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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
/X/ Annual Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the Fiscal Year Ended: December 31, 1999
or
/_/ Transition Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Commission File Number: 33-50388
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THE MILLBURN GLOBAL OPPORTUNITY FUND L.P.
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(Exact name of registrant as specified in its charter)
DELAWARE 06-1346879
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
c/o MILLBURN RIDGEFIELD CORPORATION
411 West Putnam Avenue
GREENWICH, CONNECTICUT 06830
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(Address of principal executive offices)
Registrant's telephone number, including area code: (203) 625-7554
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Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:
LIMITED PARTNERSHIP UNITS
-------------------------
(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 / /
--- ---
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulations S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. /X/
Aggregate market value of the voting and non-voting common equity held by
non-affiliates as of February 29, 2000 $10,541,207.
Documents Incorporated by Reference
None.
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TABLE OF CONTENTS
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PART I
Item 1. Business...................................................................... 1
Item 2. Properties.................................................................... 2
Item 3. Legal Proceedings............................................................. 2
Item 4. Submission of Matters to a Vote of Security Holders........................... 2
PART II
Item 5. Market for the Registrant's Common Equity and Related
Stockholder Matters........................................................... 3
Item 6. Selected Financial Data....................................................... 3
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations........................................... 5
Item 7A. Quantitative and Qualitative Disclosures About Market Risk.................... 7
Item 8. Financial Statements and Supplementary Data................................... 7
Item 9. Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure........................................... 7
PART III
Item 10. Directors and Executive Officers of the Registrant............................ 7
Item 11. Executive Compensation........................................................ 8
Item 12. Security Ownership of Certain Beneficial Owners and
Management.................................................................... 8
Item 13. Certain Relationships and Related Transactions................................ 9
PART IV
Item 14. Exhibits, Financial Statement Schedules and Reports
on Form 8-K................................................................... 9
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PART I
Item 1. BUSINESS
(a) GENERAL DEVELOPMENT OF BUSINESS
The Millburn Global Opportunity Fund L.P. (the "Partnership") is a
limited partnership organized July 9, 1992 pursuant to a Limited Partnership
Agreement (the "Limited Partnership Agreement"), under the Delaware Revised
Uniform Limited Partnership Act. Between October 30, 1992 and December 31, 1992
(the "Initial Offering"), units of limited partnership interest in the
Partnership (the "Units") were publicly offered. The proceeds of the Initial
Offering and interest thereon were held in escrow until January 7, 1993 at which
time an aggregate of $11,420,054 (11,420.054 Units) was turned over to the
Partnership and the Partnership commenced operations. Units continued to be
offered until May 30, 1993. The offering was registered under the Securities Act
of 1933, as amended. Smith Barney, Harris Upham & Co. Incorporated acted as
selling agent on a best efforts basis. A total of 11,420.054 Units were sold to
the public during the initial public offering, and an additional 28,881.766
Units were subsequently sold to the public.
The Partnership engages in speculative trading in futures, forward
contracts and related options, primarily in the currency and financial
instrument markets.
Millburn Ridgefield Corporation (the "General Partner"), a Delaware
corporation, is the general partner and the commodity trading advisor for the
Partnership. The General Partner invested $125,000 in the Partnership at the
outset of trading and subsequently contributed an additional $316,183. After
reflecting net income of $72,864 in 1999; this investment totaled $1,148,788, as
of December 31, 1999.
Smith Barney Inc., Morgan Stanley & Co. Incorporated, and Deutsche Bank
(the "Currency Dealers") act as the primary currency dealers and futures brokers
for the Partnership. The Partnership also executes currency and forward trades
with other currency dealers and futures brokers when their prices are
advantageous to the Partnership. The Partnership pays the currency dealers "bid
asked" spreads on its forward trades, as such spreads are incorporated into the
pricing of forward contracts. The General Partner monitors the Partnership's
trades to ensure that the prices it receives are competitive.
(b) FINANCIAL INFORMATION ABOUT INDUSTRY SEGMENTS
The Partnership's business constitutes only one segment, speculative
trading of currency futures, forward contracts and related options. The
Partnership does not engage in sales of goods and services.
(c) NARRATIVE DESCRIPTION OF BUSINESS
The Partnership engages in the speculative trading of currency futures,
forward contracts and related options. The Partnership's sole trading advisor is
the General Partner. The General Partner trades the Partnership's assets
primarily in currency markets, trading primarily forward contracts in the
interbank market. Pursuant to the Limited Partnership Agreement, the General
Partner receives a flat-rate monthly brokerage fee equal to 0.6875 of 1% of the
Net Assets (an 8.25% annual rate), which is reduced to 0.52 of 1% of Net Assets
(a 6.25% annual rate) for Units issued to Limited Partners who invest $1,000,000
or more in the Partnership. The General Partner also receives a profit share
equal to 17.5% of any new trading profit, determined as of the end of each
calendar quarter. The quarterly profit share is calculated after deducting
interest income and brokerage fees.
The Partnership's assets not deposited as margin will be maintained,
unless applicable foreign regulations require otherwise, only in instruments
authorized by the CFTC for the investment of "customer segregated funds."
REGULATION
Under the Commodity Exchange Act, as amended (the "CEA"), commodity
exchanges and futures trading are subject to regulation by the Commodity Futures
Trading Commission (the "CFTC"). National Futures Association ("NFA"), a
"registered futures association" under the CEA, is the only non-exchange
self-regulatory organization for futures industry professionals. The CFTC has
delegated to NFA responsibility for the registration
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of "commodity trading advisors," "commodity pool operators," "futures commission
merchants," "introducing brokers" and their respective associated persons and
"floor brokers" and "floor traders." The CEA requires commodity pool operators
and commodity trading advisors, such as the General Partner, and commodity
brokers or futures commission merchants, such as the Currency Dealers and the
General Partner, to be registered and to comply with various reporting and
record keeping requirements. The CFTC may suspend a commodity pool operator's or
trading advisor's registration if it finds that its trading practices tend to
disrupt orderly market conditions or in certain other situations. In the event
that the registration of the General Partner as a commodity pool operator or a
commodity trading advisor were terminated or suspended, the General Partner
would be unable to continue to manage the business of the Partnership. Should
the General Partner's registration be suspended, termination of the Partnership
might result.
As members of NFA, the General Partner and the Currency Dealers are
subject to NFA standards relating to fair trade practices, financial condition
and customer protection. As the self-regulatory body of the futures industry,
NFA promulgates rules governing the conduct of futures industry professionals
and disciplines those professionals which do not comply with such standards.
In addition to such registration requirements, the CFTC and certain
commodity exchanges have established limits on the maximum net long or net short
position which any person may hold or control in particular commodities. The
CFTC has adopted a rule requiring all domestic commodity exchanges to submit for
approval speculative position limits for all futures contracts traded on such
exchanges. Most exchanges also limit the changes in futures contract prices that
may occur during a single trading day. The Partnership, however, primarily
trades currency forward contracts which are not subject to regulation by any
United States Government agency.
(i) through (xii) - not applicable.
(xiii) the Partnership has no employees.
(d) Financial information about foreign and
Domestic Operations and Export Sales
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The Partnership does not engage in material operations in foreign
countries (although it does trade in foreign currency forward contracts), nor is
a material portion of its revenues derived from foreign customers.
Item 2. PROPERTIES
The Partnership does not own or use any physical properties in the
conduct of their business. The General Partner or an affiliate perform all
administrative services for the Partnership from their offices.
Item 3. LEGAL PROCEEDINGS
The General Partner is not aware of any pending legal proceedings to
which either the Partnership is a party or to which any of their assets are
subject. In addition there are no pending material legal proceedings involving
the General Partner.
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
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PART II
Item 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY AND
RELATED STOCKHOLDER MATTERS
(a) MARKET INFORMATION. There is no trading market for the Units, and
none is likely to develop. Units may be redeemed upon 10 days' written notice at
their net asset value as of the last day of any month. In the event that all
Units for which redemption is requested cannot be redeemed as of any redemption
date, Units will be redeemed in the order that requests for redemption have been
received by the General Partner.
(b) HOLDERS. As of December 31, 1999, there were 644 holders of
Units.
(c) DIVIDENDS. No distributions or dividends have been made on the
Units, and the General Partner has no present intention to make any.
(d) RECENT SALES OF UNREGISTERED SECURITIES; USE OF PROCEEDS FROM
REGISTERED SECURITIES.
Not applicable.
Item 6. SELECTED FINANCIAL DATA
The following is a summary of operations for fiscal year 1999, 1998,
1997, 1996 and 1995 and total assets of the Partnership at December 31, 1999,
1998, 1997, 1996 and 1995. The Partnership commenced trading operations on
January 7, 1993.
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FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR
ENDED 12/31/99 ENDED 12/31/98 ENDED 12/31/97 ENDED 12/31/96 ENDED 12/31/95
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Revenue:
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Net realized and unrealized
trading gain (loss), net of
brokerage commissions of
$1,062,865, $1,299,470,
$1,566,165, $1,699,690 and
$2,123,253 in 1999, 1998, 1997,
1996 and 1995 respectively $ (578,308) $ (608,874) $ 1,696,449 $ 1,072,015 $ 4,710,329
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Interest Income 654,566 886,163 1,066,041 1,041,439 1,526,442
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$ 76,258 $ 277,289 $ 2,762,490 $ 2,113,454 $ 6,236,771
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Foreign exchange gain (loss) (20,559) (44,208) (12,137) (69,231) 70,217
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Total income (loss) 55,699 233,081 2,750,353 2,044,223 6,306,988
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Expenses:
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Administrative expenses 79,574 86,250 98,335 110,646 108,295
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Total expenses 157,173 86,250 434,791 188,492 559,282
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Net income (loss) $ (23,848) $ 146,831 $ 2,652,018 $ 1,933,577 $ 6,198,693
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Less profit share
to General Partner $ 77,599 $ -- $ 336,456 $ 77,846 $ 450,987
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Net income (loss)
for pro rata allocation
to Partners $ 101,447 $ 146,831 $ 2,315,562 $ 1,855,731 $ 5,747,706
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Total assets $12,502,524 $15,445,407 $19,008,327 $20,512,740 $24,031,331
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Total limited partners' capital $10,991,922 $13,830,609 $17,586,032 $19,148,852 $22,575,405
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Net asset value per Unit $ 1,445.93 $ 1,479.31 $ 1,463.50 $ 1,312.41 $ 1,199.40
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Redemption value per Unit $ 1,445.93 $ 1,479.31 $ 1,463.50 $ 1,312.41 $ 1,199.40
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Increase (decrease) in net asset
value per Unit $ (33.38) $ 15.81 $ 151.09 $ 113.01 $ 232.16
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Increase (decrease) in redemption
value per Unit $ (33.38) $ 15.81 $ 151.09 $ 113.01 $ 232.16
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Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Reference is made to "Item 6. SELECTED FINANCIAL DATA" and "Item 8.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA." The information contained therein
is essential to, and should be read in conjunction with, the following analysis.
CAPITAL RESOURCES
The Partnership does not intend to raise any additional capital through
borrowing and, because it is a closed-end fund, it cannot sell any more Units
unless it undertakes a new public offering, which would require another
registration with the Securities and Exchange Commission. Due to the nature of
the Partnership's business, it will make no significant capital expenditures,
and substantially all its assets are and will be represented by cash equivalents
or deposits in money market funds, United States Treasury securities, and
investments in futures, forward contracts and related options.
The Partnership trades futures, options and forward contracts primarily
on currencies and secondarily on financial instruments. Risk arises from changes
in the value of these contracts (market risk) and the potential inability of
counterparties or brokers to perform under the terms of their contracts (credit
risk). Market risk is generally measured by the face amount of the positions
acquired and the volatility of the markets traded. The credit risk from
counterparty non-performance associated with these instruments is the net
unrealized gain, if any, on these positions. The risks associated with
exchange-traded contracts are generally perceived to be less than those
associated with over-the-counter transactions, because exchanges typically (but
not universally) provide clearinghouse arrangements in which the collective
credit (in some cases limited in amount, in some cases not) of the members of
the exchange is pledged to support the financial integrity of the exchange. In
over-the-counter transactions, on the other hand, traders must rely solely on
the credit of their respective individual counterparties. Margins which may be
subject to loss in the event of a default, are generally required in exchange
trading, and counterparties may require margin in the over-the-counter markets.
The General Partner has procedures in place to control market risk,
although there can be no assurance that they will, in fact, succeed in doing so.
These procedures primarily focus on (1) limiting trading to markets which The
General Partner believes are sufficiently liquid in respect of the amount of
trading contemplated; (2) diversifying positions among various currencies and
financial instruments; (3) limiting the assets committed as margin, generally
within a range of 15% to 35% of an account's Net Assets at exchange minimum
margins, (including imputed margins on forward positions) although the amount
committed to margin at any time may be substantially higher; (4) prohibiting
pyramiding (that is, using unrealized profits in a particular market as margin
for additional positions in the same market); and (5) changing the equity
utilized for trading by an account solely on a controlled periodic basis rather
than as an automatic consequence of an increase in equity resulting from trading
profits. The Partnership controls credit risk by dealing exclusively with large,
well capitalized financial institutions as brokers and counterparties.
The Partnership is generally required to deposit approximately 5% of
the notional value of its forward contract positions with the Currency Dealers
as collateral. At any time, and from time to time, the Partnership may have open
positions with the Currency Dealers with a total notional value of as much as
three times the capitalization of the Partnership and collateral deposits of up
to approximately 15% of the capital of the Partnership.
The Partnership's futures contracts are settled by offset and are
cleared by the exchange clearinghouse function. Options on futures contracts are
settled either by offset or by exercise. If an option on a future is exercised,
the Partnership is assigned a position in the underlying future which is then
settled by offset. The Partnership's spot and forward currency transactions
conducted in the interbank market are settled by netting offsetting positions
held with the same counterparty; net positions are then settled by entering into
offsetting positions and by cash payments.
LIQUIDITY
The Partnership's assets are either held in cash or are invested by the
General Partner in United States Treasury bills or "customer segregated funds
accounts." To the extent deposited as margin with currency dealers or futures
brokers, the Partnership's assets are subject to the General Partner's ability
to close out its currency futures or forward contracts positions. During its
operations through December 31, 1999, the Partnership experienced no meaningful
periods of illiquidify in any of the markets traded by the Partnership.
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Most of the Partnership's positions are in currency forward contracts.
Forward contracts are not traded on a commodity exchange. The Partnership could
be prevented from promptly liquidating unfavorable positions, thereby subjecting
the Partnership to substantial losses which could exceed the margin initially
committed to such trades. In addition, the Partnership may not be able to
execute forward contract trades at favorable prices if little trading in the
contracts it holds is taking place. Other than these limitations on liquidity,
which are inherent in the Partnership's currency trading operations, the
Partnership's assets are highly liquid and are expected to remain so. Generally,
forward contracts can be offset at the discretion of the General Partner.
However, if the market is not liquid, it could prevent the timely closeout of an
unfavorable position until the delivery date, regardless of the changes in their
value or the General Partner's investment strategies.
RESULTS OF OPERATIONS
Operating results show a profit for the fiscal years ended December 31,
1999, 1998 and 1997.
Total Partnership capital as of December 31, 1999, 1998 and 1997
equaled $12,140,710, $14,906,533 and $18,565,893, respectively. The net asset
value per Unit as of December 31, 1999 was $1,445.93, a decrease in value for
fiscal year 1999 of 2.3%; the net asset value per Unit as of December 31, 1998
was $1,479.31, an increase in value for fiscal year 1998 of 1.1%; the net asset
value per Unit as of December 31, 1997 was $1463.50, an increase in value for
fiscal year 1997 of 11.5%.
The Partnership's gross trading gains of $484,557 from its currency and
financial instrument trading in 1999 were offset by brokerage commissions of
$1,062,865 for a net trading loss of $578,308. This loss was offset by interest,
earned or accrued, of $654,566. The Partnership lost $20,559 on foreign exchange
in 1999. The Partnership's gross trading gains of $690,596 from its currency and
financial instrument trading in 1998 were offset by brokerage commissions of
$1,299,470 for a net trading loss of $608,874. This loss was offset by interest
income, earned or accrued, of $886,163. The Partnership lost $44,208 on foreign
exchange during 1998. Over half of the Partnership's profits in fiscal year 1997
resulted from its currency and financial instrument trading. Such trading showed
a profit as gross trading gains of $3,262,614 overcame brokerage commissions of
$1,566,165 for a net trading gain of $1,696,449. The Partnership also accrued or
earned interest income of $1,066,041 and lost $12,137 on foreign exchange.
During fiscal year 1999, the Partnership suffered a small loss. There
were small gains in the currency, stock index, and metal sectors, but these were
offset by losses in interest rate trading. Moreover, within each sector
performance varied from market to market. For example, in the currency sector,
solid profits from short Euro positions vis-a-vis the dollar, yen, Norwegian
krone and Eastern European currencies were offset by losses from trading the
dollar, yen, Swiss franc, and Norwegian krone against one another. Mixed results
also occurred in stock indices where gains from trading the Hang Seng, Topix and
S&P indices were largely offset by losses in Nikkei index positions. Interest
rates too produced mixed results, with losses from Japanese and U.S. interest
rate futures overwhelmed gains from European futures trading. Finally, metals
trading showed similar patterns. Profits from gold and aluminum trading were
negated by losses from zinc and copper.
During fiscal year 1998, the Partnership was slightly profitable.
Against a low inflation background, trading in interest rate futures was highly
profitable, particularly during the third quarter when "flight to quality"
produced sizable gains on long positions in US, European and Japanese interest
rate futures. Short positions in Japanese government bond futures near year-end
were also very profitable when the bond yield rebounded from an historically low
level. Currency trading, while registering mixed results in various sectors, was
slightly unprofitable overall. Trading on both sides of dollar/yen produced
excellent results, but these gains were more than offset by losses on trading
the European currencies against the dollar. Meanwhile, gains from trading exotic
currencies were offset by losses in cross rate trading. Stock index trading lost
money as gains in Hong Kong and US index positioning fell short of losses in
trading Japanese and Australian indices. Volatile, non-trending price action in
copper futures resulted in losses in metal trading.
During Fiscal year 1997, the Partnership traded profitably. In the
first two months, gains in currency trading countered losses from interest rate
positions, yielding overall gains in the portfolio. In March and April, there
were losses in all sectors (metals, stock indices, interest rates, and
currencies). Overall gains during the May-June period occurred as profits in
stock index and interest rate trading more than offset losses in metals and
currency trading. During the third quarter, markets were extremely volatile, but
on balance the portfolio produced gains. Profits on interest rate and currency
trading offset losses in stock index and metals markets for an overall third
quarter gain. In the October-December quarter, on the other hand, gains on stock
index and metal trading were profitable, but were offset by losses in currency
and interest rate trading.
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Inflation is not a significant factor in the Partnership's
profitability, except to the extent the inflation may affect forward contract
prices.
Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not required. The Partnership is a "small business issuer."
Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Financial statements required by this item are included as Exhibit
13.01 to this report.
The supplementary financial information specified by Item 302 of
Regulation S-K is not applicable.
Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
ON ACCOUNTING AND FINANCIAL DISCLOSURE
There were no changes in or disagreements with accountants on
accounting and financial disclosure.
PART III
Item 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
The Partnership has no directors or executive officers. The Partnership
is controlled and managed by the General Partner. There are no "significant
employees" of the Partnership.
Millburn Ridgefield Corporation, the General Partner, is a Delaware
corporation organized in May 1982 to manage discretionary accounts in futures
and forward markets. It is the corporate successor to a futures trading and
advisory organization which has been continuously managing assets in the
currency and futures markets using quantitative, systematic techniques since
1971.
The principals and senior officers of Millburn Ridgefield Corporation
as of December 31, 1999 are as follows:
Harvey Beker, age 46. Mr. Beker is President, Co-Chief Executive
Officer and a Director of Millburn Ridgefield and The Millburn Corporation, and
a partner of ShareInVest Research L.P. He received a Bachelor of Arts degree in
economics from New York University in 1974 and a Master of Business
Administration degree in finance from NYU in 1975. From June 1975 to July 1977,
Mr. Beker was employed by Loeb Rhoades, Inc. where he developed and traded
silver arbitrage strategies. From July 1977 to June 1978, Mr. Beker was a
futures trader at Clayton Brokerage Co. of St. Louis. Mr. Beker has been
employed by The Millburn Corporation since June 1978. During his tenure at
Millburn, he has been instrumental in the development of the research, trading
and operations areas. Mr. Beker became a principal of the firm in 1982.
George E. Crapple, age 55. Mr. Crapple is Co-Chief Executive Officer
and a Director of Millburn Ridgefield, and a Director of The Millburn
Corporation and a partner of ShareInVest Research L.P. In 1966 he graduated with
honors from the University of Wisconsin where his field of concentration was
economics and he was elected to Phi Beta Kappa. In 1969 he graduated from
Harvard Law School, MAGNA CUM LAUDE, where he was a member of the Harvard Law
Review. He was a lawyer with Sidley & Austin, Chicago, Illinois, from 1969 until
April 1, 1983, as a partner since 1975, specializing in commodities, securities,
corporate and tax law. He was first associated with Millburn Ridgefield in 1976
and joined Millburn Ridgefield Corporation on April 1, 1983 on a full-time
basis. Mr. Crapple is a director and a member of the Executive Committee and a
former Chairman of the Eastern Regional Business Conduct Committee of the NFA,
Chairman of the Managed Funds Association, a member of the Financial Products
Advisory Committee of the CFTC and a former member of the Board of Directors and
Nominating Committee of the Futures Industry Association.
Gregg R. Buckbinder, age 41. Mr. Buckbinder is Senior Vice President
and Chief Operating Officer of Millburn Ridgefield and The Millburn Corporation.
He graduated CUM LAUDE from Pace University in 1980 with a B.B.A. in accounting
and received an M.S. in taxation from Pace in 1988. He joined Millburn in
January 1998 from Odyssey Partners, L.P. where he
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was responsible for the operation, administration and accounting of the firm's
merchant banking and managed account businesses. Mr. Buckbinder was employed by
Tucker Anthony, a securities broker and dealer, from 1985 to 1990 where he was
First Vice President and Controller, and from 1983 to 1984 where he designed and
implemented various operations and accounting systems. He was with the public
accounting firm of Ernst & Whinney from 1984 to 1985 as a manager in the tax
department and from 1980 to 1983 as a senior auditor, with an emphasis on
clients in the financial services business. He is a Certified Public Accountant
and a member of the American Institute of Certified Public Accountants.
Mark B. Fitzsimmons, age 52. Mr. Fitzsimmons is a Senior Vice-President
of Millburn Ridgefield and The Millburn Corporation and a partner of ShareInVest
Research L.P. His responsibilities include both marketing and investment
strategy. He graduated SUMMA CUM LAUDE from the University of Bridgeport,
Connecticut in 1970 with a B.S. in economics. His graduate work was done at the
University of Virginia, where he received a certificate of candidacy for a Ph.D.
in economics in 1973. He joined Millburn Ridgefield in January 1990 from Morgan
Stanley & Co. Incorporated where he was a Principal and Manager of institutional
foreign exchange sales and was involved in strategic trading for the firm. From
1977 to 1987 he was with Chemical Bank New York Corporation, first as a Senior
Economist in Chemical's Foreign Exchange Advisory Service and later as a
Vice-President and Manager of Chemical's Corporate Trading Group. While at
Chemical he also traded both foreign exchange and fixed income products. From
1973 to 1977 Mr. Fitzsimmons was employed by the Federal Reserve Bank of New
York, dividing his time between the International Research Department and the
Foreign Exchange Department.
Barry Goodman, age 42. Mr. Goodman is an Executive Vice-President,
Director of Trading and Co-Director of Research of Millburn Ridgefield and The
Millburn Corporation and a partner of ShareInVest Research L.P. His
responsibilities include overseeing the firm's trading operation and managing
its trading relationships, as well as the design and implementation of trading
systems. He graduated MAGNA CUM LAUDE from Harpur College of the State
University of New York in 1979 with a B.A. in economics. From 1980 through late
1982 he was a commodity trader for E. F. Hutton & Co., Inc. At Hutton he also
designed and maintained various technical indicators and coordinated research
projects pertaining to the futures markets. He joined Millburn Ridgefield in
1982 as Assistant Director of Trading.
Dennis B. Newton, age 48. Mr. Newton is a Senior Vice-President of
Millburn Ridgefield. His primary responsibilities are in administration and
marketing. Prior to joining Millburn Ridgefield in September 1991, Mr. Newton
was President of Phoenix Asset Management, Inc., a registered commodity pool
operator from April 1990 to August 1991. Prior to his employment with Phoenix,
Mr. Newton was a Director of Managed Futures with Prudential-Bache Securities
Inc. from September 1987 to March 1990. Mr. Newton joined Prudential-Bache from
Heinold Asset Management, Inc. where he was a member of the senior management
team. Heinold was a pioneer and one of the largest sponsors of funds utilizing
futures and currency forward trading.
Grant N. Smith, age 48. Mr. Smith is an Executive Vice-President and
Co-Director of Research of Millburn Ridgefield and The Millburn Corporation and
a partner of ShareInVest Research L.P. He is responsible for the design, testing
and implementation of quantitative trading strategies, as well as for planning
and overseeing the computerized decision-support systems of the firm. He
received a B.S. degree from the Massachusetts Institute of Technology in 1974
and an M.S. degree from M.I.T. in 1975. While at M.I.T. he held several teaching
and research positions in the computer science field and participated in various
projects relating to database management. He joined Millburn Ridgefield in 1975.
Item 11. EXECUTIVE COMPENSATION
The Partnership has no directors or officers. None of the directors or
officers of the General Partner receive "other compensation" from the
Partnership. The General Partner makes all trading decisions on behalf of the
Partnership. The General Partner receives monthly brokerage commissions of
0.6875 of 1% of the Net Assets (which is reduced to 0.52 of 1% of Net Assets for
Limited Partners who invest more than $1 million in the Partnership) and a
quarterly profit share of 17.5% of any new trading profit.
Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
AND MANAGEMENT
(a) SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
8
<PAGE>
The Partnership knows of no person who owns beneficially more than 5%
of the Units. All of the Partnership's general partnership interest is held by
the General Partner.
(b) SECURITY OWNERSHIP OF MANAGEMENT
Under the terms of the Limited Partnership Agreement, the Partnership's
affairs are managed by the General Partner, which has discretionary authority
over the Partnership's trading. The General Partner's general partnership
interest was valued at $1,148,788 as of December 31, 1999, approximately 9.5% of
the Partnership's total equity, the equivalent of 794.50 Units.
(c) CHANGES IN CONTROL
None.
Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
See "Item 11. EXECUTIVE COMPENSATION" and "Item 12. SECURITY OWNERSHIP
OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT." The Partnership allocated to the
General Partner, $1,062,865, $1,299,470 and $1,566,165 in brokerage fees and
$77,599, $0 and $336,456 in profit share for fiscal years 1999, 1998 and 1997,
respectively. The General Partner's general partnership interest showed an
allocation of gain (loss) of $72,864, $96,063 and $183,028 in fiscal years 1999,
1998 and 1997, respectively.
PART IV
Item 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND
REPORTS ON FORM 8-K
(a)(1) FINANCIAL STATEMENTS
The following financial statements are included with the 1999 Report
of Independent Accountants, a copy of which is filed herewith as
Exhibit 13.01.
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
Affirmative of Millburn Ridgefield Corporation F-1
Report of Independent Accountants F-2
Statements of Financial Condition as of
December 31, 1999 and 1998 F-3
Statements of Operations for the years ended
December 31, 1999, 1998 and 1997 F-4
Statements of Changes in Partners' Capital for the
years ended December 31, 1999, 1998, and 1997 F-5
Notes to Financial Statements F-6
</TABLE>
(a)(2) FINANCIAL STATEMENT SCHEDULES
All Schedules are omitted for the reason that they are not required,
are not applicable, because equivalent information has been included in the
financial statements or the notes thereto.
(a)(3) EXHIBITS AS REQUIRED BY ITEM 601 OF REGULATION S-K
<TABLE>
<CAPTION>
DESIGNATION DESCRIPTION
----------- -----------
<S> <C>
1.01 Form of Selling Agreement among the Partnership, the General Partner and the Selling Agent.
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
DESIGNATION DESCRIPTION
----------- -----------
<S> <C>
3.01 Limited Partnership Agreement of the Partnership (included as Exhibit A to the Prospectus).
3.02 Certificate of Limited Partnership of the Partnership.
3.03 Amended and Restated Limited Partnership Agreement (included as Exhibit A to the Prospectus).
10.01 Form of Subscription Agreement and Power of Attorney.
10.02 Form of Customer Agreement and Forward Dealer Agreement among the Partnership, the
General Partner and the Selling Agent.
10.03 Form of Customer Agreement and Forward Dealer Agreement among the Partnership, the General
Partner and Morgan Stanley & Co. Incorporated
10.04 Form of Customer Agreement and Forward Dealer Agreement among the Partnership, the General
Partner and AIG Trading Corp.
10.05 Escrow Agreement between the Partnership and Chemical Bank, N.A.
</TABLE>
THE ABOVE EXHIBITS ARE INCORPORATED HEREIN BY REFERENCE FROM AMENDMENT
NO. 1 TO THE REGISTRATION STATEMENT (FILE NO. 33-50388) FILED ON OCTOBER 30,
1992 ON FORM S-1 UNDER THE SECURITIES ACT OF 1933.
<TABLE>
<CAPTION>
DESIGNATION DESCRIPTION
----------- -----------
<S> <C>
13.01 1999 Report of Independent Accountants (filed herewith).
27.01 Financial Data Schedule (filed herewith).
</TABLE>
(b) REPORTS ON FORM 8-K
No report on Form 8-K was filed by the Partnership during the quarter
ended December 31, 1999.
10
<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
Greenwich and State of Connecticut on the 27th day of March, 2000.
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P.
By: Millburn Ridgefield Corporation,
General Partner
By /s/ HARVEY BEKER
------------------------------------
Harvey Beker
President
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
General Partner of the Registrant in the capacities and on the date indicated.
<TABLE>
<CAPTION>
TITLE WITH
SIGNATURE GENERAL PARTNER DATE
- --------- --------------- ----
<S> <C> <C>
/s/ HARVEY BEKER President, Co-Chief March 27, 2000
- -----------------
Harvey Beker Executive Officer and Director
(Principal Financial and Accounting
Officer)
/s/ GEORGE E. CRAPPLE Co-Chief March 27, 2000
- ----------------------
George E. Crapple Executive Officer and Director
(Principal Executive Officer)
</TABLE>
(Being the principal executive officer, the principal financial and
accounting officer, and a majority of the directors of Millburn Ridgefield
Corporation)
Millburn Ridgefield Corporation
General Partner of Registrant March 27, 2000
By /s/ HARVEY BEKER
----------------------------
Harvey Beker
President
11
<PAGE>
Exhibit 13.01
F-1
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P.
AFFIRMATION OF MILLBURN RIDGEFIELD CORPORATION
- -------------------------------------------------------------------------------
In compliance with the Commodity Futures Trading Commission's regulations, I
hereby affirm that to the best of my knowledge and belief, the information
contained in the statements of financial condition of The Millburn Global
Opportunity Fund L.P., at December 31, 1999 and 1998 and the related statements
of operations and of changes in partners' capital for the years ended December
31, 1999, 1998 and 1997 are complete and accurate.
HARVEY BEKER, CO-CHIEF EXECUTIVE OFFICER
MILLBURN RIDGEFIELD CORPORATION
GENERAL PARTNER OF THE MILLBURN GLOBAL OPPORTUNITY FUND L.P.
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Partners of
The Millburn Global Opportunity Fund L.P.:
In our opinion, the accompanying statements of financial condition and the
related statements of operations and of changes in partners' capital present
fairly, in all material respects, the financial position of The Millburn Global
Opportunity Fund L.P. at December 31, 1999 and 1998, and the results of its
operations for each of the three years in the period ended December 31, 1999, in
conformity with accounting principles generally accepted in the United States.
These financial statements are the responsibility of the management of the
General Partner; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these financial
statements in accordance with auditing standards generally accepted in the
United States, which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for the opinion expressed above.
PricewaterhouseCoopers LLP
February 11, 2000
<PAGE>
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. F-3
STATEMENTS OF FINANCIAL CONDITION
AT DECEMBER 31, 1999 AND 1998
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASSETS 1999 1998
<S> <C> <C>
Equity in trading accounts:
Cash $ 361,070 $ 481,341
Investments in U.S. Treasury bills - at value (amortized cost
$3,781,630 and $3,303,659 at December 31, 1999 and 1998,
respectively) (Note 2) 3,781,630 3,303,659
Net unrealized appreciation on open contracts 544,627 305,810
Net unrealized depreciation on open contracts -- (65,174)
---------------- ----------------
TOTAL EQUITY IN TRADING ACCOUNTS 4,687,327 4,025,636
Investments in U.S. Treasury bills - at value (amortized cost $7,327,885
and $10,832,468 at December 31, 1999 and 1998, respectively) 7,327,885 10,832,468
Money market fund 487,312 587,303
---------------- ----------------
TOTAL ASSETS $12,502,524 $ 15,445,407
---------------- ----------------
---------------- ----------------
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable and accrued expenses $ 45,881 $ 63,005
Redemptions payable to limited partners (Note 6) 246,833 383,508
Accrued brokerage commissions 69,100 92,361
---------------- ----------------
TOTAL LIABILITIES 361,814 538,874
---------------- ----------------
Partners' capital (Notes 3, 6 and 7):
General Partner 1,148,788 1,075,924
Limited Partners, (7,601.967 and 9,349.387 Limited Partnership
Units outstanding in 1999 and 1998, respectively) 10,991,922 13,830,609
---------------- ----------------
TOTAL PARTNERS' CAPITAL 12,140,710 14,906,533
---------------- ----------------
TOTAL LIABILITIES AND PARTNERS' CAPITAL $12,502,524 $ 15,445,407
---------------- ----------------
---------------- ----------------
</TABLE>
See accompanying notes to financial statements.
<PAGE>
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. F-4
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1999 1998 1997
<S> <C> <C> <C>
Income (Note 2):
Net gains (losses) on trading of futures, forwards
and option contracts
Realized gains (losses)
Futures and forwards $ 180,566 $ 821,472 $ 3,868,718
Options -- 156,275 (49,945)
--------------- ---------------- ----------------
180,566 977,747 3,818,773
--------------- ---------------- ----------------
Change in unrealized appreciation
(depreciation)
Futures and forwards 303,991 (243,365) (460,194)
Options -- (43,786) (95,965)
--------------- ---------------- ----------------
303,991 (287,151) (556,159)
--------------- ---------------- ----------------
484,557 690,596 3,262,614
Less, Brokerage fees (Note 3) 1,062,865 1,299,470 1,566,165
--------------- ---------------- ----------------
NET REALIZED AND UNREALIZED GAINS
(LOSSES) ON TRADING OF FUTURES,
FORWARD AND OPTION CONTRACTS (578,308) (608,874) 1,696,449
Interest income 654,566 886,163 1,066,041
Foreign exchange loss (20,559) (44,208) (12,137)
--------------- ---------------- ----------------
55,699 233,081 2,750,353
--------------- ---------------- ----------------
Expenses (Note 3):
Administrative expenses 79,547 86,250 98,335
--------------- ---------------- ----------------
79,547 86,250 98,335
--------------- ---------------- ----------------
NET INCOME (LOSS) (23,848) 146,831 2,652,018
Less profit share to General Partner (Note 4) 77,599 -- 336,456
--------------- ---------------- ----------------
NET INCOME (LOSS) FOR PRO RATA
ALLOCATION TO PARTNERS $ (101,447) $ 146,831 $ 2,315,562
--------------- ---------------- ----------------
--------------- ---------------- ----------------
NET INCOME (LOSS) PER LIMITED
PARTNERSHIP UNIT (NOTE 7) $ (33.38) $ 15.81 $ 151.09
--------------- ---------------- ----------------
--------------- ---------------- ----------------
</TABLE>
See accompanying notes to financial statements.
<PAGE>
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. F-5
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
FOR THE YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
LIMITED GENERAL
PARTNERS PARTNER TOTAL
<S> <C> <C> <C>
PARTNERS' CAPITAL AT DECEMBER 31, 1996 $19,148,852 $ 796,833 $19,945,685
Net income for pro rata allocation to partners 2,132,534 183,028 2,315,562
Redemptions (2,574.243 Limited Partnership Units) (3,695,354) -- (3,695,354)
---------------- --------------- ---------------
PARTNERS' CAPITAL AT DECEMBER 31, 1997 17,586,032 979,861 18,565,893
Net income for pro rata allocation to partners 50,768 96,063 146,831
Redemptions (2,666.995 Limited Partnership Units) (3,806,191) -- (3,806,191)
---------------- --------------- ---------------
PARTNERS' CAPITAL AT DECEMBER 31, 1998 13,830,609 1,075,924 14,906,533
Net income (loss) for pro rata allocation to partners (174,311) 72,864 (101,447)
Redemptions (1,747.420 Limited Partnership Units) (2,664,376) -- (2,664,376)
---------------- --------------- ---------------
PARTNERS' CAPITAL AT DECEMBER 31, 1999 $10,991,922 $ 1,148,788 $12,140,710
---------------- --------------- ---------------
---------------- --------------- ---------------
</TABLE>
See accompanying notes to financial statements.
<PAGE>
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. F-6
NOTES TO FINANCIAL STATEMENTS
- ------------------------------------------------------------------------------
1. PARTNERSHIP ORGANIZATION
The Millburn Global Opportunity Fund L.P. (the "Partnership") was
organized under the Delaware Revised Uniform Limited Partnership Act on
July 9, 1992. The Partnership is engaged in speculative trading in
currency forward and financial futures contracts and related options.
The instruments that are traded by the Partnership are volatile and
involve a high degree of risk.
The General Partner has agreed to make additional capital contributions
as General Partner so that its capital contributions to the Partnership
will equal at least 1% of the total contributions to the Partnership.
There are 50,000 Limited Partnership Units ("Units") authorized.
The General Partner and each limited partner share in the profits and
losses of the Partnership, except for brokerage fees and profit-share
allocation, on the basis of their proportionate interests of
Partnership capital determined before brokerage fees and profit share
(see Note 3), except that no limited partner shall be liable for
obligations of the Partnership in excess of his initial capital
contribution and profits, if any, net of distributions.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
a. INVESTMENTS
Open options, futures and forward contracts are valued at market
value. Realized gains (losses) and changes in unrealized values
on futures, forward and option contracts are recognized in the
periods in which the contracts are closed or the changes occur,
and are included in net gains (losses) on trading of futures,
forward and option contracts.
Investments in U.S. Treasury Bills are valued at cost plus
amortized discount which approximates fair value. Amortization of
discount is reflected as interest income.
b. FOREIGN CURRENCY TRANSLATION
Assets and liabilities denominated in foreign currencies are
translated at quoted prices of such currencies at year end.
Purchases and sales of investments are translated at the exchange
rate prevailing when such transactions occurred.
c. INCOME TAXES
Income taxes have not been provided, as each partner is
individually liable for the taxes, if any, on his share of the
Partnership's income and expenses.
d. ESTIMATES
The preparation of financial statements in conformity with
generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and reported
amounts of revenues and expenses during the period. Actual
results could differ from those estimates.
e. RIGHT OF OFFSET
The customer agreements between the Partnership and brokers give
the Partnership the legal right to net unrealized gains and
losses. Unrealized gains and losses related to transactions with
these brokers are reflected on a net basis in the equity in
trading accounts in the statements of financial condition.
<PAGE>
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. F-7
NOTES TO FINANCIAL STATEMENTS
- -------------------------------------------------------------------------------
f. OTHER
Certain prior year amounts have been reclassified to conform with
current year presentation.
3. LIMITED PARTNERSHIP AGREEMENT
The Limited Partnership Agreement provides that the General Partner
shall control, conduct and manage the business of the Partnership, and
may make all trading decisions for the Partnership. The General Partner
also pays from its own funds, selling commissions on all sales of
Units.
The Partnership will pay the General Partner brokerage fees equal to
.6875 of 1% (an 8.25% annual rate) of month-end Net Assets, as defined
in the Limited Partnership Agreement, except those equal to the General
Partner's partnership interest. The General Partner shall bear any
commissions and fees payable to clearing and third party brokers.
The Partnership will deduct from each limited partner's capital account
and add to the General Partner's capital account 17.5% of any New
Trading Profit, as defined in the Limited Partnership Agreement, as of
the end of each calendar quarter, based on the performance of the
Partnership.
The Partnership pays all routine legal, accounting, administrative,
printing and similar costs associated with its operation, excluding any
indirect expenses of the General Partner.
The Partnership will terminate on December 31, 2022 or if its Net
Assets decline to less than $250,000 or upon the occurrence of certain
other events as defined in the Limited Partnership Agreement.
4. TRADING ACTIVITIES
All of the derivatives owned by the Partnership, including options,
futures and forwards, are held for trading purposes. The results of the
Partnership's trading activity are shown in the statements of
operations. The fair value of the derivative financial instruments at
December 31, 1999 and 1998 was $544,627 and $240,636, respectively.
At December 31, 1999 and 1998, cash and treasury bills aggregating
$4,142,700 and $3,785,000, respectively, included in the Partnership's
equity in trading accounts were held in segregated accounts as required
by U.S. Commodity Futures Trading Commission regulations or by the
counterparty bank or broker.
5. DERIVATIVE INSTRUMENTS
The Partnership is party to financial instruments in the normal course
of its business. These instruments include forwards, futures and
options, whose value is based upon an underlying asset, index, or
reference rate, and generally represent future commitments to exchange
currencies or cash flows, or to purchase or sell other financial
instruments at specific terms at specified future dates. These
instruments may be traded on an exchange or over-the-counter. Exchange
traded instruments are standardized and include futures and certain
options. Each of these instruments is subject to various risks similar
to those related to the underlying instruments including market and
credit risk.
Market risk is the potential change in the value of the financial
instruments traded by the Partnership due to market changes, including
interest and foreign exchange rate movements and fluctuations in
futures or security prices. Market risk is directly impacted by the
volatility and
<PAGE>
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. F-8
NOTES TO FINANCIAL STATEMENTS
- -------------------------------------------------------------------------------
liquidity in the markets in which the related underlying assets are
traded. The Partnership's risk of loss due to market risk may exceed
the amounts recognized in the statement of financial condition.
Credit risk is the possibility that a loss may occur due to the failure
of a counterparty to perform according to the terms of a contract.
Credit risk is normally reduced to the extent that an exchange or
clearing organization acts as a counterparty to futures or options
transactions, since typically the collective credit of the members of
the exchange is pledged to support the financial integrity of the
exchange. In the case of over-the-counter transactions, the Partnership
must rely solely on the credit of the individual counterparties. The
Partnership's risk of loss in the event of counterparty default is
typically limited to the amounts recognized in the statement of
financial condition, not to the contract or notional amounts of the
instruments.
The Partnership has limited concentration risk as it executes trades
and maintains accounts with several brokers.
The fair value of the Partnership's derivative financial instruments at
December 31, 1999 and 1998 is detailed below:
<TABLE>
<CAPTION>
UNREALIZED APPRECIATION
(DEPRECIATION)
------------------------------------
GROSS NET
<S> <C> <C>
DECEMBER 31, 1999:
Exchange traded $ 496,395 $ 491,639
Non-exchange trades 197,811 52,988
---------------- ------------------
$ 694,206 $ 544,627
================ ==================
DECEMBER 31, 1998:
Exchange traded $ 915,935 $ 236,885
Non-exchange traded 205,543 3,751
---------------- ------------------
$1,121,478 $ 240,636
---------------- ------------------
---------------- ------------------
</TABLE>
6. REDEMPTIONS
Units may be redeemed, at the option of any Limited Partner, as of the
close of business on the last day of any month on ten days' prior
notice to the General Partner, provided that no Units may be redeemed
prior to the end of the third full calendar month after the sale of
such Units.
Effective January 1, 2000, approximately $246,000 in redemptions were
made by unitholders.
<PAGE>
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. F-9
NOTES TO FINANCIAL STATEMENTS
- -------------------------------------------------------------------------------
7. NET ASSET VALUE PER UNIT
Changes in net asset value per Unit, based on average units
outstanding, during the years ended December 31, 1999, 1998 and 1997
were as follows:
<TABLE>
<CAPTION>
1999 1998* 1997*
<S> <C> <C> <C>
Net realized and unrealized (losses)/gains
on currency contracts $ (84.10) $ (48.57) $ 103.71
Interest income 70.61 75.71 78.26
Foreign exchange loss (2.12) (3.95) (0.72)
Profit share expense (9.12) -- (22.91)
Administrative expenses (8.65) (7.38) (7.25)
--------------- --------------- --------------
NET INCOME (LOSS) PER UNIT (33.38) 15.81 151.09
Net asset value per unit, beginning of year 1,479.31 1,463.50 1,312.41
--------------- --------------- --------------
NET ASSET VALUE PER UNIT, END OF YEAR $1,445.93 $ 1,479.31 $ 1,463.50
--------------- --------------- --------------
--------------- --------------- --------------
</TABLE>
*Certain amounts have been reclassified for comparative purposes.
8. NEW ACCOUNTING PRONOUNCEMENT
The Partnership adopted Statement of Financial Accounting Standards No.
133 (SFAS 133), ACCOUNTING FOR DERIVATIVE INSTRUMENTS AND HEDGING
ACTIVITIES, on January 1, 1999. SFAS 133 requires that an entity
recognize all derivative instruments in the statement of financial
condition and measure those financial instruments at fair value. SFAS
133 is expected to have no impact on the partners' capital and
operating results as all derivative instruments are recorded at fair
value, with changes therein reported in the statements of operations.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE MILLBURN
GLOBAL OPPORTUNITY FUND L.P. STATEMENTS OF FINANCIAL CONDITION (1999 AND 1998)
AND STATEMENTS OF OPERATIONS AND OF CHANGES IN PARTNERS' CAPITAL (1999, 1998
AND 1997).
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<CASH> 848,383
<SECURITIES> 11,109,515
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 12,502,524
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 12,502,524
<CURRENT-LIABILITIES> 361,814
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 12,140,710
<TOTAL-LIABILITY-AND-EQUITY> 12,502,524
<SALES> 0
<TOTAL-REVENUES> 1,118,564
<CGS> 0
<TOTAL-COSTS> 1,142,439
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (23,848)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (23,848)
<EPS-BASIC> (33.38)
<EPS-DILUTED> (33.38)
</TABLE>
