Superfund Green 10-Q 2007 Q1 Quarterly report

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period endedMarch 31, 2007

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.

(Exact name of registrant as specified in charter)

Delaware	98-0375395
(State)	(IRS Employer Identification No.)
Ottway Building 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 (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yesþ Noo

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer or a non-accelerated filer (as defined in Rule 12b-2 of the Exchange Act). See definition of “accelerated and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one)

Large Accelerated Filero     Accelerated Filero     Non-Accelerated Filerþ

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yeso Noþ

PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

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

	Page
Financial Statements (unaudited)
Statements of Assets and Liabilities as of March 31, 2007 and December 31, 2006		3
Condensed Schedule of Investments as of March 31, 2007		4
Condensed Schedule of Investments as of December 31, 2006		5
Statements of Operations for the three months ended March 31, 2007 and March 31, 2006		6
Statements of Changes in Net Assets for the three months ended March 31, 2007 and March 31, 2006		7
Statements of Cash Flows for the three months ended March 31, 2007 and March 31, 2006		8
Certification
Certification
Certification
Certification

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

	Page
Financial Statements (unaudited)
Statements of Assets and Liabilities as of March 31, 2007 and December 31, 2006		9
Condensed Schedule of Investments as of March 31, 2007		10
Condensed Schedule of Investments as of December 31, 2006		12
Statements of Operations for the three months ended March 31, 2007 and March 31, 2006		13
Statements of Changes in Net Assets for the three months ended March 31, 2007 and March 31, 2006		14
Statements of Cash Flows for the nine months ended March 31, 2007 and March 31, 2006		15
Notes to Series A and Series B Unaudited Financial Statements Dated March 31, 2007		16-20

2

QUADRIGA SUPERFUND, L.P. — SERIES A

STATEMENTS OF ASSETS AND LIABILITIES
March 31, 2007 (Unaudited) and December 31, 2006

	March 31, 2007		December 31, 2006
ASSETS
US Government securities, at fair value (amortized cost $55,573,151 and $57,832,344 as of March 31, 2007 and December 31, 2006, respectively)	$	55,573,151	$	57,832,344
Due from brokers		1,488,141		9,952,214
Unrealized appreciation on open forward contracts		1,841,866		1,556,257
Futures contracts purchased		428,222		693,920
Cash		704,854		555,433
Total assets		60,036,234		76,552,324
LIABILITIES
Unrealized depreciation on open forward contracts		218,401		977,472
Futures contracts sold		63,504		—
Advance subscriptions		513,500		277,500
Redemptions payable		392,127		2,552,956
Fees payable		345,573		439,235
Total liabilities		1,533,105		4,247,163
NET ASSETS	$	58,503,129	$	72,305,161
Number of Units		47,679.693		48,197.014
Net asset value per Unit	$	1,227.00	$	1,500.20

See accompanying notes to financial statements

3

QUADRIGA SUPERFUND, L.P. — SERIES A

CONDENSED SCHEDULE OF INVESTMENTS

March 31, 2007 (Unaudited)

			Percentage
			of
	Face Value		Net Assets			Fair Value
Debt Securities United States, at fair value
United States Treasury Bills due May 31, 2007 (amortized cost $55,573,151), securities are held in margin accounts as collateral for open futures and forwards	$	56,050,000		95.0	%	$	55,573,151
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currencies				3.0			1,736,266
Metals				0.2			105,600
Total unrealized appreciation on forward contracts				3.2			1,841,866
Unrealized depreciation on forward contracts
Currencies				(0.2	)		(114,317	)
Metals				(0.2	)		(104,084	)
Total unrealized depreciation on forward contracts				(0.4	)		(218,401	)
Total forward contracts, at fair value				2.8			1,623,465
Futures contracts, at fair value
Futures Contracts Purchased
Currencies				0.9			509,757
Food & Fiber				(0.2	)		(124,009	)
Indices				0.0	*		21,760
Metals				0.0	*		20,714
Total futures contracts purchased				0.7			428,222
Futures Contracts Sold
Currencies				0.2			115,240
Energy				(2.2	)		(1,308,990	)
Financial				1.3			794,821
Food & Fiber				0.6			335,425
Total futures contracts sold				(0.1	)		(63,504	)
Total futures contracts, at fair value				0.6			364,718
Futures and forward contracts by country composition
European Monetary Union				1.7			971,650
Japan				0.0	*		16,074
United States				(1.7	)		(976,179	)
Other				3.4			1,976,638
Total futures and forward contracts by country				3.4	%	$	1,988,183

* Due to rounding

See accompanying notes to financial statements

4

QUADRIGA SUPERFUND, L.P. — SERIES A

CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2006

			Percentage
			of
	Face Value		Net Assets			Fair Value
Debt Securities United States, at fair value
United States Treasury Bills due March 1, 2007 (amortized cost $57,832,344), securities are held in margin accounts as collateral for open futures and forwards	$	58,300,000		80.0	%	$	57,832,344
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currencies				1.4			961,041
Metals				0.8			595,216
Total unrealized appreciation on forward contracts				2.2			1,556,257
Unrealized depreciation on forward contracts
Currencies				(0.6			(426,597	)
Metals				(0.8	)		(550,875	)
Total unrealized depreciation on forward contracts				(1.4	)		(977,472	)
Total forward contracts, at fair value				0.8			578,785
Futures contracts, at fair value
Futures Contracts Purchased
Currencies				0.1			35,962
Food & Fiber				(0.1	)		(83,698	)
Indices				1.2			887,282
Metals				(0.2	)		(145,626	)
Total futures contracts purchased				1.0			693,920
Futures Contracts Sold
Currencies				0.2			164,000
Energy				4.6			3,333,225
Financial				3.4			2,464,931
Total futures contracts sold				8.2			5,962,156
Total futures contracts, at fair value				9.2			6,656,076
Futures and forward contracts by country composition
European Monetary Union				2.9			2,107,995
Japan				1.3			911,956
United States				4.2			3,012,867
Other				1.6			1,202,043
Total futures and forward contracts by country				10.0	%	$	7,234,861

See accompanying notes to financial statements

5

QUADRIGA SUPERFUND, L.P. — SERIES A

STATEMENTS OF OPERATIONS
(Unaudited)

	Three Months Ended
	March 31,
	2007			2006
Investment income
Interest income	$	847,926		$	629,632
Other income		972			—
Total income		848,898			629,632
Expenses
Management fee		299,988			292,381
Organization and offering expenses		162,155			158,044
Operating expenses		24,323			23,707
Selling commission		648,622			632,176
Brokerage commissions		470,143			493,426
Other		1,526			1,909
Total expenses		1,606,757			1,601,643
Net investment loss		(757,859	)		(972,011	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts		(7,101,036	)		4,044,526
Net change in unrealized appreciation on futures and forward contracts		(5,246,678	)		1,444,213
Net gain(loss) on investments		(12,347,714	)		5,488,739
Net increase (decrease) in net assets from operations	$	(13,105,573	)	$	4,516,728
Net increase (decrease) in net assets from operations per unit (based upon weighted average number of units outstanding during period)	$	(272.71	)	$	100.98
Net increase (decrease) in net assets from operations per unit (based upon change in net asset value per unit during period)	$	(273.20	)	$	100.56

See accompanying notes to financial statements

6

QUADRIGA SUPERFUND, L.P. — SERIES A

STATEMENTS OF CHANGES IN NET ASSETS
For the Three Months Ended March 31,
(Unaudited)

	2007			2006
Increase (decrease) in net assets from operations
Net investment loss	$	(757,859	)	$	(972,011	)
Net realized gain (loss) on futures and forward contracts		(7,101,036	)		4,044,526
Net change in unrealized appreciation(depreciation) on futures and forward contracts		(5,246,678	)		1,444,213
Net increase (decrease) in net assets from operations		(13,105,573	)		4,516,728
Capital share transactions
Issuance of Units		1,851,810			4,634,293
Redemption of Units		(2,548,269	)		(3,451,690	)
Net increase (decrease) in net assets from capital share transactions		(696,459	)		1,182,603
Net increase (decrease) in net assets		(13,802,032	)		5,699,331
Net assets,beginning of period		72,305,161			59,422,048
Net assets,end of period	$	58,503,129		$	65,121,379
Units,beginning of period		48,197.014			44,734.441
Issuance of Units		1,328.339			3,375.294
Redemption of Units		(1,845.660	)		(2,534.948	)
Units,end of period		47,679.693			45,574.787

See accompanying notes to financial statements

7

QUADRIGA SUPERFUND, L.P. — SERIES A

STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31,
(Unaudited)

	2007			2006
Cash flows from operating activities
Net increase (decrease) in net assets from operations	$	(13,105,573	)	$	4,516,728
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities:
Changes in operating assets and liabilities:
U.S. Government securities		2,259,193			(2,202,611	)
Due from brokers		8,464,073			(1,928,150	)
Unrealized appreciation(depreciation) on open forward contracts		(285,609	)		1,801,437
Futures contracts purchased		265,698			(1,299,783	)
Unrealized depreciation on open forward contracts		(759,070	)		(357,337	)
Unrealized appreciation on open swap contracts		—			(28,050	)
Unrealized depreciation on open swap contracts		—			(193,624	)
Futures contracts sold		6,025,660			(1,366,856	)
Fees payable		(93,662	)		25,075
Net cash provided by (used in) operating activities		2,770,709			(1,033,171	)
Cash flows from financing activities
Subscriptions, net of change in advance subscriptions		2,087,810			3,767,400
Redemptions, net of redemption payable		(4,709,098	)		(3,451,690	)
Net cash provided by (used in) financing activities		(2,621,288	)		315,710
Net increase (decrease) in cash		149,421			(717,461	)
Cash, beginning of period		555,433			888,918
Cash, end of period	$	704,854		$	171,457
Supplemental disclosure of non-cash financing activities
2006 subscriptions received in 2005				$	866,893
2007 subscriptions received in 2006	$	277,500

See accompanying notes to financial statements

8

QUADRIGA SUPERFUND, L.P. — SERIES B

STATEMENTS OF ASSETS AND LIABILITIES
March 31, 2007 (Unaudited) and December 31, 2006

	March 31, 2007		December 31, 2006
ASSETS
US Government securities, at fair value
(amortized cost $23,533,259 and $28,172,293 as of March 31, 2007 and December 31, 2006, respectively)	$	23,533,259	$	28,172,293
Due from brokers		954,612		4,806,227
Unrealized appreciation on open forward contracts		1,197,696		1,059,483
Other receivable		—		88,391
Futures contracts purchased		280,384		470,087
Cash		1,141,016		468,093
Total assets		27,106,967		39,178,905
LIABILITIES
Unrealized depreciation on open forward contracts		150,339		670,242
Futures contracts sold		36,394		4,114,331
Advance subscriptions		937,022		259,808
Redemptions payable		1,477,340		1,594,044
Fees payable		151,569		223,118
Total liabilities		2,752,664		2,747,212
NET ASSETS	$	24,354,303	$	36,431,693
Number of Units		17,955.543		19,995.520
Net asset value per Unit	$	1,356.37	$	1,821.99

See accompanying notes to financial statements.

9

QUADRIGA SUPERFUND, L.P. — SERIES B

CONDENSED SCHEDULE OF INVESTMENTS

March 31, 2007 (Unaudited)

			Percentage of
	Face Value		Net Assets			Fair Value
Debt Securities United States, at fair value
United States Treasury Bills due May 31, 2007 (amortized cost $25,533,259), securities are held in margin accounts as collateral for open futures and forwards	$	23,735,000		96.6	%	$	23,533,259
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currencies				4.7			1,144,896
Metals				0.2			52,800
Total unrealized appreciation on forward contracts				4.9			1,197,696
Unrealized depreciation on forward contracts
Currencies				(0.3	)		(75,173	)
Metals				(0.3	)		(75,166	)
Total unrealized depreciation on forward contracts				(0.6	)		(150,339	)
Total forward contracts, at fair value				4.3			1,039,825
Futures contracts, at fair value
Futures contracts purchased
Currencies				1.4			336,058
Food & Fiber				(0.3	)		(82,346	)
Indices				0.0	*		13,101
Metals				0.0	*		13,571
Total futures contracts purchased				1.1			280,384
Futures contracts sold
Currencies				0.3			76,380
Energy				(3.5	)		(860,670	)
Financial				2.2			526,344
Food & Fiber				0.9			221,553
Total futures contracts sold				(0.1	)		(36,394	)
Total futures contracts, at fair value				1.0			243,990

10

		Percentage of
	Face Value	Net Assets			Fair Value
Futures and forward contracts by country composition
European Monetary Union			2.6	%	$	640,586
Japan			0.0	*		9,610
United States			(2.7	)		(664,259	)
Other			5.4			1,305,410
Total futures and forward contracts by country			5.3	%	$	1,291,347

See accompanying notes to financial statements.

* Due to rounding

11

QUADRIGA SUPERFUND, L.P. — SERIES B

CONDENSED SCHEDULE OF INVESTMENTS

December 31, 2006

			Percentage of
	Face Value		Net Assets			Fair Value
Debt Securities United States, at fair value
United States Treasury Bills due March 1, 2007 (amortized cost $28,172,293), securities are held in margin accounts as collateral for open futures and forwards
	$	28,400,000		77.3	%	$	28,172,293
Forward contracts, at fair value
Unrealized appreciation on forward contracts
Currencies				1.8			659,480
Metals				1.1			400,003
Total unrealized appreciation on forward contracts				2.9			1,059,483
Unrealized depreciation on forward contracts
Currencies				(0.8	)		(294,123	)
Metals				(1.0	)		(376,119	)
Total unrealized depreciation on forward contracts				(1.8	)		(670,242	)
Total forward contracts, at fair value				1.1			389,241
Futures contracts, at fair value
Futures contracts purchased
Currencies				0.1			24,736
Food & Fiber				(0.2	)		(57,797	)
Indices				1.7			603,694
Metals				(0.3	)		(100,546	)
Total futures contracts purchased				1.3			470,087
Futures contracts sold
Currencies				0.3			112,837
Energy				6.3			2,302,839
Financial				4.7			1,698,655
Total futures contracts sold				11.3			4,114,331
Total futures contracts, at fair value				12.6			4,584,418
Futures and forward contracts by country composition
European Monetary Union				4.0			1,452,747
Japan				1.7			624,242
United States				5.7			2,075,380
Other				2.3			821,290
Total futures and forward contracts by country				13.7	%	$	4,973,659

See accompanying notes to financial statements.

12

QUADRIGA SUPERFUND, L.P. — SERIES B

STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended
	March 31,
	2007			2006
Investment income
Interest income	$	400,869		$	412,029
Other income		1,969			—
Total income		402,838			412,029
Expenses
Management fee		140,787			187,263
Organization and offering expenses		76,101			101,223
Operating expenses		11,415			15,184
Selling commission		304,405			404,894
Brokerage commissions		334,750			436,158
Other		939			1,792
Total expenses		868,397			1,146,514
Net investment loss		(465,559	)		(734,485	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on futures and forward contracts		(4,856,753	)		4,163,272
Net change in unrealized appreciation on futures and forward contracts		(3,682,312	)		631,848
Net gain (loss) on investments		(8,539,065	)		4,795,120
Net increase (decrease) in net assets from operations	$	(9,004,624	)	$	4,060,635
Net increase (decrease) in net assets from operations per unit (based upon weighted average number of units outstanding during period)	$	(461.88	)	$	166.14
Net increase (decrease) in net assets from operations per unit (based upon change in net asset value per unit during period)	$	(465.62	)	$	165.54

See accompanying notes to financial statements.

13

QUADRIGA SUPERFUND, L.P. — SERIES B

STATEMENTS OF CHANGES IN NET ASSETS

For the Three Months Ended March 31,

(Unaudited)

	2007			2006
Increase (decrease) in net assets from operations
Net investment loss	$	(465,559	)	$	(734,485	)
Net realized gain (loss) on futures and forward contracts		(4,856,753	)		4,163,272
Net change in unrealized appreciation on futures and forward contracts		(3,682,312	)		631,848
Net increase (decrease) in net assets from operations		(9,004,624	)		4,060,635
Capital share transactions
Issuance of Units		1,051,856			402,322
Redemption of Units		(4,124,622	)		(4,232,134	)
Net decrease in net assets from capital share transactions		(3,072,766	)		(3,829,812	)
Net increase (decrease) in net assets		(12,077,390	)		230,823
Net assets,beginning of period		36,431,693			39,783,829
Net assets,end of period	$	24,354,303		$	40,014,652
Units,beginning of period		19,995.520			26,145.940
Issuance of Units		633.683			252.286
Redemption of Units		(2,673.66	)		(2,680.851	)
Units,end of period		17,955.543			23,717.375

See accompanying notes to financial statements.

14

QUADRIGA SUPERFUND, L.P. — SERIES B

STATEMENTS OF CASH FLOWS

For the Three Months Ended March 31,

(Unaudited)

	2007			2006
Cash flows from operating activities
Net increase (decrease) in net assets from operations	$	(9,004,624	)	$	4,060,635
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities:
Changes in operating assets and liabilities:
U.S. Government securities		4,639,034			1,302,255
Due from brokers		3,851,615			(676,986	)
Other receivable		88,391			—
Unrealized appreciation on open forward contracts		(138,213	)		1,832,865
Unrealized appreciation on open swap contracts		—			(28,637	)
Futures contracts purchased		189,703			(908,011	)
Unrealized depreciation on open forward contracts		(519,903	)		(405,417	)
Unrealized depreciation on open swap contracts		—			(11,333	)
Due to brokers		—			(264,413	)
Futures contracts sold		4,150,725			(1,111,315	)
Fees payable		(71,549	)		1,355
Net cash provided by in operating activities		3,185,179			3,790,998
Cash flows from financing activities
Subscriptions, net of change in advance subscriptions		1,729,070			236,542
Redemptions, net of redemption payable		(4,241,326	)		(4,232,134	)
Net cash used in financing activities		(2,512,256	)		(3,995,592	)
Net increase (decrease) in cash		672,923			(204,594	)
Cash, beginning of period		468,093			269,034
Cash, end of period	$	1,141,016			64,440
Supplemental disclosure of noncash financing activities:
2006 contributions received in 2005				$	165,780
2007 contributions received in 2006	$	259,808

See accompanying notes to financial statements.

15

QUADRIGA SUPERFUND, L.P. – SERIES A AND B
NOTES TO FINANCIAL STATEMENTS
March 31, 2007
(Unaudited)

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

1. Nature of operations

Organization and Business

Quadriga Superfund, L.P., a Delaware Limited Partnership (the ”Fund”), commenced operations on November 5, 2002. The Fund was organized to trade speculatively in the United States of America and international commodity futures markets using a strategy developed by Superfund Capital Management, Inc., the general partner and trading manager of the Fund (“Superfund Capital Management”). The Fund has issued two series of Units of Limited Partnership Interest (“Units”), Series A and Series B. Series A and Series B are traded and managed the same way, with the exception of the degree of leverage.

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

2. Basis of presentation and significant accounting policies

Basis of Presentation

The unaudited financial statements have been prepared in accordance with the rules and regulations of the Securities Exchange Commission (“SEC”) and U.S. generally accepted accounting principles with respect to the Form 10-Q and reflect all adjustments which in the opinion of management are normal and recurring, and which are necessary for a fair statement of the results of interim periods presented. It is suggested that these financial statements be read in conjunction with the financial statements and the related notes included in the Fund’s Annual Report on Form 10-K for the year ended December 31, 2006.

Valuation of Investments in Futures Contracts, Forward Contracts, and U.S. Treasury Bills

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.

Exchange-traded futures contracts are valued at settlement prices published by the recognized exchange. Any spot and forward foreign currency contracts held by the Fund will be valued at published settlement prices or at dealers’ quotes. The Fund uses the amortized cost method for valuing the U.S. Treasury Bills due to the short term nature of such investments; accordingly, the cost of securities plus accreted discount, or minus amortized premium approximates fair value.

Translation of Foreign Currency

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

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

16

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 Superfund Capital Management to make estimates and assumptions that affect the amounts disclosed in the financial statements. Actual results could differ from those estimates.

Recently Issued Accounting Standards

In July 2006, the Financial Accounting Standards Board (“FASB”) issued FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes- an interpretation of FASB Statement No. 109 (“FIN 48”), which clarifies the accounting for uncertainty in tax positions. FIN 48 requires that the Fund recognize in its financial statements, the impact of a tax position, and if that position is more likely than not of being sustained on audit, based on the technical merits of the position. The provisions of FIN 48 are effective for fiscal years beginning after December 15, 2006, with the cumulative effect of the change in accounting principle recorded as an adjustment to opening retained earnings. The Fund adopted FIN 48 effective January 1, 2007. The adoption of FIN 48 did not have a material impact on the Fund’s financial position or results of operations.

In September 2006, the FASB issued SFAS No. 157, Fair Value Measurements, which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The provisions of SFAS No. 157 are effective for fiscal years beginning after November 15, 2007. The Fund is currently evaluating the impact of adopting SFAS No. 157 on its financial statements. At this time, the impact to the Fund’s financial statements has not been determined.

3. Due from/to brokers

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

In the normal course of business, all of the Fund’s marketable securities transactions, money balances and marketable security positions are transacted with brokers. The Fund is subject to credit risk to the extent any broker with whom it conducts business is unable to fulfill contractual obligations on its behalf. Superfund Capital Management 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 Fund’s Third Amended and Restated Limited Partnership Agreement (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 the balance sheet date for subscriptions of the subsequent month and do not participate in the earnings of the Fund until the following month.

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5. Related party transactions

Superfund Capital Management shall be paid a management fee equal to one-twelfth of 1.85% of month end net assets (1.85% per annum) of net assets. Effective September 27, 2006, each Series is charged up to one-twelfth of 1% of month end net assets (1% per annum), not to exceed the amount of actual expenses incurred, for ongoing organization and offering expenses. Any organization and offering costs above 1% of net assets per year will be borne by Superfund Capital Management. Prior to this date, each Series was charged for initial and ongoing organization and offering expenses at a rate of one-twelfth of `1% of month end net assets (1% per annum). The Fund is charged monthly operating expenses equal to one-twelfth of 0.15% of month end net assets (0.15% per annum). In accordance with the Prospectus dated September 27, 2006, included within the Registration Statement on Form S-1 (File No. 333-136804 as subsequently supplemented), Superfund Asset Management, Inc., an entity related to Superfund Capital Management by common ownership, 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. However, the maximum cumulative selling commission per Unit is limited to 10% of the initial public offering price of Units sold pursuant to such Prospectus.

Superfund Capital Management 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 through March 31 are as follows:

	2007						2006
	Series A			Series B			Series A			Series B
Total return before incentive fees*		(18.2	)%		(25.6	)%		7.6	%		10.9	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
Total return after incentive fees*		(18.2	)%		(25.6	)%		7.6	%		10.9	%
Ratios to average net assets **
Operating expenses before incentive fees		9.8	%		11.0	%		10.5	%		11.6	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%
Total expenses		9.8	%		11.0	%		10.5	%		11.6	%
Net investment income (loss)		(4.6	)%		(5.9	)%		(6.4	)%		(7.4	)%
Net asset value per unit, beginning of period	$1,500.20			$	1,821.99		$	1,328.33		$	1,521.61
Net investment loss		(15.76	)		(23.73	)		(21.33	)		(30.97	)
Net gain (loss) in investments		(257.44	)		(441.89	)		121.89			196.51
Net asset value per unit, end of period	$	1,227.00		$	1,356.37		$	1,428.89		$	1,687.15

*	Not annualized
**	Annualized

Financial highlights are calculated for each series taken as a whole. An individual partner’s return, per unit data, 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. The term “off balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in a future obligation or loss. These financial instruments may include forwards, futures and options, whose values are based upon an underlying asset, index, or reference rate, and generally represent future commitments to exchange currencies or cash flows, to purchase or sell other financial instruments at specific terms at specific future dates, or, in

18

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 counterparty to an OTC contract.

For Series A, gross unrealized gains and losses related to exchange traded futures were $1,878,895 and $1,514,177, respectively, and gross unrealized gains and losses related to non-exchange traded swaps and forwards were $1,841,866 and $218,401, respectively at March 31, 2007.

For Series B, gross unrealized gains and losses related to exchange traded futures were $1,240,237 and $996,247, respectively, and gross unrealized gains and losses related to non-exchange traded swaps and forwards were $1,197,696 and $150,339, respectively at March 31, 2007.

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 or security prices. In entering into these contracts, there exists a market risk that such contracts may be significantly influenced by conditions, such as interest rate volatility, resulting in such contracts being less valuable. If the markets should move against all of the futures interest positions at the same time, and Superfund Capital Management was unable to offset such positions, the Fund could experience substantial losses.

Credit risk is the possibility that a loss may occur due to the failure of a counterparty 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 counterparty to the transactions. The Fund’s risk of loss in the event of counterparty 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, LLC, Bear Stearns Forex Inc. and Bear Stearns Securities Corp., Barclays Capital Inc. and Man Financial Inc.

Superfund Capital Management 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 Superfund Capital Management to statistically analyze actual trading results with risk adjusted performance indicators and correlation statistics. In addition, on-line monitoring systems provide account analysis of futures and forward positions by sector, margin requirements, gain and loss transactions, and collateral positions.

The majority of these instruments mature within one year of March 31, 2007. 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 Superfund Capital Management 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.

A limited partner of a Series may request any or all of his investment in such Series be redeemed by such Series at the net asset value of a Unit within such Series as of the end of the month, subject to a minimum redemption of $1,000 and subject further to such limited partner having an investment in such Series, after giving effect to the requested redemption, at least equal to the minimum initial investment amount of $5,000. Limited partners must transmit a written request of such redemption to Superfund Capital Management not less than ten business days prior to the end of the month (or such shorter period as permitted by Superfund Capital Management) 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

19

or delay in payments due to each Series from clearing brokers, banks or other persons or entities, each Series may in turn delay payment to persons requesting redemption of the proportionate part of the net assets of each Series represented by the sums that are subject of such default or delay.

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

INTRODUCTION

The Fund commenced the offering of its Units 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 quarter ended March 31, 2007, subscriptions totaling $2,903,666 have been accepted and redemptions over the same period totaled $6,672,891.

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

Three Months ended March 31, 2007

Series A:

Net results for the quarter ended March 31, 2007 were a loss of 18.21% in net asset value compared to the preceding quarter. In this period, Series A experienced a net decrease in net assets from operations of $13,105,573. This decrease consisted of interest income of $847,926, other income of $972, trading losses (including commissions) of $12,347,714, and total expenses of $1,605,785. Expenses included $299,988 in management fees, $162,155 in organization and offering expenses, $24,323 in operating expenses, $648,622 in selling commissions, $470,143 in brokerage commissions, and $1,526 in other expenses. At March 31, 2007 and December 31, 2006, the net asset value per Unit of Series A was $1,227.00 and 1,500.20, respectively.

Series B:

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Net results for the quarter ended March 31, 2007 were a loss of 25.56% in net asset value compared to the preceding quarter. In this period, Series B experienced a net decrease in net assets from operations of $9,004,624. This decrease consisted of interest income of $400,869, other income of $1,969, trading losses (including commissions) of $8,539,065, and total expenses of $868,397. Expenses included $140,787 in management fees, $76,101 in organization and offering expenses, $11,415 in operating expenses, $304,405 in selling commissions, $334,750 in brokerage commissions, and $939 in other expenses. At March 31, 2007 and December 31, 2006, the net asset value per Unit of Series B was $1,356.37 and 1,821.99, respectively.

Fund results for 1^st Quarter 2007:

In March, the Fund’s long positions in the Euro, New Zealand Dollar and Brazilian Real experienced major gains which exceeded the losses from short positions in other currency markets, resulting in an overall gain. Corn futures closed 14% lower in March as the high prices of the last six months appear to have offered sufficient incentive for increased plantings. Soybeans finished 3.3% lower in sympathy with these losses in the corn market. Wheat futures continued to trend lower, finishing with a 10.2% loss on timely spring rains in the plains. The Fund experienced losses from its long positions in this sector. Worldwide energy markets continued to trend higher in March, extending the rally that began in January. Short positions in this market sector resulted in a relatively large loss. Other market sectors, relative to the sectors mentioned above, did not reveal significant trends and didn’t have any major influence on this March’s overall negative performance.

In February, world stock market indices trended downward, triggered by a large correction in Chinese stocks and weakness in the U.S. sub-prime mortgage market. Long positions in this market sector resulted in a loss. At the end of February, bond futures markets rallied significantly, reaching two month highs in a flight to quality as global equity markets endured a substantial sell off. Short positions resulted in a loss for this sector. Euribor futures, Eurodollar futures and Sterling futures each rallied in February, resulting in a relatively large loss in this market sector’s short positions. Energy markets moved higher in February amid ongoing geopolitical developments in the Middle East, cold temperatures, and refinery disruptions in the U.S. Short positions resulted in a loss for this sector. Precious and base metals trended upward in February resulting in gains for the Fund’s long positions in this market sector. Other market sectors, relative to the sectors mentioned above, did not reveal significant trends and didn’t have any major influence on this February’s negative performance.

World stock indices moved steadily higher in January on the strength of various economic indicators, resulting in gains for the Fund’s long positions in this market sector. In January, American and European bond futures trended lower for the second consecutive month as employment and inflation figures pointed toward ongoing central bank vigilance. The Fund’s short positions in this sector produced positive results. Three month Eurodollar futures and three month Euribor futures continued their downward trends, resulting in a relatively large gain from short positions in this sector. World energy markets continued to trend lower early in January, but this trend reversed dramatically as natural gas finished sharply higher (+15.9%), crude oil rallied from a 17% deficit to finish 6.9% lower, and heating oil rallied to finish unchanged after trading over 12% lower early in the month. Short positions resulted in relatively large losses for this market sector and contributed significantly to the Fund’s overall loss for January. Other market sectors, relative to the sectors mentioned above, did not reveal significant trends and did not have a major influence on this January’s overall negative performance.

For the first quarter of 2007, the most profitable market sector for the Fund on an overall basis was agriculture, while the highest losses resulted from the Fund’s positions in currencies.

Three Months ended March 31, 2006

Series A:

Net results for the quarter ended March 31, 2006 were a gain of 7.57% in net asset value compared to the preceding quarter. In this quarter, Series A experienced a net increase in net assets from operations of $4,516,728. This net increase in net assets consisted of interest income of $629,632, a net realized and unrealized gain of $5,488,739 from trading operations, and total expenses of $1,601,643. Expenses included $292,381 in management fees, $158,044 in organization and offering expenses, $23,707 in operating expenses, $632,176 in selling commissions, $493,426 in brokerage commissions, and $1,909 in other expenses. At March 31, 2006 and December 31, 2005, the net asset value per Unit of Series A was $1,428.89 and $1,328.33, respectively.

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Series B:

Net results for the quarter ended March 31, 2006 were a gain of 10.88% in net asset value compared to the preceding quarter. In this quarter, Series B experienced a net increase in net assets from operations of $4,060,635. This net increase in net assets consisted of interest income of $412,029, a net realized and unrealized gain of $4,795,120 from trading operations, and total expenses of $1,146,514. Expenses included $187,263 in management fees, $101,223 in organization and offering expenses, $15,184 in operating expenses, $404,894 in selling commissions, $436,158 in brokerage commissions, and $1,792 in other expenses. Series B generally magnifies the performance for Series A during any period, either positive or negative, due to Series B’s leverage of approximately 1.5 times Series A. At March 31, 2006 and December 31, 2005, the net asset value per Unit of Series B was $1,687.15 and $1,521.61, respectively.

Fund results for 1^st Quarter 2006:

World stock markets posted solid gains in March as Asia, led by Japan and Australia, moved to new highs. The Fund’s long strategy in stock indices performed positively. World bond and currency markets declined sharply on inflation concerns as well as a bid by central bankers to remove excess liquidity from financial markets in the face of exceptional economic growth, which resulted in a gain of the Fund’s short positions. The U.S. Dollar remained mixed in March against most major currencies as economic releases had little impact on world currency relationships. The long/short strategy established by the Fund’s trading system produced a negative result for this market. World energy markets posted notable gains in March, reversing their February losses. The Fund held both long and short positions in these markets during the month and experienced overall losses from its positions. Precious and base metals ended their 2 month corrections in March, with most metals surging to multiyear highs, which resulted in a considerable gain to the Fund’s long positions. Other market sectors did not reveal significant trends and did not have any material influence on this March’s positive performance.

Short-term U.S. interest rates continued to trend downward in the month of February as economic data fueled speculation that the Federal Reserve was not done raising interest rates. The Fund’s long/short strategy in the currency market performed positively. U.S. crude, heating oil and unleaded gas reversed their January gains, with decreases of 8.1%, 7.7%, and 16.8% respectively from the close of January to February, which resulted in a considerable loss from the Fund’s long/short positions. By mid-February metals declined sharply. As a result the long strategy established by the Fund’s trading system produced a negative result for this market.

Global stock indices began 2006 right where 2005 left off, with many markets rising to new highs. As a result, the Fund’s long positions in these markets performed positively. Precious and base metals continued to surge higher in January, which resulted in a considerable gain for the Fund’s long positions. Coffee and sugar continued their positive momentum and provided a positive result for the long strategy established by the Fund’s trading system. In the currency market, the Fund’s long/short strategy experienced losses. Other market sectors did not reveal significant trends and therefore had little influence on January’s overall positive performance.

For the first quarter of 2006, the most profitable market sector for the Fund on an overall basis was stock indices, while the highest losses resulted from the Fund’s positions in the energy markets.

OFF-BALANCE SHEET RISK

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

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

22

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.

OFF-BALANCE SHEET ARRANGEMENTS

The Fund does not engage in off-balance sheet arrangements.

CONTRACTUAL OBLIGATIONS

The Fund does not enter into contractual obligations or commercial commitments to make future payments of a type that would be typical for an operating company. The Fund’s sole business is trading futures, currency, forward and certain swap contracts, both long (contracts to buy) and short (contacts to sell). All such contracts are settled by offset, not delivery. Substantially all such contracts are for settlement within four months of the trade date and substantially all such contracts are held by the Fund for less than four months before being offset or rolled over into new contracts with similar maturities. The Financial Statements of Series A and Series B each present a Condensed Schedule of Investments setting forth net unrealized appreciation (depreciation) of such Series’ open futures and other contracts at March 31, 2007 and December 31, 2006.

CRITICAL ACCOUNTING POLICIES – VALUATION OF THE FUND’S POSITIONS

Superfund Capital Management believes that the accounting policies that will be most critical to the Fund’s financial condition and results of operations relate to the valuation of the Fund’s positions. The Fund uses the amortized cost method for valuing U.S. Treasury Bills, accordingly, the cost of securities plus accreted discount, or minus amortized premium, approximates fair value. 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 or swap contracts held by the Fund will also be valued at published daily settlement prices or at dealers’ quotes. Thus, Superfund Capital Management expects that under normal circumstances substantially all of the Fund’s assets will be valued on a daily basis using objective measures.

RECENTLY ISSUED ACCOUNTING STANDARDS

In July 2006, the Financial Accounting Standards Board (“FASB”) issued FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes- an interpretation of FASB Statement No. 109 (“FIN 48”), which clarifies the accounting for uncertainty in tax positions. FIN 48 requires that the Fund recognize in its financial statements, the impact of a tax position, and if that position is more likely than not of being sustained on audit, based on the technical merits of the position. The provisions of FIN 48 are effective for fiscal years beginning after December 15, 2006, with the cumulative effect of the change in accounting principle recorded as an adjustment to opening retained earnings. The Fund adopted FIN 48 effective January 1, 2007. The adoption of FIN 48 did not have a material impact on the Fund’s financial position or results of operations.

In September 2006, the FASB issued SFAS No. 157, Fair Value Measurements, which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The provisions of SFAS No. 157 are effective for fiscal years beginning after November 15, 2007. The Fund is currently evaluating the impact of adopting SFAS No. 157 on its financial statements. At this time, the impact to the Fund’s financial statements has not been determined.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

INTRODUCTION

Past Results Not Necessarily Indicative of Future Performance.

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

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

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

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

Standard of Materiality

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

QUANTIFYING THE FUND’S TRADING VALUE AT RISK

Quantitative Forward-Looking Statements

The following quantitative disclosures regarding the Fund’s market risk exposures contain “forward-looking statements” within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). All quantitative disclosures in this section are deemed to be forward-looking statements for purposes of the safe harbor, except for statements of historical fact (such as the dollar amount of maintenance margin required for market risk sensitive instruments held at the end of the reporting period).

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

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

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

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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 U.S. Dollar-based Fund in expressing Value at Risk in a functional currency other than U.S. Dollars.

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

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

The following tables indicate the trading Value at Risk associated with the Fund’s open positions by market category as of March 31, 2007. All open position trading risk exposures of the Fund have been included in calculating the figures set forth below. As of March 31, 2007, the capitalization of Series A was $58,503,129 and the capitalization of Series B was $24,354,303.

Series A as of March 31, 2007:

	Value at		% of Total
Sector	Risk		Capitalization
Stock Indices	$	1,234,901		2.11	%
Financial Futures		2,402,440		4.11
Currencies		7,340,969		12.55
Agricultural Products		759,080		1.30
Energy		1,097,500		1.88
Metals		255,376		0.43
Total	$	13,090,266		22.38	%

Series B as of March 31, 2007:

	Value		% of Total
Sector	at Risk		Capitalization
Stock Indices	$	1,911,639		7.85	%
Financial Futures		1,590,549		6.53
Currencies		4,812,440		19.76
Agricultural Products		499,965		2.05
Energy		723,000		2.97
Metals		165,618		0.68
Total	$	9,703,211		39.84	%

The following tables indicate average, highest and lowest amount of the trading Value at Risk associated with the Fund’s open positions by market category for the year ended December 31, 2006. All open position trading risk exposures of the Fund have been included in calculating the figures set forth below. During the year ended December 31, 2006, the average capitalization for Series A was $68,320,419 and the average capitalization for Series B was $37,800,868.

Series A as of December 31, 2006

	Average Value		% of Average			Highest		Lowest
Sector	at Risk		Capitalization			Value at Risk		Value at Risk
Stock Indices	$	1,730,170		2.53	%	$	3,900,719	$	381,150
Financial Futures	$	2,138,142		3.13	%	$	3,287,013	$	485,375
Currencies	$	5,285,887		7.74	%	$	7,716,185	$	3,057,659
Agricultural	$	522,898		0.77	%	$	593,242	$	447,350
Energy	$	2,045,413		2.99	%	$	2,745,083	$	1,499,620
Metals	$	1,000,913		1.47	%	$	1,712,472	$	0.00
Total	$	12,723,423		18.63	%

25

Series B as of December 31, 2006

						Highest
	Average		% of Average			Value at		Lowest Value at
Sector	Value at Risk		Capitalization			Risk		Risk
Stock Indices	$	1,341,170		3.55	%	$	2,683,136	$	286,650
Financial Futures	$	1,592,488		4.21	%	$	2,317,193	$	337,357
Currencies	$	4,195,892		11.10	%	$	5,279,732	$	2,328,732
Agricultural	$	391,703		1.04	%	$	447,707	$	330,020
Energy	$	1,486,530		3.93	%	$	1,901,488	$	1,263,195
Metals	$	765,709		2.03	%	$	1,429,084	$	0.00
Total	$	9,773,492		25.86	%

Average, highest and lowest Value at Risk amounts relate to the quarter-end amounts for the calendar quarter-ends during the fiscal year. Average capitalization is the average of the Fund’s capitalization at the end of the calendar quarters of fiscal year 2006.

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

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

NON-TRADING RISK

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

QUALITATIVE DISCLOSURES REGARDING PRIMARY TRADING RISK EXPOSURES

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

The following were the primary trading risk exposures of the Fund as of March 31, 2007 by market sector:

26

Currencies

The Fund’s currency exposure is to exchange rate fluctuations, primarily those which disrupt the historical pricing relationships between different currencies and currency pairs. These fluctuations are influenced by interest rate changes as well as political, geopolitical and general economic conditions. The Fund trades in a large number of currencies, including cross-rates, (e.g., positions between two currencies other than the U.S. Dollar). Superfund Capital Management does not anticipate that the risk profile of the Fund’s currency sector will change significantly in the future. As of March 31, 2007, the exposure to these markets was the highest among all market groups.

Energy

The Fund’s primary energy market exposure is to crude oil, natural gas and heating oil. Movements in these markets are often due to geopolitical developments in the Middle East but can also be caused by increased demand from the United States and other developed and developing countries as well as supply shortages due to extreme weather conditions. As of March 31, 2007, the exposure to these markets was relatively low 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. As of March 31, 2007 the exposure to these markets was 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 are generally diversified in terms of correlation to many of the other sectors the Fund trades. As of March 31, 2007, the exposure to these markets was the lowest amongst all market groups.

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 are generally diversified in terms of correlation to many of the other sectors the Fund trades. As of March 31, 2007, the exposure to these markets was very similar to historic levels.

Interest Rates

Interest rate movements directly affect the price of the sovereign bond positions held by the Fund and indirectly the value of the Fund’s stock index and currency positions. Interest rate movements in one country as well as relative interest rate movements between countries could materially impact the Fund’s profitability. The Fund’s primary interest rate exposure is to interest rate fluctuations in the United States, Europe, United Kingdom, Australia and Japan. The changes in interest rates which have the most effect on the Fund are changes in long-term as opposed to short-term rates. As of March 31, 2007 the exposure to these markets was low in comparison to historic levels.

QUALITATIVE DISCLOSURES REGARDING NON-TRADING RISK EXPOSURE

General

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

27

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 U.S. Dollars (no less frequently than weekly, and more frequently if a particular foreign currency balance becomes unusually large based on Superfund Capital Management’s experience).

Treasury Bill Positions

The Fund’s only market exposure in instruments held other than for trading is in its U.S. Treasury Bill portfolio. The Fund holds U.S. 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 Superfund Capital Management attempts to manage the risk of the Fund’s open positions is essentially the same in all market categories traded. Superfund Capital Management applies risk management policies to its trading which generally limit the total exposure that may be taken per “risk unit” of assets under management. In addition, Superfund Capital Management follows diversification guidelines (often formulated in terms of the balanced volatility between markets and correlated groups), as well as imposing “stop-loss” points at which the Fund’s brokers must attempt to close out open positions.

Superfund Capital Management controls the risk of the Fund’s non-trading instruments (i.e. U.S. 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

Superfund Capital Management, the Fund’s general partner, with the participation of Superfund Capital Management’s principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures with respect to the Fund as of the end of the period covered by this quarterly report, and, based on their evaluation, have concluded that these disclosure controls and procedures are effective. There were no significant changes in Superfund Capital Management’s internal controls with respect to the Fund or in other factors applicable to the Fund that could materially affect these controls subsequent to the date of their evaluation.

28

PART II — OTHER INFORMATION

Item 1. Legal Proceedings.

None.

Item 1A. Risk Factors

There have been no material changes to the Risk Factors previously disclosed in Item 1A of the Fund’s Annual Report on Form 10-K for the year ended December 31, 2006.

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

(c) Pursuant to the Fund’s Limited Partnership Agreement, investors may redeem their Units at the end of each calendar month at the then current month-end Net Asset Value per Unit. The redemption of Units has no impact on the value of Units that remain outstanding, and Units are not reissued once redeemed.

The following tables summarize the redemptions by investors during the three months ended March 31, 2007:

Series A:

Month	Units Redeemed		NAV per Units ($)
January 31, 2007		955.670		1,453.90
February 28, 2007		570.410		1,344.33
March 31, 2007		319.580		1,227.00
		3,414.360

Series B:

Month	Units Redeemed		NAV per Units ($)
January 31, 2007		1,008.170		1,753.27
February 28, 2007		576.310		1,552.78
March 31, 2007		1,089.180		1,356.37
		2,705.350

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.

The following exhibits are included herewith:

31.1	Rule 13(a)-14(a)/15(d)-14(a) Certification of Principal Executive Officer
31.2	Rule 13(a)-14(a)/15(d)-14(a) Certification of Principal Financial Officer
32.1	Section 1350 Certification of Principal Executive Officer
32.2	Section 1350 Certification of Principal Financial Officer

29

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on May 15, 2007.

QUADRIGA SUPERFUND, L.P.

(Registrant)

By: Superfund Capital Management, Inc.

General Partner

By: /s/ Nigel James

Nigel James
President and Principal Executive Officer

By: /s/ Roman Gregorig

Roman Gregorig
Vice President and Principal Financial Officer

30

EXHIBIT INDEX

Exhibit Number	Description of Document	Page Number
31.1	Rule 13(a)-14(a)/15(d)-14(a) Certification of Principal Executive Officer	E-2
31.2	Rule 13(a)-14(a)/15(d)-14(a) Certification of Principal Financial Officer	E-3
32.1	Section 1350 Certification of Principal Executive Officer	E-4
32.2	Section 1350 Certification of Principal Financial Officer	E-5

E-1