##### Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-Q
 þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended June 30, 2006
 or
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to
 Commission File number: 000-51634
 QUADRIGA SUPERFUND, L.P.
  Delaware
    
    98-0375395(State 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
  þ o
  o o þ
  o þ




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##### 



PART I  FINANCIAL INFORMATION
   PageFinancial StatementsStatements of Assets and Liabilities as of June 30, 2006
and December 31, 2005
    
    3Condensed Schedule of Investments as of June 30, 2006
    
    4Condensed Schedule of Investments as of December 31, 2005
    
    5Statements of Operations for the three months ended June 30, 2006 and
June 30, 2005 and six months ended June 30, 2006 and
June 30, 2005
    
    6Statements of Changes in Net Assets for the six months ended June 30, 2006
and June 30, 2005
    
    7Statements of Cash Flows for the six months ended June 30, 2006 and
June 30, 2005
    
    8Certification of Chief Executive OfficerCertification of Principal Financial OfficerSection 1350 Certification of Chief Executive OfficerSection 1350 Certification of Principal Financial Officer
   PageFinancial StatementsStatements of Assets and Liabilities as of June 30, 2006
and December 31, 2005
    
    9Condensed Schedule of Investments as of June 30, 2006
    
    10Condensed Schedule of Investments as of December 31, 2005
    
    11Statements of Operations for the six months ended June 30, 2006 and
June 30, 2005
    
    12Statements of Changes in Net Assets for the six months ended June 30, 2006
and June 30, 2005
    
    13Statements of Cash Flows for the six months ended June 30, 2006 and
June 30, 2005
    
    14Notes to Series A and Series B Unaudited Financial Statements Dated June 30, 2006
    
    15-18
 2




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A
 
 STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2006 (Unaudited) and December 31, 2005
 June 30, 2006
    
    
    December 31, 2005ASSETSUS Government securities, at fair value,
amortized cost $60,111,121 and $53,351,488 as of
June 30, 2006 and December 31, 2005
    
    $
    60,111,121
    
    
    $
    53,351,488Due from brokers
    
    
    4,820,584
    
    
    
    2,705,847Unrealized appreciation on open forward contracts
    
    
    700,918
    
    
    
    2,733,570Futures contracts purchased
    
    
    143,450
    
    
    
    2,110,992Futures contracts sold
    
    
    2,971,281
    
    
    
    286,562Cash
    
    
    1,779,203
    
    
    
    888,918Receivable from Affiliate
    
    
    426,879
    
    
    
    Total assets
    
    
    70,953,436
    
    
    
    62,077,377LIABILITIESUnrealized depreciation on open forward contracts
    
    
    499,557
    
    
    
    1,237,784Unrealized depreciation on open swap contracts
    
    
    
    
    
    
    193,624Advance subscriptions
    
    
    1,704,624
    
    
    
    866,893Fees payable
    
    
    398,546
    
    
    
    357,028Total liabilities
    
    
    2,602,727
    
    
    
    2,655,329NET ASSETS
    
    $
    68,350,709
    
    
    $
    59,422,048Number of Units
    
    
    49,085.758
    
    
    
    44,734.441Net asset value per Unit
    
    $
    1,392.48
    
    
    $
    1,328.33
  3




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A
 
 CONDENSED SCHEDULE OF INVESTMENTS
June 30, 2006 (Unaudited)
 PercentageofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due August 31, 2006
(amortized cost $60,111,121), securities are held in margin
accounts as collateral for open futures and forwards
    
    $
    60,600,000
    
    
    
    87.9
    %
    
    $
    60,111,121Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrencies
    
    
    
    
    
    
    0.3
    
    
    
    211,943Metals
    
    
    
    
    
    
    0.7
    
    
    
    488,975Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    1.0
    
    
    
    700,918Unrealized depreciation on forward contractsCurrencies
    
    
    
    
    
    
    (0.7
    )
    
    
    (499,557
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (0.7
    )
    
    
    (499,557
    )Total forward contracts, at fair value
    
    
    
    
    
    
    0.3
    
    
    
    201,361Futures contracts, at fair valueFutures Contracts PurchasedEnergy
    
    
    
    
    
    
    (0.0)
    *
    
    
    (21,283
    )Food & Fiber
    
    
    
    
    
    
    0.2
    
    
    
    164,733Total futures contracts purchased
    
    
    
    
    
    
    0.2
    
    
    
    143,450Futures Contracts SoldCurrency
    
    
    
    
    
    
    1.2
    
    
    
    783,525Energy
    
    
    
    
    
    
    1.1
    
    
    
    763,131Financial
    
    
    
    
    
    
    2.3
    
    
    
    1,575,004Food & Fiber
    
    
    
    
    
    
    (0.3
    )
    
    
    (191,324
    )Indices
    
    
    
    
    
    
    0.1
    
    
    
    40,945Total futures contracts sold
    
    
    
    
    
    
    4.4
    
    
    
    2,971,281Total futures contracts, at fair value
    
    
    
    
    
    
    4.6
    
    
    
    3,114,731Futures, swap and forward contracts by country compositionEuropean Community
    
    
    
    
    
    
    3.2
    
    
    
    2,212,241Japan
    
    
    
    
    
    
    (0.2
    )
    
    
    (118,129
    )United States
    
    
    
    
    
    
    2.1
    
    
    
    1,423,968Other
    
    
    
    
    
    
    (0.2
    )
    
    
    (201,989
    )Total futures and forward contracts by country
    
    
    
    
    
    
    4.9
    %
    
    $
    3,316,091
 
 *
    
    Due to Rounding  4




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A
 
 CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2005
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due June 1, 2006
(amortized cost $53,351,488), securities are held in margin
accounts as collateral for open futures and forwards
    
    $
    54,300,000
    
    
    
    89.8
    %
    
    $
    53,351,488Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrencies
    
    
    
    
    
    
    0.6
    
    
    
    349,388Metals
    
    
    
    
    
    
    4.0
    
    
    
    2,384,182Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    4.6
    
    
    
    2,733,570Unrealized depreciation on forward contractsCurrencies
    
    
    
    
    
    
    (2.1
    )
    
    
    (1,237,784
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (2.1
    )
    
    
    (1,237,784
    )Total forward contracts, at fair value
    
    
    
    
    
    
    2.5
    
    
    
    1,495,786Swap contracts, at fair valueUnrealized depreciation on swap contracts02/24/06 Corn Swap **
    
    
    
    
    
    
    0.0
    *
    
    
    (4,013
    )02/24/06 Wheat Swap **
    
    
    
    
    
    
    (0.3
    )
    
    
    (189,611
    )Total swap contracts, at fair value
    
    
    
    
    
    
    (0.3
    )
    
    
    (193,624
    )Futures Contracts, at fair valueFutures Contracts PurchasedCurrency
    
    
    
    
    
    
    (0.0)
    *
    
    
    (3,825
    )Energy
    
    
    
    
    
    
    0.4
    
    
    
    222,119Financial
    
    
    
    
    
    
    (0.1
    )
    
    
    (44,622
    )Food & Fiber
    
    
    
    
    
    
    2.0
    
    
    
    1,195,909Indices
    
    
    
    
    
    
    0.8
    
    
    
    489,551Livestock
    
    
    
    
    
    
    0.0
    *
    
    
    10,340Metals
    
    
    
    
    
    
    0.4
    
    
    
    241,520Total futures contracts purchased
    
    
    
    
    
    
    3.5
    
    
    
    2,110,992Futures Contracts SoldCurrency
    
    
    
    
    
    
    0.7
    
    
    
    413,828Energy
    
    
    
    
    
    
    (0.3
    )
    
    
    (177,030
    )Financial
    
    
    
    
    
    
    0.1
    
    
    
    49,764Total futures contracts sold
    
    
    
    
    
    
    0.5
    
    
    
    286,562Total futures contracts, at fair value
    
    
    
    
    
    
    4.0
    %
    
    $
    2,397,554Futures, swap and forward contracts by country compositionJapan
    
    
    
    
    
    
    0.3
    %
    
    $
    174,514United Kingdom
    
    
    
    
    
    
    0.1
    
    
    
    102,468United States
    
    
    
    
    
    
    5.2
    
    
    
    3,108,970Other
    
    
    
    
    
    
    0.5
    
    
    
    314,124Total futures and forward contracts by country
    
    
    
    
    
    
    6.1
    %
    
    $
    3,699,716
 
 *
    
    Due to rounding**
    
    Valued daily of the underlying commoditys future price  5




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##### Table of Contents





QUADRIGA SUPERFUND, L.P.  SERIES A





STATEMENTS OF OPERATIONS
(Unaudited)


Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2006
    
    
    2005
    
    
    2006
    
    
    2005Investment income,interest
    
    $
    759,652
    
    
    $
    196,075
    
    
    $
    1,389,284
    
    
    $
    364,103ExpensesManagement fee
    
    
    320,336
    
    
    
    141,333
    
    
    
    612,717
    
    
    
    279,192Organization and offering expenses
    
    
    173,155
    
    
    
    76,396
    
    
    
    331,198
    
    
    
    150,914Operating expenses
    
    
    25,973
    
    
    
    11,459
    
    
    
    49,680
    
    
    
    22,637Selling commission
    
    
    692,618
    
    
    
    305,583
    
    
    
    1,324,794
    
    
    
    603,658Incentive fee
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Brokerage commissions
    
    
    529,543
    
    
    
    326,504
    
    
    
    1,022,970
    
    
    
    713,888Other
    
    
    447
    
    
    
    15
    
    
    
    2,355
    
    
    
    899Total expenses
    
    
    1,742,072
    
    
    
    861,290
    
    
    
    3,343,714
    
    
    
    1,771,188Net investment loss
    
    
    (982,420
    )
    
    
    (665,215
    )
    
    
    (1,954,430
    )
    
    
    (1,407,085
    )Realized and unrealized gain
(loss) on investmentsNet realized gain (loss) on futures
and forward contracts
    
    
    513,515
    
    
    
    (2,636,958
    )
    
    
    4,558,040
    
    
    
    (3,356,248
    )Net change in unrealized appreciation
on futures and forward contracts
    
    
    (1,827,837
    )
    
    
    99,956
    
    
    
    (383,624
    )
    
    
    804,306Net gain (loss) on investments
    
    
    (1,314,322
    )
    
    
    (2,537,002
    )
    
    
    4,174,416
    
    
    
    (2,551,942
    )Net increase from payments by Affiliate
    
    
    426,879
    
    
    
    
    
    
    
    426,879
    
    
    
    Net increase (decrease) in
net assets from operations
    
    $
    (1,869,863
    )
    
    $
    (3,202,217
    )
    
    $
    2,646,865
    
    
    $
    (3,959,027
    )




6




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A
 
 STATEMENTS OF CHANGES IN NET ASSETS
For the Six Months Ended June 30,
(Unaudited)
 2006
    
    
    2005Increase (decrease) in net assets from operationsNet investment loss
    
    $
    (1,954,430
    )
    
    $
    (1,407,085
    )Net realized gain (loss) on futures and forward contracts
    
    
    4,558,040
    
    
    
    (3,356,248
    )Net change in unrealized appreciation on futures
and forward contracts
    
    
    (383,624
    )
    
    
    804,306Net increase from payments by Affiliate
    
    
    426,879
    
    
    
    Net increase (decrease) in net assets from operations
    
    
    2,646,865
    
    
    
    (3,959,027
    )Capital share transactionsIssuance of Units
    
    
    11,684,167
    
    
    
    6,244,705Redemption of Units
    
    
    (5,402,371
    )
    
    
    (2,488,928
    )Net increase in net assets from capital share
transactions
    
    
    6,281,796
    
    
    
    3,755,777Net increase (decrease) in net assets
    
    
    8,928,661
    
    
    
    (203,250
    )Net assets,beginning of period
    
    
    59,422,048
    
    
    
    31,768,269Net assets,end of period
    
    $
    68,350,709
    
    
    $
    31,565,019Units,beginning of period
    
    
    44,734.441
    
    
    
    21,660.138Issuance of Units
    
    
    8,237.643
    
    
    
    4,708.548Redemption of Units
    
    
    (3,886.326
    )
    
    
    (1,864.967
    )Units,end of period
    
    
    49,085.758
    
    
    
    24,503.719
  7




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A
 
 STATEMENTS OF CASH FLOWS
For the Six Months Ended June 30,
(Unaudited)
 2006
    
    
    2005Cash flows from operating activitiesNet increase (decrease) in net assets from operations
    
    $
    2,646,865
    
    
    $
    (3,959,027
    )Adjustments to reconcile net increase (decrease) in net
assets from operations to net cash provided by
(used in) operating activities:Changes in operating assets and liabilities:US Government securities
    
    
    (6,759,633
    )
    
    
    (1,258,452
    )Due from brokers
    
    
    (2,114,737
    )
    
    
    2,009,958Unrealized appreciation on open forward contracts
    
    
    2,032,652
    
    
    
    1,143,850Futures contracts purchased
    
    
    1,967,542
    
    
    
    (1,868,176
    )Unrealized depreciation on open forward contracts
    
    
    (738,227
    )
    
    
    2,657Unrealized depreciation on open swap contracts
    
    
    (193,624
    )
    
    
    Futures contracts sold
    
    
    (2,684,719
    )
    
    
    (82,637
    )Fees payable
    
    
    41,518
    
    
    
    7,172Receivable from Affiliate
    
    
    426,879
    
    
    
    Net cash used in operating activities
    
    
    (6,229,242
    )
    
    
    (4,004,655
    )Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    12,521,898
    
    
    
    14,034,405Redemptions, net of redemption payable
    
    
    (5,402,371
    )
    
    
    (2,488,928
    )Net cash provided by financing activities
    
    
    7,119,527
    
    
    
    11,545,477Net increase in cash
    
    
    890,285
    
    
    
    7,540,822Cash, beginning of period
    
    
    888,918
    
    
    
    911,222Cash, end of period
    
    $
    1,779,203
    
    
    $
    8,452,044Supplemental disclosure of non-cash financing activities2005 subscriptions received in 2004
    
    
    
    
    
    $
    475,8502006 contributions received in 2005
    
    $
    866,893
  8




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
 
 STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2006 (Unaudited) and December 31, 2005
 June 30, 2006
    
    
    December 31, 2005ASSETSUS Government securities, at fair value,
amortized cost $33,105,886 and $36,402,834 as of
June 30, 2006 and December 31, 2005
    
    $
    33,105,886
    
    
    $
    36,402,834Due from brokers
    
    
    1,336,017
    
    
    
    Unrealized appreciation on open forward contracts
    
    
    555,013
    
    
    
    2,670,563Futures contracts purchased
    
    
    109,107
    
    
    
    1,969,503Futures contracts sold
    
    
    2,306,810
    
    
    
    296,889Cash
    
    
    647,746
    
    
    
    269,034Receivable from Affiliate
    
    
    584,801
    
    
    
    Total assets
    
    
    38,645,380
    
    
    
    41,608,823LIABILITIESUnrealized depreciation on open forward contracts
    
    
    377,763
    
    
    
    1,150,034Unrealized deprecation on open swap contracts
    
    
    
    
    
    
    11,333Advance subscriptions
    
    
    549,500
    
    
    
    165,780Due to broker
    
    
    
    
    
    
    264,413Fees payable
    
    
    216,611
    
    
    
    233,434Total liabilities
    
    
    1,143,874
    
    
    
    1,824,994NET ASSETS
    
    $
    37,501,506
    
    
    $
    39,783,829Number of Units
    
    
    22,831.229
    
    
    
    26,145.940Net asset value per Unit
    
    $
    1,642.55
    
    
    $
    1,521.61
  9




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
 
 CONDENSED SCHEDULE OF INVESTMENTS
 June 30, 2006 (Unaudited)
 Percentage of
    
    
    Market orFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due August 31, 2006
(amortized cost $33,105,886), securities are held in
margin accounts as collateral for open futures and
forwards
    
    $
    33,375,000
    
    
    
    88.3
    %
    
    $
    33,105,886Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrencies
    
    
    
    
    
    
    0.4
    
    
    
    159,650Metals
    
    
    
    
    
    
    1.1
    
    
    
    395,363Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    1.5
    
    
    
    555,013Unrealized depreciation on forward contractsCurrencies
    
    
    
    
    
    
    (1.0
    )
    
    
    (377,763
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (1.0
    )
    
    
    (377,763
    )Total forward contracts, at fair value
    
    
    
    
    
    
    0.5
    
    
    
    177,250Futures contracts, at fair valueFutures contracts purchasedEnergy
    
    
    
    
    
    
    0.0
    *
    
    
    (15,742
    )Food & Fiber
    
    
    
    
    
    
    0.3
    
    
    
    124,849Total futures contracts purchased
    
    
    
    
    
    
    0.3
    
    
    
    109,107Futures contracts soldCurrency
    
    
    
    
    
    
    2.0
    
    
    
    775,513Energy
    
    
    
    
    
    
    1.5
    
    
    
    577,202Financial
    
    
    
    
    
    
    3.3
    
    
    
    1,217,351Food & Fiber
    
    
    
    
    
    
    (0.4
    )
    
    
    (145,843
    )Indices
    
    
    
    
    
    
    (0.3
    )
    
    
    (117,413
    )Total futures contracts sold
    
    
    
    
    
    
    6.1
    
    
    
    2,306,810Total futures contracts, at fair value
    
    
    
    
    
    
    6.4
    
    
    
    2,415,917Futures and forward contracts by country compositionEuropean Community
    
    
    
    
    
    
    4.6
    
    
    
    1,734,201Japan
    
    
    
    
    
    
    (0.2
    )
    
    
    (87,135
    )United States
    
    
    
    
    
    
    2.9
    
    
    
    1,100,213Other
    
    
    
    
    
    
    (0.4
    )
    
    
    (154,112
    )Total futures and forward contracts by country
    
    
    
    
    
    
    6.9
    %
    
    $
    2,593,167
 
 *
    
    Due to rounding  10




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
 
 CONDENSED SCHEDULE OF INVESTMENTS
 December 31, 2005 (Audited)
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due June 1, 2006
(amortized cost $36,402,834), securities are held in margin
accounts as collateral for open futures and forwards
    
    $
    37,050,000
    
    
    
    91.5
    %
    
    $
    36,402,834Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrencies
    
    
    
    
    
    
    0.8
    
    
    
    324,702Metals
    
    
    
    
    
    
    5.9
    
    
    
    2,345,861Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    6.7
    
    
    
    2,670,563Unrealized depreciation on forward contractsCurrencies
    
    
    
    
    
    
    (2.9
    )
    
    
    (1,150,034
    )Total unrealized depreciation on
forward contracts
    
    
    
    
    
    
    (2.9
    )
    
    
    (1,150,034
    )Total forward contracts, at fair value
    
    
    
    
    
    
    3.8
    
    
    
    1,520,529Swap contracts, at fair valueUnrealized depreciation on swap contracts
02/24/06 Wheat Swap **
    
    
    
    
    
    
    0.0
    *
    
    
    (11,333
    )Total swap contracts, at fair value
    
    
    
    
    
    
    0.0
    
    
    
    (11,333
    )Futures contracts, at fair valueFutures contracts purchasedCurrency
    
    
    
    
    
    
    0.0
    *
    
    
    (4,049
    )Energy
    
    
    
    
    
    
    0.5
    
    
    
    207,908Financial
    
    
    
    
    
    
    (0.1
    )
    
    
    (40,816
    )Food & Fiber
    
    
    
    
    
    
    2.8
    
    
    
    1,115,630Indices
    
    
    
    
    
    
    1.2
    
    
    
    456,060Livestock
    
    
    
    
    
    
    0.0
    *
    
    
    10,210Metals
    
    
    
    
    
    
    0.6
    
    
    
    224,560Total futures contracts purchased
    
    
    
    
    
    
    5.0
    
    
    
    2,226,392Futures contracts soldCurrency
    
    
    
    
    
    
    1.0
    
    
    
    410,006Energy
    
    
    
    
    
    
    (0.4
    )
    
    
    (162,868
    )Financial
    
    
    
    
    
    
    0.1
    
    
    
    49,751Total futures contracts sold
    
    
    
    
    
    
    0.7
    
    
    
    296,889Total futures contracts, at fair value
    
    
    
    
    
    
    5.7
    %
    
    $
    2,266,392Futures and forward contracts by country compositionJapan
    
    
    
    
    
    
    0.9
    %
    
    $
    360,181United Kingdom
    
    
    
    
    
    
    0.2
    
    
    
    95,363United States
    
    
    
    
    
    
    8.1
    
    
    
    3,202,581Other
    
    
    
    
    
    
    0.3
    
    
    
    117,463Total futures and forward contracts by country
    
    
    
    
    
    
    9.5
    %
    
    $
    3,775,588
 
 *
    
    Due to rounding**
    
    Valued daily off the underlying commoditys future priceSee accompanying notes to financial statements. 11




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QUADRIGA SUPERFUND, L.P.  SERIES B
 
 STATEMENTS OF OPERATIONS
 (Unaudited)
 Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2006
    
    
    2005
    
    
    2006
    
    
    2005Investment Income,interest
    
    $
    430,037
    
    
    $
    254,037
    
    
    $
    842,067
    
    
    $
    468,802ExpensesManagement fee
    
    
    181,475
    
    
    
    178,486
    
    
    
    368,739
    
    
    
    358,556Organization and offering expenses
    
    
    98,095
    
    
    
    96,479
    
    
    
    199,318
    
    
    
    193,815Operating expenses
    
    
    14,714
    
    
    
    14,472
    
    
    
    29,898
    
    
    
    29,072Selling commission
    
    
    392,379
    
    
    
    385,917
    
    
    
    797,273
    
    
    
    775,258Incentive fee
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Brokerage commissions
    
    
    411,457
    
    
    
    564,004
    
    
    
    847,616
    
    
    
    1,080,756Other
    
    
    636
    
    
    
    29
    
    
    
    2,428
    
    
    
    635Total expenses
    
    
    1,098,756
    
    
    
    1,239,387
    
    
    
    2,245,272
    
    
    
    2,438,092Net investment loss
    
    
    (668,719
    )
    
    
    (985,350
    )
    
    
    (1,403,205
    )
    
    
    (1,969,290
    )Realized and unrealized gain
(loss) on investmentsNet realized gain (loss) on futures
and forward contracts
    
    
    945,797
    
    
    
    (4,944,680
    )
    
    
    5,109,070
    
    
    
    (6,745,825
    )Net change in unrealized
appreciation on futures and forward
contracts
    
    
    (1,814,268
    )
    
    
    131,333
    
    
    
    (1,182,420
    )
    
    
    1,397,802Net gain (loss) on investments
    
    
    (868,471
    )
    
    
    (4,813,347
    )
    
    
    3,926,650
    
    
    
    (5,348,023
    )Net increase from payments by
Affiliate
    
    
    584,801
    
    
    
    
    
    
    
    584,801
    
    
    
    Net increase (decrease) in net
assets from operations
    
    $
    (952,389
    )
    
    $
    (5,798,697
    )
    
    $
    3,108,246
    
    
    $
    (7,317,313
    )
  12




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
 
 STATEMENTS OF CHANGES IN NET ASSETS
 For the Six Months Ended June 30,
(Unaudited)
 2006
    
    
    2005Decrease in net assets from operationsNet investment loss
    
    
    (1,403,205
    )
    
    
    (1,969,290
    )Net realized gain (loss) on futures and forward contracts
    
    
    5,109,070
    
    
    
    (6,745,825
    )Net change in unrealized appreciation on futures and forward
contracts
    
    
    (1,182,420
    )
    
    
    1,397,802Net increase from payments by Affiliate
    
    
    584,801
    
    
    
    Net increase (decrease) in net assets from operations
    
    
    3,108,246
    
    
    
    (7,317,313
    )Capital share transactionsIssuance of Units
    
    
    1,857,884
    
    
    
    9,054,244Redemption of Units
    
    
    (7,248,453
    )
    
    
    (3,791,869
    )Net increase (decrease) in net assets from capital share transactions
    
    
    (5,390,569
    )
    
    
    5,262,375Net
decrease in net assets
    
    
    (2,282,323
    )
    
    
    (2,054,938
    )Net assets,beginning of period
    
    
    39,783,829
    
    
    
    42,474,364Net assets,end of period
    
    $
    37,501,506
    
    
    $
    40,419,426Units,beginning of period
    
    
    26,145.940
    
    
    
    24,547.544Issuance of Units
    
    
    1,094.465
    
    
    
    5,968.259Redemption of Units
    
    
    (4,409.176
    )
    
    
    (2,430.727
    )Units,end of period
    
    
    22,831.229
    
    
    
    28,085.076
  13




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
 
 STATEMENTS OF CASH FLOWS
 For the Six Months Ended June 30,
(Unaudited)
 2006
    
    
    2005Cash flows from operating activitiesNet increase (decrease) in net assets from operations
    
    $
    3,108,246
    
    
    $
    (7,317,313
    )Adjustments to reconcile net increase (decrease) in net assets from
operations
to net cash provided by (used in) operating activities:Changes in operating assets and liabilities:US Government securities
    
    
    3,296,948
    
    
    
    (1,732,052
    )Due from brokers
    
    
    (1,336,017
    )
    
    
    5,486,109Unrealized appreciation on open forward contracts
    
    
    2,115,550
    
    
    
    2,278,661Futures contracts purchased
    
    
    1,860,396
    
    
    
    (3,284,789
    )Unrealized depreciation on open forward contracts
    
    
    (772,271
    )
    
    
    (246,284
    )Unrealized depreciation on open swap contracts
    
    
    (11,333
    )
    
    
    Due to brokers
    
    
    (264,413
    )
    
    
    Futures contracts sold
    
    
    (2,009,921
    )
    
    
    (145,390
    )Fees payable
    
    
    (16,823
    )
    
    
    (137,230
    )Receivable from Affiliate
    
    
    584,801Net cash provided by (used in) operating activities
    
    
    5,385,561
    
    
    
    (5,098,289
    )Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    2,241,604
    
    
    
    8,122,514Redemptions, net of redemption payable
    
    
    (7,248,453
    )
    
    
    (3,668,872
    )Net cash provided by (used in) financing activities
    
    
    (5,006,849
    )
    
    
    4,453,642Net increase (decrease) in cash
    
    
    378,712
    
    
    
    (644,647
    )Cash, beginning of period
    
    
    269,034
    
    
    
    1,826,691Cash, end of period
    
    $
    647,746
    
    
    
    1,182,044Supplemental disclosure of noncash financing activities:2005 contributions received in 2004
    
    
    
    
    
    $
    1,288,6302006 contributions received in 2005
    
    $
    165,780
  14




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




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Investment Transactions and Related Investment Income
  Income Taxes
  Use of Estimates
  3. Due from/to brokers
   4. Allocation of net profits and losses
   5. Related party transactions
    16




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6. Financial highlights
  Series A
    
    
    Series BTotal return before incentive fees*
    
    
    4.2
    %
    
    
    6.3
    %Incentive fees
    
    
    
    
    
    
    Total return after incentive fees*
    
    
    4.2
    %
    
    
    6.3
    %Ratios to average partners capital **Operating expenses before incentive fees
    
    
    10.2
    %
    
    
    11.4
    %Incentive fees
    
    
    0.0
    
    
    
    0.0Total expenses
    
    
    10.2
    %
    
    
    11.4
    %Net investment income (loss)
    
    
    (6.0
    )%
    
    
    (7.1
    )%Net asset value per unit, beginning of period
    
    $
    1,328.33
    
    
    $
    1,521.61Net investment loss
    
    
    (43.31
    )
    
    
    (58.30
    )Net gain (loss) in investments
    
    
    97.22
    
    
    
    154.94Net increase from payments by affiliate
    
    
    9.24
    
    
    
    24.29Net asset value per unit, end of period
    
    $
    1,392.48
    
    
    $
    1,642.55
  
 *
    
    The total return information presented above is not annualized and excludes the net increase in
net assets from payments by affiliates in the amount of $426,879 for Series A and $584,801 for
Series B. If the net increase in net assets from payments by affiliates was included, the total
return would have been 4.8% for Series A and 7.9% for Series B.**
    
    Annualized 7. Financial instrument risk
  17




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8. Subscriptions and redemptions
   18




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Three Months ended June 30, 2006
     19




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nd
   1 2 1 2
  Three Months ended March 31, 2006
   20




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st
     Three Months Ended June 30, 2005
    21




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nd
     Three Months ended March 31, 2005:
       22




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23




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24




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% of total capitalizationSector
    
    Market Risk (USD)
    
    
    (net assets)Stock Indices
    
    $
    381,150
    
    
    
    0.56
    %Financial Futures
    
    $
    3,068,917
    
    
    
    4.49
    %Currencies
    
    $
    3,057,659
    
    
    
    4.47
    %Agricultural Products
    
    $
    593,242
    
    
    
    0.87
    %Energy
    
    $
    1,740,447
    
    
    
    2.55
    %Total
    
    $
    8,841,415
    
    
    
    12.94
    %
  % of totalcapitalizationSector
    
    Market Risk (USD)
    
    
    (net assets)Stock Indices
    
    $
    286,650
    
    
    
    0.76
    %Financial Futures
    
    $
    2,317,193
    
    
    
    6.18
    %Currencies
    
    $
    2,328,732
    
    
    
    6.21
    %Agricultural Products
    
    $
    447,707
    
    
    
    1.19
    %Energy
    
    $
    1,263,195
    
    
    
    3.37
    %Total
    
    $
    6,643,477
    
    
    
    17.71
    %
  25




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% of Average
    
    
    Highest Value at
    
    
    Lowest Value atSector
    
    Average Value at Risk
    
    
    Capitalization
    
    
    Risk
    
    
    RiskStock Indices
    
    $
    1,512,822
    
    
    
    3.44
    %
    
    $
    1,740,734
    
    
    $
    1,351,175Financial Futures
    
    $
    1,359,303
    
    
    
    3.09
    %
    
    $
    1,897,505
    
    
    $
    875,596Currencies
    
    $
    3,598,614
    
    
    
    8.17
    %
    
    $
    5,907,756
    
    
    $
    1,449,098Agricultural
    
    $
    341,744
    
    
    
    0.78
    %
    
    $
    598,717
    
    
    $
    58,044Energy
    
    $
    921,229
    
    
    
    2.09
    %
    
    $
    1,324,149
    
    
    $
    657,974Metals
    
    $
    1,387,497
    
    
    
    3.15
    %
    
    $
    2,033,095
    
    
    $
    772,069Total
    
    $
    9,121,210
    
    
    
    20.72
    %
   % of Average
    
    
    Highest Value at
    
    
    Lowest Value atSector
    
    Average Value at Risk
    
    
    Capitalization
    
    
    Risk
    
    
    RiskStock Indices
    
    $
    2,153,127
    
    
    
    5.25
    %
    
    $
    3,084,741
    
    
    $
    1,432,917Financial Futures
    
    $
    2,022,611
    
    
    
    4.94
    %
    
    $
    3,415,011
    
    
    $
    809,391Currencies
    
    $
    5,035,201
    
    
    
    12.29
    %
    
    $
    8,458,329
    
    
    $
    2,622,864Agricultural
    
    $
    405,771
    
    
    
    0.99
    %
    
    $
    555,843
    
    
    $
    10,262Energy
    
    $
    1,323,122
    
    
    
    3.23
    %
    
    $
    2,358,725
    
    
    $
    366,394Metals
    
    $
    2,003,699
    
    
    
    4.89
    %
    
    $
    3,654,036
    
    
    $
    716,965Total
    
    $
    12,943,531
    
    
    
    31.59
    %
        26




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27




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28




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Month Ended
    
    Units Redeemed
    
    
    NAV per Unit ($)April 30, 2006
    
    
    530.46
    
    
    
    1,511.57May 31, 2006
    
    
    400.65
    
    
    
    1,397.12June 30, 2006
    
    
    420.27
    
    
    
    1,392.481,351.38
  Month Ended
    
    Units Redeemed
    
    
    NAV per Unit ($)April 30, 2006
    
    
    516.75
    
    
    
    1,827.33May 31, 2006
    
    
    845.41
    
    
    
    1,637.83June 30, 2006
    
    
    366.15
    
    
    
    1,642.551,728.31
         31.1
    
    Rule 13(a)-14(a)/15(d)-14(a) Certification of Chief Executive Officer
 29




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31.2
    
    Rule 13(a)-14(a)/15(d)-14(a) Certification of Principal Financial Officer32.1
    
    Section 1350 Certification of Chief Executive Officer32.2
    
    Section 1350 Certification of Principal Financial Officer
 30




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QUADRIGA SUPERFUND, L.P.(Registrant)By: Superfund Capital Management, Inc.General PartnerBy: /s/Christian Baha

Christian BahaChief Executive OfficerBy: /s/Roman Gregorig

Roman GregorigVice President and Principal Financial Officer
 31




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