<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 March 31, 2004

                                       or

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

For the transition period from                  to
                               ----------------    --------------------

Commission File number:     333-88460

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

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

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

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

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

                                 Yes [X] No [ ]

                    Total number of Pages: 27 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 March 31, 2004 (Unaudited) and December 31, 2003 (Audited)     3

                  Condensed Schedule of Investments as of March 31, 2004 (Unaudited)                                       4

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

                  Statements of Operations for the three months ended March 31, 2004 (Unaudited)                           6

                  Statement of Changes in Net Assets for the three months ended March 31, 2004 (Unaudited)                 7

                  Statement of Cash Flows for the three months ended March 31, 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 March 31, 2004 (Unaudited) and December 31, 2003 (Audited)     9

                  Condensed Schedule of Investments as of March 31, 2004 (Unaudited)                                       10

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

                  Statements of Operations for the three months ended March 31, 2004 (Unaudited)                           12

                  Statement of Changes in Net Assets for the three months ended March 31, 2004 (Unaudited)                 13

                  Statement of Cash Flows for the three months ended March 31, 2004 (Unaudited)                            14

NOTES TO SERIES A AND SERIES B FINANCIAL STATEMENTS DATED MARCH 31, 2004 (Unaudited)                                       15-18
</TABLE>

                                       2

<PAGE>

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

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

US GOVERNMENT SECURITIES, at market
cost $18,167,303 and $13,739,594 as of
March 31, 2004 and December 31, 2003                                       $18,213,010       $13,749,608

DUE FROM BROKERS                                                             1,275,517           989,646

UNREALIZED APPRECIATION ON OPEN FORWARD CONTRACTS                              578,012         1,196,849

FUTURES CONTRACTS PURCHASED                                                  2,333,564           583,646

CASH                                                                         3,380,683         1,597,546
                                                                           -----------       -----------
Total assets                                                                25,780,786        18,117,295
                                                                           -----------       -----------

LIABILITIES

UNREALIZED DEPRECIATION ON OPEN FORWARD CONTRACTS                              449,166           231,306

FUTURES CONTRACTS SOLD                                                          10,002             8,595

ADVANCE SUBSCRIPTIONS                                                        3,083,746         1,097,282

DUE TO BROKERS                                                                 772,938           532,552

REDEMPTION PAYABLE                                                                   -             8,040

FEES PAYABLE                                                                   125,212            94,731
                                                                           -----------       -----------
Total liabilities                                                            4,441,064         1,972,506
                                                                           -----------       -----------
NET ASSETS                                                                 $21,339,722       $16,144,789
                                                                           ===========       ===========

NUMBER OF SHARES                                                            14,337.029        12,256.648

NET ASSETS VALUE PER SHARE                                                 $  1,488.43       $  1,317.23
                                                                           ===========       ===========
</TABLE>

See accompanying notes to financial statements

                                       3

<PAGE>

QUADRIGA SUPERFUND, L.P. - SERIES A
CONDENSED SCHEDULE OF INVESTMENTS
MARCH 31, 2004 (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                            PERCENTAGE OF       MARKET OR
                                                                           FACE VALUE         NET ASSETS       FAIR VALUE
<S>                                                                      <C>                <C>                <C>
DEBT SECURITIES UNITED STATES, AT MARKET
United States Treasury Bills due May 27, 2004 (cost $18,167,303),
securities are held in margin accounts as collateral
for open futures and forwards                                            $  18,240,000              85.3%      $18,213,010
                                                                                                    ====       ===========

FORWARD CONTRACTS, AT FAIR VALUE
UNREALIZED APPRECIATION ON FORWARD CONTRACTS
CURRENCIES                                                                                           0.5%      $   103,532
METALS                                                                                               2.2           474,480
                                                                                                    ----       -----------
Total unrealized appreciation on forward contracts                                                   2.7           578,012
                                                                                                    ----       -----------

UNREALIZED DEPRECIATION ON FORWARD CONTRACTS
CURRENCIES                                                                                          (1.2)         (246,874)
METALS                                                                                              (0.9)         (202,292)
                                                                                                    ----       -----------
Total unrealized depreciation on forward contracts                                                  (2.1)         (449,166)
                                                                                                    ----       -----------
TOTAL FORWARD CONTRACTS, AT FAIR VALUE                                                               0.6%      $   128,846
                                                                                                    ====       ===========

FUTURES CONTRACTS, AT FAIR VALUE
FUTURES CONTRACTS PURCHASED
CURRENCY                                                                                             2.3%      $   492,389
ENERGY                                                                                               2.2           463,170
FINANCIAL                                                                                            4.0           858,595
FOOD & FIBER                                                                                         0.0*           (4,376)
GRAINS                                                                                               0.3            66,293
INDICES                                                                                              0.6           117,401
LIVESTOCK                                                                                            0.3            73,760
METALS                                                                                               1.2           266,332
                                                                                                    ----       -----------
Total futures contracts purchase                                                                    10.9         2,333,564
                                                                                                    ----       -----------
FUTURES CONTRACTS SOLD
FINANCIAL                                                                                            0.0*            7,144
FOOD & FIBER                                                                                         0.0*           (7,510)
GRAINS                                                                                               0.0*           (9,636)
                                                                                                    ----       -----------
Total futures contracts sold                                                                         0.0*          (10,002)
                                                                                                    ----       -----------
TOTAL FUTURES CONTRACTS, AT FAIR VALUE                                                              10.9%      $ 2,323,562
                                                                                                    ====       ===========

FUTURES AND FORWARD CONTRACTS BY COUNTRY COMPOSITION

GERMANY                                                                                              0.8%      $   179,717
UNITED KINGDOM                                                                                       3.2           675,718
UNITED STATES                                                                                        6.6         1,407,924
OTHER                                                                                                0.9           189,049
                                                                                                    ----       -----------
TOTAL FUTURES AND FORWARD CONTRACTS BY COUNTRY                                                      11.5%      $ 2,452,408
                                                                                                    ====       ===========
</TABLE>

* Due to rounding

See accompanying notes to financial statements

                                       4

<PAGE>

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

<TABLE>
<CAPTION>
                                                                             PERCENTAGE OF             MARKET OR
                                                          FACE VALUE          NET ASSETS              FAIR VALUE
<S>                                                      <C>                 <C>                    <C>
DEBT SECURITIES UNITED STATES, AT MARKET
United States Treasury Bills due May 27, 2004
(cost $13,739,594), securities are held in margin
accounts as collateral for open futures and forwards     $  13,805,000            85.2%             $    13,749,608
                                                                             =========              ===============

FORWARD CONTRACTS, AT FAIR VALUE
UNREALIZED APPRECIATION ON FORWARD CONTRACTS
CURRENCIES                                                                         0.9 %            $       140,479
METALS                                                                             6.5                    1,056,370
                                                                             ---------              ---------------
Total unrealized appreciation on forward contracts                                 7.4                    1,196,849
                                                                             ---------              ---------------

UNREALIZED DEPRECIATION ON FORWARD CONTRACTS
CURRENCIES                                                                        (0.4)                     (65,291)
METALS                                                                            (1.0)                    (166,015)
                                                                             ---------              ---------------
Total unrealized depreciation on forward contracts                                (1.4)                    (231,306)
                                                                             ---------              ---------------
TOTAL FORWARD CONTRACTS, AT FAIR VALUE                                             6.0%             $       965,543
                                                                             =========              ===============

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

FUTURES CONTRACTS SOLD
GRAINS                                                                            (0.1)                      (9,521)
INDICES                                                                            0.0*                         926
                                                                             ---------              ---------------
Total futures contracts sold                                                      (0.1)                      (8,595)
                                                                             ---------              ---------------
TOTAL FUTURES CONTRACTS, AT FAIR VALUE                                             3.5%             $       575,051
                                                                             =========              ===============

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

* Due to rounding

See accompanying notes to financial statements

                                       5

<PAGE>

QUADRIGA SUPERFUND, L.P. - SERIES A
STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31,
(UNAUDITED)

<TABLE>
<CAPTION>
                                                                              2004            2003
                                                                           ----------      ----------
<S>                                                                        <C>             <C>
INVESTMENT INCOME, interest                                                $   42,018      $    7,730
                                                                           ----------      ----------

EXPENSES
Management fee                                                                 92,878          17,018
Organization and offering expenses                                             50,204           9,199
Operating expenses                                                              7,530           1,380
Selling commission                                                            200,816          36,797
Incentive fee                                                                 651,950         227,484
Brokerage commissions                                                         193,869          36,852
Other                                                                          10,127             802
                                                                           ----------      ----------

Total expenses                                                              1,207,374         329,532
                                                                           ----------      ----------

NET INVESTMENT LOSS                                                        (1,165,356)       (321,802)

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on futures and forward contracts                   2,522,451         (71,377)
Net change in unrealized appreciation on futures and forward contracts        911,814          24,585
                                                                           ----------      ----------

NET GAIN (LOSS) ON INVESTMENTS                                              3,434,265         (46,792)
                                                                           ----------      ----------

NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS                      $2,268,909      $ (368,594)
                                                                           ==========      ==========
</TABLE>

See accompanying notes to financial statements

                                       6

<PAGE>

QUADRIGA SUPERFUND, L.P. - SERIES A
STATEMENT OF CHANGES IN NET ASSETS
FOR THE THREE MONTHS ENDED MARCH 31,
(UNAUDITED)

<TABLE>
<CAPTION>
                                                                                2004            2003
                                                                           ------------      -----------
<S>                                                                        <C>               <C>
NET ASSETS, beginning of period                                            $ 16,144,789      $ 1,216,435
Net investment loss                                                          (1,165,356)        (321,802)
Net realized gain on futures and forward contracts                            2,522,451          (71,377)
Net change in unrealized appreciation on futures and forward contracts          911,814           24,585
                                                                           ------------      -----------

NET INCREASE IN NET ASSETS FROM OPERATIONS                                   18,413,698          847,841

CAPITAL SHARE TRANSACTIONS
Issuance of shares                                                            3,798,413        3,363,183
Redemption of shares                                                           (872,389)         (10,733)
                                                                           ------------      -----------

NET ASSETS, end of period                                                  $ 21,339,722      $ 4,200,291
                                                                           ============      ===========

SHARES, beginning of period                                                  12,256.648        1,110.275
ISSUANCE OF SHARES                                                            2,745.168        2,744.896
REDEMPTION OF SHARES                                                           (664.787)          (7.853)
                                                                           ------------      -----------

SHARES, end of period                                                        14,337.029        3,847.318
                                                                           ============      ===========
</TABLE>

See accompanying notes to financial statements

                                       7

<PAGE>

QUADRIGA SUPERFUND, L.P. - SERIES A
STATEMENT OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31,
(UNAUDITED)

<TABLE>
<CAPTION>
                                                                            2004            2003
                                                                        -----------      -----------
<S>                                                                     <C>              <C>
CASH FLOWS FROM OPERATING ACTIVITIES
     Net increase in net assets from operations                         $ 2,268,909      $  (368,594)
     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                               (4,463,402)      (2,288,805)
                  Due from brokers                                         (285,871)        (549,758)
                  Unrealized appreciation on open forward contracts         618,837          (60,666)
                  Futures contracts purchased                            (1,749,918)         (19,296)
                  Unrealized depreciation on open forward contracts         217,860           20,948
                  Futures contracts sold                                      1,407           34,429
                  Due to brokers                                            240,386                -
                  Fees payable                                               30,481          (18,649)
                                                                        -----------        ---------

NET CASH USED IN OPERATING ACTIVITIES                                    (3,121,311)      (3,250,391)
                                                                        -----------        ---------

CASH FLOWS FROM FINANCING ACTIVITIES
     Subscriptions, net of change in advance subscriptions                5,784,877        3,900,480
     Redemptions, net of redemption payable                                (880,429)         (10,733)
                                                                        -----------        ---------

NET CASH PROVIDED BY FINANCING ACTIVITIES                                 4,904,448        3,889,747
                                                                        -----------        ---------

NET INCREASE IN CASH                                                      1,783,137          639,356

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

CASH, end of period                                                     $ 3,380,683        1,041,987
                                                                        ===========      ===========

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

     2004 subscriptions received in 2003                                $ 1,097,282                -
                                                                        ===========      ===========

     Redemption payable                                                 $    (8,040)               -
                                                                        ===========      ===========
</TABLE>

See accompanying notes to financial statements

                                       8

<PAGE>

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

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

US GOVERNMENT SECURITIES, at market
cost $ 23,076,115 and $17,392,760 as of
March 31, 2004 and December 31, 2003                  $23,140,260       $17,405,163

DUE FROM BROKERS                                        3,848,744         3,187,377

UNREALIZED APPRECIATION ON OPEN FORWARD CONTRACTS       1,168,291         2,176,599

FUTURES CONTRACTS PURCHASED                             4,617,088         1,030,282

FUTURES CONTRACTS SOLD                                        499                 -

CASH                                                    3,710,627           854,910
                                                      -----------       -----------

Total assets                                           36,485,509        24,654,331
                                                      -----------       -----------


LIABILITIES

UNREALIZED DEPRECIATION ON OPEN FORWARD CONTRACTS         957,817           436,869

FUTURES CONTRACTS SOLD                                          -            15,398

ADVANCE SUBSCRIPTIONS                                   3,598,485           920,395

DUE TO BROKER                                             826,244         1,006,857

REDEMPTION PAYABLE                                              -             8,152

FEES PAYABLE                                              181,434           129,889
                                                      -----------       -----------

Total liabilities                                       5,563,980         2,517,560
                                                      -----------       -----------

NET ASSETS                                            $30,921,529       $22,136,771
                                                      ===========       ===========

NUMBER OF SHARES                                       17,456.415        14,945.226

NET ASSETS VALUE PER SHARE                            $  1,771.36       $  1,481.19
                                                      ===========       ===========
</TABLE>

See accompanying notes to financial statements.

                                       9

<PAGE>

QUADRIGA SUPERFUND, L.P. - SERIES B
CONDENSED SCHEDULE OF INVESTMENTS
MARCH 31, 2004 (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                           PERCENTAGE OF       MARKET OR
                                                                         FACE VALUE          NET ASSETS       FAIR VALUE
<S>                                                                    <C>                 <C>               <C>
DEBT SECURITIES UNITED STATES, AT MARKET
United States Treasury Bills due May 27, 2004 (cost $23,076,115),
securities are held in margin accounts as collateral for open
futures and forwards                                                   $  23,175,000              74.8%      $ 23,140,260
                                                                                                  ====       ============

FORWARD CONTRACTS, AT FAIR VALUE
UNREALIZED APPRECIATION ON FORWARD CONTRACTS
CURRENCIES                                                                                         0.7%      $    207,702
METALS                                                                                             3.1            960,589
                                                                                                  ----       ------------
Total unrealized appreciation on
forward contracts                                                                                  3.8          1,168,291
                                                                                                  ----       ------------

UNREALIZED DEPRECIATION ON FORWARD CONTRACTS
CURRENCIES                                                                                        (1.6)          (494,492)
METALS                                                                                            (1.5)          (463,325)
                                                                                                  ----       -----------
Total unrealized depreciation on
forward contracts                                                                                 (3.1)          (957,817)
                                                                                                  ----       ------------
TOTAL FORWARD CONTRACTS, AT FAIR VALUE                                                             0.7%      $    210,474
                                                                                                  ====       ============

FUTURES CONTRACTS, AT FAIR VALUE
FUTURES CONTRACTS PURCHASED

CURRENCY                                                                                           3.1%      $    971,416
ENERGY                                                                                             3.0            918,461
FINANCIAL                                                                                          5.5          1,697,560
FOOD & FIBER                                                                                       0.0*            (8,779)
GRAINS                                                                                             0.3*           114,511
INDICES                                                                                            0.8            237,491
LIVESTOCK                                                                                          0.5            150,640
METALS                                                                                             1.7            535,788
                                                                                                  ----       ------------
Total futures contracts purchased                                                                 14.9          4,617,088
                                                                                                  ----       ------------

FUTURES CONTRACTS SOLD
FINANCIAL                                                                                          0.0*            14,426
FOOD & FIBER                                                                                       0.0*           (13,927)
                                                                                                  ----       ------------
Total futures contracts sold                                                                       0.0*               499
                                                                                                  ----       ------------
TOTAL FUTURES CONTRACTS, AT FAIR VALUE                                                            14.9%      $  4,617,587
                                                                                                  ====       ============

FUTURES AND FORWARD CONTRACTS BY COUNTRY COMPOSITION
GERMANY                                                                                            1.2%      $    360,948
UNITED KINGDOM                                                                                     4.2          1,285,946
UNITED STATES                                                                                      9.1          2,801,377
OTHER                                                                                              1.1*           379,790
                                                                                                  ----       ------------
TOTAL FUTURES AND FORWARD CONTRACTS BY COUNTRY                                                    15.6%      $  4,828,061
                                                                                                  ====       ============
</TABLE>

* Due to rounding

See accompanying notes to financial statements.

                                       10

<PAGE>

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

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

FORWARD CONTRACTS, AT FAIR VALUE
UNREALIZED APPRECIATION ON FORWARD CONTRACTS
CURRENCIES                                                                           1.2%    $   267,624
METALS                                                                               8.6       1,908,975
                                                                                    ----     -----------
Total unrealized appreciation on
forward contracts                                                                    9.8       2,176,599
                                                                                    ----     -----------

UNREALIZED DEPRECIATION ON FORWARD CONTRACTS
CURRENCIES                                                                          (0.6)       (127,939)
METALS                                                                              (1.4)       (308,930)
                                                                                    ----     -----------
Total unrealized depreciation on forward contracts                                  (2.0)       (436,869)
                                                                                    ----     -----------
TOTAL FORWARD CONTRACTS, AT FAIR VALUE                                               7.8%    $ 1,739,730
                                                                                    ====     ===========

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

FUTURES CONTRACTS SOLD
GRAINS                                                                              (0.1)        (17,045)
INDICES                                                                              0.0*          1,647
                                                                                    ----     -----------
Total futures contracts sold                                                        (0.1)        (15,398)
                                                                                    ----     -----------
TOTAL FUTURES CONTRACTS, AT FAIR VALUE                                               4.6%    $ 1,014,884
                                                                                    ====     ===========

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

* Due to rounding

See accompanying notes to financial statements.

                                       11

<PAGE>

QUADRIGA SUPERFUND, L.P. - SERIES B
STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31,
(UNAUDITED)

<TABLE>
<CAPTION>
                                                                               2004             2003
                                                                           -----------      -----------
<S>                                                                        <C>              <C>
INVESTMENT INCOME, interest                                                $    58,125      $    11,027
                                                                           -----------      -----------
EXPENSES
Management fee                                                                 132,808           26,276
Organization and offering expenses                                              71,788           14,203
Operating expenses                                                              10,768            2,130
Selling commission                                                             287,153           56,813
Incentive fee                                                                1,158,857          494,808
Brokerage commissions                                                          383,327           84,306
Other                                                                           19,036            1,960
                                                                           -----------      -----------

Total expenses                                                               2,063,737          680,496
                                                                           -----------      -----------

NET INVESTMENT LOSS                                                         (2,005,612)        (669,469)
                                                                           -----------      -----------

REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain (loss) on futures and forward contracts                    4,608,121         (479,520)
Net change in unrealized appreciation on futures and forward contracts       2,073,447           37,425
                                                                           -----------      -----------

NET GAIN (LOSS) ON INVESTMENTS                                               6,681,568         (442,095)
                                                                           -----------      -----------

NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS                      $ 4,675,956      $(1,111,564)
                                                                           ===========      ===========
</TABLE>

See accompanying notes to financial statements.

                                       12

<PAGE>

QUADRIGA SUPERFUND, L.P. - SERIES B
STATEMENT OF CHANGES IN NET ASSETS
FOR THE THREE MONTHS ENDED MARCH 31,
(UNAUDITED)

<TABLE>
<CAPTION>
                                                                               2004             2003
                                                                           ------------      -----------
<S>                                                                        <C>               <C>
NET ASSETS, beginning of period                                            $ 22,136,771      $ 2,196,981
Net investment loss                                                          (2,005,612)        (669,469)
Net realized gain (loss) on futures and forward contracts                     4,608,121         (479,520)
Net change in unrealized appreciation on futures and forward contracts        2,073,447           37,425
                                                                           ------------      -----------

NET INCREASE IN NET ASSETS FROM OPERATIONS                                   26,812,727        1,085,417

CAPITAL SHARE TRANSACTIONS
Issuance of shares                                                            4,967,026        5,299,458
Redemption of shares                                                           (858,224)         (50,989)
                                                                           ------------      -----------

NET ASSETS, end of period                                                  $ 30,921,529      $ 6,333,886
                                                                           ============      ===========

SHARES, beginning of period                                                  14,945.226        1,894.331
ISSUANCE OF SHARES                                                            3,126.668        3,742.233
REDEMPTION OF SHARES                                                           (615.479)         (40.654)
                                                                           ------------      -----------
SHARES, end of period                                                        17,456.415        5,595.910
                                                                           ============      ===========
</TABLE>

See accompanying notes to financial statements.

                                       13

<PAGE>

QUADRIGA SUPERFUND, L.P. - SERIES B
STATEMENT OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31,
(UNAUDITED)

<TABLE>
<CAPTION>
                                                                            2004             2003
                                                                        -----------      -----------
<S>                                                                     <C>              <C>
CASH FLOWS FROM OPERATING ACTIVITIES
     Net increase (decrease) in net assets from operations              $ 4,675,956      $(1,111,564)
     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                               (5,735,097)      (2,649,880)
                  Due from brokers                                         (661,367)        (957,188)
                  Unrealized appreciation on open forward contracts       1,008,308         (147,371)
                  Futures contracts purchased                            (3,586,806)         (25,565)
                  Unrealized depreciation on open forward contracts         520,948           40,212
                  Futures contracts sold                                    (15,897)          95,299
                  Due to broker                                            (180,613)               -
                  Fees payable                                               51,545          (87,546)
                                                                        -----------      -----------

NET CASH USED IN OPERATING ACTIVITIES                                    (3,923,023)      (4,843,603)
                                                                        -----------      -----------

CASH FLOWS FROM FINANCING ACTIVITIES
     Subscriptions, net of change in advance subscriptions                7,645,116        7,003,353
     Redemptions, net of redemption payable                                (866,376)         (50,989)
                                                                        -----------      -----------

NET CASH PROVIDED BY FINANCING ACTIVITIES                                 6,778,740        6,952,364
                                                                        -----------      -----------

NET INCREASE IN CASH                                                      2,855,717        2,108,761

CASH, beginning of period                                                   854,910          396,680
                                                                        -----------      -----------

CASH, end of period                                                     $ 3,710,627        2,505,441
                                                                        ===========        =========

SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES
     2003 subscriptions received in 2002                                          -      $   961,768
                                                                        ===========        =========
     2004 subscriptions received in 2003                                $   920,395                -
                                                                        ===========        =========
     Redemption payable                                                 $    (8,152)               -
                                                                        ===========        =========
</TABLE>

See accompanying notes to financial statements.

                                       14

<PAGE>

                   QUADRIGA SUPERFUND, L.P. - SERIES A AND B
                         NOTES TO FINANCIAL STATEMENTS
                                 March 31, 2004
                                  (Unaudited)


1. NATURE OF OPERATIONS

Organization and Business

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

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

2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

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

Valuation of Investments 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.

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

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.

                                       15

<PAGE>

Use of Estimates

The preparation of financial statements in conformity with US GAAP requires the
General Partner to make estimates and assumptions that affect the amounts
disclosed in the financial statements. Actual results could differ from those
estimates.

Reclassifications

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

3. DUE FROM/TO BROKERS

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

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

4. ALLOCATION OF NET PROFITS AND LOSSES

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

Advance subscriptions represent cash received prior to March 31, 2004 for
subscriptions of the subsequent month and do not participate in the earnings of
the Fund until April 1, 2004.

5. RELATED PARTY TRANSACTIONS

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

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

At March 31, 2004, the General Partner's interest is 7.0% of Series A's and 5.7%
of Series B's total net assets.

6. FINANCIAL HIGHLIGHTS

Financial highlights for the period January 1, 2004 through March 31, 2004 are
as follows:

                                       16

<PAGE>

<TABLE>
<CAPTION>
                                                        SERIES A      SERIES B
                                                        ---------     ---------
<S>                                                     <C>           <C>
Total  return
  Total return before incentive fees                         16.4%         24.1%
  Incentive fees                                             (3.4)         (4.5)
                                                        ---------     ---------

Total  return after incentive fees                           13.0%         19.6%
                                                        ---------     ---------

Ratio to average partners' capital
  Operating expenses before incentive fees                   11.3%         13.1%
  Incentive fees                                              3.3           4.2
                                                        ---------     ---------

  Total expenses                                             14.6%         17.3%
                                                        ---------     ---------

  Net investment income (loss) before incentive fee         (10.4)%       (12.2)%
                                                        ---------     ---------

Net asset value per unit, beginning of period           $1,317.23     $1,481.19
Net increase in net assets from operations                 171.20        290.17
                                                        ---------     ---------

Net asset value per unit, end of period                 $1,488.43     $1,771.36
                                                        =========     =========
</TABLE>

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

7. FINANCIAL INSTRUMENT RISK

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

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

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

The General Partner monitors and controls the Fund's risk exposure on a daily
basis through financial, credit and risk management monitoring systems, and
accordingly believes that it has effective procedures for evaluating and
limiting

                                       17
<PAGE>

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 March 31, 2004.
However, due to the nature of the Fund's business, these instruments may not be
held to maturity.

8.    SUBSCRIPTIONS AND REDEMPTIONS

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

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

                                       18
<PAGE>

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

INTRODUCTION

                  Quadriga Superfund, L.P. commenced the offering of its Units
of Limited Partnership Interest on October 22, 2002. The initial offering
terminated on October 31, 2002 and the Fund commenced operations on November 5,
2002. The continuing offering period commenced at the termination of the initial
offering period and is ongoing. For the period ended March 31, 2004,
subscriptions totaling $40,513,714 have been accepted and redemptions over the
same period totaled $3,697,737.

CAPITAL RESOURCES

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

LIQUIDITY

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

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

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

RESULTS OF OPERATIONS

Series A:

                   Net results for the quarter ended 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 and December 31, 2003, the net asset value per unit of Series A was
$1,488.43 and $1,317.23, respectively.

Series B:

                  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 and December 31, 2003, the net asset value per unit
of Series B was $1,771.36 and $1,481.19, respectively.

                                       19
<PAGE>

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 Quadriga
Capital Management was unable to offset such positions, the Fund could
experience substantial losses. Quadriga Capital Management attempts to minimize
market risk through real-time monitoring of open positions, diversification of
the portfolio and maintenance of a margin-to-equity ratio in all but extreme
instances not greater than 50%.

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

                                       20
<PAGE>

credit risk. In cases where the clearinghouse is not backed by the clearing
members, like some foreign exchanges, it is normally backed by a consortium of
banks or other financial institutions.

CRITICAL ACCOUNTING POLICIES - VALUATION OF THE FUND'S POSITIONS

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

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

INTRODUCTION

Past Results Not Necessarily Indicative of Future Performance

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

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

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

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

Standard of Materiality

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

QUANTIFYING THE FUND'S TRADING VALUE AT RISK

Quantitative Forward-Looking Statements

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

                                       21
<PAGE>

amount of maintenance margin required for market risk sensitive instruments held
at the end of the reporting period).

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

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

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

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

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

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

                  The following tables indicate the trading Value at Risk
associated with the Fund's open positions by market category as of March 31,
2004. All open position trading risk exposures of the Fund have been included in
calculating the figures set forth below. As of March 31, 2004 and December 31,
2003, the net asset values for Series A were $21,339,722 and $16,144,789,
respectively, and the net asset values for Series B as of such dates were
$30,921,529 and $22,136,771, respectively.

Series A as of March 31, 2004:

<TABLE>
<CAPTION>
SECTOR                 MARKET RISK (USD)      % OF TOTAL CAPITALIZATION (NET ASSETS)
<S>                    <C>                    <C>
Stock Indices               176,729                         0.83
Financial Futures         1,628,105                         7.63
Currencies                1,679,503                         7.87
Agricultural Products       231,500                         1.08
Energy                    2,764,845                        12.96
Metals                      360,926                         1.69
</TABLE>

Series B as of March 31, 2004:

<TABLE>
<CAPTION>
SECTOR                 MARKET RISK (USD)        % OF TOTAL CAPITALIZATION (NET ASSETS)
<S>                    <C>                      <C>
Stock Indices               357,973                               1.16
Financial Futures         3,269,574                              10.58
Currencies                3,399,493                              10.99
Agricultural Products       446,459                               1.44
Energy                    5,589,047                              18.07
Metals                      729,929                               2.36
</TABLE>

                                       22
<PAGE>

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

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

NON-TRADING RISK

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

QUALITATIVE DISCLOSURES REGARDING PRIMARY TRADING RISK EXPOSURES

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

                  The following were the primary trading risk exposures of the
Fund as of March 31, 2004 by market sector.

Currencies

                   The Fund's currency exposure is to exchange rate
fluctuations, primarily those which disrupt the historical pricing relationships
between different currencies and currency pairs. These fluctuations are
influenced by interest rate changes as well as political, geopolitical and
general economic conditions. The Fund trades in a large number of currencies,
including cross-rates, (e.g. positions between two currencies other than the
U.S. Dollar). Quadriga Capital Management does not anticipate that the risk
profile of the Fund's currency sector will change significantly in the future.
As of March 31, 2004 the exposure to these markets was relatively high in
comparison to historic levels.

Interest Rates

                   Interest rate movements directly affect the price of the
sovereign bond positions held by the Fund and indirectly the value of the Fund's
stock index and currency positions. Interest rate movements in one country as
well as relative interest rate movements between countries could materially
impact the Fund's profitability. The Fund's primary interest rate exposure is to
interest rate fluctuations in the United States, Europe, United Kingdom,
Australia and Japan. The changes in interest rates which have the most effect on
the Fund are changes in long-term as opposed to short-term rates. As of March
31, 2004 the exposure to these markets was relatively high in comparison to
historic levels.

                                       23
<PAGE>

Stock Indices

                   Generally, the Fund's primary exposure is to the equity price
risk in the G-7 countries and certain other countries with high liquidity
(Taiwan, Hong Kong, Switzerland and Spain). The Fund is primarily exposed to the
risk of adverse price trends or static markets in these countries. Static
markets would not cause major price changes but would make it difficult for the
Fund to avoid being "whipsawed" into numerous smaller losses. As of March 31,
2004 the exposure to these markets was the lowest among all market groups.

Energy

                  The Fund's primary energy market exposure is to crude oil,
natural gas and heating oil. Movements in these markets are often due to
geopolitical developments in the Middle East but can also be caused by shortage
due to extreme weather conditions. The exposure to these markets as of March 31,
2004 was the highest among all market groups.

Metals

                  The Fund's metals market exposure derives primarily from
fluctuations in the price of gold, silver, platinum, copper, zinc, nickel and
aluminum. These markets represent a great diversification in terms of
correlation to many of the other sectors the Fund trades. The exposure to these
markets as of March 31, 2004 was relatively low in comparison to historic
levels.

Agricultural Market

                   The Fund's agricultural market exposure is to fluctuations in
the price of cocoa, sugar, coffee, cotton, lean hogs and live cattle. These
markets represent a great diversification in terms of correlation to many of the
other sectors the Fund trades. The exposure to these markets as of March 31,
2004 was relatively low in comparison to historic levels.

QUALITATIVE DISCLOSURES REGARDING NON-TRADING RISK EXPOSURE

General

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

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

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

                                       24
<PAGE>

Foreign Currency Balances

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

Treasury Bill Positions

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

QUALITATIVE DISCLOSURES REGARDING MEANS OF MANAGING RISK EXPOSURE

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

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

ITEM 4.  CONTROLS AND PROCEDURES

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

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

                                       25
<PAGE>

                            PART II-OTHER INFORMATION

Item 1.  Legal Proceedings.

         None

Item 2.  Changes in Securities

         None

Item 3.  Defaults Upon Senior Securities

         Not applicable.

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

         None

Item 5.  Other Information

         None

Item 6.  Exhibits and Reports on Form 8-K.

         None


                                       26
<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 May 17, 2004.

                                           QUADRIGA SUPERFUND, L.P.
                                                 (Registrant)

                                           By: Quadriga Capital Management, Inc.
                                           General Partner

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

                                       27
<PAGE>

                                  EXHIBIT INDEX

<TABLE>
<CAPTION>
Exhibit Number                      Description of Document
--------------                      -----------------------
<S>                         <C>
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
</TABLE>
                                       E-1