##### Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-Q
  þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended March 31, 2007
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to
 Commission File number: 000-51634
 QUADRIGA SUPERFUND, L.P.
  Delaware
    
    98-0375395(State)
    
    (IRS Employer Identification No.)Ottway Building 
P.O. Box 1479
Grand Anse 
St. Georges, GrenadaWest Indies
    
    N/A(Address of Principal Executive Offices)
    
    (Zip Code)
 (Registrants telephone number, including area code)
  þ o
  o o þ
  o þ




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##### 



PART I  FINANCIAL INFORMATION
 ITEM 1. FINANCIAL STATEMENTS
  PageFinancial Statements (unaudited)Statements of Assets and Liabilities as of March 31, 2007
and December 31, 2006
    
    
    3Condensed Schedule of Investments as of March 31, 2007
    
    
    4Condensed Schedule of Investments as of December 31, 2006
    
    
    5Statements of Operations for the three months ended March 31, 2007 and
March 31, 2006
    
    
    6Statements of Changes in Net Assets for the three months ended March 31, 2007
and March 31, 2006
    
    
    7Statements of Cash Flows for the three months ended March 31, 2007 and
March 31, 2006
    
    
    8CertificationCertificationCertificationCertification
   PageFinancial Statements (unaudited)Statements of Assets and Liabilities as of March 31, 2007
and December 31, 2006
    
    
    9Condensed Schedule of Investments as of March 31, 2007
    
    
    10Condensed Schedule of Investments as of December 31, 2006
    
    
    12Statements of Operations for the three months ended March 31, 2007 and March
31, 2006
    
    
    13Statements of Changes in Net Assets for the three months ended March 31, 2007 and
March 31, 2006
    
    
    14Statements of Cash Flows for the nine months ended March 31, 2007 and March 31,
2006
    
    
    15Notes to Series A and Series B Unaudited Financial Statements Dated March 31, 2007
    
    
    16-20
 2




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A
 
 STATEMENTS OF ASSETS AND LIABILITIES
March 31, 2007 (Unaudited) and December 31, 2006
 March 31, 2007
    
    
    December 31, 2006ASSETSUS Government securities, at fair value
(amortized cost $55,573,151 and $57,832,344 as of
March 31, 2007 and December 31, 2006, respectively)
    
    $
    55,573,151
    
    
    $
    57,832,344Due from brokers
    
    
    1,488,141
    
    
    
    9,952,214Unrealized appreciation on open forward contracts
    
    
    1,841,866
    
    
    
    1,556,257Futures contracts purchased
    
    
    428,222
    
    
    
    693,920Cash
    
    
    704,854
    
    
    
    555,433Total assets
    
    
    60,036,234
    
    
    
    76,552,324LIABILITIESUnrealized depreciation on open forward contracts
    
    
    218,401
    
    
    
    977,472Futures contracts sold
    
    
    63,504
    
    
    
    Advance subscriptions
    
    
    513,500
    
    
    
    277,500Redemptions payable
    
    
    392,127
    
    
    
    2,552,956Fees payable
    
    
    345,573
    
    
    
    439,235Total liabilities
    
    
    1,533,105
    
    
    
    4,247,163NET ASSETS
    
    $
    58,503,129
    
    
    $
    72,305,161Number of Units
    
    
    47,679.693
    
    
    
    48,197.014Net asset value per Unit
    
    $
    1,227.00
    
    
    $
    1,500.20
  3




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A
 
 CONDENSED SCHEDULE OF INVESTMENTS
 March 31, 2007 (Unaudited)
 PercentageofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due May 31, 2007
(amortized cost $55,573,151), securities are held in
margin
accounts as collateral for open futures and forwards
    
    $
    56,050,000
    
    
    
    95.0
    %
    
    $
    55,573,151Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrencies
    
    
    
    
    
    
    3.0
    
    
    
    1,736,266Metals
    
    
    
    
    
    
    0.2
    
    
    
    105,600Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    3.2
    
    
    
    1,841,866Unrealized depreciation on forward contractsCurrencies
    
    
    
    
    
    
    (0.2
    )
    
    
    (114,317
    )Metals
    
    
    
    
    
    
    (0.2
    )
    
    
    (104,084
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (0.4
    )
    
    
    (218,401
    )Total forward contracts, at fair value
    
    
    
    
    
    
    2.8
    
    
    
    1,623,465Futures contracts, at fair valueFutures Contracts PurchasedCurrencies
    
    
    
    
    
    
    0.9
    
    
    
    509,757Food & Fiber
    
    
    
    
    
    
    (0.2
    )
    
    
    (124,009
    )Indices
    
    
    
    
    
    
    0.0
    *
    
    
    21,760Metals
    
    
    
    
    
    
    0.0
    *
    
    
    20,714Total futures contracts purchased
    
    
    
    
    
    
    0.7
    
    
    
    428,222Futures Contracts SoldCurrencies
    
    
    
    
    
    
    0.2
    
    
    
    115,240Energy
    
    
    
    
    
    
    (2.2
    )
    
    
    (1,308,990
    )Financial
    
    
    
    
    
    
    1.3
    
    
    
    794,821Food & Fiber
    
    
    
    
    
    
    0.6
    
    
    
    335,425Total futures contracts sold
    
    
    
    
    
    
    (0.1
    )
    
    
    (63,504
    )Total futures contracts, at fair value
    
    
    
    
    
    
    0.6
    
    
    
    364,718Futures and forward contracts by country compositionEuropean Monetary Union
    
    
    
    
    
    
    1.7
    
    
    
    971,650Japan
    
    
    
    
    
    
    0.0
    *
    
    
    16,074United States
    
    
    
    
    
    
    (1.7
    )
    
    
    (976,179
    )Other
    
    
    
    
    
    
    3.4
    
    
    
    1,976,638Total futures and forward contracts by country
    
    
    
    
    
    
    3.4
    %
    
    $
    1,988,183
 
 *
    
    Due to rounding  4




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QUADRIGA SUPERFUND, L.P.  SERIES A
 
 CONDENSED SCHEDULE OF
INVESTMENTS
December 31, 2006
 PercentageofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due March 1, 2007
(amortized cost $57,832,344), securities are held in margin
accounts as collateral for open futures and forwards
    
    $
    58,300,000
    
    
    
    80.0
    %
    
    $
    57,832,344Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrencies
    
    
    
    
    
    
    1.4
    
    
    
    961,041Metals
    
    
    
    
    
    
    0.8
    
    
    
    595,216Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    2.2
    
    
    
    1,556,257Unrealized depreciation on forward contractsCurrencies
    
    
    
    
    
    
    (0.6
    
    
    
    (426,597
    )Metals
    
    
    
    
    
    
    (0.8
    )
    
    
    (550,875
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (1.4
    )
    
    
    (977,472
    )Total forward contracts, at fair value
    
    
    
    
    
    
    0.8
    
    
    
    578,785Futures contracts, at fair valueFutures Contracts PurchasedCurrencies
    
    
    
    
    
    
    0.1
    
    
    
    35,962Food & Fiber
    
    
    
    
    
    
    (0.1
    )
    
    
    (83,698
    )Indices
    
    
    
    
    
    
    1.2
    
    
    
    887,282Metals
    
    
    
    
    
    
    (0.2
    )
    
    
    (145,626
    )Total futures contracts purchased
    
    
    
    
    
    
    1.0
    
    
    
    693,920Futures Contracts SoldCurrencies
    
    
    
    
    
    
    0.2
    
    
    
    164,000Energy
    
    
    
    
    
    
    4.6
    
    
    
    3,333,225Financial
    
    
    
    
    
    
    3.4
    
    
    
    2,464,931Total futures contracts sold
    
    
    
    
    
    
    8.2
    
    
    
    5,962,156Total futures contracts, at fair value
    
    
    
    
    
    
    9.2
    
    
    
    6,656,076Futures and forward contracts by country compositionEuropean Monetary Union
    
    
    
    
    
    
    2.9
    
    
    
    2,107,995Japan
    
    
    
    
    
    
    1.3
    
    
    
    911,956United States
    
    
    
    
    
    
    4.2
    
    
    
    3,012,867Other
    
    
    
    
    
    
    1.6
    
    
    
    1,202,043Total futures and forward contracts by country
    
    
    
    
    
    
    10.0
    %
    
    $
    7,234,861
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QUADRIGA SUPERFUND, L.P.  SERIES A
 
 STATEMENTS OF OPERATIONS
(Unaudited)
 Three Months EndedMarch 31,2007
    
    
    2006Investment incomeInterest income
    
    $
    847,926
    
    
    $
    629,632Other income
    
    
    972
    
    
    
    Total income
    
    
    848,898
    
    
    
    629,632ExpensesManagement fee
    
    
    299,988
    
    
    
    292,381Organization and offering expenses
    
    
    162,155
    
    
    
    158,044Operating expenses
    
    
    24,323
    
    
    
    23,707Selling commission
    
    
    648,622
    
    
    
    632,176Brokerage commissions
    
    
    470,143
    
    
    
    493,426Other
    
    
    1,526
    
    
    
    1,909Total expenses
    
    
    1,606,757
    
    
    
    1,601,643Net investment loss
    
    
    (757,859
    )
    
    
    (972,011
    )Realized and unrealized gain
(loss) on investmentsNet realized gain (loss) on futures
and forward contracts
    
    
    (7,101,036
    )
    
    
    4,044,526Net change in unrealized appreciation
on futures and forward contracts
    
    
    (5,246,678
    )
    
    
    1,444,213Net gain(loss) on investments
    
    
    (12,347,714
    )
    
    
    5,488,739Net increase (decrease) in
net assets from operations
    
    $
    (13,105,573
    )
    
    $
    4,516,728Net increase (decrease) in net assets from
operations per unit (based upon weighted
average number of units outstanding during
period)
    
    $
    (272.71
    )
    
    $
    100.98Net increase (decrease) in net assets from
operations per unit (based upon change in net
asset value per unit during period)
    
    $
    (273.20
    )
    
    $
    100.56
  6




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QUADRIGA SUPERFUND, L.P.  SERIES A





STATEMENTS OF CHANGES IN NET ASSETS
For the Three Months Ended March 31,
(Unaudited)


2007
    
    
    2006Increase (decrease) in net assets from operationsNet investment loss
    
    $
    (757,859
    )
    
    $
    (972,011
    )Net realized gain (loss) on futures and forward contracts
    
    
    (7,101,036
    )
    
    
    4,044,526Net change in unrealized appreciation(depreciation) on futures
and forward contracts
    
    
    (5,246,678
    )
    
    
    1,444,213Net increase (decrease) in net assets from operations
    
    
    (13,105,573
    )
    
    
    4,516,728Capital share transactionsIssuance of Units
    
    
    1,851,810
    
    
    
    4,634,293Redemption of Units
    
    
    (2,548,269
    )
    
    
    (3,451,690
    )Net increase (decrease) in net assets from capital share transactions
    
    
    (696,459
    )
    
    
    1,182,603Net increase (decrease) in net assets
    
    
    (13,802,032
    )
    
    
    5,699,331Net assets,beginning of period
    
    
    72,305,161
    
    
    
    59,422,048Net assets,end of period
    
    $
    58,503,129
    
    
    $
    65,121,379Units,beginning of period
    
    
    48,197.014
    
    
    
    44,734.441Issuance of Units
    
    
    1,328.339
    
    
    
    3,375.294Redemption of Units
    
    
    (1,845.660
    )
    
    
    (2,534.948
    )Units,end of period
    
    
    47,679.693
    
    
    
    45,574.787


7




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QUADRIGA SUPERFUND, L.P.  SERIES A





STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31,
(Unaudited)


2007
    
    
    2006Cash flows from operating activitiesNet increase (decrease) in net assets from operations
    
    $
    (13,105,573
    )
    
    $
    4,516,728Adjustments 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:U.S. Government securities
    
    
    2,259,193
    
    
    
    (2,202,611
    )Due from brokers
    
    
    8,464,073
    
    
    
    (1,928,150
    )Unrealized appreciation(depreciation) on open forward contracts
    
    
    (285,609
    )
    
    
    1,801,437Futures contracts purchased
    
    
    265,698
    
    
    
    (1,299,783
    )Unrealized depreciation on open forward contracts
    
    
    (759,070
    )
    
    
    (357,337
    )Unrealized appreciation on open swap contracts
    
    
    
    
    
    
    (28,050
    )Unrealized depreciation on open swap contracts
    
    
    
    
    
    
    (193,624
    )Futures contracts sold
    
    
    6,025,660
    
    
    
    (1,366,856
    )Fees payable
    
    
    (93,662
    )
    
    
    25,075Net cash provided by (used in) operating activities
    
    
    2,770,709
    
    
    
    (1,033,171
    )Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    2,087,810
    
    
    
    3,767,400Redemptions, net of redemption payable
    
    
    (4,709,098
    )
    
    
    (3,451,690
    )Net cash provided by (used in) financing activities
    
    
    (2,621,288
    )
    
    
    315,710Net increase (decrease) in cash
    
    
    149,421
    
    
    
    (717,461
    )Cash, beginning of period
    
    
    555,433
    
    
    
    888,918Cash, end of period
    
    $
    704,854
    
    
    $
    171,457Supplemental disclosure of non-cash financing activities2006 subscriptions received in 2005
    
    
    
    
    
    $
    866,8932007 subscriptions received in 2006
    
    $
    277,500


8




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QUADRIGA SUPERFUND, L.P.  SERIES B
 
 STATEMENTS OF ASSETS AND LIABILITIES
March 31, 2007 (Unaudited) and December 31, 2006
 March 31, 2007
    
    
    December 31, 2006ASSETSUS Government securities, at fair value(amortized cost $23,533,259 and $28,172,293 as of
March 31, 2007 and December 31, 2006, respectively)
    
    $
    23,533,259
    
    
    $
    28,172,293Due from brokers
    
    
    954,612
    
    
    
    4,806,227Unrealized appreciation on open forward contracts
    
    
    1,197,696
    
    
    
    1,059,483Other receivable
    
    
    
    
    
    
    88,391Futures contracts purchased
    
    
    280,384
    
    
    
    470,087Cash
    
    
    1,141,016
    
    
    
    468,093Total assets
    
    
    27,106,967
    
    
    
    39,178,905LIABILITIESUnrealized depreciation on open forward contracts
    
    
    150,339
    
    
    
    670,242Futures contracts sold
    
    
    36,394
    
    
    
    4,114,331Advance subscriptions
    
    
    937,022
    
    
    
    259,808Redemptions payable
    
    
    1,477,340
    
    
    
    1,594,044Fees payable
    
    
    151,569
    
    
    
    223,118Total liabilities
    
    
    2,752,664
    
    
    
    2,747,212NET ASSETS
    
    $
    24,354,303
    
    
    $
    36,431,693Number of Units
    
    
    17,955.543
    
    
    
    19,995.520Net asset value per Unit
    
    $
    1,356.37
    
    
    $
    1,821.99
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QUADRIGA SUPERFUND, L.P.  SERIES B
 
 CONDENSED SCHEDULE OF INVESTMENTS
 March 31, 2007 (Unaudited)
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due May 31, 2007
(amortized cost $25,533,259), securities are held in
margin accounts as collateral for open futures
and forwards
    
    $
    23,735,000
    
    
    
    96.6
    %
    
    $
    23,533,259Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrencies
    
    
    
    
    
    
    4.7
    
    
    
    1,144,896Metals
    
    
    
    
    
    
    0.2
    
    
    
    52,800Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    4.9
    
    
    
    1,197,696Unrealized depreciation on forward contractsCurrencies
    
    
    
    
    
    
    (0.3
    )
    
    
    (75,173
    )Metals
    
    
    
    
    
    
    (0.3
    )
    
    
    (75,166
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (0.6
    )
    
    
    (150,339
    )Total forward contracts, at fair value
    
    
    
    
    
    
    4.3
    
    
    
    1,039,825Futures contracts, at fair valueFutures contracts purchasedCurrencies
    
    
    
    
    
    
    1.4
    
    
    
    336,058Food & Fiber
    
    
    
    
    
    
    (0.3
    )
    
    
    (82,346
    )Indices
    
    
    
    
    
    
    0.0
    *
    
    
    13,101Metals
    
    
    
    
    
    
    0.0
    *
    
    
    13,571Total futures contracts purchased
    
    
    
    
    
    
    1.1
    
    
    
    280,384Futures contracts soldCurrencies
    
    
    
    
    
    
    0.3
    
    
    
    76,380Energy
    
    
    
    
    
    
    (3.5
    )
    
    
    (860,670
    )Financial
    
    
    
    
    
    
    2.2
    
    
    
    526,344Food & Fiber
    
    
    
    
    
    
    0.9
    
    
    
    221,553Total futures contracts sold
    
    
    
    
    
    
    (0.1
    )
    
    
    (36,394
    )Total futures contracts, at fair value
    
    
    
    
    
    
    1.0
    
    
    
    243,990
 10




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Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueFutures and forward contracts by country compositionEuropean Monetary Union
    
    
    
    
    
    
    2.6
    %
    
    $
    640,586Japan
    
    
    
    
    
    
    0.0
    *
    
    
    9,610United States
    
    
    
    
    
    
    (2.7
    )
    
    
    (664,259
    )Other
    
    
    
    
    
    
    5.4
    
    
    
    1,305,410Total futures and forward contracts by country
    
    
    
    
    
    
    5.3
    %
    
    $
    1,291,347
  
 *
    
    Due to rounding 11




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
 
 CONDENSED SCHEDULE OF INVESTMENTS
 December 31, 2006
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due March 1, 2007
(amortized cost $28,172,293), securities are held in margin
accounts as collateral for open futures and forwards$
    28,400,000
    
    
    
    77.3
    %
    
    $
    28,172,293Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrencies
    
    
    
    
    
    
    1.8
    
    
    
    659,480Metals
    
    
    
    
    
    
    1.1
    
    
    
    400,003Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    2.9
    
    
    
    1,059,483Unrealized depreciation on forward contractsCurrencies
    
    
    
    
    
    
    (0.8
    )
    
    
    (294,123
    )Metals
    
    
    
    
    
    
    (1.0
    )
    
    
    (376,119
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (1.8
    )
    
    
    (670,242
    )Total forward contracts, at fair value
    
    
    
    
    
    
    1.1
    
    
    
    389,241Futures contracts, at fair valueFutures contracts purchasedCurrencies
    
    
    
    
    
    
    0.1
    
    
    
    24,736Food & Fiber
    
    
    
    
    
    
    (0.2
    )
    
    
    (57,797
    )Indices
    
    
    
    
    
    
    1.7
    
    
    
    603,694Metals
    
    
    
    
    
    
    (0.3
    )
    
    
    (100,546
    )Total futures contracts purchased
    
    
    
    
    
    
    1.3
    
    
    
    470,087Futures contracts soldCurrencies
    
    
    
    
    
    
    0.3
    
    
    
    112,837Energy
    
    
    
    
    
    
    6.3
    
    
    
    2,302,839Financial
    
    
    
    
    
    
    4.7
    
    
    
    1,698,655Total futures contracts sold
    
    
    
    
    
    
    11.3
    
    
    
    4,114,331Total futures contracts, at fair value
    
    
    
    
    
    
    12.6
    
    
    
    4,584,418Futures and forward contracts by country compositionEuropean Monetary Union
    
    
    
    
    
    
    4.0
    
    
    
    1,452,747Japan
    
    
    
    
    
    
    1.7
    
    
    
    624,242United States
    
    
    
    
    
    
    5.7
    
    
    
    2,075,380Other
    
    
    
    
    
    
    2.3
    
    
    
    821,290Total futures and forward contracts by country
    
    
    
    
    
    
    13.7
    %
    
    $
    4,973,659
  12




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QUADRIGA SUPERFUND, L.P.  SERIES B





STATEMENTS OF OPERATIONS


(Unaudited)


Three Months EndedMarch 31,2007
    
    
    2006Investment incomeInterest income
    
    $
    400,869
    
    
    $
    412,029Other income
    
    
    1,969
    
    
    
    Total income
    
    
    402,838
    
    
    
    412,029ExpensesManagement fee
    
    
    140,787
    
    
    
    187,263Organization and offering expenses
    
    
    76,101
    
    
    
    101,223Operating expenses
    
    
    11,415
    
    
    
    15,184Selling commission
    
    
    304,405
    
    
    
    404,894Brokerage commissions
    
    
    334,750
    
    
    
    436,158Other
    
    
    939
    
    
    
    1,792Total expenses
    
    
    868,397
    
    
    
    1,146,514Net investment loss
    
    
    (465,559
    )
    
    
    (734,485
    )Realized and unrealized gain
(loss) on investmentsNet realized gain (loss) on futures
and forward contracts
    
    
    (4,856,753
    )
    
    
    4,163,272Net change in unrealized appreciation on
futures and forward contracts
    
    
    (3,682,312
    )
    
    
    631,848Net gain (loss) on investments
    
    
    (8,539,065
    )
    
    
    4,795,120Net increase (decrease) in net assets from
operations
    
    $
    (9,004,624
    )
    
    $
    4,060,635Net increase (decrease) in net assets from
operations per unit (based upon weighted
average number of units outstanding during
period)
    
    $
    (461.88
    )
    
    $
    166.14Net increase (decrease) in net assets from
operations per unit (based upon change in net
asset value per unit during period)
    
    $
    (465.62
    )
    
    $
    165.54


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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
 
 STATEMENTS OF CHANGES IN NET ASSETS
 For the Three Months Ended March 31,
 (Unaudited)
 2007
    
    
    2006Increase (decrease) in net assets from operationsNet investment loss
    
    $
    (465,559
    )
    
    $
    (734,485
    )Net realized gain (loss) on futures and forward contracts
    
    
    (4,856,753
    )
    
    
    4,163,272Net change in unrealized appreciation on futures and forward
contracts
    
    
    (3,682,312
    )
    
    
    631,848Net increase (decrease) in net assets from operations
    
    
    (9,004,624
    )
    
    
    4,060,635Capital share transactionsIssuance of Units
    
    
    1,051,856
    
    
    
    402,322Redemption of Units
    
    
    (4,124,622
    )
    
    
    (4,232,134
    )Net decrease in net assets from capital share transactions
    
    
    (3,072,766
    )
    
    
    (3,829,812
    )Net increase (decrease) in net assets
    
    
    (12,077,390
    )
    
    
    230,823Net assets,beginning of period
    
    
    36,431,693
    
    
    
    39,783,829Net assets,end of period
    
    $
    24,354,303
    
    
    $
    40,014,652Units,beginning of period
    
    
    19,995.520
    
    
    
    26,145.940Issuance of Units
    
    
    633.683
    
    
    
    252.286Redemption of Units
    
    
    (2,673.66
    )
    
    
    (2,680.851
    )Units,end of period
    
    
    17,955.543
    
    
    
    23,717.375
  14




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QUADRIGA SUPERFUND, L.P.  SERIES B
 
 STATEMENTS OF CASH FLOWS
 For the Three Months Ended March 31,
 (Unaudited)
 2007
    
    
    2006Cash flows from operating activitiesNet increase (decrease) in net assets from operations
    
    $
    (9,004,624
    )
    
    $
    4,060,635Adjustments 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:U.S. Government securities
    
    
    4,639,034
    
    
    
    1,302,255Due from brokers
    
    
    3,851,615
    
    
    
    (676,986
    )Other receivable
    
    
    88,391
    
    
    
    Unrealized appreciation on open forward contracts
    
    
    (138,213
    )
    
    
    1,832,865Unrealized appreciation on open swap contracts
    
    
    
    
    
    
    (28,637
    )Futures contracts purchased
    
    
    189,703
    
    
    
    (908,011
    )Unrealized depreciation on open forward contracts
    
    
    (519,903
    )
    
    
    (405,417
    )Unrealized depreciation on open swap contracts
    
    
    
    
    
    
    (11,333
    )Due to brokers
    
    
    
    
    
    
    (264,413
    )Futures contracts sold
    
    
    4,150,725
    
    
    
    (1,111,315
    )Fees payable
    
    
    (71,549
    )
    
    
    1,355Net cash provided by in operating activities
    
    
    3,185,179
    
    
    
    3,790,998Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    1,729,070
    
    
    
    236,542Redemptions, net of redemption payable
    
    
    (4,241,326
    )
    
    
    (4,232,134
    )Net cash used in financing activities
    
    
    (2,512,256
    )
    
    
    (3,995,592
    )Net increase (decrease) in cash
    
    
    672,923
    
    
    
    (204,594
    )Cash, beginning of period
    
    
    468,093
    
    
    
    269,034Cash, end of period
    
    $
    1,141,016
    
    
    
    64,440Supplemental disclosure of noncash financing activities:2006 contributions received in 2005
    
    
    
    
    
    $
    165,7802007 contributions received in 2006
    
    $
    259,808
  15




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A AND B
 1. Nature of operations
 Organization and Business
   2. Basis of presentation and significant accounting policies
 Basis of Presentation
  Valuation of Investments in Futures Contracts, Forward Contracts, and U.S. Treasury Bills
   Translation of Foreign Currency
   16




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Investment Transactions and Related Investment Income
  Income Taxes
  Use of Estimates
  Recently Issued Accounting Standards
   3. Due from/to brokers
   4. Allocation of net profits and losses
   17




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##### Table of Contents



5. Related party transactions
   6. Financial highlights
  2007
    
    
    2006Series A
    
    Series B
    
    Series A
    
    Series BTotal return before incentive fees*
    
    
    (18.2
    )%
    
    
    (25.6
    )%
    
    
    7.6
    %
    
    
    10.9
    %Incentive fees
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %Total return after incentive fees*
    
    
    (18.2
    )%
    
    
    (25.6
    )%
    
    
    7.6
    %
    
    
    10.9
    %Ratios to average net assets **Operating expenses before incentive fees
    
    
    9.8
    %
    
    
    11.0
    %
    
    
    10.5
    %
    
    
    11.6
    %Incentive fees
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %Total expenses
    
    
    9.8
    %
    
    
    11.0
    %
    
    
    10.5
    %
    
    
    11.6
    %Net investment income (loss)
    
    
    (4.6
    )%
    
    
    (5.9
    )%
    
    
    (6.4
    )%
    
    
    (7.4
    )%Net asset value per unit, beginning of period
    
    $1,500.20
    
    $
    1,821.99
    
    
    $
    1,328.33
    
    
    $
    1,521.61Net investment loss
    
    
    (15.76
    )
    
    
    (23.73
    )
    
    
    (21.33
    )
    
    
    (30.97
    )Net gain (loss) in investments
    
    
    (257.44
    )
    
    
    (441.89
    )
    
    
    121.89
    
    
    
    196.51Net asset value per unit, end of period
    
    $
    1,227.00
    
    
    $
    1,356.37
    
    
    $
    1,428.89
    
    
    $
    1,687.15
 
 *
    
    Not annualized**
    
    Annualized  7. Financial instrument risk
  18




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8. Subscriptions and redemptions
   19




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ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 INTRODUCTION
  CAPITAL RESOURCES
  LIQUIDITY
    RESULTS OF OPERATIONS
 Three Months ended March 31, 2007
    20




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st
     Three Months ended March 31, 2006
   21




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##### Table of Contents



st
     OFF-BALANCE SHEET RISK
   22




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##### Table of Contents



OFF-BALANCE SHEET ARRANGEMENTS
  CONTRACTUAL OBLIGATIONS
  CRITICAL ACCOUNTING POLICIES  VALUATION OF THE FUNDS POSITIONS
  RECENTLY ISSUED ACCOUNTING STANDARDS
   ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 INTRODUCTION
  23




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QUANTIFYING THE FUNDS TRADING VALUE AT RISK
      24




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THE FUNDS TRADING VALUE AT RISK IN DIFFERENT MARKET SECTORS
   Value at
    
    
    % of TotalSector
    
    Risk
    
    
    CapitalizationStock Indices
    
    $
    1,234,901
    
    
    
    2.11
    %Financial Futures
    
    
    2,402,440
    
    
    
    4.11Currencies
    
    
    7,340,969
    
    
    
    12.55Agricultural Products
    
    
    759,080
    
    
    
    1.30Energy
    
    
    1,097,500
    
    
    
    1.88Metals
    
    
    255,376
    
    
    
    0.43Total
    
    $
    13,090,266
    
    
    
    22.38
    %
  Value
    
    
    % of TotalSector
    
    at Risk
    
    
    CapitalizationStock Indices
    
    $
    1,911,639
    
    
    
    7.85
    %Financial Futures
    
    
    1,590,549
    
    
    
    6.53Currencies
    
    
    4,812,440
    
    
    
    19.76Agricultural Products
    
    
    499,965
    
    
    
    2.05Energy
    
    
    723,000
    
    
    
    2.97Metals
    
    
    165,618
    
    
    
    0.68Total
    
    $
    9,703,211
    
    
    
    39.84
    %
   Average Value
    
    % of Average
    
    Highest
    
    LowestSector
    
    at Risk
    
    Capitalization
    
    Value at Risk
    
    Value at RiskStock Indices
    
    $
    1,730,170
    
    
    
    2.53
    %
    
    $
    3,900,719
    
    
    $
    381,150Financial Futures
    
    $
    2,138,142
    
    
    
    3.13
    %
    
    $
    3,287,013
    
    
    $
    485,375Currencies
    
    $
    5,285,887
    
    
    
    7.74
    %
    
    $
    7,716,185
    
    
    $
    3,057,659Agricultural
    
    $
    522,898
    
    
    
    0.77
    %
    
    $
    593,242
    
    
    $
    447,350Energy
    
    $
    2,045,413
    
    
    
    2.99
    %
    
    $
    2,745,083
    
    
    $
    1,499,620Metals
    
    $
    1,000,913
    
    
    
    1.47
    %
    
    $
    1,712,472
    
    
    $
    0.00Total
    
    $
    12,723,423
    
    
    
    18.63
    %
 25




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##### Table of Contents



HighestAverage
    
    % of Average
    
    Value at
    
    Lowest Value atSector
    
    Value at Risk
    
    Capitalization
    
    Risk
    
    RiskStock Indices
    
    $
    1,341,170
    
    
    
    3.55
    %
    
    $
    2,683,136
    
    
    $
    286,650Financial Futures
    
    $
    1,592,488
    
    
    
    4.21
    %
    
    $
    2,317,193
    
    
    $
    337,357Currencies
    
    $
    4,195,892
    
    
    
    11.10
    %
    
    $
    5,279,732
    
    
    $
    2,328,732Agricultural
    
    $
    391,703
    
    
    
    1.04
    %
    
    $
    447,707
    
    
    $
    330,020Energy
    
    $
    1,486,530
    
    
    
    3.93
    %
    
    $
    1,901,488
    
    
    $
    1,263,195Metals
    
    $
    765,709
    
    
    
    2.03
    %
    
    $
    1,429,084
    
    
    $
    0.00Total
    
    $
    9,773,492
    
    
    
    25.86
    %
  MATERIAL LIMITATIONS ON VALUE AT RISK AS AN ASSESSMENT OF MARKET RISK
  NON-TRADING RISK
  QUALITATIVE DISCLOSURES REGARDING PRIMARY TRADING RISK EXPOSURES
   26




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Currencies
  Energy
  Stock Indices
  Metals
  Agricultural Market
  Interest Rates
  QUALITATIVE DISCLOSURES REGARDING NON-TRADING RISK EXPOSURE
 General
  27




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Foreign Currency Balances
  Treasury Bill Positions
  QUALITATIVE DISCLOSURES REGARDING MEANS OF MANAGING RISK EXPOSURE
   ITEM 4. CONTROLS AND PROCEDURES
  28




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PART II  OTHER INFORMATION
 Item 1. Legal Proceedings.
  Item 1A. Risk Factors
  Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
    Month
    
    Units Redeemed
    
    NAV per Units ($)January 31, 2007
    
    
    955.670
    
    
    
    1,453.90February 28, 2007
    
    
    570.410
    
    
    
    1,344.33March 31, 2007
    
    
    319.580
    
    
    
    1,227.003,414.360
  Month
    
    Units Redeemed
    
    NAV per Units ($)January 31, 2007
    
    
    1,008.170
    
    
    
    1,753.27February 28, 2007
    
    
    576.310
    
    
    
    1,552.78March 31, 2007
    
    
    1,089.180
    
    
    
    1,356.372,705.350
 Item 3. Defaults upon Senior Securities.
  Item 4. Submissions of Matters to a Vote of Security Holders.
  Item 5. Other Information.
  Item 6. Exhibits.
  31.1
    
    Rule 13(a)-14(a)/15(d)-14(a) Certification of Principal Executive Officer31.2
    
    Rule 13(a)-14(a)/15(d)-14(a) Certification of Principal Financial Officer32.1
    
    Section 1350 Certification of Principal Executive Officer32.2
    
    Section 1350 Certification of Principal Financial Officer
 29




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SIGNATURES
  QUADRIGA SUPERFUND, L.P.(Registrant)By: Superfund Capital Management, Inc.General PartnerBy: /s/ Nigel JamesNigel James
President and Principal Executive OfficerBy: /s/ Roman GregorigRoman Gregorig
Vice President and Principal Financial Officer
 30




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