##### Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-Q
  þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended September 30, 2006
  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) 
Le Marquis Complex, Unit 5
P.O. Box 1479
Grand Anse 
St. Georges, Grenada
    
    (IRS Employer Identification No.)West Indies
    
    N/A(Address of Principal Executive Offices)
    
    (Zip Code)
  (Registrants telephone number, including area code)
  þ o
  o o þ
  o þ




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##### 



PART I  FINANCIAL INFORMATION
   PageFinancial Statements (unaudited)Statements of Assets and Liabilities as of September 30, 2006
and December 31, 2005
    
    
    3Condensed Schedule of Investments as of September 30, 2006
    
    
    4Condensed Schedule of Investments as of December 31, 2005
    
    
    5Statements of Operations for the three months ended September 30, 2006 and
September 30, 2005 and for nine months ended September 30, 2006 and
September 30, 2005
    
    
    7Statements of Changes in Net Assets for the nine months ended September 30, 2006
and September 30, 2005
    
    
    8Statements of Cash Flows for the nine months ended September 30, 2006 and
September 30, 2005
    
    
    9Certification of Principal Executive OfficerCertification of Principal Financial OfficerSection 1350 Certification of Principal Executive OfficerSection 1350 Certification of Principal Financial Officer
   PageFinancial Statements (unaudited)Statements of Assets and Liabilities as of September 30, 2006
and December 31, 2005
    
    
    10Condensed Schedule of Investments as of September 30, 2006
    
    
    11Condensed Schedule of Investments as of December 31, 2005
    
    
    13Statements of Operations for the three months ended September 30, 2006 and
September 30, 2005 and for nine months ended September 30, 2006 and
September 30, 2005
    
    
    15Statements of Changes in Net Assets for the nine months ended September 30, 2006
and September 30, 2005
    
    
    16Statements of Cash Flows for the nine months ended September 30, 2006 and
September 30, 2005
    
    
    17Notes to Series A and Series B Unaudited Financial Statements Dated September 30, 2006
    
    
    18-22
 2




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A
 
 STATEMENTS OF ASSETS AND LIABILITIES
 September 30, 2006 (Unaudited) and December 31, 2005
 September 30, 2006
    
    
    December 31, 2005ASSETSUS Government securities, at fair value,amortized cost $55,038,540 and $53,351,488 as of
September 30, 2006 and December 31, 2005
    
    $
    55,038,540
    
    
    $
    53,351,488Due from brokers
    
    
    5,959,740
    
    
    
    2,705,847Unrealized appreciation on open forward contracts
    
    
    704,643
    
    
    
    2,733,570Futures contracts purchased
    
    
    1,106,694
    
    
    
    2,110,992Futures contracts sold
    
    
    3,970,422
    
    
    
    286,562Cash
    
    
    917,700
    
    
    
    888,918Total assets
    
    
    67,697,739
    
    
    
    62,077,377LIABILITIESUnrealized depreciation on open forward contracts
    
    
    1,364,874
    
    
    
    1,237,784Unrealized depreciation on open swap contracts
    
    
    
    
    
    
    193,624Advance subscriptions
    
    
    681,121
    
    
    
    866,893Fees payable
    
    
    382,968
    
    
    
    357,028Total liabilities
    
    
    2,428,963
    
    
    
    2,655,329NET ASSETS
    
    $
    65,268,776
    
    
    $
    59,422,048Number of Units
    
    
    50,470.795
    
    
    
    44,734.441Net asset value per Unit
    
    $
    1,293.20
    
    
    $
    1,328.33
  3




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A
 
 CONDENSED SCHEDULE OF INVESTMENTS
 September 30, 2006 (Unaudited)
 Percentage of
    
    
    Market orFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due November 30, 2006
(amortized cost $55,038,540), securities are held in
margin
accounts as collateral for open futures and forwards$
    55,500,000
    
    
    
    84.3
    %
    
    $
    55,038,540Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrencies
    
    
    
    
    
    
    0.9
    
    
    
    550,318Metals
    
    
    
    
    
    
    0.2
    
    
    
    154,325Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    1.1
    
    
    
    704,643Unrealized depreciation on forward contractsCurrencies
    
    
    
    
    
    
    (0.8
    )
    
    
    (509,306
    )Metals
    
    
    
    
    
    
    (1.3
    )
    
    
    (855,568
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (2.1
    )
    
    
    (1,364,874
    )Total forward contracts, at fair value
    
    
    
    
    
    
    (1.0
    )
    
    
    (660,231
    )Futures contracts, at fair valueFutures Contracts PurchasedCurrency
    
    
    
    
    
    
    0.1
    
    
    
    90,500Food & Fiber
    
    
    
    
    
    
    0.5
    
    
    
    286,433Indices
    
    
    
    
    
    
    1.1
    
    
    
    739,561Metals
    
    
    
    
    
    
    (0.0
    )*
    
    
    (9,800
    )Total futures contracts purchased
    
    
    
    
    
    
    1.7
    
    
    
    1,106,694Futures Contracts SoldCurrency
    
    
    
    
    
    
    0.2
    
    
    
    125,043Financial
    
    
    
    
    
    
    (0.2
    )
    
    
    (169,839
    )Energy
    
    
    
    
    
    
    5.2
    
    
    
    3,418,121Food & Fiber
    
    
    
    
    
    
    0.9
    
    
    
    597,098Total futures contracts sold
    
    
    
    
    
    
    6.1
    
    
    
    3,970,423Total futures contracts, at fair value
    
    
    
    
    
    
    7.8
    
    
    
    5,077,117Futures and forward contracts by country compositionEuropean Community
    
    
    
    
    
    
    0.9
    
    
    
    610,522Japan
    
    
    
    
    
    
    2.1
    
    
    
    1,363,420United States
    
    
    
    
    
    
    3.9
    
    
    
    2,540,781Other
    
    
    
    
    
    
    (0.1
    )
    
    
    (97,837
    )Total futures and forward contracts by country
    
    
    
    
    
    
    6.8
    %
    
    $
    4,416,886
 
 *
    
    Due to rounding  4




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A
 
 CONDENSED SCHEDULE OF INVESTMENTS
 December 31, 2005
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due June 1, 2006
(amortized cost $53,351,488), securities are held in margin
accounts as collateral for open futures and forwards$
    54,300,000
    
    
    
    89.8
    %
    
    $
    53,351,488Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrencies
    
    
    
    
    
    
    0.6
    
    
    
    349,388Metals
    
    
    
    
    
    
    4.0
    
    
    
    2,384,182Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    4.6
    
    
    
    2,733,570Unrealized depreciation on forward contractsCurrencies
    
    
    
    
    
    
    (2.1
    )
    
    
    (1,237,784
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (2.1
    )
    
    
    (1,237,784
    )Total forward contracts, at fair value
    
    
    
    
    
    
    2.5
    
    
    
    1,495,786Swap contracts, at fair valueUnrealized depreciation on swap contracts02/24/06 Corn Swap **
    
    
    
    
    
    
    0.0
    *
    
    
    (4,013
    )02/24/06 Wheat Swap **
    
    
    
    
    
    
    (0.3
    )
    
    
    (189,611
    )Total swap contracts, at fair value
    
    
    
    
    
    
    (0.3
    )
    
    
    (193,624
    )Futures Contracts, at fair valueFutures Contracts Purchased
Currency
    
    
    
    
    
    
    (0.0
    )*
    
    
    (3,825
    )Energy
    
    
    
    
    
    
    0.4
    
    
    
    222,119Financial
    
    
    
    
    
    
    (0.1
    )
    
    
    (44,622
    )Food & Fiber
    
    
    
    
    
    
    2.0
    
    
    
    1,195,909Indices
    
    
    
    
    
    
    0.8
    
    
    
    489,551Livestock
    
    
    
    
    
    
    0.0
    *
    
    
    10,340Metals
    
    
    
    
    
    
    0.4
    
    
    
    241,520Total futures contracts purchased
    
    
    
    
    
    
    3.5
    
    
    
    2,110,992Futures Contracts SoldCurrency
    
    
    
    
    
    
    0.7
    
    
    
    413,828Energy
    
    
    
    
    
    
    (0.3
    )
    
    
    (177,030
    )Financial
    
    
    
    
    
    
    0.1
    
    
    
    49,764Total futures contracts sold
    
    
    
    
    
    
    0.5
    
    
    
    286,562Total futures contracts, at fair value
    
    
    
    
    
    
    4.0
    %
    
    $
    2,397,554
 5




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##### Table of Contents



Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueFutures, swap and forward contracts by country compositionJapan
    
    
    
    
    
    
    0.3
    %
    
    $
    174,514United Kingdom
    
    
    
    
    
    
    0.2
    
    
    
    102,468United States
    
    
    
    
    
    
    5.2
    
    
    
    3,108,970Other
    
    
    
    
    
    
    0.5
    
    
    
    314,124Total futures and forward contracts by country
    
    
    
    
    
    
    6.2
    %
    
    $
    3,699,716
 
 *
    
    Due to rounding**
    
    Valued daily off the underlying commoditys future price  6




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QUADRIGA SUPERFUND, L.P.  SERIES A
 
 STATEMENTS OF OPERATIONS
 (Unaudited)
 Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2006
    
    
    2005
    
    
    2006
    
    
    2005Investment income,interest
    
    $
    773,994
    
    
    $
    320,899
    
    
    $
    2,163,278
    
    
    $
    685,071ExpensesManagement fee
    
    
    297,121
    
    
    
    217,432
    
    
    
    909,838
    
    
    
    496,624Organization and offering expenses
    
    
    160,606
    
    
    
    117,531
    
    
    
    491,804
    
    
    
    268,445Operating expenses
    
    
    24,090
    
    
    
    17,630
    
    
    
    73,770
    
    
    
    40,267Selling commission
    
    
    642,423
    
    
    
    470,123
    
    
    
    1,967,217
    
    
    
    1,073,781Brokerage commissions
    
    
    394,287
    
    
    
    551,853
    
    
    
    1,417,258
    
    
    
    1,265,740Other
    
    
    410
    
    
    
    434
    
    
    
    2,765
    
    
    
    1,401Total expenses
    
    
    1,518,937
    
    
    
    1,375,003
    
    
    
    4,862,652
    
    
    
    3,146,258Net investment loss
    
    
    (744,943
    )
    
    
    (1,054,104
    )
    
    
    (2,699,374
    )
    
    
    (2,461,187
    )Realized and unrealized gain
(loss) on investmentsNet realized loss on futures
and forward contracts
    
    
    (5,313,106
    )
    
    
    (8,646
    )
    
    
    (755,066
    )
    
    
    (3,364,894
    )Net change in unrealized appreciation
on futures and forward contracts
    
    
    1,100,793
    
    
    
    2,827,548
    
    
    
    717,169
    
    
    
    3,631,854Net gain(loss) on investments
    
    
    (4,212,313
    )
    
    
    2,818,902
    
    
    
    (37,897
    )
    
    
    266,690Net increase from payments by affiliate
    
    
    
    
    
    
    
    
    
    
    426,879
    
    
    
    Net increase (decrease) in
net assets from operations
    
    $
    (4,957,256
    )
    
    $
    1,764,798
    
    
    $
    (2,310,392
    )
    
    $
    (2,194,227
    )Net increase(decrease) in nets assets
from
operations per unit (based upon
weighted average number of units
outstanding during the period)
    
    $
    (98.20
    )
    
    $
    49.43
    
    
    $
    (48.32
    )
    
    $
    (80.65
    )Net increase(decrease) in net assets
from
operations per unit (based upon change
in net asset value per unit during the
period)
    
    $
    (99.28
    )
    
    $
    41.29
    
    
    $
    (35.13
    )
    
    $
    (137.21
    )
  7




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QUADRIGA SUPERFUND, L.P.  SERIES A
 
 STATEMENTS OF CHANGES IN NET ASSETS
 For the Nine Months Ended September 30,
(Unaudited)
 2006
    
    
    2005Decrease in net assets from operationsNet investment loss
    
    $
    (2,699,374
    )
    
    $
    (2,461,187
    )Net realized loss on futures and forward contracts
    
    
    (755,066
    )
    
    
    (3,364,894
    )Net change in unrealized appreciation on futures
and forward contracts
    
    
    717,169
    
    
    
    3,631,854Net increase from payments by Affiliate
    
    
    426,879
    
    
    
    Net decrease in net assets from operations
    
    
    (2,310,392
    )
    
    
    (2,194,227
    )Capital share transactionsIssuance of Units
    
    
    15,301,941
    
    
    
    27,406,454Redemption of Units
    
    
    (7,144,821
    )
    
    
    (3,625,254
    )Net increase in net assets from capital share
transactions
    
    
    8,157,120
    
    
    
    23,781,200Net increase in net assets
    
    
    5,846,728
    
    
    
    21,586,973Net assets,beginning of period
    
    
    59,422,048
    
    
    
    31,768,269Net assets,end of period
    
    $
    65,268,776
    
    
    $
    53,355,242Units,beginning of period
    
    
    44,734.441
    
    
    
    21,660.138Issuance of Units
    
    
    10,999.834
    
    
    
    21,224.899Redemption of Units
    
    
    (5,263.480
    )
    
    
    (2,752.043
    )Units,end of period
    
    
    50,470.795
    
    
    
    40,132.994
  8




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A
 
 STATEMENTS OF CASH FLOWS
 For the Nine Months Ended September 30,
(Unaudited)
 2006
    
    
    2005Cash flows from operating activitiesNet decrease in net assets from operations
    
    $
    (2,310,392
    )
    
    $
    (2,194,227
    )Adjustments to reconcile decrease in net assets from operations
to net cash used in operating activities:Changes in operating assets and liabilities:US Government securities
    
    
    (1,687,052
    )
    
    
    (19,179,446
    )Due from brokers
    
    
    (3,253,893
    )
    
    
    719,856Unrealized appreciation on open forward contracts
    
    
    2,028,927
    
    
    
    953,612Futures contracts purchased
    
    
    1,004,298
    
    
    
    (3,591,712
    )Unrealized depreciation on open forward contracts
    
    
    127,090
    
    
    
    35,918Unrealized depreciation on open swap contracts
    
    
    (193,624
    )
    
    
    Futures contracts sold
    
    
    (3,683,860
    )
    
    
    (1,029,672
    )Fees payable
    
    
    25,940
    
    
    
    135,028Net cash used in operating activities
    
    
    (7,942,566
    )
    
    
    (24,150,643
    )Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    15,116,169
    
    
    
    30,186,404Redemptions, net of redemption payable
    
    
    (7,144,821
    )
    
    
    (3,625,254
    )Net cash provided by financing activities
    
    
    7,971,348
    
    
    
    26,561,150Net increase in cash
    
    
    28,782
    
    
    
    2,410,507Cash, beginning of period
    
    
    888,918
    
    
    
    911,222Cash, end of period
    
    $
    917,700
    
    
    $
    3,321,729Supplemental disclosure of non-cash financing activities2005 subscriptions received in 2004
    
    
    
    
    
    $
    475,8502006 subscriptions received in 2005
    
    $
    866,893
  9




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
 
 STATEMENTS OF ASSETS AND LIABILITIES
 September 30, 2006 (Unaudited) and December 31, 2005
 September 30, 2006
    
    
    December 31, 2005ASSETSUS Government securities, at fair value,
amortized cost $27,817,043 and $36,402,834 as of
September 30, 2006 and December 31, 2005
    
    $
    27,817,043
    
    
    $
    36,402,834Due from brokers
    
    
    2,284,932
    
    
    
    Unrealized appreciation on open forward contracts
    
    
    488,708
    
    
    
    2,670,563Futures contracts purchased
    
    
    755,884
    
    
    
    1,969,503Futures contracts sold
    
    
    2,749,611
    
    
    
    296,889Cash
    
    
    346,113
    
    
    
    269,034Total assets
    
    
    34,442,291
    
    
    
    41,608,823LIABILITIESUnrealized depreciation on open forward contracts
    
    
    950,840
    
    
    
    1,150,034Unrealized deprecation on open swap contracts
    
    
    
    
    
    
    11,333Advance subscriptions
    
    
    105,026
    
    
    
    165,780Due to broker
    
    
    
    
    
    
    264,413Fees payable
    
    
    194,753
    
    
    
    233,434Total liabilities
    
    
    1,250,619
    
    
    
    1,824,994NET ASSETS
    
    $
    33,191,672
    
    
    $
    39,783,829Number of Units
    
    
    22,401.027
    
    
    
    26,145.940Net asset value per Unit
    
    $
    1,481.70
    
    
    $
    1,521.61
  10




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
 
 CONDENSED SCHEDULE OF INVESTMENTS
 September 30, 2006 (Unaudited)
 Percentage of
    
    
    Market orFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due November 30, 2006
(amortized cost $27,817,043), securities are held in margin
accounts as collateral for open futures and forwards$
    28,050,000
    
    
    
    83.8
    %
    
    $
    27,817,043Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrencies
    
    
    
    
    
    
    1.2
    
    
    
    382,783Metals
    
    
    
    
    
    
    0.3
    
    
    
    105,925Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    1.5
    
    
    
    488,708Unrealized depreciation on forward contractsCurrencies
    
    
    
    
    
    
    (1.1
    )
    
    
    (352,304
    )Metals
    
    
    
    
    
    
    (1.8
    )
    
    
    (598,536
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (2.9
    )
    
    
    (950,840
    )Total forward contracts, at fair value
    
    
    
    
    
    
    (1.4
    )
    
    
    (462,132
    )Futures contracts, at fair valueFutures contracts purchasedCurrency
    
    
    
    
    
    
    0.2
    
    
    
    62,765Food & Fiber
    
    
    
    
    
    
    0.6
    
    
    
    198,928Indices
    
    
    
    
    
    
    1.5
    
    
    
    500,929Metals
    
    
    
    
    
    
    (0.0)
    *
    
    
    (6,738
    )Total futures contracts purchased
    
    
    
    
    
    
    2.3
    
    
    
    755,884Futures contracts soldCurrency
    
    
    
    
    
    
    0.3
    
    
    
    87,062Energy
    
    
    
    
    
    
    7.1
    
    
    
    2,364,643Financial
    
    
    
    
    
    
    (0.4
    )
    
    
    (117,187
    )Food & Fiber
    
    
    
    
    
    
    1.3
    
    
    
    415,093Total futures contracts sold
    
    
    
    
    
    
    8.3
    
    
    
    2,749,611Total futures contracts, at fair value
    
    
    
    
    
    
    10.6
    %
    
    $
    3,505,495
 11




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##### Table of Contents



Percentage of
    
    
    Market orFace Value
    
    
    Net Assets
    
    
    Fair ValueFutures and forward contracts by country compositionEuropean Community
    
    
    
    
    
    
    1.2
    %
    
    $
    412,255Japan
    
    
    
    
    
    
    2.9
    
    
    
    948,623United States
    
    
    
    
    
    
    5.3
    
    
    
    1,749,289Other
    
    
    
    
    
    
    (0.2
    )
    
    
    (66,804
    )Total futures and forward contracts by country
    
    
    
    
    
    
    9.2
    %
    
    $
    3,043,363
 
 *
    
    Due to rounding See accompanying notes to financial statements.
 12




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
 
 CONDENSED SCHEDULE OF INVESTMENTS
 December 31, 2005
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due June 1, 2006
(amortized cost $36,402,834), securities are held in margin
accounts as collateral for open futures and forwards
    
    $
    37,050,000
    
    
    
    91.5
    %
    
    $
    36,402,834Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrencies
    
    
    
    
    
    
    0.8
    
    
    
    324,702Metals
    
    
    
    
    
    
    5.9
    
    
    
    2,345,861Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    6.7
    
    
    
    2,670,563Unrealized depreciation on forward contractsCurrencies
    
    
    
    
    
    
    (2.9
    )
    
    
    (1,150,034
    )Total unrealized depreciation on
forward contracts
    
    
    
    
    
    
    (2.9
    )
    
    
    (1,150,034
    )Total forward contracts, at fair value
    
    
    
    
    
    
    3.8
    
    
    
    1,520,529Swap contracts, at fair valueUnrealized depreciation on swap contracts
02/24/06 Wheat Swap **
    
    
    
    
    
    
    (0.0
    )*
    
    
    (11,333
    )Total swap contracts, at fair value
    
    
    
    
    
    
    (0.0
    )
    
    
    (11,333
    )Futures contracts, at fair valueFutures contracts purchasedCurrency
    
    
    
    
    
    
    (0.0
    )*
    
    
    (4,049
    )Energy
    
    
    
    
    
    
    0.5
    
    
    
    207,908Financial
    
    
    
    
    
    
    (0.1
    )
    
    
    (40,816
    )Food & Fiber
    
    
    
    
    
    
    2.8
    
    
    
    1,115,630Indices
    
    
    
    
    
    
    1.2
    
    
    
    456,060Livestock
    
    
    
    
    
    
    (0.0
    )*
    
    
    10,210Metals
    
    
    
    
    
    
    0.6
    
    
    
    224,560Total futures contracts purchased
    
    
    
    
    
    
    5.0
    
    
    
    1,969,503Futures contracts soldCurrency
    
    
    
    
    
    
    1.0
    
    
    
    410,006Energy
    
    
    
    
    
    
    (0.4
    )
    
    
    (162,868
    )Financial
    
    
    
    
    
    
    0.1
    
    
    
    49,751Total futures contracts sold
    
    
    
    
    
    
    0.7
    
    
    
    296,889Total futures contracts, at fair value
    
    
    
    
    
    
    5.7
    %
    
    $
    2,266,392
 13




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##### Table of Contents



Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueFutures and forward contracts by country compositionJapan
    
    
    
    
    
    
    0.9
    %
    
    $
    360,181United Kingdom
    
    
    
    
    
    
    0.2
    
    
    
    95,363United States
    
    
    
    
    
    
    8.1
    
    
    
    3,202,581Other
    
    
    
    
    
    
    0.3
    
    
    
    117,463Total futures and forward contracts by country
    
    
    
    
    
    
    9.5
    %
    
    $
    3,775,588
 
 *
    
    Due to rounding**
    
    Valued daily off the underlying commoditys future price  14




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
 
 STATEMENTS OF OPERATIONS
(Unaudited)
 Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2006
    
    
    2005
    
    
    2006
    
    
    2005Investment income,interest
    
    $
    398,744
    
    
    $
    297,409
    
    
    $
    1,240,811
    
    
    $
    766,210ExpensesManagement fee
    
    
    151,938
    
    
    
    187,535
    
    
    
    520,676
    
    
    
    546,091Organization and offering expenses
    
    
    82,128
    
    
    
    101,370
    
    
    
    281,446
    
    
    
    295,185Operating expenses
    
    
    12,318
    
    
    
    15,206
    
    
    
    42,216
    
    
    
    44,277Selling commission
    
    
    328,513
    
    
    
    405,481
    
    
    
    1,125,786
    
    
    
    1,180,739Brokerage commissions
    
    
    281,060
    
    
    
    591,667
    
    
    
    1,128,676
    
    
    
    1,672,423Other
    
    
    418
    
    
    
    411
    
    
    
    2,844
    
    
    
    1,046Total expenses
    
    
    856,375
    
    
    
    1,301,670
    
    
    
    3,101,644
    
    
    
    3,739,761Net investment loss
    
    
    (457,631
    )
    
    
    (1,004,261
    )
    
    
    (1,860,833
    )
    
    
    (2,973,551
    )Realized and unrealized gain
(loss) on investmentsNet realized gain (loss) on futures
and forward contracts
    
    
    (3,707,597
    )
    
    
    1,634,123
    
    
    
    1,401,473
    
    
    
    (5,111,702
    )Net change in unrealized appreciation
(depreciation) on futures and forward
contracts
    
    
    450,195
    
    
    
    1,404,668
    
    
    
    (732,225
    )
    
    
    2,802,470Net gain (loss) on investments
    
    
    (3,257,402
    )
    
    
    3,038,791
    
    
    
    669,248
    
    
    
    (2,309,232
    )Net increase from payments by affiliate
    
    
    
    
    
    
    
    
    
    
    584,801
    
    
    
    Net increase (decrease) in net assets from
operations
    
    $
    (3,715,033
    )
    
    $
    2,034,530
    
    
    $
    (606,784
    )
    
    $
    (5,282,783
    )Net increase(decrease) in nets assets from
operations per unit (based upon
weighted average number of units
outstanding during the period)
    
    $
    (163.40
    )
    
    $
    73.93
    
    
    $
    (25.94
    )
    
    $
    (198.83
    )Net increase(decrease) in net assets from
operations per unit (based upon change
in net asset value per unit during the
period)
    
    $
    (160.85
    )
    
    $
    74.21
    
    
    $
    (39.91
    )
    
    $
    (216.90
    )
  15




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
 
 STATEMENTS OF CHANGES IN NET ASSETS
For the Nine Months Ended September 30,
(Unaudited)
 2006
    
    
    2005Decrease in net assets from operationsNet investment loss
    
    $
    (1,860,833
    )
    
    $
    (2,973,551
    )Net realized gain (loss) on futures and forward contracts
    
    
    1,401,473
    
    
    
    (5,111,702
    )Net change in unrealized appreciation (depreciation) on futures
and forward contracts
    
    
    (732,225
    )
    
    
    2,802,470Net increase from payments by Affiliate
    
    
    584,801
    
    
    
    Net decrease in net assets from operations
    
    
    (606,784
    )
    
    
    (5,282,783
    )Capital share transactionsIssuance of Units
    
    
    2,888,954
    
    
    
    9,920,376Redemption of Units
    
    
    (8,874,327
    )
    
    
    (6,028,305
    )Net increase (decrease) in net assets from capital share transactions
    
    
    (5,985,373
    )
    
    
    3,892,071Net decrease in net assets
    
    
    (6,592,157
    )
    
    
    (1,390,712
    )Net assets,beginning of period
    
    
    39,783,829
    
    
    
    42,474,364Net assets,end of period
    
    $
    33,191,672
    
    
    $
    41,083,652Units,beginning of period
    
    
    26,145.940
    
    
    
    24,547.544Issuance of Units
    
    
    1,774.761
    
    
    
    6,567.333Redemption of Units
    
    
    (5,519.674
    )
    
    
    (3,968.040
    )Units,end of period
    
    
    22,401.027
    
    
    
    27,146.837
  16




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
 
 STATEMENTS OF CASH FLOWS
For the Nine Months Ended September 30, 2006
(Unaudited)
 2006
    
    
    2005Cash flows from operating activitiesNet decrease in net assets from operations
    
    $
    (606,784
    )
    
    $
    (5,282,783
    )Adjustments to reconcile net decrease in net assets from
operations to net cash provided by (used in) operating
activities:Changes in operating assets and liabilities:US Government securities
    
    
    8,585,791
    
    
    
    (1,309,931
    )Due from/to brokers
    
    
    (2,549,345
    )
    
    
    5,074,120Unrealized appreciation on open forward contracts
    
    
    2,181,855
    
    
    
    2,537,873Futures contracts purchased
    
    
    1,213,619
    
    
    
    (3,751,189
    )Unrealized depreciation on open forward contracts
    
    
    (199,194
    )
    
    
    (504,235
    )Unrealized depreciation on open swap contracts
    
    
    (11,333
    )
    
    
    Futures contracts sold
    
    
    (2,452,722
    )
    
    
    (1,084,919
    )Fees payable
    
    
    (38,681
    )
    
    
    (133,333
    )Net cash provided by (used in) operating activities
    
    
    6,123,206
    
    
    
    (4,454,397
    )Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    2,828,200
    
    
    
    8,772,668Redemptions, net of redemption payable
    
    
    (8,874,327
    )
    
    
    (5,905,308
    )Net cash provided by (used in) financing activities
    
    
    (6,046,127
    )
    
    
    2,867,360Net increase (decrease) in cash
    
    
    77,079
    
    
    
    (1,587,037
    )Cash, beginning of period
    
    
    269,034
    
    
    
    1,826,691Cash, end of period
    
    $
    346,113
    
    
    
    239,654Supplemental disclosure of noncash financing activities:2005 contributions received in 2004
    
    
    
    
    
    $
    1,288,6302006 contributions received in 2005
    
    $
    165,780
  17




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QUADRIGA SUPERFUND, L.P.  SERIES A AND B
 1. Nature of operations
 Organization and Business
   2. Basis of presentation and significant accounting policies
 Basis of Presentation
  Valuation of Investments in Futures Contracts, Forward Contracts, and U.S Treasury Bills
   Translation of Foreign Currency
   18




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Investment Transactions and Related Investment Income
  Income Taxes
  Use of Estimates
  Recently Issued Accounting Standards
   3. Due from/to brokers
   4. Allocation of net profits and losses
   19




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##### Table of Contents



5. Related party transactions
    6. Financial highlights
  2006
    
    
    2005Series A
    
    
    Series B
    
    
    Series A
    
    
    Series BTotal return before incentive fees*, ***
    
    
    (2.6
    )%
    
    
    (2.6
    )%
    
    
    (9.4
    )%
    
    
    (12.5
    )%Incentive fees
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %Total return after incentive fees*, ***
    
    
    (2.6
    )%
    
    
    (2.6
    )%
    
    
    (9.4
    )%
    
    
    (12.5
    )%Ratios to average partners capital **Operating expenses before incentive fees
    
    
    10.1
    %
    
    
    11.0
    %
    
    
    11.8
    %
    
    
    12.8
    %Incentive fees
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %Total expenses
    
    
    10.1
    %
    
    
    11.0
    %
    
    
    11.8
    %
    
    
    12.8
    %Net investment income (loss)
    
    
    (5.6
    )%
    
    
    (6.6
    )%
    
    
    (9.2
    )%
    
    
    (10.2
    )%Net asset value per unit, beginning of period
    
    $
    1,328.33
    
    
    $
    1,521.61
    
    
    $
    1,466.67
    
    
    $
    1,730.29Net investment loss
    
    
    (56.85
    )
    
    
    (78.62
    )
    
    
    (90.60
    )
    
    
    (111.99
    )Net gain (loss) in investments
    
    
    13.26
    
    
    
    12.61
    
    
    
    (46.61
    )
    
    
    (104.91
    )Net increase from payments by affiliate
    
    
    8.46
    
    
    
    26.11
    
    
    
    
    
    
    
    Net asset value per unit, end of period
    
    $
    1,293.20
    
    
    $
    1,481.70
    
    
    $
    1,329.46
    
    
    $
    1,513.39
 
 *
    
    Not annualized**
    
    Annualized***
    
    The total return information presented above is not annualized and includes a net increase in
net assets from payments by affiliates in the amount of $426,879 for Series A and $584,801 for
Series B. If the net increase in net assets from payments by affiliates was not included, the
total return would have been -3.3% for Series A and -4.3% for Series B. 20




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##### Table of Contents



2006
    
    
    2005Series A
    
    
    Series B
    
    
    Series A
    
    
    Series BTotal return before incentive fees*
    
    
    (6.5
    )%
    
    
    (8.4
    )%
    
    
    3.2
    %
    
    
    5.2
    %Incentive fees
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %Total return after incentive fees*
    
    
    (6.5
    )%
    
    
    (8.4
    )%
    
    
    (0.5
    )%
    
    
    (1.1
    )%Ratios to average partners capital **Operating expenses before incentive fees
    
    
    9.3
    %
    
    
    10.0
    %
    
    
    12.7
    %
    
    
    12.8
    %Incentive fees
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %Total expenses
    
    
    9.3
    %
    
    
    10.0
    %
    
    
    12.7
    %
    
    
    12.8
    %Net investment income (loss)
    
    
    (4.5
    )%
    
    
    (5.4
    )%
    
    
    (9.7
    )
    
    
    (9.9
    )Net asset value per unit, beginning of period
    
    $
    1,392.48
    
    
    $
    1,642.55
    
    
    $
    1,288.17
    
    
    $
    1,439.18Net investment loss
    
    
    (14.86
    )
    
    
    (20.11
    )
    
    
    (31.95
    )
    
    
    (36.31
    )Net gain (loss) in investments
    
    
    (84.42
    )
    
    
    (140.74
    )
    
    
    73.24
    
    
    
    110.52Net asset value per unit, end of period
    
    $
    1,293.20
    
    
    $
    1,481.70
    
    
    $
    1,329.46
    
    
    $
    1,513.39
 
 *
    
    Not annualized**
    
    Annualized  7. Financial instrument risk
     21




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8. Subscriptions and redemptions
   22




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##### Table of Contents



ITEM 2.
    
    MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
          Three Months ended September 30, 2006
     23




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rd
     Three Months ended June 30, 2006
     24




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nd
 1 2 1 2
    Three Months ended March 31, 2006
     25




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st
     Three Months ended September 30, 2005
     26




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Three Months Ended June 30, 2005
     nd
    27




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Three Months ended March 31, 2005:
            28




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29




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##### Table of Contents



ITEM 3.
    
    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
              30




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Average
    
    
    % of Average
    
    
    Highest Value
    
    
    Lowest ValueSector
    
    Value at Risk
    
    
    Capitalization
    
    
    at Risk
    
    
    at RiskStock Indices
    
    $
    1,006,653
    
    
    
    1.52
    %
    
    $
    1,385,138
    
    
    $
    381,150Financial Futures
    
    
    1,755,185
    
    
    
    2.65
    
    
    
    3,068,917
    
    
    
    485,375Currencies
    
    
    4,475,787
    
    
    
    6.76
    
    
    
    5,724,968
    
    
    
    3,057,659Agricultural
    
    
    548,081
    
    
    
    0.83
    
    
    
    593,242
    
    
    
    492,020Energy
    
    
    1,995,050
    
    
    
    3.01
    
    
    
    2,745,083
    
    
    
    1,499,620Metals
    
    
    763,727
    
    
    
    1.15
    
    
    
    1,692,071
    
    
    
    0Total
    
    $
    10,544,483
    
    
    
    15.92
    %
  Average
    
    
    % of Average
    
    
    Highest Value
    
    
    Lowest ValueSector
    
    Value at Risk
    
    
    Capitalization
    
    
    at Risk
    
    
    at RiskStock Indices
    
    $
    893,847
    
    
    
    2.41
    %
    
    $
    1,735,272
    
    
    $
    286,650Financial Futures
    
    
    1,366,329
    
    
    
    3.70
    
    
    
    2,317,193
    
    
    
    337,357Currencies
    
    
    3,831,279
    
    
    
    10.38
    
    
    
    5,242,929
    
    
    
    2,328,732Agricultural
    
    
    412,264
    
    
    
    1.12
    
    
    
    447,707
    
    
    
    341,560Energy
    
    
    1,477,040
    
    
    
    4.00
    
    
    
    1,901,488
    
    
    
    1,263,437Metals
    
    
    618,467
    
    
    
    1.68
    
    
    
    1,429,084
    
    
    
    0Total
    
    $
    8,599,276
    
    
    
    23.30
    %
  31




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Average
    
    
    % of Average
    
    
    Highest Value
    
    
    Lowest ValueSector
    
    Value at Risk
    
    
    Capitalization
    
    
    at Risk
    
    
    at RiskStock Indices
    
    $
    1,522,822
    
    
    
    3.44
    %
    
    $
    1,740,734
    
    
    $
    1,351,175Financial Futures
    
    
    1,359,303
    
    
    
    3.09
    
    
    
    1,897,505
    
    
    
    875,596Currencies
    
    
    3,598,614
    
    
    
    8.17
    
    
    
    5,907,756
    
    
    
    1,449,098Agricultural
    
    
    341,744
    
    
    
    0.78
    
    
    
    598,717
    
    
    
    58,044Energy
    
    
    921,229
    
    
    
    2.09
    
    
    
    1,324,149
    
    
    
    657,974Metals
    
    
    1,387,497
    
    
    
    3.15
    
    
    
    2,033,095
    
    
    
    772,069Total
    
    $
    9,121,210
    
    
    
    20.72
    %
  Average
    
    
    % of Average
    
    
    Highest Value
    
    
    Lowest ValueSector
    
    Value at Risk
    
    
    Capitalization
    
    
    at Risk
    
    
    at RiskStock Indices
    
    $
    2,153,127
    
    
    
    5.25
    %
    
    $
    3,084,741
    
    
    $
    1,432,917Financial Futures
    
    
    2,022,611
    
    
    
    4.94
    
    
    
    3,415,011
    
    
    
    809,391Currencies
    
    
    5,035,201
    
    
    
    12.29
    
    
    
    8,458,329
    
    
    
    2,622,864Agricultural
    
    
    405,771
    
    
    
    0.99
    
    
    
    555,843
    
    
    
    10,262Energy
    
    
    1,323,122
    
    
    
    3.23
    
    
    
    2,358,725
    
    
    
    366,394Metals
    
    
    2,003,699
    
    
    
    4.89
    
    
    
    3,654,036
    
    
    
    716,965Total
    
    $
    12,943,531
    
    
    
    31.59
    %
        32




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33




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##### Table of Contents



34




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##### Table of Contents



35




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##### Table of Contents



Series A:Month
    
    Units Redeemed
    
    
    NAV per Units ($)July 31, 2006
    
    
    139.73
    
    
    
    1,248.37August 31, 2006
    
    
    301.89
    
    
    
    1,253.10September 30, 2006
    
    
    935.54
    
    
    
    1,293.201,377.16
 Series B:Month
    
    Units Redeemed
    
    
    NAV per Units ($)July 31, 2006
    
    
    263.04
    
    
    
    1,410.76August 31, 2006
    
    
    196.05
    
    
    
    1,418.53September 30, 2006
    
    
    651.40
    
    
    
    1,481.701,110.49
         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
 36




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.(Registrant)By: Superfund Capital Management, Inc.General PartnerBy: /s/Christian BahaChristian BahaChief Executive OfficerBy: /s/Roman GregorigRoman GregorigVice President and Principal Financial Officer
 37




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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