<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 June 30, 2005

                                       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)

<TABLE>
<S>                                         <C>
                 Delaware                                98-0375395
         (State of Organization)            (IRS Employer Identification Number)
</TABLE>

<TABLE>
<S>                                                      <C>
       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)
</TABLE>

                                 (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: 33 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 June 30, 2005 (unaudited)
   and December 31, 2004 (audited)                                                                     3

   Condensed Schedule of Investments as of June 30, 2005 (unaudited)                                   4

   Condensed Schedule of Investments as of December 31, 2004 (audited)                                 5

   Statements of Operations for the three months ended June 30, 2005 and June 30, 2004
   (unaudited) and for six months ended June 30, 2005 and June 30, 2004 (unaudited)                    6

   Statement of Changes in Net Assets for the six months ended June 30, 2005
   and June 30, 2004 (unaudited)                                                                       7

   Statement of Cash Flows for the six months ended June 30, 2005 and
   June 30, 2004 (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 June 30, 2005 (unaudited)
   and December 31, 2004 (audited)                                                                    9

   Condensed Schedule of Investments as of June 30, 2005 (unaudited)                                 10

   Condensed Schedule of Investments as of December 31, 2004 (audited)                               11

   Statements of Operations for the three months ended June 30, 2005 and June 30, 2004
   (unaudited) and for six months ended June 30, 2005 and June 30, 2004 (unaudited)                  12

   Statement of Changes in Net Assets for the six months ended June 30, 2005 and
   June 30, 2004 (unaudited)                                                                         13

   Statement of Cash Flows for the six months ended June 30, 2005 and June 30, 2004
   (unaudited)                                                                                       14

NOTES TO SERIES A AND SERIES B UNAUDITED FINANCIAL STATEMENTS DATED JUNE 30, 2005                  15-18
</TABLE>


                                        2
<PAGE>
QUADRIGA SUPERFUND, L.P. - SERIES A
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2005 (UNAUDITED) AND DECEMBER 31, 2004 (AUDITED)

<TABLE>
<CAPTION>
                                                    JUNE 30, 2005   DECEMBER 31, 2004
                                                    -------------   -----------------
<S>                                                 <C>             <C>
ASSETS
US GOVERNMENT SECURITIES, at market
   cost $26,897,449 and $25,593,575 as of
   June 30, 2005 and December 31, 2004               $26,897,449       $25,638,997
DUE FROM BROKERS                                       2,155,046         4,165,004
UNREALIZED APPRECIATION ON OPEN FORWARD CONTRACTS        657,215         1,801,065
FUTURES CONTRACTS PURCHASED                            2,162,553           294,377
FUTURES CONTRACTS SOLD                                   112,992            30,355
CASH                                                   8,452,044           911,222
                                                     -----------       -----------
   Total assets                                       40,437,299        32,841,020
                                                     -----------       -----------
LIABILITIES
UNREALIZED DEPRECIATION ON OPEN FORWARD CONTRACTS        413,156           410,499
ADVANCE SUBSCRIPTIONS                                  8,265,550           475,850
FEES PAYABLE                                             193,574           186,402
                                                     -----------       -----------
   Total liabilities                                   8,872,280         1,072,751
                                                     -----------       -----------
NET ASSETS                                           $31,565,019       $31,768,269
                                                     -----------       -----------
NUMBER OF UNITS                                       24,503.719        21,660.138
NET ASSETS VALUE PER SHARE                           $  1,288.17       $  1,466.67
                                                     -----------       -----------
</TABLE>

See accompanying notes to financial statements


                                        3
<PAGE>
QUADRIGA SUPERFUND, L.P. - SERIES A
CONDENSED SCHEDULE OF INVESTMENTS
JUNE 30, 2005 (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 December 1, 2005
         (cost $26,897,449), securities are held in margin
         accounts as collateral for open futures and forwards   $27,250,000       85.2%       $26,897,449
                                                                                  ----        -----------
FORWARD CONTRACTS, AT FAIR VALUE
   UNREALIZED APPRECIATION ON FORWARD CONTRACTS
      CURRENCIES                                                                   1.5%       $   458,178
      METALS                                                                       0.6            199,037
                                                                                  ----        -----------
         Total unrealized appreciation on forward contracts                        2.1            657,215
                                                                                  ----        -----------
UNREALIZED DEPRECIATION ON FORWARD CONTRACTS
      CURRENCIES                                                                  (1.0)          (308,369)
      METALS                                                                      (0.3)          (104,787)
                                                                                  ----        -----------
         Total unrealized depreciation on forward contracts                       (1.3)          (413,156)
                                                                                  ----        -----------
TOTAL FORWARD CONTRACTS, AT FAIR VALUE                                             0.8%       $   244,059
                                                                                  ----        -----------
FUTURES CONTRACTS, AT FAIR VALUE
   FUTURES CONTRACTS PURCHASED
      CURRENCY                                                                     0.4%       $   124,307
      ENERGY                                                                       0.6            191,423
      FINANCIAL                                                                    5.2          1,651,844
      FOOD & FIBER                                                                 0.0*             2,467
      INDICES                                                                      0.2             50,861
      METALS                                                                       0.5            141,651
                                                                                  ----        -----------
         Total futures contracts purchase                                          6.9          2,162,553
                                                                                  ----        -----------
   FUTURES CONTRACTS SOLD
      CURRENCY                                                                     0.2             78,613
      FOOD & FIBER                                                                (0.1)           (20,730)
      LIVESTOCK                                                                    0.2             55,109
                                                                                  ----        -----------
         Total futures contracts sold                                              0.3            112,992
                                                                                  ----        -----------
TOTAL FUTURES CONTRACTS, AT FAIR VALUE                                             7.2%       $ 2,275,545
                                                                                  ----        -----------
FUTURES AND FORWARD CONTRACTS BY COUNTRY COMPOSITION
   JAPAN                                                                           1.7%       $   546,105
   UNITED KINGDOM                                                                  1.7            547,580
   UNITED STATES                                                                   0.3             91,466
   OTHER                                                                           4.3          1,334,453
                                                                                  ----        -----------
TOTAL FUTURES AND FORWARD CONTRACTS BY COUNTRY                                     8.0%       $ 2,519,604
                                                                                  ----        -----------
</TABLE>

*    Due to rounding

See accompanying notes to financial statements


                                        4
<PAGE>
QUADRIGA SUPERFUND, L.P. - SERIES A
CONDENSED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2004 (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 June 2, 2005
         (cost $25,593,575), securities are held in margin
         accounts as collateral for open futures and forwards   $25,900,000       80.7%       $25,638,997
                                                                                  ----        -----------
FORWARD CONTRACTS, AT FAIR VALUE
   UNREALIZED APPRECIATION ON FORWARD CONTRACTS
      CURRENCIES                                                                   1.9%       $   617,030
      METALS                                                                       3.7          1,184,035
                                                                                  ----        -----------
         Total unrealized appreciation on forward contracts                        5.6          1,801,065
                                                                                  ----        -----------
   UNREALIZED DEPRECIATION ON FORWARD CONTRACTS
      CURRENCIES                                                                  (0.5)          (147,157)
      METALS                                                                      (0.8)          (263,342)
                                                                                  ----        -----------
         Total unrealized depreciation on forward contracts                       (1.3)          (410,499)
                                                                                  ----        -----------
TOTAL FORWARD CONTRACTS, AT FAIR VALUE                                             4.3%       $ 1,390,566
                                                                                  ----        -----------
FUTURES CONTRACTS, AT FAIR VALUE
   FUTURES CONTRACTS PURCHASED
      FINANCIAL                                                                    0.3        $    93,025
      FOOD & FIBER                                                                 0.0*              (627)
      GRAINS                                                                       0.2             60,185
      INDICES                                                                      1.8            559,742
      LIVESTOCK                                                                    0.1             17,540
      METALS                                                                      (1.4)          (435,488)
                                                                                  ----        -----------
         Total futures contracts purchase                                          1.0            294,377
                                                                                  ----        -----------
   FUTURES CONTRACTS SOLD
      FOOD & FIBER                                                                 0.0*            (8,703)
      GRAINS                                                                       0.0*            45,432
      INDICES                                                                      0.1             34,500
      WOOD & RUBBER                                                               (0.1)           (40,874)
                                                                                  ----        -----------
         Total futures contracts sold                                              0.0             30,355
                                                                                  ----        -----------
TOTAL FUTURES CONTRACTS, AT FAIR VALUE                                             1.0%       $   324,732
                                                                                  ----        -----------
FUTURES AND FORWARD CONTRACTS BY COUNTRY COMPOSITION
      CANADA                                                                       0.5%       $   158,626
   JAPAN                                                                           0.6            195,919
   UNITED KINGDOM                                                                  3.7          1,176,366
   UNITED STATES                                                                   0.2             82,147
   OTHER                                                                           0.3            102,240
                                                                                  ----        -----------
TOTAL FUTURES AND FORWARD CONTRACTS BY COUNTRY                                     5.3%       $ 1,715,298
                                                                                  ----        -----------
</TABLE>

*    Due to rounding

See accompanying notes to financial statements


                                        5
<PAGE>
QUADRIGA SUPERFUND, L.P. - SERIES A
STATEMENT OF OPERATIONS
(UNAUDITED)

<TABLE>
<CAPTION>
                                                          THREE MONTHS ENDED           SIX MONTHS ENDED
                                                               JUNE 30,                    JUNE 30,
                                                      -------------------------   -------------------------
                                                          2005          2004          2005          2004
                                                      -----------   -----------   -----------   -----------
<S>                                                   <C>           <C>           <C>           <C>
INVESTMENT INCOME, interest                           $   196,075   $    60,734   $   364,103   $   102,752
                                                      -----------   -----------   -----------   -----------
EXPENSES
   Management fee                                         141,333       105,209       279,192       198,087
   Organization and offering expenses                      76,396        56,869       150,914       107,073
   Operating expenses                                      11,459         8,530        22,637        16,060
   Selling commission                                     305,583       227,477       603,658       428,293
   Incentive fee                                               --            --            --       651,950
   Brokerage commissions                                  326,504       196,622       713,888       390,491
   Other                                                       15         7,256           899        17,383
                                                      -----------   -----------   -----------   -----------
      Total expenses                                      861,290       601,963     1,771,188     1,809,337
                                                      -----------   -----------   -----------   -----------
NET INVESTMENT LOSS                                      (665,215)     (541,229)   (1,407,085)   (1,706,585)
                                                      -----------   -----------   -----------   -----------
REALIZED AND UNREALIZED GAIN
   (LOSS) ON INVESTMENTS
   Net realized gain (loss) on futures
      and forward contracts                            (2,636,958)   (1,725,574)   (3,356,248)      796,877
   Net change in unrealized appreciation or
      depreciation on futures and forward contracts        99,956    (2,567,892)      804,306    (1,656,078)
                                                      -----------   -----------   -----------   -----------
NET GAIN (LOSS) ON INVESTMENTS                         (2,537,002)   (4,293,466)   (2,551,942)     (859,201)
                                                      -----------   -----------   -----------   -----------
NET INCREASE (DECREASE) IN
   NET ASSETS FROM OPERATIONS                         $(3,202,217)  $(4,834,695)  $(3,959,027)  $(2,565,786)
                                                      -----------   -----------   -----------   -----------
</TABLE>

See accompanying notes to financial statements


                                        6
<PAGE>
QUADRIGA SUPERFUND, L.P. - SERIES A
STATEMENT OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED JUNE 30,
(UNAUDITED)

<TABLE>
<CAPTION>
                                                                   2005           2004
                                                               -----------    -----------
<S>                                                            <C>            <C>
DECREASE IN NET ASSETS FROM OPERATIONS
   Net investment loss                                         $(1,407,085)   $(1,706,585)
   Net realized gain (loss) on futures and forward contracts    (3,356,248)       796,877
   Net change in unrealized appreciation or depreciation
      on futures and forward contracts                             804,306     (1,656,078)
                                                               -----------    -----------

NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS           (3,959,027)    (2,565,786)

CAPITAL SHARE TRANSACTIONS
   Issuance of Units                                             6,244,705     10,602,235
   Redemption of Units                                          (2,488,928)    (1,427,839)
                                                               -----------    -----------
NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS       3,755,777      9,174,396

NET INCREASE IN NET ASSETS                                        (203,250)     6,608,610
NET ASSETS, beginning of period                                 31,768,269     16,144,789
                                                               -----------    -----------
NET ASSETS, end of period                                      $31,565,019    $22,753,399
                                                               -----------    -----------
UNITS, beginning of period                                      21,660.138     12,256.648
ISSUANCE OF UNITS                                                4,708.548      8,741.799
REDEMPTION OF UNITS                                             (1,864.967)    (2,194.293)
                                                               -----------    -----------
UNITS, end of period                                            24,503.719     18,804.154
                                                               -----------    -----------
</TABLE>

See accompanying notes to financial statements


                                        7
<PAGE>
QUADRIGA SUPERFUND, L.P. - SERIES A
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30,
(UNAUDITED)

<TABLE>
<CAPTION>
                                                                   2005          2004
                                                               -----------   -----------
<S>                                                            <C>           <C>
CASH FLOWS FROM OPERATING ACTIVITIES
   Net increase in net assets from operations                  $(3,959,027)  $(2,565,786)
   Adjustments to reconcile net increase (decrease) in net
      assets to net cash used in operating activities:
      Changes in operating assets and liabilities:
         US Government securities                               (1,258,452)   (7,544,521)
         Due from brokers                                        2,009,958      (883,065)
         Unrealized appreciation on open forward contracts       1,143,850       802,992
         Futures contracts purchased                            (1,868,176)      308,162
         Unrealized depreciation on open forward contracts           2,657       605,798
         Futures contracts sold                                    (82,637)      (60,874)
         Fees payable                                                7,172        38,776
                                                               -----------   -----------
NET CASH USED IN OPERATING ACTIVITIES                           (4,004,655)   (9,298,518)
                                                               -----------   -----------
CASH FLOWS FROM FINANCING ACTIVITIES
   Subscriptions, net of change in advance subscriptions        14,034,405    11,044,699
   Redemptions, net of redemption payable                       (2,488,928)   (1,435,879)
                                                               -----------   -----------
NET CASH PROVIDED BY FINANCING ACTIVITIES                       11,545,477     9,608,820
                                                               -----------   -----------
NET INCREASE IN CASH                                             7,540,822       310,302
CASH, beginning of period                                          911,922     1,597,546
                                                               -----------   -----------
CASH, end of period                                            $ 8,452,044   $ 1,907,848
                                                               -----------   -----------
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES
   2004 subscriptions received in 2003                                       $ 1,097,282
                                                                             -----------
   2005 subscriptions received in 2004                         $   475,850
                                                               -----------
   Redemption payable                                          $        --   $     8,040
                                                               -----------   -----------
</TABLE>

See accompanying notes to financial statements


                                        8
<PAGE>
QUADRIGA SUPERFUND, L.P. - SERIES B
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2005 (UNAUDITED) AND DECEMBER 31, 2004 (AUDITED)

<TABLE>
<CAPTION>
                                                    JUNE 30, 2005   DECEMBER 31, 2004
                                                    -------------   -----------------
<S>                                                 <C>             <C>
ASSETS
US GOVERNMENT SECURITIES, at market
   cost $ 34,696,540 and $32,907,267 as of
   June 30, 2005 and December 31, 2004               $34,696,540       $32,964,488
DUE FROM BROKERS                                         720,680         6,206,789
UNREALIZED APPRECIATION ON OPEN FORWARD CONTRACTS      1,155,000         3,433,661
FUTURES CONTRACTS PURCHASED                            3,788,667           503,878
FUTURES CONTRACTS SOLD                                   198,805            53,415
CASH                                                   1,182,044         1,826,691
                                                     -----------       -----------
      Total assets                                    41,741,736        44,988,922
                                                     -----------       -----------
LIABILITIES
UNREALIZED DEPRECIATION ON OPEN FORWARD CONTRACTS        730,423           976,707
ADVANCE SUBSCRIPTIONS                                    356,900         1,288,630
REDEMPTION PAYABLE                                       122,997                --
FEES PAYABLE                                             111,990           249,221
                                                     -----------       -----------
      Total liabilities                                1,322,310         2,514,558
                                                     -----------       -----------
NET ASSETS                                           $40,419,426       $42,474,364
                                                     -----------       -----------
NUMBER OF UNITS                                       28,085.076        24,547.544
NET ASSETS VALUE PER SHARE                           $  1,439.18       $  1,730.29
                                                     -----------       -----------
</TABLE>

See accompanying notes to financial statements.


                                        9
<PAGE>
QUADRIGA SUPERFUND, L.P. - SERIES B
CONDENSED SCHEDULE OF INVESTMENTS
JUNE 30, 2005 (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 DECEMBER 1, 2005
   (COST $34,696,540), SECURITIES ARE HELD IN MARGIN
   ACCOUNTS AS COLLATERAL FOR OPEN FUTURES AND FORWARDS   $35,150,000       85.8%       $34,696,540
                                                                            ----        -----------

FORWARD CONTRACTS, AT FAIR VALUE
UNREALIZED APPRECIATION ON FORWARD CONTRACTS
CURRENCIES                                                                   2.0%       $   816,490
METALS                                                                       0.8            338,510
                                                                            ----        -----------
TOTAL UNREALIZED APPRECIATION ON FORWARD CONTRACTS                           2.8          1,155,000
                                                                            ----        -----------

UNREALIZED DEPRECIATION ON FORWARD CONTRACTS
CURRENCIES                                                                  (1.3)          (544,853)
METALS                                                                      (0.5)          (185,570)
                                                                            ----        -----------
TOTAL UNREALIZED DEPRECIATION ON FORWARD CONTRACTS                          (1.8)          (730,423)
                                                                            ----        -----------
TOTAL FORWARD CONTRACTS, AT FAIR VALUE                                      1.0 %       $   424,577
                                                                            ----        -----------

FUTURES CONTRACTS, AT FAIR VALUE
FUTURES CONTRACTS PURCHASED
CURRENCY                                                                     0.6%       $   218,805
ENERGY                                                                       0.9            346,490
FINANCIAL                                                                    7.2          2,877,913
FOOD & FIBER                                                                 0.0*             4,447
INDICES                                                                      0.2             93,318
METALS                                                                       0.6            247,694
                                                                            ----        -----------
TOTAL FUTURES CONTRACTS PURCHASED                                            9.4          3,788,667
                                                                            ----        -----------

FUTURES CONTRACTS SOLD
CURRENCY                                                                     0.4            140,300
FOOD & FIBER                                                                (0.1)           (36,765)
LIVESTOCK                                                                    0.3             95,270
                                                                            ----        -----------
TOTAL FUTURES CONTRACTS SOLD                                                 0.5            198,805
                                                                            ----        -----------
TOTAL FUTURES CONTRACTS, AT FAIR VALUE                                       9.9%       $ 3,987,472
                                                                            ----        -----------

FUTURES AND FORWARD CONTRACTS BY COUNTRY COMPOSITION
JAPAN                                                                        2.4%       $   966,192
UNITED KINGDOM                                                               2.4            967,904
UNITED STATES                                                                0.4            148,453
OTHER                                                                        5.7          2,329,500
                                                                            ----        -----------
TOTAL FUTURES AND FORWARD CONTRACTS BY COUNTRY                              10.9%       $ 4,412,049
                                                                            ----        -----------
</TABLE>

*    DUE TO ROUNDING

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.


                                       10
<PAGE>
QUADRIGA SUPERFUND, L.P. - SERIES B
CONDENSED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2004 (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 June 2, 2005
   (cost $32,907,267), securities are held in margin
   accounts as collateral for open futures and forwards   $33,300,000       77.6%       $32,964,488
                                                                            ----        -----------

FORWARD CONTRACTS, AT FAIR VALUE
   UNREALIZED APPRECIATION ON FORWARD CONTRACTS
      CURRENCIES                                                             2.7%       $ 1,160,542
      METALS                                                                 5.4          2,273,119
                                                                            ----        -----------
         Total unrealized appreciation on
            forward contracts                                                8.1          3,433,661
                                                                            ----        -----------

UNREALIZED DEPRECIATION ON FORWARD CONTRACTS
   CURRENCIES                                                               (0.7)          (277,021)
   METALS                                                                   (1.6)          (699,686)
                                                                            ----        -----------
   Total unrealized depreciation on
      forward contracts                                                     (2.3)          (976,707)
                                                                            ----        -----------
TOTAL FORWARD CONTRACTS, AT FAIR VALUE                                       5.8%       $ 2,456,954
                                                                            ----        -----------

FUTURES CONTRACTS, AT FAIR VALUE
   FUTURES CONTRACTS PURCHASED
   FINANCIAL                                                                 0.3%       $   136,558
   FOOD & FIBER                                                              0.0*            (1,143)
   GRAINS                                                                    0.2            109,485
   INDICES                                                                   2.5          1,051,088
   LIVESTOCK                                                                 0.0*            30,900
   METALS                                                                   (1.9)          (823,010)
                                                                            ----        -----------
      Total futures contracts purchased                                      1.1            503,878
                                                                            ----        -----------

   FUTURES CONTRACTS SOLD
   FOOD & FIBER                                                              0.0*           (16,281)
   GRAINS                                                                    0.2             80,231
   INDICES                                                                   0.2             64,500
   WOOD & RUBBER                                                            (0.2)           (75,035)
                                                                            ----        -----------
      Total futures contracts sold                                           0.2             53,415
                                                                            ----        -----------
TOTAL FUTURES CONTRACTS, AT FAIR VALUE                                       1.3%       $   557,293
                                                                            ----        -----------
FUTURES AND FORWARD CONTRACTS BY COUNTRY COMPOSITION
   CANADA                                                                    0.7%       $   291,605
   JAPAN                                                                     0.8            360,659
   UNITED KINGDOM                                                            4.8          2,026,818
   UNITED STATES                                                             0.4            155,681
   OTHER                                                                     0.4            179,484
                                                                            ----        -----------
TOTAL FUTURES AND FORWARD CONTRACTS BY COUNTRY                               7.1%       $ 3,014,247
                                                                            ----        -----------
</TABLE>

*    Due to rounding

See accompanying notes to financial statements.


                                       11
<PAGE>
QUADRIGA SUPERFUND, L.P. - SERIES B
STATEMENT OF OPERATIONS
(UNAUDITED)

<TABLE>
<CAPTION>
                                                            THREE MONTHS ENDED             SIX MONTHS ENDED
                                                                 JUNE 30,                      JUNE 30,
                                                        --------------------------   ---------------------------
                                                            2005           2004          2005           2004
                                                        ------------   -----------   ------------   ------------
<S>                                                     <C>            <C>           <C>            <C>
INVESTMENT INCOME, interest                             $    254,037   $    76,892   $    468,802   $    135,017
                                                        ------------   -----------   ------------   ------------
EXPENSES
   Management fee                                            178,486       140,453        358,556        273,261
   Organization and offering expenses                         96,479        75,921        193,815        147,709
   Operating expenses                                         14,472        11,388         29,072         22,156
   Selling commission                                        385,917       303,683        775,258        590,836
   Incentive fee                                                  --            --             --      1,158,857
   Brokerage commissions                                     564,004       377,258      1,080,756        760,585
   Other                                                          29        15,993            635         35,029
                                                        ------------   -----------   ------------   ------------
      Total expenses                                       1,239,387       924,696      2,438,092      2,988,433
                                                        ------------   -----------   ------------   ------------
NET INVESTMENT LOSS                                         (985,350)     (847,804)    (1,969,290)    (2,853,416)
                                                        ------------   -----------   ------------   ------------
REALIZED AND UNREALIZED GAIN
   (LOSS) ON INVESTMENTS
   Net realized gain (loss) on futures
      and forward contracts                               (4,944,680)   (3,359,484)    (6,745,825)     1,248,637
   Net change in unrealized appreciation
      or depreciation on futures and
      forward contracts                                      131,333    (4,996,789)     1,397,802     (2,923,342)
                                                        ------------   -----------   ------------   ------------
NET GAIN ON INVESTMENTS                                   (4,813,347)   (8,356,273)    (5,348,023)    (1,674,705)
                                                        ------------   -----------   ------------   ------------
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS    ($5,798,697)  $ 9,204,077    ($7,317,313)   ($4,528,121)
                                                        ------------   -----------   ------------   ------------
</TABLE>

See accompanying notes to financial statements.


                                       12
<PAGE>
QUADRIGA SUPERFUND, L.P. - SERIES B
STATEMENT OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED JUNE 30,
(UNAUDITED)

<TABLE>
<CAPTION>
                                                                   2005          2004
                                                               -----------   -----------
<S>                                                            <C>           <C>
   Net investment loss                                          (1,969,290)   (2,853,416)
   Net realized gain (loss) on futures and forward contracts    (6,745,825)    1,248,637
   Net change in unrealized appreciation on futures and
      forward contracts                                          1,397,802    (2,923,342)
                                                               -----------   -----------

NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS           (7,317,313)   (4,528,121)

CAPITAL SHARE TRANSACTIONS
   Issuance of Units                                             9,054,244    13,505,906
   Redemption of Units                                          (3,791,869)   (1,560,236)
                                                               -----------   -----------
NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS       5,262,375    11,945,670
                                                               -----------   -----------
NET INCREASE IN NET ASSETS                                      (2,054,938)    7,417,549
NET ASSETS, beginning of period                                 42,474,364    22,136,771
                                                               -----------   -----------
NET ASSETS, end of period                                      $40,419,426   $29,554,320
                                                               -----------   -----------
UNITS, beginning of period                                      24,547.544    14,945.226
ISSUANCE OF UNITS                                                5,968.259     8,729.011
REDEMPTION OF UNITS                                             (2,430.727)   (1,281.307)
                                                               -----------   -----------
UNITS, end of period                                            28,085.076    22,392.930
                                                               -----------   -----------
</TABLE>

See accompanying notes to financial statements.


                                       13
<PAGE>
QUADRIGA SUPERFUND, L.P. - SERIES B
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30,
(UNAUDITED)

<TABLE>
<CAPTION>
                                                                        2005          2004
                                                                    -----------   ------------
<S>                                                                 <C>           <C>
CASH FLOWS FROM OPERATING ACTIVITIES
   Net increase (decrease) in net assets from operations            $(7,317,313)  $ (4,528,121)
   Adjustments to reconcile net increase (decrease) in net assets
      to net cash provided by (used in) operating activities:
      Changes in operating assets and liabilities:
         US Government securities                                    (1,732,052)    (8,065,598)
         Due from/to brokers                                          5,486,109     (1,013,168)
         Unrealized appreciation on open forward contracts            2,278,661      1,399,942
         Futures contracts purchased                                 (3,284,789)       484,444
         Unrealized depreciation on open forward contracts             (246,284)     1,152,159
         Futures contracts sold                                        (145,390)      (113,203)
         Due to broker                                                       --     (1,006,857)
         Fees payable                                                  (137,230)        43,522
                                                                    -----------   ------------
NET CASH USED IN OPERATING ACTIVITIES                                (5,098,289)   (11,646,880)
                                                                    -----------   ------------
CASH FLOWS FROM FINANCING ACTIVITIES
   Subscriptions, net of change in advance subscriptions              8,122,514     14,500,608
   Redemptions, net of redemption payable                            (3,368,872)    (1,568,388)
                                                                    -----------   ------------
NET CASH PROVIDED BY FINANCING ACTIVITIES                             4,453,642     12,932,220
                                                                    -----------   ------------
NET INCREASE (DECREASE) IN CASH                                        (644,647)     1,285,340
CASH, beginning of period                                             1,826,691        854,910
                                                                    -----------   ------------
CASH, end of period                                                 $ 1,182,044      2,140,250
                                                                    -----------   ------------
Supplemental disclosure of noncash financing activities:
   2004 contributions received in 2003                                            $    920,395
                                                                                  ------------
   2005 contributions received in 2004                              $ 1,288,630
                                                                    -----------
   Redemption payable                                               $        --         (8,152)
                                                                    -----------   ------------
</TABLE>

See accompanying notes to financial statements.


                                       14
<PAGE>
                    QUADRIGA SUPERFUND, L.P. - SERIES A AND B
                          NOTES TO FINANCIAL STATEMENTS
                                  June 30, 2005
                                   (Unaudited)

QUADRIGA SUPERFUND, L.P. - SERIES A AND B

1.   NATURE OF OPERATIONS

Organization and Business

Quadriga Superfund, L.P., a Delaware Limited Partnership (the "Fund"), 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 Superfund 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") and U.S.
generally accepted accounting principles 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, 2004.

Valuation of Investments in 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.

Income Taxes


                                       15
<PAGE>
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 accounting principles
generally accepted in the United States of America 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.

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 Fund's First Amended and Restated Limited Partnership
Agreement (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 June 30, 2005 for
subscriptions of the subsequent month and do not participate in the earnings of
the Fund until July 1, 2005.

5.   RELATED PARTY TRANSACTIONS

In accordance with the Limited Partnership Agreement, Superfund 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, Superfund 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, subject to a
maximum cumulative selling commission per Unit of 10% for all Units purchased on
or after February 28, 2005.

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.

6.   FINANCIAL HIGHLIGHTS

Financial highlights for the period January 1, 2005 through June 30, 2005 are as
follows:


                                       16
<PAGE>
<TABLE>
<CAPTION>
                                                     Series A     Series B
                                                    ---------    ---------
<S>                                                 <C>          <C>
Total return
   Total return before incentive fees                   (12.2)%      (16.8)%
   Incentive fees                                         0.0          0.0
                                                    ---------    ---------
Total return after incentive fees                       (12.2)%      (16.8)%
                                                    =========    =========
Ratio to average partners' capital
   Operating expenses before incentive fees              (5.9)%       (6.2)%
   Incentive fees                                         0.0          0.0
                                                    ---------    ---------
   Total expenses                                        (5.9)%       (6.2)%
                                                    =========    =========
   Net investment income (loss) before incentive
      fee                                                (4.7)%       (5.0)%
                                                    =========    =========

Net asset value per unit, beginning of period       $1,466.67    $1,730.29
Net increase in net assets from operations            (178.50)     (291.11)
                                                    ---------    ---------
Net asset value per unit, end of period             $1,288.17    $1,439.18
                                                    =========    =========
</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.


                                       17
<PAGE>
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 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 June 30, 2005.
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 Superfund 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 Superfund Capital Management, Inc. not less than
ten business days prior to the end of the month (or such shorter period as
permitted by Superfund 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>
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 quarter ended June 30, 2005,
subscriptions totaling $9,472,133 have been accepted and redemptions over the
same period totaled $2,931,215.

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

Three Months Ended June 30, 2005

Series A:

          Net results for the quarter ended June 30, 2005 were a loss of 9.81%
in net asset value compared to the preceding quarter. This decrease consisted of
interest income of 0.57%, trading performance (including commissions) of -8.82%
and charges of 1.56% due to management fees, organization expenses, operating
expenses, and selling commissions. At June 30, 2005, the net asset value per
unit of Series A was $1,288.17.

Series B:

          Net results for the quarter ended June 30, 2005 were a loss of 13.49%
in net asset value compared to the preceding quarter. This decrease consisted of
interest income of 0.55%, trading performance (including commissions) of -12.55%
and charges of 1.49% due to management fees, organization expenses, operating
expenses, and selling commissions. 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 June 30, 2005, the net asset
value per unit of Series B was $1,439.18.


                                       19
<PAGE>
Fund results for April 2005:

          During the month of April, we saw stock markets on a decline, which
resulted in a considerable loss to the Fund's long positions.

          In contrary, rising prices in the bond and notes markets were
beneficial to the Fund's long positions in this sector.

          The prices for the energy markets reversed their rising trend and
declined sharply. As a result, the Fund's long positions in these markets
incurred significant losses.

          For the month of April 2005, Series A lost 12.22% and Series B lost
16.86%, including charges.

Fund results for May 2005:

          Rising stock indices led to a positive result of the "long strategy"
of the Fund for these markets.

          Long positions in bonds, notes and interest markets also performed
well.

          A "long/short strategy" in the metal markets resulted in losses. Also,
short positions in the grains produced a negative performance.

          For the month of May 2005, Series A gained 0.30% and Series B gained
0.48%, each including charges.

Fund results for June 2005:

          As stock indices continued their rise, the Fund's long positions
continued to be profitable for this month.

          Long positions in bonds, notes and interest markets also contributed
notably to this month's positive performance due to rising prices in these
sectors.

          Minor losses were incurred by short positions in the soft commodities
and long positions in the energy markets.

          In June 2005, the net asset value of Series A and B increased by 2.44%
and 3.56%, respectively, including charges.

For the second quarter of 2005, the most profitable market group overall was the
bonds and notes sector, while the greatest losses were attributable to positions
in the energy markets.

Three Months Ended March 31, 2005

Series A:

     Net results for the quarter ended March 31, 2005 were a loss of 2.62% in
net asset value compared to the preceding quarter. This decrease consisted of
interest income of 0.53%, trading performance (including commissions) of -1.51%
and charges of 1.64% due to management fees, organization expenses, operating
expenses, and selling commissions. At March 31, 2005 and December 31, 2004, the
net asset value per unit of Series A was $1,428.28 and $1,466.67, respectively.

Series B:

     Net results for the quarter ended March 31, 2005 were a loss of 3.86% in
net asset value compared to the preceding quarter. This decrease consisted of
interest income of 0.52%, trading performance (including commissions) of -2.78%
and charges of 1.58% due to management fees, organization expenses, operating
expenses, and selling commissions. Series B generally magnifies the performance
for Series A during any period, either


                                       20
<PAGE>
positive or negative, due to Series B's leverage of approximately 1.5 times
Series A. At March 31, 2005, the net asset value per unit of Series B was
$1,663.54.

Fund results for January 2005:

     The first month of the year 2005 showed a sharp decline of metal prices
causing significant losses for the Fund's long positions.

     Also, short positions in foreign currencies were not successful due to the
rising US Dollar and therefore lost considerably.

     Long positions in the stock index markets were also contributing to this
month's negative performance.

     During the month of January 2005, Series A lost 9.87% and Series B lost
14.74%, including charges.

Fund results for February 2005:

     Rising energy prices led to a positive result of the "long" strategy of the
Fund for these markets.

     Long positions in stock index markets performed almost as well and were
contributing to this month's positive Fund performance together with combined
long and short positions in other financial futures sectors.

     A "long/short" strategy in the agricultural markets was not quite
successful and marked the only noteworthy loss for this month.

     For February 2005, Series A gained 1.78% and Series B gained 3.94%, each
including charges.

Fund results for March 2005:

     During the first half month of March, the US Dollar was on a rise again and
this development caused substantial losses to the Fund's short positions in
non-domestic currencies.

     The trading performance of the financial futures was positive due to short
positions in bonds and notes and both long and short positions in interest
rates.

     However, the most important influence on this month's performance resulted
from long positions in the energy sector, which were able to take significant
profits from sharply rising prices.

     In March 2005, the net asset value of Series A and B increased by 6.15% and
8.49%, respectively, including charges.

     For the first quarter of 2005, the most profitable market group overall was
the energy sector while the highest losses resulted from positions in the
foreign currencies markets.

Three Months Ended June 30, 2004:

Series A:

          Net results for the quarter ended June 30, 2004 were a loss of 18.71%
in net asset value compared to the preceding quarter. This decrease consisted of
interest income of 0.23%, trading performance (including commissions) of -17.40%
and charges of 1.54% due to management fees, organization expenses, and
operating expenses. At June 30, 2004, the net asset value per unit of Series A
was $1,210.02.

Series B:

          Net results for the quarter ended June 30, 2004 were a loss of 25.49%
in net asset value compared to the preceding quarter. This decrease consisted of
interest income of 0.21%, trading performance (including


                                       21
<PAGE>
commissions) of -24.23% and charges of 1.47% 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 June 30, 2004, the net asset value per unit of Series B
was $1,319.81.

Fund results for April 2004:

          In April, long positions in stock market indices and metals were
unprofitable due to falling prices in both market sectors.

          Long positions in the energy sector were the only notably positive
contributors to the Fund's performance for this month.

          The largest losses resulted from a combined long/short strategy in
foreign currencies.

          During the month of April 2004, Series A lost 14.20% and Series B lost
19.59%, including charges.

Fund results for May 2004:

          Although the downwards trend on the stock markets reversed, long
positions still produced losses for the month.

          Long positions in the energy markets performed well and were the main
source of this month's positive performance.

          In the financial futures sector, short positions in bonds, notes and
interest rates generated slight profits.

          Only combined long/short positions in foreign currencies produced
significant losses.

          For May, Series A increased by 7.21% and Series B by 9.11%, each
including charges.

Fund results for June 2004:

          In the month of June, long positions in stock indices faced a
weakening of the upwards trend, but were still able to perform slightly
positive.

          Short positions in the other financial futures sectors lost along with
long positions in the metal markets.

          The most significant losses were incurred by long positions in the
energy sector due to a sharp price-decline in these markets.

          The net asset value of Series A and B lost 11.62% and 15.07%,
respectively, including charges.

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

Three Months Ended March 31, 2004:

Series A:

          Net results for the quarter ended March 31, 2004 were a gain of 13.00%
in net asset value compared to the preceding quarter. This increase consisted of
interest income of 0.24%, trading performance (including commissions) of 18.50%
and charges of 5.75% due to management fees, organization expenses, operating
expenses, selling commissions and incentive fees. At March 31, 2004, the net
asset value per unit of Series A was $1,488.43.

Series B:


                                       22
<PAGE>
          Net results for the quarter ended March 31, 2004 were a gain of 19.59%
in net asset value compared to the preceding quarter. This increase consisted of
interest income of 0.24%, trading performance (including commissions) of 26.31%
and charges of 6.96% 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 March 31, 2004,
the net asset value per unit of Series B was $1,771.36.

Fund results for January 2004:

          In January, long positions in stock market indices profited
considerably from upward price developments on the stock exchanges.

          Long positions in the metal sector performed in a successful manner
along with most of the foreign currencies.

          Minor losses were incurred by a combination of long and short
positions in the agricultural markets.

          During the month of January 2004, Series A gained 2.46% and Series B
gained 3.49%, including charges.

Fund results for February 2004:

          For the month of February, the continuing upwards movement on the
stock exchanges resulted in further profits for long positions.

          Long positions in the energy and metals markets also performed notably
well.

          In the financial futures sector, long positions in bonds, notes and
interest rates also contributed to this month's positive performance.

          For February, Series A realized a profit of 12.65% while Series B
increased by 18.63%, each including charges.

Fund results for March 2004:

          In the month of March, the upwards trend of the stock indices reversed
and caused a loss for the Fund's long positions.

          Also, the strengthening US Dollar caused a negative performance of
long positions in foreign currencies.

          Long positions in the metal sector performed slightly negative,
whereas energy and financial futures positions were able to realize minor gains.

          The net asset value of Series A and B lost 2.10% and 2.59%,
respectively, including charges.

          For the first quarter of 2004, the most profitable market group
overall was the metal sector while positions in the currencies 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 Superfund Capital Management was
unable to offset such positions, the Fund could experience substantial losses.
Superfund Capital


                                       23
<PAGE>
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, 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

          Superfund 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, Superfund 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.


                                       24
<PAGE>
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 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
Superfund 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 June 30, 2005. All open
position trading risk exposures of the Fund have been included in calculating
the figures set forth below. As of June 30, 2005 and March 31, 2005, the net
assets for Series A were $31,565,019 and $31,804,723, respectively, and the net
assets for Series B as of such dates were $40,419,427 and $42,639,718,
respectively.

Series A as of June 30, 2005:

<TABLE>
<CAPTION>
SECTOR                  MARKET RISK (USD)   % OF TOTAL CAPITALIZATION (NET ASSETS)
------                  -----------------   --------------------------------------
<S>                     <C>                 <C>
Stock Indices               1,740,734                        5.51
Financial Futures           1,502,567                        4.76
Currencies                  3,034,990                        9.62
Agricultural Products          58,044                        0.18
Energy                        657,974                        2.08
Metals                      1,046,887                        3.32
</TABLE>


                                       25
<PAGE>
Series B as of June 30, 2005:

<TABLE>
<CAPTION>
SECTOR                  MARKET RISK (USD)   % OF TOTAL CAPITALIZATION (NET ASSETS)
------                  -----------------   --------------------------------------
<S>                     <C>                 <C>
Stock Indices               3,084,741                         7.63
Financial Futures           2,636,203                         6.52
Currencies                  5,327,922                        13.18
Agricultural Products         102,262                         0.25
Energy                      1,165,892                         2.88
Metals                      1,844,940                         4.56
</TABLE>

          The following tables indicate the trading Value at Risk associated
with the Fund's open positions by market category as of December 31, 2004. All
open position trading risk exposures of the Fund have been included in
calculating the figures set forth below. As of December 31, 2004 and December
31, 2003, the net assets for Series A were $31,768,269 and $16,144,789,
respectively, and the net assets for Series B as of such dates were $42,474,364
and $22,136,771, respectively.

Series A as of December 31, 2004:

<TABLE>
<CAPTION>
SECTOR                  MARKET RISK (USD)   % OF TOTAL CAPITALIZATION (NET ASSETS)
------                  -----------------   --------------------------------------
<S>                     <C>                 <C>
Stock Indices               2,658,322                        8.37
Financial Futures           1,768,283                        5.57
Currencies                  3,164,525                        9.96
Agricultural Products         359,234                        1.13
Metals                      2,475,673                        7.79
</TABLE>

Series B as of December 31, 2004:

<TABLE>
<CAPTION>
SECTOR                  MARKET RISK (USD)   % OF TOTAL CAPITALIZATION (NET ASSETS)
------                  -----------------   --------------------------------------
<S>                     <C>                 <C>
Stock Indices               4,989,526                        11.75
Financial Futures           3,290,875                         7.75
Currencies                  5,955,673                        14.02
Agricultural Products         668,748                         1.57
Metals                      4,956,335                        10.82
</TABLE>

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


                                       26
<PAGE>
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 Superfund
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 June 30, 2005 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).
Superfund Capital Management does not anticipate that the risk profile of the
Fund's currency sector will change significantly in the future. As of June 30,
2005 the exposure to these markets was the highest among all market groups.

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 June 30, 2005 the
exposure to these markets was similar to historic levels.

Stock Indices

          Generally, the Fund's primary exposure is to the equity price risk in
the G-8 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 June 30, 2005 the exposure
to these markets was relatively high in comparison 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. As of June 30, 2005, the exposure to these markets
was relatively low in comparison to historic levels.

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 are generally diversified in terms of correlation to many of the other
sectors the Fund trades. The exposure to these markets as of June 30, 2005 was
similar to historic levels.

Agricultural Market


                                       27
<PAGE>
          The Fund's agricultural market exposure is to fluctuations in the
price of cocoa, sugar, coffee, cotton, lean hogs and live cattle. These markets
are generally diversified in terms of correlation to many of the other sectors
the Fund trades. The exposure to these markets as of June 30, 2005 was the
lowest among all market groups.

QUALITATIVE DISCLOSURES REGARDING NON-TRADING RISK EXPOSURE

General

          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

          The Fund's primary foreign currency balances are in the G-8 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 Superfund 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 Superfund Capital Management,
severally, attempt to manage the risk of the Fund's open positions is
essentially the same in all market categories traded. Superfund 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, Superfund 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.

          Superfund 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
Superfund 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 Superfund 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 materially affect these controls subsequent to the date of their
evaluation.


                                       28
<PAGE>
                            PART II-OTHER INFORMATION

Item 1. Legal Proceedings.

        None

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

        (c) Pursuant to the Fund's Limited Partnership Agreement, investors
may redeem their Units at the end of each calendar month at the then current
month-end Net Asset Value per Unit. The redemption of Units has no impact on the
value of Units that remain outstanding, and Units are not reissued once
redeemed.

        The following tables summarize the redemptions by investors during the
three months ended June 30, 2005:

        Series A:

<TABLE>
<CAPTION>
     Month       Units Redeemed   NAV per Unit
     -----       --------------   ------------
<S>              <C>              <C>
April 30, 2005       274.100        1,253.71
May 31, 2005         454.091        1,257.46
June 30, 2005        333.479        1,288.17
                    --------
                    1,061.67
                    ========
</TABLE>

        Series B

<TABLE>
<CAPTION>
     Month       Units Redeemed   NAV per Unit
     -----       --------------   ------------
<S>              <C>              <C>
April 30, 2005        277.711       1,383.15
May 31, 2005          370.842       1,389.74
June 30, 2005         568.673       1,439.18
                    ---------
                    1,217.226
                    =========
</TABLE>

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.

        The following exhibits are included herewith:

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

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

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

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


                                       29
<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 August 11, 2005.

                                        QUADRIGA SUPERFUND, L.P.
                                        (Registrant)

                                        By: Superfund Capital Management, Inc.
                                        General Partner


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


                                       30
<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 Financial Officer Pursuant to Section 302
                 of the Sarbanes-Oxley Act of 2002                                      E-3

32.1             Certification by Chief Executive 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