##### 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, 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)
    
    (I.R.S. Employer Identification No.)Superfund Office Building 
P.O. Box 1479
Grand Anse 
St. Georges, Grenada 
West Indies
    
    Not applicable(Address of principal executive offices)
    
    (Zip Code)
 (473) 439-2418
 Not applicable
  þ o
  o o
  Large Accelerated Filer oAccelerated Filer oNon-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
 Quadriga Superfund, L.P.
 PageFinancial StatementsStatements of Assets and Liabilities as of September 30, 2009
(unaudited) and December 31, 2008
    
    
    3Condensed Schedule of Investments as of September 30, 2009 (unaudited)
    
    
    4Condensed Schedule of Investments as of December 31, 2008
    
    
    5Statements of Operations for the three months ended September 30,
2009 (unaudited) and September 30, 2008 (unaudited) and for the nine
months ended September 30, 2009 (unaudited) and September 30, 2008
(unaudited)
    
    
    6Statements of Changes in Net Assets for the nine months ended
September 30, 2009 (unaudited) and September 30, 2008 (unaudited)
    
    
    7Statements of Cash Flows for the nine months ended September 30, 2009
(unaudited) and September 30, 2008 (unaudited)
    
    
    8
 Quadriga Superfund, L.P.
 PageFinancial StatementsStatements of Assets and Liabilities as of September 30, 2009
(unaudited) and December 31, 2008
    
    
    9Condensed Schedule of Investments as of September 30, 2009 (unaudited)
    
    
    10Condensed Schedule of Investments as of December 31, 2008
    
    
    11Statements of Operations for the three months ended September 30,
2009 (unaudited) and September 30, 2008 (unaudited) and for the nine
months ended September 30, 2009 (unaudited) and September 30, 2008
(unaudited)
    
    
    12Statements of Changes in Net Assets for the nine months ended
September 30, 2009 (unaudited) and September 30, 2008 (unaudited)
    
    
    13Statements of Cash Flows for the nine months ended September 30, 2009
(unaudited) and September 30, 2008 (unaudited)
    
    
    14Notes to Series A and Series B Unaudited Financial Statements Dated September 30, 2009
    
    
    21EX-31.1EX-31.2EX-32.1EX-32.2
  2




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A  STATEMENTS OF ASSETS AND LIABILITIES
September 30, 2009 (Unaudited) and December 31, 2008
 September 30, 2009
    
    
    December 31, 2008ASSETSUS Government securities,at fair value
(amortized cost of $14,216,725 and $31,494,929 as of
September 30, 2009, and December 31, 2008, respectively)
    
    $
    14,216,725
    
    
    $
    31,494,929Due from brokers
    
    
    18,687,495
    
    
    
    4,049,967Unrealized appreciation on open forward contracts
    
    
    281,415
    
    
    
    11,138Futures contracts sold
    
    
    
    
    
    
    109,330Futures contracts purchased
    
    
    2,380,210
    
    
    
    735,529Cash
    
    
    355,534
    
    
    
    810,576Total assets
    
    
    35,921,379
    
    
    
    37,211,469LIABILITIESUnrealized depreciation on open forward contracts
    
    
    286,401
    
    
    
    43,336Futures contracts sold
    
    
    6,196
    
    
    
    Redemptions payable
    
    
    289,382
    
    
    
    1,714,573Due to affiliate
    
    
    
    
    
    
    300,000Management fees payable
    
    
    54,996
    
    
    
    56,861Fees payable
    
    
    108,881
    
    
    
    124,365Total liabilities
    
    
    745,856
    
    
    
    2,239,135NET ASSETS
    
    $
    35,175,523
    
    
    $
    34,972,334Number of Units
    
    
    23,688.460
    
    
    
    18,098.830Net asset value per Unit
    
    $
    1,484.92
    
    
    $
    1,932.30
  3




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A
CONDENSED SCHEDULE OF INVESTMENTS
September 30, 2009 (Unaudited)
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due November 27, 2009
(amortized cost $14,216,725), securities are held in
margin accounts as collateral for open futures and
forwards
    
    $
    14,220,000
    
    
    
    40.4
    %
    
    $
    14,216,725Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    0.8
    
    
    
    281,415Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    0.8
    
    
    
    281,415Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (0.8
    )
    
    
    (286,401
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (0.8
    )
    
    
    (286,401
    )Total forward contracts, at fair value
    
    
    
    
    
    
    (0.0
    )*
    
    
    (4,986
    )Futures contracts, at fair valueFutures Contracts PurchasedCurrency
    
    
    
    
    
    
    1.6
    
    
    
    564,073Financial
    
    
    
    
    
    
    3.2
    
    
    
    1,124,891Food & Fiber
    
    
    
    
    
    
    0.3
    
    
    
    100,899Indices
    
    
    
    
    
    
    (0.1
    )
    
    
    (12,473
    )Metals
    
    
    
    
    
    
    1.7
    
    
    
    602,820Total futures contracts purchased
    
    
    
    
    
    
    6.7
    
    
    
    2,380,210Futures Contracts SoldCurrency
    
    
    
    
    
    
    0.4
    
    
    
    147,537Energy
    
    
    
    
    
    
    (0.1
    )
    
    
    (49,710
    )Food & Fiber
    
    
    
    
    
    
    0.7
    
    
    
    241,216Indices
    
    
    
    
    
    
    0.1
    
    
    
    43,023Livestock
    
    
    
    
    
    
    0.2
    
    
    
    55,210Metals
    
    
    
    
    
    
    (1.3
    )
    
    
    (443,472
    )Total futures contracts sold
    
    
    
    
    
    
    (0.0
    )*
    
    
    (6,196
    )Total futures contracts, at fair value
    
    
    
    
    
    
    6.7
    %
    
    $
    2,374,014Futures and forward contracts by country compositionEuropean Monetary Union
    
    
    
    
    
    
    1.4
    %
    
    $
    510,728Great Britain
    
    
    
    
    
    
    1.2
    
    
    
    443,010Japan
    
    
    
    
    
    
    2.6
    
    
    
    901,870United States
    
    
    
    
    
    
    1.6
    
    
    
    554,938Other
    
    
    
    
    
    
    (0.1
    )
    
    
    (41,518
    )Total futures and forward contracts by country
    
    
    
    
    
    
    6.7
    %
    
    $
    2,369,028
 
 *
    
    Due to rounding  4




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QUADRIGA SUPERFUND, L.P.  SERIES A
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 $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, swap 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
    
    
    
    
    
    
    2.3
    %
    
    $
    812,661
 
 *
    
    Due to rounding  5




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QUADRIGA SUPERFUND, L.P.  SERIES A  STATEMENTS OF OPERATIONS  (Unaudited)
 Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Investment incomeInterest income
    
    $
    7,733
    
    
    $
    176,226
    
    
    $
    31,849
    
    
    $
    814,550Total income
    
    
    7,733
    
    
    
    176,226
    
    
    
    31,849
    
    
    
    814,550ExpensesSelling commission
    
    
    340,090
    
    
    
    376,532
    
    
    
    1,044,317
    
    
    
    1,380,848Management fee
    
    
    157,292
    
    
    
    174,146
    
    
    
    482,997
    
    
    
    638,642Ongoing offering expenses
    
    
    85,022
    
    
    
    94,133
    
    
    
    261,079
    
    
    
    345,212Operating expenses
    
    
    12,754
    
    
    
    14,120
    
    
    
    39,162
    
    
    
    51,782Incentive fee
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,786,681Brokerage commissions
    
    
    175,399
    
    
    
    133,131
    
    
    
    410,850
    
    
    
    579,785Other
    
    
    3,692
    
    
    
    7,537
    
    
    
    13,118
    
    
    
    11,780Total expenses
    
    
    774,249
    
    
    
    799,599
    
    
    
    2,251,523
    
    
    
    4,794,730Net investment loss
    
    
    (766,516
    )
    
    
    (623,373
    )
    
    
    (2,219,674
    )
    
    
    (3,980,180
    )Realized and unrealized gain
(loss) on investmentsNet realized gain (loss) on futures
and forward contracts
    
    
    (1,572,831
    )
    
    
    (2,946,421
    )
    
    
    (8,566,923
    )
    
    
    11,735,085Net change in unrealized
appreciation (depreciation) on
futures and forward contracts1,748,399
    
    
    
    (2,452,818
    )
    
    
    1,556,367
    
    
    
    67,469Net gain (loss) on investments
    
    
    175,568
    
    
    
    (5,399,239
    )
    
    
    (7,010,556
    )
    
    
    11,802,554Net increase (decrease) in net assets
from operations
    
    $
    (590,948
    )
    
    $
    (6,022,612
    )
    
    $
    (9,230,230
    )
    
    $
    7,822,374Net increase (decrease) in net assets
from operations per unit (based upon
weighted average number of units
outstanding during period)
    
    $
    (25.22
    )
    
    $
    (271.05
    )
    
    $
    (436.83
    )
    
    $
    292.31Net increase (decrease) in net assets
from operations per unit (based upon
change in net asset value per unit
during period)$
    (29.47
    )
    
    $
    (270.65
    )
    
    $
    (447.38
    )
    
    $
    188.86
  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)
 2009
    
    
    2008Increase (Decrease) in net assets from operationsNet investment loss
    
    $
    (2,219,674
    )
    
    $
    (3,980,180
    )Net realized gain (loss) on futures and forward contracts
    
    
    (8,566,923
    )
    
    
    11,735,085Net change in unrealized appreciation on futures and
forward contracts1,556,367
    
    
    
    67,469Net increase (decrease) in net assets from operations
    
    
    (9,230,230
    )
    
    
    7,822,374Capital share transactionsIssuance of Units
    
    
    20,138,149
    
    
    
    4,768,309Redemption of Units
    
    
    (10,704,730
    )
    
    
    (36,477,314
    )Net increase (decrease) in net assets from capital share
transactions
    
    
    9,433,419
    
    
    
    (31,709,005
    )Net increase (decrease) in net assets
    
    
    203,189
    
    
    
    (23,886,631
    )Net assets,beginning of period
    
    
    34,972,334
    
    
    
    57,934,508Net assets,end of period
    
    $
    35,175,523
    
    
    $
    34,047,877Units,beginning of period
    
    
    18,098.830
    
    
    
    38,975.348Issuance of Units
    
    
    11,938.031
    
    
    
    2,747.546Redemption of Units
    
    
    (6,348.401
    )
    
    
    (21,399.386
    )Units,end of period
    
    
    23,688.460
    
    
    
    20,323.508
  7




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QUADRIGA SUPERFUND, L.P.  SERIES A  STATEMENTS OF CASH FLOWS  For the Nine Months Ended September 30,  (Unaudited)
 2009
    
    
    2008Cash flows from operating activitiesNet increase (decrease) in net assets from operations
    
    $
    (9,230,230
    )
    
    $
    7,822,374Adjustments 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
    
    
    (62,907,793
    )
    
    
    (120,334,035
    )Gross proceeds from sales of U.S. government securities
    
    
    80,158,355
    
    
    
    143,314,323Amortization of discounts and premiums
    
    
    27,642
    
    
    
    725,369Due from brokers
    
    
    (14,637,528
    )
    
    
    2,091,441Due to affiliate
    
    
    (300,000
    )
    
    
    (133,276
    )Unrealized appreciation on open forward contracts
    
    
    (270,277
    )
    
    
    (22,432
    )Futures contracts purchased
    
    
    (1,644,681
    )
    
    
    672,467Unrealized depreciation on open forward contracts
    
    
    243,065
    
    
    
    (655,851
    )Futures contracts sold
    
    
    115,526
    
    
    
    (61,653
    )Management fees payable
    
    
    (1,865
    )
    
    
    (38,888
    )Fees payable
    
    
    (15,484
    )
    
    
    (78,238
    )Net cash provided by (used in) operating activities
    
    
    (8,463,270
    )
    
    
    33,301,601Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    20,138,149
    
    
    
    4,768,309Redemptions, net of redemptions payable
    
    
    (12,129,921
    )
    
    
    (37,678,144
    )Net cash provided by (used in) financing activities
    
    
    8,008,228
    
    
    
    (32,909,835
    )Net increase (decrease) in cash
    
    
    (455,042
    )
    
    
    391,766Cash, beginning of period
    
    
    810,576
    
    
    
    114,554Cash, end of period
    
    $
    355,534
    
    
    $
    506,320Supplemental disclosure of non-cash financing activitiesRedemptions payable
    
    $
    289,382
    
    
    $
    1,694,843
  8




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QUADRIGA SUPERFUND, L.P.  SERIES B  STATEMENTS OF ASSETS AND LIABILITIES  September 30, 2009 (Unaudited) and December 31, 2008
 September 30, 2009
    
    
    December 31, 2008ASSETSUS Government securities, at fair value
(amortized costs of $23,329,592 and $54,825,911 as
of September 30, 2009, and December 31, 2008, respectively)
    
    $
    23,329,592
    
    
    $
    54,825,911Due from brokers
    
    
    30,074,902
    
    
    
    5,961,708Unrealized appreciation on open forward contracts
    
    
    762,354
    
    
    
    44,878Futures contracts sold
    
    
    
    
    
    
    407,977Futures contracts purchased
    
    
    6,014,780
    
    
    
    1,978,090Cash
    
    
    1,270,008
    
    
    
    668,701Total assets
    
    
    61,451,636
    
    
    
    63,887,265LIABILITIESUnrealized depreciation on open forward contracts
    
    
    745,068
    
    
    
    163,504Futures contracts sold
    
    
    150,942
    
    
    
    Redemptions payable
    
    
    807,363
    
    
    
    2,767,509Management fees payable
    
    
    93,183
    
    
    
    98,291Fees payable
    
    
    195,702
    
    
    
    240,910Total liabilities
    
    
    1,992,258
    
    
    
    3,270,214NET ASSETS
    
    $
    59,459,378
    
    
    $
    60,617,051Number of Units
    
    
    34,977.175
    
    
    
    23,305.633Net asset value per Unit
    
    $
    1,699.95
    
    
    $
    2,600.96
  9




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B  CONDENSED SCHEDULE OF INVESTMENTS  September 30, 2009 (Unaudited)
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due November 27, 2009
(amortized cost $23,329,592), securities are held in
margin accounts as collateral for open futures and
forwards
    
    $
    23,335,000
    
    
    
    39.2
    %
    
    $
    23,329,592Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    1.3
    
    
    
    762,354Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    1.3
    
    
    
    762,354Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (1.3
    )
    
    
    (745,068
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (1.3
    )
    
    
    (745,068
    )Total forward contracts, at fair value
    
    
    
    
    
    
    0.0
    *
    
    
    17,286Futures contracts, at fair valueFutures contracts purchasedCurrency
    
    
    
    
    
    
    2.4
    
    
    
    1,419,474Financial
    
    
    
    
    
    
    4.8
    
    
    
    2,839,751Food & Fiber
    
    
    
    
    
    
    0.4
    
    
    
    265,502Indices
    
    
    
    
    
    
    (0.0)
    *
    
    
    (23,962
    )Metals
    
    
    
    
    
    
    2.5
    
    
    
    1,514,015Total futures contracts purchased
    
    
    
    
    
    
    10.1
    
    
    
    6,014,780Futures contracts soldCurrency
    
    
    
    
    
    
    0.6
    
    
    
    368,733Energy
    
    
    
    
    
    
    (0.3
    )
    
    
    (159,275
    )Food & Fiber
    
    
    
    
    
    
    1.1
    
    
    
    639,494Indices
    
    
    
    
    
    
    0.2
    
    
    
    109,193Livestock
    
    
    
    
    
    
    0.2
    
    
    
    139,470Metals
    
    
    
    
    
    
    (2.0
    )
    
    
    (1,248,557
    )Total futures contracts sold
    
    
    
    
    
    
    (0.2
    )
    
    
    (150,942
    )Total futures contracts, at fair value
    
    
    
    
    
    
    9.9
    %
    
    
    5,863,838Futures and forward contracts by country compositionEuropean Monetary Community
    
    
    
    
    
    
    2.1
    %
    
    $
    1,285,247Great Britain
    
    
    
    
    
    
    1.9
    
    
    
    1,131,411Japan
    
    
    
    
    
    
    3.9
    
    
    
    2,307,253United States
    
    
    
    
    
    
    2.1
    
    
    
    1,232,868Other
    
    
    
    
    
    
    (0.1
    )
    
    
    (75,655
    )Total futures and forward contracts by country
    
    
    
    
    
    
    9.9
    %
    
    $
    5,881,124
 
 *
    
    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
    
    
    
    
    
    
    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 Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Investment incomeInterest income
    
    $
    11,475
    
    
    $
    234,976
    
    
    $
    59,119
    
    
    $
    633,188Total income
    
    
    11,475
    
    
    
    234,976
    
    
    
    59,119
    
    
    
    633,188ExpensesSelling commission
    
    
    565,705
    
    
    
    514,910
    
    
    
    1,825,381
    
    
    
    1,382,252Management fee
    
    
    261,638
    
    
    
    238,146
    
    
    
    844,238
    
    
    
    639,292Ongoing offering expenses
    
    
    141,426
    
    
    
    128,727
    
    
    
    456,345
    
    
    
    345,563Operating expenses
    
    
    21,214
    
    
    
    19,309
    
    
    
    68,452
    
    
    
    51,834Incentive fee
    
    
    
    
    
    
    
    
    
    
    301,233
    
    
    
    3,831,165Brokerage commissions
    
    
    460,024
    
    
    
    294,619
    
    
    
    1,145,959
    
    
    
    874,431Other
    
    
    3,013
    
    
    
    12,815
    
    
    
    19,024
    
    
    
    16,661Total expenses
    
    
    1,453,020
    
    
    
    1,208,526
    
    
    
    4,660,632
    
    
    
    7,141,198Net investment loss
    
    
    (1,441,545
    )
    
    
    (973,550
    )
    
    
    (4,601,513
    )
    
    
    (6,508,010
    )Realized and unrealized gain
(loss) on investmentsNet realized gain (loss) on futures
and forward contracts
    
    
    (4,459,329
    )
    
    
    (6,774,348
    )
    
    
    (25,265,671
    )
    
    
    8,513,880Net change in unrealized appreciation
(depreciation) on futures and
forward contracts
    
    
    4,264,688
    
    
    
    (4,851,385
    )
    
    
    3,613,683
    
    
    
    1,057,804Net gain (loss) on investments
    
    
    (194,641
    )
    
    
    (11,625,733
    )
    
    
    (21,651,988
    )
    
    
    9,571,684Net increase (decrease) in net assets
from operations
    
    $
    (1,636,186
    )
    
    $
    (12,599,283
    )
    
    $
    (26,253,501
    )
    
    $
    3,063,674Net increase (decrease) in net assets
from operations per unit (based upon
weighted average number of units
outstanding during period)
    
    $
    (47.24
    )
    
    $
    (511.52
    )
    
    $
    (869.39
    )
    
    $
    146.07Net increase (decrease) in net assets
from operations per unit (based upon
change in net asset value per unit
during period)
    
    $
    (53.76
    )
    
    $
    (540.12
    )
    
    $
    (901.01
    )
    
    $
    278.51
  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)
 2009
    
    
    2008Increase (decrease) in net assets from operationsNet investment loss
    
    $
    (4,601,513
    )
    
    $
    (6,508,010
    )Net realized gain (loss) on futures and forward contracts
    
    
    (25,265,671
    )
    
    
    8,513,880Net change in unrealized appreciation on futures
and forward contracts
    
    
    3,613,683
    
    
    
    1,057,804Net increase (decrease) in net assets from operations
    
    
    (26,253,501
    )
    
    
    3,063,674Capital share transactionsIssuance of Units
    
    
    39,218,868
    
    
    
    30,269,792Redemption of Units
    
    
    (14,123,040
    )
    
    
    (6,890,026
    )Net increase in net assets from capital share transactions
    
    
    25,095,828
    
    
    
    23,379,766Net increase (decrease) in net assets
    
    
    (1,157,673
    )
    
    
    26,443,440Net assets,beginning of period
    
    
    60,617,051
    
    
    
    25,855,147Net assets,end of period
    
    $
    59,459,378
    
    
    $
    52,298,587Units,beginning of period
    
    
    23,305.633
    
    
    
    14,568.812Issuance of Units
    
    
    18,082.552
    
    
    
    14,166.071Redemption of Units
    
    
    (6,411.010
    )
    
    
    (3,263.085
    )Units,end of period
    
    
    34,977.175
    
    
    
    25,471.798
  13




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B  STATEMENTS OF CASH FLOWS  For the Nine Months Ended September 30,  (Unaudited)
 2009
    
    
    2008Cash flows from operating activitiesNet increase (decrease) in net assets from operations
    
    $
    (26,253,501
    )
    
    $
    3,063,674Adjustments to reconcile net increase (decrease) in net assets
from operations to net cash used in operating activities:Changes in operating assets and liabilities:Gross purchases of U.S. government securities
    
    
    (108,196,503
    )
    
    
    (122,002,215
    )Gross sales of U.S. government securities
    
    
    139,642,182
    
    
    
    105,669,394Amortization of discounts and premiums
    
    
    50,640
    
    
    
    520,274Due from brokers
    
    
    (24,113,194
    )
    
    
    (8,461,345
    )Due from affiliate
    
    
    
    
    
    
    133,276Unrealized appreciation on open forward contracts
    
    
    (717,476
    )
    
    
    (459,962
    )Futures contracts purchased
    
    
    (4,036,690
    )
    
    
    877,783Unrealized depreciation on open forward contracts
    
    
    581,564
    
    
    
    43,220Futures contracts sold
    
    
    558,919
    
    
    
    (1,518,845
    )Management fees payable
    
    
    (5,108
    )
    
    
    39,315Fees payable
    
    
    (45,208
    )
    
    
    192,526Net cash used in operating activities
    
    
    (22,534,375
    )
    
    
    (21,902,905
    )Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    39,218,868
    
    
    
    30,269,792Redemptions, net of redemptions payable
    
    
    (16,083,186
    )
    
    
    (7,985,906
    )Net cash provided by financing activities
    
    
    23,135,682
    
    
    
    22,283,886Net increase in cash
    
    
    601,307
    
    
    
    380,981Cash, beginning of period
    
    
    668,701
    
    
    
    73,375Cash, end of period
    
    $
    1,270,008
    
    
    $
    454,356Supplemental disclosure of noncash financing activities:Redemptions payable
    
    $
    807,363
    
    
    $
    996,594
  14




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##### Table of Contents



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




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##### Table of Contents



Investment Transactions, Investment Income and Expenses
  Income Taxes
   Use of Estimates
  Recently Issued Accounting Pronouncements
 ASC 105.10.05
 Generally Accepted Accounting Principles
 ASC 810
 Consolidation
 3. Fair Value Measurements
 Fair Value Measurements
 16




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##### Table of Contents



Level 1
    
    Unadjusted quoted prices in active markets that are accessible at
the measurement date for identical, unrestricted assets or
liabilities;Level 2
    
    Quoted prices in markets that are not considered to be active or
financial instruments for which all significant inputs are
observable, either directly or indirectly;Level 3
    
    Prices or valuations that require inputs that are both significant
to the fair value measurement and unobservable.
  U.S. Government Securities.
 Derivative Contracts.
    17




---



##### Table of Contents



BalanceSeptember 30, 2009
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government
securities
    
    $
    14,216,725
    
    
    $
    
    
    
    $
    14,216,725
    
    
    $
    Unrealized
appreciation on
open forward
contracts
    
    
    281,415
    
    
    
    
    
    
    
    281,415
    
    
    
    Futures contracts
purchased
    
    
    2,380,210
    
    
    
    2,380,210
    
    
    
    
    
    
    
    Total Assets
Measured at Fair
Value
    
    $
    16,878,350
    
    
    $
    2,380,210
    
    
    $
    14,498,140
    
    
    $
    LIABILITIESUnrealized depreciation on
open forward contracts
    
    $
    286,401
    
    
    $
    
    
    
    $
    286,401
    
    
    $
    Futures contracts sold
    
    
    6,196
    
    
    
    6,196
    
    
    
    
    
    
    
    Total Liabilities Measured
at Fair Value
    
    $
    292,597
    
    
    $
    6,196
    
    
    $
    286,401
    
    
    $
    
  BalanceSeptember 30, 2009
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government
securities
    
    $
    23,329,592
    
    
    $
    
    
    
    $
    23,329,592
    
    
    $
    Unrealized
appreciation on
open forward
contracts
    
    
    762,354
    
    
    
    
    
    
    
    762,354
    
    
    
    Futures contracts
purchased
    
    
    6,014,780
    
    
    
    6,014,780
    
    
    
    
    
    
    
    Total Assets
Measured at Fair
Value
    
    $
    30,106,726
    
    
    $
    6,014,780
    
    
    $
    24,091,946
    
    
    $
    
 18




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##### Table of Contents



BalanceSeptember 30, 2009
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3LIABILITIESUnrealized
depreciation on
open forward
contracts
    
    $
    745,068
    
    
    $
    
    
    
    $
    745,068
    
    
    $
    Futures contracts
sold
    
    
    150,942
    
    
    
    150,942
    
    
    
    
    
    
    
    Total Liabilities
Measured at Fair
Value
    
    $
    896,010
    
    
    $
    150,942
    
    
    $
    745,068
    
    
    $
    
 Series A:
 BalanceDecember 31, 2008
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government
securities
    
    $
    31,494,929
    
    
    $
    
    
    
    $
    31,494,929
    
    
    $
    Unrealized
appreciation on
open forward
contracts
    
    
    11,138
    
    
    
    
    
    
    
    11,138
    
    
    
    Futures contracts
purchased
    
    
    735,529
    
    
    
    735,529
    
    
    
    
    
    
    
    Futures contracts
sold
    
    
    109,330
    
    
    
    109,330Total Assets
Measured at Fair
Value
    
    $
    32,350,926
    
    
    $
    844,859
    
    
    $
    31,506,067
    
    
    $
    LIABILITIESUnrealized
depreciation on
open forward
contracts
    
    $
    43,336
    
    
    $
    
    
    
    $
    43,336
    
    
    $
    Total Liabilities
Measured at Fair
Value
    
    $
    43,336
    
    
    $
    
    
    
    $
    43,336
    
    
    $
    
 19




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##### Table of Contents



Series B:
 BalanceDecember 31, 2008
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government
securities
    
    $
    54,825,911
    
    
    $
    
    
    
    $
    54,825,911
    
    
    $
    Unrealized
appreciation on open
forward contracts
    
    
    44,878
    
    
    
    
    
    
    
    44,878
    
    
    
    Futures contracts
purchased
    
    
    1,978,090
    
    
    
    1,978,090
    
    
    
    
    
    
    
    Futures contracts sold
    
    
    407,977
    
    
    
    407,977Total Assets Measured
at Fair Value
    
    $
    57,256,856
    
    
    $
    2,386,067
    
    
    $
    54,870,789
    
    
    $
    LIABILITIESUnrealized
depreciation on open
forward contracts
    
    $
    163,504
    
    
    $
    
    
    
    $
    163,504
    
    
    $
    Total Liabilities
Measured at Fair
Value
    
    $
    163,504
    
    
    $
    
    
    
    $
    163,504
    
    
    $
    
 4. Disclosure of derivative instruments and hedging activities
 Disclosures about Derivative Instruments and Hedging Activities
   20




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##### Table of Contents



Series A:
 As of September 30, 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
    
    $
    245,600
    
    
    
    0.7
    
    
    $
    (9,324
    )
    
    
    (0.0)
    *
    
    $
    35,815
    
    
    
    0.1
    
    
    $
    (277,077
    )
    
    
    (0.8
    )
    
    $
    (4,986
    )Currency
    
    
    564,185
    
    
    
    1.6
    
    
    
    (112
    )
    
    
    (0.0)
    *
    
    
    158,588
    
    
    
    0.5
    
    
    
    (11,051
    )
    
    
    (0.0)
    *
    
    
    711,610Financial
    
    
    1,220,494
    
    
    
    3.5
    
    
    
    (95,603
    )
    
    
    (0.3
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,124,891Food & Fiber
    
    
    107,844
    
    
    
    0.3
    
    
    
    (6,945
    )
    
    
    (0.0)
    *
    
    
    276,827
    
    
    
    0.8
    
    
    
    (35,611
    )
    
    
    (0.1
    )
    
    
    342,115Indices
    
    
    19,620
    
    
    
    0.1
    
    
    
    (32,093
    )
    
    
    (0.1
    )
    
    
    54,183
    
    
    
    0.2
    
    
    
    (11,160
    )
    
    
    (0.0)
    *
    
    
    30,550Metals
    
    
    643,700
    
    
    
    1.8
    
    
    
    (40,880
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    (443,472
    )
    
    
    (1.3
    )
    
    
    159,348Livestock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    56,650
    
    
    
    0.2
    
    
    
    (1,440
    )
    
    
    (0.0)
    *
    
    
    55,210Energy
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    195,033
    
    
    
    0.6
    
    
    
    (244,743
    )
    
    
    (0.7
    )
    
    
    (49,710
    )Totals
    
    $
    2,801,443
    
    
    
    8.0
    
    
    $
    (184,957
    )
    
    
    (0.5
    )
    
    $
    777,096
    
    
    
    2.4
    
    
    $
    (1,024,554
    )
    
    
    (2.9
    )
    
    $
    (2,369,028
    )
 
 *
    
    Due to rounding  For the three months ended September 30, 2009Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGain (Losses)
    
    
    Gains (Losses)
    
    
    Gains (Losses)Foreign Exchange
    
    $
    (403,423
    )
    
    $
    76,366
    
    
    $
    (327,057
    )Currency
    
    
    (761,894
    )
    
    
    733,762
    
    
    
    (28,132
    )Financial
    
    
    657,336
    
    
    
    408,426
    
    
    
    1,065,762Food & Fiber
    
    
    104,660
    
    
    
    9,777
    
    
    
    114,437Indices
    
    
    (1,176,553
    )
    
    
    247,613
    
    
    
    (928,940
    )Metals
    
    
    (800,340
    )
    
    
    643,882
    
    
    
    (156,458
    )Livestock
    
    
    205,680
    
    
    
    (68,350
    )
    
    
    137,330Energy
    
    
    601,703
    
    
    
    (303,077
    )
    
    
    298,626Total net trading gains (losses)
    
    $
    (1,572,831
    )
    
    $
    1,748,399
    
    
    $
    175,568
 For the nine months ended September 30, 2009Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGain (Losses)
    
    
    Gains (Losses)
    
    
    Gains (Losses)Foreign Exchange
    
    $
    (1,103,932
    )
    
    $
    27,212
    
    
    $
    (1,076,720
    )Currency
    
    
    (1,836,866
    )
    
    
    572,449
    
    
    
    (1,264,417
    )Financial
    
    
    (341,791
    )
    
    
    615,063
    
    
    
    273,272Food & Fiber
    
    
    (578,613
    )
    
    
    349,080
    
    
    
    (229,533
    )Indices
    
    
    (1,781,985
    )
    
    
    14,781
    
    
    
    (1,767,204
    )Metals
    
    
    (1,320,104
    )
    
    
    84,213
    
    
    
    (1,235,891
    )Livestock
    
    
    185,040
    
    
    
    31,810
    
    
    
    216,850Energy
    
    
    (1,788,672
    )
    
    
    (138,241
    )
    
    
    (1,926,913
    )Total net trading gains (losses)
    
    $
    (8,566,923
    )
    
    $
    1,556,367
    
    
    $
    (7,010,556
    )
 21




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##### Table of Contents



Series B:
 As of September 30, 2009Long Positions Gross Unrealized
    
    
    Short Position Gross UnrealizedNetUnrealized% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    Gain (Loss)Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    on OpenGains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Gains
    
    
    assets
    
    
    Losses
    
    
    Assets
    
    
    PositionsForeign
Exchange
    
    $
    667,147
    
    
    
    1.1
    
    
    $
    (28,146
    )
    
    
    (0.0)
    *
    
    $
    95,207
    
    
    
    0.2
    
    
    $
    (716,922
    )
    
    
    (1.2
    )
    
    $
    17,286Currency
    
    
    1,420,136
    
    
    
    2.4
    
    
    
    (662
    )
    
    
    (0.0)
    *
    
    
    397,463
    
    
    
    0.7
    
    
    
    (28,730
    )
    
    
    (0.0)
    *
    
    
    1,788,207Financial
    
    
    3,084,631
    
    
    
    5.2
    
    
    
    (244,880
    )
    
    
    (0.4
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,839,751Food & Fiber
    
    
    285,632
    
    
    
    0.5
    
    
    
    (20,130
    )
    
    
    (0.0)
    *
    
    
    728,163
    
    
    
    1.2
    
    
    
    (88,669
    )
    
    
    (0.1
    )
    
    
    904,996Indices
    
    
    55,046
    
    
    
    0.1
    
    
    
    (79,008
    )
    
    
    (0.1
    )
    
    
    141,669
    
    
    
    0.2
    
    
    
    (32,476
    )
    
    
    (0.1
    )
    
    
    85,231Metals
    
    
    1,619,070
    
    
    
    2.7
    
    
    
    (105,055
    )
    
    
    (0.2
    )
    
    
    
    
    
    
    
    
    
    
    (1,248,557
    )
    
    
    (2.1
    )
    
    
    265,458Livestock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    141,120
    
    
    
    0.2
    
    
    
    (1,650
    )
    
    
    (0.0)
    *
    
    
    139,470Energy
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    528,568
    
    
    
    0.9
    
    
    
    (687,843
    )
    
    
    (1.2
    )
    
    
    (159,275
    )Totals
    
    $
    7,131,662
    
    
    
    12.0
    
    
    $
    (477,881
    )
    
    
    (0.7
    )
    
    $
    2,032,190
    
    
    
    3.4
    
    
    $
    (2,804,847
    )
    
    
    (4.7
    )
    
    $
    5,881,124
 
 *
    
    Due to rounding  For the three months ended September 30, 2009Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGain (Losses)
    
    
    Gains (Losses)
    
    
    Gains (Losses)Foreign Exchange
    
    $
    (1,093,989
    )
    
    $
    235,703
    
    
    $
    (858,286
    )Currency
    
    
    (2,030,970
    )
    
    
    1,844,372
    
    
    
    (186,598
    )Financial
    
    
    1,713,401
    
    
    
    946,775
    
    
    
    2,660,176Food & Fiber
    
    
    272,848
    
    
    
    26,738
    
    
    
    299,586Indices
    
    
    (3,164,392
    )
    
    
    671,663
    
    
    
    (2,492,729
    )Metals
    
    
    (2,148,270
    )
    
    
    1,554,573
    
    
    
    (593,697
    )Livestock
    
    
    529,620
    
    
    
    (183,800
    )
    
    
    345,820Energy
    
    
    1,462,423
    
    
    
    (831,336
    )
    
    
    631,087Total net trading gains (losses)
    
    $
    (4,459,329
    )
    
    $
    4,264,688
    
    
    $
    (194,641
    )
 For the nine months ended September 30, 2009Change in NetNet Realized
    
    
    Unrealized
    
    
    Net TradingGain (Losses)
    
    
    Gains (Losses)
    
    
    Gains (Losses)Foreign Exchange
    
    $
    (3,376,565
    )
    
    $
    135,912
    
    
    $
    (3,240,653
    )Currency
    
    
    (5,145,643
    )
    
    
    1,404,523
    
    
    
    (3,741,120
    )Financial
    
    
    (873,957
    )
    
    
    1,334,984
    
    
    
    461,027Food & Fiber
    
    
    (1,850,629
    )
    
    
    958,032
    
    
    
    (892,597
    )Indices
    
    
    (5,281,516
    )
    
    
    101,626
    
    
    
    (5,179,890
    )Metals
    
    
    (3,973,282
    )
    
    
    82,453
    
    
    
    (3,890,829
    )Livestock
    
    
    500,040
    
    
    
    75,360
    
    
    
    575,400Energy
    
    
    (5,264,119
    )
    
    
    (479,207
    )
    
    
    (5,743,326
    )Total net trading gains (losses)
    
    $
    (25,265,671
    )
    
    $
    3,613,683
    
    
    $
    (21,651,988
    )
 22




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5. Due from/to brokers
   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*
    
    
    (23.2
    )%
    
    
    (34.3
    )%
    
    
    18.2
    %
    
    
    25.3
    %Incentive fees*
    
    
    0.0
    %
    
    
    0.03
    %
    
    
    5.5
    %
    
    
    9.6
    %Total return after incentive fees*
    
    
    (23.2
    )%
    
    
    (34.6
    )%
    
    
    12.7
    %
    
    
    15.7
    %
 23




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##### Table of Contents



2009
    
    
    2008Series A
    
    
    Series B
    
    
    Series A
    
    
    Series BRatios to average partners capital **Operating expenses before incentive fees
    
    
    8.6
    %
    
    
    9.5
    %
    
    
    8.6
    %
    
    
    10.2
    %Incentive fees
    
    
    0.0
    %
    
    
    0.7
    %
    
    
    3.8
    %
    
    
    8.8
    %Total expenses
    
    
    8.6
    %
    
    
    10.2
    %
    
    
    12.4
    %
    
    
    19.0
    %Net investment loss before incentive fees
    
    
    (8.5
    )%
    
    
    (9.4
    )%
    
    
    (6.3
    )%
    
    
    (8.2
    )%Net asset value per unit, beginning of period
    
    $
    1,932.30
    
    
    
    2,600.96
    
    
    $
    1,486.44
    
    
    $
    1,774.69Net investment loss
    
    
    (106.20
    )
    
    
    (154.92
    )
    
    
    (147.95
    )
    
    
    (309.47
    )Net gain (loss) on investments
    
    
    (341.18
    )
    
    
    (746.09
    )
    
    
    336.81
    
    
    
    587.98Net asset value per unit, end of period
    
    $
    1,484.92
    
    
    $
    1,699.95
    
    
    $
    1,675.30
    
    
    $
    2,053.20
 
 *
    
    Not annualized**
    
    Annualized, except for incentive fees  2009
    
    
    2008Series A
    
    
    Series B
    
    
    Series A
    
    
    Series BTotal return before incentive fees*
    
    
    (1.9
    )%
    
    
    (3.1
    )%
    
    
    (13.9
    )%
    
    
    (20.8
    )%Incentive fees*
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %Total return after incentive fees*
    
    
    (1.9
    )%
    
    
    (3.1
    )%
    
    
    (13.9
    )%
    
    
    (20.8
    )%Ratios to average partners capital **Operating expenses before incentive fees
    
    
    9.1
    %
    
    
    10.2
    %
    
    
    8.2
    %
    
    
    9.1
    %Incentive fees
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %Total expenses
    
    
    9.1
    %
    
    
    10.2
    %
    
    
    8.2
    %
    
    
    9.1
    %Net investment loss before incentive fees
    
    
    (9.0
    )%
    
    
    (10.2
    )%
    
    
    (6.4
    )%
    
    
    (7.3
    )%Net asset value per unit, beginning of period
    
    $
    1,514.39
    
    
    $
    1,753.71
    
    
    $
    1,945.95
    
    
    $
    2,593.32Net investment loss
    
    
    (33.14
    )
    
    
    (42.38
    )
    
    
    (28.05
    )
    
    
    (39.52
    )Net loss on investments
    
    
    3.67
    
    
    
    (11.38
    )
    
    
    (242.60
    )
    
    
    (500.60
    )Net asset value per unit, end of period
    
    $
    1,484.92
    
    
    $
    1,699.95
    
    
    $
    1,675.30
    
    
    $
    2,053.20
 
 *
    
    Not annualized**
    
    Annualized, except for incentive fees  9. Financial instrument risk
  24




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10. Subscriptions and redemptions
   25




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11. Subsequent events
            26




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Three Months ended September 30, 2009
     rd
    27




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Three Months ended June 30, 2009
     nd
   28




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##### Table of Contents



Three Months ended March 31, 2009
     st
  29




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30




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##### Table of Contents



Three Months ended September 30, 2008
     rd
    31




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Three Months ended June 30, 2008
     nd
     32




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##### Table of Contents



Three Months ended March 31, 2008
     st
      33




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##### Table of Contents



ASC 105.10.05
 Generally
Accepted Accounting Principles
 ASC 810
  34




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35




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##### Table of Contents



Item 1. Legal Proceedings.
  Item 1A. Risk Factors
  Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
    Month
    
    Units Redeemed
    
    NAV per Unit ($)July 31, 2009
    
    
    572.863
    
    
    
    1,395.29August 31, 2009
    
    
    322.135
    
    
    
    1,444.35September 30, 2009
    
    
    194.880
    
    
    
    1,484.921,089.878
  Month
    
    Units Redeemed
    
    NAV per Unit ($)July 31, 2009
    
    
    472.025
    
    
    
    1,539.06August 31, 2009
    
    
    460.100
    
    
    
    1,625.56September 30, 2009
    
    
    428.227
    
    
    
    1,699.951,360.352
 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 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
 36




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##### Table of Contents



SIGNATURES
  Date: November 16, 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




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##### Table of Contents



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