<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: March 31, 1997
or
[ ] Transition Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Commission File Number: 0-26932
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P.
(Exact name of registrant as specified in its charter)
Delaware 06-1346-879
(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 business trust and, accordingly
has no voting stock held by non-affiliates or otherwise.
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM I. FINANCIAL STATEMENTS
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P.
Statements of Financial Condition (UNAUDITED)
<TABLE>
<CAPTION>
31-Mar-97 31-Dec-96
Assets: ------------ ------------
<S> <C> <C>
Investment in U.S. Treasury bills
(Cost $12,305,013) 19,391,775 17,481,413
Money market mutual funds 438,183 573,442
Options owned at market (Cost $328,683) 176,515 468,434
Unrealized appreciation on open contracts (64,376) 944,195
Cash 1,551,637 1,045,256
------------ ------------
Total Assets $ 21,493,734 $ 20,512,740
============ ============
Liabilities & Partners' Capital:
Due to General Partner 319,993 70,l44
Accounts payable and accrued expenses 82,345 55,392
Redemptions payable to unit holders, net 1,200,808 331,137
Accrued brokerage commissions 140,987 110,382
------------ ------------
Total Liabilities 1,744,133 567,055
Trust Capital:
General Partner interest 904,223 796,833
Limited Partners' interest (13,128.322
Units of Beneficial Interest oustanding
- at March 31, 1997) 18,845,378 19,148,852
------------ ------------
Total Trust Capital 19,749,601 19,945,685
------------ ------------
Total Liabilities and Trust Capital $ 21,493,734 $ 20,512,740
============ ============
</TABLE>
See accompanying notes to financial statements.
<PAGE>
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P.
Statements of Operations
For the three months ended March 31, 1997 and 1996 (UNAUDITED)
<TABLE>
<CAPTION>
1997 1996
------------ ------------
<S> <C> <C>
Revenues:
Realized Gain(Loss) on Closed Contracts 3,771,788 21,504
Change in Unrealized Gain(Loss) (1,300,490) (225,013)
Interest Income 247,308 291,062
Foreign Exchange Gain(Loss) (27,513) (53,155)
------------ ------------
$ 2,691,093 $ 4,398
Expenses:
Brokerage Commissions 432,029 475,631
17.5% Profit Share (Accrued) 334,889 6,905
Administrative 23,677 28,395
------------ ------------
$ 790,595 $ 510,931
============ ============
Net Income(Loss) $ 1,900,498 $ (506,533)
Net Income(Loss) allocated to General Partner $ 107,390 $ (4,320)
Net Income(Loss) allocated to Limited Partners $ 1,793,108 $ (502,213)
Increase(Decrease) in Redemption Value
for each Unit outstanding throughout
each period $ 123.06 $ (30.58)
</TABLE>
See accompanying notes to financial statements.
<PAGE>
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P.
Statements of Trust Capital
For the three months ended March 31, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
Limited General
Partners Partner Total
------------ ------------ ------------
<S> <C> <C> <C>
Trust Equity at December 31, 1996
(14,590.625 Units) 19,148,852 796,833 19,945,685
Redemption of 1,462.303 Units (2,096,582) - (2,096,582)
Net Gain(Loss) in Trust Equity 1,793,108 107,390 1,900,498
------------ ------------ ------------
Trust Equity at March 31, 1997 18,845,378 904,223 19,749,601
(13,128.322 Units) ============ ============ ============
Redemption Value per Unit
at March 31, 1997 1,435.47
============
</TABLE>
Statements of Cash Flows
For the three months ended March 31, 1997 and 1996 (UNAUDITED)
<TABLE>
<CAPTION>
1997 1996
------------ ------------
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income(Loss) 1,900,498 (506,533)
Adjustments to reconcile Net Income
(Loss) to Net Cash Flows from
Operating Activities:
Decrease (Increase) in Equity in
Futures and Forward Trading Accounts (300,777) (1,473,235)
(Decrease) Increase in Accrued Expenses 10,067 (1,600)
------------ ------------
Net Cash Flows from Operating Activities 1,609,788 (1,981,368)
Cash Flows from Financing Activities:
Redemption of Limited and General
Partner Units and Unit Equivalents (1,238,666) (1,433,726)
------------ ------------
Net Change in Cash 371,122 (3,415,094)
Cash - Beginning of Year 1,618,698 5,720,764
------------ ------------
Cash - End of Period 1,989,820 2,305,670
============ ============
</TABLE>
See accompanying notes to financial statements.
<PAGE>
THE MILLBURN GLOBAL OPPORTUNITY FUND 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 three months ended March 31, 1997.
<TABLE>
<CAPTION>
31-Mar-97 31-Dec-96
------------- -------------
<S> <C> <C>
Ending Equity $ 19,749,601 $ 19,945,685
</TABLE>
Note A:
Ending equity at March 31, 1997 is less than ending equity at December 31,
1996 due to the redemption of units 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 16th day of May, 1997.
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P.
By: Millburn Ridgefield Corporation,
General Partner
By /s/ Tod A. Tanisi May 16, 1997
Tod A. Tanis
Vice-President
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
STATEMENTS OF FINANCIAL CONDITION, OPERATIONS, AND CHANGES IN PARTNERS'
CAPITAL AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 1,989,820
<SECURITIES> 19,391,775
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 21,493,734
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 21,493,734
<CURRENT-LIABILITIES> 1,744,133
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 19,749,601
<TOTAL-LIABILITY-AND-EQUITY> 21,493,734
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 790,595
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 1,900,498
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,900,498
<EPS-PRIMARY> 123.06
<EPS-DILUTED> 123.06
</TABLE>
