<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, 1998
or
[ ] Transition Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Commission File Number: 33-50388
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 to Section 12(b) of the Act: None
Securities registered pursuant Limited Partnership Units
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 and non-voting common equity held by
non-affiliates: $17,627,483
<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-98 31-Dec-97
Assets: ------------ ------------
<S> <C> <C>
Investment in U.S. Treasury bills
(Cost $16,904,974) 16,904,974 17,877,508
Money market mutual funds 493,651 123,446
Options owned at market (Cost $119,938) 207,716 160,575
Unrealized appreciation on open contracts 427,697 484,001
Cash 59,481 362,797
------------ ------------
Total Assets $ 18,093,519 $ 19,008,327
============ ============
Liabilities & Partners' Capital:
Due to General Partner - 1,566
Accounts payable and accrued expenses 53,675 64,964
Redemptions payable to unit holders, net 309,780 270,284
Accrued brokerage commissions 102,581 105,620
------------ ------------
Total Liabilities 466,036 442,434
Trust Capital:
General Partner interest 989,330 979,861
Limited Partners' interest (11,495.350
Units of Beneficial Interest oustanding
- at March 31, 1998) 16,638,153 17,586,032
------------ ------------
Total Trust Capital 17,627,483 18,565,893
------------ ------------
Total Liabilities and Trust Capital $ 18,093,519 $ 19,008,327
============ ============
</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, 1998 and 1997 (UNAUDITED)
<TABLE>
<CAPTION>
1998 1997
------------ ------------
<S> <C> <C>
Revenues:
Realized Gain(Loss) on Closed Contracts 36,097 3,771,788
Change in Unrealized Gain(Loss) (92,312) (1,300,490)
Interest Income 248,150 247,308
Foreign Exchange Gain(Loss) (4,603) (27,513)
------------ ------------
$ 187,332 $ 2,691,093
Expenses:
Brokerage Commissions 357,885 432,029
17.5% Profit Share (Accrued) - 334,889
Administrative 19,776 23,677
------------ ------------
$ 377,661 $ 970,595
============ ============
Net Income(Loss) $ 190,329 $ 1,900,498
Net Income(Loss) allocated to General Partner $ 9,469 $ 107,390
Net Income(Loss) allocated to Limited Partners $ (199,798) $ 1,793,108
Increase(Decrease) in Redemption Value
for each Unit outstanding throughout
each period $ (16.12) $ 123.06
</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, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
Limited General
Partners Partner Total
------------ ------------ ------------
<S> <C> <C> <C>
Trust Equity at December 31, 1997
(12,016.382 Units) 17,586,032 979,861 18,565,893
Redemption of 521.032 Units (748,081) - (748,081)
Net Gain(Loss) in Trust Equity (199,798) 9,469 (190,329)
------------ ------------ ------------
Trust Equity at March 31, 1998 16,638,153 989,330 17,627,483
(11,495.350 Units) ============ ============ ============
Redemption Value per Unit
at March 31, 1998 1,447.38
============
</TABLE>
Statements of Cash Flows
For the three months ended March 31, 1998 and 1997 (UNAUDITED)
<TABLE>
<CAPTION>
1998 1997
------------ ------------
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income(Loss) (190,329) 1,900,498
Adjustments to reconcile Net Income
(Loss) to Net Cash Flows from
Operating Activities:
Decrease (Increase) in Equity in
Futures and Forward Trading Accounts 981,947 (300,777)
(Decrease) Increase in Accrued Expenses (19,144) 10,067
------------ ------------
Net Cash Flows from Operating Activities 772,474 1,609,788
Cash Flows from Financing Activities:
Redemption of Limited and General
Partner Units and Unit Equivalents (705,585) (1,238,666)
------------ ------------
Net Change in Cash 66,889 371,122
Cash - Beginning of Year 486,243 1,618,698
------------ ------------
Cash - End of Period 553,132 1,989,820
============ ============
</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, 1997.
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 March 31, 1998.
<TABLE>
<CAPTION>
31-Mar-98 31-Dec-97
------------- -------------
<S> <C> <C>
Ending Equity $ 17,627,483 $ 18,565,893
</TABLE>
The partnership's net assets declined 4.77% in the first quarter of 1998.
This resulted from redemptions along with a net loss of 1.10% from trading.
Trading conditions in financial futures and currencies were errratic during
the first three months of 1998. A downtrend in global interest rates led to
significant profits for the portfolio during January, even though currency
and stock index trading produced losses. During February, however, a sharp
reversal of this interest rate trend in the U.S., along with increased
volatility in trading currencies and stock indicies, produced sizable losses
in the portfolio. In March, currency trading was quite profitable, but losses
were registered again in interest rates and stock indicies.
<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 12th day of May, 1998.
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P.
By: Millburn Ridgefield Corporation,
General Partner
By /s/ Tod A. Tanis May 12, 1998
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-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> MAR-31-1998
<CASH> 553,132
<SECURITIES> 16,904,974
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 18,093,519
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 18,093,519
<CURRENT-LIABILITIES> 466,036
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 17,627,483
<TOTAL-LIABILITY-AND-EQUITY> 18,093,519
<SALES> 0
<TOTAL-REVENUES> 187,332
<CGS> 0
<TOTAL-COSTS> 357,885
<OTHER-EXPENSES> 19,776
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 190,329
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 190,329
<EPS-PRIMARY> 0.92
<EPS-DILUTED> 0.92
</TABLE>
