##### 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, 2008
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to
 Commission
File number: 000-51634
 QUADRIGA SUPERFUND, L.P.
  Delaware
    
    98-0375395(State)
    
    (IRS Employer Identification No.)Otway BuildingP.O. Box 1479Grand AnseSt. Georges, GrenadaWest Indies
    
    N/A(Address of Principal Executive Offices)
    
    (Zip Code)
 (Registrants telephone number, including area code)
 þ o
  Large accelerated filer
o
    
    Accelerated filer o
    
    Non-accelerated filer
þ
    
    Smaller reporting company o(Do not check if a smaller reporting company)
 o þ




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##### 



PART I  FINANCIAL INFORMATION
 ITEM 1. FINANCIAL STATEMENTS
  PageFinancial Statements (unaudited)Statements of Assets and Liabilities as of March 31, 2008
and December 31, 2007
    
    
    3Condensed Schedule of Investments as of March 31, 2008
    
    
    4Condensed Schedule of Investments as of December 31, 2007
    
    
    5Statements of Operations for the three months ended March 31, 2008 and
March 31, 2007
    
    
    6Statements of Changes in Net Assets for the three months ended March 31, 2008
and March 31, 2007
    
    
    7Statements of Cash Flows for the three months ended March 31, 2008 and
March 31, 2007
    
    
    8CertificationCertificationSection 1350 CertificationSection 1350 Certification
   PageFinancial Statements (unaudited)Statements of Assets and Liabilities as of March 31, 2008
and December 31, 2007
    
    
    9Condensed Schedule of Investments as of March 31, 2008
    
    
    10Condensed Schedule of Investments as of December 31, 2007
    
    
    11Statements of Operations for the three months ended March 31, 2008 and March
31, 2007
    
    
    12Statements of Changes in Net Assets for the three months ended March 31, 2008 and
March 31, 2007
    
    
    13Statements of Cash Flows for the three months ended March 31, 2008 and March 31, 2007
    
    
    14Notes to Series A and Series B Unaudited Financial Statements Dated March 31, 2008
    
    
    15-21
 2




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A
 
 STATEMENTS OF ASSETS AND LIABILITIES
March 31, 2008 (Unaudited) and December 31, 2007
 March 31, 2008
    
    
    December 31, 2007ASSETSUS
Government securities, at fair value (amortized costs of $41,159,818 and $55,219,759 as of
March 31, 2008 and December 31, 2007, respectively)
    
    $
    41,159,818
    
    
    $
    55,219,759Due from brokers
    
    
    7,166,430
    
    
    
    5,505,137Due from affiliate
    
    
    56,808
    
    
    
    Unrealized appreciation on open forward contracts
    
    
    944,934
    
    
    
    229,714Futures contracts sold
    
    
    
    
    
    
    758,252Futures contracts purchased
    
    
    1,717,864
    
    
    
    366,012Cash
    
    
    109,263
    
    
    
    114,554Total assets
    
    
    51,155,117
    
    
    
    62,193,428LIABILITIESUnrealized depreciation on open forward contracts
    
    
    493,655
    
    
    
    918,468Futures contracts sold
    
    
    48,956
    
    
    
    Redemptions payable
    
    
    7,397,009
    
    
    
    2,895,673Due to affiliate
    
    
    
    
    
    
    133,276Fees payable
    
    
    558,370
    
    
    
    311,503Total liabilities
    
    
    8,497,990
    
    
    
    4,258,920NET ASSETS
    
    $
    42,657,127
    
    
    $
    57,934,508Number of Units
    
    
    24,456.415
    
    
    
    38,975.348Net asset value per Unit
    
    $
    1,744.21
    
    
    $
    1,486.44
  3




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A
 
 CONDENSED SCHEDULE OF INVESTMENTS
March 31, 2008 (Unaudited)
 PercentageofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due May 31, 2008
(amortized cost $41,159,818), securities are held in margin accounts as
collateral for open futures and forwards
    
    $
    41,300,000
    
    
    
    96.5
    %
    
    $
    41,159,818Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrencies
    
    
    
    
    
    
    2.2
    
    
    
    944,934Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    2.2
    
    
    
    944,934Unrealized depreciation on forward contractsCurrencies
    
    
    
    
    
    
    (1.1
    )
    
    
    (493,655
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (1.1
    )
    
    
    (493,655
    )Total forward contracts, at fair value
    
    
    
    
    
    
    1.1
    
    
    
    451,279Futures contracts, at fair valueFutures Contracts PurchasedCurrency
    
    
    
    
    
    
    1.4
    
    
    
    612,630Energy
    
    
    
    
    
    
    0.2
    
    
    
    84,306Financial
    
    
    
    
    
    
    2.9
    
    
    
    1,227,720Food & Fiber
    
    
    
    
    
    
    (0.7
    )
    
    
    (298,738
    )Indices
    
    
    
    
    
    
    0.0
    *
    
    
    (4,456
    )Metals
    
    
    
    
    
    
    0.2
    
    
    
    96,402Total futures contracts purchased
    
    
    
    
    
    
    4.0
    
    
    
    1,717,864Futures Contracts SoldCurrency
    
    
    
    
    
    
    (0.1
    )
    
    
    (27,580
    )Financial
    
    
    
    
    
    
    0.2
    
    
    
    84,403Indices
    
    
    
    
    
    
    0.0
    *
    
    
    15,566Livestock
    
    
    
    
    
    
    0.6
    
    
    
    239,480Metals
    
    
    
    
    
    
    (0.8
    )
    
    
    (360,825
    )Total futures contracts sold
    
    
    
    
    
    
    (0.1
    )
    
    
    (48,956
    )Total futures contracts, at fair value
    
    
    
    
    
    
    3.9
    %
    
    $
    1,668,908Futures and forward contracts by country compositionEuropean Monetary Union
    
    
    
    
    
    
    1.4
    
    
    
    577,569Japan
    
    
    
    
    
    
    2.9
    
    
    
    1,223,153United States
    
    
    
    
    
    
    0.3
    
    
    
    125,157Other
    
    
    
    
    
    
    0.4
    
    
    
    194,308Total futures and forward contracts by country
    
    
    
    
    
    
    5.0
    %
    
    $
    2,120,187
 
 *
    
    Due to rounding  4




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A
 
 CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2007
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due February 28, 2008
(amortized cost $55,219,759), securities are held in margin
accounts as collateral for open futures and forwards
    
    $
    55,500,000
    
    
    
    95.3
    %
    
    $
    55,219,759Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    0.4
    
    
    
    229,714Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    0.4
    
    
    
    229,714Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (1.6
    )
    
    
    (918,468
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (1.6
    )
    
    
    (918,468
    )Total forward contracts, at fair value
    
    
    
    
    
    
    (1.2
    )
    
    
    (688,754
    )Futures Contracts, at fair valueFutures Contracts PurchasedCurrency
    
    
    
    
    
    
    (0.3
    )
    
    
    (153,958
    )Energy
    
    
    
    
    
    
    0.6
    
    
    
    326,355Financial
    
    
    
    
    
    
    0.2
    
    
    
    135,282Food & Fiber
    
    
    
    
    
    
    0.0
    *
    
    
    12,542Indices
    
    
    
    
    
    
    (0.1
    )
    
    
    (77,845
    )Livestock
    
    
    
    
    
    
    (0.0
    )*
    
    
    (3,100
    )Metals
    
    
    
    
    
    
    0.2
    
    
    
    126,736Total futures contracts purchased
    
    
    
    
    
    
    0.6
    
    
    
    366,012Futures Contracts SoldCurrency
    
    
    
    
    
    
    (0.0
    )*
    
    
    (6,020
    )Energy
    
    
    
    
    
    
    0.0
    *
    
    
    31,270Financial
    
    
    
    
    
    
    0.5
    
    
    
    269,688Food & Fiber
    
    
    
    
    
    
    (0.0
    )*
    
    
    (20,205
    )Livestock
    
    
    
    
    
    
    0.1
    
    
    
    85,950Metals
    
    
    
    
    
    
    0.7
    
    
    
    397,569Total futures contracts sold
    
    
    
    
    
    
    1.3
    
    
    
    758,252Total futures contracts, at fair value
    
    
    
    
    
    
    1.9
    %
    
    $
    1,124,264Futures, swap and forward contracts by country compositionEuropean Monetary Union
    
    
    
    
    
    
    (0.3
    )%
    
    $
    (160,775
    )Japan
    
    
    
    
    
    
    0.5
    
    
    
    329,554United States
    
    
    
    
    
    
    1.3
    
    
    
    756,824Other
    
    
    
    
    
    
    (0.8
    )
    
    
    (490,093
    )Total futures and forward contracts by country
    
    
    
    
    
    
    0.7
    %
    
    $
    435,510
 
 *
    
    Due to rounding  5




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A
 
 STATEMENTS OF OPERATIONS
(Unaudited)
 Three Months EndedMarch 31,2008
    
    
    2007Investment incomeInterest income
    
    $
    408,887
    
    
    $
    847,926Other income
    
    
    
    
    
    
    972Total income
    
    
    408,887
    
    
    
    848,898ExpensesManagement fee
    
    
    266,434
    
    
    
    299,988Organization and offering expenses
    
    
    144,018
    
    
    
    162,155Operating expenses
    
    
    21,603
    
    
    
    24,323Selling commission
    
    
    576,074
    
    
    
    648,622Incentive fee
    
    
    364,515
    
    
    
    Brokerage commissions
    
    
    290,178
    
    
    
    470,143Other
    
    
    1,193
    
    
    
    1,526Total expenses
    
    
    1,664,015
    
    
    
    1,606,757Net investment loss
    
    
    (1,255,128
    )
    
    
    (757,859
    )Realized and unrealized gain
(loss) on investmentsNet realized gain (loss) on futures
and forward contracts
    
    
    8,982,683
    
    
    
    (7,101,036
    )Net change in unrealized appreciation
on futures and forward contracts
    
    
    1,684,678
    
    
    
    (5,246,678
    )Net gain (loss) on investments
    
    
    10,667,361
    
    
    
    (12,347,714
    )Net increase (decrease) in
net assets from operations
    
    $
    9,412,233
    
    
    $
    (13,105,573
    )Net increase (decrease) in net assets from
operations per unit (based upon weighted
average number of units outstanding during
period)
    
    $
    267.29
    
    
    $
    (272.71
    )Net increase (decrease) in net assets from
operations per unit (based upon change in net
asset value per unit during period)
    
    $
    257.77
    
    
    $
    (273.20
    )
  6




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A
 
 STATEMENTS OF CHANGES IN NET ASSETS
For the Three Months Ended March 31,
(Unaudited)
 2008
    
    
    2007Increase (decrease) in net assets from operationsNet investment loss
    
    $
    (1,255,128
    )
    
    $
    (757,859
    )Net realized gain (loss) on futures and forward contracts
    
    
    8,982,683
    
    
    
    (7,101,036
    )Net change in unrealized appreciation (depreciation) on
futures and forward contracts
    
    
    1,684,678
    
    
    
    (5,246,678
    )Net increase (decrease) in net assets from operations
    
    
    9,412,233
    
    
    
    (13,105,573
    )Capital share transactionsIssuance of Units
    
    
    1,060,309
    
    
    
    1,851,810Redemption of Units
    
    
    (25,749,923
    )
    
    
    (2,548,269
    )Net increase (decrease) in net assets from capital share
transactions
    
    
    (24,689,614
    )
    
    
    (696,459
    )Net increase (decrease) in net assets
    
    
    (15,277,381
    )
    
    
    (13,802,032
    )Net assets,beginning of period
    
    
    57,934,508
    
    
    
    72,305,161Net assets,end of period
    
    $
    42,657,127
    
    
    $
    58,503,129Units,beginning of period
    
    
    38,975.348
    
    
    
    48,197.014Issuance of Units
    
    
    686.614
    
    
    
    1,328.339Redemption of Units
    
    
    (15,205.547
    )
    
    
    (1,845.660
    )Units,end of period
    
    
    24,456.415
    
    
    
    47,679.693
  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)
 2008
    
    
    2007Cash flows from operating activitiesNet increase (decrease) in net assets from operations
    
    $
    9,412,233
    
    
    $
    (13,105,573
    )Adjustments to reconcile net increase (decrease) in net assets from
operations to net cash provided by operating activities:Changes in operating assets and liabilities:Gross purchases of U.S. government securities
    
    
    (71,292,043
    )
    
    
    (65,585,182
    )Gross proceeds from sales of U.S. government securities
    
    
    84,982,984
    
    
    
    67,095,343Amortization of discounts and premiums
    
    
    369,000
    
    
    
    749,032Due from brokers
    
    
    (1,661,293
    )
    
    
    8,464,073Due to affiliate
    
    
    (133,276
    )
    
    
    Due from affiliate
    
    
    (56,808
    )
    
    
    Unrealized appreciation (depreciation) on open
forward contracts
    
    
    (715,220
    )
    
    
    (285,609
    )Futures contracts purchased
    
    
    (1,351,852
    )
    
    
    265,698Unrealized depreciation on open forward contracts
    
    
    (424,813
    )
    
    
    (759,070
    )Futures contracts sold
    
    
    807,208
    
    
    
    6,025,660Fees payable
    
    
    246,867
    
    
    
    (93,663
    )Net cash provided by operating activities
    
    
    20,182,987
    
    
    
    2,770,709Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    1,060,309
    
    
    
    2,087,810Redemptions, net of change in redemptions payable
    
    
    (21,248,587
    )
    
    
    (4,709,098
    )Net cash used in financing activities
    
    
    (20,188,278
    )
    
    
    (2,621,288
    )Net increase (decrease) in cash
    
    
    (5,291
    )
    
    
    149,421Cash, beginning of period
    
    
    114,554
    
    
    
    555,433Cash, end of period
    
    $
    109,263
    
    
    $
    704,854Supplemental disclosure of non-cash financing activities2007 subscriptions received in 2006
    
    
    
    
    
    $
    277,500Redemptions payable
    
    $
    7,397,009
  8




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
 
 STATEMENTS OF ASSETS AND LIABILITIES
March 31, 2008 (Unaudited) and December 31, 2007
 March 31, 2008
    
    
    December 31, 2007ASSETSUS
Government securities, at fair value (amortized costs of $21,960,844 and $24,013,695 as of
March 31, 2008 and December 31, 2007, respectively)
    
    $
    21,960,844
    
    
    $
    24,013,695Due from brokers
    
    
    18,790,803
    
    
    
    3,513,469Due from affiliates
    
    
    
    
    
    
    133,276Unrealized appreciation on open forward contracts
    
    
    1,125,426
    
    
    
    156,446Futures contracts sold
    
    
    9,158
    
    
    
    501,945Futures contracts purchased
    
    
    1,171,951
    
    
    
    233,786Cash
    
    
    537,116
    
    
    
    73,375Total assets
    
    
    43,595,298
    
    
    
    28,625,992LIABILITIESUnrealized depreciation on open forward contracts
    
    
    591,651
    
    
    
    607,349Redemptions payable
    
    
    1,697,042
    
    
    
    2,092,474Fees payable
    
    
    545,100
    
    
    
    71,022Total liabilities
    
    
    2,833,793
    
    
    
    2,770,845NET ASSETS
    
    $
    40,761,505
    
    
    $
    25,855,147Number of Units
    
    
    18,757.956
    
    
    
    14,568.812Net asset value per Unit
    
    $
    2,173.02
    
    
    $
    1,774.69
  9




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
 
 CONDENSED SCHEDULE OF INVESTMENTS
March 31, 2008 (Unaudited)
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due May 29, 2008
(amortized cost $21,960,844), securities are held in
margin accounts as collateral for open futures
and forwards
    
    $
    22,035,000
    
    
    
    53.9
    %
    
    $
    21,960,844Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    2.8
    
    
    
    1,125,426Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    2.8
    
    
    
    1,125,426Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (1.5
    )
    
    
    (591,651
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (1.5
    )
    
    
    (591,651
    )Total forward contracts, at fair value
    
    
    
    
    
    
    1.3
    
    
    
    533,775Futures contracts, at fair valueFutures contracts purchasedCurrency
    
    
    
    
    
    
    1.8
    
    
    
    723,890Energy
    
    
    
    
    
    
    (0.1
    )
    
    
    (26,103
    )Financial
    
    
    
    
    
    
    3.3
    
    
    
    1,329,130Food & Fiber
    
    
    
    
    
    
    (1.4
    )
    
    
    (555,172
    )Indices
    
    
    
    
    
    
    
    *
    
    
    (5,752
    )Metals
    
    
    
    
    
    
    (0.7
    )
    
    
    (294,042
    )Total futures contracts purchased
    
    
    
    
    
    
    2.9
    
    
    
    1,171,951Futures contracts soldCurrency
    
    
    
    
    
    
    (0.1
    )
    
    
    (32,170
    )Financial
    
    
    
    
    
    
    (0.1
    )
    
    
    (22,528
    )Indices
    
    
    
    
    
    
    0.1
    
    
    
    18,950Livestock
    
    
    
    
    
    
    0.7
    
    
    
    285,630Metals
    
    
    
    
    
    
    (0.6
    )
    
    
    (240,724
    )Total futures contracts sold
    
    
    
    
    
    
    
    *
    
    
    9,158Total futures contracts, at fair value
    
    
    
    
    
    
    2.9
    %
    
    $
    1,181,109Futures and forward contracts by country compositionEuropean Monetary Union
    
    
    
    
    
    
    1.5
    %
    
    $
    605,572Japan
    
    
    
    
    
    
    3.5
    
    
    
    1,423,460United States
    
    
    
    
    
    
    (1.1
    )
    
    
    (452,197
    )Other
    
    
    
    
    
    
    0.3
    
    
    
    138,049Total futures and forward contracts by country
    
    
    
    
    
    
    4.2
    %
    
    $
    1,714,884
 
 *
    
    Due to rounding  10




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
 
 CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2007
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due February 28, 2008
(amortized cost $24,013,695), securities are held
in margin accounts as collateral for open futures
and forwards
    
    $
    24,135,000
    
    
    
    92.9
    %
    
    $
    24,013,695Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    0.6
    
    
    
    156,446Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    0.6
    
    
    
    156,446Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (2.3
    )
    
    
    (607,349
    )Total unrealized depreciation on
forward contracts
    
    
    
    
    
    
    (2.3
    )
    
    
    (607,349
    )Total forward contracts, at fair value
    
    
    
    
    
    
    (1.7
    )
    
    
    (450,903
    )Futures contracts, at fair valueFutures contracts purchasedCurrency
    
    
    
    
    
    
    (0.3
    )
    
    
    (97,491
    )Energy
    
    
    
    
    
    
    0.8
    
    
    
    216,449Financial
    
    
    
    
    
    
    0.3
    
    
    
    75,979Food & Fiber
    
    
    
    
    
    
    0.0
    *
    
    
    9,762Indices
    
    
    
    
    
    
    (0.2
    )
    
    
    (50,940
    )Livestock
    
    
    
    
    
    
    (0.0)
    *
    
    
    (2,000
    )Metals
    
    
    
    
    
    
    0.3
    
    
    
    82,027Total futures contracts purchased
    
    
    
    
    
    
    0.9
    
    
    
    233,786Futures contracts soldCurrency
    
    
    
    
    
    
    (0.0)
    *
    
    
    (3,870
    )Energy
    
    
    
    
    
    
    0.0
    *
    
    
    12,840Financial
    
    
    
    
    
    
    0.7
    
    
    
    185,915Livestock
    
    
    
    
    
    
    0.3
    
    
    
    57,400Food & Fiber
    
    
    
    
    
    
    (0.1
    )
    
    
    (12,415
    )Metals
    
    
    
    
    
    
    1.0
    
    
    
    262,075Total futures contracts sold
    
    
    
    
    
    
    1.9
    
    
    
    501,945Total futures contracts, at fair value
    
    
    
    
    
    
    2.8
    %
    
    $
    735,731Futures and forward contracts by country compositionEuropean Monetary Union
    
    
    
    
    
    
    (0.4
    )%
    
    $
    (100,727
    )Japan
    
    
    
    
    
    
    0.8
    
    
    
    200,616United States
    
    
    
    
    
    
    1.9
    
    
    
    487,685Other
    
    
    
    
    
    
    (1.2
    )
    
    
    (302,746
    )Total futures and forward contracts by country
    
    
    
    
    
    
    1.1
    %
    
    $
    284,828
 
 *
    
    Due to rounding  11




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
 
 STATEMENTS OF OPERATIONS

(Unaudited)
 Three Months EndedMarch 31,2008
    
    
    2007Investment incomeInterest income
    
    $
    188,147
    
    
    $
    400,869Other income
    
    
    
    
    
    
    1,969Total income
    
    
    188,147
    
    
    
    402,838ExpensesManagement fee
    
    
    158,224
    
    
    
    140,787Organization and offering expenses
    
    
    85,527
    
    
    
    76,101Operating expenses
    
    
    12,829
    
    
    
    11,415Selling commission
    
    
    342,107
    
    
    
    304,405Incentive fee
    
    
    780,941
    
    
    
    Brokerage commissions
    
    
    293,444
    
    
    
    334,750Other
    
    
    1,062
    
    
    
    939Total expenses
    
    
    1,674,134
    
    
    
    868,397Net investment loss
    
    
    (1,485,987
    )
    
    
    (465,559
    )Realized and unrealized gain
(loss) on investmentsNet realized gain (loss) on futures
and forward contracts
    
    
    6,329,795
    
    
    
    (4,856,753
    )Net change in unrealized appreciation
on futures and forward contracts
    
    
    1,430,056
    
    
    
    (3,682,312
    )Net gain (loss) on investments
    
    
    7,759,851
    
    
    
    (8,539,065
    )Net increase (decrease) in net assets from
operations
    
    $
    6,273,864
    
    
    $
    (9,004,624
    )Net increase (decrease) in net assets from
operations per unit (based upon weighted
average number of units outstanding during
period)
    
    $
    374.84
    
    
    $
    (461.88
    )Net increase (decrease) in net assets from
operations per unit (based upon change in net
asset value per unit during period)
    
    $
    398.33
    
    
    $
    (465.62
    )
  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)
 2008
    
    
    2007Increase (decrease) in net assets from operationsNet investment loss
    
    $
    (1,485,987
    )
    
    $
    (465,559
    )Net realized gain (loss) on futures and forward contracts
    
    
    6,329,795
    
    
    
    (4,856,753
    )Net change in unrealized appreciation on futures and forward
contracts
    
    
    1,430,056
    
    
    
    (3,682,312
    )Net increase (decrease) in net assets from operations
    
    
    6,273,864
    
    
    
    (9,004,624
    )Capital share transactionsIssuance of Units
    
    
    12,052,772
    
    
    
    1,051,856Redemption of Units
    
    
    (3,420,278
    )
    
    
    (4,124,622
    )Net increase (decrease) in net assets from capital share transactions
    
    
    8,632,494
    
    
    
    (3,072,766
    )Net increase (decrease) in net assets
    
    
    14,906,358
    
    
    
    (12,077,390
    )Net assets,beginning of period
    
    
    25,855,147
    
    
    
    36,431,693Net assets,end of period
    
    $
    40,761,505
    
    
    $
    24,354,303Units,beginning of period
    
    
    14,568.812
    
    
    
    19,995.520Issuance of Units
    
    
    5,863.540
    
    
    
    633.683Redemption of Units
    
    
    (1,674.396
    )
    
    
    (2,673.660
    )Units,end of period
    
    
    18,757.956
    
    
    
    17,955.543
  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)
 2008
    
    
    2007Cash flows from operating activitiesNet increase (decrease) in net assets from operations
    
    $
    6,273,864
    
    
    $
    (9,004,624
    )Adjustments 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
    
    
    (29,172,074
    )
    
    
    (30,251,929
    )Gross proceeds from sales of U.S. government securities
    
    
    31,062,322
    
    
    
    34,536,947Amortization of discounts and premiums
    
    
    162,603
    
    
    
    354,016Due from brokers
    
    
    (15,277,334
    )
    
    
    3,851,615Other receivable
    
    
    
    
    
    
    88,391Due from affiliate
    
    
    133,276
    
    
    
    Unrealized
appreciation (depreciation) on open forward contracts
    
    
    (968,980
    )
    
    
    (138,213
    )Futures contracts purchased
    
    
    (938,165
    )
    
    
    189,703Unrealized depreciation on open forward contracts
    
    
    (15,698
    )
    
    
    (519,903
    )Futures contracts sold
    
    
    492,787
    
    
    
    4,150,725Fees payable
    
    
    474,078
    
    
    
    (71,549
    )Net cash provided by (used in) operating activities
    
    
    (7,773,321
    )
    
    
    3,185,179Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    12,052,772
    
    
    
    1,729,070Redemptions, net of change in redemptions payable
    
    
    (3,815,710
    )
    
    
    (4,241,326
    )Net cash provided by (used in) financing activities
    
    
    8,237,062
    
    
    
    (2,512,256
    )Net increase in cash
    
    
    463,741
    
    
    
    672,923Cash, beginning of period
    
    
    73,375
    
    
    
    468,093Cash, end of period
    
    $
    537,116
    
    
    $
    1,141,016Supplemental disclosure of noncash financing activities:2007 contributions received in 2006
    
    
    
    
    
    $
    259,808Redemptions payable
    
    $
    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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Investment Transactions, Related Investment Income and Expenses
  Income Taxes
  Use of Estimates
  Recently Issued Accounting Standards
 
 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.
  16




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##### Table of Contents



BalanceMarch 31,2008
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSUS Government
securities
    
    $
    41,159,818
    
    
    $
    
    
    
    $
    41,159,818
    
    
    $
    Unrealized
appreciation on open
forward contracts
    
    
    944,934
    
    
    
    
    
    
    
    944,934
    
    
    
    Futures contracts
purchased
    
    
    1,717,864
    
    
    
    1,717,864
    
    
    
    
    
    
    
    Total
Assets
Measured at
Fair
Value
    
    $
    43,822,616
    
    
    $
    1,717,864
    
    
    $
    42,104,752
    
    
    $
    LIABILITIESUnrealized
depreciation on open
forward contracts
    
    $
    493,655
    
    
    $
    
    
    
    
    493,655
    
    
    $
    Futures contracts sold
    
    
    48,956
    
    
    
    48,956
    
    
    
    
    
    
    
    Total
Liabilities
Measured at
Fair Value
    
    $
    542,611
    
    
    $
    48,956
    
    
    
    493,655
    
    
    $
    
 17




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##### Table of Contents



BalanceMarch 31,2008
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSUS Government
securities
    
    $
    21,960,844
    
    
    $
    
    
    
    $
    21,960,844
    
    
    $
    Unrealized
appreciation on open
forward contracts
    
    
    1,125,426
    
    
    
    
    
    
    
    1,125,426
    
    
    
    Futures contracts
purchased
    
    
    1,171,951
    
    
    
    1,171,951
    
    
    
    
    
    
    
    Total Assets Measured
at Fair Value
    
    $
    24,258,221
    
    
    $
    1,171,951
    
    
    $
    23,086,270
    
    
    $
    LIABILITIESUnrealized
depreciation on open
forward contracts
    
    $
    591,651
    
    
    $
    
    
    
    $
    591,651
    
    
    $
    Futures contracts sold
    
    
    9,158
    
    
    
    9,158
    
    
    
    
    
    
    
    Total Liabilities
Measured at Fair
Value
    
    $
    600,809
    
    
    $
    9,158
    
    
    $
    591,651
    
    
    $
    
 3. Due from/to brokers
   18




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##### Table of Contents



4. Allocation of net profits and losses
   5. Related party transactions
   6. Financial highlights
  2008
    
    
    2007Series A
    
    
    Series B
    
    
    Series A
    
    
    Series BTotal return before incentive fees*
    
    
    18.0
    %
    
    
    25.2
    %
    
    
    (18.2
    )%
    
    
    (25.6
    )%Incentive fees
    
    
    0.7
    %
    
    
    2.7
    %
    
    
    0.0
    %
    
    
    0.0
    %Total return after incentive fees*
    
    
    17.3
    %
    
    
    22.5
    %
    
    
    (18.2
    )%
    
    
    (25.6
    )%Ratios to average net assets **Operating expenses before incentive fees
    
    
    9.1
    %
    
    
    11.3
    %
    
    
    9.8
    %
    
    
    11.0
    %Incentive fees
    
    
    2.6
    %
    
    
    9.9
    %
    
    
    0.0
    %
    
    
    0.0
    %Total expenses
    
    
    11.7
    %
    
    
    21.2
    %
    
    
    9.8
    %
    
    
    11.0
    %Net investment income (loss)
    
    
    (6.2
    )%
    
    
    (8.9
    )%
    
    
    (4.6
    )%
    
    
    (5.9
    )%Net asset value per unit, beginning of period
    
    $
    1,486.44
    
    
    $
    1,774.69
    
    
    $
    1,500.20
    
    
    $
    1,821.99Net investment loss
    
    
    (34.67
    )
    
    
    (91.85
    )
    
    
    (15.76
    )
    
    
    (23.73
    )Net gain (loss) on investments
    
    
    292.44
    
    
    
    490.18
    
    
    
    (257.44
    )
    
    
    (441.89
    )Net asset value per unit, end of period
    
    $
    1,744.21
    
    
    $
    2,173.02
    
    
    $
    1,227.00
    
    
    $
    1,356.37
 
 *
    
    Not annualized**
    
    Annualized  19




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##### Table of Contents



7. Financial instrument risk
        8. Subscriptions and redemptions
  20




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ITEM 2.
    
    MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 INTRODUCTION
  CAPITAL RESOURCES
  LIQUIDITY
    RESULTS OF OPERATIONS
 Three Months ended March 31, 2008
   21




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st
    Three Months ended March 31, 2007
     22




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##### Table of Contents



st
     OFF-BALANCE SHEET RISK
   23




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##### Table of Contents



OFF-BALANCE SHEET ARRANGEMENTS
  CONTRACTUAL OBLIGATIONS
  CRITICAL ACCOUNTING POLICIES  VALUATION OF THE FUNDS POSITIONS
  RECENTLY ISSUED ACCOUNTING STANDARDS
 
 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.
  24




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##### Table of Contents



ITEM 3.
    
    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 INTRODUCTION
        QUANTIFYING THE FUNDS TRADING VALUE AT RISK
     25




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THE FUNDS TRADING VALUE AT RISK IN DIFFERENT MARKET SECTORS
   Value at
    
    
    % of TotalSector
    
    Risk
    
    
    CapitalizationStock Indices
    
    $
    666,786
    
    
    
    1.57
    %Financial Futures
    
    
    1,116,255
    
    
    
    2.63Currencies
    
    
    2,127,380
    
    
    
    5.01Agricultural Products
    
    
    274,611
    
    
    
    0.65Energy
    
    
    1,251,096
    
    
    
    2.95Metals
    
    
    472,578
    
    
    
    1.11Total
    
    $
    5,908,707
    
    
    
    13.92
    %
  Value
    
    
    % of TotalSector
    
    at Risk
    
    
    CapitalizationStock Indices
    
    $
    801,422
    
    
    
    1.97
    %Financial Futures
    
    
    1,328,011
    
    
    
    3.26Currencies
    
    
    2,555,629
    
    
    
    6.27Agricultural Products
    
    
    637,465
    
    
    
    1.56Energy
    
    
    1,588,454
    
    
    
    3.90Metals
    
    
    558,338
    
    
    
    1.37Total
    
    $
    7,469,318
    
    
    
    18.33
    %
 MATERIAL LIMITATIONS ON VALUE AT RISK AS AN ASSESSMENT OF MARKET RISK
  26




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NON-TRADING RISK
  QUALITATIVE DISCLOSURES REGARDING PRIMARY TRADING RISK EXPOSURES
   Currencies
  Energy
  Stock Indices
  Metals
  27




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##### Table of Contents



Interest Rates
  Agricultural Market
  QUALITATIVE DISCLOSURES REGARDING NON-TRADING RISK EXPOSURE
 General
  Foreign Currency Balances
  Treasury Bill Positions
  QUALITATIVE DISCLOSURES REGARDING MEANS OF MANAGING RISK EXPOSURE
   ITEM 4.
    
    CONTROLS AND PROCEDURES
  28




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ITEM 4T. CONTROLS AND PROCEDURES
 Changes in Internal Control over Financial Reporting
  29




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PART II  OTHER INFORMATION
 Item 1. Legal Proceedings.
  Item 1A. Risk Factors
  A Bankruptcy Court Could Find the Assets of One Series to be Available to Offset the Liabilities
of the
Other Series
  Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
    Month
    
    Units Redeemed
    
    NAV per Units ($)January 31, 2008
    
    
    1,324.723
    
    
    
    1,445.88February 28, 2008
    
    
    9,639.937
    
    
    
    1,705.18March 31, 2008
    
    
    4,241.045
    
    
    
    1,744.2115,205.547
  Month
    
    Units Redeemed
    
    NAV per Units ($)January 31, 2008
    
    
    429.892
    
    
    
    1,710.56February 28, 2008
    
    
    463.546
    
    
    
    2,131.43March 31, 2008
    
    
    780.954
    
    
    
    2,173.021,674.396
 Item 3. Defaults upon Senior Securities.
  Item 4. Submissions of Matters to a Vote of Security Holders.
  30




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Item 5. Other Information.
  Item 6. Exhibits.
  31.1
    
    Rule 13(a)-14(a)/15(d)-14(a) Certification of Principal Executive Officer31.2
    
    Rule 13(a)-14(a)/15(d)-14(a) Certification of Principal Financial Officer32.1
    
    Section 1350 Certification of Principal Executive Officer32.2
    
    Section 1350 Certification of Principal Financial Officer
 31




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

/s/ Nigel JamesNigel JamesPresident and Principal Executive OfficerBy:

/s/ Roman GregorigRoman GregorigVice President and Principal Financial Officer 32




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##### Table of Contents



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