
    
    (7,353,228
    )
    
    
    (7,248,453
    )Net decrease in net assets from capital share transactions
    
    
    (4,541,123
    )
    
    
    (5,390,569
    )Net decrease in net assets
    
    
    (6,974,825
    )
    
    
    (2,282,323
    )Net assets,beginning of period
    
    
    36,431,693
    
    
    
    39,783,829Net assets,end of period
    
    $
    29,456,868
    
    
    $
    37,501,506Units,beginning of period
    
    
    19,995.520
    
    
    
    26,145.940Issuance of Units
    
    
    1,857.294
    
    
    
    1,094.465Redemption of Units
    
    
    (4,676.791
    )
    
    
    (4,409.176
    )Units,end of period
    
    
    17,176.023
    
    
    
    22,831.229
  15




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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)
 2007
    
    
    2006Cash flows from operating activitiesNet increase (decrease) in net assets from operations
    
    $
    (2,433,702
    )
    
    $
    3,108,246Adjustments to reconcile net increase (decrease) in net assets from
operations to net cash provided by operating activities:Changes in operating assets and liabilities:US Government securities
    
    
    4,427,738
    
    
    
    3,296,948Due from brokers
    
    
    3,123,005
    
    
    
    (1,336,017
    )Other receivable
    
    
    88,391
    
    
    
    Unrealized appreciation on open forward contracts
    
    
    183,902
    
    
    
    2,115,550Futures contracts purchased
    
    
    (485,494
    )
    
    
    1,860,396Unrealized depreciation on open forward contracts
    
    
    (401,436
    )
    
    
    (772,271
    )Unrealized depreciation on open swap contracts
    
    
    
    
    
    
    (11,333
    )Due to brokers
    
    
    
    
    
    
    (264,413
    )Futures contracts sold
    
    
    475,879
    
    
    
    (2,009,921
    )Payments by Affiliate
    
    
    
    
    
    
    (584,801
    )Fees payable
    
    
    (62,951
    )
    
    
    (16,823
    )Net cash provided by operating activities
    
    
    4,915,332
    
    
    
    5,385,561Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    2,552,297
    
    
    
    2,241,604Redemptions, net of redemptions payable
    
    
    (7,724,420
    )
    
    
    (7,248,453
    )Net cash used in financing activities
    
    
    (5,172,123
    )
    
    
    (5,006,849
    )Net increase (decrease) in cash
    
    
    (256,791
    )
    
    
    378,712Cash, beginning of period
    
    
    468,093
    
    
    
    269,034Cash, end of period
    
    $
    211,302
    
    
    
    647,746Supplemental disclosure of noncash financing activities:2006 contributions received in 2005
    
    
    
    
    
    $
    165,7802007 contributions received in 2006
    
    $
    259,808
  16




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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
   17




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##### Table of Contents



Investment Transactions and Related Investment Income
  Income Taxes
  Use of Estimates
  Recently Issued Accounting Standards
   3. Due from/to brokers
   4. Allocation of net profits and losses
   18




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##### Table of Contents



5. Related party transactions
   6. Financial highlights
  2007
    
    
    2006Series A
    
    
    Series B
    
    
    Series A
    
    
    Series BTotal return before incentive fees*
    
    
    (3.4
    )%
    
    
    (5.9
    )%
    
    
    4.2
    %
    
    
    6.3
    %Incentive fees
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %Total return after incentive fees*
    
    
    (3.4
    )%
    
    
    (5.9
    )%
    
    
    4.2
    %
    
    
    6.3
    %Ratios to average net assets **Operating expenses before incentive fees
    
    
    9.3
    %
    
    
    10.4
    %
    
    
    10.2
    %
    
    
    11.4
    %Incentive fees
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %Total expenses
    
    
    9.3
    %
    
    
    10.4
    %
    
    
    10.2
    %
    
    
    11.4
    %Net investment loss
    
    
    (4.6
    )%
    
    
    (5.6
    )%
    
    
    (6.0
    )%
    
    
    (7.1
    )%Net asset value per unit, beginning of period
    
    $
    1,500.20
    
    
    $
    1,821.99
    
    
    $
    1,328.33
    
    
    $
    1,521.61Net investment loss
    
    
    (31.15
    )
    
    
    (44.99
    )
    
    
    (43.31
    )
    
    
    (58.30
    )Net gain (loss) in investments
    
    
    (19.45
    )
    
    
    (62.00
    )
    
    
    97.22
    
    
    
    154.94Net increase from payments by affiliate
    
    
    0.00
    
    
    
    0.00
    
    
    
    9.24
    
    
    
    24.29Net asset value per unit, end of period
    
    $
    1,449.60
    
    
    $
    1,715.00
    
    
    $
    1,392.48
    
    
    $
    1,642.55
 
 *
    
    Not annualized**
    
    Annualized 19




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2007
    
    
    2006Series A
    
    
    Series B
    
    
    Series A
    
    
    Series BTotal return before incentive fees*
    
    
    18.1
    %
    
    
    26.4
    %
    
    
    (2.5
    )%
    
    
    (2.6
    )%Incentive fees
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %Total return after incentive fees*
    
    
    18.1
    %
    
    
    26.4
    %
    
    
    (2.5
    )%
    
    
    (2.6
    )%Ratios to average net assets **Operating expenses before incentive fees
    
    
    9.1
    %
    
    
    10.1
    %
    
    
    10.3
    %
    
    
    11.2
    %Incentive fees
    
    
    0.00
    
    
    
    0.00
    
    
    
    0.00
    
    
    
    0.00Total expenses
    
    
    9.1
    %
    
    
    10.1
    %
    
    
    10.3
    %
    
    
    11.2
    %Net investment gain (loss)
    
    
    (4.4
    )%
    
    
    (5.5
    )%
    
    
    (5.8
    )%
    
    
    (6.8
    )%Net asset value per unit, beginning of period
    
    $
    1,227.00
    
    
    $
    1,356.37
    
    
    $
    1,428.89
    
    
    $
    1,687.15Net investment loss
    
    
    (14.73
    )
    
    
    (21.20
    )
    
    
    (20.68
    )
    
    
    (28.84
    )Net gain (loss) in investments
    
    
    237.33
    
    
    
    379.83
    
    
    
    (24.72
    )
    
    
    (40.98
    )Net increase from payments by affiliate
    
    
    0.00
    
    
    
    0.00
    
    
    
    8.98
    
    
    
    25.22Net asset value per unit, end of period
    
    $
    1,449.60
    
    
    $
    1,715.00
    
    
    $
    1,392.48
    
    
    $
    1,642.55
 
 *
    
    Not annualized**
    
    Annualized  7. Financial instrument risk
     20




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8. Subscriptions and redemptions
       21




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Three Months ended June 30, 2007
     nd
  22




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Three Months ended March 31, 2007
     st
  23




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Three Months ended June 30, 2006
     nd
 24




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1 2 1 2
    Three Months ended March 31, 2006
     25




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st
         26




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27




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28




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Average Value at
    
    
    % of Average
    
    
    Highest Value
    
    
    LowestSector
    
    Risk
    
    
    Capitalization
    
    
    at Risk
    
    
    Value at RiskStock Indices
    
    $
    2,305,748
    
    
    
    3.68
    %
    
    $
    3,376,594
    
    
    $
    1,234,901Financial Futures
    
    $
    2,713,509
    
    
    
    4.33
    %
    
    $
    3,024,578
    
    
    $
    2,402,440Currencies
    
    $
    6,886,646
    
    
    
    10.99
    %
    
    $
    7,340,969
    
    
    $
    6,432,323Agricultural
    
    $
    661,271
    
    
    
    1.06
    %
    
    $
    759,080
    
    
    $
    563,461Energy
    
    $
    1,241,250
    
    
    
    1.98
    %
    
    $
    1,385,000
    
    
    $
    1,097,500Metals
    
    $
    709,315
    
    
    
    1.13
    %
    
    $
    1,163,253
    
    
    $
    255,376Total
    
    $
    14,517,739
    
    
    
    23.17
    %
  Average Value at
    
    
    % of Average
    
    
    Highest Value at
    
    
    LowestSector
    
    Risk
    
    
    Capitalization
    
    
    Risk
    
    
    Value at RiskStock Indices
    
    $
    2,031,8166
    
    
    
    7.19
    %
    
    $
    2,151,993
    
    
    $
    1,911,639Financial Futures
    
    $
    1,763,160
    
    
    
    6.24
    %
    
    $
    1,935,771
    
    
    $
    1,590,549Currencies
    
    $
    4,533,531
    
    
    
    16.04
    %
    
    $
    4,812,440
    
    
    $
    4,254,621Agricultural
    
    $
    429,513
    
    
    
    1.52
    %
    
    $
    499,965
    
    
    $
    359,061Energy
    
    $
    799,250
    
    
    
    2.83
    %
    
    $
    875,500
    
    
    $
    723,000Metals
    
    $
    453,510
    
    
    
    1.61
    %
    
    $
    741,401
    
    
    $
    165,618Total
    
    $
    10,010,780
    
    
    
    35.43
    %
    Average Value at
    
    
    % of Average
    
    
    Highest Value
    
    
    Lowest ValueSector
    
    Risk
    
    
    Capitalization
    
    
    at Risk
    
    
    at RiskStock Indices
    
    $
    1,730,170
    
    
    
    2.53
    %
    
    $
    3,900,719
    
    
    $
    381,150Financial Futures
    
    $
    2,138,142
    
    
    
    3.13
    %
    
    $
    3,287,013
    
    
    $
    485,375Currencies
    
    $
    5,285,887
    
    
    
    7.74
    %
    
    $
    7,716,185
    
    
    $
    3,057,659Agricultural
    
    $
    522,898
    
    
    
    0.77
    %
    
    $
    593,242
    
    
    $
    447,350Energy
    
    $
    2,045,413
    
    
    
    2.99
    %
    
    $
    2,745,083
    
    
    $
    1,499,620Metals
    
    $
    1,000,913
    
    
    
    1.47
    %
    
    $
    1,712,472
    
    
    $
    0.00Total
    
    $
    12,723,423
    
    
    
    18.63
    %
 29




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Average Value
    
    
    % of Average
    
    
    Highest Value
    
    
    Lowest ValueSector
    
    at Risk
    
    
    Capitalization
    
    
    at Risk
    
    
    at RiskStock Indices
    
    $
    1,341,170
    
    
    
    3.55
    %
    
    $
    2,683,136
    
    
    $
    286,650Financial Futures
    
    $
    1,592,488
    
    
    
    4.21
    %
    
    $
    2,317,193
    
    
    $
    337,357Currencies
    
    $
    4,195,892
    
    
    
    11.10
    %
    
    $
    5,279,732
    
    
    $
    2,328,732Agricultural
    
    $
    391,703
    
    
    
    1.04
    %
    
    $
    447,707
    
    
    $
    330,020Energy
    
    $
    1,486,530
    
    
    
    3.93
    %
    
    $
    1,901,488
    
    
    $
    1,263,195Metals
    
    $
    765,709
    
    
    
    2.03
    %
    
    $
    1,429,084
    
    
    $
    0.00Total
    
    $
    9,773,492
    
    
    
    25.86
    %
         30




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31




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##### Table of Contents



ITEM 4. CONTROLS AND PROCEDURES
  32




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##### Table of Contents



PART II  OTHER INFORMATION
 Item 1. Legal Proceedings.
  Item 1A. Risk Factors
  Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
    Month
    
    Units Redeemed
    
    NAV per Units ($)April 30, 2007
    
    
    663.105
    
    
    
    1,325.05May 31, 2007
    
    
    1,835.071
    
    
    
    1,356.77June 30, 2007
    
    
    1,215.176
    
    
    
    1,449.603,713.352
  Month
    
    Units Redeemed
    
    NAV per Units ($)April 30, 2007
    
    
    495.659
    
    
    
    1,510.78May 31, 2007
    
    
    844.196
    
    
    
    1,562.30June 30, 2007
    
    
    710.093
    
    
    
    1,715.002,049.948
 Item 3. Defaults upon Senior Securities.
  Item 4. Submissions of Matters to a Vote of Security Holders.
  Item 5. Other Information.
  Item 6. Exhibits.
  31.1
    
    Rule 13(a)-14(a)/15(d)-14(a) Certification of Principal Executive Officer31.2
    
    Rule 13(a)-14(a)/15(d)-14(a) Certification of Principal Financial Officer
 33




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##### Table of Contents



32.1
    
    Section 1350 Certification of Principal Executive Officer32.2
    
    Section 1350 Certification of Principal Financial Officer
 
 SIGNATURES
  QUADRIGA SUPERFUND, L.P.(Registrant)By:
    
    Superfund Capital Management, Inc.General PartnerBy:
    
    /s/Nigel JamesNigel JamesPresident and Principal Executive OfficerBy:
    
    /s/Roman GregorigRoman GregorigVice President and Principal Financial Officer
 34




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##### Table of Contents



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