<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 September 30, 2003

                                       or

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

For the transition period from ___________ to ___________

Commission File number: 333-88460

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

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

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

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

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

                                 Yes [X] No [ ]

                     Total number of Pages: 27 plus exhibits

<PAGE>

                         PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

The following financial statements of Quadriga Superfund, L.P. - Series A are
included in Item 1:

<TABLE>
<CAPTION>
                                                                                                              Page
                                                                                                              ----
<S>                                                                                                           <C>
FINANCIAL STATEMENTS

         Statements of Assets and Liabilities as of September 30, 2003 and December 31, 2002                   3

         Condensed Schedule of Investments as of September 30, 2003                                            4

         Condensed Schedule of Investments as of December 31, 2002                                             5

         Statements of Operations for the three month and nine month periods ended September 30, 2003          6

         Statement of Changes in Net Assets for the nine months ended September 30, 2003                       7

         Statement of Cash Flows for the nine months ended September 30, 2003                                  8
</TABLE>

The following financial statements of Quadriga Superfund, L.P. - Series B are
included in Item 1:

<TABLE>
<CAPTION>
                                                                                                           Page
                                                                                                           ----
<S>                                                                                                        <C>
FINANCIAL STATEMENTS

         Statements of Assets and Liabilities as of September 30, 2003 and December 31, 2002               9

         Condensed Schedule of Investments as of September 30, 2003                                        10

         Condensed Schedule of Investments as of December 31, 2002                                         11

         Statements of Operations for the three month and nine month periods ended September 30, 2003      12

         Statement of Changes in Net Assets for the nine months ended September 30, 2003                   13

         Statement of Cash Flows for the nine months ended September 30, 2003                              14

NOTES TO SERIES A AND SERIES B UNAUDITED FINANCIAL STATEMENTS DATED SEPTEMBER 30, 2003                     15-18
</TABLE>

                                       2

<PAGE>

                       QUADRIGA SUPERFUND, L.P. - Series A
                      STATEMENTS OF ASSETS AND LIABILITIES
         September 30, 2003 (Unaudited) and December 31, 2002 (Audited)

<TABLE>
<CAPTION>
                                                SEPTEMBER 30, 2003   DECEMBER 31, 2002
                                                ------------------   -----------------
<S>                                             <C>                  <C>
ASSETS

US GOVERNMENT SECURITIES, at market
 (September 30, 2003 cost $8,574,740)
 (December 31, 2002 cost $944,085)                 $ 8,596,182          $   945,098

DUE FROM BROKERS                                     1,516,154              816,407

NET EQUITY IN FUTURES AND FORWARD CONTRACTS          1,129,238               68,338

CASH                                                 1,120,925              402,631

DUE FROM AFFILIATE                                       9,535                    -
                                                   -----------          -----------

Total assets                                        12,372,034            2,232,474
                                                   -----------          -----------

LIABILITIES

ADVANCE SUBSCRIPTIONS                                  530,543              972,745

DUE TO BROKERS                                          38,534                    -

REDEMPTION PAYABLE                                         647                    -

FEES PAYABLE                                            68,846               43,294
                                                   -----------          -----------

Total liabilities                                      638,570            1,016,039
                                                   -----------          -----------

NET ASSETS                                         $11,733,464          $ 1,216,435
                                                   ===========          ===========

NUMBER OF SHARES                                    10,870.586            1,110.275

NET ASSETS VALUE PER SHARE                         $  1,079.38          $  1,095.62
                                                   ===========          ===========
</TABLE>

            See accompanying notes to unaudited financial statements.

                                       3

<PAGE>

                       QUADRIGA SUPERFUND, L.P. - Series A
                        CONDENSED SCHEDULE OF INVESTMENTS
                         September 30, 2003 (Unaudited)

<TABLE>
<CAPTION>
                                                                                      PERCENTAGE OF      MARKET OR
                                                                     FACE VALUE         NET ASSETS      UNREALIZED
<S>                                                                  <C>              <C>               <C>
DEBT SECURITIES UNITED STATES, AT MARKET
United States Treasury Bills due November 28, 2003
 (cost $8,574,740), securities are held in margin
 accounts as collateral for open futures and forward contracts       $ 8,610,000           73.3%        $ 8,596,182
                                                                                           ====         ===========

FUTURES AND FORWARD CONTRACTS, AT UNREALIZED
SECTOR
CURRENCIES
Futures contracts purchased                                                                 5.8%        $   680,186
Forward contracts                                                                           1.0             116,477
                                                                                           ----         -----------
Total futures and forward contracts                                                         6.8             796,663
                                                                                           ----         -----------
ENERGY
Futures contracts purchased                                                                 0.2              16,984
Futures contracts sold                                                                     (0.1)             (7,236)
                                                                                           ----         -----------
Total futures contracts                                                                     0.1               9,748
                                                                                           ----         -----------
FINANCIAL
Futures contracts purchased                                                                 1.9             227,486
Futures contracts sold                                                                      0.2              23,639
                                                                                           ----         -----------
Total futures contracts                                                                     2.1             251,125
                                                                                           ----         -----------
GRAINS
Futures contracts purchased                                                                 0.0*              2,225
Futures contracts sold                                                                     (0.1)            (15,775)
                                                                                           ----         -----------
Total futures contracts                                                                    (0.1)*           (13,550)
                                                                                           ----         -----------
INDICES
Futures contracts purchased                                                                 0.0*             (4,176)
Futures contracts sold                                                                      0.0*                 62
                                                                                           ----         -----------
Total futures contracts                                                                     0.0*             (4,114)
                                                                                           ----         -----------
LIVESTOCK
Futures contracts purchased                                                                 0.1               9,270
                                                                                           ----         -----------
METALS
Futures contracts purchased                                                                 2.4             283,339
Futures contracts sold                                                                     (2.9)           (339,332)
                                                                                           ----         -----------
Total futures contracts                                                                    (0.5)            (55,993)
                                                                                           ----         -----------
SOFTS
Futures contracts purchased                                                                 1.2             136,089
                                                                                           ----         -----------
TOTAL FUTURES CONTRACTS, AT UNREALIZED                                                      9.7%        $ 1,129,238
                                                                                           ====         ===========

FUTURES AND FORWARD CONTRACTS BY COUNTRY/CURRENCY COMPOSITION
EURO                                                                                        2.3%        $   265,485
UNITED STATES                                                                               6.6             772,915
OTHER                                                                                       0.8              90,838
                                                                                           ----         -----------
TOTAL FUTURES AND FORWARD CONTRACTS BY COUNTRY/CURRENCY                                     9.7%        $ 1,129,238
                                                                                           ====         ===========
</TABLE>

* Due to rounding

            See accompanying notes to unaudited financial statements.

                                       4

<PAGE>

                       QUADRIGA SUPERFUND, L.P. - Series A
                        CONDENSED SCHEDULE OF INVESTMENTS
                           December 31, 2002 (Audited)

<TABLE>
<CAPTION>
                                                                                      PERCENTAGE OF      MARKET OR
                                                                       FACE VALUE      NET ASSETS       UNREALIZED
<S>                                                                    <C>            <C>               <C>
INVESTMENTS IN SECURITIES, AT MARKET
DEBT SECURITIES
      UNITED STATES
      United States Treasury Bills due May 29, 2003 (cost $944,085),
      securities are held in margin accounts as collateral for open
      futures and forward contracts                                     $ 950,000          77.7%         $   945,098
                                                                                           ====          ===========

FUTURES AND FORWARD CONTRACTS, AT UNREALIZED
      SECTOR
          ENERGY
               Futures contracts purchased                                                  3.3%         $    40,276
                                                                                           ----          -----------

          GRAINS
               Futures contracts purchased                                                  0.1                  731
               Futures contracts sold                                                      (0.2)              (2,368)
                                                                                           ----          -----------
                  TOTAL GRAINS                                                             (0.1)              (1,637)
                                                                                           ----          -----------

          LIVESTOCK
               Futures contracts purchased                                                  0.3                3,180
                                                                                           ----          -----------

          METALS
               Futures contracts purchased                                                  2.9               35,700
               Futures contracts sold                                                       0.1                  900
                                                                                           ----          -----------
                  Total futures contracts                                                   3.0               36,600
                                                                                           ----          -----------
               Unrealized appreciation on forward contracts                                 0.1                  986
               Unrealized depreciation on forward contracts                                (0.6)              (7,644)
                                                                                           ----          -----------
                  Total forward contracts                                                  (0.5)              (6,658)
                                                                                           ----          -----------
                  TOTAL METALS                                                              2.5               29,942
                                                                                           ----          -----------

          SOFTS
               Futures contracts sold                                                      (0.3)              (3,423)
                                                                                           ----          -----------
                  TOTAL FUTURES AND FORWARD CONTRACTS, AT UNREALIZED                        5.7%         $    68,338
                                                                                           ====          ===========

FUTURES AND FORWARD CONTRACTS BY COUNTRY COMPOSITION
      JAPAN                                                                                 2.2               26,536
      UNITED KINGDOM                                                                        0.7                8,142
      UNITED STATES                                                                         2.8               33,660
                                                                                           ----          -----------

TOTAL FUTURES AND FORWARD CONTRACTS BY COUNTRY                                              5.7%         $    68,338
                                                                                           ====          ===========
</TABLE>

            See accompanying notes to unaudited financial statements.

                                       5

<PAGE>

                       QUADRIGA SUPERFUND, L.P. - SERIES A
                            STATEMENTS OF OPERATIONS
       For the Three Month and Nine Month Periods Ended September 30, 2003
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                        THREE MONTHS ENDED  NINE MONTHS ENDED
                                                        SEPTEMBER 30, 2003  SEPTEMBER 30, 2003
                                                        ------------------  ------------------
<S>                                                     <C>                 <C>
INVESTMENT INCOME, interest                                 $    23,095         $    45,227
                                                            -----------         -----------

EXPENSES
Management fee                                                   50,102             102,135
Organization and offering expenses                               27,082              55,209
Operating expenses                                                4,062               8,281
Selling commission                                              108,330             220,832
Incentive fee                                                         -             226,783
Brokerage commissions                                           128,919             255,624
Other                                                               893               2,785
                                                            -----------         -----------

Total expenses                                                  319,388             871,649
                                                            -----------         -----------

NET INVESTMENT LOSS                                            (296,293)           (826,422)
                                                            -----------         -----------

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized loss on investments                             (1,632,003)           (999,804)
Net change in unrealized appreciation on investments          1,254,090           1,060,900
                                                            -----------         -----------

NET GAIN (LOSS) ON INVESTMENTS                                 (377,913)             61,096
                                                            -----------         -----------

NET DECREASE IN NET ASSETS FROM OPERATIONS                  $  (674,206)        $  (765,326)
                                                            ===========         ===========
</TABLE>

            See accompanying notes to unaudited financial statements.

                                       6

<PAGE>

                       QUADRIGA SUPERFUND, L.P. - SERIES A
                       STATEMENT OF CHANGES IN NET ASSETS
               For the Nine Month Period Ended September 30, 2003
                                   (Unaudited)

<TABLE>
<S>                                               <C>
NET ASSETS, December 31, 2002                     $  1,216,435

NET DECREASE IN NET ASSETS FROM OPERATIONS            (765,326)

CAPITAL SHARE TRANSACTIONS
Issuance of shares                                  11,514,319
Redemption of shares                                  (231,964)
                                                  ------------

NET ASSETS, September 30, 2003                    $ 11,733,464
                                                  ============
</TABLE>

            See accompanying notes to unaudited financial statements.

                                       7

<PAGE>

                       QUADRIGA SUPERFUND, L.P. - SERIES A
                             STATEMENT OF CASH FLOWS
               For the Nine Month Period Ended September 30, 2003
                                   (Unaudited)

<TABLE>
<S>                                                          <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net decrease in net assets from operations                   $   (765,326)
Adjustments to reconcile net decrease in net assets
 to net cash used in operating activities:
Changes in operating assets and liabilities:
US Government securities                                       (7,651,084)
Due from/to brokers                                              (661,213)
Due from affiliate                                                 (9,535)
Net equity in futures and forward contracts                    (1,060,900)
Fees payable                                                       25,552
Redemption payable                                                    647
                                                             ------------

NET CASH USED IN OPERATING ACTIVITIES                         (10,121,859)
                                                             ------------

CASH FLOWS FROM FINANCING ACTIVITIES
Subscriptions, net of change in advance subscriptions          11,072,117
Redemptions                                                      (231,964)
                                                             ------------

NET CASH PROVIDED BY FINANCING ACTIVITIES                      10,840,153
                                                             ------------

NET INCREASE IN CASH                                              718,294

CASH, beginning of period                                         402,631
                                                             ------------

CASH, end of period                                          $  1,120,925
                                                             ============
</TABLE>

            See accompanying notes to unaudited financial statements.

                                       8

<PAGE>

                       QUADRIGA SUPERFUND, L.P. - SERIES B
                      STATEMENTS OF ASSETS AND LIABILITIES
         September 30, 2003 (Unaudited) and December 31, 2002 (Audited)

<TABLE>
<CAPTION>
                                               SEPTEMBER 30, 2003  DECEMBER 31, 2002
                                               ------------------  -----------------
<S>                                            <C>                 <C>
ASSETS

US GOVERNMENT SECURITIES, at market
 (September 30, 2003 cost $10,203,823)
 (December 31, 2002 cost $1,540,776)               $10,228,445        $ 1,542,197

DUE FROM BROKERS                                     2,900,707          1,152,562

NET EQUITY IN FUTURES AND FORWARD CONTRACTS          2,033,617            192,020

CASH                                                 1,230,725            396,680
                                                   -----------        -----------

Total assets                                        16,393,494          3,283,459
                                                   -----------        -----------

LIABILITIES

ADVANCE SUBSCRIPTIONS                                  895,381            961,768

DUE TO BROKERS                                          58,159                  -

REDEMPTION PAYABLE                                      56,306                  -

FEES PAYABLE                                            89,683            124,710

DUE TO AFFILIATE                                         9,535                  -
                                                   -----------        -----------

Total liabilities                                    1,109,064          1,086,478
                                                   -----------        -----------

NET ASSETS                                         $15,284,430        $ 2,196,981
                                                   ===========        ===========

NUMBER OF SHARES                                    13,632.486          1,894.331

NET ASSETS VALUE PER SHARE                         $  1,121.18        $  1,159.77
                                                   ===========        ===========
</TABLE>

            See accompanying notes to unaudited financial statements.

                                       9

<PAGE>

                       QUADRIGA SUPERFUND, L.P. - SERIES B
                        CONDENSED SCHEDULE OF INVESTMENTS
                         September 30, 2003 (Unaudited)

<TABLE>
<CAPTION>
                                                                                  PERCENTAGE OF  MARKET OR
                                                                      FACE VALUE   NET ASSETS    UNREALIZED
<S>                                                                   <C>         <C>            <C>
DEBT SECURITIES UNITED STATES, AT MARKET
United States Treasury Bills due November 28, 2003
 (cost $10,203,823), securities are held in margin
 accounts as collateral for open futures and forward contracts        $10,245,000      66.9%     $ 10,228,445
                                                                                       ====      ============

FUTURES CONTRACTS, AT UNREALIZED
SECTOR
CURRENCIES
Futures contracts purchased                                                             8.0%     $  1,229,038
Forward contracts                                                                       1.4           211,413
                                                                                       ----      ------------
Total futures and forward contracts                                                     9.4         1,440,451
                                                                                       ----      ------------
ENERGY
Futures contracts purchased                                                             0.2            31,139
Futures contracts sold                                                                 (0.0)*         (10,048)
                                                                                       ----      ------------
Total futures contracts                                                                 0.2
                                                                                                       21,091
                                                                                       ----      ------------
FINANCIAL
Futures contracts purchased                                                             2.7           413,099
Futures contracts sold                                                                  0.3            47,030
                                                                                       ----      ------------
Total futures contracts                                                                 3.0           460,129
                                                                                       ----      ------------
GRAINS
Futures contracts purchased                                                             0.0*            3,500
Futures contracts sold                                                                 (0.2)          (35,313)
                                                                                       ----      ------------
Total futures contracts                                                                (0.2)          (31,813)
                                                                                       ----      ------------
INDICES
Futures contracts purchased                                                            (0.1)          (18,284)
Futures contracts sold                                                                  0.0*              121
                                                                                       ----      ------------
Total futures contracts                                                                (0.1)          (18,163)
                                                                                       ----      ------------
LIVESTOCK
Futures contracts purchased                                                             0.1            19,180
                                                                                       ----      ------------
METALS
Futures contracts purchased                                                             3.7           562,908
Futures contracts sold                                                                 (4.4)         (677,128)
                                                                                       ----      ------------
Total futures contracts                                                                (0.7)         (114,220)
                                                                                       ----      ------------
SOFTS
Futures contracts purchased                                                             1.7           256,962
                                                                                       ----      ------------
TOTAL FUTURES CONTRACTS, AT UNREALIZED                                                 13.3%     $  2,033,617
                                                                                       ====      ============

FUTURES AND FORWARD CONTRACTS BY COUNTRY/CURRENCY COMPOSITION
EURO                                                                                    3.1%     $    479,946
UNITED STATES                                                                           9.1         1,381,575
OTHER                                                                                   1.1           172,096
                                                                                       ----      ------------

TOTAL FUTURES AND FORWARD CONTRACTS BY COUNTRY/CURRENCY                                13.3%     $  2,033,617
                                                                                       ====      ============
</TABLE>

* Due to rounding

            See accompanying notes to unaudited financial statements.

                                       10

<PAGE>

                       QUADRIGA SUPERFUND, L.P. - Series B
                        CONDENSED SCHEDULE OF INVESTMENTS
                           December 31, 2002 (Audited)

<TABLE>
<CAPTION>
                                                                                PERCENTAGE OF NET   MARKET OR
                                                                    FACE VALUE       ASSETS        UNREALIZED
<S>                                                                <C>          <C>                <C>
INVESTMENTS IN SECURITIES, AT MARKET
DEBT SECURITIES
      UNITED STATES
      United States Treasury Bills due May 29, 2003 (cost
       $1,540,776), securities are held in margin accounts as
       collateral for open futures and forward contracts           $1,550,000         70.2%        $ 1,542,197
                                                                                      ====         ===========
FUTURES AND FORWARD CONTRACTS, AT UNREALIZED
      SECTOR
          ENERGY
               Futures contracts purchased                                             5.5%        $   120,786
                                                                                      ----         -----------

          GRAINS
               Futures contracts purchased                                               -                 676
               Futures contracts sold                                                 (0.3)             (6,308)
                                                                                      ----         -----------
                  TOTAL GRAINS                                                        (0.3)             (5,632)
                                                                                      ----         -----------

          LIVESTOCK
               Futures contracts purchased                                             0.4               8,820
                                                                                      ----         -----------

          METALS
               Futures contracts purchased                                             4.2              92,818
               Futures contracts sold                                                  0.1               2,286
                                                                                      ----         -----------
                  Total futures contracts                                              4.3              95,104
                                                                                      ----         -----------
               Unrealized appreciation on forward contracts                            0.3               7,562
               Unrealized depreciation on forward contracts                           (1.2)            (25,854)
                                                                                      ----         -----------
                  Total forward contracts                                             (0.9)            (18,292)
                                                                                      ----         -----------
                  TOTAL METALS                                                         3.5              76,812
                                                                                      ----         -----------

          SOFTS
               Futures contracts sold                                                 (0.4)             (8,951)
                                                                                      ----         -----------

          INDICES
               Futures contracts purchased                                               -                 185
                                                                                      ----         -----------
                  TOTAL FUTURES AND FORWARD CONTRACTS, AT UNREALIZED                   8.7%        $   192,020
                                                                                      ====         ===========

FUTURES AND FORWARD CONTRACTS BY COUNTRY COMPOSITION
      JAPAN                                                                            3.0%        $    66,227
      UNITED KINGDOM                                                                   1.0              22,307
      UNITED STATES                                                                    4.7             103,486
                                                                                      ----         -----------
TOTAL FUTURES AND FORWARD CONTRACTS BY COUNTRY                                         8.7%        $   192,020
                                                                                      ====         ===========
</TABLE>

            See accompanying notes to unaudited financial statements.

                                       11

<PAGE>

                       QUADRIGA SUPERFUND, L.P. - SERIES B
                            STATEMENTS OF OPERATIONS
       For the Three Month and Nine Month Periods Ended September 30, 2003
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                        THREE MONTHS ENDED  NINE MONTHS ENDED
                                                        SEPTEMBER 30, 2003  SEPTEMBER 30, 2003
                                                        ------------------  ------------------
<S>                                                     <C>                 <C>
INVESTMENT INCOME, interest                                 $    31,377         $    63,856
                                                            -----------         -----------

EXPENSES
Management fee                                                   67,987             149,247
Organization and offering expenses                               36,750              80,675
Operating expenses                                                5,513              12,101
Selling commission                                              146,999             322,698
Incentive fee                                                         -             486,682
Brokerage commissions                                           242,335             467,257
Other                                                             1,297               4,321
                                                            -----------         -----------

Total expenses                                                  500,881           1,522,981
                                                            -----------         -----------

NET INVESTMENT LOSS                                            (469,504)         (1,459,125)
                                                            -----------         -----------

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized loss on investments                             (3,185,113)         (2,144,513)
Net change in unrealized appreciation on investments          2,312,983           1,841,597
                                                            -----------         -----------

NET LOSS ON INVESTMENTS                                        (872,130)           (302,916)
                                                            -----------         -----------

NET DECREASE IN NET ASSETS FROM OPERATIONS                  $(1,341,634)        $(1,762,041)
                                                            ===========         ===========
</TABLE>

            See accompanying notes to unaudited financial statements.

                                       12

<PAGE>

                       QUADRIGA SUPERFUND, L.P. - SERIES B
                       STATEMENT OF CHANGES IN NET ASSETS
               For the Nine Month Period Ended September 30, 2003
                                   (Unaudited)

<TABLE>
<S>                                               <C>
NET ASSETS, December 31, 2002                     $  2,196,981

NET DECREASE IN NET ASSETS FROM OPERATIONS          (1,762,041)

CAPITAL SHARE TRANSACTIONS

Issuance of shares                                  15,394,344
Redemption of shares                                  (544,854)
                                                  ------------

NET ASSETS, September 30, 2003                    $ 15,284,430
                                                  ============
</TABLE>

            See accompanying notes to unaudited financial statements.

                                       13

<PAGE>

                       QUADRIGA SUPERFUND, L.P. - SERIES B
                             STATEMENT OF CASH FLOWS
               For the Nine Month Period Ended September 30, 2003
                                   (Unaudited)

<TABLE>
<S>                                                          <C>
CASH FLOWS FROM OPERATING ACTIVITIES

Net decrease in net assets from operations                   $ (1,762,041)
Adjustments to reconcile net decrease in net assets
 to net cash used in operating activities:
Changes in operating assets and liabilities:
US Government securities                                       (8,686,248)
Due from/to brokers                                            (1,689,986)
Net equity in futures and forward contracts                    (1,841,597)
Fees payable                                                      (35,027)
Redemption payable                                                 56,306
Due to affiliate                                                    9,535
                                                             ------------

NET CASH USED IN OPERATING ACTIVITIES                         (13,949,058)
                                                             ------------

CASH FLOWS FROM FINANCING ACTIVITIES

Subscriptions, net of change in advance subscriptions          15,327,957
Redemptions                                                      (544,854)
                                                             ------------

NET CASH PROVIDED BY FINANCING ACTIVITIES                      14,783,103
                                                             ------------

NET INCREASE IN CASH                                              834,045

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

CASH, end of period                                          $  1,230,725
                                                             ============
</TABLE>

            See accompanying notes to unaudited financial statements.

                                       14
<PAGE>

                    QUADRIGA SUPERFUND, L.P. - SERIES A AND B
                     NOTES TO UNAUDITED FINANCIAL STATEMENTS
                               SEPTEMBER 30, 2003

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 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.       SIGNIFICANT ACCOUNTING POLICIES

Valuation of Investments in Futures and Forward Contracts

All commodity interests (including derivative financial instruments and
derivative commodity instruments) are used for trading purposes. The commodity
interests are recorded on trade date basis and open contracts are recorded in
the statements of assets and liabilities at fair value on the last business day
of the period, which represents market value for those commodity interests for
which market quotes are readily available.

Translation of Foreign Currency

Assets and liabilities denominated in foreign currencies are translated into
U.S. dollar amounts at the period end exchange rates. Purchases and sales of
investments, and income and expenses, that are denominated in foreign
currencies, are translated into U.S. dollar amounts on the transaction date.
Adjustments arising from foreign currency transactions are reflected in the
statements of operations.

The Fund does not isolate that portion of the results of operations arising from
the effect of changes in foreign exchange rates on investments from fluctuations
from changes in market prices of investments held. Such fluctuations are
included in net gain (loss) on investments in the statements of operations.

Investment Transactions and Related Investment Income

Investment transactions are accounted for on a trade-date basis. Interest is
recognized on the accrual basis.

Income Taxes

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

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.

                                       15
<PAGE>

In the normal course of business, all of the Fund's securities transactions,
money balances and 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 September 30, 2003 for
capital contributions of the subsequent month and do not participate in the
earnings of the Fund until October 1, 2003.

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, 2003 through September 30, 2003
are as follows:

<TABLE>
<CAPTION>
                                                         SERIES A            SERIES B
                                                        ----------          ----------
<S>                                                     <C>                 <C>
Total return
Total return before incentive fees                             6.1%                7.8%
Incentive fees                                                (7.6)              (11.1)
                                                        ----------          ----------

Total return after incentive fees                             (1.5)%              (3.3)%
                                                        ==========          ==========

Ratio to average partners' capital
Operating expenses before incentive fees                       8.3%                9.2%
Incentive fees                                                 2.9                 4.3
                                                        ----------          ----------

Total expenses                                                11.2%               13.5%
                                                        ==========          ==========

Net investment loss                                          (10.6)%             (12.9)%
                                                        ==========          ==========

Net asset value per unit, beginning of period           $ 1,095.62          $ 1,159.77

Net decrease in net assets from operations                  (16.24)             (38.59)
                                                        ----------          ----------

Net asset value per unit, end of period                 $ 1,079.38          $ 1,121.18
                                                        ==========          ==========
</TABLE>

                                       16
<PAGE>

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.

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. 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. Market risk is directly impacted by the volatility and liquidity in the
markets in which the related underlying assets are traded.

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., and Man Financial.

The General Partner monitors and controls the Fund's risk exposure on a daily
basis through financial, credit and risk management monitoring systems, and
accordingly believes that it has effective procedures for evaluating and
limiting 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 September 30, 2003.
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

                                       17
<PAGE>

transmit a written request of such withdrawal to Quadriga Capital Management,
Inc. not less than ten business days prior to the end of the month (or such
shorter period as permitted by Quadriga Capital Management, Inc.) as of which
redemption is to be effective. Redemptions will generally be paid within 20 days
after the date of redemption. However, in special circumstances, including, but
not limited to, inability to liquidate dealers' positions as of a redemption
date or default or delay in payments due to each Series from clearing brokers,
banks or other persons or entities, each Series may in turn delay payment to
persons requesting redemption of the proportionate part of the net assets of
each Series represented by the sums that are subject of such default or delay.

                                       18
<PAGE>

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

INTRODUCTION

         Quadriga Superfund, L.P. commenced the offering of its Units of Limited
Partnership Interest on October 22, 2002. The initial offering terminated on
October 31, 2002 and the Fund commenced operations on November 5, 2002. The
continuing offering period commenced at the termination of the initial offering
period and is ongoing. For the nine months ended September 30, 2003,
subscriptions totaling $26,908,663 have been accepted and redemptions over the
same period totaled $776,818.

CAPITAL RESOURCES

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

LIQUIDITY

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

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

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

RESULTS OF OPERATIONS

Series A:

Net results for the quarter ended September 30, 2003 were a loss of 6.69% in net
asset value compared to the preceding quarter. This decrease consisted of
interest income of 0.23%, trading performance (including commissions) of
approximately -5.03% and charges of approximately 1.88% due to management fees,
organization expenses, operating expenses, selling commissions and incentive
fees. At September 30, 2003 and June 30, 2003, the net asset value per unit of
Series A was $1,079.38 and $1,156.71, respectively.

Series B:

         Net results for the quarter ended September 30, 2003 were a loss of
8.90% in net asset value compared to the preceding quarter. This decrease
consisted of interest income of 0.21%, trading performance (including
commissions) of approximately -7.40% and charges of approximately 1.71% 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 September 30, 2003 and June 30, 2003, the
net asset value per unit of Series B was $1,121.18 and $1,230.71, respectively.

                                       19
<PAGE>

Fund results for July 2003:

         In July a significant upwards trend of the United States Dollar versus
most of the foreign currencies caused a major loss in the Fund's combination of
long and short currency positions.

         Rising financial futures prices resulted in a loss in the respective
short positions held by the Fund.

         The continuing upwards trend in stock index markets contributed
positively to the Fund's performance as did long positions in the agricultural
sector, energy related products and metals.

                  During the month of July, Series A lost 8.8% and Series B lost
12.0%, including charges.

Fund results for August 2003:

          The Fund's long stock index positions were profitable due to a
continuing rise in stock index market, although this increase encountered some
resistance during the month.

          In spite of generally flat trends in the energy markets, a gain in
this sector was realized due to the sharp rise of unleaded gas prices following
power outages in wide parts of North America.

          Short positions in the financial futures sector also contributed
toward positive performance.

          The only noteworthy losses for the month resulted from long positions
in the metal markets, although precious metals showed an upwards movement.

The net asset value of Series A and B increased by 2.2% and 3.4%, respectively,
including charges.

Fund results for September 2003:

         The sharp decline in crude oil prices and oil-related products during
the first days of this month caused a heavy loss for the Fund's long positions
in those markets.

         Furthermore, the upwards trend of stock indices reversed, resulting in
negative performance for long stock index futures positions.

         However, long positions in foreign currencies were able to offset a
major part of the losses mentioned above due to the weakening of the U.S. Dollar
during this month.

         In the financial futures sector, long positions were profitable.

         For September, Series A realized a profit of 0.1% while Series B showed
0.0%, each including charges.

For the third quarter of 2003, the most profitable market group overall was the
agricultural sector while positions in the energy markets contributed the
greatest amount of losses.

OFF-BALANCE SHEET RISK

         The term "off-balance sheet risk" refers to an unrecorded potential
liability that, even though it does not appear on the balance sheet, may result
in a future obligation or loss. The Fund trades in futures and forward contracts
and is therefore a party to financial instruments with elements of off-balance
sheet market and credit risk. In entering into these contracts, there exists a
market risk that such contracts may be significantly influenced by conditions,
such as interest rate volatility, resulting in such contracts being less
valuable. If the markets should move against all of the futures interests
positions of the Fund at the same time, and if Quadriga Capital Management was
unable to offset such positions, the Fund could experience substantial losses.
Quadriga Capital Management attempts to minimize market risk through real-time
monitoring of open positions, diversification of the portfolio and maintenance
of a margin-to-equity ratio in all but extreme instances not greater than 50%.

         In addition to market risk, in entering into futures and forward
contracts there is a credit risk that a counterparty will not be able to meet
its obligations to the Fund. The counterparty for futures contracts traded in

                                       20
<PAGE>

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

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

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

INTRODUCTION

Past Results Not Necessarily Indicative of Future Performance

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

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

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

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

Standard of Materiality

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

QUANTIFYING THE FUND'S TRADING VALUE AT RISK

Quantitative Forward-Looking Statements

         The following quantitative disclosures regarding the Fund's market risk
exposures contain "forward-looking statements" within the meaning of the safe
harbor from civil liability provided for such statements by the

                                       21
<PAGE>

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

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

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

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

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

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

         The following tables indicate the trading Value at Risk associated with
the Fund's open positions by market category as of September 30, 2003. All open
position trading risk exposures of the Fund have been included in calculating
the figures set forth below. As of September 30, 2003 and June 30, 2003, the net
asset values for Series A were $11,733,464 and $8,794,218, respectively, and the
net asset values for Series B as of such dates were $15,284,430 and $13,270,293,
respectively.

Series A as of September 30, 2003:

<TABLE>
<CAPTION>
    SECTOR                                     MARKET RISK (USD)            % OF TOTAL CAPITALIZATION (NET ASSETS)
<S>                                            <C>                          <C>
Stock Indices                                      278,650                                    2.37
Financial Futures                                  800,651                                    6.82
Currencies                                       1,288,716                                   10.98
Agricultural Products                               82,288                                    0.70
Energy                                              54,371                                    0.46
Metals                                             406,419                                    3.46
</TABLE>

                                       22
<PAGE>

Series B as of September 30, 2003:

<TABLE>
<CAPTION>
    SECTOR                                    MARKET RISK (USD)             % OF TOTAL CAPITALIZATION (NET ASSETS)
<S>                                           <C>                           <C>
Stock Indices                                      525,729                                   3.44
Financial Futures                                1,464,292                                   9.58
Currencies                                       2,341,547                                  15.32
Agricultural Products                              151,804                                   0.99
Energy                                              97,543                                   0.64
Metals                                             732,659                                   4.79
</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 -- give no indication of this "risk of ruin."

NON-TRADING RISK

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

QUALITATIVE DISCLOSURES REGARDING PRIMARY TRADING RISK EXPOSURES

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

         The following were the primary trading risk exposures of the Fund as of
September 30, 2003, by market sector.

Currencies

The Fund's currency exposure is to exchange rate fluctuations, primarily those
which disrupt the historical pricing relationships between different currencies
and currency pairs. These fluctuations are influenced by interest rate changes
as well as political, geopolitical and general economic conditions. The Fund
trades in a large number of currencies, including cross-rates, (e.g. positions
between two currencies other than the U.S. Dollar). Quadriga Capital Management
does not anticipate that the risk profile of the Fund's currency sector will
change significantly in the future. The exposure to these markets as of
September 30, 2003 was relatively high in comparison to historic levels.

                                       23
<PAGE>

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. The exposure to these
markets as of September 30, 2003 was relatively high in comparison 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. The exposure to these markets as
of September 30, 2003 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. The exposure to these markets as of September 30,
2003 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 September 30,
2003 was relatively high in comparison to historic levels. Agricultural Market

The Fund's agricultural market exposure is to fluctuations in the price of
cocoa, sugar, coffee, cotton, lean hogs and live cattle. These markets represent
a great diversification in terms of correlation to many of the other sectors the
Fund trades. The exposure to these markets as of September 30, 2003 was
relatively low in comparison to historic levels.

QUALITATIVE DISCLOSURES REGARDING NON-TRADING RISK EXPOSURE

General

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

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

         Except as described in the preceding two paragraphs, the Fund is
unaware of any (i) anticipated known demands, commitments or capital
expenditures; (ii) material trends, favorable or unfavorable, in its capital

                                       24
<PAGE>

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 Quadriga Capital Management's
experience).

Treasury Bill Positions

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

QUALITATIVE DISCLOSURES REGARDING MEANS OF MANAGING RISK EXPOSURE

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

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

ITEM 4. CONTROLS AND PROCEDURES

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

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

                            PART II-OTHER INFORMATION

Item 1. Legal Proceedings.

         None

Item 2. Changes in Securities

         None

                                       25
<PAGE>

Item 3. Defaults Upon Senior Securities

         Not applicable.

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

         None

Item 5. Other Information

         None

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

         None

                                       26
<PAGE>

                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized on November ___, 2003.

                                           QUADRIGA SUPERFUND, L.P.
                                                 (Registrant)

                                           By: Quadriga Capital Management, Inc.
                                           General Partner

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

                                       27
<PAGE>

                                 EXHIBIT INDEX

<TABLE>
<CAPTION>
Exhibit Number                       Description of Document                             Page Number
--------------                       -----------------------                             -----------
<S>                 <C>                                                                  <C>
      31.1          Certification by Chief Executive Officer Pursuant to Section 302
                    of the Sarbanes-Oxley Act of 2002                                       E-2

      31.2          Certification by Chief Financial Officer Pursuant to Section 302
                    of the Sarbanes-Oxley Act of 2002                                       E-3

      32.1          Certification by Chief Executive Officer Pursuant to Section 906
                    of the Sarbanes-Oxley Act of 2002                                       E-4

      32.2          Certification by Chief Financial Officer Pursuant to Section 906
                    of the Sarbanes-Oxley Act of 2002                                       E-5
</TABLE>

                                      E-1