##### Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-Q
 þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended March 31, 2006
 or
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For
the transition period from

to
 Commission File number: 000-51634
 QUADRIGA
SUPERFUND, L.P.
  Delaware
    
    98-0375395(State of Organization)
    
    (IRS Employer Identification Number)
 Le Marquis Complex, Unit 5P.O. Box 1479Grand AnseSt. Georges, GrenadaWest Indies
    
    N/A(Address of principal executive offices)
    
    (Zip Code)
 (473) 439-2418
  þ o
  Large Accelerated Filer o
    
    Accelerated Filer o
    
    Non-Accelerated Filer þ
  o þ




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##### 



PART I  FINANCIAL INFORMATION
   PageFinancial StatementsStatements of Assets and Liabilities as of March 31, 2006 and December 31, 2005
    
    
    3Condensed Schedule of Investments as of March 31, 2006
    
    
    4Condensed Schedule of Investments as of December 31, 2005
    
    
    6Statements of Operations for the three months ended March 31, 2006 and March 31, 2005
    
    
    8Statements of Changes in Net Assets for the three months ended March 31, 2006 and March 31, 2005
    
    
    9Statements of Cash Flows for the three months ended March 31, 2006 and March 31, 2005
    
    
    10Certification of CEOCertification of CFOCertification of CEOCertification of CFO
   PageFinancial StatementsStatements of Assets and Liabilities as of March 31, 2006 and December 31, 2005
    
    
    11Condensed Schedule of Investments as of March 31, 2006
    
    
    12Condensed Schedule of Investments as of December 31, 2005
    
    
    14Statements of Operations for the three months ended March 31, 2006 and March 31, 2005
    
    
    16Statements of Changes in Net Assets for the three months ended March 31, 2006 and March 31, 2005
    
    
    17Statements of Cash Flows for the three months ended March 31, 2006 and March 31, 2005
    
    
    18Notes to Series A and Series B Unaudited Financial Statements Dated March 31, 2006
    
    
    19-22
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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A
 
 STATEMENTS OF ASSETS AND LIABILITIES
 March 31, 2006 (Unaudited) and December 31, 2005
 March 31, 2006
    
    
    December 31, 2005ASSETSUS Government securities, at fair value
cost $55,554,099 and $53,351,488 as of
March 31, 2006 and December 31, 2005
    
    $
    55,554,099
    
    
    $
    53,351,488Due from brokers
    
    
    4,633,997
    
    
    
    2,705,847Unrealized appreciation on open forward contracts
    
    
    932,133
    
    
    
    2,733,570Unrealized appreciation on open swap contracts
    
    
    28,050
    
    
    
    Futures contracts purchased
    
    
    3,410,775
    
    
    
    2,110,992Futures contracts sold
    
    
    1,653,418
    
    
    
    286,562Cash
    
    
    171,457
    
    
    
    888,918Total assets
    
    
    66,383,929
    
    
    
    62,077,377LIABILITIESUnrealized depreciation on open forward contracts
    
    
    880,447
    
    
    
    1,237,784Unrealized depreciation on open swap contracts
    
    
    
    
    
    
    193,624Advance subscriptions
    
    
    
    
    
    
    866,893Fees payable
    
    
    382,103
    
    
    
    357,028Total liabilities
    
    
    1,262,550
    
    
    
    2,655,329NET ASSETS
    
    $
    65,121,379
    
    
    $
    59,422,048Number of Units
    
    
    45,574.787
    
    
    
    44,734.441Net asset value per Unit
    
    $
    1,428.89
    
    
    $
    1,328.33
  3




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A
 
 CONDENSED SCHEDULE OF INVESTMENTS
 March 31, 2006 (Unaudited)
 PercentageofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at marketUnited States Treasury Bills due June 1, 2006
(cost $55,554,099), securities are held in margin
accounts as collateral for open futures and forwards
    
    $
    55,950,000
    
    
    
    85.3
    %
    
    $
    55,554,099Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrencies
    
    
    
    
    
    
    0.3
    
    
    
    207,677Metals
    
    
    
    
    
    
    1.1
    
    
    
    724,456Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    1.4
    
    
    
    932,133Unrealized depreciation on forward contractsCurrencies
    
    
    
    
    
    
    (0.9
    )
    
    
    (622,885
    )Metals
    
    
    
    
    
    
    (0.4
    )
    
    
    (257,562Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (1.3
    )
    
    
    (880,447
    )Total forward contracts, at fair value
    
    
    
    
    
    
    0.1
    
    
    
    51,686Swap contracts, at fair valueUnrealized appreciation on swap contracts
05/26/06 Live Cattle Swap **
    
    
    
    
    
    
    0.0
    *
    
    
    28,050Total swap contracts, at fair value
    
    
    
    
    
    
    0.0
    
    
    
    28,050Futures contracts, at fair valueFutures Contracts PurchasedCurrency
    
    
    
    
    
    
    0.4
    
    
    
    275,105Energy
    
    
    
    
    
    
    0.4
    
    
    
    287,389Financial
    
    
    
    
    
    
    0.1
    
    
    
    80,145Food & Fiber
    
    
    
    
    

    
    (0.1
    )



    
    
    (64,215
    )Indices
    
    
    
    
    
    
    1.0
    
    
    
    622,191Metals
    
    
    
    
    
    
    3.4
    
    
    
    2,210,160Total futures contracts purchased
    
    
    
    
    
    
    5.2
    
    
    
    3,410,775Futures Contracts SoldCurrency
    
    
    
    
    
    
    0.8
    
    
    
    511,894Energy
    
    
    
    
    
    
    (0.3
    )
    
    
    (201,900
    )Financial
    
    
    
    
    
    
    1.9
    
    
    
    1,249,272Food & Fiber
    
    
    
    
    
    
    0.0
    *
    
    
    (9,962
    )Indices
    
    
    
    
    
    
    0.1
    %
    
    $
    36,604
 4




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PercentageofFace Value
    
    
    Net Assets
    
    
    Fair ValueLivestock
    
    
    
    
    
    
    0.1
    %
    
    $
    67,510Total futures contracts sold
    
    
    
    
    
    
    2.6
    
    
    
    1,653,418Total futures contracts, at fair value
    
    
    
    
    
    
    7.8
    
    
    
    5,064,193Futures, swap and forward contracts by country compositionJapan
    
    
    
    
    
    
    0.6
    
    
    
    359,463United States
    
    
    
    
    
    
    4.3
    
    
    
    2,792,041Other
    
    
    
    
    
    
    3.0
    
    
    
    1,992,425Total futures and forward contracts by country
    
    
    
    
    
    
    7.9
    %
    
    $
    5,143,929
 
 *
    
    Due to Rounding**
    
    Valued daily off the underlying commodity future price  5




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A
 
 CONDENSED SCHEDULE OF INVESTMENTS
 December 31, 2005
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due June 1, 2006
(cost $53,351,488), securities are held in margin
accounts as collateral for open futures and forwards
    
    $
    54,300,000
    
    
    
    89.8
    %
    
    $
    53,351,488Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrencies
    
    
    
    
    
    
    0.6
    
    
    
    349,388Metals
    
    
    
    
    
    
    4.0
    
    
    
    2,384,182Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    4.6
    
    
    
    2,733,570Unrealized depreciation on forward contractsCurrencies*
    
    
    
    
    
    
    (2.1
    )
    
    
    (1,237,784
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (2.1
    )
    
    
    (1,237,784
    )Total forward contracts, at fair value
    
    
    
    
    
    
    2.5
    
    
    
    1,495,786Swap contracts, at fair valueUnrealized depreciation on swap contracts02/24/06 Corn Swap **
    
    
    
    
    
    
    0.0
    *
    
    
    (4,013
    )02/24/06 Wheat Swap **
    
    
    
    
    
    
    (0.3
    )
    
    
    (189,611
    )Total swap contracts, at fair value
    
    
    
    
    
    
    (0.3
    )
    
    
    (193,624
    )Futures Contracts PurchasedCurrency
    
    
    
    
    
    
    (0.0)
    *
    
    
    (3,825
    )Energy
    
    
    
    
    
    
    0.4
    
    
    
    222,119Financial
    
    
    
    
    
    
    (0.1
    )
    
    
    (44,622
    )Food & Fiber
    
    
    
    
    
    
    2.0
    
    
    
    1,195,909Indices
    
    
    
    
    
    
    0.8
    
    
    
    489,551Livestock
    
    
    
    
    
    
    0.0
    *
    
    
    10,340Metals
    
    
    
    
    
    
    0.4
    
    
    
    241,520Total futures contracts purchased
    
    
    
    
    
    
    3.5
    
    
    
    2,110,992Futures Contracts SoldCurrency
    
    
    
    
    
    
    0.7
    
    
    
    413,828Energy
    
    
    
    
    
    
    (0.3
    )
    
    
    (177,030
    )Financial
    
    
    
    
    
    
    0.1
    
    
    
    49,764Total futures contracts sold
    
    
    
    
    
    
    0.5
    
    
    
    286,562Total futures contracts, at fair value
    
    
    
    
    
    
    4.0
    %
    
    $
    2,397,554
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Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueFutures, swap and forward contracts by country compositionJapan
    
    
    
    
    
    
    0.3
    %
    
    $
    174,514United Kingdom
    
    
    
    
    
    
    0.2
    
    
    
    102,468United States
    
    
    
    
    
    
    5.2
    
    
    
    3,108,970Other
    
    
    
    
    
    
    0.5
    
    
    
    314,124Total futures and forward contracts by country
    
    
    
    
    
    
    6.2
    %
    
    $
    3,699,716
 
 *
    
    Due to rounding  7




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QUADRIGA SUPERFUND, L.P.  SERIES A
 
 STATEMENTS OF OPERATIONS
 (Unaudited)
 Three Months EndedMarch 31,2006
    
    
    2005Investment income,interest
    
    $
    629,632
    
    
    $
    168,028ExpensesManagement fee
    
    
    292,381
    
    
    
    137,859Organization and offering expenses
    
    
    158,044
    
    
    
    74,518Operating expenses
    
    
    23,707
    
    
    
    11,178Selling commission
    
    
    632,176
    
    
    
    298,075Incentive fee
    
    
    
    
    
    
    Brokerage commissions
    
    
    493,426
    
    
    
    387,384Other
    
    
    1,909
    
    
    
    884Total expenses
    
    
    1,601,643
    
    
    
    909,898Net investment loss
    
    
    (972,011
    )
    
    
    (741,870
    )Realized and unrealized gain
(loss) on investmentsNet realized gain (loss) on futures
and forward contracts
    
    
    4,044,526
    
    
    
    (719,290
    )Net change in unrealized appreciation
on futures and forward contracts
    
    
    1,444,213
    
    
    
    704,350Net gain (loss) on investments
    
    
    5,488,739
    
    
    
    (14,940
    )Net increase (decrease) in
net assets from operations
    
    $
    4,516,728
    
    
    $
    (756,810
    )
  8




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QUADRIGA SUPERFUND, L.P.  SERIES A
 
 STATEMENTS OF CHANGES IN NET ASSETS
 For the Three Months Ended March 31,
 (Unaudited)
 2006
    
    
    2005Increase (decrease) in net assets from operationsNet investment loss
    
    $
    (972,011
    )
    
    $
    (741,870
    )Net realized gain (loss) on futures and forward contracts
    
    
    4,044,526
    
    
    
    (719,290
    )Net change in unrealized appreciation on futures
and forward contracts
    
    
    1,444,213
    
    
    
    704,350Net increase (decrease) in net assets from operations
    
    
    4,516,728
    
    
    
    (756,810
    )Capital share transactionsIssuance of Units
    
    
    4,634,293
    
    
    
    2,047,052Redemption of Units
    
    
    (3,451,690
    )
    
    
    (1,253,788
    )Net increase in net assets from capital share transactions
    
    
    1,182,603
    
    
    
    793,264Net increase in net assets
    
    
    5,699,331
    
    
    
    36,454Net assets,beginning of period
    
    
    59,422,048
    
    
    
    31,768,269Net assets,end of period
    
    $
    65,121,379
    
    
    $
    31,804,723Units,beginning of period
    
    
    44,734.441
    
    
    
    21,660.138Issuance of Units
    
    
    3,375.294
    
    
    
    1,492.170Redemption of Units
    
    
    (2,534.948
    )
    
    
    (884.500
    )Units,end of period
    
    
    45,574.787
    
    
    
    22,267.808
  9




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QUADRIGA SUPERFUND, L.P.  SERIES A
 
 STATEMENTS OF CASH FLOWS
 For the Three Months Ended March 31,
 (Unaudited)
 2006
    
    
    2005Cash flows from operating activitiesNet increase (decrease) in net assets from operations
    
    $
    4,516,728
    
    
    $
    (756,810
    )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
    
    
    (2,202,611
    )
    
    
    (899,641
    )Due from brokers
    
    
    (1,928,150
    )
    
    
    838,332Unrealized appreciation on open forward contracts
    
    
    1,801,437
    
    
    
    750,362Unrealized depreciation on open forward contracts
    
    
    (357,337
    )
    
    
    1,106,375Futures contracts purchased
    
    
    (1,299,783
    )
    
    
    (2,196,141
    )Unrealized appreciation on open swap contracts
    
    
    (28,050
    )
    
    
    Unrealized depreciation on open swap contracts
    
    
    (193,624
    )
    
    
    Futures contracts sold
    
    
    (1,366,856
    )
    
    
    (364,946
    )Fees payable
    
    
    25,075
    
    
    
    8,096Net cash used in operating activities
    
    
    (1,033,171
    )
    
    
    (1,514,373
    )Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    3,767,400
    
    
    
    2,838,182Redemptions, net of redemption payable
    
    
    (3,451,690
    )
    
    
    (1,253,788
    )Net cash provided by financing activities
    
    
    315,710
    
    
    
    1,584,394Net increase (decrease) in cash
    
    
    (717,461
    )
    
    
    70,021Cash, beginning of period
    
    
    888,918
    
    
    
    911,222Cash, end of period
    
    $
    171,457
    
    
    $
    981,243Supplemental disclosure of non-cash financing activities2005 subscriptions received in 2004
    
    
    
    
    
    $
    475,8502006 subscriptions received in 2005
    
    $
    866,893
  10




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QUADRIGA SUPERFUND, L.P.  SERIES B
 
 STATEMENTS OF ASSETS AND LIABILITIES
 March 31, 2006 (Unaudited) and December 31, 2005
 March 31, 2006
    
    
    December 31, 2005ASSETSUS Government securities, at fair value
cost $35,100,579 and $36,402,834 as of
March 31, 2006 and December 31, 2005
    
    $
    35,100,579
    
    
    $
    36,402,834Due from brokers
    
    
    676,986
    
    
    
    Unrealized appreciation on open forward contracts
    
    
    837,698
    
    
    
    2,670,563Unrealized appreciation on open swap contracts
    
    
    28,637
    
    
    
    Futures contracts purchased
    
    
    2,877,514
    
    
    
    1,969,503Futures contracts sold
    
    
    1,408,204
    
    
    
    296,889Cash
    
    
    64,440
    
    
    
    269,034Total assets
    
    
    40,994,058
    
    
    
    41,608,823LIABILITIESUnrealized depreciation on open forward contracts
    
    
    744,617
    
    
    
    1,150,034Unrealized deprecation on open swap contracts
    
    
    
    
    
    
    11,333Advance subscriptions
    
    
    
    
    
    
    165,780Due to broker
    
    
    
    
    
    
    264,413Fees payable
    
    
    234,789
    
    
    
    233,434Total liabilities
    
    
    979,406
    
    
    
    1,824,994NET ASSETS
    
    $
    40,014,652
    
    
    $
    39,783,829Number of Units
    
    
    23,717.375
    
    
    
    26,145.940Net asset value per Unit
    
    $
    1,687.15
    
    
    $
    1,521.61
  11




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
 
 CONDENSED SCHEDULE OF INVESTMENTS
 March 31, 2006 (Unaudited)
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due June 1, 2006
(cost $35,100,579), securities are held in margin
accounts as collateral for open futures and forwards
    
    $
    35,350,000
    
    
    
    87.7
    %
    
    $
    35,100,579Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrencies
    
    
    
    
    
    
    0.4
    
    
    
    174,698Metals
    
    
    
    
    
    
    1.7
    
    
    
    663,000Total unrealized appreciation on forward
contracts
    
    
    
    
    
    
    2.1
    
    
    
    837,698Unrealized depreciation on forward contractsCurrencies
    
    
    
    
    
    
    (1.3
    )
    
    
    (527,105
    )Metals
    
    
    
    
    
    
    (0.6
    )
    
    
    (217,512
    )Total unrealized depreciation on forward
contracts
    
    
    
    
    
    
    (1.9
    )
    
    
    (744,617
    )Total forward contracts, at fair value
    
    
    
    
    
    
    0.2
    
    
    
    93,081Swap contracts, at fair valueUnrealized appreciation on swap contracts
05/26/06 Live Cattle Swap **
    
    
    
    
    
    
    0.1
    
    
    
    28,637Total swap contracts, at fair value
    
    
    
    
    
    
    0.1
    
    
    
    28,637Futures contracts, at fair valueFutures contracts purchasedCurrency
    
    
    
    
    
    
    0.6
    
    
    
    233,650Energy
    
    
    
    
    
    
    0.6
    
    
    
    242,895Financial
    
    
    
    
    
    
    0.2
    
    
    
    67,644Food & Fiber
    
    
    
    
    
    
    (0.1
    )
    
    
    (54,003
    )Indices
    
    
    
    
    
    
    1.3
    
    
    
    521,618Metals
    
    
    
    
    
    
    4.6
    
    
    
    1,865,710Total futures contracts purchased
    
    
    
    
    
    
    7.2
    
    
    
    2,877,514Futures contracts soldCurrency
    
    
    
    
    
    
    1.1
    
    
    
    442,948Energy
    
    
    
    
    
    
    (0.4
    )
    
    
    (166,420
    )Financial
    
    
    
    
    
    
    2.6
    
    
    
    1,057,659Food & Fiber
    
    
    
    
    
    
    0.0
    *%
    
    $
    (8,713
    )
 12




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##### Table of Contents



Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueIndices
    
    
    
    
    
    
    0.1
    %
    
    $
    30,910Livestock
    
    
    
    
    
    
    0.1
    
    
    
    51,820Total futures contracts sold
    
    
    
    
    
    
    3.5
    
    
    
    1,408,204Total futures contracts, at fair value
    
    
    
    
    
    
    10.7
    
    
    
    4,285,718Futures and forward contracts by country compositionCanada
    
    
    
    
    
    
    0.2
    
    
    
    76,720Japan
    
    
    
    
    
    
    0.8
    
    
    
    307,063United States
    
    
    
    
    
    
    6.0
    
    
    
    2,409,807Other
    
    
    
    
    
    
    4.0
    
    
    
    1,613,846Total futures and forward contracts by country
    
    
    
    
    
    
    11.0
    %
    
    $
    4,407,436
 
 *
    
    Due to rounding**
    
    Valued daily off the underlying commoditys future price  13




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
 
 CONDENSED SCHEDULE OF INVESTMENTS
 December 31, 2005
 Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due June 1, 2006
(cost $36,402,834), securities are held in margin
accounts as collateral for open futures and forwards
    
    $
    37,050,000
    
    
    
    91.5
    %
    
    $
    36,402,834Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrencies
    
    
    
    
    
    
    0.8
    
    
    
    324,702Metals
    
    
    
    
    
    
    5.9
    
    
    
    2,345,861Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    6.7
    
    
    
    2,670,563Unrealized depreciation on forward contractsCurrencies
    
    
    
    
    
    
    (2.9
    )
    
    
    (1,150,034
    )Total unrealized depreciation on
forward contracts
    
    
    
    
    
    
    (2.9
    )
    
    
    (1,150,034
    )Total forward contracts, at fair value
    
    
    
    
    
    
    3.8
    
    
    
    1,520,529Swap contracts, at fair valueUnrealized depreciation on swap contracts
02/24/06 Wheat Swap **
    
    
    
    
    
    
    0.0
    *
    
    
    (11,333
    )Total swap contracts, at fair value
    
    
    
    
    
    
    0.0
    
    
    
    (11,333
    )Futures contracts, at fair valueFutures contracts purchasedCurrency
    
    
    
    
    
    
    0.0
    *
    
    
    (4,049
    )Energy
    
    
    
    
    
    
    0.5
    
    
    
    207,908Financial
    
    
    
    
    
    
    (0.1
    )
    
    
    (40,816
    )Food & Fiber
    
    
    
    
    
    
    2.8
    
    
    
    1,115,630Indices
    
    
    
    
    
    
    1.2
    
    
    
    456,060Livestock
    
    
    
    
    
    
    0.0
    *
    
    
    10,210Metals
    
    
    
    
    
    
    0.6
    
    
    
    224,560Total futures contracts purchased
    
    
    
    
    
    
    5.0
    
    
    
    2,226,392Futures contracts soldCurrency
    
    
    
    
    
    
    1.0
    
    
    
    410,006Energy
    
    
    
    
    
    
    (0.4
    )
    
    
    (162,868
    )Financial
    
    
    
    
    
    
    0.1
    
    
    
    49,751Total futures contracts sold
    
    
    
    
    
    
    0.7
    
    
    
    296,889Total futures contracts, at fair value
    
    
    
    
    
    
    5.7
    %
    
    $
    1,969,503
 14




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Percentage ofFace Value
    
    
    Net Assets
    
    
    Fair ValueFutures and forward contracts by country compositionJapan
    
    
    
    
    
    
    0.9
    %
    
    $
    360,181United Kingdom
    
    
    
    
    
    
    0.2
    
    
    
    95,363United States
    
    
    
    
    
    
    8.1
    
    
    
    3,202,581Other
    
    
    
    
    
    
    0.3
    
    
    
    117,463Total futures and forward contracts by country
    
    
    
    
    
    
    9.5
    %
    
    $
    3,775,588
 
 *
    
    Due to rounding**
    
    Valued daily off the underlying commoditys future price  15




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
 
 STATEMENTS OF OPERATIONS
 (Unaudited)
 Three Months EndedMarch 31,2006
    
    
    2005Investment income,interest
    
    $
    412,029
    
    
    $
    214,765ExpensesManagement fee
    
    
    187,263
    
    
    
    180,070Organization and offering expenses
    
    
    101,223
    
    
    
    97,336Operating expenses
    
    
    15,184
    
    
    
    14,600Selling commission
    
    
    404,894
    
    
    
    389,341Incentive fee
    
    
    
    
    
    
    Brokerage commissions
    
    
    436,158
    
    
    
    516,752Other
    
    
    1,792
    
    
    
    607Total expenses
    
    
    1,146,514
    
    
    
    1,198,706Net investment loss
    
    
    (734,485
    )
    
    
    (983,941
    )Realized and unrealized gain
(loss) on investmentsNet realized gain (loss) on futures
and forward contracts
    
    
    4,163,272
    
    
    
    (1,801,145
    )Net change in unrealized appreciation on
futures and forward contracts
    
    
    631,848
    
    
    
    1,266,469Net gain (loss) on investments
    
    
    4,795,120
    
    
    
    (534,676
    )Net increase (decrease) in net assets from
operations
    
    $
    4,060,635
    
    
    $
    (1,518,617
    )
  16




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
 
 STATEMENTS OF CHANGES IN NET ASSETS
 For the Three Months Ended March 31,
 (Unaudited)
 2006
    
    
    2005Decrease in net assets from operationsNet investment loss
    
    
    (734,485
    )
    
    
    (983,941
    )Net realized gain (loss) on futures and forward contracts
    
    
    4,163,272
    
    
    
    (1,801,145
    )Net change in unrealized appreciation on futures and forward
contracts
    
    
    631,848
    
    
    
    1,266,469Net increase (decrease) in net assets from operations
    
    
    4,060,635
    
    
    
    (1,518,617
    )Capital share transactionsIssuance of Units
    
    
    402,322
    
    
    
    3,779,746Redemption of Units
    
    
    (4,232,134
    )
    
    
    (2,095,775
    )Net increase (decrease) in net assets from capital share transactions
    
    
    (3,829,812
    )
    
    
    1,683,971Net increase in net assets
    
    
    230,823
    
    
    
    165,354Net assets,beginning of period
    
    
    39,783,829
    
    
    
    42,474,364Net assets,end of period
    
    $
    40,014,652
    
    
    $
    42,639,718Units,beginning of period
    
    
    26,145.940
    
    
    
    24,547.544Issuance of Units
    
    
    252.286
    
    
    
    2,368.980Redemption of Units
    
    
    (2,680.851
    )
    
    
    (1,284.544
    )Units,end of period
    
    
    23,717.375
    
    
    
    25,631.980
  17




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QUADRIGA SUPERFUND, L.P.  SERIES B
 
 STATEMENTS OF CASH FLOWS
 For the Three Months Ended March 31,
 (Unaudited)
 2006
    
    
    2005Cash flows from operating activitiesNet increase (decrease) in net assets from operations
    
    $
    4,060,635
    
    
    $
    (1,518,617
    )Adjustments to reconcile net increase (decrease) in net assets
to net cash provided by (used in) operating activities:Changes in operating assets and liabilities:US Government securities
    
    
    1,302,255
    
    
    
    (2,432,764
    )Due from/to brokers
    
    
    (676,986
    )
    
    
    2,355,595Unrealized appreciation on open forward contracts
    
    
    1,832,865
    
    
    
    1,669,686Unrealized appreciation on open swap contracts
    
    
    (28,637
    )
    
    
    Futures contracts purchased
    
    
    (908,011
    )
    
    
    (3,963,447
    )Unrealized depreciation on open forward contracts
    
    
    (405,417
    )
    
    
    1,723,317Unrealized depreciation on open swap contracts
    
    
    (11,333
    )
    
    
    Due to brokers
    
    
    (264,413
    )
    
    
    Futures contracts sold
    
    
    (1,111,315
    )
    
    
    (696,025
    )Fees payable
    
    
    1,355
    
    
    
    (123,864
    )Net cash provided by (used) in operating activities
    
    
    3,790,998
    
    
    
    (2,986,119
    )Cash flows from financing activitiesSubscriptions, net of change in advance subscriptions
    
    
    236,542
    
    
    
    4,372,943Redemptions, net of redemption payable
    
    
    (4,232,134
    )
    
    
    (1,972,776
    )Net cash provided by (used in) financing activities
    
    
    (3,995,592
    )
    
    
    2,400,167Net decrease in cash
    
    
    (204,594
    )
    
    
    (585,952
    )Cash, beginning of period
    
    
    269,034
    
    
    
    1,826,691Cash, end of period
    
    $
    64,440
    
    
    
    1,240,739Supplemental disclosure of noncash financing activities:2005 contributions received in 2004
    
    
    
    
    
    $
    1,288,6302006 contributions received in 2005
    
    $
    165,780
  18




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QUADRIGA
SUPERFUND, L.P.  SERIES A AND B
 1. Nature of operations
 Organization and Business
   2. Basis of presentation and significant accounting policies
 Basis of Presentation
  Valuation of Investments in Futures and Forward Contracts
   Translation of Foreign Currency
   19




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Investment Transactions and Related Investment Income
  Income Taxes
  Use of Estimates
  3. Due from/to brokers
   4. Allocation of net profits and losses
   5. Related party transactions
   20




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6. Financial highlights
  Series A
    
    Series BTotal return before incentive fees
    
    
    7.6
    %
    
    
    10.9
    %Incentive fees
    
    
    0.0
    
    
    
    0.0Total return after incentive fees
    
    
    7.6
    %
    
    
    10.9
    %Ratio to average partners capitalOperating expenses before incentive fees
    
    
    2.6
    %
    
    
    2.9
    %Incentive fees
    
    
    0.0
    
    
    
    0.0Total expenses
    
    
    2.6
    %
    
    
    2.9
    %Net investment loss before incentive fee
    
    
    (1.6
    )%
    
    
    (1.8
    )%Net asset value per unit, beginning of period
    
    $
    1,328.33
    
    
    $
    1,521.61Net investment loss
    
    
    (21.33
    )
    
    
    (30.97
    )Net gain (loss) on investments
    
    
    121.89
    
    
    
    196.51Net asset value per unit, end of period
    
    $
    1,428.89
    
    
    $
    1,687.15
  7. Financial instrument risk
    21




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8. Subscriptions and redemptions
   22




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ITEM 2.
    
    MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
          Three Months ended March 31, 2006
     23




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Three Months ended March 31, 2005:
     24




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25




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26




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Sector
    
    Market Risk (USD)
    
    % of total capitalization (net assets)Stock Indices
    
    $
    1,385,138
    
    
    
    2.13
    %Financial Futures
    
    $
    1,711,262
    
    
    
    2.63
    %Currencies
    
    $
    4,644,735
    
    
    
    7.13
    %Agricultural Products
    
    $
    558,980
    
    
    
    0.86
    %Energy
    
    $
    1,499,620
    
    
    
    2.30
    %Metals
    
    $
    1,692,071
    
    
    
    2.60
    %Total
    
    $
    11,491,806
    
    
    
    17.65
    %
 27




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Sector
    
    Market Risk (USD)
    
    % of total capitalization (net assets)Stock Indices
    
    $
    1,735,272
    
    
    
    4.34
    %Financial Futures
    
    $
    1,444,436
    
    
    
    3.61
    %Currencies
    
    $
    3,922,176
    
    
    
    9.80
    %Agricultural Products
    
    $
    447,524
    
    
    
    1.12
    %Energy
    
    $
    1,266,437
    
    
    
    3.16
    %Metals
    
    $
    1,429,084
    
    
    
    3.57
    %Total
    
    $
    10,244,929
    
    
    
    25.60
    %
   % of Average
    
    
    Highest Value at
    
    
    Lowest Value atSector
    
    Average Value at Risk
    
    
    Capitalization
    
    
    Risk
    
    
    RiskStock Indices
    
    $
    1,512,822
    
    
    
    3.44
    %
    
    $
    1,740,734
    
    
    $
    1,351,175Financial Futures
    
    $
    1,359,303
    
    
    
    3.09
    %
    
    $
    1,897,505
    
    
    $
    875,596Currencies
    
    $
    3,598,614
    
    
    
    8.17
    %
    
    $
    5,907,756
    
    
    $
    1,449,098Agricultural
    
    $
    341,744
    
    
    
    0.78
    %
    
    $
    598,717
    
    
    $
    58,044Energy
    
    $
    921,229
    
    
    
    2.09
    %
    
    $
    1,324,149
    
    
    $
    657,974Metals
    
    $
    1,387,497
    
    
    
    3.15
    %
    
    $
    2,033,095
    
    
    $
    772,069Total
    
    $
    9,121,210
    
    
    
    20.72
    %
   % of Average
    
    
    Highest Value at
    
    
    Lowest Value atSector
    
    Average Value at Risk
    
    
    Capitalization
    
    
    Risk
    
    
    RiskStock Indices
    
    $
    2,153,127
    
    
    
    5.25
    %
    
    $
    3,084,741
    
    
    $
    1,432,917Financial Futures
    
    $
    2,022,611
    
    
    
    4.94
    %
    
    $
    3,415,011
    
    
    $
    809,391Currencies
    
    $
    5,035,201
    
    
    
    12.29
    %
    
    $
    8,458,329
    
    
    $
    2,622,864Agricultural
    
    $
    405,771
    
    
    
    0.99
    %
    
    $
    555,843
    
    
    $
    10,262Energy
    
    $
    1,323,122
    
    
    
    3.23
    %
    
    $
    2,358,725
    
    
    $
    366,394Metals
    
    $
    2,003,699
    
    
    
    4.89
    %
    
    $
    3,654,036
    
    
    $
    716,965Total
    
    $
    12,943,531
    
    
    
    31.59
    %
    28




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29




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30




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31




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Month Ended
    
    Units Redeemed
    
    NAV per Unit ($)January 31, 2006
    
    
    1,211.82
    
    
    
    1328.33February 28, 2006
    
    
    624.60
    
    
    
    1419.62March 31, 2006
    
    
    698.53
    
    
    
    1367.682,534.95
  Month Ended
    
    Units Redeemed
    
    NAV per Unit ($)January 31, 2006
    
    
    1,186.36
    
    
    
    1,521.61February 28, 2006
    
    
    670.77
    
    
    
    1,669.55March 31, 2006
    
    
    823.72
    
    
    
    1,586.922,680.85
         32




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31.1
    
    Rule 12(a)-14(a)/15(d)-14(a) Certification of Chief Executive Officer31.2
    
    Rule 12(a)-14(a)/15(d)-14(a) Certification of Chief Financial Officer32.1
    
    Section 1350 Certification of Chief Executive Officer32.2
    
    Section 1350 Certification of Chief Financial Officer
 33




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QUADRIGA SUPERFUND, L.P.(Registrant)By: Superfund Capital Management, Inc.
General PartnerBy:
    
    /s/ Christian BahaChristian BahaPresident and Chief Executive OfficerBy:
    
    /s/ Konrad KoenigswieserKonrad KoenigswieserSecretary and Chief Financial Officer
 34




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##### Table of Contents



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