<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, 2000
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: $8,890,287.00.
<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-00 31-Dec-99
Assets: ------------ ------------
<S> <C> <C>
Investment in U.S. Treasury bills
(Cost $9,455,310 & $11,109,515) 9,455,310 11,109,515
Money market mutual funds 668,898 487,312
Unrealized appreciation on open contracts 202,772 544,627
Cash 1,270 361,070
------------ ------------
Total Assets $ 10,328,250 $ 12,502,524
============ ============
Liabilities & Partners' Capital:
Unrealized depreciation on open contracts - -
Accounts payable and accrued expenses 20,900 45,881
Redemptions payable to unit holders, net 290,076 246,833
Accrued brokerage commissions 54,400 69,100
------------ ------------
Total Liabilities 365,376 361,814
Trust Capital:
General Partner interest 1,072,587 1,148,788
Limited Partners' interest (6,723.014 &
7,601.967 Units of Beneficial Interest
outstanding at March 31, 2000 and
December 31, 1999) 8,890,287 10,991,922
------------ ------------
Total Trust Capital 9,962,874 12,140,710
------------ ------------
Total Liabilities and Trust Capital $ 10,328,250 $ 12,502,524
============ ============
</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, 2000 and 1999 (UNAUDITED)
<TABLE>
<CAPTION>
2000 1999
------------ ------------
<S> <C> <C>
Revenues:
Realized Gain(Loss) on Closed Contracts (552,707) 585,903
Change in Unrealized Gain(Loss) (341,855) (331,433)
Interest Income 153,003 183,157
Foreign Exchange Gain(Loss) (12,971) (2,117)
------------ ------------
$ (754,530) $ 435,510
Expenses:
Brokerage Commissions 210,302 285,295
Administrative 14,149 15,246
------------ ------------
$ 224,451 $ 300,541
============ ============
Net Income(Loss) $ (978,981) $ 134,969
Net Income(Loss) allocated to General Partner $ (76,201) $ 30,913
Net Income(Loss) allocated to Limited Partners $ (902,780) $ 104,056
Increase(Decrease) in Redemption Value
for each Unit outstanding throughout
each period $ -123.56 $ 11.33
</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, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
Limited General
Partners Partner Total
------------ ------------ ------------
<S> <C> <C> <C>
Trust Equity at December 31, 1999
(7,601.967 Units) 10,991,922 1,148,788 12,140,710
Redemption of 878.953 Units (1,198,855) - (1,198,855)
Net Gain(Loss) in Trust Equity (902,780) (76,201) (978,981)
------------ ------------- ------------
Trust Equity at March 31, 2000 8,890,287 1,072,587 9,962,874
(6,723.014 Units) ============ ============= ============
Redemption Value per Unit
at March 31, 1999 1,322.37
============
</TABLE>
Net Asset Value per Unit
Changes in net asset value per Unit during the quarters ended March 31, 2000,
1999 and 1998 were as follows:
<TABLE>
<CAPTION>
2000 1999 1998
------------ ------------ ------------
<S> <C> <C> <C>
Net realized and unrealized gains
(losses)on currency contracts $ (141.66) $ (3.65) $ (33.92)
Interest Income 21.83 18.12 19.74
Foreign exchange gain (loss) (1.75) (1.42) (0.37)
Profit share expenses 0.00 0.00 0.00
Administrative expense (1.98) (1.72) (1.57)
------------ ------------ ------------
Net income (loss) per unit (123.56) 11.33 (16.12)
Net asset value per Unit,
beginning of period 1,445.93 1,479.31 1,463.50
------------ ------------ ------------
Net asset value per Unit,
end of Period $ 1,322.37 $ 1,490.64 $ 1,447.38
============ ============ ============
</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, 1999.
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, 2000.
<TABLE>
<CAPTION>
31-Mar-00 31-Dec-99
------------- -------------
<S> <C> <C>
Ending Equity $ 9,962,874 $ 12,140,710
</TABLE>
The partnership's net assets declined 17.94% in the first quarter of 2000.
This is the net result of redemptions and net profit/loss on trading.
Trading in five of six major sectors resulted in losses, with stock index
trading being especially negative. A sharp correction in the long up-trend
in worldwide stock market indices and increased volatility produced losses
in all seven stock index futures traded. Currency trading also proved
unprofitable in the first quarter as non-directional volatility characterized
cross currency and dollar trading. Consequently, losses were produced trading
the US dollar vis-a-vis the Canadian dollar, the euro, and the Danish krone,
as well as the Korean, Mexican and Thai currencies. These losses outweighed
gains from a long dollar position versus the Swiss franc and a short dollar
position against the Japanese yen. Trading of the yen against the European
currencies was unprofitable, while trading of the euro vis-a-vis other
European currencies was a breakdown proposition. On the other hand, exotic
currency baskets trading was quite profitable. Trading of Easter European
and Latin American exotics produced profits, while Far Eastern exotics
positioning was fractionally unprofitable. Losses in the interest rate
sector were caused primarily by volatile swings in Japan's government bond
futures. Meanwhile, trading of European and US interest rate futures was
profitable. Metals trading was unprofitable with losses in copper, zinc,
aluminum and gold.
<PAGE>
PART II. OTHER INFORMATION
ITEM I. Legal Proceedings - None
ITEM 2. Changes in Securities and Use of Proceeds - None
ITEM 3. Defaults Upon Senior Securities - None
ITEM 4. Submission of Matters to a Vote of Security Holders - None
ITEM 5. Other Information - None
ITEM 6. (a) Exhibits - None
(b) Reports on Form 8-K - None
<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, 2000.
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P.
By: Millburn Ridgefield Corporation,
General Partner
By /s/ Tod A. Tanis May 16, 2000
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-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 670,168
<SECURITIES> 9,455,310
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 10,328,250
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 10,328,250
<CURRENT-LIABILITIES> 365,376
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 9,962,874
<TOTAL-LIABILITY-AND-EQUITY> 12,502,524
<SALES> 0
<TOTAL-REVENUES> (676,878)
<CGS> 0
<TOTAL-COSTS> 260,454
<OTHER-EXPENSES> 14,149
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (978,981)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (978,981)
<EPS-BASIC> (123.56)
<EPS-DILUTED> (123.56)
</TABLE>
