<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: 0-26932
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>
30-Jun-97 31-Dec-96
Assets: ------------ ------------
<S> <C> <C>
Investment in U.S. Treasury bills
(Cost $12,305,013) 17,870,409 17,481,413
Money market mutual funds 654,925 573,442
Options owned at market (Cost $174,161) 141,076 468,434
Unrealized appreciation on open contracts 339,021 944,195
Cash 406,912 1,045,256
------------ ------------
Total Assets $ 19,412,343 $ 20,512,740
============ ============
Liabilities & Partners' Capital:
Due to General Partner - 70,l44
Accounts payable and accrued expenses 13,649 55,392
Redemptions payable to unit holders, net 338,269 331,137
Accrued brokerage commissions 127,090 110,382
------------ ------------
Total Liabilities 1,744,133 567,055
Trust Capital:
General Partner interest 912,867 796,833
Limited Partners' interest (12,694.821
Units of Beneficial Interest oustanding
- at June 30, 1997) 18,020,468 19,148,852
------------ ------------
Total Trust Capital 18,933,335 19,945,685
------------ ------------
Total Liabilities and Trust Capital $ 19,412,343 $ 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 June 30, 1997 and 1996 (UNAUDITED)
<TABLE>
<CAPTION>
1997 1996
------------ ------------
<S> <C> <C>
Revenues:
Realized Gain(Loss) on Closed Contracts (491,252) (283,184)
Change in Unrealized Gain(Loss) 367,959 517,196
Interest Income 292,038 251,519
Foreign Exchange Gain(Loss) 21,047 (15,278)
------------ ------------
$ 189,792 $ 470,253
Expenses:
Brokerage Commissions 378,698 424,363
17.5% Profit Share (Accrued) - -
Administrative 18,117 19,194
------------ ------------
$ 396,815 $ 443,557
============ ============
Net Income(Loss) $ (207,023) $ 26,696
Net Income(Loss) allocated to General Partner $ 8,644 $ 13,211
Net Income(Loss) allocated to Limited Partners $ (215,667) $ 13,485
Increase(Decrease) in Redemption Value
for each Unit outstanding throughout
each period $ (15.96) $ (1.16)
</TABLE>
See accompanying notes to financial statements.
<PAGE>
THE MILLBURN GLOBAL OPPORTUNITY FUND 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 3,280,536 (261,680)
Change in Unrealized Gain(Loss) (932,531) 262,183
Interest Income 539,346 542,581
Foreign Exchange Gain(Loss) (6,466) (68,433)
------------ ------------
$ 2,880,885 $ 474,651
Expenses:
Brokerage Commissions 810,727 899,994
17.5% Profit Share (Accrued) 334,889 6,905
Administrative 41,794 47,589
------------ ------------
$ 1,187,410 $ 954,488
============ ============
Net Income(Loss) $ 1,693,475 $ (479,837)
Net Income(Loss) allocated to General Partner $ 116,034 $ 8,891
Net Income(Loss) allocated to Limited Partners $ 1,577,441 $(1,488,728)
Increase(Decrease) in Redemption Value
for each Unit outstanding throughout
each period $ 107.10 $ (31.74)
</TABLE>
See accompanying notes to financial statements.
<PAGE>
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P.
Statements of Trust Capital
For the six months ended June 30, 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 1,895.804 Units (2,705,825) - (2,705,825)
Net Gain(Loss) in Trust Equity 1,577,441 116,034 1,693,475
------------ ------------ ------------
Trust Equity at June 30, 1997 18,020,468 912,867 18,933,335
(12,694.821 Units) ============ ============ ============
Redemption Value per Unit
at June 30, 1997 1,419.51
============
</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) 1,693,475 (479,837)
Adjustments to reconcile Net Income
(Loss) to Net Cash Flows from
Operating Activities:
Decrease (Increase) in Equity in
Futures and Forward Trading Accounts 481,651 (1,004,034)
(Decrease) Increase in Accrued Expenses (26,162) (21,160)
------------ ------------
Net Cash Flows from Operating Activities 2,148,964 (1,505,031)
Cash Flows from Financing Activities:
Redemption of Limited and General
Partner Units and Unit Equivalents (2,705,825) (2,712,598)
------------ ------------
Net Change in Cash (556,861) (4,217,629)
Cash - Beginning of Year 1,618,698 5,720,764
------------ ------------
Cash - End of Period 1,061,837 1,503,135
============ ============
</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 six months ended June 30, 1997.
<TABLE>
<CAPTION>
30-Jun-97 31-Dec-96
------------- -------------
<S> <C> <C>
Ending Equity $ 18,933,335 $ 19,945,685
</TABLE>
Note A:
Ending equity at June 30, 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 27th day of August, 1997.
THE MILLBURN GLOBAL OPPORTUNITY FUND 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, OPERATIONS, AND CHANGES IN PARTNERS'
CAPITAL 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> 1,061,837
<SECURITIES> 17,870,409
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 19,412,343
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 19,412,343
<CURRENT-LIABILITIES> 1,744,133
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 18,933,335
<TOTAL-LIABILITY-AND-EQUITY> 19,412,343
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,187,410
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 1,693,475
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,693,475
<EPS-PRIMARY> 107.10
<EPS-DILUTED> 107.10
</TABLE>
