<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, 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: $6,323,706.00.
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THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. INDEX
Financial Statements: Pages
Statement of Financial Condition at
September 30, 2000 and 1999 1
Statements of Operations for the Periods Ended
September 30, 2000 and 1999 2
Statements of Changes in Trust Capital for the
Periods Ended September 30, 2000 and 1999 4
Notes to Financial Statements 6
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM I. FINANCIAL STATEMENTS
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P.
Statement of Financial Condition (UNAUDITED)
<TABLE>
<CAPTION>
30-Sep-00 31-Dec-99
Assets: ------------ ------------
<S> <C> <C>
Cash $ 93,861 $ 361,070
Money market fund 99,670 487,312
Investments in U.S. Treasury bills
- at value (amortized cost $ 3,543,776
and $11,109,515) 3,543,776 11,109,515
Investments in U.S. Treasury notes 3,861,987 0
Net unrealized appreciation (depreciation)
on open contracts (64,502) 544,627
------------ ------------
Total Assets $ 7,534,792 $ 12,502,524
============ ============
Liabilities & Partners' Capital:
Accounts payable and accrued expenses $ 35,139 $ 45,881
Redemptions payable to limited partners 197,504 246,833
Accrued brokerage commissions 40,071 69,100
------------ ------------
Total Liabilities 272,714 361,814
------------ ------------
Partners' Capital:
General Partner 938,372 1,148,788
Limited Partners (5,697.101 &
7,601.967 Limited Partnership Units
outstanding at September 30, 2000 and
December 31, 1999) 6,323,706 10,991,922
------------ ------------
Total Partners' Capital 7,262,078 12,140,710
------------ ------------
Total Liabilities and Partners' Capital $ 7,534,792 $ 12,502,524
============ ============
</TABLE>
See accompanying notes to financial statements.
<PAGE>
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P.
Statement of Operations
For the three months ended September 30, 2000 and 1999 (UNAUDITED)
<TABLE>
<CAPTION>
2000 1999
------------ ------------
<S> <C> <C>
Income:
Net gains (losses) on futures and
forward contracts
Realized gains (losses) $ (327,290) $ (338,970)
Change in unrealized appreciation
(depreciation) 171,479 (503,819)
------------ ------------
(155,811) (842,789)
Less, Brokerage fees 139,366 260,454
------------ ------------
Net realized and unrealized gains
(losses) on trading of futures
and forward contracts (295,177) (1,103,243)
Interest Income 111,684 174,844
Foreign Exchange Gain(Loss) 625 (8,933)
------------ ------------
(182,868) (937,332)
Expenses:
Profit Share 0 0
Administrative 13,198 21,112
------------ ------------
13,198 21,112
------------ ------------
Net Income(Loss) $ (196,066) $ (958,444)
============ ============
Net Income(Loss) allocated to General Partner $ (7,429) $ (58,744)
Net Income(Loss) allocated to Limited Partners $ (188,637) $ (899,700)
Net Income(Loss) per Limited Partnership Unit $ (31.96) $ (108.96)
</TABLE>
See accompanying notes to financial statements.
<PAGE>
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P.
Statement of Operations
For the nine months ended September 30, 2000 and 1999 (UNAUDITED)
<TABLE>
<CAPTION>
2000 1999
------------ ------------
<S> <C> <C>
Income:
Net gains (losses) on futures and
forward contracts
Realized gains (losses) $(1,676,372) $ 1,293,098
Change in unrealized appreciation
(depreciation) (609,129) (264,072)
------------ ------------
(2,285,501) 1,029,026
Less, Brokerage fees 514,622 832,535
------------ ------------
Net realized and unrealized gains
(losses) on trading of futures
and forward contracts (2,800,123) 196,491
Interest Income 407,941 528,358
Foreign Exchange Gain(Loss) (10,232) (17,884)
------------ ------------
(2,402,414) 706,965
Expenses:
Profit Share 0 77,599
Administrative 56,003 59,130
------------ ------------
56,003 136,729
------------ ------------
Net Income(Loss) $(2,458,417) $ 570,236
============ ============
Net Income(Loss) allocated to General Partner $ (210,416) $ 111,217
Net Income(Loss) allocated to Limited Partners $(2,248,001) $ 459,019
Net Income(Loss) per Limited Partnership Unit $ (335.94) $ 46.14
</TABLE>
See accompanying notes to financial statements.
<PAGE>
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P.
Statement of Partners' Capital
For the three months ended September 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
Limited General
Partners Partner Total
------------ ------------ ------------
<S> <C> <C> <C>
Partners' Capital at June 30, 1999
(6,034.553 Units) 6,891,174 945,621 7,836,795
Redemption of 337.452 Units (378,651) 0 (378,651)
Net Income(Loss) (188,637) (7,249) (196,066)
------------ ------------- ------------
Partners' Capital at September 30, 6,323,706 938,372 7,262,078
2000 (5,697.101 Units) ============ ============= ============
Redemption Value per Unit
at September 30, 2000 1,109.99
============
</TABLE>
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P.
Statement of Partners' Capital
For the nine months ended September 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
Limited General
Partners Partner Total
------------ ------------ ------------
<S> <C> <C> <C>
Partners' Capital at December 31,
1999 (7,601.967 Units) 10,991,922 1,148,788 12,140,710
Redemption of 1,904.866 Units (2,420,215) - (2,420,215)
Net Income(Loss) (2,248,001) (210,416) (2,458,417)
------------ ------------- ------------
Partners' Capital at September 30, 6,323,706 938,372 7,262,078
2000 (5,697.101 Units) ============ ============= ============
Redemption Value per Unit
at September 30, 2000 1,109.99
============
</TABLE>
See accompanying notes to financial statements.
<PAGE>
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P.
Net Asset Value per Unit
Changes in net asset value per Unit during the three months ended
September 30, 2000 and 1999 were as follows:
<TABLE>
<CAPTION>
UNAUDITED
2000 1999
------------ ------------
<S> <C> <C>
Net realized and unrealized gains
(losses)on futures and forwards
contracts $ (46.57) $ (125.29)
Interest Income 16.46 19.63
Foreign exchange gain (loss) 0.09 (0.93)
Profit share expenses 0.00 0.00
Administrative expense (1.94) (2.37)
------------ ------------
Net income (loss) per unit (31.96) (108.96)
Net asset value per Unit,
beginning of period 1,141.95 1,634.41
------------ ------------
Net asset value per Unit,
end of Period $ 1,109.99 $ 1,525.45
============ ============
</TABLE>
Net Asset Value per Unit
Changes in net asset value per Unit during the nine months ended
September 30, 2000 and 1999 were as follows:
<TABLE>
<CAPTION>
UNAUDITED
2000 1999
------------ ------------
<S> <C> <C>
Net realized and unrealized gains
(losses)on futures and forwards
contracts $ (382.09) $ 7.65
Interest Income 54.92 55.73
Foreign exchange gain (loss) (1.21) (1.61)
Profit share expenses 0.00 (9.12)
Administrative expense (7.56) (6.51)
------------ ------------
Net income (loss) per unit (335.94) 46.14
Net asset value per Unit,
beginning of period 1,445.93 1,479.31
------------ ------------
Net asset value per Unit,
end of Period $ 1,109.99 $ 1,525.45
============ ============
</TABLE>
See accompanying notes to financial statements.
<PAGE>
ITEM II. NOTES TO FINANCIAL STATEMENTS
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P.
The accompanying financial statements are unaudited but, in the opinion of
management, include all adjustments (consisting only of normal recurring
adjustments) necessary for a fair presentation of the Partnership's financial
condition at September 30, 2000 (unaudited) and December 31, 1999 and the
results of its operations for the three month and nine month period
ended September 30, 2000 and 1999. These financial statements present the
results of interim periods and do not include all disclosures normally
provided in annual financial statements. It is suggested that these financial
statements be read in conjunction with the financial statements and notes
included in the Partnership's annual report on Form 10-K filed with the
Securities and Exchange Commission for the year ended December 31, 1999.
Management discussion and analysis of the financial statements for the
nine months ended September 30, 2000.
<TABLE>
<CAPTION>
30-Sep-00 31-Dec-99
------------- -------------
<S> <C> <C>
Ending Equity $ 7,262,078 $ 12,140,710
</TABLE>
The partnership's net assets declined 40.18% in the three quarters of
2000.
The fund registered a moderate loss during the three months ended
September 30, 2000. While there were fractional gains from trading
stock index futures, these were more than offset by small losses
from trading each of the other components of the portfolio - interest
rates, currencies and metals.
Long positions in U.S. interest rate futures - across the entire
maturity spectrum - were profitable during the summer quarter.
Unfortunately, European and Japanese interest rate markets remained
unsettled, producing trading losses that more than offset these gains.
In dollar currency trading, gains from short positions in the Euro,
Thai baht, Singapore dollar and Swiss franc were countered by losses
from trading the yen, Canadian dollar and Korean won. Cross rate
trading and exotic currency trading were also fractionally unprofitable.
Stock index trading was somewhat profitable because gains from short
Japanese index futures, long S&P futures, and both long and short
positions in Hong Kong stock futures were larger than losses from
trading U.K., German and Australian indices.
Finally, metals trading lost money in the July-September quarter.
Metals prices were quite volatile and losses were incurred on both
sides of the market in trading gold, aluminum and zinc. Meanwhile,
a long copper position was slightly positive.
<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 23rd day of October, 2000.
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P.
By: Millburn Ridgefield Corporation,
General Partner
By /s/ Tod A. Tanis October 23, 2000
Tod A. Tanis
Vice-President
