<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the Quarterly Period Ended: June 30, 1997
or
[ ] Transition Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Commission File Number: 0-19436
THE MILLBURN CURRENCY FUND II, L.P.
(Exact name of registrant as specified in its charter)
Delaware 22-3117668
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
c/o MILLBURN RIDGEFIELD CORPORATION
411 West Putnam Avenue
Greenwich, Connecticut 06830
(Address of principal executive offices)
Registrant's telephone number, including area code: (203) 625-7554
Securities registered pursuant None
to Section 12(b) of the Act:
Securities registered pursuant Units of Beneficial Interest
to Section 12(g) of the Act: (Title of Class)
Indicate by check mark whether the registrant (1) 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.
Yes [X] No [ ]
Aggregate market value of the voting stock held by non-
affiliates: the registrant is a limited partnership and, accordingly
has no voting stock held by non-affiliates or otherwise.
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM I. FINANCIAL STATEMENTS
THE MILLBURN CURRENCY FUND II, L.P.
Statements of Financial Condition (UNAUDITED)
<TABLE>
<CAPTION>
30-Jun-97 31-Dec-96
Assets: ------------ ------------
<S> <C> <C>
Investment in U.S. Treasury bills - at value
(amortized cost $2,381,684 at June 30, 1997) 2,381,684 1,260,941
Money market mutual funds 68,598 977,953
Options owned, at market value (cost $0 at
June 30, 1997) 0 67,938
Unrealized appreciation on open contracts 13,736 121,334
Cash 34,197 96,141
------------ ------------
Total Assets $ 2,498,215 $ 2,524,307
============ ============
Liabilities & Partners' Capital:
Accounts payable and accrued expenses 5,292 72,493
Redemptions payable to limited
partners, net 110,122 194,830
Accrued brokerage commissions 13,699 13,831
------------ ------------
Total Liabilities 129,113 281,154
Partners' Capital:
General Partner 437,986 356,538
Limited Partners (16,879 Limited
Partnership Units outstanding
- at June 30, 1997) 1,931,116 1,886,615
------------ ------------
Total Partners' Capital 2,369,102 2,243,153
------------ ------------
Total Liabilities and Partners' Capital $ 2,498,215 $ 2,524,307
============ ============
</TABLE>
See accompanying notes to financial statements.
<PAGE>
THE MILLBURN CURRENCY FUND II, L.P.
Statements of Operations
For the three months ended June 30, 1997 and 1996 (UNAUDITED)
<TABLE>
<CAPTION>
1997 1996
------------ ------------
<S> <C> <C>
Revenues:
Realized Gain(Loss) on Closed Contracts (100,148) 276,598
Change in Unrealized Gain(Loss) 95,386 167,205
Realized Gain(Loss) on U.S. Government
Treasury Stripped Notes - 6,639
Change in Unrealized Gain(Loss) on U.S.
Government Treasury Stripped Notes - (8,206)
Interest Income 40,165 43,484
------------ ------------
$ 35,403 $ 485,720
Reserve Assets:
Gain(Loss) on market value of U.S.
Government Treasury Stripped Notes - (13,092)
Accrued Interest from U.S. Government
Treasury Stripped Notes - 42,575
------------ ------------
$ - $ 29,483
Expenses:
Brokerage Commissions 41,206 140,563
Administrative 6,188 19,874
------------ ------------
$ 47,394 $ 160,437
============ ============
Net Income(Loss) $ (11,991) $ 354,766
Net Income(Loss) allocated to General Partner $ 5,103 $ 27,524
Net Income(Loss) allocated to Limited Partners $ (17,094) $ 327,242
Increase(Decrease) in Redemption Value
for each Unit outstanding throughout
each period $ (1.01) $ 5.99
</TABLE>
See accompanying notes to financial statements.
<PAGE>
THE MILLBURN CURRENCY FUND II, L.P.
Statements of Operations
For the six months ended June 30, 1997 and 1996 (UNAUDITED)
<TABLE>
<CAPTION>
1997 1996
------------ ------------
<S> <C> <C>
Revenues:
Realized Gain(Loss) on Closed Contracts 629,864 119,025
Change in Unrealized Gain(Loss) (175,537) 487,070
Realized Gain(Loss) on U.S. Government
Treasury Stripped Notes - 17,689
Change in Unrealized Gain(Loss) on U.S.
Government Treasury Stripped Notes - (24,974)
Interest Income 67,840 72,455
------------ ------------
$ 522,167 $ 671,265
Reserve Assets:
Gain(Loss) on market value of U.S.
Government Treasury Stripped Notes - (49,317)
Accrued Interest from U.S. Government
Treasury Stripped Notes - 124,135
------------ ------------
$ - $ 74,818
Expenses:
Brokerage Commissions 86,552 291,188
Administrative 12,789 37,652
------------ ------------
$ 99,341 $ 328,840
============ ============
Net Income(Loss) $ 422,826 $ 417,243
Net Income(Loss) allocated to General Partner $ 81,448 $ 38,122
Net Income(Loss) allocated to Limited Partners $ 341,378 $ 379,121
Increase(Decrease) in Redemption Value
for each Unit outstanding throughout
each period $ 18.51 $ 6.93
</TABLE>
See accompanying notes to financial statements.
<PAGE>
THE MILLBURN CURRENCY FUND II, L.P.
Statements of Partners' Capital
For the six months ended June 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
Limited General
Partners Partner Total
------------ ------------ ------------
<S> <C> <C> <C>
Partners' Equity at December 31,
1996 (18,358 Units) 1,886,615 356,538 2,243,153
Redemption of 2,435 Units (296,877) - (296,877)
Net Gain(Loss) in Partnership
Equity 341,378 81,448 422,826
------------ ------------ ------------
Partnership Equity at
June 30, 1997 1,931,116 437,986 2,369,102
(15,923 Units)
============ ============ ============
Redemption Value per Unit
at June 30, 1997 121.28
============
</TABLE>
Statements of Cash Flows
For the six months ended June 30, 1997 and 1996 (UNAUDITED)
<TABLE>
<CAPTION>
1997 1996
------------ ------------
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income(Loss) 422,826 417,243
Adjustments to reconcile Net Income
(Loss) to Net Cash Flows from
Operating Activities:
Decrease (Increase) in Equity in
Futures and Forward Trading Accounts (1,043,844) 656,570
(Decrease) Increase in Accrued Expenses (65,964) (17,388)
------------ ------------
Net Cash Flows from Operating Activities (686,982) 1,056,425
Cash Flows from Financing Activities:
Redemption of Limited and General
Partner Units and Unit Equivalents (284,317) (733,594)
------------ ------------
Net Change in Cash (971,299) 322,831
Cash - Beginning of Year 1,074,094 101,131
------------ ------------
Cash - End of Period 102,795 423,962
============ ============
</TABLE>
See accompanying notes to financial statements.
<PAGE>
THE MILLBURN CURRENCY FUND II, L.P. NOTES TO FORM 10-Q
These interim consolidated financial statements do not include all the
disclosures contained in the annual financial statements. These interim
statements have been prepared by management without audit by Independent
Public Accountants. The consolidated statements of financial condition has
been derived from the audited financial statements as of December 31, 1996.
The consolidated results of operation as displayed, should not be considered
indicative of results to be expected for the entire year.
Management discussion and analysis of the consolidated financial statements
for the six months ended June 30, 1997.
<TABLE>
<CAPTION>
30-Jun-97 31-Dec-96
------------- -------------
<S> <C> <C>
Ending Equity $ 2,369,102 $ 2,243,153
</TABLE>
Note A:
Ending equity at June 30, 1997 is greater than ending equity at December 31,
1996 due to profits during the period.
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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, in
the City of New York and State of New York on the 27th day of August, 1997.
THE MILLBURN CURRENCY FUND II, L.P.
By: Millburn Ridgefield Corporation,
General Partner
By /s/ Tod A. Tanis August 27, 1997
Tod A. Tanis
Vice-President
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
STATEMENTS OF FINANCIAL CONDITION AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 102,795
<SECURITIES> 2,381,684
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 2,498,215
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 2,498,215
<CURRENT-LIABILITIES> 129,113
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 2,369,102
<TOTAL-LIABILITY-AND-EQUITY> 2,498,215
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 99,341
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 422,826
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 422,826
<EPS-PRIMARY> 18.51
<EPS-DILUTED> 18.51
</TABLE>
