##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-Q
  þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended June 30, 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)
    
    (IRS Employer Identification No.)Superfund Office Building 
Grand Anse, St. Georges 
P.O. Box 1479
Grand Anse 
Grenada, W.I.
    
    N/A(Address of Principal Executive Offices)
    
    (Zip Code)
 (473) 439-2418
 Not applicable
  þ o
  o o
  Large Accelerated Filer oAccelerated Filer o
Non-Accelerated Filer o(Do not check if a smaller reporting company)
Smaller Reporting Company þ
  o þ




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##### 



PART I  FINANCIAL INFORMATION
   PageFinancial StatementsStatements of Assets and Liabilities as of June 30, 2009 (unaudited)
and December 31, 2008
    
    
    3Condensed Schedule of Investments as of June 30, 2009 (unaudited)
    
    
    4Condensed Schedule of Investments as of December 31, 2008
    
    
    5Statements of Operations for the three months ended June 30, 2009 (unaudited) and
June 30, 2008 and the six months ended June 30, 2009 (unaudited) and
June 30, 2008
    
    
    6Statements of Changes in Net Assets for the six months ended June 30, 2009 (unaudited)
and June 30, 2008
    
    
    7Statements of Cash Flows for the six months ended June 30, 2009 (unaudited) and
June 30, 2008
    
    
    8EX-31.1EX-31.2EX-32.1EX-32.2
   PageFinancial StatementsStatements of Assets and Liabilities as of June 30, 2009 (unaudited)
and December 31, 2008
    
    
    9Condensed Schedule of Investments as of June 30, 2009 (unaudited)
    
    
    10Condensed Schedule of Investments as of December 31, 2008
    
    
    11Statements of Operations for the three months ended June 30, 2009 (unaudited) and
June 30, 2008 and the six months ended June 30, 2009 (unaudited) and June 30, 2008
    
    
    12Statements of Changes in Net Assets for the six months ended June 30, 2009
(unaudited) and June 30, 2008
    
    
    13Statements of Cash Flows for the six months ended June 30, 2009 (unaudited) and
June 30, 2008
    
    
    14Notes to Series A and Series B Unaudited Financial Statements Dated June 30, 2009
    
    
    15
 2




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A  STATEMENTS OF ASSETS AND LIABILITIES  June 30, 2009 (Unaudited), and December 31, 2008
 June 30, 2009
    
    
    December 31, 2008ASSETSUS Government securities, at fair value
(amortized costs of $13,766,456 and $31,494,929 as of
June 30, 2009, and December 31, 2008, respectively)
    
    $
    13,766,456
    
    
    $
    31,494,929Due from brokers
    
    
    18,978,727
    
    
    
    4,049,967Unrealized appreciation on open forward contracts
    
    
    31,714
    
    
    
    11,138Futures contracts sold
    
    
    
    
    
    
    109,330Futures contracts purchased
    
    
    785,424
    
    
    
    735,529Cash
    
    
    396,316
    
    
    
    810,576Total assets
    
    
    33,958,637
    
    
    
    37,211,469LIABILITIESUnrealized depreciation on open forward contracts
    
    
    113,066
    
    
    
    43,336Futures contracts sold
    
    
    83,443
    
    
    
    Redemptions payable
    
    
    2,654,393
    
    
    
    1,714,573Due to affiliate
    
    
    
    
    
    
    300,000Fees payable
    
    
    151,665
    
    
    
    181,226Total liabilities
    
    
    3,002,567
    
    
    
    2,239,135NET ASSETS
    
    $
    30,956,070
    
    
    $
    34,972,334Number of Units
    
    
    20,441.228
    
    
    
    18,098.830Net asset value per Unit
    
    $
    1,514.39
    
    
    $
    1,932.30
  3




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A  CONDENSED SCHEDULE OF INVESTMENTS  June 30, 2009 (Unaudited)
 PercentageofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due August 27, 2009
(amortized cost of $13,766,456), securities are held in margin
accounts as collateral for open futures and forwards
    
    $
    13,770,000
    
    
    
    44.5
    %
    
    $
    13,766,456Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    0.1
    
    
    
    31,714Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    0.1
    
    
    
    31,714Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (0.4
    )
    
    
    (113,066
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (0.4
    )
    
    
    (113,066
    )Total forward contracts, at fair value
    
    
    
    
    
    
    (0.3
    )
    
    
    (81,352
    )Futures contracts, at fair valueFutures Contracts PurchasedCurrency
    
    
    
    
    
    
    0.2
    
    
    
    54,394Financial
    
    
    
    
    
    
    2.3
    
    
    
    725,225Food & Fiber
    
    
    
    
    
    
    0.0
    *
    
    
    5,805Total futures contracts purchased
    
    
    
    
    
    
    2.5
    
    
    
    785,424Futures Contracts SoldCurrency
    
    
    
    
    
    
    (0.2
    )
    
    
    (76,546
    )Energy
    
    
    
    
    
    
    0.8
    
    
    
    253,367Financial
    
    
    
    
    
    
    (0.0)
    *
    
    
    (8,760
    )Food & Fiber
    
    
    
    
    
    
    1.1
    
    
    
    326,533Indices
    
    
    
    
    
    
    (0.7
    )
    
    
    (217,063
    )Livestock
    
    
    
    
    
    
    0.4
    
    
    
    123,560Metals
    
    
    
    
    
    
    (1.6
    )
    
    
    (484,534
    )Total futures contracts sold
    
    
    
    
    
    
    (0.2
    )
    
    
    (83,443
    )Total futures contracts, at fair value
    
    
    
    
    
    
    2.3
    %
    
    $
    701,981Futures and forward contracts by country compositionEuropean Monetary Union
    
    
    
    
    
    
    0.7
    %
    
    $
    231,519Great Britian
    
    
    
    
    
    
    0.3
    
    
    
    78,086Japan
    
    
    
    
    
    
    1.5
    
    
    
    459,254United States
    
    
    
    
    
    
    0.5
    
    
    
    156,571Other
    
    
    
    
    
    
    (1.0
    )
    
    
    (304,801
    )Total futures and forward contracts by country
    
    
    
    
    
    
    2.0
    %
    
    $
    620,629
 
 *
    
    Due to Rounding  4




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##### Table of Contents



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 of $31,494,929), securities are held in margin
accounts as collateral for open futures and forwards
    
    $
    31,500,000
    
    
    
    90.1
    %
    
    $
    31,494,929Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    0.0
    *
    
    
    11,138Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    0.0
    *
    
    
    11,138Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (0.1
    )
    
    
    (43,336
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (0.1
    )
    
    
    (43,336
    )Total forward contracts, at fair value
    
    
    
    
    
    
    (0.1
    )
    
    
    (32,198
    )Futures Contracts, at fair valueFutures Contracts PurchasedCurrency
    
    
    
    
    
    
    0.3
    
    
    
    101,136Financial
    
    
    
    
    
    
    1.5
    
    
    
    508,908Food & Fiber
    
    
    
    
    
    
    0.1
    
    
    
    33,914Indices
    
    
    
    
    
    
    0.0
    *
    
    
    22,836Metals
    
    
    
    
    
    
    0.2
    
    
    
    68,735Total futures contracts purchased
    
    
    
    
    
    
    2.1
    
    
    
    735,529Futures Contracts SoldCurrency
    
    
    
    
    
    
    0.1
    
    
    
    38,025Energy
    
    
    
    
    
    
    0.2
    
    
    
    88,531Financial
    
    
    
    
    
    
    0.0
    *
    
    
    919Food & Fiber
    
    
    
    
    
    
    (0.1
    )
    
    
    (40,878
    )Indices
    
    
    
    
    
    
    (0.0
    )
    
    
    (7,067
    )Livestock
    
    
    
    
    
    
    0.1
    
    
    
    23,400Metals
    
    
    
    
    
    
    0.0
    *
    
    
    6,400Total futures contracts sold
    
    
    
    
    
    
    0.3
    
    
    
    109,330Total futures contracts, at fair value
    
    
    
    
    
    
    2.4
    %
    
    $
    844,859Futures and forward contracts by countryEuropean Monetary Union
    
    
    
    
    
    
    0.4
    %
    
    $
    153,538Great Britain
    
    
    
    
    
    
    0.3
    
    
    
    110,392United States
    
    
    
    
    
    
    1.1
    
    
    
    369,143Other
    
    
    
    
    
    
    0.5
    
    
    
    179,588Total futures and forward contracts by country composition
    
    
    
    
    
    
    2.3
    %
    
    $
    812,661
 
 *
    
    Due to rounding  5




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QUADRIGA SUPERFUND, L.P.  SERIES A  STATEMENTS OF OPERATIONS  (Unaudited)
 Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Investment incomeInterest income
    
    $
    10,036
    
    
    $
    229,437
    
    
    $
    24,116
    
    
    $
    638,324Total income
    
    
    10,036
    
    
    
    229,437
    
    
    
    24,116
    
    
    
    638,324ExpensesSelling commission
    
    
    339,385
    
    
    
    428,243
    
    
    
    704,227
    
    
    
    1,004,317Management fee
    
    
    156,966
    
    
    
    198,062
    
    
    
    325,705
    
    
    
    464,496Ongoing offering expenses
    
    
    84,846
    
    
    
    107,061
    
    
    
    176,057
    
    
    
    251,079Operating expenses
    
    
    12,727
    
    
    
    16,059
    
    
    
    26,408
    
    
    
    37,662Incentive fee
    
    
    
    
    
    
    1,422,166
    
    
    
    
    
    
    
    1,786,681Brokerage commissions
    
    
    191,989
    
    
    
    156,476
    
    
    
    235,451
    
    
    
    446,654Other
    
    
    5,409
    
    
    
    3,059
    
    
    
    9,426
    
    
    
    4,242Total expenses
    
    
    791,322
    
    
    
    2,331,126
    
    
    
    1,477,274
    
    
    
    3,995,131Net investment loss
    
    
    (781,286
    )
    
    
    (2,101,689
    )
    
    
    (1,453,158
    )
    
    
    (3,356,807
    )Realized and unrealized gain
(loss) on investmentsNet realized gain (loss) on futures
and forward contracts
    
    
    (7,811,988
    )
    
    
    5,645,421
    
    
    
    (6,994,092
    )
    
    
    14,639,770Net change in unrealized
appreciation (depreciation) on
futures and forward contracts
    
    
    669,495
    
    
    
    889,012
    
    
    
    (192,032
    )
    
    
    2,562,023Net gain (loss) on investments
    
    
    (7,142,493
    )
    
    
    6,534,433
    
    
    
    (7,186,124
    )
    
    
    17,201,793Net increase (decrease) in
net assets from operations
    
    $
    (7,923,779
    )
    
    $
    4,432,744
    
    
    $
    (8,639,282
    )
    
    $
    13,844,986Net increase (decrease) in net
assets from operations per unit
(based upon weighted average number
of units outstanding during period)
    
    $
    (376.67
    )
    
    $
    188.97
    
    
    $
    (432.91
    )
    
    $
    474.51Net increase (decrease) in net
assets from operations per unit
(based upon change in net asset
value per unit during period)
    
    $
    (380.23
    )
    
    $
    201.74
    
    
    $
    (417.91
    )
    
    $
    459.51
  6




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A  STATEMENTS OF CHANGES IN NET ASSETS  For the Six Months Ended June 30,  (Unaudited)
 2009
    
    
    2008Increase (decrease) in net assets from operationsNet investment loss
    
    $
    (1,453,158
    )
    
    $
    (3,356,807
    )Net realized gain (loss) on futures and forward contracts
    
    
    (6,994,092
    )
    
    
    14,639,770Net change in unrealized appreciation (depreciation) on
futures and forward contracts
    
    
    (192,032
    )
    
    
    2,562,023Net increase (decrease) in net assets from operations
    
    
    (8,639,282
    )
    
    
    13,844,986Capital share transactionsIssuance of Units
    
    
    13,773,932
    
    
    
    2,377,050Redemption of Units
    
    
    (9,150,914
    )
    
    
    (31,867,941
    )Net increase (decrease) in net assets from capital share
transactions
    
    
    4,623,018
    
    
    
    (29,490,891
    )Net decrease in net assets
    
    
    (4,016,264
    )
    
    
    (15,645,905
    )Net assets,beginning of period
    
    
    34,972,334
    
    
    
    57,934,508Net assets,end of period
    
    $
    30,956,070
    
    
    $
    42,288,603Units,beginning of period
    
    
    18,098.830
    
    
    
    38,975.348Issuance of Units
    
    
    7,600.926
    
    
    
    1,428.016Redemption of Units
    
    
    (5,258.528
    )
    
    
    (18,671.749
    )Units,end of period
    
    
    20,441.228
    
    
    
    21,731.615
  7




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A  STATEMENTS OF CASH FLOWS  For the Six Months Ended June 30,  (Unaudited)
 2009
    
    
    2008Cash flows from operating activitiesNet increase (decrease) in net assets from operations
    
    $
    (8,639,282
    )
    
    $
    13,844,986Adjustments 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
    
    
    (48,693,051
    )
    
    
    (85,217,987
    )Gross proceeds from sales of U.S. government securities
    
    
    66,399,409
    
    
    
    102,682,797Amortization of discounts and premiums
    
    
    22,115
    
    
    
    566,499Due from brokers
    
    
    (14,928,760
    )
    
    
    1,598,417Due to affiliate
    
    
    (300,000
    )
    
    
    (133,276
    )Unrealized appreciation on open forward contracts
    
    
    (20,576
    )
    
    
    (266,622
    )Futures contracts purchased
    
    
    (49,895
    )
    
    
    (1,131,822
    )Unrealized depreciation on open forward contracts
    
    
    69,730
    
    
    
    (622,755
    )Futures contracts sold
    
    
    192,773
    
    
    
    (540,824
    )Incentive fee
    
    
    
    
    
    
    1,005,589Fees payable
    
    
    (29,561
    )
    
    
    (55,108
    )Net cash provided by (used in) operating activities
    
    
    (5,977,098
    )
    
    
    31,729,894Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    13,773,932
    
    
    
    2,377,050Redemptions, net of redemptions payable
    
    
    (8,211,094
    )
    
    
    (34,122,909
    )Net cash provided by (used in) financing activities
    
    
    5,562,838
    
    
    
    (31,745,859
    )Net decrease in cash
    
    
    (414,260
    )
    
    
    (15,965
    )Cash, beginning of period
    
    
    810,576
    
    
    
    114,554Cash, end of period
    
    $
    396,316
    
    
    $
    98,589Supplemental disclosure of non-cash financing activitiesRedemptions payable
    
    $
    2,654,393
    
    
    $
    640,705
  8




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2009 (Unaudited), and December 31, 2008
 June 30, 2009
    
    
    December 31, 2008ASSETSUS Government securities, at fair value (amortized costs of $23,778,790 and $54,825,911) as of
June 30, 2009, and December 31, 2008, respectively
    
    $
    23,778,790
    
    
    $
    54,825,911Due from brokers
    
    
    30,734,787
    
    
    
    5,961,708Unrealized appreciation on open forward contracts
    
    
    92,689
    
    
    
    44,878Futures contracts sold
    
    
    
    
    
    
    407,977Futures contracts purchased
    
    
    2,068,090
    
    
    
    1,978,090Cash
    
    
    398,506
    
    
    
    668,701Total assets
    
    
    57,072,862
    
    
    
    63,887,265LIABILITIESUnrealized depreciation on open forward contracts
    
    
    311,106
    
    
    
    163,504Futures contracts sold
    
    
    233,237
    
    
    
    Redemptions payable
    
    
    1,650,131
    
    
    
    2,767,509Fees payable
    
    
    268,097
    
    
    
    339,201Total liabilities
    
    
    2,462,571
    
    
    
    3,270,214NET ASSETS
    
    $
    54,610,291
    
    
    $
    60,617,051Number of Units
    
    
    31,139.824
    
    
    
    23,305.633Net asset value per Unit
    
    $
    1,753.71
    
    
    $
    2,600.96
  9




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
CONDENSED SCHEDULE OF INVESTMENTS
June 30, 2009 (Unaudited)
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due August 27, 2009 (amortized cost of $23,778,790), securities are held in
margin accounts as collateral for open futures and
forwards
    
    $
    23,785,000
    
    
    
    43.5
    %
    
    $
    23,778,790Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrency
    
    
    
    
    
    
    0.2
    
    
    
    92,689Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    0.2
    
    
    
    92,689Unrealized depreciation on forward contractsCurrency
    
    
    
    
    
    
    (0.6
    )
    
    
    (311,106
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (0.6
    )
    
    
    (311,106
    )Total forward contracts, at fair value
    
    
    
    
    
    
    (0.4
    )
    
    
    (218,417
    )Futures contracts, at fair valueFutures contracts purchasedCurrency
    
    
    
    
    
    
    0.3
    
    
    
    143,169Financial
    
    
    
    
    
    
    3.5
    
    
    
    1,908,591Food & Fiber
    
    
    
    
    
    
    0.0
    *
    
    
    16,330Total futures contracts purchased
    
    
    
    
    
    
    3.8
    
    
    
    2,068,090Futures contracts soldCurrency
    
    
    
    
    
    
    (0.4
    )
    
    
    (199,334
    )Energy
    
    
    
    
    
    
    1.2
    
    
    
    672,061Financial
    
    
    
    
    
    
    (0.0)
    *
    
    
    (15,615
    )Food & Fiber
    
    
    
    
    
    
    1.6
    
    
    
    861,928Indices
    
    
    
    
    
    
    (1.1
    )
    
    
    (586,432
    )Livestock
    
    
    
    
    
    
    0.6
    
    
    
    323,270Metals
    
    
    
    
    
    
    (2.3
    )
    
    
    (1,289,115
    )Total futures contracts sold
    
    
    
    
    
    
    (0.4
    )
    
    
    (233,237
    )Total futures contracts, at fair value
    
    
    
    
    
    
    3.4
    %
    
    $
    1,834,853Futures and forward contracts by country compositionEuropean Monetary Union
    
    
    
    
    
    
    1.1
    %
    
    
    599,032Great Britain
    
    
    
    
    
    
    0.4
    
    
    
    214,227Japan
    
    
    
    
    
    
    2.2
    
    
    
    1,210,240United States
    
    
    
    
    
    
    0.8
    
    
    
    407,579Other
    
    
    
    
    
    
    (1.5
    )
    
    
    (814,642
    )Total futures and forward contracts by country
    
    
    
    
    
    
    3.0
    %
    
    $
    1,616,436
 
 *
    
    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 of $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
    
    
    Six Months EndedJune 30,
    
    
    June 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Investment incomeInterest income
    
    $
    20,765
    
    
    $
    210,065
    
    
    $
    47,644
    
    
    $
    398,212Total income
    
    
    20,765
    
    
    
    210,065
    
    
    
    47,644
    
    
    
    398,212ExpensesSelling commission
    
    
    579,720
    
    
    
    525,236
    
    
    
    1,259,676
    
    
    
    867,342Management fee
    
    
    268,121
    
    
    
    242,922
    
    
    
    582,600
    
    
    
    401,146Ongoing offering expenses
    
    
    144,930
    
    
    
    131,309
    
    
    
    314,919
    
    
    
    216,836Operating expenses
    
    
    21,739
    
    
    
    19,696
    
    
    
    47,238
    
    
    
    32,525Incentive fee
    
    
    
    
    
    
    3,050,224
    
    
    
    301,233
    
    
    
    3,831,165Brokerage commissions
    
    
    540,489
    
    
    
    286,367
    
    
    
    685,935
    
    
    
    579,812Other
    
    
    10,229
    
    
    
    2,784
    
    
    
    16,011
    
    
    
    3,846Total expenses
    
    
    1,565,228
    
    
    
    4,258,538
    
    
    
    3,207,612
    
    
    
    5,932,672Net investment loss
    
    
    (1,544,463
    )
    
    
    (4,048,473
    )
    
    
    (3,159,968
    )
    
    
    (5,534,460
    )Realized and unrealized gain
(loss) on investmentsNet realized gain (loss) on futures
and forward contracts
    
    
    (23,243,495
    )
    
    
    8,845,367
    
    
    
    (20,806,342
    )
    
    
    15,214,060Net change in unrealized appreciation
(depreciation) on futures and forward
contracts2,226,589
    
    
    
    4,592,198
    
    
    
    (651,005
    )
    
    
    5,983,356Net gain (loss) on investments
    
    
    (21,016,906
    )
    
    
    13,437,565
    
    
    
    (21,457,347
    )
    
    
    21,197,416Net increase (decrease) in
net assets from operations
    
    $
    (22,561,369
    )
    
    $
    9,389,092
    
    
    $
    (24,617,315
    )
    
    $
    15,662,956Net increase (decrease) in net assets from
operations per unit (based upon weighted
average number of units outstanding during
period)
    
    $
    (755.98
    )
    
    $
    427.30
    
    
    $
    (881.28
    )
    
    $
    813.75Net increase (decrease) in net assets from
operations per unit (based upon change in net
asset value per unit during period)
    
    $
    (772.53
    )
    
    $
    420.30
    
    
    $
    (847.25
    )
    
    $
    818.63
  12




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
STATEMENTS OF CHANGES IN NET ASSETS
For the Six Months Ended June 30,
(Unaudited)
 2009
    
    
    2008Increase (decrease) in net assets from operationsNet investment loss
    
    $
    (3,159,968
    )
    
    $
    (5,534,460
    )Net realized gain (loss) on futures and forward contracts
    
    
    (20,806,342
    )
    
    
    15,214,060Net change in unrealized appreciation (depreciation) on
futures and forward contracts
    
    
    (651,005
    )
    
    
    5,983,356Net increase (decrease) in net assets from operations
    
    
    (24,617,315
    )
    
    
    15,662,956Capital share transactionsIssuance of Units
    
    
    30,628,237
    
    
    
    21,205,755Redemption of Units
    
    
    (12,017,682
    )
    
    
    (4,936,472
    )Net increase in net assets from capital share transactions
    
    
    18,610,555
    
    
    
    16,269,283Net increase (decrease) in net assets
    
    
    (6,006,760
    )
    
    
    31,932,239Net assets,beginning of period
    
    
    60,617,051
    
    
    
    25,855,147Net assets,end of period
    
    $
    54,610,291
    
    
    $
    57,787,386Units,beginning of period
    
    
    23,305.633
    
    
    
    14,568.812Issuance of Units
    
    
    12,941.955
    
    
    
    10,038.272Redemption of Units
    
    
    (5,107.764
    )
    
    
    (2,323.939
    )Units,end of period
    
    
    31,139.824
    
    
    
    22,283.145
  13




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
STATEMENTS OF CASH FLOWS
For the Six Months Ended June 30,
(Unaudited)
 2009
    
    
    2008Cash flows from operating activitiesNet increase (decrease) in net assets from operations
    
    $
    (24,617,315
    )
    
    $
    15,662,956Adjustments 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
    
    
    (84,870,185
    )
    
    
    (81,868,189
    )Gross sales of U.S. Government securities
    
    
    115,876,059
    
    
    
    64,734,394Amortization of discounts and premiums
    
    
    41,247
    
    
    
    334,960Due from brokers
    
    
    (24,773,079
    )
    
    
    (9,731,575
    )Due from affiliate
    
    
    
    
    
    
    133,276Unrealized appreciation on open forward contracts
    
    
    (47,811
    )
    
    
    (930,458
    )Futures contracts purchased
    
    
    (90,000
    )
    
    
    (2,830,973
    )Unrealized depreciation on open forward contracts
    
    
    147,602
    
    
    
    54,929Futures contracts sold
    
    
    641,214
    
    
    
    (2,276,854
    )Incentive fee
    
    
    
    
    
    
    2,138,912Fees payable
    
    
    (71,104
    )
    
    
    283,208Net cash used in operating activities
    
    
    (17,763,372
    )
    
    
    (14,295,414
    )Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    30,628,237
    
    
    
    21,205,755Redemptions, net of redemptions payable
    
    
    (13,135,060
    )
    
    
    (6,584,322
    )Net cash provided by financing activities
    
    
    17,493,177
    
    
    
    14,621,433Net increase (decrease) in cash
    
    
    (270,195
    )
    
    
    326,019Cash, beginning of period
    
    
    668,701
    
    
    
    73,375Cash, end of period
    
    $
    398,506
    
    
    
    399,394Supplemental disclosure of noncash financing activities:Redemptions payable
    
    $
    1,650,131
    
    
    $
    444,624
  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
   3. Fair Value Measurements
  Level 1
    
    Unadjusted quoted prices in active markets that are accessible at
the measurement date for identical, unrestricted assets or
liabilities;
 16




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##### Table of Contents



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.
     BalanceDecember31, 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
    
    
    
    109,330
    
    
    
    
    
    
    
    Total 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
    
    
    $
    
  BalanceDecember31, 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
    
    
    
    407,977
    
    
    
    
    
    
    
    Total 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
    
    
    $
    
  BalanceJune 30, 2009
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government
securities
    
    $
    13,766,456
    
    
    $
    
    
    
    $
    13,766,456
    
    
    $
    Unrealized
appreciation on
open forward
contracts
    
    
    31,714
    
    
    
    
    
    
    
    31,714
    
    
    
    Futures contracts
purchased
    
    
    785,424
    
    
    
    785,424
    
    
    
    
    
    
    
    Total Assets
Measured at Fair
Value
    
    $
    14,583,594
    
    
    $
    785,424
    
    
    $
    13,798,170
    
    
    $
    LIABILITIESUnrealized depreciation on
open forward contracts
    
    $
    113,066
    
    
    $
    
    
    
    $
    113,066
    
    
    $
    Futures contracts sold
    
    
    83,443
    
    
    
    83,443
    
    
    
    Total Liabilities Measured at
Fair Value
    
    $
    196,509
    
    
    $
    83,443
    
    
    $
    113,066
    
    
    $
    
 17




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##### Table of Contents



BalanceJune 30, 2009
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3ASSETSU.S. Government
securities
    
    $
    23,778,790
    
    
    $
    
    
    
    $
    23,778,790
    
    
    $
    Unrealized
appreciation on
open forward
contracts
    
    
    92,689
    
    
    
    
    
    
    
    92,689
    
    
    
    Futures contracts
purchased
    
    
    2,068,090
    
    
    
    2,068,090
    
    
    
    
    
    
    
    Total Assets
Measured at Fair
Value
    
    $
    25,939,569
    
    
    $
    2,068,090
    
    
    $
    23,871,479
    
    
    $
    LIABILITIESUnrealized
depreciation on
open forward
contracts
    
    $
    311,106
    
    
    $
    
    
    
    $
    311,106
    
    
    $
    Futures contracts
sold
    
    
    233,237
    
    
    
    233,237
    
    
    
    Total Liabilities
Measured at Fair
Value
    
    $
    544,343
    
    
    $
    233,237
    
    
    $
    311,106
    
    
    $
    
 18




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##### Table of Contents



4. Disclosure of derivative instruments and hedging activities
 Disclosures about Derivative Instruments and Hedging Activities Accounting for Derivative Instruments and Hedging
Activities,
    Series A:
 As of June 30, 2009Long Positions Gross Unrealized
    
    
    Short Position Gross Unrealized% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    Net Unrealized GainNet
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    (Loss) on OpenGains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Gains
    
    
    assets
    
    
    Losses
    
    
    Assets
    
    
    PositionsForeign
Exchange
    
    $
    31,714
    
    
    
    0.1
    
    
    $
    
    
    
    
    
    
    
    $
    
    
    
    
    
    
    
    $
    (113,066
    )
    
    
    (0.4
    )
    
    $
    (81,352
    )Currency
    
    
    54,394
    
    
    
    0.2
    
    
    
    
    
    
    
    
    
    
    
    35,160
    
    
    
    0.1
    
    
    
    (111,706
    )
    
    
    (0.4
    )
    
    
    (22,152
    )Financial
    
    
    786,213
    
    
    
    2.5
    
    
    
    (60,988
    )
    
    
    (0.2
    )
    
    
    6,960
    
    
    
    0.0
    *
    
    
    (15,720
    )
    
    
    (0.1
    )
    
    
    716,465Food & Fiber
    
    
    6,335
    
    
    
    0.0
    *
    
    
    (530
    )
    
    
    (0.0
    )*
    
    
    363,283
    
    
    
    1.2
    
    
    
    (36,750
    )
    
    
    (0.1
    )
    
    
    332,338Indices
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    11,667
    
    
    
    0.0
    *
    
    
    (228,730
    )
    
    
    (0.7
    )
    
    
    (217,063
    )Metals
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    25,740
    
    
    
    0.1
    
    
    
    (510,274
    )
    
    
    (1.6
    )
    
    
    (484,534
    )Livestock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    145,010
    
    
    
    0.5
    
    
    
    (21,450
    )
    
    
    (0.1
    )
    
    
    123,560Energy
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    265,950
    
    
    
    0.9
    
    
    
    (12,583
    )
    
    
    (0.0
    )*
    
    
    253,367Totals
    
    $
    878,656
    
    
    
    2.8
    
    
    $
    (61,518
    )
    
    
    (0.2
    )
    
    $
    853,770
    
    
    
    2.8
    
    
    $
    (1,050,279
    )
    
    
    (3.4
    )
    
    $
    620,629
 
 *
    
    Due to rounding  For the three months ended June 30, 2009Change in NetNet Realized Gain
    
    
    Unrealized Gains
    
    
    Net Trading Gains(Losses)
    
    
    (Losses)
    
    
    (Losses)Foreign Exchange
    
    $
    (768,259
    )
    
    $
    85,664
    
    
    $
    (682,595
    )Currency
    
    
    (1,077,337
    )
    
    
    44,944
    
    
    
    (1,032,393
    )Financial
    
    
    (1,376,110
    )
    
    
    399,951
    
    
    
    (976,159
    )Food & Fiber
    
    
    (666,325
    )
    
    
    402,072
    
    
    
    (264,253
    )Indices
    
    
    (633,071
    )
    
    
    (213,713
    )
    
    
    (846,784
    )Metals
    
    
    (566,742
    )
    
    
    (436,765
    )
    
    
    (1,003,507
    )Livestock
    
    
    (64,770
    )
    
    
    105,810
    
    
    
    41,040Energy
    
    
    (2,659,374
    )
    
    
    281,532
    
    
    
    (2,377,842
    )Total net trading
losses
    
    $
    (7,811,988
    )
    
    $
    669,495
    
    
    $
    (7,142,493
    )
 19




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##### Table of Contents



For the six months ended June 30, 2009Change in NetNet Realized Gain
    
    
    Unrealized Gains
    
    
    Net Trading Gains(Losses)
    
    
    (Losses)
    
    
    (Losses)Foreign Exchange
    
    $
    (700,509
    )
    
    $
    (49,154
    )
    
    $
    (749,663
    )Currency
    
    
    (1,074,972
    )
    
    
    (161,313
    )
    
    
    (1,236,285
    )Financial
    
    
    (999,127
    )
    
    
    206,637
    
    
    
    (792,490
    )Food & Fiber
    
    
    (683,273
    )
    
    
    339,303
    
    
    
    (343,970
    )Indices
    
    
    (605,432
    )
    
    
    (232,832
    )
    
    
    (838,264
    )Metals
    
    
    (519,764
    )
    
    
    (559,669
    )
    
    
    (1,079,433
    )Livestock
    
    
    (20,640
    )
    
    
    100,160
    
    
    
    79,520Energy
    
    
    (2,390,375
    )
    
    
    164,836
    
    
    
    (2,225,539
    )Total net trading
losses
    
    $
    (6,994,092
    )
    
    $
    (192,032
    )
    
    $
    (7,186,124
    )
 Series B:
 As of June 30, 2009Long Positions Gross Unrealized
    
    
    Short Position Gross Unrealized% of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    
    
    
    
    % of
    
    
    Net Unrealized GainNet
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    Net
    
    
    (Loss) on OpenGains
    
    
    Assets
    
    
    Losses
    
    
    Assets
    
    
    Gains
    
    
    assets
    
    
    Losses
    
    
    Assets
    
    
    PositionsForeign
Exchange
    
    $
    92,689
    
    
    
    0.2
    
    
    $
    
    
    
    
    
    
    
    $
    
    
    
    
    
    
    
    $
    (311,106
    )
    
    
    (0.6
    )
    
    $
    (218,417
    )Currency
    
    
    143,169
    
    
    
    0.3
    
    
    
    
    
    
    
    
    
    
    
    92,860
    
    
    
    0.2
    
    
    
    (292,194
    )
    
    
    (0.5
    )
    
    
    (56,165
    )Financial
    
    
    2,067,910
    
    
    
    3.8
    
    
    
    (159,319
    )
    
    
    (0.3
    )
    
    
    24,070
    
    
    
    0.0
    *
    
    
    (39,685
    )
    
    
    (0.1
    )
    
    
    1,892,976Food & Fiber
    
    
    17,560
    
    
    
    0.0
    *
    
    
    (1,230
    )
    
    
    (0.0
    )*
    
    
    962,478
    
    
    
    1.8
    
    
    
    (100,550
    )
    
    
    (0.2
    )
    
    
    878,258Indices
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    37,373
    
    
    
    0.1
    
    
    
    (623,805
    )
    
    
    (1.1
    )
    
    
    (586,432
    )Metals
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    72,020
    
    
    
    0.1
    
    
    
    (1,361,135
    )
    
    
    (2.5
    )
    
    
    (1,289,115
    )Livestock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    379,550
    
    
    
    0.7
    
    
    
    (56,280
    )
    
    
    (0.1
    )
    
    
    323,270Energy
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    709,344
    
    
    
    1.3
    
    
    
    (37,283
    )
    
    
    (0.1
    )
    
    
    672,061Totals
    
    $
    2,321,328
    
    
    
    4.3
    
    
    $
    (160,549
    )
    
    
    (0.3
    )
    
    $
    2,277,695
    
    
    
    4.2
    
    
    $
    (2,822,038
    )
    
    
    (5.2
    )
    
    $
    1,616,436
 
 *
    
    Due to rounding  For the three months ended June 30, 2009Change in NetNet Realized Gain
    
    
    Unrealized Gains
    
    
    Net Trading Gains(Losses)
    
    
    (Losses)
    
    
    (Losses)Foreign Exchange
    
    $
    (2,644,671
    )
    
    $
    509,574
    
    
    $
    (2,135,097
    )Currency
    
    
    (3,097,244
    )
    
    
    209,081
    
    
    
    (2,888,163
    )Financial
    
    
    (3,597,016
    )
    
    
    912,604
    
    
    
    (2,684,412
    )Food & Fiber
    
    
    (2,019,040
    )
    
    
    1,128,469
    
    
    
    (890,571
    )Indices
    
    
    (2,324,019
    )
    
    
    (532,569
    )
    
    
    (2,856,588
    )Metals
    
    
    (1,812,491
    )
    
    
    (1,077,180
    )
    
    
    (2,889,671
    )Livestock
    
    
    (164,170
    )
    
    
    270,250
    
    
    
    106,080Energy
    
    
    (7,584,844
    )
    
    
    806,360
    
    
    
    (6,778,484
    )Total net trading
losses
    
    $
    (23,243,495
    )
    
    $
    2,226,589
    
    
    $
    (21,016,906
    )
 20




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##### Table of Contents



For the six months ended June 30, 2009Change in NetNet Realized Gain
    
    
    Unrealized Gains
    
    
    Net Trading Gains(Losses)
    
    
    (Losses)
    
    
    (Losses)Foreign Exchange
    
    $
    (2,282,577
    )
    
    $
    (99,791
    )
    
    $
    (2,382,368
    )Currency
    
    
    (3,114,673
    )
    
    
    (439,849
    )
    
    
    (3,554,522
    )Financial
    
    
    (2,587,358
    )
    
    
    388,209
    
    
    
    (2,199,149
    )Food & Fiber
    
    
    (2,123,477
    )
    
    
    931,294
    
    
    
    (1,192,183
    )Indices
    
    
    (2,117,124
    )
    
    
    (570,037
    )
    
    
    (2,687,161
    )Metals
    
    
    (1,825,012
    )
    
    
    (1,472,120
    )
    
    
    (3,297,132
    )Livestock
    
    
    (29,580
    )
    
    
    259,160
    
    
    
    229,580Energy
    
    
    (6,726,542
    )
    
    
    352,129
    
    
    
    (6,374,413
    )Total net trading
losses
    
    $
    (20,806,343
    )
    
    $
    (651,005
    )
    
    $
    (21,457,348
    )
 5. Due from/to brokers
   6. Allocation of net profits and losses
   7. Related party transactions
  21




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##### Table of Contents



8. Financial highlights
  2009
    
    
    2008Series A
    
    
    Series B
    
    
    Series A
    
    
    Series BTotal return before incentive fees*
    
    
    (21.6
    )%
    
    
    (32.2
    )%
    
    
    36.4
    %
    
    
    57.3
    %Incentive fees*
    
    
    0.0
    %
    
    
    (0.4
    )%
    
    
    5.5
    %
    
    
    11.2
    %Total return after incentive fees*
    
    
    (21.6
    )%
    
    
    (32.6
    )%
    
    
    30.9
    %
    
    
    46.1
    %Ratios to average partners capital **Operating expenses before incentive fees
    
    
    8.4
    %
    
    
    9.3
    %
    
    
    8.7
    %
    
    
    10.5
    %Incentive fees
    
    
    0.0
    %
    
    
    1.0
    %
    
    
    3.5
    %
    
    
    9.6
    %Total expenses
    
    
    8.4
    %
    
    
    10.3
    %
    
    
    12.2
    %
    
    
    20.1
    %Net investment loss before incentive fees
    
    
    (8.3
    )%
    
    
    (9.1
    )%
    
    
    (6.2
    )%
    
    
    (8.5
    )%Net asset value per unit, beginning of period
    
    $
    1,932.30
    
    
    
    2,600.96
    
    
    $
    1,486.44
    
    
    $
    1,774.69Net investment loss
    
    
    (73.35
    )
    
    
    (114.58
    )
    
    
    (114.21
    )
    
    
    (286.29
    )Net gain (loss) on investments
    
    
    (344.56
    )
    
    
    (732.67
    )
    
    
    573.72
    
    
    
    1,104.92Net asset value per unit, end of period
    
    $
    1,514.39
    
    
    $
    1,753.71
    
    
    $
    1,945.95
    
    
    $
    2,593.32
  2009
    
    
    2008Series A
    
    
    Series B
    
    
    Series A
    
    
    Series BTotal return before incentive fees*
    
    
    (20.1
    )%
    
    
    (30.6
    )%
    
    
    15.3
    %
    
    
    25.6
    %Incentive fees*
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    3.7
    %
    
    
    6.3
    %Total return after incentive fees*
    
    
    (20.1
    )%
    
    
    (30.6
    )%
    
    
    11.6
    %
    
    
    19.3
    %Ratios to average partners capital **Operating expenses before incentive fees
    
    
    9.3
    %
    
    
    10.4
    %
    
    
    8.3
    %
    
    
    9.9
    %Incentive fees
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    3.2
    %
    
    
    6.2
    %Total expenses
    
    
    9.3
    %
    
    
    10.4
    %
    
    
    11.5
    %
    
    
    16.1
    %Net investment loss before incentive fees
    
    
    (9.1
    )%
    
    
    (10.3
    )%
    
    
    (6.2
    )%
    
    
    (8.2
    )%Net asset value per unit, beginning of period
    
    $
    1,894.62
    
    
    $
    2,526.24
    
    
    $
    1,744.21
    
    
    $
    2,173.02Net investment loss
    
    
    (38.07
    )
    
    
    (53.09
    )
    
    
    (89.60
    )
    
    
    (184.25
    )Net gain (loss) on investments
    
    
    (342.16
    )
    
    
    (719.44
    )
    
    
    291.34
    
    
    
    604.55Net asset value per unit, end of period
    
    $
    1,514.39
    
    
    $
    1,753.71
    
    
    $
    1,945.95
    
    
    $
    2,593.32
 
 *
    
    Not annualized**
    
    Annualized, except for incentive fees  22




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9. Financial instrument risk
        10. Subscriptions and redemptions
  23




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11.
Subsequent events
          24




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Three Months ended June 30, 2009
     nd
   25




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Three Months ended March 31, 2009
     st
  26




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Three Months ended June 30, 2008
   27




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nd
     Three Months ended March 31, 2008
   28




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st
         29




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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
  ITEM 4T. CONTROLS AND PROCEDURES
  30




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PART II  OTHER INFORMATION
 Item 1. Legal Proceedings.
  Item 1A. Risk Factors
  Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
    Month
    
    Units Redeemed
    
    NAV per Units ($)April 30, 2009
    
    
    596.083
    
    
    
    1,763.52May 31, 2009
    
    
    398.931
    
    
    
    1,551.44June 30, 2009
    
    
    1752.680
    
    
    
    1,514.392,747.694
  Month
    
    Units Redeemed
    
    NAV per Units ($)April 30, 2009
    
    
    934.162
    
    
    
    2,252.65May 31, 2009
    
    
    192.418
    
    
    
    1,817.77June 30, 2009
    
    
    940.900
    
    
    
    1,753.712,067.480
 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
 31




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##### Table of Contents



SIGNATURES
  Date: August 14, 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 32




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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