<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

[X]   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2004

                                       or

[ ]   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: 333-88460

                            QUADRIGA SUPERFUND, L.P.
--------------------------------------------------------------------------------
               (Exact name of registrant as specified in charter)

         Delaware                                      98-0375395
---------------------------         --------------------------------------------
  (State of Organization)                (IRS Employer Identification Number)

Le Marquis Complex, Unit 5
P.O. Box 1479
Grand Anse
St. George's, Grenada
West Indies                                               N/A
----------------------------------------          --------------------
(Address of principal executive offices)               (Zip Code)

(473) 439-2418
------------------------
(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months, and (2) has been subject to such filing requirements
for the past 90 days.

                                 Yes [X] No [ ]

                     Total number of Pages: 28 plus exhibits

<PAGE>

                         PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

The following financial statements of Quadriga Superfund, L.P. - Series A are
included in Item 1:

<TABLE>
<CAPTION>
                                                                                                      Page
                                                                                                      ----
<S>                                                                                                   <C>
FINANCIAL STATEMENTS

         Statement of Assets and Liabilities as of September 30, 2004 (unaudited)
               and December 31, 2003 (audited)                                                          3

         Condensed Schedule of Investments as of September 30, 2004 (unaudited)                         4

         Condensed Schedule of Investments as of December 31, 2003 (audited)                            5

         Statements of Operations for the three months ended September 30, 2004 and
               September 30, 2003 (unaudited) and for the nine months ended September 30, 2004 and
               September 30, 2003 (unaudited)                                                           6

         Statement of Changes in Net Assets for the nine months ended September 30, 2004
               and September 30, 2003 (unaudited)                                                       7

         Statement of Cash Flows for the nine months ended September 30, 2004 and
               September 30, 2003 (unaudited)                                                           8
</TABLE>

The following financial statements of Quadriga Superfund, L.P. - Series B are
included in Item 1:

<TABLE>
<CAPTION>
                                                                                                    Page
                                                                                                    -----
<S>                                                                                                  <C>
FINANCIAL STATEMENTS

         Statement of Assets and Liabilities as of September 30, 2004 (unaudited)
               and December 31, 2003 (audited)                                                          9

         Condensed Schedule of Investments as of September 30, 2004 (unaudited)                        10

         Condensed Schedule of Investments as of December 31, 2003 (audited)                           11

         Statements of Operations for the three months ended September 30, 2004 and September
               30, 2003 (unaudited) and for the nine months ended September 30, 2004 and September
               30, 2003 (unaudited)                                                                    12

         Statement of Changes in Net Assets for the nine months ended September 30, 2004 and
               September 30, 2003 (unaudited)                                                          13

         Statement of Cash Flows for the nine months ended September 30, 2004 and September
               30, 2003 (unaudited)                                                                    14

NOTES TO SERIES A AND SERIES B UNAUDITED FINANCIAL STATEMENTS DATED SEPTEMBER 30, 2004              15-19

Report of Independent Registered Public Accounting Firm                                                19
</TABLE>

                                        2

<PAGE>

QUADRIGA SUPERFUND, L.P. - SERIES A
STATEMENT OF ASSETS AND LIABILITIES
SEPTEMBER 30, 2004 (UNAUDITED) AND DECEMBER 31, 2003 (AUDITED)

<TABLE>
<CAPTION>
                                                    SEPTEMBER 30,  DECEMBER 31,
                                                        2004           2003
                                                    ------------   ------------
<S>                                                 <C>            <C>
ASSETS

US GOVERNMENT SECURITIES, at market
   cost $21,123,951 and $13,739,594 as of
   September 30, 2004 and December 31, 2003         $ 21,223,954   $ 13,749,608

DUE FROM BROKERS                                         512,718        989,646

UNREALIZED APPRECIATION ON OPEN FORWARD CONTRACTS      1,877,068      1,196,849

FUTURES CONTRACTS PURCHASED                            2,096,916        583,646
FUTURES CONTRACTS SOLD                                   210,269              -

CASH                                                   1,112,190      1,597,546
                                                    ------------   ------------

        Total assets                                  27,033,115     18,117,295
                                                    ------------   ------------

LIABILITIES

UNREALIZED DEPRECIATION ON OPEN FORWARD CONTRACTS        139,042        231,306

FUTURES CONTRACTS SOLD                                         -          8,595

ADVANCE SUBSCRIPTIONS                                    683,421      1,097,282

DUE TO BROKERS                                           230,030        532,552

REDEMPTION PAYABLE                                             -          8,040

FEES PAYABLE                                             151,554         94,731
                                                    ------------   ------------

        Total liabilities                              1,204,047      1,972,506
                                                    ------------   ------------

NET ASSETS                                          $ 25,829,068   $ 16,144,789
                                                    ============   ============

NUMBER OF SHARES                                      20,780.214     12,256.648

NET ASSETS VALUE PER SHARE                          $   1,242.96   $   1,317.23
                                                    ============   ============
</TABLE>

See accompanying notes to financial statements
  and accountants' review report

                                        3

<PAGE>

QUADRIGA SUPERFUND, L.P. - SERIES A
CONDENSED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2004 (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                                PERCENTAGE OF     MARKET OR
                                                                                  FACE VALUE      NET ASSETS     FAIR VALUE
                                                                                -------------   -------------   -------------
<S>                                                                             <C>             <C>             <C>
DEBT SECURITIES UNITED STATES, AT MARKET
     United States Treasury Bills due November 26, 2004 (cost $21,123,951),
      securities are held in margin accounts as collateral for open futures
      and forwards                                                              $  21,270,000       82.2%       $  21,223,954
                                                                                                    ====        =============
FORWARD CONTRACTS, AT FAIR VALUE
  UNREALIZED APPRECIATION ON FORWARD CONTRACTS
     CURRENCIES                                                                                      1.3%       $     335,547
     METALS                                                                                          6.0            1,541,521
                                                                                                    ----        -------------
       Total unrealized appreciation on forward contracts                                            7.3            1,877,068
                                                                                                    ----        -------------

  UNREALIZED DEPRECIATION ON FORWARD CONTRACTS
     CURRENCIES                                                                                     (0.5)            (126,117)
     METALS                                                                                         (0.1)             (12,925)
                                                                                                    ----        -------------
       Total unrealized depreciation on forward contracts                                           (0.6)            (139,042)
                                                                                                    ----        -------------

TOTAL FORWARD CONTRACTS, AT FAIR VALUE                                                               6.7%       $   1,738,026
                                                                                                    ====        =============

FUTURES CONTRACTS, AT FAIR VALUE
  FUTURES CONTRACTS PURCHASED
     CURRENCY                                                                                        0.4%       $      99,260
     ENERGY                                                                                          5.1            1,310,761
     FINANCIAL                                                                                       1.3              348,350
     GRAINS                                                                                          0.0*                 425
     INDICES                                                                                         0.5              136,982
     LIVESTOCK                                                                                      (0.1)             (19,520)
     METALS                                                                                          0.9              220,658
                                                                                                    ----        -------------
       Total futures contracts purchase                                                              8.1            2,096,916
                                                                                                    ----        -------------
  FUTURES CONTRACTS SOLD
     CURRENCY                                                                                       (0.2)             (49,356)
     FOOD & FIBER                                                                                    0.1               25,490
     GRAINS                                                                                          1.2              300,877
     INDICES                                                                                        (0.3)*            (66,742)
                                                                                                    ----        -------------
       Total futures contracts sold                                                                  0.8              210,269
                                                                                                    ----        -------------

TOTAL FUTURES CONTRACTS, AT FAIR VALUE                                                               8.9%       $   2,307,185
                                                                                                    ====        =============

FUTURES AND FORWARD CONTRACTS BY COUNTRY COMPOSITION
  JAPAN                                                                                              1.6%       $     409,618
  UNITED KINGDOM                                                                                     6.7            1,723,924
  UNITED STATES                                                                                      6.8            1,746,621
  OTHER                                                                                              0.6              165,048
                                                                                                    ----        -------------
TOTAL FUTURES AND FORWARD CONTRACTS BY COUNTRY                                                      15.7%       $   4,045,211
                                                                                                    ====        =============
</TABLE>

      * Due to rounding

See accompanying notes to financial statements
      and accountants' review report

                                        4

<PAGE>

QUADRIGA SUPERFUND, L.P. - SERIES A
CONDENSED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2003 (AUDITED)

<TABLE>
<CAPTION>
                                                                                                PERCENTAGE OF     MARKET OR
                                                                                  FACE VALUE     NET ASSETS      FAIR VALUE
                                                                                -------------   -------------   -------------
<S>                                                                             <C>             <C>             <C>
DEBT SECURITIES UNITED STATES, AT MARKET
     United States Treasury Bills due May 27, 2004 (cost $13,739,594),
      securities are held in margin accounts as collateral for open
      futures and forwards                                                      $  13,805,000        85.2%      $ 13,749,608
                                                                                                     ====       ============
FORWARD CONTRACTS, AT FAIR VALUE
  UNREALIZED APPRECIATION ON FORWARD CONTRACTS
     CURRENCIES                                                                                       0.9%      $    140,479
     METALS                                                                                           6.5          1,056,370
                                                                                                     ----       ------------
       Total unrealized appreciation on forward contracts                                             7.4          1,196,849
                                                                                                     ----       ------------

  UNREALIZED DEPRECIATION ON FORWARD CONTRACTS
     CURRENCIES                                                                                      (0.4)           (65,291)
     METALS                                                                                          (1.0)          (166,015)
                                                                                                     ----       ------------
       Total unrealized depreciation on forward contracts                                            (1.4)          (231,306)
                                                                                                     ----       ------------

TOTAL FORWARD CONTRACTS, AT FAIR VALUE                                                                6.0%      $    965,543
                                                                                                     ====       ============

FUTURES CONTRACTS, AT FAIR VALUE
  FUTURES CONTRACTS PURCHASED
     ENERGY                                                                                           1.7%      $    279,675
     GRAINS                                                                                           0.1             17,861
     INDICES                                                                                          0.2             27,189
     METALS                                                                                           1.6            258,921
                                                                                                     ----       ------------
       Total futures contracts purchase                                                               3.6            583,646
                                                                                                     ----       ------------

  FUTURES CONTRACTS SOLD
     GRAINS                                                                                          (0.1)            (9,521)
     INDICES                                                                                          0.0*               926
                                                                                                     ----       ------------
       Total futures contracts sold                                                                  (0.1)            (8,595)
                                                                                                     ----       ------------

TOTAL FUTURES CONTRACTS, AT FAIR VALUE                                                                3.5%      $    575,051
                                                                                                     ====       ============

FUTURES AND FORWARD CONTRACTS BY COUNTRY COMPOSITION
  JAPAN                                                                                               0.4%      $     68,877
  UNITED KINGDOM                                                                                      6.0            977,375
  UNITED STATES                                                                                       3.1            494,342
                                                                                                     ----       ------------
TOTAL FUTURES AND FORWARD CONTRACTS BY COUNTRY                                                        9.5%      $  1,540,594
                                                                                                     ====       ============
</TABLE>

      * Due to rounding

See accompanying notes to financial statements
      and accountants' review report

                                        5

<PAGE>

QUADRIGA SUPERFUND, L.P. - SERIES A
STATEMENT OF OPERATIONS
(UNAUDITED)

<TABLE>
<CAPTION>
                                                    THREE MONTHS ENDED               NINE MONTHS ENDED
                                                       SEPTEMBER 30,                   SEPTEMBER 30,
                                               ----------------------------    ----------------------------
                                                   2004            2003            2004            2003
                                               ------------    ------------    ------------    ------------
<S>                                            <C>             <C>             <C>             <C>
INVESTMENT INCOME, interest                    $     79,511    $     23,095    $    182,263    $     45,227
                                               ------------    ------------    ------------    ------------
EXPENSES
   Management fee                                   113,242          50,102         311,329         102,135
   Organization and offering expenses                61,213          27,082         168,286          55,209
   Operating expenses                                 9,182           4,062          25,242           8,281
   Selling commission                               244,848         108,330         673,141         220,832
   Incentive fee                                          -               -         651,950         226,783
   Brokerage commissions                            244,937         128,919         635,428         255,624
   Other                                             16,207             893          33,590           2,785
                                               ------------    ------------    ------------    ------------

        Total expenses                              689,629         319,388       2,498,966         871,649
                                               ------------    ------------    ------------    ------------

NET INVESTMENT LOSS                                (610,118)       (296,293)     (2,316,703)       (826,422)
                                               ------------    ------------    ------------    ------------

REALIZED AND UNREALIZED GAIN
 (LOSS) ON INVESTMENTS
   Net realized gain (loss) on futures
     and forward contracts                       (2,839,090)     (1,632,003)     (2,042,213)       (999,804)

   Net change in unrealized appreciation or
     Depreciation on futures and forward
     contracts                                    4,160,695       1,254,090       2,504,617       1,060,900
                                               ------------    ------------    ------------    ------------

NET GAIN (LOSS) ON INVESTMENTS                    1,321,605        (377,913)        462,404          61,096
                                               ------------    ------------    ------------    ------------

NET INCREASE (DECREASE) IN
   NET ASSETS FROM OPERATIONS                  $    711,487    $   (674,206)   $ (1,854,299)   $   (765,326)
                                               ============    ============    ============    ============
</TABLE>

See accompanying notes to financial statements and accountants' review report

                                        6

<PAGE>

QUADRIGA SUPERFUND, L.P. - SERIES A
STATEMENT OF CHANGES IN NET ASSETS
FOR THE NINE MONTHS ENDED SEPTEMBER 30,
(UNAUDITED)

<TABLE>
<CAPTION>
                                                                 2004            2003
                                                             ------------    ------------
<S>                                                          <C>             <C>
DECREASE IN NET ASSETS FROM OPERATIONS

   Net investment loss                                       $ (2,316,703)   $   (826,422)

   Net realized loss on futures and forward contracts          (2,042,213)       (999,804)

   Net change in unrealized appreciation or depreciation
     on futures and forward contracts                           2,504,617       1,060,900
                                                             ------------    ------------

NET DECREASE IN NET ASSETS FROM OPERATIONS                     (1,854,299)       (765,326)

CAPITAL SHARE TRANSACTIONS
   Issuance of shares                                          13,470,189      11,514,319
   Redemption of shares                                        (1,931,611)       (231,964)
                                                             ------------    ------------

NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS     11,538,578      11,282,355

NET INCREASE IN NET ASSETS                                      9,684,279      10,517,029

NET ASSETS, beginning of period                                16,144,789       1,216,435
                                                             ------------    ------------

NET ASSETS, end of period                                    $ 25,829,068    $ 11,733,464
                                                             ============    ============

SHARES, beginning of period                                    12,256.648       1,110.275
ISSUANCE OF SHARES                                             10,057.734       9,969.345
REDEMPTION OF SHARES                                           (1,534.168)       (209.034)
                                                             ------------    ------------

SHARES, end of period                                          20,780.214      10,870.586
                                                             ============    ============
</TABLE>

See accompanying notes to financial statements
     and accountants' review report

                                        7

<PAGE>

QUADRIGA SUPERFUND, L.P. - SERIES A
STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30,
(UNAUDITED)

<TABLE>
<CAPTION>
                                                                  2004            2003
                                                              ------------    ------------
<S>                                                           <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES
   Net decrease in net assets from operations                 $ (1,854,299)   $   (765,326)
   Adjustments to reconcile net decrease in net assets from
   operations to net cash used in operating activities:
     Changes in operating assets and liabilities:
        US Government securities                                (7,474,346)     (7,651,084)
        Due from/to brokers                                        174,406        (661,213)
        Due from affiliate                                               -          (9,535)
        Unrealized appreciation on open forward contracts         (680,219)       (429,532)
        Futures contracts purchased                             (1,513,270)     (1,009,400)
        Unrealized depreciation on open forward contracts          (92,264)        383,613
        Futures contracts sold                                    (218,864)         (5,581)
        Fees payable                                                56,823          25,552

NET CASH USED IN OPERATING ACTIVITIES                          (11,602,033)    (10,122,506)

CASH FLOWS FROM FINANCING ACTIVITIES
   Subscriptions, net of change in advance subscriptions        13,056,328      11,072,117
   Redemptions, net of redemption payable                       (1,939,651)       (231,317)

NET CASH PROVIDED BY FINANCING ACTIVITIES                       11,116,677      10,840,800

NET INCREASE IN CASH                                              (485,356)        718,294

CASH, beginning of period                                        1,597,546         402,631

CASH, end of period                                           $  1,112,190    $  1,120,925

SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES
   2003 subscriptions received in 2002                                        $    972,745

   2004 subscriptions received in 2003                        $  1,097,282

   Redemption payable                                                         $      8,040
</TABLE>

See accompanying notes to financial statements
     and accountants' review report

                                        8

<PAGE>

QUADRIGA SUPERFUND, L.P. - SERIES B
STATEMENT OF ASSETS AND LIABILITIES
SEPTEMBER 30, 2004 (UNAUDITED) AND DECEMBER 31, 2003 (AUDITED)

<TABLE>
<CAPTION>
                                                    SEPTEMBER 30,  DECEMBER 31,
                                                        2004           2003
                                                    ------------   ------------
<S>                                                 <C>            <C>
ASSETS

US GOVERNMENT SECURITIES, at market
   cost $24,193,621 and $17,392,760 as of
   September 30, 2004 and December 31, 2003         $ 24,307,298   $ 17,405,163

DUE FROM BROKERS                                       2,285,766      3,187,377

UNREALIZED APPRECIATION ON OPEN FORWARD CONTRACTS      3,306,767      2,176,599

FUTURES CONTRACTS PURCHASED                            3,531,796      1,030,282
FUTURES CONTRACTS SOLD                                   498,767              -

CASH                                                   1,251,909        854,910
                                                    ------------   ------------

        Total assets                                  35,182,303     24,654,331
                                                    ------------   ------------

LIABILITIES

UNREALIZED DEPRECIATION ON OPEN FORWARD CONTRACTS        265,271        436,869

FUTURES CONTRACTS SOLD                                         -         15,398

ADVANCE SUBSCRIPTIONS                                    913,395        920,395

DUE TO BROKERS                                           237,090      1,006,857

REDEMPTION PAYABLE                                             -          8,152

FEES PAYABLE                                             196,972        129,889
                                                    ------------   ------------

        Total liabilities                              1,612,728      2,517,560
                                                    ------------   ------------

NET ASSETS                                          $ 33,569,575   $ 22,136,771
                                                    ============   ============

NUMBER OF SHARES                                      24,457.461     14,945.226

NET ASSETS VALUE PER SHARE                          $   1,372.57   $   1,481.19
                                                    ============   ============
</TABLE>

See accompanying notes to financial statements
     and accountants' review report

                                        9

<PAGE>

QUADRIGA SUPERFUND, L.P. - SERIES B
CONDENSED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2004 (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                            PERCENTAGE OF     MARKET OR
                                                                             FACE VALUE      NET ASSETS      FAIR VALUE
                                                                            -------------   -------------   -------------
<S>                                                                         <C>             <C>             <C>
DEBT SECURITIES UNITED STATES, AT MARKET
     United States Treasury Bills due November 26, 2004 (cost
     $24,193,621), securities are held in Margin accounts as
     collateral for open futures and forwards                               $  24,360,000         72.4%     $  24,307,298
                                                                                                  ====      =============
FORWARD CONTRACTS, AT FAIR VALUE
  UNREALIZED APPRECIATION ON FORWARD CONTRACTS
     CURRENCIES                                                                                    1.8%     $     596,117
     METALS                                                                                        8.1          2,710,650
                                                                                                  ----      -------------
       Total unrealized appreciation on
          forward contracts                                                                        9.9          3,306,767
                                                                                                  ----      -------------
  UNREALIZED DEPRECIATION ON FORWARD CONTRACTS
     CURRENCIES                                                                                   (0.7)          (220,033)
     METALS                                                                                       (0.1)           (45,238)
                                                                                                  ----      -------------
       Total unrealized depreciation on
          forward contracts                                                                       (0.8)          (265,271)
                                                                                                  ----      -------------

TOTAL FORWARD CONTRACTS, AT FAIR VALUE                                                             9.1%     $   3,041,496
                                                                                                  ====      =============

FUTURES CONTRACTS, AT FAIR VALUE
  FUTURES CONTRACTS PURCHASED
     CURRENCY                                                                                      0.7%     $     235,303
     ENERGY                                                                                        6.7          2,239,212
     FINANCIAL                                                                                     1.6*           556,489
     GRAINS                                                                                        0.0*            (1,850)
     INDICES                                                                                       0.3             98,009
     LIVESTOCK                                                                                    (0.1)           (31,531)
     METALS                                                                                        1.3            436,164
                                                                                                  ----      -------------
       Total futures contracts purchased                                                          10.5          3,531,796
                                                                                                  ----      -------------
  FUTURES CONTRACTS SOLD
     CURRENCY                                                                                     (0.3)           (87,747)
     FOOD & FIBER                                                                                  0.1             44,450
     GRAINS                                                                                        1.6            527,711
     INDICES                                                                                       0.1             18,886
     LIVESTOCK                                                                                     0.0             (4,533)
                                                                                                  ----      -------------
       Total futures contracts sold                                                                1.5            498,767
                                                                                                  ----      -------------
TOTAL FUTURES CONTRACTS, AT FAIR VALUE                                                            12.0%     $   4,030,563
                                                                                                  ====      =============

  FUTURES AND FORWARD CONTRACTS BY COUNTRY COMPOSITION
  JAPAN                                                                                            2.1%     $     711,923
  UNITED KINGDOM                                                                                   9.1          3,065,218
  UNITED STATES                                                                                    9.1          3,067,160
  OTHER                                                                                            0.8*           227,758
                                                                                                  ----      -------------
TOTAL FUTURES AND FORWARD CONTRACTS BY COUNTRY                                                    21.1%     $   7,072,059
                                                                                                  ====      =============
</TABLE>

      * Due to rounding

See accompanying notes to financial statements
      and accountants' review report

                                       10

<PAGE>

QUADRIGA SUPERFUND, L.P. - SERIES B
CONDENSED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2003 (AUDITED)

<TABLE>
<CAPTION>
                                                                                                  PERCENTAGE OF       MARKET OR
                                                                                 FACE VALUE        NET ASSETS        FAIR VALUE
                                                                                -------------     -------------     -------------
<S>                                                                             <C>               <C>               <C>
DEBT SECURITIES UNITED STATES, AT MARKET
     United States Treasury Bills due May 27, 2004 (cost $17,392,760),
     securities are held in margin accounts as
     collateral for open futures and forwards                                   $  17,475,000         78.6%         $  17,405,163
                                                                                                      ====          =============

FORWARD CONTRACTS, AT FAIR VALUE
  UNREALIZED APPRECIATION ON FORWARD CONTRACTS
     CURRENCIES                                                                                        1.2%         $     267,624
     METALS                                                                                            8.6              1,908,975
                                                                                                      ----          -------------
       Total unrealized appreciation on
          forward contracts                                                                            9.8              2,176,599
                                                                                                      ----          -------------
  UNREALIZED DEPRECIATION ON FORWARD CONTRACTS
     CURRENCIES                                                                                       (0.6)              (127,939)
     METALS                                                                                           (1.4)              (308,930)
                                                                                                      ----          -------------
       Total unrealized depreciation on
          forward contracts                                                                           (2.0)              (436,869)
                                                                                                      ----          -------------
TOTAL FORWARD CONTRACTS, AT FAIR VALUE                                                                 7.8%         $   1,739,730
                                                                                                      ====          =============

FUTURES CONTRACTS, AT FAIR VALUE
  FUTURES CONTRACTS PURCHASED
     ENERGY                                                                                            2.2%         $     485,012
     GRAINS                                                                                            0.2                 34,904
     INDICES                                                                                           0.2                 48,460
     METALS                                                                                            2.1                461,906
                                                                                                      ----          -------------
       Total futures contracts purchased                                                               4.7              1,030,282
                                                                                                      ----          -------------

  FUTURES CONTRACTS SOLD
     GRAINS                                                                                           (0.1)               (17,045)
     INDICES                                                                                           0.0*                 1,647
                                                                                                      ----          -------------
       Total futures contracts sold                                                                   (0.1)               (15,398)
                                                                                                      ----          -------------

TOTAL FUTURES CONTRACTS, AT FAIR VALUE                                                                 4.6%         $   1,014,884
                                                                                                      ====          =============
FUTURES AND FORWARD CONTRACTS BY COUNTRY COMPOSITION
  JAPAN                                                                                                0.5%         $     108,030
  UNITED KINGDOM                                                                                       7.9*             1,755,449
  UNITED STATES                                                                                        4.0                891,135
                                                                                                      ----          -------------
TOTAL FUTURES AND FORWARD CONTRACTS BY COUNTRY                                                        12.4%         $   2,754,614
                                                                                                      ====          =============
</TABLE>

      * Due to rounding

See accompanying notes to financial statements
      and accountants' review report

                                       11

<PAGE>

QUADRIGA SUPERFUND, L.P. - SERIES B
STATEMENT OF OPERATIONS
(UNAUDITED)

<TABLE>
<CAPTION>
                                              THREE MONTHS ENDED               NINE MONTHS ENDED
                                                  SEPTEMBER 30,                  SEPTEMBER 30,
                                             2004            2003            2004            2003
                                         ------------    ------------    ------------    ------------
<S>                                      <C>             <C>             <C>             <C>
INVESTMENT INCOME, interest              $     98,700    $     31,377    $    233,717    $     63,856
                                         ------------    ------------    ------------    ------------
EXPENSES
   Management fee                             145,388          67,987         418,649         149,247
   Organization and offering expenses          78,588          36,750         226,297          80,675
   Operating expenses                          11,789           5,513          33,945          12,101
   Selling commission                         314,351         146,999         905,187         322,698
   Incentive fee                                    -               -       1,158,857         486,682
   Brokerage commissions                      438,743         242,335       1,199,328         467,257
   Other                                       29,934           1,297          64,963           4,321
                                         ------------    ------------    ------------    ------------

        Total expenses                      1,018,793         500,881       4,007,226       1,522,981
                                         ------------    ------------    ------------    ------------

NET INVESTMENT LOSS                          (920,093)       (469,504)     (3,773,509)     (1,459,125)
                                         ------------    ------------    ------------    ------------

REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS
   Net realized gain (loss) on futures
     and forward contracts                 (5,006,865)     (3,185,113)     (3,758,228)     (2,144,513)
   Net change in unrealized
       appreciation or depreciation on
       futures and forward
       Contracts                            7,240,787       2,312,983       4,317,445       1,841,597
                                         ------------    ------------    ------------    ------------

NET GAIN ON INVESTMENTS                     2,233,922        (872,130)        559,217        (302,916)
                                         ------------    ------------    ------------    ------------

NET INCREASE (DECREASE) IN
  NET ASSETS FROM OPERATIONS             $  1,313,829    $ (1,341,634)   $ (3,214,292)   $ (1,762,041)
                                         ============    ============    ============    ============
</TABLE>

See accompanying notes to financial
     statements and accountants' review
     report

                                       12

<PAGE>

QUADRIGA SUPERFUND, L.P. - SERIES B
STATEMENT OF CHANGES IN NET ASSETS
FOR THE NINE MONTHS ENDED SEPTEMBER 30,
(UNAUDITED)

<TABLE>
<CAPTION>
                                                                 2004            2003
                                                             ------------    ------------
<S>                                                          <C>             <C>
DECREASE IN NET ASSETS FROM OPERATIONS
   Net investment loss                                       $ (3,773,509)   $ (1,459,125)
   Net realized loss on futures and forward contracts          (3,758,228)     (2,144,513)
   Net change in unrealized appreciation or depreciation
     on futures and forward contracts                           4,317,445       1,841,597
                                                             ------------    ------------

NET DECREASE IN NET ASSETS FROM OPERATIONS                     (3,214,292)     (1,762,041)
                                                             ------------    ------------

CAPITAL SHARE TRANSACTIONS
   Issuance of shares                                          17,067,911      15,394,344
   Redemption of shares                                        (2,420,815)       (544,854)
                                                             ------------    ------------

NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS     14,647,096      14,849,490
                                                             ------------    ------------

NET INCREASE IN NET ASSETS                                     11,432,804      13,087,449

NET ASSETS, beginning of period                                22,136,771       2,196,981
                                                             ------------    ------------
NET ASSETS, end of period                                    $ 33,569,575    $ 15,284,430
                                                             ============    ============

SHARES, beginning of period                                    14,945.226       1,894.331
ISSUANCE OF SHARES                                             11,483.511      12,213.548
REDEMPTION OF SHARES                                           (1,971.276)       (475.393)
                                                             ------------    ------------

SHARES, end of period                                          24,457.461      13,632.486
                                                             ============    ============
</TABLE>

See accompanying notes to financial statements
     and accountants' review report

                                       13

<PAGE>

QUADRIGA SUPERFUND, L.P. - SERIES B
STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30,
(UNAUDITED)

<TABLE>
<CAPTION>
                                                                        2004            2003
                                                                    ------------    ------------
<S>                                                                 <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES
   Net decrease in net assets from operations                       $ (3,214,292)   $ (1,762,041)
   Adjustments to reconcile net decrease in net assets from
    operations to net cash provided used in operating activities:
     Changes in operating assets and liabilities:
        US Government securities                                      (6,902,135)     (8,686,248)
        Due from/to brokers                                              131,844      (1,689,986)
        Unrealized appreciation on open forward contracts             (1,130,168)       (832,234)
        Futures contracts purchased                                   (2,501,514)     (1,747,004)
        Unrealized depreciation on open forward contracts               (171,598)        752,406
        Futures contracts sold                                          (514,165)        (14,765)
        Fees payable                                                      67,083         (35,027)
        Due to affiliate                                                       -           9,535

NET CASH USED IN OPERATING ACTIVITIES                                (14,234,945)    (14,005,364)

CASH FLOWS FROM FINANCING ACTIVITIES
   Subscriptions, net of change in advance subscriptions              17,060,911      15,327,957
   Redemptions, net of redemption payable                             (2,428,967)       (488,548)

NET CASH PROVIDED BY FINANCING ACTIVITIES                             14,631,944      14,839,409

NET INCREASE IN CASH                                                     396,999         834,045

CASH, beginning of period                                                854,910         396,680

CASH, end of period                                                 $  1,251,909    $  1,230,725


SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES
   2003 subscriptions received in 2002                                              $    961,768

   2004 subscriptions received in 2003                              $    920,395

   Redemption payable                                                               $      8,152
                                                                                    ------------
</TABLE>

See accompanying notes to financial statements
     and accountants' review report

                                       14

<PAGE>

                    QUADRIGA SUPERFUND, L.P. - SERIES A AND B
                          NOTES TO FINANCIAL STATEMENTS
                               September 30, 2004
                                   (Unaudited)

QUADRIGA SUPERFUND, L.P. - SERIES A AND B
NOTES TO FINANCIAL STATEMENTS

1. NATURE OF OPERATIONS

Organization and Business

Quadriga Superfund, L.P. (the "Fund"), a Delaware Limited Partnership, commenced
operations on November 5, 2002. The Fund was organized to trade speculatively in
the United States of America and International commodity equity markets using a
strategy developed by Quadriga Capital Management, Inc., the General Partner and
Trading Manager of the Fund. The Fund has issued two classes of Units, Series A
and Series B. The two Series will be traded and managed the same way except
degree of leverage

The term of the Fund shall continue until December 31, 2050, unless terminated
earlier by the General Partner or by operation of the law or a decline in the
aggregate net assets of such series to less than $500,000.

2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The unaudited financial statements have been prepared in accordance with the
rules and regulations of the Securities Exchange Commission ("SEC") with respect
to the Form 10-Q and reflect all adjustments which in the opinion of management
are normal and recurring, which are necessary for a fair statement of the
results of interim periods presented. It is suggested that these financial
statements be read in conjunction with the financial statements and the related
notes included in the Fund's Annual Report on Form 10-K for the year ended
December 31, 2003.

Valuation of Investments and Futures and Forward Contracts

All commodity interests (including derivative financial instruments and
derivative commodity instruments) are used for trading purposes. The commodity
interests are recorded on trade date basis and open contracts are recorded in
the statements of assets and liabilities at fair value on the last business day
of the period, which represents market value for those commodity interests for
which market quotes are readily available.

The Fund uses the amortized cost method for valuing the US Treasury Bills;
accordingly, the cost of securities plus accreted discount, or minus amortized
premium approximates fair value.

Translation of Foreign Currency

Assets and liabilities denominated in foreign currencies are translated into
U.S. dollar amounts at the period end exchange rates. Purchases and sales of
investments, and income and expenses, that are denominated in foreign
currencies, are translated into U.S. dollar amounts on the transaction date.
Adjustments arising from foreign currency transactions are reflected in the
statements of operations.

The Fund does not isolate that portion of the results of operations arising from
the effect of changes in foreign exchange rates on investments from fluctuations
from changes in market prices of investments held. Such fluctuations are
included in net gain (loss) on investments in the statements of operations.

Investment Transactions and Related Investment Income

Investment transactions are accounted for on a trade-date basis. Interest is
recognized on the accrual basis.

                                       15

<PAGE>

Income Taxes

The Fund does not record a provision for income taxes because the partners
report their share of the Fund's income or loss on their returns. The financial
statements reflect the Fund's transactions without adjustment, if any, required
for income tax purposes.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally
accepted accounting principles requires the General Partner to make estimates
and assumptions that affect the amounts disclosed in the financial statements.
Actual results could differ from those estimates.

Reclassifications

Certain prior period amounts have been reclassified to conform to current year
presentation.

3. DUE FROM/TO BROKERS

Amounts due from brokers may be restricted to the extent that they serve as
deposits for securities sold short. Amounts due to brokers represent margin
borrowings that are collateralized by certain securities.

In the normal course of business, all of the Fund's marketable securities
transactions, money balances and marketable security positions are transacted
with brokers. The Fund is subject to credit risk to the extent any broker with
which it conducts business is unable to fulfill contractual obligations on its
behalf. The General Partner monitors the financial condition of such brokers and
does not anticipate any losses from these counterparties.

4. ALLOCATION OF NET PROFITS AND LOSSES

In accordance with the Limited Partnership Agreement, net profits and losses of
the Fund are allocated to partners according to their respective interests in
the Fund as of the beginning of each month.

Advance subscriptions represent cash received prior to period end for
subscriptions of the subsequent month and do not participate in the earnings of
the Fund until the beginning of month following the reporting date.

5. RELATED PARTY TRANSACTIONS

In accordance with the Limited Partnership Agreement, Quadriga Capital
Management, Inc., the General Partner shall be paid a monthly management fee
equal to one-twelfth of 1.85% (1.85% per annum), a monthly organization and
offering fee equal to one-twelfth of 1% (1% per annum) and monthly operating
expenses equal to one-twelfth of .15% (.15% per annum). In accordance with the
Prospectus dated October 31, 2002 Part One-Disclosure Document, Quadriga Asset
Management, Inc,, shall be paid monthly selling commissions equal to one-twelfth
of 4% (4% per annum), of the month end net asset value of the Fund.

The General Partner will also be paid a monthly performance/incentive fee equal
to 25% of the new appreciation without respect to interest income. Trading
losses will be carried forward and no further performance/incentive fee may be
paid until the prior losses have been recovered.

At September 30, 2004 the General Partner's interest is 4.1% of Series A's and
3.2% of Series B's total net assets.

6. FINANCIAL HIGHLIGHTS

Financial highlights for the period January 1, 2004 through September 30, 2004
are as follows:

                                       16

<PAGE>

<TABLE>
<CAPTION>
                                                 SERIES A       SERIES B
                                                ----------     ----------
<S>                                             <C>            <C>
Total return
  Total return before incentive fees                  (3.3)%         (4.1)%
  Incentive fees                                      (2.3)          (3.2)
                                                ----------     ----------

Total return after incentive fees                     (5.6)%         (7.3)%
                                                ==========     ==========

Ratio to average partners' capital
  Operating expenses before incentive fees            10.8%          12.4%
  Incentive fees                                       2.9            3.8
                                                ----------     ----------
  Total expenses                                      13.7           16.2
                                                ==========     ==========

  Net investment income (loss) ratio                  (9.7)%        (11.4)%
                                                ==========     ==========

Net asset value per unit, beginning of period   $ 1,317.23     $ 1,481.19
Net increase in net assets from operations          (74.27)       (108.62)
                                                ----------     ----------
Net asset value per unit, end of period         $ 1,242.96     $ 1,372.57
                                                ==========     ==========
</TABLE>

Financial highlights are calculated for each series taken as a whole. An
individual partner's return and ratios may vary based on the timing of capital
transactions. The ratios excluding the incentive fee have been annualized.

7. FINANCIAL INSTRUMENT RISK

In the normal course of its business, the Fund is party to financial instruments
with off-balance sheet risk, including derivative financial instruments and
derivative commodity instruments. The term "off balance sheet risk" refers to an
unrecorded potential liability that, even though it does not appear on the
balance sheet, may result in a future obligation or loss. These financial
instruments may include forwards, futures and options, whose values are based
upon an underlying asset, index, or reference rate, and generally represent
future commitments to exchange currencies or cash flows, to purchase or sell
other financial instruments at specific terms at specific future dates, or, in
the case of derivative commodity instruments, to have a reasonable possibility
to be settled in cash, through physical delivery or with another financial
instrument. These instruments may be traded on an exchange or over-the-counter
("OTC"). Exchange traded instruments are standardized and include futures and
certain option contracts. OTC contracts are negotiated between contracting
parties and include forwards and certain options. Each of these instruments is
subject to various risks similar to those related to the underlying financial
instruments including market and credit risk. In general, the risks associated
with OTC contracts are greater than those associated with exchange traded
instruments because of the greater risk of default by the counter party to an
OTC contract.

Market risk is the potential for changes in the value of the financial
instruments traded by the Fund due to market changes, including interest and
foreign exchange rate movements and fluctuations in commodity of security
prices. In entering into these contracts, there exists a market risk that such
contracts may be significantly influenced by conditions, such as interest rate
volatility, resulting in such contracts being less valuable. If the markets
should move against all of the futures interest positions at the same time, and
the General Partner was unable to offset such positions, the Fund could
experience substantial losses.

Credit risk is the possibility that a loss may occur due to the failure of a
counter party to perform according to the terms of a contract. Credit risk with
respect to exchange-traded instruments is reduced to the extent that an exchange
or clearing organization acts as a counter party to the transactions. The Fund's
risk of loss in the event of counter party default is typically limited to the
amounts recognized in the statements of assets and liabilities and not
represented by the contract or notional amounts of the instruments. The Fund has
credit risk and concentration risk because the brokers with respect to the
Fund's assets are ADM Investor Services Inc., FIMAT USA Inc., Bear Stearns & Co.
Inc., Barclays Capital Inc. and Man Financial.

The General Partner monitors and controls the Fund's risk exposure on a daily
basis through financial, credit and risk management monitoring systems, and
accordingly believes that it has effective procedures for evaluating and
limiting the credit and market risks to which the Fund is subject. These
monitoring systems allow the Fund's General Partner to statistically analyze
actual trading results with risk adjusted performance indicators and correlation
statistics. In

                                       17

<PAGE>

addition, on-line monitoring systems provide account analysis of futures and
forward positions by sector, margin requirements, gain and loss transactions,
and collateral positions.

The majority of these instruments mature within one year of September 30, 2004.
However, due to the nature of the Fund's business, these instruments may not be
held to maturity.

8. SUBSCRIPTIONS AND REDEMPTIONS

Investors must submit subscriptions at least five business days prior to the
applicable month-end closing date and they will be accepted once payments are
received and cleared. All subscriptions funds are required to be promptly
transmitted to HSBC Bank USA (the "Escrow Agent"). Subscriptions must be
accepted or rejected by Quadriga Capital Management, Inc. within five business
days of receipt, and the settlement date for the deposit of subscription funds
in escrow must be within five business days of acceptance. No fees or costs will
be assessed on any subscription while held in escrow, irrespective of whether
the subscription is accepted or subscription funds returned. The Escrow Agent
will invest the subscription funds in short-term United States Treasury bills or
comparable authorized instruments while held in escrow.

A limited partner of a Series may request any or all of his investment in such
Series be redeemed by such Series at the net asset value of a Unit within such
Series as of the end of the month, subject to a minimum redemption of $1,000 and
subject further to such limited partner having an investment in such Series,
after giving effect to the requested redemption, at least equal to the minimum
initial investment amount of $5,000. Limited partners must transmit a written
request of such withdrawal to Quadriga Capital Management, Inc. not less than
ten business days prior to the end of the month (or such shorter period as
permitted by Quadriga Capital Management, Inc.) as of which redemption is to be
effective. Redemptions will generally be paid within 20 days after the date of
redemption. However, in special circumstances, including, but not limited to,
inability to liquidate dealers' positions as of a redemption date or default or
delay in payments due to each Series from clearing brokers, banks or other
persons or entities, each Series may in turn delay payment to persons requesting
redemption of the proportionate part of the net assets of each Series
represented by the sums that are subject of such default or delay.

                                       18

<PAGE>

                    QUADRIGA SUPERFUND, L.P. - SERIES A AND B
                               September 30, 2004
             Report of Independent Registered Public Accounting Firm

The Partners
Quadriga Superfund L.P. - Series A and Series B:

We have reviewed the statements of assets and liabilities of Quadriga Superfund,
L.P. - Series A and Series B (the Fund), including the condensed schedule of
investments, as of September 30, 2004, the related statements of operations for
the three-month and six-month periods ended September 30, 2004, changes in net
assets and statements of cash flows for the six-month periods ended September
30, 2004. These financial statements are the responsibility of the Fund's
management.

We conducted our reviews in accordance with the standards of the Public Company
Accounting Oversight Board (United States). A review of interim financial
information consists principally of applying analytical procedures and making
inquiries of persons responsible for financial and accounting matters. It is
substantially less in scope than an audit conducted in accordance with the
standards of the Public Company Accounting Oversight Board (United States), the
objective of which is the expression of an opinion regarding the financial
statements taken as a whole. Accordingly, we do not express such an opinion.

Based on our reviews, we are not aware of any material modifications that should
be made to the financial statements referred to above for them to be in
conformity with U.S. generally accepted accounting principles.

We have previously audited, in accordance with standards of the Public Company
Accounting Oversight Board (United States), the statements of assets and
liabilities of Quadriga Superfund L.P. - Series A and Series B, including the
condensed schedule of investments, as of December 31, 2003, and the related
statements of operations, changes in net assets and cash flows for the year then
ended (not presented herein); and in our report dated March 9, 2004, we
expressed an unqualified opinion on those financial statements.

/s/ KPMG LLP
New York, New York
November 11, 2004

                                       19

<PAGE>

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

INTRODUCTION

      Quadriga Superfund, L.P. commenced the offering of its Units of Limited
Partnership Interest on October 22, 2002. The initial offering terminated on
October 31, 2002 and the Fund commenced operations on November 5, 2002. The
continuing offering period commenced at the termination of the initial offering
period and is ongoing. For the period ended September 30, 2004, subscriptions
totaling $64,490,132 have been accepted and redemptions over the same period
totaled $6,150,309.

CAPITAL RESOURCES

      The Fund will raise additional capital only through the sale of Units
offered pursuant to the continuing offering and does not intend to raise any
capital through borrowings. Due to the nature of the Fund's business, it will
make no capital expenditures and will have no capital assets which are not
operating capital or assets.

LIQUIDITY

      Most United States commodity exchanges limit fluctuations in futures
contracts prices during a single day by regulations referred to as "daily price
fluctuation limits" or "daily limits." During a single trading day, no trades
may be executed at prices beyond the daily limit. This may affect the fund's
ability to initiate new positions or close existing ones or may prevent it from
having orders executed. Futures prices have occasionally moved the daily limit
for several consecutive days with little or no trading. Similar occurrences
could prevent the Fund from promptly liquidating unfavorable positions and
subject the Fund to substantial losses, which could exceed the margin initially
committed to such trades. In addition, even if futures prices have not moved the
daily limit, the Fund may not be able to execute futures trades at favorable
prices if little trading in such contracts is taking place.

      Trading in forward contracts introduces a possible further impact on
liquidity. Because such contracts are executed "off exchange" between private
parties, the time required to offset or "unwind" these positions may be greater
than that for regulated instruments. This potential delay could be exacerbated
to the extent a counterparty is not a United States person.

      Other than these limitations on liquidity, which are inherent in the
Fund's futures trading operations, the Fund's assets are expected to be highly
liquid.

RESULTS OF OPERATIONS

Series A:

      Net results for the quarter ended September 30, 2004 were a gain of 2.72%
in net asset value compared to the preceding quarter. This increase consisted of
interest income of 0.19%, trading performance (including commissions) of 3.54%
and charges of 1.01% due to management fees, organization expenses, operating
expenses, selling commissions and incentive fees. At September 30, 2004 and June
30, 2004, the net asset value per unit of Series A was $1,242.96 and $1,210.02,
respectively.

Series B:

      Net results for the quarter ended September 30, 2004 were a gain of 4.00%
in net asset value compared to the preceding quarter. This increase consisted of
interest income of 0.30%, trading performance (including commissions) of 5.37%
and charges of 1.67% due to management fees, organization expenses, operating
expenses, selling commissions and incentive fees. Series B generally magnifies
the performance for Series A during any period, either positive or negative, due
to Series B's leverage of approximately 1.5 times Series A. At September 30,
2004 and June 30, 2004, the net asset value per unit of Series B was $1,372.57
and $1,319.81, respectively.

                                       20

<PAGE>

Fund results for July 2004:

      For the month of July, long positions in the financial futures sector,
most importantly in stock market indices were unprofitable.

      However, long positions in the energy sector were able to compensate for
these losses by profiting from rising prices mainly in the oil and oil-related
futures markets.

      The other market groups didn't reveal significant trends and didn't have
any major influence on this month's slightly negative performance.

      During the month of July, Series A lost 0.16% and Series B lost 0.09%,
including charges.

Fund results for August 2004:

      After last month's rally, which persisted during the first weeks of
August, oil prices gave back most of their gains resulting in a negative
performance for the fund's long positions in the energy sector, which was the
worst among all market groups

      Long positions in financial futures traded sideward, whereas long and
short positions in foreign currencies were able to contribute positively to this
month's trading performance.

      A combined long/short strategy in the agricultural sector produced a
slight loss.

      For August, Series A decreased by 6.84% and Series B by 9.29%, each
including charges.

Fund results for September 2004:

      Due to the impact of Hurricane Ivan on the US oil production in the Gulf
of Mexico, rising prices of crude oils as well as oil-related products resulted
in a major gain of the fund's long positions in these markets.

      Long positions in metal markets were able to even outperform these gains
and were the most successful contributors to this month's outstanding trading
performance.

      The only notable losses were incurred by long positions in the financial
futures sector.

      The net asset value of Series A and B for September gained 10.44% and
14.75%, respectively, including charges.

For the third quarter of 2004, the most profitable market group overall was the
energy sector while positions in the stock index markets contributed the
greatest amount of losses.

OFF-BALANCE SHEET RISK

      The term "off-balance sheet risk" refers to an unrecorded potential
liability that, even though it does not appear on the balance sheet, may result
in a future obligation or loss. The Fund trades in futures and forward contracts
and is therefore a party to financial instruments with elements of off-balance
sheet market and credit risk. In entering into these contracts, there exists a
market risk that such contracts may be significantly influenced by conditions,
such as interest rate volatility, resulting in such contracts being less
valuable. If the markets should move against all of the futures interests
positions of the Fund at the same time, and if Quadriga Capital Management was
unable to offset such positions, the Fund could experience substantial losses.
Quadriga Capital Management attempts to minimize market risk through real-time
monitoring of open positions, diversification of the portfolio and maintenance
of a margin-to-equity ratio in all but extreme instances not greater than 50%.

      In addition to market risk, in entering into futures and forward contracts
there is a credit risk that a counterparty will not be able to meet its
obligations to the Fund. The counterparty for futures contracts traded in the
United States and on most foreign exchanges is the clearinghouse associated with
such exchange. In general,

                                       21

<PAGE>

clearinghouses are backed by the corporate members of the clearinghouse who are
required to share any financial burden resulting from the non-performance by one
of their members and, as such, should significantly reduce this credit risk. In
cases where the clearinghouse is not backed by the clearing members, like some
foreign exchanges, it is normally backed by a consortium of banks or other
financial institutions.

CRITICAL ACCOUNTING POLICIES - VALUATION OF THE FUND'S POSITIONS

      Quadriga Capital Management believes that the accounting policies that
will be most critical to the Fund's financial condition and results of
operations relate to the valuation of the Fund's positions. The majority of the
Fund's positions will be exchange-traded futures contracts, which will be valued
daily at settlement prices published by the exchanges. Any spot and forward
foreign currency contracts held by the Fund will also be valued at published
daily settlement prices or at dealers' quotes. Thus, Quadriga Capital Management
expects that under normal circumstances substantially all of the Fund's assets
will be valued on a daily basis using objective measures.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

INTRODUCTION

Past Results Not Necessarily Indicative of Future Performance

      The Fund is a speculative commodity pool. The market sensitive instruments
held by it are acquired for speculative trading purposes, and all or a
substantial amount of the Fund's assets are subject to the risk of trading loss.
Unlike an operating company, the risk of market sensitive instruments is
integral, not incidental, to the Fund's main line of business.

      Market movements can produce frequent changes in the fair market value of
the Fund's open positions and, consequently, in its earnings and cash flow. The
Fund's market risk is influenced by a wide variety of factors, including the
level and volatility of exchange rates, interest rates, equity price levels, the
market value of financial instruments and contracts, the diversification effects
among the Fund's open positions and the liquidity of the markets in which it
trades.

      The Fund rapidly acquires and liquidates both long and short positions in
a wide range of different markets. Consequently, it is not possible to predict
how a particular future market scenario will affect performance, and the Fund's
past performance is not necessarily indicative of its future results.

      Value at Risk is a measure of the maximum amount which the Fund could
reasonably be expected to lose in a given market sector. However, the inherent
uncertainty of the Fund's speculative trading and the recurrence in the markets
traded by the Fund of market movements far exceeding expectations could result
in actual trading or non-trading losses far beyond the indicated Value at Risk
or the Fund's experience to date (i.e., "risk of ruin"). In light of this, as
well as the risks and uncertainties intrinsic to all future projections, the
inclusion of the quantification included in this section should not be
considered to constitute any assurance or representation that the Fund's losses
in any market sector will be limited to Value at Risk or by the Fund's attempts
to manage its market risk.

Standard of Materiality

      Materiality as used in this section, "Quantitative and Qualitative
Disclosures About Market Risk," is based on an assessment of reasonably possible
market movements and the potential losses caused by such movements, taking into
account the leverage, and multiplier features of the Fund's market sensitive
instruments.

QUANTIFYING THE FUND'S TRADING VALUE AT RISK

Quantitative Forward-Looking Statements

      The following quantitative disclosures regarding the Fund's market risk
exposures contain "forward-looking statements" within the meaning of the safe
harbor from civil liability provided for such statements by the Private
Securities Litigation Reform Act of 1995 (set forth in Section 27A of the
Securities Act of 1933 and Section

                                       22

<PAGE>

21E of the Securities Exchange Act of 1934). All quantitative disclosures in
this section are deemed to be forward-looking statements for purposes of the
safe harbor, except for statements of historical fact (such as the dollar amount
of maintenance margin required for market risk sensitive instruments held at the
end of the reporting period).

      The Fund's risk exposure in the various market sectors traded by Quadriga
Capital Management is quantified below in terms of Value at Risk. Due to the
Fund's mark-to-market accounting, any loss in the fair value of the Fund's open
positions is directly reflected in the Fund's earnings (realized or unrealized).

      Exchange maintenance margin requirements have been used by the Fund as the
measure of its Value at Risk. Maintenance margin requirements are set by
exchanges to equal or exceed the maximum losses reasonably expected to be
incurred in the fair value of any given contract in 95%-99% of any one-day
intervals. The maintenance margin levels are established by dealers and
exchanges using historical price studies as well as an assessment of current
market volatility and economic fundamentals to provide a probabilistic estimate
of the maximum expected near-term one-day price fluctuation.

      In the case of market sensitive instruments which are not exchange-traded
(which includes currencies and some energy products and metals in the case of
the Fund), the margin requirements for the equivalent futures positions have
been used as Value at Risk. In those cases in which a futures-equivalent margin
is not available, dealers' margins have been used.

      In the case of contracts denominated in foreign currencies, the Value at
Risk figures include foreign margin amounts converted into U.S. Dollars with an
incremental adjustment to reflect the exchange rate risk inherent to the
Dollar-based Fund in expressing Value at Risk in a functional currency other
than Dollars.

      In quantifying the Fund's Value at Risk, 100% positive correlation in the
different positions held in each market risk category has been assumed.
Consequently, the margin requirements applicable to the open contracts have
simply been aggregated to determine each trading category's aggregate Value at
Risk. The diversification effects resulting from the fact that the Fund's
positions are rarely, if ever, 100% positively correlated have not been taken
into account.

THE FUND'S TRADING VALUE AT RISK IN DIFFERENT MARKET SECTORS

      The following tables indicate the trading Value at Risk associated with
the Fund's open positions by market category as of September 30, 2004. All open
position trading risk exposures of the Fund have been included in calculating
the figures set forth below. As of September 30, 2004 and June 30, 2004, the net
assets for Series A were $25,829,068 and $22,753,399, respectively, and the net
assets for Series B as of such dates were $33,569,575 and $29,554,320,
respectively.

Series A as of September 30, 2004:

<TABLE>
<CAPTION>
        SECTOR          MARKET RISK (USD)   % OF TOTAL CAPITALIZATION (NET ASSETS)
---------------------   -----------------   -------------------------------------
<S>                     <C>                 <C>
Stock Indices                815,535                        3.16
Financial Futures          1,439,477                        2.47
Currencies                   690,195                        2.67
Agricultural Products        187,541                        0.73
Energy                     2,004,459                        7.76
Metals                     1,938,308                        7.50
</TABLE>

Series B as of September 30, 2004:

<TABLE>
<CAPTION>
        SECTOR          MARKET RISK (USD)   % OF TOTAL CAPITALIZATION (NET ASSETS)
---------------------   -----------------   -------------------------------------
<S>                     <C>                 <C>
Stock Indices               1,297,226                        3.86
Financial Futures           1,127,784                        3.36
Currencies                  1,201,149                        3.58
Agricultural Products         328,846                        0.98
Energy                      3,506,811                       10.45
Metals                      3,388,637                       10.09
</TABLE>

                                       23

<PAGE>

MATERIAL LIMITATIONS ON VALUE AT RISK AS AN ASSESSMENT OF MARKET RISK

      The face value of the market sector instruments held by the Fund is
typically many times the applicable maintenance margin requirement (maintenance
margin requirements generally ranging between approximately 1% and 10% of
contract face value) as well as many times the capitalization of the Fund. The
magnitude of the Fund's open positions creates a "risk of ruin" not typically
found in most other investment vehicles. Because of the size of its positions,
certain market conditions -- unusual, but historically recurring from time to
time -- could cause the Fund to incur severe losses over a short period of time.
The foregoing Value at Risk tables -- as well as the past performance of the
Fund -- gives no indication of this "risk of ruin."

NON-TRADING RISK

      The Fund has non-trading market risk on its foreign cash balances not
needed for margin. However, these balances (as well as the market risk they
represent) are immaterial. The Fund also has non-trading market risk as a result
of investing a substantial portion of its available assets in U.S. Treasury
Bills. The market risk represented by these investments is immaterial.

QUALITATIVE DISCLOSURES REGARDING PRIMARY TRADING RISK EXPOSURES

      The following qualitative disclosures regarding the Fund's market risk
exposures -- except for (i) those disclosures that are statements of historical
fact and (ii) the descriptions of how the Fund manages its primary market risk
exposures -- constitute forward-looking statements within the meaning of Section
27A of the Securities Act and Section 21E of the Securities Exchange Act. The
Fund's primary market risk exposures as well as the strategies used and to be
used by Quadriga Capital Management for managing such exposures are subject to
numerous uncertainties, contingencies and risks, any one of which could cause
the actual results of the Fund's risk controls to differ materially from the
objectives of such strategies. Government interventions, defaults and
expropriations, illiquid markets, the emergence of dominant fundamental factors,
political upheavals, changes in historical price relationships, an influx of new
market participants, increased regulation and many other factors could result in
material losses as well as in material changes to the risk exposures and the
risk management strategies of the Fund. There can be no assurance that the
Fund's current market exposure and/or risk management strategies will not change
materially or that any such strategies will be effective in either the short- or
long-term. Investors must be prepared to lose all or substantially all of their
investment in the Fund.

      The following were the primary trading risk exposures of the Fund as of
September 30, 2004 by market sector.

Currencies

      The Fund's currency exposure is to exchange rate fluctuations, primarily
those which disrupt the historical pricing relationships between different
currencies and currency pairs. These fluctuations are influenced by interest
rate changes as well as political, geopolitical and general economic conditions.
The Fund trades in a large number of currencies, including cross-rates, (e.g.
positions between two currencies other than the U.S. Dollar). Quadriga Capital
Management does not anticipate that the risk profile of the Fund's currency
sector will change significantly in the future. As of September 30, 2004 the
exposure to these markets was relatively low in comparison to historic levels.

Interest Rates

      Interest rate movements directly affect the price of the sovereign bond
positions held by the Fund and indirectly the value of the Fund's stock index
and currency positions. Interest rate movements in one country as well as
relative interest rate movements between countries could materially impact the
Fund's profitability. The Fund's primary interest rate exposure is to interest
rate fluctuations in the United States, Europe, United Kingdom, Australia and
Japan. The changes in interest rates which have the most effect on the Fund are
changes in long-term as opposed to short-term rates. As of September 30, 2004
the exposure to these markets was relatively low in comparison to historic
levels.

                                       24

<PAGE>

Stock Indices

      Generally, the Fund's primary exposure is to the equity price risk in the
G-7 countries and certain other countries with high liquidity (Taiwan, Hong
Kong, Switzerland and Spain). The Fund is primarily exposed to the risk of
adverse price trends or static markets in these countries. Static markets would
not cause major price changes but would make it difficult for the Fund to avoid
being "whipsawed" into numerous smaller losses. As of September 30, 2004 the
exposure to these markets was similar to historic levels.

Energy

      The Fund's primary energy market exposure is to crude oil, natural gas and
heating oil. Movements in these markets are often due to geopolitical
developments in the Middle East but can also be caused by shortage due to
extreme weather conditions. The exposure to these markets as of September 30,
2004 was the highest among all market groups.

Metals

      The Fund's metals market exposure derives primarily from fluctuations in
the price of gold, silver, platinum, copper, zinc, nickel and aluminum. These
markets represent a great diversification in terms of correlation to many of the
other sectors the Fund trades. The exposure to these markets as of September 30,
2004 was relatively high in comparison to historic levels.

Agricultural Market

      The Fund's agricultural market exposure is to fluctuations in the price of
cocoa, sugar, coffee, cotton, lean hogs and live cattle. These markets represent
a great diversification in terms of correlation to many of the other sectors the
Fund trades. The exposure to these markets as of September 30, 2004 was the
lowest among all market groups.

QUALITATIVE DISCLOSURES REGARDING NON-TRADING RISK EXPOSURE

General

      On July 22, 2003, Quadriga Capital Management on behalf of the Fund filed
an amended registration statement with the U.S. Securities and Exchange
Commission which became effective on July 25, 2003. The amended registration
statement included as a risk possible contingent liability resulting from
potential claims for rescission from investors and regulatory or enforcement
action for any sales of Units made without an effective registration statement.

      On January 10, 2003, Quadriga Capital Management on behalf of the Fund
filed a post-effective amendment to the registration statement which amended the
plan of distribution. Before such amendment had been declared effective, and as
of June 30, 2003, the Fund had sold a total of 5,604 units of Series A in the
principal amount of $6.74 million and 8,091 units of Series B in the principal
amount of $10.73 million. As a regulated company, Quadriga Capital Management
faces potential liability in the normal cause of its business from any
administrative action or in any situation in which it is found to have engaged
in activities which violate applicable law. Quadriga Capital Management is
unable to estimate the probability of assertion of any related claims or
assessments.

      Except as described in the preceding two paragraphs, the Fund is unaware
of any (i) anticipated known demands, commitments or capital expenditures; (ii)
material trends, favorable or unfavorable, in its capital resources; or (iii)
trends or uncertainties that will have a material effect on operations. From
time to time, certain regulatory agencies have proposed increased margin
requirements on futures contracts. Because the Fund generally will use a small
percentage of assets as margin, the Fund does not believe that any increase in
margin requirements, as proposed, will have a material effect on the Fund's
operations.

Foreign Currency Balances

                                       25

<PAGE>

      The Fund's primary foreign currency balances are in the G-7 countries
along with Spain and Asian markets. The Fund controls the non-trading risk of
these balances by regularly converting these balances back into dollars (no less
frequently than weekly, and more frequently if a particular foreign currency
balance becomes unusually large based on Quadriga Capital Management's
experience).

Treasury Bill Positions

      The Fund's only market exposure in instruments held other than for trading
is in its Treasury Bill portfolio. The Fund holds Treasury Bills (interest
bearing and credit risk-free) with durations no longer than six months.
Substantial or sudden fluctuations in prevailing interest rates could cause
immaterial mark-to-market losses on the Fund's Treasury Bills, although
substantially all of these short-term investments are held to maturity.

QUALITATIVE DISCLOSURES REGARDING MEANS OF MANAGING RISK EXPOSURE

      The means by which the Fund and Quadriga Capital Management, severally,
attempt to manage the risk of the Fund's open positions is essentially the same
in all market categories traded. Quadriga Capital Management applies risk
management policies to its trading which generally limit the total exposure that
may be taken per "risk unit" of assets under management. In addition, Quadriga
Capital Management follows diversification guidelines (often formulated in terms
of the balanced volatility between markets and correlated groups), as well as
imposing "stop-loss" points at which the Fund's brokers must attempt to close
out open positions.

      Quadriga Capital Management controls the risk of the Fund's non-trading
instruments (Treasury Bills held for cash management purposes) by limiting the
duration of such instruments to no more than six months.

ITEM 4. CONTROLS AND PROCEDURES

      The principal executive officer and principal financial officer of
Quadriga Capital Management have concluded that the Fund has effective
disclosure controls and procedures to ensure that material information relating
to the Fund is made known to them by others within the Fund, particularly during
the period in which this quarterly report is being prepared. The principal
executive officer and principal financial officer of Quadriga Capital Management
have evaluated the effectiveness of the Fund's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this report
(the "Evaluation Date") and have based the foregoing conclusion about the
effectiveness of the Fund's disclosure controls and procedures based on their
evaluation as of the Evaluation Date.

      During the period covered by this report, there have been no significant
changes in the Fund's internal controls or in other factors that could
significantly affect these controls subsequent to the date of their evaluation.

                                       26

<PAGE>

                            PART II-OTHER INFORMATION

Item 1. Legal Proceedings.

      None

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

      None

Item 3. Defaults upon Senior Securities.

      Not applicable.

Item 4. Submissions of Matters to a Vote of Security Holders.

      None

Item 5. Other Information.

      None

Item 6. Exhibits.

      None

                                       27

<PAGE>

                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized on November 11, 2004.

                                         QUADRIGA SUPERFUND, L.P.
                                             (Registrant)

                                         By: Quadriga Capital Management, Inc.
                                         General Partner

                                         By: /s/Christian Baha
                                         ---------------------------------------
                                         Christian Baha
                                         President and Chief Executive Officer

                                       28

<PAGE>

                                  EXHIBIT INDEX

<TABLE>
<CAPTION>
Exhibit Number                          Description of Document                        Page Number
--------------    ----------------------------------------------------------------     -----------
<S>               <C>                                                                  <C>
31.1              Certification by Chief Executive Officer Pursuant to Section 302
                  of the Sarbanes-Oxley Act of 2002                                         E-2

31.2              Certification by Chief Executive Officer Pursuant to Section 302
                  of the Sarbanes-Oxley Act of 2002                                         E-3

32.1              Certification by Chief Financial Officer Pursuant to Section 906
                  of the Sarbanes-Oxley Act of 2002                                         E-4

32.2              Certification by Chief Financial Officer Pursuant to Section 906
                  of the Sarbanes-Oxley Act of 2002                                         E-5
</TABLE>

                                       E-1