##### 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 March 31, 2009
 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 or other jurisdiction 
of incorporation or organization)
    
    (IRS Employer Identification No.)Superfund Office Building 
Grand Anse, St. Georges 
PO Box 1479
Grenada W.I.
    
    Not applicable(Address of principal executive offices)
    
    (Zip Code)
 (473) 439-2418
 Not applicable
  þ o
  o o
  Large Accelerated Filer o
Accelerated Filer o
Non-Accelerated Filer o(Do not check if a smaller reporting company)
Smaller Reporting Company þ  o þ




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##### 



PART I  FINANCIAL INFORMATION
 ITEM 1. FINANCIAL STATEMENTS
  PageFinancial Statements (unaudited)Statements of Assets and Liabilities as of March 31, 2009
and December 31, 2008
    
    
    3Condensed Schedule of Investments as of March 31, 2009
    
    
    4Condensed Schedule of Investments as of December 31, 2008
    
    
    5Statements of Operations for the three months ended March 31, 2009 and
March 31, 2008
    
    
    6Statements of Changes in Net Assets for the three months ended March 31, 2009
and March 31, 2008
    
    
    7Statements of Cash Flows for the three months ended March 31, 2009 and
March 31, 2008
    
    
    8EX-31.1EX-31.2EX-32.1EX-32.2
   PageFinancial Statements (unaudited)Statements of Assets and Liabilities as of March 31, 2009
and December 31, 2008
    
    
    9Condensed Schedule of Investments as of March 31, 2009
    
    
    10Condensed Schedule of Investments as of December 31, 2008
    
    
    11Statements of Operations for the three months ended March 31, 2009
and March 31, 2008
    
    
    12Statements of Changes in Net Assets for the three months ended March
31, 2009 and March 31, 2008
    
    
    13Statements of Cash Flows for the three months ended March 31, 2009
and March 31, 2008
    
    
    14Notes to Series A and Series B Unaudited Financial Statements Dated March 31, 2009
    
    
    15-23
 2




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A
STATEMENTS OF ASSETS AND LIABILITIES
March 31, 2009 (Unaudited), and December 31, 2008
 March 31, 2009
    
    
    December 31, 2008ASSETSUS Government securities, at fair value(amortized costs of $19,462,098 and $31,494,929 as of
March 31, 2009, and December 31, 2008, respectively)
    
    $
    19,462,098
    
    
    $
    31,494,929Due from brokers
    
    
    16,030,163
    
    
    
    4,049,967Unrealized appreciation on open forward contracts
    
    
    77,170
    
    
    
    11,138Futures contracts sold
    
    
    
    
    
    
    109,330Futures contracts purchased
    
    
    340,462
    
    
    
    735,529Cash
    
    
    3,170,788
    
    
    
    810,576Total assets
    
    
    39,080,681
    
    
    
    37,211,469LIABILITIESUnrealized depreciation on open forward contracts
    
    
    244,186
    
    
    
    43,336Futures contracts sold
    
    
    222,312
    
    
    
    Subscriptions received in advance
    
    
    2,490,502
    
    
    
    Redemptions payable
    
    
    1,790,922
    
    
    
    1,714,573Due to affiliate
    
    
    
    
    
    
    300,000Fees payable
    
    
    157,553
    
    
    
    181,226Total liabilities
    
    
    4,905,475
    
    
    
    2,239,135NET ASSETS
    
    $
    34,175,206
    
    
    $
    34,972,334Number of Units
    
    
    18,038.020
    
    
    
    18,098.830Net asset value per Unit
    
    $
    1,894.62
    
    
    $
    1,932.30
  3




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A  CONDENSED SCHEDULE OF INVESTMENTS  March 31, 2009 (Unaudited)
 PercentageofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due May 28, 2009
(amortized cost $19,462,098), securities are held in margin
accounts as collateral for open futures and forwards
    
    $
    19,470,000
    
    
    
    56.9
    %
    
    $
    19,462,098Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    0.2
    
    
    
    77,170Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    0.2
    
    
    
    77,170Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (0.7
    )
    
    
    (244,186
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (0.7
    )
    
    
    (244,186
    )Total forward contracts, at fair value
    
    
    
    
    
    
    (0.5
    )
    
    
    (167,016
    )Futures contracts, at fair valueFutures Contracts PurchasedCurrency
    
    
    
    
    
    
    0.1
    
    
    
    42,340Financial
    
    
    
    
    
    
    1.0
    
    
    
    320,509Food & Fiber
    
    
    
    
    
    
    0.0
    *
    
    
    707Indices
    
    
    
    
    
    
    (0.0)
    *
    
    
    (3,175
    )Metals
    
    
    
    
    
    
    (0.1
    )
    
    
    (19,919
    )Total futures contracts purchased
    
    
    
    
    
    
    1.0
    
    
    
    340,462Futures Contracts SoldCurrency
    
    
    
    
    
    
    (0.3
    )
    
    
    (109,436
    )Energy
    
    
    
    
    
    
    (0.1
    )
    
    
    (28,165
    )Financial
    
    
    
    
    
    
    (0.0)
    *
    
    
    (3,995
    )Food & Fiber
    
    
    
    
    
    
    (0.2
    )
    
    
    (70,441
    )Indices
    
    
    
    
    
    
    (0.0)
    *
    
    
    (175
    )Livestock
    
    
    
    
    
    
    0.1
    
    
    
    17,750Metals
    
    
    
    
    
    
    (0.1
    )
    
    
    (27,850
    )Total futures contracts sold
    
    
    
    
    
    
    (0.6
    )
    
    
    (222,312
    )Total futures contracts, at fair value
    
    
    
    
    
    
    0.4
    %
    
    $
    118,150Futures and forward contracts by country compositionEuropean Monetary Union
    
    
    
    
    
    
    0.6
    %
    
    $
    194,368Great Britain
    
    
    
    
    
    
    0.1
    
    
    
    42,277United States
    
    
    
    
    
    
    (0.2
    )
    
    
    (59,697
    )Australia
    
    
    
    
    
    
    (0.1
    )
    
    
    (48,719
    )Other
    
    
    
    
    
    
    (0.5
    )
    
    
    (177,095
    )Total futures and forward contracts by country
composition
    
    
    
    
    
    
    (0.1)
    %
    
    $
    (48,866
    )
 
 *
    
    Due to rounding  4




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A  CONDENSED SCHEDULE OF INVESTMENTS  December 31, 2008
 PercentageofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due February 26, 2009
(amortized cost $31,494,929), securities are held in margin
accounts as collateral for open futures and forwards$
    31,500,000
    
    
    
    90.1
    %
    
    $
    31,494,929Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    0.0
    *
    
    
    11,138Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    0.0
    *
    
    
    11,138Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (0.1
    )
    
    
    (43,336
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (0.1
    )
    
    
    (43,336
    )Total forward contracts, at fair value
    
    
    
    
    
    
    (0.1
    )
    
    
    (32,198
    )Futures Contracts, at fair valueFutures Contracts PurchasedCurrency
    
    
    
    
    
    
    0.3
    
    
    
    101,136Financial
    
    
    
    
    
    
    1.5
    
    
    
    508,908Food & Fiber
    
    
    
    
    
    
    0.1
    
    
    
    33,914Indices
    
    
    
    
    
    
    0.0
    *
    
    
    22,836Metals
    
    
    
    
    
    
    0.2
    
    
    
    68,735Total futures contracts purchased
    
    
    
    
    
    
    2.1
    
    
    
    735,529Futures Contracts SoldCurrency
    
    
    
    
    
    
    0.1
    
    
    
    38,025Energy
    
    
    
    
    
    
    0.2
    
    
    
    88,531Financial
    
    
    
    
    
    
    0.0
    *
    
    
    919Food & Fiber
    
    
    
    
    
    
    (0.1
    )
    
    
    (40,878
    )Indices
    
    
    
    
    
    
    (0.0)
    *
    
    
    (7,067
    )Livestock
    
    
    
    
    
    
    0.1
    
    
    
    23,400Metals
    
    
    
    
    
    
    0.0
    *
    
    
    6,400Total futures contracts sold
    
    
    
    
    
    
    0.3
    
    
    
    109,330Total futures contracts, at fair value
    
    
    
    
    
    
    2.4
    %
    
    $
    844,859Futures and forward contracts by country compositionEuropean Monetary Union
    
    
    
    
    
    
    0.4
    %
    
    $
    153,538Great Britain
    
    
    
    
    
    
    0.3
    
    
    
    110,392United States
    
    
    
    
    
    
    1.1
    
    
    
    369,143Other
    
    
    
    
    
    
    0.5
    
    
    
    179,588Total futures and forward contracts by country
composition
    
    
    
    
    
    
    2.3
    %
    
    $
    812,661
 
 *
    
    Due to rounding  5




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QUADRIGA SUPERFUND, L.P.  SERIES A  STATEMENTS OF OPERATIONS  (Unaudited)
 Three Months EndedMarch 31,2009
    
    
    2008Investment incomeInterest income
    
    $
    14,081
    
    
    $
    408,887Total income
    
    
    14,081
    
    
    
    408,887ExpensesManagement fee
    
    
    168,739
    
    
    
    266,434Ongoing offering expenses
    
    
    91,210
    
    
    
    144,018Operating expenses
    
    
    13,682
    
    
    
    21,603Selling commission
    
    
    364,842
    
    
    
    576,074Incentive fee
    
    
    
    
    
    
    364,515Brokerage commissions
    
    
    43,462
    
    
    
    290,178Other
    
    
    4,018
    
    
    
    1,193Total expenses
    
    
    685,953
    
    
    
    1,664,015Net investment loss
    
    
    (671,872
    )
    
    
    (1,255,128
    )Realized and unrealized gain
(loss) on investmentsNet realized gain on futures and forward
contracts
    
    
    817,896
    
    
    
    8,982,683Net change in unrealized appreciation
(depreciation) on futures and forward
contracts:
    
    
    (861,527)
    
    
    
    1,684,678Net gain (loss) on investments
    
    
    (43,631
    )
    
    
    10,667,361Net increase (decrease) in
net assets from operations
    
    $
    (715,503
    )
    
    $
    9,412,233Net increase (decrease) in net assets from
operations per unit (based upon weighted
average number of units outstanding during
period)
    
    $
    (37.94
    )
    
    $
    267.29Net increase (decrease) in net assets from
operations per unit (based upon change in net
asset value per unit during period)
    
    $
    (37.68
    )
    
    $
    257.77
  6




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QUADRIGA SUPERFUND, L.P.  SERIES A  STATEMENTS OF CHANGES IN NET ASSETS  For the Three Months Ended March 31,  (Unaudited)
 2009
    
    
    2008Increase (decrease) in net assets from operationsNet investment loss
    
    $
    (671,872
    )
    
    $
    (1,255,128
    )Net realized gain on futures and forward contracts
    
    
    817,896
    
    
    
    8,982,683Net change in unrealized appreciation
(depreciation) on futures and forward contracts
    
    
    (861,527
    )
    
    
    1,684,678Net increase (decrease) in net assets from operations
    
    
    (715,503
    )
    
    
    9,412,233Capital share transactionsIssuance of Units
    
    
    4,744,856
    
    
    
    1,060,309Redemption of Units
    
    
    (4,826,481
    )
    
    
    (25,749,923
    )Net decrease in net assets from capital share
transactions
    
    
    (81,625
    )
    
    
    (24,689,614
    )Net decrease in net assets
    
    
    (797,128
    )
    
    
    (15,277,381
    )Net assets,beginning of period
    
    
    34,972,334
    
    
    
    57,934,508Net assets,end of period
    
    $
    34,175,206
    
    
    $
    42,657,127Units,beginning of period
    
    
    18,098.830
    
    
    
    38,975.348Issuance of Units
    
    
    2,449.823
    
    
    
    686.614Redemption of Units
    
    
    (2,510.633
    )
    
    
    (15,205.547
    )Units,end of period
    
    
    18,038.020
    
    
    
    24,456.415
  7




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A  STATEMENTS OF CASH FLOWS  For the Three Months Ended March 31,  (Unaudited)
 2009
    
    
    2008Cash flows from operating activitiesNet increase (decrease) in net assets from operations
    
    $
    (715,503
    )
    
    $
    9,412,233Adjustments to reconcile net increase (decrease) in net assets from
operations to net cash provided by (used in) operating activities:Changes in operating assets and liabilities:Gross purchases of U.S. government securities
    
    
    (34,928,678
    )
    
    
    (71,292,043
    )Gross proceeds from sales of U.S. government securities
    
    
    46,949,379
    
    
    
    84,982,984Amortization of discounts and premiums
    
    
    12,130
    
    
    
    369,000Due from brokers
    
    
    (11,980,196
    )
    
    
    (1,661,293
    )Due to affiliate
    
    
    (300,000
    )
    
    
    (133,276
    )Due from affiliate
    
    
    
    
    
    
    (56,808
    )Unrealized depreciation on open
forward contracts
    
    
    (66,032
    )
    
    
    (715,220
    )Futures contracts purchased
    
    
    395,067
    
    
    
    (1,351,852
    )Unrealized appreciation (depreciation) on open forward
contracts
    
    
    200,850
    
    
    
    (424,813
    )Futures contracts sold
    
    
    331,642
    
    
    
    807,208Incentive fee
    
    
    
    
    
    
    336,045Fees payable
    
    
    (23,673
    )
    
    
    (89,178
    )Net cash provided by (used in) operating activities
    
    
    (125,014
    )
    
    
    20,182,987Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    7,235,358
    
    
    
    1,060,309Redemptions, net of change in redemptions payable
    
    
    (4,750,132
    )
    
    
    (21,248,587
    )Net cash provided by (used in) financing activities
    
    
    2,485,226
    
    
    
    (20,188,278
    )Net increase (decrease) in cash
    
    
    2,360,212
    
    
    
    (5,291
    )Cash, beginning of period
    
    
    810,576
    
    
    
    114,554Cash, end of period
    
    $
    3,170,788
    
    
    $
    109,263Supplemental disclosure of non-cash financing activities2008 subscriptions received in 2007
    
    
    
    
    
    $
    2009 subscriptions received in 2008
    
    $
    Redemptions payable
    
    $
    1,790,922
    
    
    $
    7,937,009
  8




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B  STATEMENTS OF ASSETS AND LIABILITIES  March 31, 2009 (Unaudited), and December 31, 2008
 March 31, 2009
    
    
    December 31, 2008ASSETSUS Government securities, at fair value
(amortized costs of $36,670,537 and $54,825,911 as of
March 31, 2009, and December 31, 2008, respectively)
    
    $
    36,670,537
    
    
    $
    54,825,911Due from brokers
    
    
    29,015,221
    
    
    
    5,961,708Unrealized appreciation on open forward contracts
    
    
    263,000
    
    
    
    44,878Futures contracts sold
    
    
    
    
    
    
    407,977Futures contracts purchased
    
    
    1,047,889
    
    
    
    1,978,090Cash
    
    
    7,768,299
    
    
    
    668,701Total assets
    
    
    74,764,946
    
    
    
    63,887,265LIABILITIESUnrealized depreciation on open forward contracts
    
    
    990,991
    
    
    
    163,504Futures contracts sold
    
    
    930,051
    
    
    
    Subscriptions received in advance
    
    
    4,829,892
    
    
    
    Redemptions payable
    
    
    2,153,774
    
    
    
    2,767,509Fees payable
    
    
    342,472
    
    
    
    339,201Total liabilities
    
    
    9,247,180
    
    
    
    3,270,214NET ASSETS
    
    $
    65,517,766
    
    
    $
    60,617,051Number of Units
    
    
    25,934.893
    
    
    
    23,305.633Net asset value per Unit
    
    $
    2,526.24
    
    
    $
    2,600.96
  9




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B  CONDENSED SCHEDULE OF INVESTMENTS  March 31, 2009 (Unaudited)
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due May 28, 2009
(amortized cost $36,670,537), securities are held in
margin accounts as collateral for open futures
and forwards
    
    $
    36,685,000
    
    
    
    56.0
    %
    
    $
    36,670,537Forward contracts, at fair valueUnrealized appreciation on forward contracts
Currency
    
    
    
    
    
    
    0.4
    
    
    
    263,000Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    0.4
    
    
    
    263,000Unrealized depreciation on forward contracts
Currency
    
    
    
    
    
    
    (1.5
    )
    
    
    (990,991
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (1.5
    )
    
    
    (990,991
    )Total forward contracts, at fair value
    
    
    
    
    
    
    (1.1
    )
    
    
    (727,991
    )Futures contracts, at fair valueFutures contracts purchasedCurrency
    
    
    
    
    
    
    0.1
    
    
    
    89,038Financial
    
    
    
    
    
    
    1.6
    
    
    
    1,016,081Food & Fiber
    
    
    
    
    
    
    0.0
    *
    
    
    4,931Indices
    
    
    
    
    
    
    (0.0)
    *
    
    
    (6,280
    )Metals
    
    
    
    
    
    
    (0.1
    )
    
    
    (55,881
    )Total futures contracts purchased
    
    
    
    
    
    
    1.6
    
    
    
    1,047,889Futures contracts soldCurrency
    
    
    
    
    
    
    (0.5
    )
    
    
    (354,284
    )Energy
    
    
    
    
    
    
    (0.2
    )
    
    
    (134,299
    )Financial
    
    
    
    
    
    
    (0.1
    )
    
    
    (35,709
    )Food & Fiber
    
    
    
    
    
    
    (0.4
    )
    
    
    (255,142
    )Indices
    
    
    
    
    
    
    (0.1
    )
    
    
    (47,583
    )Livestock
    
    
    
    
    
    
    0.1
    
    
    
    53,020Metals
    
    
    
    
    
    
    (0.2
    )
    
    
    (156,054
    )Total futures contracts sold
    
    
    
    
    
    
    (1.4
    )
    
    
    (930,051
    )Total futures contracts, at fair value
    
    
    
    
    
    
    0.2
    %
    
    $
    117,838Futures and forward contracts by country compositionEuropean Monetary Union
    
    
    
    
    
    
    0.9
    %
    
    $
    563,271Great Britain
    
    
    
    
    
    
    0.1
    
    
    
    103,642Japan
    
    
    
    
    
    
    (0.1
    )
    
    
    (96,903
    )United States
    
    
    
    
    
    
    (0.5
    )
    
    
    (320,366
    )Other
    
    
    
    
    
    
    (1.3
    )
    
    
    (859,797
    )Total futures and forward contracts by country
composition
    
    
    
    
    
    
    (0.9)
    %
    
    $
    (610,153
    )
  
 *
    
    Due to rounding 10




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B  CONDENSED SCHEDULE OF INVESTMENTS  December 31, 2008
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due February 26, 2009
(amortized cost $54,825,911), securities are held in
margin accounts as collateral for open futures and
forwards$
    54,835,000
    
    
    
    90.4
    %
    
    $
    54,825,911Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    0.1
    
    
    
    44,878Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    0.1
    
    
    
    44,878Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (0.3
    )
    
    
    (163,504
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (0.3
    )
    
    
    (163,504
    )Total forward contracts, at fair value
    
    
    
    
    
    
    (0.2
    )
    
    
    (118,626
    )Futures contracts, at fair valueFutures contracts purchasedCurrency
    
    
    
    
    
    
    0.5
    
    
    
    282,349Financial
    
    
    
    
    
    
    2.5
    
    
    
    1,535,102Food & Fiber
    
    
    
    
    
    
    0.2
    
    
    
    91,596Indices
    
    
    
    
    
    
    0.1
    
    
    
    69,043Total futures contracts purchased
    
    
    
    
    
    
    3.3
    
    
    
    1,978,090Futures contracts soldCurrency
    
    
    
    
    
    
    0.2
    
    
    
    101,335Energy
    
    
    
    
    
    
    0.5
    
    
    
    319,932Financial
    
    
    
    
    
    
    (0.1
    )
    
    
    (30,335
    )Livestock
    
    
    
    
    
    
    0.1
    
    
    
    64,110Indices
    
    
    
    
    
    
    (0.1
    )
    
    
    (85,438
    )Food & Fiber
    
    
    
    
    
    
    (0.2
    )
    
    
    (144,632
    )Metals
    
    
    
    
    
    
    0.3
    
    
    
    183,005Total futures contracts sold
    
    
    
    
    
    
    0.7
    
    
    
    407,977Total futures contracts, at fair value
    
    
    
    
    
    
    4.0
    %
    
    $
    2,386,067Futures and forward contracts by country compositionEuropean Monetary Union
    
    
    
    
    
    
    0.7
    %
    
    $
    425,341Great Britain
    
    
    
    
    
    
    0.5
    
    
    
    291,376United States
    
    
    
    
    
    
    1.9
    
    
    
    1,142,037Other
    
    
    
    
    
    
    0.7
    
    
    
    408,687Total futures and forward contracts by country
composition
    
    
    
    
    
    
    3.8
    %
    
    $
    2,267,441
 
 *
    
    Due to rounding  11




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B  STATEMENTS OF OPERATIONS  (Unaudited)
 Three Months EndedMarch 31,2009
    
    
    2008Investment incomeInterest income
    
    $
    26,879
    
    
    $
    188,147Total income
    
    
    26,879
    
    
    
    188,147ExpensesManagement fee
    
    
    314,480
    
    
    
    158,224Ongoing offering expenses
    
    
    169,989
    
    
    
    85,527Operating expenses
    
    
    25,498
    
    
    
    12,829Selling commission
    
    
    679,956
    
    
    
    342,107Incentive fee
    
    
    301,233
    
    
    
    780,941Brokerage commissions
    
    
    145,445
    
    
    
    293,444Other
    
    
    5,782
    
    
    
    1,062Total expenses
    
    
    1,642,383
    
    
    
    1,674,134Net investment loss
    
    
    (1,615,504
    )
    
    
    (1,485,987
    )Realized and unrealized gain
(loss) on investmentsNet realized gain on futures and forward
contracts
    
    
    2,437,152
    
    
    
    6,329,795Net change in unrealized appreciation
(depreciation) on futures and forward
contracts
    
    
    (2,877,594)
    
    
    
    1,430,056Net gain (loss) on investments
    
    
    (440,442
    )
    
    
    7,759,851Net increase (decrease) in net assets from
operations
    
    $
    (2,055,946
    )
    
    $
    6,273,864Net increase (decrease) in net assets from
operations per unit (based upon weighted
average number of units outstanding during
period)
    
    $
    (79.11
    )
    
    $
    374.84Net increase (decrease) in net assets from
operations per unit (based upon change in net
asset value per unit during period)
    
    $
    (74.72
    )
    
    $
    398.33
  12




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B  STATEMENTS OF CHANGES IN NET ASSETS  For the Three Months Ended March 31,  (Unaudited)
 2009
    
    
    2008Increase (decrease) in net assets from operationsNet investment loss
    
    $
    (1,615,504
    )
    
    $
    (1,485,987
    )Net realized gain on futures and forward contracts
    
    
    2,437,152
    
    
    
    6,329,795Net change in unrealized appreciation (depreciation)
on futures and forward contracts
    
    
    (2,877,594
    )
    
    
    1,430,056Net increase (decrease) in net assets from operations
    
    
    (2,055,946
    )
    
    
    6,273,864Capital share transactionsIssuance of Units
    
    
    14,870,172
    
    
    
    12,052,772Redemption of Units
    
    
    (7,913,511
    )
    
    
    (3,420,278
    )Net increase in net assets from capital share transactions
    
    
    6,956,661
    
    
    
    8,632,494Net increase in net assets
    
    
    4,900,715
    
    
    
    14,906,358Net assets,beginning of period
    
    
    60,617,051
    
    
    
    25,855,147Net assets,end of period
    
    $
    65,517,766
    
    
    $
    40,761,505Units,beginning of period
    
    
    23,305.633
    
    
    
    14,568.812Issuance of Units
    
    
    5,669.346
    
    
    
    5,863.540Redemption of Units
    
    
    (3,040.086
    )
    
    
    (1,674.396
    )Units,end of period
    
    
    25,934.893
    
    
    
    18,757.956
  13




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B  STATEMENTS OF CASH FLOWS  For the Three Months Ended March 31,  (Unaudited)
 2009
    
    
    2008Cash flows from operating activitiesNet increase (decrease) in net assets from operations
    
    $
    (2,055,946
    )
    
    $
    6,273,864Adjustments to reconcile net increase (decrease) in net assets
from operations to net cash provided by (used in) operating
activities:Changes in operating assets and liabilities:Gross purchases of U.S. government securities
    
    
    (61,095,045
    )
    
    
    (29,172,074
    )Gross proceeds from sales of U.S. government securities
    
    
    79,227,285
    
    
    
    31,062,322Amortization of discounts and premiums
    
    
    23,134
    
    
    
    162,603Due from brokers
    
    
    (23,053,513
    )
    
    
    (15,277,334
    )Due from affiliate
    
    
    
    
    
    
    133,276Unrealized depreciation on open forward contracts
    
    
    (218,122
    )
    
    
    (968,980
    )Futures contracts purchased
    
    
    930,201
    
    
    
    (938,165
    )Unrealized appreciation (depreciation) on open forward contracts
    
    
    827,487
    
    
    
    (15,698
    )Futures contracts sold
    
    
    1,338,028
    
    
    
    492,787Incentive fee
    
    
    
    
    
    
    252,150Fees payable
    
    
    3,271
    
    
    
    221,928Net cash used in operating activities
    
    
    (4,073,220
    )
    
    
    (7,773,321
    )Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    19,700,064
    
    
    
    12,052,772Redemptions, net of change in redemptions payable
    
    
    (8,527,246
    )
    
    
    (3,815,710
    )Net cash provided by financing activities
    
    
    11,172,818
    
    
    
    8,237,062Net increase in cash
    
    
    7,099,598
    
    
    
    463,741Cash, beginning of period
    
    
    668,701
    
    
    
    73,375Cash, end of period
    
    $
    7,768,299
    
    
    $
    537,116Supplemental disclosure of noncash financing activities:2008 contributions received in 2007
    
    
    
    
    
    $
    2009 contributions received in 2008
    
    $
    Redemptions payable
    
    $
    2,153,744
    
    
    $
    1,697,042
  14




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##### Table of Contents



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




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##### Table of Contents



Investment Transactions and Related Investment Income and Expenses
  Income Taxes
   Use of Estimates
  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.
  16




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##### Table of Contents



U.S. Government Securities.
 Derivative Contracts.
     BalanceMarch 31, 2009
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSUS Government securities
    
    $
    19,462,098
    
    
    $
    
    
    
    $
    19,462,098
    
    
    $
    Unrealized appreciation on open
forward contracts
    
    
    77,170
    
    
    
    
    
    
    
    77,170
    
    
    
    Futures contracts purchased
    
    
    340,462
    
    
    
    340,462
    
    
    
    
    
    
    
    Total Assets Measured at Fair Value
    
    $
    19,879,730
    
    
    $
    340,462
    
    
    $
    19,539,268
    
    
    $
    
 17




---



##### Table of Contents



BalanceMarch 31, 2009
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3LIABILITIESUnrealized depreciation on open forward
contracts
    
    $
    244,186
    
    
    $
    
    
    
    $
    244,186
    
    
    $
    Futures contracts sold
    
    
    222,312
    
    
    
    222,312
    
    
    
    
    
    
    
    Total Liabilities Measured at Fair Value
    
    $
    466,498
    
    
    $
    222,312
    
    
    $
    244,186
    
    
    $
    
  BalanceMarch 31, 2009
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSUS Government securities
    
    $
    36,670,537
    
    
    $
    
    
    
    $
    36,670,537
    
    
    $
    Unrealized appreciation on open forward
contracts
    
    
    263,000
    
    
    
    
    
    
    
    263,000
    
    
    
    Futures contracts purchased
    
    
    1,047,889
    
    
    
    1,047,889
    
    
    
    
    
    
    
    Total Assets Measured at Fair Value
    
    $
    37,981,426
    
    
    $
    1,047,889
    
    
    $
    36,933,537
    
    
    $
    LIABILITIESUnrealized depreciation on open forward
contracts
    
    $
    990,991
    
    
    $
    
    
    
    $
    990,991
    
    
    $
    Futures contracts sold
    
    
    930,051
    
    
    
    930,051
    
    
    
    
    
    
    
    Total Liabilities Measured at Fair Value
    
    $
    1,921,042
    
    
    $
    930,051
    
    
    $
    990,991
    
    
    $
    
 18




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##### Table of Contents



4. Disclosure of derivative instruments and hedging activities
 Disclosures about Derivative Instruments and Hedging Activities Accounting for Derivative Instruments and Hedging
Activities,
    Series A:
 As of March 31, 2009Long Positions Gross Unrealized
    
    
    Short Position Gross Unrealized% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    Net UnrealizedNet
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    Gain (Loss) onGains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Gains
    
    
    assets
    
    
    Losses
    
    
    Assets
    
    
    Open PositionsForeign Exchange
    
    $
    77,170
    
    
    
    0.2
    
    
    $
    
    
    
    
    
    
    
    $
    
    
    
    
    
    
    
    $
    (244,186
    )
    
    
    (0.7
    )
    
    $
    (167,016
    )Currency
    
    
    45,630
    
    
    
    0.1
    
    
    
    (3,290
    )
    
    
    (0.0
    )*
    
    
    
    
    
    
    
    
    
    
    (109,436
    )
    
    
    (0.3
    )
    
    
    (67,096
    )Financial
    
    
    340,645
    
    
    
    1.0
    
    
    
    (20,136
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    (3,995
    )
    
    
    (0.0
    )*
    
    
    316,514Food & Fiber
    
    
    1,667
    
    
    
    0.0
    *
    
    
    (960
    )
    
    
    (0.0
    )*
    
    
    6,115
    
    
    
    0.0
    *
    
    
    (76,556
    )
    
    
    (0.2
    )
    
    
    (69,734
    )Indices
    
    
    
    
    
    
    
    
    
    
    (3,175
    )
    
    
    (0.0
    )*
    
    
    2,644
    
    
    
    0.0
    *
    
    
    (2,819
    )
    
    
    (0.0
    )*
    
    
    (3,350
    )Metals
    
    
    
    
    
    
    
    
    
    
    (19,919
    )
    
    
    (0.0
    )
    
    
    14,256
    
    
    
    0.0
    *
    
    
    (42,106
    )
    
    
    (0.1
    )
    
    
    (47,769
    )Livestock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    17,750
    
    
    
    0.0
    *
    
    
    
    
    
    
    
    
    
    
    17,750Energy
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,499
    
    
    
    0.0
    *
    
    
    (31,664
    )
    
    
    (0.1
    )
    
    
    (28,165
    )Totals
    
    $
    465,112
    
    
    
    1.3
    
    
    $
    (47,480
    )
    
    
    (0.1
    )
    
    $
    44,264
    
    
    
    0.0
    *
    
    $
    (510,762
    )
    
    
    (1.4
    )
    
    $
    (48,866
    )
 
 *
    
    Due to rounding 19




---



##### Table of Contents



For the three months ended March 31, 2009Change in NetRealized Gain
    
    
    Unrealized
    
    
    Net Trading(Losses), Net
    
    
    Gains (Losses)
    
    
    Gains (Losses)Foreign Exchange
    
    $
    67,750
    
    
    $
    (134,818
    )
    
    $
    (67,068
    )Currency
    
    
    2,365
    
    
    
    (206,257
    )
    
    
    (203,892
    )Financial
    
    
    376,983
    
    
    
    (193,314
    )
    
    
    183,669Food & Fiber
    
    
    (16,948
    )
    
    
    (62,769
    )
    
    
    (79,717
    )Indices
    
    
    27,639
    
    
    
    (19,119
    )
    
    
    8,520Metals
    
    
    46,978
    
    
    
    (122,904
    )
    
    
    (75,926
    )Livestock
    
    
    44,130
    
    
    
    (5,650
    )
    
    
    38,480Energy
    
    
    268,999
    
    
    
    (116,696
    )
    
    
    152,303Total net trading losses
    
    $
    817,896
    
    
    $
    (861,527
    )
    
    $
    (43,631
    )
 Series B:
 As of March 31, 2009Long Positions Gross Unrealized
    
    
    Short Position Gross Unrealized
    
    
    Net% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    UnrealizedNet
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    Gain (Loss) onGains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Gains
    
    
    assets
    
    
    Losses
    
    
    Assets
    
    
    Open PositionsForeign Exchange
    
    $
    263,000
    
    
    
    0.4
    
    
    $
    
    
    
    
    
    
    
    $
    
    
    
    
    
    
    
    $
    (990,991
    )
    
    
    (1.5
    )
    
    $
    (727,991
    )Currency
    
    
    89,038
    
    
    
    0.1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (354,284
    )
    
    
    (0.5
    )
    
    
    (265,246
    )Financial
    
    
    1,095,416
    
    
    
    1.7
    
    
    
    (79,335
    )
    
    
    (0.1
    )
    
    
    570
    
    
    
    0.0
    *
    
    
    (36,279
    )
    
    
    (0.1
    )*
    
    
    980,372Food & Fiber
    
    
    8,536
    
    
    
    0.0
    *
    
    
    (3,605
    )
    
    
    (0.0
    )*
    
    
    17,673
    
    
    
    0.0
    *
    
    
    (272,815
    )
    
    
    (0.4
    )
    
    
    (250,211
    )Indices
    
    
    
    
    
    
    
    
    
    
    (6,280
    )
    
    
    (0.0
    )*
    
    
    8,944
    
    
    
    0.0
    *
    
    
    (56,527
    )
    
    
    (0.1
    )*
    
    
    (53,863
    )Metals
    
    
    
    
    
    
    
    
    
    
    (55,881
    )
    
    
    (0.1
    )
    
    
    34,121
    
    
    
    0.1
    
    
    
    (190,175
    )
    
    
    (0.3
    )
    
    
    (211,935
    )Livestock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    53,020
    
    
    
    0.1
    
    
    
    
    
    
    
    
    
    
    
    53,020Energy
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,781
    
    
    
    0.0
    *
    
    
    (136,080
    )
    
    
    (0.2
    )
    
    
    (134,299
    )Totals
    
    $
    1,455,990
    
    
    
    2.2
    
    
    $
    (145,101
    )
    
    
    (0.2
    )
    
    $
    116,109
    
    
    
    0.2
    
    
    $
    (2,037,151
    )
    
    
    3.1
    
    
    $
    (610,153
    )
 
 *
    
    Due to rounding  For the three months ended March 31, 2009Realized
    
    
    Change in NetGains
    
    
    Unrealized
    
    
    Net Trading(Losses), Net
    
    
    Gains (Losses)
    
    
    LossesForeign Exchange
    
    $
    362,094
    
    
    $
    (609,365
    )
    
    $
    (247,271
    )Currency
    
    
    (17,429
    )
    
    
    (648,930
    )
    
    
    (666,359
    )Financial
    
    
    1,009,658
    
    
    
    (524,395
    )
    
    
    485,263Food & Fiber
    
    
    (104,437
    )
    
    
    (197,175
    )
    
    
    (301,612
    )Indices
    
    
    206,895
    
    
    
    (37,468
    )
    
    
    169,427Metals
    
    
    (12,521
    )
    
    
    (394,940
    )
    
    
    (407,461
    )Livestock
    
    
    134,590
    
    
    
    (11,090
    )
    
    
    123,500Energy
    
    
    858,302
    
    
    
    (454,231
    )
    
    
    404,071Total net trading losses
    
    $
    2,437,152
    
    
    $
    (2,877,594
    )
    
    $
    (440,442
    )
 5. Due from/to brokers
   20




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##### Table of Contents



6. Allocation of net profits and losses
   7. Related party transactions
   8. Financial highlights
  2009
    
    
    2008Series A
    
    
    Series B
    
    
    Series A
    
    
    Series BTotal return before incentive fees*
    
    
    (2.0
    )%
    
    
    (2.4
    )%
    
    
    18.0
    %
    
    
    25.2
    %Incentive fees*
    
    
    0.0
    %
    
    
    (0.5
    )%
    
    
    0.7
    %
    
    
    2.7
    %Total return after incentive fees*
    
    
    (2.0
    )%
    
    
    (2.9
    )%
    
    
    17.3
    %
    
    
    22.5
    %Ratios to average partners capital **Operating expenses before incentive fees
    
    
    7.6
    %
    
    
    8.1
    %
    
    
    9.1
    %
    
    
    11.3
    %Incentive fees
    
    
    0.0
    %
    
    
    1.8
    %
    
    
    2.6
    %
    
    
    9.9
    %Total expenses
    
    
    7.6
    %
    
    
    9.9
    %
    
    
    11.7
    %
    
    
    21.2
    %Net investment loss
    
    
    (7.5
    )%
    
    
    (7.9
    )%
    
    
    (6.2
    )%
    
    
    (8.9
    )%Net asset value per unit, beginning of period
    
    $
    1,932.30
    
    
    $
    2,600.96
    
    
    $
    1,486.44
    
    
    $
    1,774.69Net investment loss
    
    
    (35.56
    )
    
    
    (62.45
    )
    
    
    (34.67
    )
    
    
    (91.85
    )Net loss on investments
    
    
    (2.12
    )
    
    
    (12.27
    )
    
    
    292.44
    
    
    
    490.18Net asset value per unit, end of period
    
    $
    1,894.62
    
    
    $
    2,526.24
    
    
    $
    1,744.21
    
    
    $
    2,173.02
 
 *
    
    Not annualized**
    
    Annualized, except for incentive fees 21




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9. Financial instrument risk
        22




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10. Subscriptions and redemptions
   23




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ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 INTRODUCTION
  LIQUIDITY
    CAPITAL RESOURCES
  RESULTS OF OPERATIONS
 Three Months ended March 31, 2009
     24




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st
    25




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Three Months ended March 31, 2008
     st
    26




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OFF-BALANCE SHEET RISK
   OFF-BALANCE SHEET ARRANGEMENTS
  CONTRACTUAL OBLIGATIONS
  CRITICAL ACCOUNTING POLICIES  VALUATION OF THE FUNDS POSITIONS
  ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
  ITEM 4T. CONTROLS AND PROCEDURES
  27




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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 ($)January 31, 2009
    
    
    1,115.561
    
    
    
    1,939.15February 28, 2009
    
    
    449.679
    
    
    
    1,939.87March 31, 2009
    
    
    945.225
    
    
    
    1,894.622,510.465
  Month
    
    Units Redeemed
    
    NAV per Units ($)January 31, 2009
    
    
    1,455.812
    
    
    
    2,627.28February 28, 2009
    
    
    731.516
    
    
    
    2,645.07March 31, 2009
    
    
    852.532
    
    
    
    2,526.243,039.86
 Item 3. Defaults upon Senior Securities.
  Item 4. Submissions of Matters to a Vote of Security Holders.
  Item 5. Other Information.
  28




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Item 6. Exhibits.
  31.1
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer31.2
    
    Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer32.1
    
    Section 1350 Certification of Principal Executive Officer32.2
    
    Section 1350 Certification of Principal Financial Officer
 29




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SIGNATURES
  Date: May 15, 2009
    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 30




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##### Table of Contents



Exhibit
    
    
    
    PageNumber
    
    Description of Document
    
    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