<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, 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)

      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: 31 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, 2005 (unaudited)
    and December 31, 2004                                                                          3

    Condensed Schedule of Investments as of March 31, 2005 (unaudited)                             4

    Condensed Schedule of Investments as of December 31, 2004                                      6

    Statement of Operations for the three months ended March 31, 2005 and
    March 31, 2004 (unaudited)                                                                     8

    Statement of Changes in Net Assets for the three months ended March 31, 2005 and
    March 31, 2004 (unaudited)                                                                     9

    Statement of Cash Flows for the three months ended March 31, 2005 and
    March 31, 2004 (unaudited)                                                                    10
</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, 2005 (unaudited)
  and December 31, 2004                                                                           11

  Condensed Schedule of Investments as of March 31, 2004 (unaudited)                              12

  Condensed Schedule of Investments as of December 31, 2004                                       14

  Statements of Operations for the three months ended March 31, 2005 and March 31, 2004
  (unaudited)                                                                                     16

  Statement of Changes in Net Assets for the three months ended March 31, 2005 and
  March 31, 2004 (unaudited)                                                                      17

  Statement of Cash Flows for the three months ended March 31, 2005 and March 31, 2004
  (unaudited)                                                                                     18

NOTES TO SERIES A AND SERIES B UNAUDITED FINANCIAL STATEMENTS DATED MARCH 31, 2005
(UNAUDITED)                                                                                       19
</TABLE>

                                        2

<PAGE>

QUADRIGA SUPERFUND, L.P. - SERIES A
STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 2005 (UNAUDITED) AND DECEMBER 31, 2004

<TABLE>
<CAPTION>
                                                             MARCH 31, 2005     DECEMBER 31, 2004
                                                             --------------     -----------------
<S>                                                          <C>                <C>
ASSETS

US GOVERNMENT SECURITIES, at market
    cost $26,538,638 and $25,593,575 as of
    March 31, 2005 and December 31, 2004                     $   26,538,638     $      25,638,997

DUE FROM BROKERS                                                  3,326,672             4,165,004

UNREALIZED APPRECIATION ON OPEN FORWARD CONTRACTS                 1,050,703             1,801,065

FUTURES CONTRACTS PURCHASED                                       2,490,518               294,377

FUTURES CONTRACTS SOLD                                              395,301                30,355

CASH                                                                981,243               911,222
                                                             --------------     -----------------

     Total assets                                                34,783,075            32,841,020
                                                             --------------     -----------------

LIABILITIES

UNREALIZED DEPRECIATION ON OPEN FORWARD CONTRACTS                 1,516,874               410,499

ADVANCE SUBSCRIPTIONS                                             1,266,980               475,850

FEES PAYABLE                                                        194,498               186,402
                                                             --------------     -----------------

     Total liabilities                                            2,978,352             1,072,751
                                                             --------------     -----------------

NET ASSETS                                                   $   31,804,723     $      31,768,269
                                                             --------------     -----------------

NUMBER OF SHARES                                                 22,267.808            21,660.138

NET ASSETS VALUE PER SHARE                                   $     1,428.28     $        1,466.67
                                                             --------------     -----------------
</TABLE>

See accompanying notes to financial statements

                                        3

<PAGE>

QUADRIGA SUPERFUND, L.P. - SERIES A
CONDENSED SCHEDULE OF INVESTMENTS
MARCH 31, 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 June 2, 2005
      (cost $26,538,638), securities are held in margin
      accounts as collateral for open futures and
      forwards                                                 $ 29,920,000              83.4%       $ 26,538,638
                                                                                         ----        ------------

FORWARD CONTRACTS, AT FAIR VALUE
   UNREALIZED APPRECIATION ON FORWARD CONTRACTS
      CURRENCIES                                                                          0.2%       $     64,138
      METALS                                                                              3.1             986,565
                                                                                         ----        ------------
        Total unrealized appreciation on forward
        contracts                                                                         3.3           1,050,703
                                                                                         ----        ------------

   UNREALIZED DEPRECIATION ON FORWARD CONTRACTS
      CURRENCIES                                                                         (2.3)           (717,706)
      METALS                                                                             (2.5)           (799,168)
                                                                                         ----        ------------
        Total unrealized depreciation on forward
        contracts                                                                        (4.8)         (1,516,874)
                                                                                         ----        ------------

TOTAL FORWARD CONTRACTS, AT FAIR VALUE                                                   (1.5)%      $   (466,171)
                                                                                         ----        ------------

FUTURES CONTRACTS, AT FAIR VALUE
   FUTURES CONTRACTS PURCHASED
      CURRENCY                                                                           (0.0)*      $     (4,720)
      ENERGY                                                                              6.6           2,111,403
      FINANCIAL                                                                           0.3              98,222
      FOOD & FIBER                                                                       (0.0)*            (4,634)
      GRAINS                                                                             (0.0)*            (6,750)
      INDICES                                                                             0.7             208,997
      LIVESTOCK                                                                           0.1              18,620
      METALS                                                                              0.2              69,380
                                                                                         ----        ------------
        Total futures contracts purchased                                                 7.9           2,490,518
                                                                                         ----        ------------

   FUTURES CONTRACTS SOLD
      CURRENCY                                                                            1.4             460,906
      FINANCIAL                                                                          (0.2)            (53,100)
      GRAINS                                                                              0.0*                125
      INDICES                                                                             0.0*                630
      LIVESTOCK                                                                           0.0*            (13,260)
                                                                                         ----        ------------
        Total futures contracts sold                                                      1.2             395,301
                                                                                         ----        ------------

TOTAL FUTURES CONTRACTS, AT FAIR VALUE                                                    9.1%       $  2,885,819
                                                                                         ----        ------------
</TABLE>

                                        4

<PAGE>

<TABLE>
<S>                                                                                      <C>         <C>
FUTURES AND FORWARD CONTRACTS BY COUNTRY COMPOSITION
    JAPAN                                                                                 2.4%       $    761,245
    UNITED KINGDOM                                                                       (0.6)           (201,991)
    UNITED STATES                                                                         7.3           2,323,180
    OTHER                                                                                (1.5)           (462,786)
                                                                                         ----        ------------
TOTAL FUTURES AND FORWARD CONTRACTS BY COUNTRY                                            7.6%       $  2,419,648
                                                                                         ----        ------------
</TABLE>

* Due to rounding

See accompanying notes to financial statements

                                        5

<PAGE>

QUADRIGA SUPERFUND, L.P. - SERIES A
CONDENSED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2004

<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
                                                                                              ----        ------------
</TABLE>

                                        6

<PAGE>

<TABLE>
<S>                                                                                            <C>        <C>
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

                                        7

<PAGE>

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

<TABLE>
<CAPTION>
                                                                                   THREE MONTHS ENDED
                                                                                        MARCH 31,
                                                                                   2005          2004
                                                                               ------------  ------------
<S>                                                                            <C>           <C>
INVESTMENT INCOME, interest                                                    $    168,028  $     42,018
                                                                               ------------  ------------
EXPENSES
       Management fee                                                               137,859        92,878
       Organization and offering expenses                                            74,518        50,204
       Operating expenses                                                            11,178         7,530
       Selling commission                                                           298,075       200,816
       Incentive fee                                                                      -       651,950
       Brokerage commissions                                                        387,384       193,869
       Other                                                                            884        10,127
                                                                               ------------  ------------

                Total expenses                                                      909,898     1,207,374
                                                                               ------------  ------------

NET INVESTMENT LOSS                                                                (741,870)   (1,165,356)
                                                                               ------------  ------------

REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS
       Net realized gain (loss) on futures
            and forward contracts                                                  (719,290)    2,522,451
       Net change in unrealized
            appreciation or depreciation
            on futures and forward contracts                                        704,350       911,814
                                                                               ------------  ------------

NET GAIN (LOSS) ON INVESTMENTS                                                      (14,940)    3,434,265
                                                                               ------------  ------------

NET INCREASE (DECREASE) IN
       NET ASSETS FROM OPERATIONS                                              $   (756,810) $  2,268,909
                                                                               ------------  ------------
</TABLE>

See accompanying notes to financial statements

                                        8

<PAGE>

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

<TABLE>
<CAPTION>
                                                                       2005                 2004
                                                                   -------------        ------------
<S>                                                                <C>                  <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
   Net investment loss                                             $    (741,870)       $ (1,165,356)
   Net realized gain (loss) on futures and forward
     contracts                                                          (719,290)          2,522,451
   Net change in unrealized appreciation or depreciation
     on futures and forward contracts                                    704,350             911,814
                                                                   -------------        ------------

NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS                   (756,810)          2,268,909

CAPITAL SHARE TRANSACTIONS
   Issuance of shares                                                  2,047,052           3,798,413
   Redemption of shares                                               (1,253,788)           (872,389)
                                                                   -------------        ------------

NET INCREASE IN NET ASSETS FROM CAPITAL SHARE
TRANSACTIONS                                                             793,264           2,926,024

NET INCREASE IN NET ASSETS                                                36,454           5,194,933

NET ASSETS, beginning of period                                       31,768,269          16,144,789
                                                                   -------------        ------------

NET ASSETS, end of period                                          $  31,804,723        $ 21,339,722
                                                                   -------------        ------------

SHARES, beginning of period                                           21,660.138          12,256.648
ISSUANCE OF SHARES                                                     1,492.170           2,745.168
REDEMPTION OF SHARES                                                    (884.500)           (664.787)
                                                                   -------------        ------------

SHARES, end of period                                                 22,267.808          14,337.029
                                                                   -------------        ------------
</TABLE>

See accompanying notes to financial statements

                                        9

<PAGE>

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

<TABLE>
<CAPTION>
                                                                                       2005               2004
                                                                                   -------------      ------------
<S>                                                                                <C>                <C>
CASH FLOWS FROM OPERATING ACTIVITIES
       Net increase in net assets from operations                                  $    (756,810)     $  2,268,909
       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                                                (899,641)       (4,463,402)
                Due from/to brokers                                                      838,332          (285,871)
                Unrealized appreciation on open forward contracts                        750,362           618,837
                Futures contracts purchased                                           (2,196,141)       (1,749,918)
                Unrealized depreciation on open forward contracts                      1,106,375           217,860
                Futures contracts sold                                                  (364,946)            1,407
                Due to brokers                                                                 -           240,386
                Fees payable                                                               8,096            30,481
                                                                                   -------------      ------------

NET CASH USED IN OPERATING ACTIVITIES                                                 (1,514,373)       (3,121,311)
                                                                                   -------------      ------------

CASH FLOWS FROM FINANCING ACTIVITIES
       Subscriptions, net of change in advance subscriptions                           2,838,182         5,784,877
       Redemptions, net of redemption payable                                         (1,253,788)         (880,429)
                                                                                   -------------      ------------

NET CASH PROVIDED BY FINANCING ACTIVITIES                                              1,584,394         4,904,448
                                                                                   -------------      ------------

NET INCREASE IN CASH                                                                      70,021         1,783,137

CASH, beginning of period                                                                911,222         1,597,546
                                                                                   -------------      ------------

CASH, end of period                                                                $     981,243      $  3,380,683
                                                                                   -------------      ------------

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

                                       10

<PAGE>

QUADRIGA SUPERFUND, L.P. - SERIES B
STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 2005 (UNAUDITED) AND DECEMBER 31, 2004

<TABLE>
<CAPTION>
                                                                  MARCH 31, 2005     DECEMBER 31, 2004
                                                                  --------------     -----------------
<S>                                                               <C>                <C>
ASSETS

US GOVERNMENT SECURITIES, at market
       cost $ 35,397,252 and $32,907,267 as of
       March 31, 2005 and December 31, 2004                       $   35,397,252     $      32,964,488

DUE FROM BROKERS                                                       3,851,194             6,206,789

UNREALIZED APPRECIATION ON OPEN FORWARD CONTRACTS                      1,763,975             3,433,661

FUTURES CONTRACTS PURCHASED                                            4,467,325               503,878

FUTURES CONTRACTS SOLD                                                   749,440                53,415

CASH                                                                   1,240,739             1,826,691
                                                                  --------------     -----------------

                Total assets                                          47,469,925            44,988,922
                                                                  --------------     -----------------

LIABILITIES

UNREALIZED DEPRECIATION ON OPEN FORWARD CONTRACTS                      2,700,024               976,707

ADVANCE SUBSCRIPTIONS                                                  1,881,827             1,288,630

REDEMPTION PAYABLE                                                       122,999                     -

FEES PAYABLE                                                             125,357               249,221
                                                                  --------------     -----------------

                Total liabilities                                      4,830,207             2,514,558
                                                                  --------------     -----------------

NET ASSETS                                                        $   42,639,718     $      42,474,364
                                                                  --------------     -----------------

NUMBER OF SHARES                                                      25,631.980            24,547.544

NET ASSETS VALUE PER SHARE                                        $     1,663.54     $        1,730.29
                                                                  --------------     -----------------
</TABLE>

See accompanying notes to financial statements.

                                       11

<PAGE>

QUADRIGA SUPERFUND, L.P. - SERIES B
CONDENSED SCHEDULE OF INVESTMENTS
MARCH 31, 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 June 2, 2005
         (cost $35,397,252), securities are held in margin
         accounts as collateral for open futures and forwards           $ 35,550,000         83.0%        $ 35,397,252
                                                                                             ----         ------------

FORWARD CONTRACTS, AT FAIR VALUE
     UNREALIZED APPRECIATION ON FORWARD CONTRACTS
         METALS                                                                               4.1%        $  1,763,975
                                                                                             ----         ------------
              Total unrealized appreciation on forward contracts                              4.1            1,763,975
                                                                                             ----         ------------

     UNREALIZED DEPRECIATION ON FORWARD CONTRACTS
         CURRENCIES                                                                          (2.8)          (1,186,882)
         METALS                                                                              (3.5)          (1,513,142)
                                                                                             ----         ------------
              Total unrealized depreciation on forward contracts                             (6.3)          (2,700,024)
                                                                                             ----         ------------

TOTAL FORWARD CONTRACTS, AT FAIR VALUE                                                       (2.2)%       $   (936,049)
                                                                                             ----         ------------

FUTURES CONTRACTS, AT FAIR VALUE
     FUTURES CONTRACTS PURCHASED
         CURRENCY                                                                             0.0*        $     (8,460)
         ENERGY                                                                               9.0            3,846,359
         FINANCIAL                                                                            0.4              157,729
         FOOD & FIBER                                                                         0.0*             (11,067)
         GRAINS                                                                               0.0*             (11,113)
         INDICES                                                                              0.8              336,594
         LIVESTOCK                                                                            0.1               33,160
         METALS                                                                               0.3              124,123
                                                                                             ----         ------------
              Total futures contracts purchased                                              10.6            4,467,325
                                                                                             ----         ------------

     FUTURES CONTRACTS SOLD
         CURRENCY                                                                             1.9              826,131
         FINANCIAL                                                                           (0.2)             (96,888)
         GRAINS                                                                               0.0*                  13
         INDICES                                                                              0.1               43,974
         LIVESTOCK                                                                           (0.1)             (23,790)
                                                                                             ----         ------------
              Total futures contracts sold                                                    1.7              749,440
                                                                                             ----         ------------

TOTAL FUTURES CONTRACTS, AT FAIR VALUE                                                       12.3%        $  5,216,765
                                                                                             ----         ------------
</TABLE>

                                       12

<PAGE>

<TABLE>
<S>                                                                               <C>          <C>
FUTURES AND FORWARD CONTRACTS BY COUNTRY COMPOSITION
     JAPAN                                                                         3.3%        $  1,392,571
     UNITED KINGDOM                                                               (0.6)            (243,303)
     UNITED STATES                                                                 7.7            3,296,886
     OTHER                                                                        (0.4)            (165,438)
                                                                                  ----         ------------
TOTAL FUTURES AND FORWARD CONTRACTS BY COUNTRY                                    10.0%        $  4,280,716
                                                                                  ----         ------------
</TABLE>

* DUE TO ROUNDING

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

                                       13
<PAGE>

QUADRIGA SUPERFUND, L.P. - SERIES B
CONDENSED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2004

<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
                                                                             ----        -----------
</TABLE>

                                       14
<PAGE>

<TABLE>
<S>                                                                           <C>        <C>
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.

                                       15
<PAGE>

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

<TABLE>
<CAPTION>
                                                                                       THREE MONTHS ENDED
                                                                                            MARCH 31,
                                                                                       2005           2004
                                                                                  -------------   ------------
<S>                                                                               <C>             <C>
INVESTMENT INCOME, interest                                                       $     214,765   $     58,125
                                                                                  -------------   ------------

EXPENSES
   Management fee                                                                       180,070        132,808
   Organization and offering expenses                                                    97,336         71,788
   Operating expenses                                                                    14,600         10,768
   Selling commission                                                                   389,341        287,153
   Incentive fee                                                                              -      1,158,857
   Brokerage commissions                                                                516,752        383,327
   Other                                                                                    607         19,036
                                                                                  -------------   ------------

        Total expenses                                                                1,198,706      2,063,737
                                                                                  -------------   ------------

NET INVESTMENT LOSS                                                                    (983,941)    (2,005,612)
                                                                                  -------------   ------------

REALIZED AND UNREALIZED GAIN ON INVESTMENTS
   Net realized gain (loss) on futures and forward contracts                         (1,801,145)     4,608,121
   Net change in unrealized appreciation on futures and forward contracts             1,266,469      2,073,447
                                                                                  -------------   ------------

NET GAIN (LOSS) ON INVESTMENTS                                                         (534,676)     6,681,568
                                                                                  -------------   ------------

NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS                             $  (1,518,617)  $  4,675,956
                                                                                  -------------   ------------
</TABLE>

See accompanying notes to financial statements.

                                       16
<PAGE>

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

<TABLE>
<CAPTION>
                                                                     2005           2004
                                                                 -----------    -----------
<S>                                                              <C>            <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
   Net investment loss                                              (983,941)    (2,005,612)
   Net realized gain (loss) on futures and forward contracts      (1,801,145)     4,608,121
   Net change in unrealized appreciation on futures and forward
   contracts                                                       1,266,469      2,073,447
                                                                 -----------    -----------

NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS             (1,518,617)     4,675,956

CAPITAL SHARE TRANSACTIONS
   Issuance of shares                                              3,779,746      4,967,026
   Redemption of shares                                           (2,095,775)      (858,224)
                                                                 -----------    -----------
NET INCREASE IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS         1,683,971      4,108,802
                                                                 -----------    -----------

NET INCREASE IN NET ASSETS                                           165,354      8,784,758

NET ASSETS, beginning of period                                   42,474,364     22,136,771
                                                                 -----------    -----------

NET ASSETS, end of period                                        $42,639,718    $30,921,529
                                                                 -----------    -----------

SHARES, beginning of period                                       24,547.544     14,945.226
ISSUANCE OF SHARES                                                 2,368.980      3,126.668
REDEMPTION OF SHARES                                              (1,284.544)      (615.479)
                                                                 -----------    -----------

SHARES, end of period                                             25,631.980     17,456.415
                                                                 -----------    -----------
</TABLE>

See accompanying notes to financial statements.

                                       17
<PAGE>

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

<TABLE>
<CAPTION>
                                                                       2005             2004
                                                                   -------------    -------------
<S>                                                                <C>              <C>
CASH FLOWS FROM OPERATING ACTIVITIES
   Net increase (decrease) in net assets from operations           $  (1,518,617)   $   4,675,956
   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                                      (2,432,764)      (5,735,097)
        Due from/to brokers                                            2,355,595         (661,367)
        Unrealized appreciation on open forward contracts              1,669,686        1,008,308
        Futures contracts purchased                                   (3,963,447)      (3,586,806)
        Unrealized depreciation on open forward contracts              1,723,317          520,948
        Futures contracts sold                                          (696,025)         (15,897)
        Due to broker                                                          -         (180,613)
        Fees payable                                                    (123,864)          51,545
                                                                   -------------    -------------

NET CASH USED IN OPERATING ACTIVITIES                                 (2,986,119)      (3,923,023)
                                                                   -------------    -------------

CASH FLOWS FROM FINANCING ACTIVITIES
   Subscriptions, net of change in advance subscriptions               4,372,943        7,645,116
   Redemptions, net of redemption payable                             (1,972,776)        (866,376)
                                                                   -------------    -------------

NET CASH PROVIDED BY FINANCING ACTIVITIES                              2,400,167        6,778,740
                                                                   -------------    -------------

NET INCREASE (DECREASE) IN CASH                                         (585,952)       2,855,717

CASH, beginning of period                                              1,826,691          854,910
                                                                   -------------    -------------

CASH, end of period                                                $   1,240,739        3,710,627
                                                                   -------------    -------------

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.

                                       18
<PAGE>

                    QUADRIGA SUPERFUND, L.P. - SERIES A AND B
                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 2005
                                   (Unaudited)

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

1.    NATURE OF OPERATIONS

Organization and Business

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

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

2.    BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The unaudited financial statements have been prepared in accordance with the
rules and regulations of the Securities Exchange Commission ("SEC") 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.

                                       19
<PAGE>

Income Taxes

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

Use of Estimates

The preparation of financial statements in conformity with 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 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, 2005 for
subscriptions of the subsequent month and do not participate in the earnings of
the Fund until April 1, 2005.

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.

6.    FINANCIAL HIGHLIGHTS

Financial highlights for the period January 1, 2005 through March 31, 2005 are
as follows:

                                       20
<PAGE>

<TABLE>
<CAPTION>
                                                      SERIES A       SERIES B
                                                     ---------      -----------
<S>                                                  <C>            <C>
Total  return
 Total return before incentive fees                       (2.6)%           (3.9)%
 Incentive fees                                            0.0              0.0
                                                     ---------      -----------
Total  return after incentive fees                        (2.6)%           (3.9)%
                                                     =========      ===========

Ratio to average partners' capital
 Operating expenses before incentive fees                  3.0%             3.0%
 Incentive fees                                            0.0              0.0
                                                     ---------      -----------
 Total expenses                                            3.0%             3.0%
                                                     =========      ===========

 Net investment loss before incentive fee                 (2.5)%           (2.5)%
                                                     =========      ===========

Net asset value per unit, beginning of period        $1,466.67      $  1,730.29
Net decrease in net assets from operations              (38.39)          (66.75)
                                                     ---------      -----------
Net asset value per unit, end of period              $1,428.28      $  1,663.54
                                                     =========      ===========
</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.

                                       21
<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 March 31, 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 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.

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, 2005, subscriptions
totaling $5,826,798 have been accepted and redemptions over the same period
totaled $3,349,583. On March 11, 2005, Quadriga Capital Management, Inc., the
general partner of the Fund, changed its name to Superfund Capital Management,
Inc.

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

                                       22
<PAGE>

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, 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, selling commissions and incentive fees. 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, 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, 2005
and December 31, 2004, the net asset value per unit of Series B was $1,663.54
and $1,730.29, respectively.

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.

                                       23
<PAGE>

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.

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 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

                                       24
<PAGE>

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 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.

                                       25
<PAGE>

      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, 2005. All open
position trading risk exposures of the Fund have been included in calculating
the figures set forth below. As of March 31, 2005 and December 31, 2004, the net
assets for Series A were $31,804,755 and $31,768,269, respectively, and the net
assets for Series B as of such dates were $42,639,695 and $42,474,364,
respectively.

Series A as of March 31, 2005:

<TABLE>
<CAPTION>
SECTOR                          MARKET RISK (USD)  % OF TOTAL CAPITALIZATION (NET ASSETS)
<S>                             <C>                <C>
Stock Indices                       1,424,726                       4.48
Financial Futures                   1,897,505                       5.97
Currencies                          1,449,098                       4.56
Agricultural Products                 287,771                       0.90
Energy                              1,305,300                       4.10
Metals                              2,033,095                       6.39
</TABLE>

Series B as of March 31, 2005:

<TABLE>
<CAPTION>
SECTOR                          MARKET RISK (USD)  % OF TOTAL CAPITALIZATION (NET ASSETS)
<S>                             <C>                <C>
Stock Indices                       2,578,573                       6.05
Financial Futures                   3,415,011                       8.01
Currencies                          2,622,864                       6.15
Agricultural Products                 518,189                       1.22
Energy                              2,358,725                       5.53
Metals                              3,654,036                       8.57
</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.

                                       26
<PAGE>

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 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
March 31, 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 March 31, 2005 the
exposure to these markets was similar 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, 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-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, 2005 the
exposure to these markets was similar to historic levels.

Energy

      The Fund's primary energy market exposure is to crude oil, natural gas and
heating oil. Movements in these markets are often due to geopolitical
developments in the Middle East but can also be caused by shortage due to
extreme weather conditions. As of March 31, 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 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,
2005 was the highest among all market groups.

                                       27
<PAGE>

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, 2005 was the lowest
among all market groups.

QUALITATIVE DISCLOSURES REGARDING NON-TRADING RISK EXPOSURE

General

      On July 22, 2003, Superfund 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, Superfund 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, Superfund 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. Superfund Capital Management is
unable to estimate the probability of assertion of any related claims or
assessments.

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

Foreign Currency Balances

      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 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.

                                       28
<PAGE>

      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
significantly affect these controls subsequent to the date of their evaluation.

                                       29
<PAGE>

                            PART II-OTHER INFORMATION

Item  1. Legal Proceedings.

         None

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

         None

Item  3. Defaults upon Senior Securities.

         Not applicable.

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

         None

Item  5. Other Information.

         None

Item  6. Exhibits.

         None

                                       30
<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 16, 2005.

                            QUADRIGA SUPERFUND, L.P.
                                  (Registrant)

                                         By: Superfund Capital Management, Inc.
                                         General Partner

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

                                       31
<PAGE>

                                  EXHIBIT INDEX

<TABLE>
<CAPTION>
Exhibit Number                        Description of Document                      Page Number
--------------                        -----------------------                      -----------
<S>              <C>                                                               <C>
31.1             Certification by Chief Executive Officer Pursuant to Section 302
                 of the Sarbanes-Oxley Act of 2002                                     E-2
31.2             Certification by Chief Executive Officer Pursuant to Section 302
                 of the Sarbanes-Oxley Act of 2002                                     E-3
32.1             Certification by Chief Financial Officer Pursuant to Section 906
                 of the Sarbanes-Oxley Act of 2002                                     E-4
32.2             Certification by Chief Financial Officer Pursuant to Section 906
                 of the Sarbanes-Oxley Act of 2002                                     E-5
</TABLE>

                                      E-1