##### Table of Contents



SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-K
 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE
SECURITIES EXCHANGE ACT OF 1934
 For the Fiscal Year Ended December 31, 2005
 Commission File Number
000-51634
 OR
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to
 QUADRIGA SUPERFUND, L.P.
  DELAWARE
    
    98-0375395(State or other jurisdiction of
incorporation or organization)
    
    (IRS Employer Identification Number)
 
    UNITS OF LIMITED PARTNERSHIP INTEREST
   o þ
  o þ
  þ o
 o
  o o þ
  o þ




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TABLE OF CONTENTS  PART IITEM 1. BUSINESSITEM 1A. RISK FACTORSITEM 2. PROPERTIESITEM 3. LEGAL PROCEEDINGSITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERSITEM 5. MARKET FOR REGISTRANTS COMMON EQUITY AND RELATED STOCKHOLDER MATTERSITEM 6. SELECTED FINANCIAL DATAITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATAITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSUREITEM 9A. CONTROLS AND PROCEDURESITEM 9B. OTHER INFORMATIONPART IIITEM 10. DIRECTORS AND OFFICERS OF THE REGISTRANTITEM 11. EXECUTIVE COMPENSATIONITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENTITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONSITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICESPART IVITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULESSIGNATURESEXHIBIT INDEXCertificationCertificationCertificationCertification    Table of Contents  
  
        2




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3




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Possible Total Loss of an Investment in each Series
  Each Series Will be Highly Leveraged
  4




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Illiquidity of an Investment
  Market Illiquidity
  Forward Transactions are Not Regulated and are Subject to Credit Risk
  Non-Correlated, Not Negatively Correlated, Performance Objective
  Foreign Currency Trading
  5




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Superfund Capital Management Analyzes Only Technical Market Data, Not Any Economic Factors External
to Market Prices
  Speculative Position Limits May Alter Trading Decisions for Each Series
  Increase in Assets Under Management May Affect Trading Decisions
  Each Series Trading is Not Transparent
  6




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Investors are Taxed Based on Their Share of Profits in Each Series
  Tax Could be Due From Investors on Their Share of Each Series Ordinary Income Despite Overall
Losses
  Deductibility of Management and Performance Fees
   Fees and Commissions are Charged Regardless of Profitability and are Subject to Change
  Failure of Brokerage Firms; Disciplinary History of Clearing Brokers
  7




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Investors Must Not Rely on Past Performance of Superfund Capital Management in Deciding Whether
to Buy Units
  Conflicts of Interest
  Lack of Independent Experts Representing Investors
  Reliance on Superfund Capital Management
  Possibility of Termination of Each Series Before Expiration of its Stated Term
  8




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Each Series is Not a Regulated Investment Company
  Proposed Regulatory Change is Impossible to Predict
  Forwards, Swaps, Hybrids and Other Derivatives are Not Subject to CFTC Regulation
  Options on Futures are Speculative and Highly Leveraged
  Each Series Will Trade Extensively in Foreign Markets
  9




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Restrictions on Transferability
  A
Single-Advisor Fund May Be More Volatile Than a Multi-Advisor
Fund
  Money Committed to Margin
  
   
   10




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11




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Series A:Month
    
    Units Redeemed
    
    
    Net Asset Value per Unit ($)October 31, 2005
    
    
    970.80
    
    
    
    1,224.10November 30, 2005
    
    
    439.25
    
    
    
    1,332.00December 31, 2005
    
    
    1,211.82
    
    
    
    1,328.33Total
    
    
    2,621.87
 Series B:Month
    
    Units Redeemed
    
    
    NAV per Unit ($)October 31, 2005
    
    
    572.55
    
    
    
    1,350.34November 30, 2005
    
    
    536.98
    
    
    
    1,525.00December 31, 2005
    
    
    1,186.35
    
    
    
    1,521.61Total
    
    
    2,295.88
 
    SERIES A
    
    SERIES BIncome Statement DataInvestment income:Interest income
    
    $
    1,165,809
    
    
    $
    1,092,688Expenses:Total expenses:
    
    $
    4,549,689
    
    
    $
    4,820,581Net investment losses
    
    $
    (3,383,880
    )
    
    $
    (3,727,893
    )Realized and unrealized gain:Net realized gain (loss) on futures and forward contracts
    
    $
    (648,158
    )
    
    $
    (2,166,857
    )Net change in unrealized appreciation on futures and
forward contracts
    
    $
    1,984,418
    
    
    $
    761,341Net increase
(decrease) in net assets from operations
    
    $
    (2,047,620
    )
    
    $
    (5,133,409
    )Net increase (decrease) in net assets from operations per
Unit
    
    $
    (138.34
    )
    
    $
    (208.68
    )Balance Sheet DataTotal assets:
    
    $
    62,077,377
    
    
    $
    41,608,823Total liabilities:
    
    $
    2,655,329
    
    
    $
    1,824,994Net assets:
    
    $
    59,422,048
    
    
    $
    39,783,829Net asset value per Unit
    
    $
    1,328.33
    
    
    $
    1,521.61
 12




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##### Table of Contents



SERIES A
    
    SERIES BIncome Statement DataInvestment income:Interest income
    
    $
    291,745
    
    
    $
    376,469Expenses:Total expenses:
    
    $
    3,313,656
    
    
    $
    5,236,419Net investment losses
    
    $
    (3,021,911
    )
    
    $
    (4,859,950
    )Realized and unrealized gain:Net realized gain on futures and forward contracts
    
    $
    5,753,291
    
    
    $
    10,178,977Net change in unrealized appreciation on futures
and forward contracts
    
    $
    174,704
    
    
    $
    259,633Net increase
in net assets from operations
    
    $
    2,906,084
    
    
    $
    5,578,660Net increase in net assets from operations per Unit
    
    $
    149.44
    
    
    $
    249.10Balance Sheet DataTotal assets:
    
    $
    32,841,020
    
    
    $
    44,988,922Total liabilities:
    
    $
    1,072,751
    
    
    $
    2,514,558Net assets:
    
    $
    31,768,269
    
    
    $
    42,474,364Net asset value per Unit
    
    $
    1,466.67
    
    
    $
    1,730.29
  SERIES A
    
    SERIES BIncome Statement DataInvestment income:Interest income
    
    $
    73,045
    
    
    $
    99,890Expenses:Total expenses:
    
    $
    1,298,917
    
    
    $
    2,158,764Net investment losses
    
    $
    (1,225,872
    )
    
    $
    (2,058,874
    )Realized and unrealized gain:Net realized gain on futures and forward contracts
    
    $
    1,867,602
    
    
    $
    3,065,723Net change in unrealized appreciation on futures
and forward contracts
    
    $
    1,472,256
    
    
    $
    2,562,594Net increase
in net assets from operations
    
    $
    2,113,986
    
    
    $
    3,569,443Net increase in net assets from operations per Unit
    
    $
    221.61
    
    
    $
    321.42Balance Sheet DataTotal assets:
    
    $
    18,117,295
    
    
    $
    24,654,331Total liabilities:
    
    $
    1,972,506
    
    
    $
    2,517,560Net assets:
    
    $
    16,144,789
    
    
    $
    22,136,771Net asset value per Unit
    
    $
    1,317.23
    
    
    $
    1,481.19
 13




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SERIES A
    
    SERIES BIncome Statement DataInvestment income:Interest income
    
    $
    1,100
    
    
    $
    1,543Expenses:Total expenses:
    
    $
    49,137
    
    
    $
    132,114Net investment losses
    
    $
    (48,037
    )
    
    $
    (130,571
    )Realized and unrealized gain:Net realized gain on futures and forward contracts
    
    $
    88,636
    
    
    $
    273,596Net change in unrealized appreciation on futures
and forward contracts
    
    $
    68,338
    
    
    $
    192,020Net increase
(decrease) in net assets from operations
    
    $
    108,937
    
    
    $
    335,045Net increase in net assets from operations per Unit
    
    $
    95.62
    
    
    $
    159.77Balance Sheet DataTotal assets:
    
    $
    2,232,474
    
    
    $
    3,283,459Total liabilities:
    
    $
    1,016,039
    
    
    $
    1,086,478Net assets:
    
    $
    1,216,435
    
    
    $
    2,196,981Net asset value per Unit
    
    $
    1,095.62
    
    
    $
    1,159.77
         14




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Fund results for 4th Quarter 2005
   15




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Fund results for 3rd Quarter 2005
     Fund results for 2nd Quarter 2005:
  16




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Fund results for 1st Quarter 2005:
        17




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Fund results for 4th Quarter 2004:
     Fund results for 3rd Quarter 2004:
   18




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Fund results for 2nd Quarter 2004:
     Fund results for 1st Quarter 2004:
   19




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Fund results for 4th Quarter 2003:
   20




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Fund results for 3rd Quarter 2003:
     Fund results for 2nd Quarter 2003:
  21




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Fund results for 1st Quarter 2003:
     22




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23




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24




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25




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% of Average
    
    
    Highest Value
    
    
    LowestSector
    
    Average Value at Risk
    
    
    Capitalization
    
    
    at Risk
    
    
    Value at 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
    
    $
    341,743
    
    
    
    0.78
    %
    
    $
    598,716
    
    
    $
    58,044Energy
    
    $
    921,229
    
    
    
    2.09
    %
    
    $
    1,324,149
    
    
    $
    657,974Metals
    
    $
    1,387,497
    
    
    
    3.15
    %
    
    $
    2,033,095
    
    
    $
    772,069Total
    
    $
    9,121,209
    
    
    
    20.71
    %
   % of Average
    
    
    Highest Value
    
    
    LowestSector
    
    Average Value at Risk
    
    
    Capitalization
    
    
    at Risk
    
    
    Value at RiskStock Indices
    
    $
    2,153,126
    
    
    
    5.25
    %
    
    $
    3,084,741
    
    
    $
    1,432,917Financial Futures
    
    $
    2,022,611
    
    
    
    4.94
    %
    
    $
    3,415,011
    
    
    $
    809,391Currencies
    
    $
    5,035,200
    
    
    
    12.29
    %
    
    $
    8,458,329
    
    
    $
    2,622,864Agricultural
    
    $
    405,770
    
    
    
    0.99
    %
    
    $
    555,842
    
    
    $
    10,262Energy
    
    $
    1,323,1210
    
    
    
    3.23
    %
    
    $
    2,358,725
    
    
    $
    366,394Metals
    
    $
    2,003,698
    
    
    
    4.89
    %
    
    $
    3,654,036
    
    
    $
    716,965Total
    
    $
    12,943,529
    
    
    
    31.58
    %
   % of Average
    
    
    Highest Value
    
    
    LowestSector
    
    Average Value at Risk
    
    
    Capitalization
    
    
    at Risk
    
    
    Value at RiskStock Indices
    
    $
    1,371,450
    
    
    
    5.39
    %
    
    $
    2,658,322
    
    
    $
    176,729Financial Futures
    
    $
    1,406,897
    
    
    
    5.53
    %
    
    $
    1,768,283
    
    
    $
    791,724Currencies
    
    $
    1,549,118
    
    
    
    6.09
    %
    
    $
    3,164,535
    
    
    $
    662,248Agricultural
    
    $
    267,273
    
    
    
    1.05
    %
    
    $
    359,234
    
    
    $
    187,541Energy
    
    $
    1,773,274
    
    
    
    6.98
    %
    
    $
    2,764,845
    
    
    $
    0Metals
    
    $
    1,339,843
    
    
    
    5.27
    %
    
    $
    2,475,673
    
    
    $
    360,926Total
    
    $
    7,707,855
    
    
    
    30.32
    %
 26




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% of Average
    
    
    Highest Value
    
    
    LowestSector
    
    Average Value at Risk
    
    
    Capitalization
    
    
    at Risk
    
    
    Value at RiskStock Indices
    
    $
    2,546,133
    
    
    
    7.46
    %
    
    $
    4,989,526
    
    
    $
    357,973Financial Futures
    
    $
    2,277,801
    
    
    
    6.67
    %
    
    $
    3,290,875
    
    
    $
    1,127,784Currencies
    
    $
    2,956,946
    
    
    
    8.66
    %
    
    $
    5,955,673
    
    
    $
    1,201,149Agricultural
    
    $
    499,193
    
    
    
    1.46
    %
    
    $
    668,748
    
    
    $
    328,846Energy
    
    $
    3,384,892
    
    
    
    9.92
    %
    
    $
    5,589,047
    
    
    $
    0Metals
    
    $
    2,548,395
    
    
    
    7.47
    %
    
    $
    4,956,335
    
    
    $
    729,929Total
    
    $
    14,213,360
    
    
    
    41.64
    %
        27




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29




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1st Qtr 2005
    
    2nd Qtr 2005
    
    3rd Qtr 2005
    
    4th Qtr 2005Interest Income
    
    $
    168,028
    
    
    $
    196,075
    
    
    $
    320,899
    
    
    $
    480,807Net Realized and
Unrealized Gains(Losses) on
Investments
    
    $
    (14,940
    )
    
    $
    (2,537,002
    )
    
    $
    2,818,902
    
    
    $
    1,069,300Total Expenses
    
    $
    909,898
    
    
    $
    861,290
    
    
    $
    1,375,003
    
    
    $
    1,403,498Net Increase
(Decrease) in Net
Assets from
Operations
    
    $
    (756,810
    )
    
    $
    (3,202,217
    )
    
    $
    1,764,798
    
    
    $
    146,609Net Increase
(Decrease) in Net
Assets from
Operations per Unit
    
    $
    (38.39
    )
    
    $
    (140.11
    )
    
    $
    41.29
    
    
    $
    (1.13
    )
 1st Qtr 2004
    
    2nd Qtr 2004
    
    3rd Qtr 2004
    
    4th Qtr 2004Interest Income
    
    $
    42,018
    
    
    $
    60,734
    
    
    $
    79,511
    
    
    $
    109,482Net Realized and
Unrealized Gains(Losses) on
Investments
    
    $
    3,434,265
    
    
    $
    (4,293,466
    )
    
    $
    1,321,605
    
    
    $
    5,465,591Total Expenses
    
    $
    1,207,374
    
    
    $
    601,963
    
    
    $
    689,629
    
    
    $
    814,690Net Increase
(Decrease) in Net
Assets from
Operations
    
    $
    2,268,909
    
    
    $
    (4,834,695
    )
    
    $
    711,487
    
    
    $
    4,760,383Net Increase
(Decrease) in Net
Assets from
Operations per Unit
    
    $
    171.2
    
    
    $
    (278.41
    )
    
    $
    32.94
    
    
    $
    223.71
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1st Qtr 2005
    
    2nd Qtr 2005
    
    3rd Qtr 2005
    
    4th Qtr 2005Interest Income
    
    $
    214,765
    
    
    $
    254,037
    
    
    $
    297,409
    
    
    $
    326,477Net Realized and
Unrealized Gains(Losses) on
Investments
    
    $
    (534,676
    )
    
    $
    (4,813,347
    )
    
    $
    3,038,791
    
    
    $
    903,716Total Expenses
    
    $
    1,198,706
    
    
    $
    1,239,387
    
    
    $
    1,301,670
    
    
    $
    1,080,818Net Increase
(Decrease) in Net
Assets from
Operations
    
    $
    (1,518,617
    )
    
    $
    (5,798,697
    )
    
    $
    2,034,530
    
    
    $
    149,375Net Increase
(Decrease) in Net
Assets from
Operations per Unit
    
    $
    (66.75
    )
    
    $
    (224.36
    )
    
    $
    74.21
    
    
    $
    8.22
 1st Qtr 2004
    
    2nd Qtr 2004
    
    3rd Qtr 2004
    
    4th Qtr 2004Interest Income
    
    $
    58,125
    
    
    $
    76,892
    
    
    $
    98,700
    
    
    $
    142,752Net Realized and
Unrealized Gains(Losses) on
Investments
    
    $
    6,681,568
    
    
    $
    (8,356,273
    )
    
    $
    2,233,922
    
    
    $
    9,879,393Total Expenses
    
    $
    2,063,737
    
    
    $
    924,696
    
    
    $
    1,018,793
    
    
    $
    1,229,191Net Increase
(Decrease) in Net
Assets from
Operations
    
    $
    4,675,956
    
    
    $
    (9,204,077
    )
    
    $
    1,313,829
    
    
    $
    8,792,952Net Increase
(Decrease) in Net
Assets from
Operations per Unit
    
    $
    290.17
    
    
    $
    (451.55
    )
    
    $
    52.76
    
    
    $
    357.72
  31




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ITEM 9.
    
    CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
   
 ITEM 9A.
    
    CONTROLS AND PROCEDURES
   
   
  
 ITEM 10.
    
    DIRECTORS AND OFFICERS OF THE REGISTRANT
   32




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ITEM 11.
    
    EXECUTIVE COMPENSATION
  
 ITEM 12.
    
    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
     
 ITEM 13.
    
    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
  
 ITEM 14.
    
    PRINCIPAL ACCOUNTANT FEES AND SERVICES
    35




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ITEM 15.
    
    EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
 (a)
    
    The Following documents are filed as part of this report:
 (1)
    
    Financial Statements beginning on page 38 hereof.(2)
    
    Financial Statement Schedules:
  (3)
    
    Exhibits as required by Item 601 of Regulation S-K
  36




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Exhibit Number
    
    Description of Document31.1
    
    Certification of Principal Executive Officer Pursuant to Section 302 of
the Sarbanes-Oxley Act of 200231.2
    
    Certification of Principal Financial Officer Pursuant to Section 302 of
the Sarbanes-Oxley Act of 200232.1
    
    Certification of Principal Executive Officer Pursuant to Section 906 of
the Sarbanes-Oxley Act of 200232.2
    
    Certification of Principal Financial Officer Pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002
  3.01
    
    Form of First Amended and Restated Limited Partnership Agreement of
Quadriga Superfund, L.P. (included as Exhibit A to the Prospectus).10.02
    
    Form of Subscription Agreement and Power of Attorney.
  10.01(g)
    
    Form of Administration, Accounting and Investor Services Agreement.
  3.02
    
    Certificate of Limited Partnership10.01(b)
    
    Form of ADM Investor Services, Inc. Customer Agreement between each Series and
ADM Investor Services, Inc.10.01(c)
    
    Form of FIMAT USA, Inc. Customer Agreement between each Series and FIMAT USA,
Inc.10.01(d)
    
    Form of Man Financial Inc. Customer Agreement between each Series and Man
Financial Inc.10.01(e)
    
    Forms of Bear Stearns Forex Inc. and Bear, Stearns Securities Corp. Customer
Agreements between each Series and Bear Stearns Forex Inc. and Bear, Stearns
Securities Corp.10.01(f)
    
    Form of Barclays Capital Inc. Customer Agreement between each Series and
Barclays Capital Inc.10.03(a)
    
    Form of Escrow Agreement between Series A and HSBC Bank USA.10.03(b)
    
    Form of Escrow Agreement between Series B and HSBC Bank USA.
 37




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.
 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
    
 38




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QUADRIGA SUPERFUND, L.P.  SERIES A AND SERIES B
 INDEPENDENT AUDITORS REPORT
 
     
 39




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A
 2005
    
    2004ASSETSUS
Government securities, at fair value,
cost $53,351,488 and $25,593,575 as of
December 31, 2005 and December 31, 2004
    
    $
    53,351,488
    
    
    $
    25,638,997Due from brokers
    
    
    2,705,847
    
    
    
    4,165,004Unrealized appreciation on open forward contracts
    
    
    2,733,570
    
    
    
    1,801,065Futures contracts purchased
    
    
    2,110,992
    
    
    
    294,377Futures contracts sold
    
    
    286,562
    
    
    
    30,355Cash
    
    
    888,918
    
    
    
    911,222Total assets
    
    
    62,077,377
    
    
    
    32,841,020LIABILITIESUnrealized depreciation on open forward contracts
    
    
    1,237,784
    
    
    
    410,499Unrealized depreciation on open swap contracts
    
    
    193,624
    
    
    
    Advance subscriptions
    
    
    866,893
    
    
    
    475,850Fees payable
    
    
    357,028
    
    
    
    186,402Total liabilities
    
    
    2,655,329
    
    
    
    1,072,751NET ASSETS
    
    $
    59,422,048
    
    
    $
    31,768,269Number of
units
    
    
    44,734.441
    
    
    
    21,660.138Net assets
value per unit
    
    $
    1,328.33
    
    
    $
    1,466.67
  40




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A
 Percentage of
    
    Market orFace 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, at fair valueFutures 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 purchase
    
    
    
    
    
    
    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
    
    
    $
    2,397,554Futures, swap and forward contracts by country compositionJapan
    
    
    
    
    
    
    0.3
    
    
    $
    174,154United Kingdom
    
    
    
    
    
    
    0.2
    
    
    
    102,468United States
    
    
    
    
    
    
    5.2
    
    
    
    3,108,970Other
    
    
    
    
    
    
    0.5
    
    
    
    314,124Total futures, swap and forward contracts by country
    
    
    
    
    
    
    6.2
    
    
    $
    3,699,716
 
 *
    
    Due to rounding**
    
    Valued daily off the underlying commoditys futures price  41




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A
 Percentage of
    
    
    Market orFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due June 2, 2005
(cost $25,593,575), securities are held in margin
accounts as collateral for open futures and forwards
    
    $
    25,900,000
    
    
    
    80.7
    %
    
    $
    25,638,997Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrencies
    
    
    
    
    
    
    1.9
    %
    
    $
    617,030Metals
    
    
    
    
    
    
    3.7
    
    
    
    1,184,035Total unrealized appreciation on forward contracts
    
    
    
    
    
    
    5.6
    
    
    
    1,801,065Unrealized depreciation on forward contractsCurrencies
    
    
    
    
    
    
    (0.5
    )
    
    
    (147,157
    )Metals
    
    
    
    
    
    
    (0.8
    )
    
    
    (263,342
    )Total unrealized depreciation on forward contracts
    
    
    
    
    
    
    (1.3
    )
    
    
    (410,499
    )Total forward contracts, at fair value
    
    
    
    
    
    
    4.3
    %
    
    $
    1,390,566Futures contracts, at fair valueFutures Contracts PurchasedFinancial
    
    
    
    
    
    
    0.3
    
    
    $
    93,025Food & Fiber
    
    
    
    
    
    
    0.0
    *
    
    
    (627
    )Grains
    
    
    
    
    
    
    0.2
    
    
    
    60,185Indices
    
    
    
    
    
    
    1.8
    
    
    
    559,742Livestock
    
    
    
    
    
    
    0.1
    
    
    
    17,540Metals
    
    
    
    
    
    
    (1.4
    )
    
    
    (435,488
    )Total futures contracts purchase
    
    
    
    
    
    
    1.0
    
    
    
    294,377Futures Contracts SoldFinancial
    
    
    
    
    
    
    0.0
    *
    
    
    (8,703
    )Grains
    
    
    
    
    
    
    0.0
    *
    
    
    45,432Indices
    
    
    
    
    
    
    0.1
    
    
    
    34,500Wood & Rubber
    
    
    
    
    
    
    (0.1
    )
    
    
    (40,874
    )Total futures contracts sold
    
    
    
    
    
    
    0.0
    
    
    
    30,355Total futures contracts, at fair value
    
    
    
    
    
    
    1.0
    %
    
    $
    324,732Futures and forward contracts by country compositionCanada
    
    
    
    
    
    
    0.5
    %
    
    $
    158,626Japan
    
    
    
    
    
    
    0.6
    
    
    
    195,919United Kingdom
    
    
    
    
    
    
    3.7
    
    
    
    1,176,366United States
    
    
    
    
    
    
    0.2
    
    
    
    82,147Other
    
    
    
    
    
    
    0.3
    
    
    
    102,240Total futures and forward contracts by country
    
    
    
    
    
    
    5.3
    %
    
    $
    1,715,298
 
 *
    
    Due to rounding  42




---



##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A
 2005
    
    
    2004
    
    
    2003Investment income, interest
    
    $
    1,165,809
    
    
    $
    291,745
    
    
    $
    73,045Expenses:Management fee
    
    
    759,356
    
    
    
    451,601
    
    
    
    166,849Organization and offering expenses
    
    
    410,462
    
    
    
    244,109
    
    
    
    90,189Operating expenses
    
    
    61,569
    
    
    
    36,616
    
    
    
    13,528Selling commission
    
    
    1,641,851
    
    
    
    976,433
    
    
    
    360,755Incentive fee
    
    
    
    
    
    
    651,950
    
    
    
    226,783Brokerage commissions
    
    
    1,669,455
    
    
    
    907,482
    
    
    
    420,816Other
    
    
    6,996
    
    
    
    45,465
    
    
    
    19,997Total expenses
    
    
    4,549,689
    
    
    
    3,313,656
    
    
    
    1,298,917Net investment loss
    
    
    (3,383,880
    )
    
    
    (3,021,911
    )
    
    
    (1,225,872
    )Realized and unrealized gain (loss) on investments:Net realized gain
(loss) on futures and forward
contracts
    
    
    (648,158
    )
    
    
    5,753,291
    
    
    
    1,867,602Net change in
unrealized appreciation on
futures and forward contracts
    
    
    1,984,418
    
    
    
    174,704
    
    
    
    1,472,256Net gain on investments
    
    
    1,336,260
    
    
    
    5,927,995
    
    
    
    3,339,858Net
increase (decrease)
in net assets from
operations
    
    $
    (2,047,620
    )
    
    $
    2,906,084
    
    
    $
    2,113,986
  43




---



##### Table of Contents



QUADRIGA SUPERFUND, L.P.-SERIES A
 2005
    
    
    2004
    
    
    2003Decrease in net assets from operations:Net investment loss
    
    $
    (3,383,880
    )
    
    $
    (3,021,911
    )
    
    $
    (1,225,872
    )Net realized gain (loss)
on futures and forward
contracts
    
    
    (648,158
    )
    
    
    5,753,291
    
    
    
    1,867,602Net change in unrealized
appreciation on futures
and forward contracts
    
    
    1,984,418
    
    
    
    174,704
    
    
    
    1,472,256Net increase (decrease) in net assets from
operations
    
    
    (2,047,620
    )
    
    
    2,906,084
    
    
    
    2,113,986Capital share transactionsIssuance of shares
    
    
    35,807,158
    
    
    
    15,308,393
    
    
    
    13,267,146Redemption of shares
    
    
    (6,105,759
    )
    
    
    (2,590,997
    )
    
    
    (452,778
    )Net increase in net assets from capital
share transactions
    
    
    29,701,399
    
    
    
    12,717,396
    
    
    
    12,814,368Net increase in net assets
    
    
    27,653,779
    
    
    
    15,623,480
    
    
    
    14,928,354Net assets, beginning of period
    
    
    31,768,269
    
    
    
    16,144,789
    
    
    
    1,216,435Net assets, end of period
    
    $
    59,422,048
    
    
    $
    31,768,269
    
    
    $
    16,144,789Units, beginning of period
    
    
    21,660.138
    
    
    
    12,256.648
    
    
    
    1,110.275Issuance of
units
    
    
    27,740.454
    
    
    
    11,395.938
    
    
    
    11,558.690Redemption
of units
    
    
    (4,666.151
    )
    
    
    (1,992.448
    )
    
    
    (412.317
    )Units, end of period
    
    
    44,734.441
    
    
    
    21,660.138
    
    
    
    12,256.648
  44




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.-SERIES A
 2005
    
    
    2004
    
    
    2003Cash flows from operating activitiesNet increase in net assets from operations
    
    $
    (2,047,620
    )
    
    $
    2,906,084
    
    
    
    2,113,986Adjustments to reconcile net increase (decrease) in
net assets to net cash used in operating activities:Changes in operating assets and liabilities:US
Government securities*
    
    
    (27,712,491
    )
    
    
    (11,889,389
    )
    
    
    (12,804,510
    )Due from brokers
    
    
    1,459,157
    
    
    
    (3,175,358
    )
    
    
    (173,239
    )Unrealized appreciation on open forward
contracts
    
    
    (932,505
    )
    
    
    (604,216
    )
    
    
    (1,195,863
    )Futures contracts purchased
    
    
    (1,816,615
    )
    
    
    289,269
    
    
    
    (503,759
    )Unrealized depreciation on open forward
contracts
    
    
    827,285
    
    
    
    179,193
    
    
    
    223,662Unrealized depreciation on open swap
contracts
    
    
    193,624
    
    
    
    
    
    
    
    Due to brokers
    
    
    
    
    
    
    (532,552
    )
    
    
    532,552Futures contracts sold
    
    
    (256,207
    )
    
    
    (38,950
    )
    
    
    3,704Fees payable
    
    
    170,626
    
    
    
    91,671
    
    
    
    51,437Net cash used in operating activities
    
    
    (30,114,746
    )
    
    
    (12,774,248
    )
    
    
    (11,752,030
    )Cash flows from financing activitiesSubscriptions, net of change in
advance subscriptions
    
    
    36,198,201
    
    
    
    14,686,961
    
    
    
    13,391,683Redemptions, net of redemption
payable
    
    
    (6,105,759
    )
    
    
    (2,599,037
    )
    
    
    (444,738
    )Net cash provided by financing activities
    
    
    30,092,442
    
    
    
    12,087,924
    
    
    
    12,946,945Net increase (decrease) in cash
    
    
    (22,304
    )
    
    
    (686,324
    )
    
    
    1,194,915Cash, beginning of period
    
    
    911,222
    
    
    
    1,597,546
    
    
    
    402,631Cash, end of period
    
    $
    888,918
    
    
    $
    911,222
    
    
    $
    1,597,546Supplemental disclosure of non-cash financing
activities2003 subscriptions received in 2002
    
    
    
    
    
    
    
    
    
    $
    972,7452004 subscriptions received in 2003
    
    
    
    
    
    $
    1,097,2822005 subscriptions received in 2004
    
    $
    475,850Redemption payable
    
    
    
    
    
    
    
    
    
    $
    8,040
   45




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
 2005
    
    
    2004ASSETSUS
Government securities, at fair value,
cost $36,402,834 and $32,907,267 as of
December, 2005 and December 31, 2004
    
    $
    36,402,834
    
    
    $
    32,964,488Due from brokers
    
    
    
    
    
    
    6,206,789Unrealized appreciation on open forward contracts
    
    
    2,670,563
    
    
    
    3,433,661Futures contracts purchased
    
    
    1,969,503
    
    
    
    503,878Futures contracts sold
    
    
    296,889
    
    
    
    53,415Cash
    
    
    269,034
    
    
    
    1,826,691Total assets
    
    
    41,608,823
    
    
    
    44,988,922LIABILITIESUnrealized depreciation on open forward contracts
    
    
    1,150,034
    
    
    
    976,707Unrealized depreciation on open swap contracts
    
    
    11,333
    
    
    
    Advance subscriptions
    
    
    165,780
    
    
    
    1,288,630Due to broker
    
    
    264,413
    
    
    
    Fees payable
    
    
    233,434
    
    
    
    249,221Total liabilities
    
    
    1,824,994
    
    
    
    2,514,558NET ASSETS
    
    $
    39,783,829
    
    
    $
    42,474,364Number of
units
    
    
    26,145.940
    
    
    
    24,547.544Net assets
value per unit
    
    $
    1,521.61
    
    
    $
    1,730.29
  46




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
 Percentage of
    
    
    Market orFace 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
    %
    
    $
    1,969,503Futures 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
    %
    
    $
    2,266,392Futures 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**
    
    Swap contracts are valued daily off the underlying commodities
futures price.  47




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
 Percentage of
    
    
    Market orFace Value
    
    
    Net Assets
    
    
    Fair ValueDebt Securities United States, at fair valueUnited States Treasury Bills due June 2, 2005
(cost $32,907,267), securities are held in margin
accounts as collateral for open futures and
forwards
    
    $
    33,300,000
    
    
    
    77.6
    %
    
    $
    32,964,488Forward contracts, at fair valueUnrealized appreciation on forward contractsCurrencies
    
    
    
    
    
    
    2.7
    %
    
    $
    1,160,542Metals
    
    
    
    
    
    
    5.4
    
    
    
    2,273,119Total unrealized appreciation on
forward contracts
    
    
    
    
    
    
    8.1
    
    
    
    3,433,661Unrealized depreciation on forward contractsCurrencies
    
    
    
    
    
    
    (0.7
    )
    
    
    (277,021
    )Metals
    
    
    
    
    
    
    (1.6
    )
    
    
    (699,686
    )Total unrealized depreciation on
forward contracts
    
    
    
    
    
    
    (2.3
    )
    
    
    (976,707
    )Total forward contracts, at fair value
    
    
    
    
    
    
    5.8
    %
    
    $
    2,456,954Futures contracts, at fair valueFutures contracts purchasedFinancial
    
    
    
    
    
    
    0.3
    %
    
    $
    136,558Food & Fiber
    
    
    
    
    
    
    0.0
    *
    
    
    (1,143
    )Grains
    
    
    
    
    
    
    0.2
    
    
    
    109,485Indices
    
    
    
    
    
    
    2.5
    
    
    
    1,051,088Livestock
    
    
    
    
    
    
    0.0
    *
    
    
    30,900Metals
    
    
    
    
    
    
    (1.9
    )
    
    
    (823,010
    )Total futures contracts purchased
    
    
    
    
    
    
    1.1
    
    
    
    503,878Futures contracts soldFinancial
    
    
    
    
    
    
    0.0
    *
    
    
    (16,281
    )Grains
    
    
    
    
    
    
    0.2
    
    
    
    80,231Indices
    
    
    
    
    
    
    0.2
    
    
    
    64,500Wood & Rubber
    
    
    
    
    
    
    (0.2
    )
    
    
    (75,035
    )Total futures contracts sold
    
    
    
    
    
    
    0.2
    
    
    
    53,415Total futures contracts, at fair value
    
    
    
    
    
    
    1.3
    %
    
    $
    557,293Futures and forward contracts by country compositionCanada
    
    
    
    
    
    
    0.7
    %
    
    $
    291,605Japan
    
    
    
    
    
    
    0.8
    
    
    
    360,659United Kingdom
    
    
    
    
    
    
    4.8
    
    
    
    2,026,818United States
    
    
    
    
    
    
    0.4
    
    
    
    155,681Other
    
    
    
    
    
    
    0.4
    
    
    
    179,484Total futures and forward contracts by country
    
    
    
    
    
    
    7.1
    %
    
    $
    3,014,247
 
 *
    
    Due to rounding  48




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
 2005
    
    
    2004
    
    
    2003Investment income, interest
    
    $
    1,092,688
    
    
    $
    376,469
    
    
    $
    99,890Expenses:Management fee
    
    
    727,205
    
    
    
    606,117
    
    
    
    235,286Organization and offering expenses
    
    
    393,084
    
    
    
    327,631
    
    
    
    127,182Operating expenses
    
    
    58,962
    
    
    
    49,145
    
    
    
    19,077Selling commission
    
    
    1,572,336
    
    
    
    1,310,521
    
    
    
    508,727Incentive fee
    
    
    
    
    
    
    1,158,857
    
    
    
    486,682Brokerage commissions
    
    
    2,062,396
    
    
    
    1,702,193
    
    
    
    769,895Other
    
    
    6,598
    
    
    
    81,955
    
    
    
    11,915Total expenses
    
    
    4,820,581
    
    
    
    5,236,419
    
    
    
    2,158,764Net investment loss
    
    
    (3,727,893
    )
    
    
    (4,859,950
    )
    
    
    (2,058,874
    )Realized and unrealized gain (loss) on investments:Net realized
gain (loss)
on futures
and forward
contracts
    
    
    (2,166,857
    )
    
    
    10,178,977
    
    
    
    3,065,723Net change
in unrealized
appreciation
on futures
and forward
contracts
    
    
    761,341
    
    
    
    259,633
    
    
    
    2,562,594Net gain (loss) on investments
    
    
    (1,405,516
    )
    
    
    10,438,610
    
    
    
    5,628,317Net increase (decrease) in
net assets from operations
    
    $
    (5,133,409
    )
    
    $
    5,578,660
    
    
    $
    3,569,443
  49




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
 2005
    
    
    2004
    
    
    2003Decrease in net assets from
operations:Net investment loss
    
    $
    (3,727,893
    )
    
    $
    (4,859,950
    )
    
    $
    (2,058,874
    )Net realized gain
(loss) on futures
and forward
contracts
    
    
    (2,166,857
    )
    
    
    10,178,977
    
    
    
    3,065,723Net change in
unrealized
appreciation on
futures and
forward contracts
    
    
    761,341
    
    
    
    259,633
    
    
    
    2,562,594Net increase
(decrease) in net
assets from
operations
    
    
    (5,133,409
    )
    
    
    5,578,660
    
    
    
    3,569,443Capital share transactions:Issuance of shares
    
    
    10,407,653
    
    
    
    18,893,934
    
    
    
    17,715,452Redemption of shares
    
    
    (7,964,779
    )
    
    
    (4,135,001
    )
    
    
    (1,345,105
    )Net increase in
net assets from
capital share
transactions
    
    
    2,442,874
    
    
    
    14,758,933
    
    
    
    16,370,347Net increase
(decrease) in net
assets
    
    
    (2,690,535
    )
    
    
    20,337,593
    
    
    
    19,939,790Net assets, beginning of period
    
    
    42,474,364
    
    
    
    22,136,771
    
    
    
    2,196,981Net assets, end of period
    
    $
    39,783,829
    
    
    $
    42,474,364
    
    
    $
    22,136,771Units, beginning of period
    
    
    24,547.544
    
    
    
    14,945.226
    
    
    
    1,894.331Issuance of units
    
    
    6,884.857
    
    
    
    12,425.604
    
    
    
    14,228.020Redemption of units
    
    
    (5,286.461
    )
    
    
    (2,823.286
    )
    
    
    (1,177.125
    )Units, end of period
    
    
    26,145.940
    
    
    
    24,547.544
    
    
    
    14,945.226
  50




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES B
 2005
    
    
    2004
    
    
    2003Cash flows from operating activitiesNet increase (decrease) in net assets from operations
    
    $
    (5,133,409
    )
    
    $
    5,578,660
    
    
    $
    3,569,443Adjustments 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*
    
    
    (3,438,346
    )
    
    
    (15,559,325
    )
    
    
    (15,862,966
    )Due from brokers
    
    
    6,206,789
    
    
    
    (3,019,412
    )
    
    
    (2,034,815
    )Unrealized appreciation on open forward
contracts
    
    
    763,098
    
    
    
    (1,257,062
    )
    
    
    (2,169,037
    )Futures contracts purchased
    
    
    (1,465,625
    )
    
    
    526,404
    
    
    
    (806,997
    )Unrealized depreciation on open forward
contracts
    
    
    173,327
    
    
    
    539,838
    
    
    
    411,015Unrealized depreciation on open swap
contracts
    
    
    11,333
    
    
    
    
    
    
    
    Due to brokers
    
    
    264,413
    
    
    
    (1,006,857
    )
    
    
    1,006,857Futures contracts sold
    
    
    (243,474
    )
    
    
    (68,813
    )
    
    
    2,425Fees payable
    
    
    (15,787
    )
    
    
    119,332
    
    
    
    5,179Net cash used in operating activities
    
    
    (2,877,681
    )
    
    
    (14,147,235
    )
    
    
    (15,878,896
    )Cash flows from financing activitiesSubscriptions, net of change in
advance subscriptions
    
    
    9,284,803
    
    
    
    19,262,169
    
    
    
    17,674,079Redemptions, net of redemption
payable
    
    
    (7,964,779
    )
    
    
    (4,143,153
    )
    
    
    (1,336,953
    )Net cash provided by financing activities
    
    
    1,320,024
    
    
    
    15,119,016
    
    
    
    16,337,126Net increase (decrease) in cash
    
    
    (1,557,657
    )
    
    
    971,781
    
    
    
    458,230Cash, beginning of period
    
    
    1,826,691
    
    
    
    854,910
    
    
    
    396,680Cash, end of period
    
    $
    269,034
    
    
    $
    1,826,691
    
    
    $
    854,910Supplemental disclosure of non-cash
financing activities2003 subscriptions received in 2002
    
    
    
    
    
    
    
    
    
    $
    91,7682004 subscriptions received in 2003
    
    
    
    
    
    $
    920,3952005 subscriptions received in 2004
    
    $
    1,288,630Redemption payable
    
    
    
    
    
    
    
    
    
    $
    8,152
   51




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##### Table of Contents



QUADRIGA SUPERFUND, L.P.  SERIES A AND SERIES B
  (1)
    
    Nature of Operations
 Organization and Business
   (2)
    
    Significant Accounting Policies
 (a)
    
    Valuation of Investments in Futures and Forward Contracts
   (b)
    
    Translation of Foreign Currency
   52




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##### Table of Contents



(c)
    
    Investment Transactions and Related Investment Income
  (d)
    
    Income Taxes
  (e)
    
    Use of Estimates
  (3)
    
    Due from/to Brokers
   (4)
    
    Allocation of Net Profits and Losses
   (5)
    
    Related Party Transactions
  53




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##### Table of Contents



(6)
    
    Financial Highlights
  Series A
    
    
    Series BTotal return
    
    
    (9.4
    )%
    
    
    (12.1
    )%Ratio to average partners capitalOperating expenses
    
    
    11.2
    %
    
    
    12.3
    %Incentive fees
    
    
    0.0
    
    
    
    0.0Total expenses
    
    
    11.2
    %
    
    
    12.3
    %Net investment income (loss)
    
    
    (8.3
    )%
    
    
    (9.5
    )%Net asset value per unit, beginning of period
    
    $
    1,466.67
    
    
    $
    1,730.29Net
investment loss
    
    
    (228.62
    )
    
    
    (151.54
    )Net
gain (loss) on investments
    
    
    90.28
    
    
    
    (57.14
    )Net asset value per unit, end of period
    
    $
    1,328.33
    
    
    $
    1,521.61
  SERIES A
    
    
    SERIES BTotal return:Total return before incentive fees
    
    
    13.6
    %
    
    
    20.0
    %Incentive fees
    
    
    (2.3
    )
    
    
    (3.2
    )Total return after incentive fees
    
    
    11.3
    %
    
    
    16.8
    %Ratio to average partners capital:Operating expenses before incentive fees
    
    
    10.8
    %
    
    
    12.4
    %Incentive fees
    
    
    2.7
    
    
    
    3.6Total expenses
    
    
    13.5
    %
    
    
    16.0
    %Net investment loss
    
    
    12.3
    %
    
    
    14.8
    %Net assets value per unit, beginning of period
    
    $
    1,317.23
    
    
    
    1,481.19Net investment income
    
    
    (179.76
    )
    
    
    (244.77
    )Net gain on investments
    
    
    329.20
    
    
    
    493.87Net asset value per unit, end of period
    
    $
    1,466.67
    
    
    
    1,730.29
 54




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##### Table of Contents



SERIES A
    
    
    SERIES BTotal return:Total return before incentive fees
    
    
    21.9
    %
    
    
    30.5
    %Incentive fees
    
    
    (1.7
    )
    
    
    (2.8
    )Total return after incentive fees
    
    
    20.2
    %
    
    
    27.7
    %Ratio to average partners capital:Operating expenses before incentive fees
    
    
    11.5
    %
    
    
    12.8
    %Incentive fees
    
    
    2.4
    
    
    
    3.7
 SERIES A
    
    
    SERIES BTotal expenses
    
    
    13.9
    %
    
    
    16.5
    %Net investment income (loss)
    
    
    (10.7.
    )%
    
    
    (12.0
    )%Net assets value per unit, beginning of period
    
    $
    1,095.62
    
    
    
    1,159.77Net investment income
    
    
    440.31
    
    
    
    617.90Net gain on
investments
    
    
    (218.70
    )
    
    
    (296.48
    )Net asset value per unit, end of period
    
    $
    1,317.23
    
    
    
    1,481.19
  (7)
    
    Financial Instrument Risk
     55




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##### Table of Contents



(8)
    
    Subscriptions and Redemptions
   56




---



##### Table of Contents



QUADRIGA SUPERFUND, L.P.(Registrant)By:
    
    SUPERFUND CAPITAL MANAGEMENT, INC.General PartnerBy:
    
    /s/ Christian BahaChristian BahaPresident and Chief Executive Officer
  Title withSignature
    
    Superfund Capital Management
    
    Date/s/ Christian Baha

Christian Baha
    
    Chief Executive Officer and Director
(Principal Executive Officer)
    
    March 31, 2006/s/ Konrad Koenigswieser

Konrad Koenigswieser
    
    Vice President and Corporate Secretary
(Principal Financial Officer)
    
    March 31, 2006/s/ Roman Gregorig

Roman Gregorig
    
    Director and Audit Committee Financial Expert
(Principal Accounting Officer)
    
    March 31, 2006
  
  By:
    /s/ Christian BahaChristian BahaChief Executive Officer 57




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##### Table of Contents



Exhibit Number
    
    Description of Document31.1
    
    Certification of Principal Executive Officer Pursuant to Section 302 of
the Sarbanes-Oxley Act of 200231.2
    
    Certification of Principal Financial Officer Pursuant to Section 302 of
the Sarbanes-Oxley Act of 200232.1
    
    Certification of Principal Executive Officer Pursuant to Section 906 of
the Sarbanes-Oxley Act of 200232.2
    
    Certification of Principal Financial Officer Pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002
  3.01
    
    Form of First Amended and Restated Limited Partnership Agreement of
Quadriga Superfund, L.P. (included as Exhibit A to the Prospectus).10.02
    
    Form of Subscription Agreement and Power of Attorney.
  10.01(g)
    
    Form of Administration, Accounting and Investor Services Agreement.
  3.02
    
    Certificate of Limited Partnership10.01(b)
    
    Form of ADM Investor Services, Inc. Customer Agreement between each Series and
ADM Investor Services, Inc.10.01(c)
    
    Form of FIMAT USA, Inc. Customer Agreement between each Series and FIMAT USA,
Inc.10.01(d)
    
    Form of Man Financial Inc. Customer Agreement between each Series and Man
Financial Inc.10.01(e)
    
    Forms of Bear Stearns Forex Inc. and Bear, Stearns Securities Corp. Customer
Agreements between each Series and Bear Stearns Forex Inc. and Bear, Stearns
Securities Corp.10.01(f)
    
    Form of Barclays Capital Inc. Customer Agreement between each Series and
Barclays Capital Inc.10.03(a)
    
    Form of Escrow Agreement between Series A and HSBC Bank USA.10.03(b)
    
    Form of Escrow Agreement between Series B and HSBC Bank USA.
 58