<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: September 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-Sep-97 31-Dec-96
Assets: ------------ ------------
<S> <C> <C>
Investment in U.S. Treasury bills
(Cost $17,863,756) 17,863,756 17,481,413
Money market mutual funds 382,862 573,442
Options owned at market (Cost $140,169) 166,150 468,434
Unrealized appreciation on open contracts 153,031 944,195
Cash 785,654 1,045,256
------------ ------------
Total Assets $ 19,351,453 $ 20,512,740
============ ============
Liabilities & Partners' Capital:
Due to General Partner 1,567 70,l44
Accounts payable and accrued expenses 67,658 55,392
Redemptions payable to unit holders, net 121,713 331,137
Accrued brokerage commissions 125,959 110,382
------------ ------------
Total Liabilities 316,897 567,055
Trust Capital:
General Partner interest 960,870 796,833
Limited Partners' interest (12,335.707
Units of Beneficial Interest oustanding
- at September 30, 1997) 18,073,686 19,148,852
------------ ------------
Total Trust Capital 19,034,556 19,945,685
------------ ------------
Total Liabilities and Trust Capital $ 19,351,453 $ 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 September 30, 1997 and 1996 (UNAUDITED)
<TABLE>
<CAPTION>
1997 1996
------------ ------------
<S> <C> <C>
Revenues:
Realized Gain(Loss) on Closed Contracts 949,875 (678,954)
Change in Unrealized Gain(Loss) (160,916) 798,292
Interest Income 264,249 261,936
Foreign Exchange Gain(Loss) (4,052) 201
------------ ------------
$ 1,049,156 $ 381,475
Expenses:
Brokerage Commissions 389,908 390,990
17.5% Profit Share (Accrued) 1,567 -
Administrative 28,400 31,084
------------ ------------
$ 419,875 $ 422,074
============ ============
Net Income(Loss) $ 629,281 $ (40,599)
Net Income(Loss) allocated to General Partner $ 48,003 $ 12,559
Net Income(Loss) allocated to Limited Partners $ 581,278 $ (53,158)
Increase(Decrease) in Redemption Value
for each Unit outstanding throughout
each period $ 45.64 $ (2.70)
</TABLE>
See accompanying notes to financial statements.
<PAGE>
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P.
Statements of Operations
For the nine months ended September 30, 1997 and 1996 (UNAUDITED)
<TABLE>
<CAPTION>
1997 1996
------------ ------------
<S> <C> <C>
Revenues:
Realized Gain(Loss) on Closed Contracts 4,230,411 (940,634)
Change in Unrealized Gain(Loss) (1,093,447) 1,060,475
Interest Income 803,595 804,517
Foreign Exchange Gain(Loss) (10,518) (68,232)
------------ ------------
$ 3,930,041 $ 856,126
Expenses:
Brokerage Commissions 1,200,635 1,290,984
17.5% Profit Share (Accrued) 336,456 6,905
Administrative 70,194 78,673
------------ ------------
$ 1,607,285 $ 1,376,562
============ ============
Net Income(Loss) $ 2,322,756 $ (520,436)
Net Income(Loss) allocated to General Partner $ 164,037 $ 21,450
Net Income(Loss) allocated to Limited Partners $ 2,158,719 $ (541,886)
Increase(Decrease) in Redemption Value
for each Unit outstanding throughout
each period $ 152.74 $ (34.44)
</TABLE>
See accompanying notes to financial statements.
<PAGE>
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P.
Statements of Trust Capital
For the nine months ended September 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 2,254.918 Units (3,233,885) - (3,233,885)
Net Gain(Loss) in Trust Equity 2,158,719 164,037 2,322,756
------------ ------------ ------------
Trust Equity at September 30, 1997 18,073,686 960,870 19,034,556
(12,335.707 Units) ============ ============ ============
Redemption Value per Unit
at September 30, 1997 1,465.15
============
</TABLE>
Statements of Cash Flows
For the nine months ended September 30, 1997 and 1996 (UNAUDITED)
<TABLE>
<CAPTION>
1997 1996
------------ ------------
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income(Loss) 2,322,756 (520,436)
Adjustments to reconcile Net Income
(Loss) to Net Cash Flows from
Operating Activities:
Decrease (Increase) in Equity in
Futures and Forward Trading Accounts 692,858 (1,646,664)
(Decrease) Increase in Accrued Expenses (40,734) (46,093)
------------ ------------
Net Cash Flows from Operating Activities 2,974,880 (2,213,193)
Cash Flows from Financing Activities:
Redemption of Limited and General
Partner Units and Unit Equivalents (3,425,062) (3,364,384)
------------ ------------
Net Change in Cash (450,182) (5,577,577)
Cash - Beginning of Year 1,618,698 5,720,764
------------ ------------
Cash - End of Period 1,168,516 143,187
============ ============
</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 nine months ended September 30, 1997.
<TABLE>
<CAPTION>
30-Sep-97 31-Dec-96
------------- -------------
<S> <C> <C>
Ending Equity $ 19,034,556 $ 19,945,685
</TABLE>
Note A:
Ending equity at September 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 1st day of December, 1997.
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P.
By: Millburn Ridgefield Corporation,
General Partner
By /s/ Tod A. Tanis December 1, 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> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<CASH> 1,168,516
<SECURITIES> 17,863,756
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 19,351,453
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 19,351,453
<CURRENT-LIABILITIES> 316,897
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 19,034,556
<TOTAL-LIABILITY-AND-EQUITY> 19,351,453
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,607,285
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 2,322,756
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,322,756
<EPS-PRIMARY> 152.74
<EPS-DILUTED> 152.74
</TABLE>
