##### 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 September 30, 2007
  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)
 
  þ o
 
 o o þ
 o þ




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##### 



PART I  FINANCIAL INFORMATION
   PageFinancial Statements (unaudited)Statements of Assets and Liabilities as of September 30, 2007
and December 31, 2006
    
    3Condensed Schedule of Investments as of September 30, 2007
    
    4Condensed Schedule of Investments as of December 31, 2006
    
    6Statements of Operations for the three months ended September 30, 2007 and
September 30, 2006 and for nine months ended September 30, 2007 and
September 30, 2006
    
    7Statements of Changes in Net Assets for the nine months ended September 30, 2007
and September 30, 2006
    
    8Statements of Cash Flows for the nine months ended September 30, 2007 and
September 30, 2006
    
    9Certification of Principal Executive OfficerCertification of Principal Financial OfficerSection 1350 Certification of Principal Executive OfficerSection 1350 Certification of Principal Financial Officer
   PageFinancial Statements (unaudited)Statements of Assets and Liabilities as of September 30, 2007
and December 31, 2006
    
    10Condensed Schedule of Investments as of September 30, 2007
    
    11Condensed Schedule of Investments as of December 31, 2006
    
    13Statements of Operations for the three months ended September 30, 2007 and
September 30, 2006 and for nine months ended September 30, 2007 and
September 30, 2006
    
    14Statements of Changes in Net Assets for the nine months ended September 30, 2007
and September 30, 2006
    
    15Statements of Cash Flows for the nine months ended September 30, 2007 and
September 30, 2006
    
    16Notes to Series A and Series B Unaudited Financial Statements Dated September 30, 2007
    
    17-21
 2




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A
 
 STATEMENTS OF ASSETS AND LIABILITIES
 September 30, 2007 (Unaudited) and December 31, 2006
 September 30, 2007
    
    
    December 31, 2006ASSETSUS Government securities, at fair value (amortized cost
$48,784,964 and $57,832,344 as of September 30, 2007 and
December 31, 2006 respectively)
    
    $
    48,784,964
    
    
    $
    57,832,344Due from brokers
    
    
    5,104,859
    
    
    
    9,952,214Unrealized appreciation on open forward contracts
    
    
    2,193,941
    
    
    
    1,556,257Futures contracts sold
    
    
    715,522
    
    
    
    5,962,156Futures contracts purchased
    
    
    3,719,978
    
    
    
    693,920Cash
    
    
    
    
    
    
    555,433Total assets
    
    
    60,519,264
    
    
    
    76,552,324LIABILITIESUnrealized depreciation on open forward contracts
    
    
    182,630
    
    
    
    977,472Cash overdraft
    
    
    979
    
    
    
    Advance subscriptions
    
    
    
    
    
    
    277,500Redemptions payable
    
    
    1,549,000
    
    
    
    2,552,956Fees payable
    
    
    312,979
    
    
    
    439,235Total liabilities
    
    
    2,045,588
    
    
    
    4,247,163NET ASSETS
    
    $
    58,473,676
    
    
    $
    72,305,161Number of Units
    
    
    42,374.307
    
    
    
    48,197.014Net asset value per Unit
    
    $
    1,379.93
    
    
    $
    1,500.20
  3




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A
 
 CONDENSED SCHEDULE OF INVESTMENTS
 September 30, 2007 (Unaudited)
 Percentage of
    
    
    Market orFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due November 29, 2007
(amortized cost $48,784,964), securities are held in
margin
accounts as collateral for open futures and forwards
    
    $
    49,150,000
    
    
    
    83.4
    %
    
    $
    48,784,964Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrencies
    
    
    
    
    
    
    3.8
    
    
    
    2,193,941Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    3.8
    
    
    
    2,193,941Unrealized depreciation on forward contractsCurrencies
    
    
    
    
    
    
    (0.3
    )
    
    
    (182,630
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (0.3
    )
    
    
    (182,630
    )Total forward contracts, at fair value
    
    
    
    
    
    
    3.5
    
    
    
    2,011,311Futures contracts, at fair valueFutures Contracts PurchasedCurrency
    
    
    
    
    
    
    1.4
    
    
    
    838,246Energy
    
    
    
    
    
    
    0.4
    
    
    
    254,740Financial
    
    
    
    
    
    
    0.1
    
    
    
    61,309Food & Fiber
    
    
    
    
    
    
    2.8
    
    
    
    1,655,725Indices
    
    
    
    
    
    
    0.8
    
    
    
    479,334Livestock
    
    
    
    
    
    
    (0.0
    )*
    
    
    (9,570
    )Metals
    
    
    
    
    
    
    0.8
    
    
    
    440,194Total futures contracts purchased
    
    
    
    
    
    
    6.3
    
    
    
    3,719,978Futures Contracts SoldCurrency
    
    
    
    
    
    
    (0.0
    )*
    
    
    (12,188
    )Energy
    
    
    
    
    
    
    0.7
    
    
    
    420,050Financial
    
    
    
    
    
    
    0.1
    
    
    
    73,266Food & Fiber
    
    
    
    
    
    
    (0.1
    )
    
    
    (68,582
    )Indices
    
    
    
    
    
    
    0.3
    
    
    
    137,520Metals
    
    
    
    
    
    
    0.3
    
    
    
    165,456Total futures contracts sold
    
    
    
    
    
    
    1.3
    
    
    
    715,522Total futures contracts, at fair value
    
    
    
    
    
    
    7.6
    
    
    
    4,435,500Futures and forward contracts by country compositionEuropean Monetary Union
    
    
    
    
    
    
    1.8
    
    
    
    1,042,773Japan
    
    
    
    
    
    
    (0.1
    )
    
    
    (58,408
    )United States
    
    
    
    
    
    
    5.6
    
    
    
    3,258,792Other
    
    
    
    
    
    
    3.8
    
    
    
    2,203,654Total futures and forward contracts by country
    
    
    
    
    
    
    11.1
    %
    
    $
    6,446,811
 
 *
    
    Due to rounding  4




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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
  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 30,2007
    
    
    2006
    
    
    2007
    
    
    2006Investment income,interest
    
    $
    706,474
    
    
    $
    773,994
    
    
    $
    2,286,995
    
    
    $
    2,163,278ExpensesManagement fee
    
    
    276,028
    
    
    
    297,121
    
    
    
    877,656
    
    
    
    909,838Organization and offering expenses
    
    
    37,301
    
    
    
    160,606
    
    
    
    280,299
    
    
    
    491,804Operating expenses
    
    
    22,381
    
    
    
    24,090
    
    
    
    71,161
    
    
    
    73,770Selling Commissions
    
    
    596,817
    
    
    
    642,423
    
    
    
    1,897,636
    
    
    
    1,967,217Brokerage commissions
    
    
    411,958
    
    
    
    394,287
    
    
    
    1,255,342
    
    
    
    1,417,258Other
    
    
    1,452
    
    
    
    410
    
    
    
    2,519
    
    
    
    2,765Total expenses
    
    
    1,345,937
    
    
    
    1,518,937
    
    
    
    4,384,613
    
    
    
    4,862,652Net investment loss
    
    
    (639,463
    )
    
    
    (744,943
    )
    
    
    (2,097,618
    )
    
    
    (2,699,374
    )Realized and unrealized gain
(loss) on investmentsNet realized loss on futures
and forward contracts
    
    
    (742,660
    )
    
    
    (5,313,106
    )
    
    
    (2,857,156
    )
    
    
    (755,066
    )Net change in unrealized appreciation
(depreciation) on futures and forward
contracts
    
    
    (1,799,851
    )
    
    
    1,100,793
    
    
    
    (857,238
    )
    
    
    717,169Net loss on investments
    
    
    (2,542,511
    )
    
    
    (4,212,313
    )
    
    
    (3,714,394
    )
    
    
    (37,897
    )Net increase from payments by affiliate
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    426,879Net decrease in net assets from operations
    
    $
    (3,181,974
    )
    
    $
    (4,957,256
    )
    
    $
    (5,812,012
    )
    
    $
    (2,310,392
    )
  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)
 2007
    
    
    2006Decrease in net assets from operationsNet investment loss
    
    $
    (2,097,618
    )
    
    $
    (2,699,374
    )Net realized loss on futures and forward contracts
    
    
    (2,857,156
    )
    
    
    (755,066
    )Net increase from payments by Affiliate
    
    
    
    
    
    
    426,879Net change in unrealized appreciation on futures
and forward contracts
    
    
    (857,238
    )
    
    
    717,169Net decrease in net assets from operations
    
    
    (5,812,012
    )
    
    
    (2,310,392
    )Capital share transactionsIssuance of Units
    
    
    3,064,060
    
    
    
    15,301,941Redemption of Units
    
    
    (11,083,533
    )
    
    
    (7,144,821
    )Net increase (decrease) in net assets from
capital share transactions
    
    
    (8,019,473
    )
    
    
    8,157,120Net increase (decrease) in net assets
    
    
    (13,831,485
    )
    
    
    5,846,728Net assets,beginning of period
    
    
    72,305,161
    
    
    
    59,422,048Net assets,end of period
    
    $
    58,473,676
    
    
    $
    65,268,776Units,beginning of period
    
    
    48,197.014
    
    
    
    44,734.441Issuance of Units
    
    
    2,251.510
    
    
    
    10,999.834Redemption of Units
    
    
    (8,074.217
    )
    
    
    (5,263.480
    )Units,end of period
    
    
    42,374.307
    
    
    
    50,470.795
  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)
 2007
    
    
    2006Cash flows from operating activitiesNet decrease in net assets from operations
    
    $
    (5,812,012
    )
    
    $
    (2,310,392
    )Adjustments to reconcile net decrease in net assets from operations
to net cash provided by (used in) operating activities:Changes in operating assets and liabilities:US Government securities
    
    
    9,047,380
    
    
    
    (1,687,052
    )Due from brokers
    
    
    4,847,355
    
    
    
    (3,253,893
    )Unrealized appreciation on open forward contracts
    
    
    (637,684
    )
    
    
    2,028,927Futures contracts purchased
    
    
    (3,026,058
    )
    
    
    1,004,298Unrealized depreciation on open forward contracts
    
    
    (794,842
    )
    
    
    127,090Unrealized depreciation on open swap contracts
    
    
    
    
    
    
    (193,624
    )Futures contracts sold
    
    
    5,246,634
    
    
    
    (3,683,860
    )Fees payable
    
    
    (126,256
    )
    
    
    25,940Net cash provided by (used in) operating activities
    
    
    8,744,517
    
    
    
    (7,942,566
    )Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    2,786,560
    
    
    
    15,116,169Redemptions, net of redemptions payable
    
    
    (12,087,489
    )
    
    
    (7,144,821
    )Cash overdraft
    
    
    979
    
    
    
    Net cash provided by (used in) financing activities
    
    
    (9,299,950
    )
    
    
    7,971,348Net increase (decrease) in cash
    
    
    (555,433
    )
    
    
    28,782Cash, beginning of period
    
    
    555,433
    
    
    
    888,918Cash, end of period
    
    $
    
    
    
    $
    917,700Supplemental disclosure of non-cash financing activities2006 subscriptions received in 2005
    
    
    
    
    
    $
    866,8932007 subscriptions received in 2006
    
    $
    277,500Redemptions payable
    
    $
    1,549,000
  8




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
 
 STATEMENTS OF ASSETS AND LIABILITIES
September 30, 2007 (Unaudited) and December 31, 2006
 September 30, 2007
    
    
    December 31, 2006ASSETSUS
Government securities, at fair value (amortized cost $21,725,094 and $28,172,293 as
of September 30, 2007 and December 31, 2006
respectively)
    
    $
    21,725,094
    
    
    $
    28,172,293Due from brokers
    
    
    1,765,849
    
    
    
    4,806,227Unrealized appreciation on open forward contracts
    
    
    1,423,550
    
    
    
    1,059,483Other receivable
    
    
    
    
    
    
    88,391Futures contracts purchased
    
    
    2,525,882
    
    
    
    470,087Futures contracts sold
    
    
    429,515
    
    
    
    4,114,331Cash
    
    
    61,730
    
    
    
    468,093Total assets
    
    
    27,931,620
    
    
    
    39,178,905LIABILITIESUnrealized depreciation on open forward contracts
    
    
    114,623
    
    
    
    670,242Advance subscriptions
    
    
    
    
    
    
    259,808Redemptions payable
    
    
    1,939,188
    
    
    
    1,594,044Fees payable
    
    
    140,045
    
    
    
    223,118Total liabilities
    
    
    2,193,856
    
    
    
    2,747,212NET ASSETS
    
    $
    25,737,764
    
    
    $
    36,431,693Number of Units
    
    
    16,175.521
    
    
    
    19,995.520Net asset value per Unit
    
    $
    1,591.16
    
    
    $
    1,821.99
  9




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
 
 CONDENSED SCHEDULE OF INVESTMENTS
September 30, 2007 (Unaudited)
 Percentage of
    
    
    Market orFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due November 29, 2007
(amortized cost $21,725,094), securities are held in margin
accounts as collateral for open futures and forwards
    
    $
    21,885,000
    
    
    
    84.4
    %
    
    $
    21,725,094Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrencies
    
    
    
    
    
    
    5.5
    
    
    
    1,423,550Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    5.5
    
    
    
    1,423,550Unrealized depreciation on forward contractsCurrencies
    
    
    
    
    
    
    (0.4
    )
    
    
    (114,623
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (0.4
    )
    
    
    (114,623
    )Total forward contracts, at fair value
    
    
    
    
    
    
    5.1
    
    
    
    1,308,927Futures contracts, at fair valueFutures contracts purchasedCurrency
    
    
    
    
    
    
    2.2
    
    
    
    560,149Energy
    
    
    
    
    
    
    0.7
    
    
    
    173,462Financial
    
    
    
    
    
    
    0.1
    
    
    
    41,653Food & Fiber
    
    
    
    
    
    
    4.3
    
    
    
    1,098,355Indices
    
    
    
    
    
    
    1.2
    
    
    
    312,159Livestock
    
    
    
    
    
    
    0.0
    *
    
    
    (6,100
    )Metals
    
    
    
    
    
    
    1.3
    
    
    
    346,204Total futures contracts purchased
    
    
    
    
    
    
    9.8
    
    
    
    2,525,882Futures contracts soldCurrency
    
    
    
    
    
    
    0.3
    
    
    
    85,465Energy
    
    
    
    
    
    
    1.1
    
    
    
    274,679Financial
    
    
    
    
    
    
    0.2
    
    
    
    47,971Food & Fiber
    
    
    
    
    
    
    (0.1
    )
    
    
    (41,228
    )Metals
    
    
    
    
    
    
    0.2
    
    
    
    62,628Total futures contracts sold
    
    
    
    
    
    
    1.7
    
    
    
    429,515Total futures contracts, at fair value
    
    
    
    
    
    
    11.5
    
    
    
    2,955,397Futures and forward contracts by country compositionEuropean Community
    
    
    
    
    
    
    2.7
    
    
    
    686,745Japan
    
    
    
    
    
    
    (0.2
    )
    
    
    (39,943
    )United States
    
    
    
    
    
    
    8.4
    
    
    
    2,158,306Other
    
    
    
    
    
    
    5.7
    
    
    
    1,459,216Total futures and forward contracts by country
    
    
    
    
    
    
    16.6
    %
    
    $
    4,264,324
 
 *
    
    Due to rounding  10




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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 composition
European 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
  11




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QUADRIGA SUPERFUND, L.P.  SERIES B
 
 STATEMENTS OF OPERATIONS  (Unaudited)
 Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2007
    
    
    2006
    
    
    2007
    
    
    2006Investment income,interest
    
    $
    313,795
    
    
    $
    398,744
    
    
    $
    1,036,910
    
    
    $
    1,240,811ExpensesManagement fee
    
    
    124,678
    
    
    
    151,938
    
    
    
    401,661
    
    
    
    520,676Organization and offering expenses
    
    
    16,848
    
    
    
    82,128
    
    
    
    129,094
    
    
    
    281,446Operating expenses
    
    
    10,109
    
    
    
    12,318
    
    
    
    32,567
    
    
    
    42,216Selling commissions
    
    
    269,574
    
    
    
    328,513
    
    
    
    868,456
    
    
    
    1,125,786Brokerage commissions
    
    
    280,526
    
    
    
    281,060
    
    
    
    852,375
    
    
    
    1,128,676Other
    
    
    1,350
    
    
    
    418
    
    
    
    571
    
    
    
    2,844Total expenses
    
    
    703,085
    
    
    
    856,375
    
    
    
    2,284,724
    
    
    
    3,101,644Net investment loss
    
    
    (389,290
    )
    
    
    (457,631
    )
    
    
    (1,247,814
    )
    
    
    (1,860,833
    )Realized and unrealized gain
(loss) on investmentsNet realized gain (loss) on futures
and forward contracts
    
    
    (832,765
    )
    
    
    (3,707,597
    )
    
    
    (2,628,569
    )
    
    
    1,401,473Net change in unrealized appreciation
(depreciation) on futures and
forward contracts
    
    
    (973,808
    )
    
    
    450,195
    
    
    
    (753,182
    )
    
    
    (732,225
    )Net gain (loss) on investments
    
    
    (1,806,573
    )
    
    
    (3,257,402
    )
    
    
    (3,381,751
    )
    
    
    669,248Net increase from payments by affiliate
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    584,801Net decrease in net assets from operations
    
    $
    (2,195,863
    )
    
    $
    (3,715,033
    )
    
    $
    (4,629,565
    )
    
    $
    (606,784
    )
  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)
 2007
    
    
    2006Decrease in net assets from operationsNet investment loss
    
    $
    (1,247,814
    )
    
    $
    (1,860,833
    )Net realized gain (loss) on futures and forward contracts
    
    
    (2,628,569
    )
    
    
    1,401,473Net change in unrealized appreciation (depreciation) on futures
and forward contracts
    
    
    (753,182
    )
    
    
    (732,225
    )Net increase from payments by Affiliate
    
    
    
    
    
    
    584,801Net decrease in net assets from operations
    
    
    (4,629,565
    )
    
    
    (606,784
    )Capital share transactionsIssuance of Units
    
    
    4,345,222
    
    
    
    2,888,954Redemption of Units
    
    
    (10,409,586
    )
    
    
    (8,874,327
    )Net decrease in net assets from capital share transactions
    
    
    (6,064,364
    )
    
    
    (5,985,373
    )Net decrease in net assets
    
    
    (10,693,929
    )
    
    
    (6,592,157
    )Net assets,beginning of period
    
    
    36,431,693
    
    
    
    39,783,829Net assets,end of period
    
    $
    25,737,764
    
    
    $
    33,191,672Units,beginning of period
    
    
    19,995.520
    
    
    
    26,145.940Issuance of Units
    
    
    2,820.373
    
    
    
    1,774.761Redemption of Units
    
    
    (6,640.373
    )
    
    
    (5,519.674
    )Units,end of period
    
    
    16,175.521
    
    
    
    22,401.027
  13




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QUADRIGA
SUPERFUND, L.P.  SERIES B
 
 STATEMENTS OF CASH FLOWS
For the Nine Months Ended September 30,
(Unaudited)
 2007
    
    
    2006Cash flows from operating activitiesNet decrease in net assets from operations
    
    $
    (4,629,565
    )
    
    $
    (606,784
    )Adjustments to reconcile net decrease in net assets from
operations to net cash provided by operating
activities:Changes in operating assets and liabilities:US Government securities
    
    
    6,447,199
    
    
    
    8,585,791Due from brokers
    
    
    3,040,378
    
    
    
    (2,549,345
    )Other receivable
    
    
    88,391
    
    
    
    Unrealized appreciation on open forward contracts
    
    
    (364,067
    )
    
    
    2,181,855Futures contracts purchased
    
    
    (2,055,795
    )
    
    
    1,213,619Unrealized depreciation on open forward contracts
    
    
    (555,619
    )
    
    
    (199,194
    )Unrealized depreciation on open swap contracts
    
    
    
    
    
    
    (11,333
    )Futures contracts sold
    
    
    3,684,816
    
    
    
    (2,452,722
    )Fees payable
    
    
    (83,073
    )
    
    
    (38,681
    )Net cash provided by operating activities
    
    
    5,572,665
    
    
    
    6,123,206Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    4,085,414
    
    
    
    2,828,200Redemptions, net of redemptions payable
    
    
    (10,064,442
    )
    
    
    (8,874,327
    )Net cash used in financing activities
    
    
    (5,979,028
    )
    
    
    (6,046,127
    )Net increase (decrease) in cash
    
    
    (406,363
    )
    
    
    77,079Cash, beginning of period
    
    
    468,093
    
    
    
    269,034Cash, end of period
    
    $
    61,730
    
    
    
    346,113Supplemental disclosure of noncash financing activities:2006 contributions received in 2005
    
    
    
    
    
    $
    165,7802007 contributions received in 2006
    
    $
    259,808Redemptions payable
    
    $
    1,939,188
  14




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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
   15




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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
   5. Related party transactions
  16




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6. Financial highlights
  2007
    
    
    2006Series A

    
    Series B

    
    Series A

    
    Series BTotal return before incentive fees*
    
    
    (8.0
    )%
    
    
    (12.7
    )%
    
    
    (2.6
    )%
    
    
    (2.6
    )%Incentive fees
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %Total return after incentive fees*
    
    
    (8.0
    )%
    
    
    (12.7
    )%
    
    
    (2.6
    )%
    
    
    (2.6
    )%Ratios to average partners capital **Operating expenses before incentive fees
    
    
    9.1
    %
    
    
    10.3
    %
    
    
    10.1
    %
    
    
    11.0
    %Incentive fees
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %Total expenses
    
    
    9.1
    %
    
    
    10.3
    %
    
    
    10.1
    %
    
    
    11.0
    %Net investment loss
    
    
    (4.4
    )%
    
    
    (5.6
    )%
    
    
    (5.6
    )%
    
    
    (6.6
    )%Net asset value per unit, beginning of period
    
    $
    1,500.20
    
    
    $
    1,821.99
    
    
    $
    1,328.33
    
    
    $
    1,521.61Net investment loss
    
    
    (44.84
    )
    
    
    (66.77
    )
    
    
    (56.85
    )
    
    
    (78.63
    )Net gain (loss) in investments
    
    
    (75.43
    )
    
    
    (164.06
    )
    
    
    13.26
    
    
    
    12.61Net increase from payments by affiliate
    
    
    0.00
    
    
    
    0.00
    
    
    
    8.46
    
    
    
    26.11Net asset value per unit, end of period
    
    $
    1,379.93
    
    
    $
    1,591.16
    
    
    $
    1,293.20
    
    
    $
    1,481.70
 
 *
    
    Not annualized**
    
    Annualized
  2007
    
    
    2006Series A

    
    Series B

    
    Series A

    
    Series BTotal return before incentive fees*
    
    
    (4.8
    )%
    
    
    (7.2
    )%
    
    
    (7.1
    )%
    
    
    (9.8
    )%Incentive fees
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %Total return after incentive fees*
    
    
    (4.8
    )%
    
    
    (7.2
    )%
    
    
    (7.1
    )%
    
    
    (9.8
    )%Ratios to average partners capital **Operating expenses before incentive fees
    
    
    8.7
    %
    
    
    10.0
    %
    
    
    9.3
    %
    
    
    10.0
    %Incentive fees
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %
 17




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2007
    
    
    2006Series A

    
    Series B

    
    Series A

    
    Series BTotal expenses
    
    
    8.7
    %
    
    
    10.0
    %
    
    
    9.3
    %
    
    
    10.0
    %Net investment loss
    
    
    (4.2
    )%
    
    
    (5.6
    )%
    
    
    (4.5
    )%
    
    
    (5.4
    )%Net asset value per unit, beginning of period
    
    $
    1,449.60
    
    
    $
    1,715.00
    
    
    $
    1,392.48
    
    
    $
    1,642.55Net investment loss
    
    
    (14.36
    )
    
    
    (22.14
    )
    
    
    (14.86
    )
    
    
    (20.11
    )Net loss on investments
    
    
    (55.31
    )
    
    
    (101.70
    )
    
    
    (84.42
    )
    
    
    (140.74
    )Net asset value per unit, end of period
    
    $
    1,379.93
    
    
    $
    1,591.16
    
    
    $
    1,293.20
    
    
    $
    1,481.70
 
 *
    
    Not annualized**
    
    Annualized
  7. Financial instrument risk
      18




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8. Subscriptions and redemptions
   ITEM 2.
    
    MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
       19




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Three Months ended September 30, 2007
     rd
    20




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Three Months ended June 30, 2007
     nd
   21




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Three Months ended March 31, 2007
     st
   22




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Three Months ended September 30, 2006
     rd
   23




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Three Months ended June 30, 2006
     nd
 1 2 1 2
 24




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Three Months ended March 31, 2006
     st
  25




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26




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27




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Average
    
    
    % of Average
    
    
    Highest Value
    
    
    Lowest ValueSector
    
    Value at Risk
    
    
    Capitalization
    
    
    at Risk
    
    
    at RiskStock Indices
    
    $
    1,981,389
    
    
    
    3.23
    %
    
    $
    3,376,594
    
    
    $
    1,234,901Financial Futures
    
    
    2,058,629
    
    
    
    3.36
    
    
    
    3,024,578
    
    
    
    748,870Currencies
    
    
    6,317,330
    
    
    
    10.31
    
    
    
    7,340,969
    
    
    
    5,178,699Agricultural
    
    
    576,655
    
    
    
    0.94
    
    
    
    759,080
    
    
    
    407,424Energy
    
    
    1,384,361
    
    
    
    2.26
    
    
    
    1,670,583
    
    
    
    1,097,500Metals
    
    
    872,124
    
    
    
    1.42
    
    
    
    1,197,741
    
    
    
    255,376Total
    
    $
    13,190,488
    
    
    
    21.52
    %
 28




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Average
    
    
    % of Average
    
    
    Highest Value
    
    
    Lowest ValueSector
    
    Value at 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
    %
  Average
    
    
    % of Average
    
    
    Highest Value
    
    
    Lowest ValueSector
    
    Value 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
    
    $
    9,733,492
    
    
    
    25.86
    %
  Average
    
    
    % of Average
    
    
    Highest Value
    
    
    Lowest ValueSector
    
    Value at Risk
    
    
    Capitalization
    
    
    at Risk
    
    
    at RiskStock Indices
    
    $
    1,622,626
    
    
    
    5.83
    %
    
    $
    2,151,993
    
    
    $
    804,246Financial Futures
    
    
    1,343,580
    
    
    
    4.83
    
    
    
    1,935,771
    
    
    
    504,418Currencies
    
    
    4,151,066
    
    
    
    14.92
    
    
    
    4,812,440
    
    
    
    3,386,136Agricultural
    
    
    377,844
    
    
    
    1.36
    
    
    
    499,965
    
    
    
    274,505Energy
    
    
    902,275
    
    
    
    3.24
    
    
    
    1,108,324
    
    
    
    723,000Metals
    
    
    576,690
    
    
    
    2.07
    
    
    
    823,049
    
    
    
    165,618Total
    
    $
    8,974,081
    
    
    
    32.25
    %
    29




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30




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31




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32




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Month
    
    Units Redeemed
    
    NAV per Unit ($)July 31, 2007
    
    843.231
    
    1,351.29August 31, 2007
    
    546.540
    
    1,307.13September 30, 2007
    
    1,122.519
    
    1,379.932,512.290
  Month
    
    Units Redeemed
    
    NAV per Unit ($)July 31, 2007
    
    329.260
    
    1,541.61August 31, 2007
    
    398.017
    
    1,469.80September 30, 2007
    
    1,218.730
    
    1,591.161,946.007
         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 Officer32.1
    
    Section 1350 Certification of Principal Executive Officer32.2
    
    Section 1350 Certification of Principal Financial Officer
 33




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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