<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, 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 WORLD RESOURCE TRUST
(Exact name of registrant as specified in its charter)
Delaware 06-6415-583
(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>
THE MILLBURN WORLD RESOURCE TRUST
Statements of Trust Capital
For the three months ended March 31, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
Unit Managing
Holders Owner Total
------------ ------------ ------------
<S> <C> <C> <C>
Trust Equity at December 31, 1996
(47,579.528 Units) 54,723,006 1,417,312 56,140,318
Addition of 6,181.932 Units 7,507,461 27,679 7,535,140
Redemption of 2,618.219 Units (3,225,696) (837,876) (4,063,572)
Net Gain(Loss) in Trust Equity 3,957,263 61,356 4,018,619
Unamortized Organizational Costs 222,535 2,470 225,005
------------ ------------ ------------
Trust Equity at March 31, 1997 63,184,569 670,941 63,855,510
(51,171.447 Units) ============ ============ ============
Redemption Value per Unit
at March 31, 1997 1,234.76
============
</TABLE>
Statements of Cash Flows
For the three months ended March 31, 1997 and 1996 (UNAUDITED)
<TABLE>
<CAPTION>
1997 1996
------------ ------------
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income(Loss) 4,018,619 (3,707,507)
Adjustments to reconcile Net Income
(Loss) to Net Cash Flows from
Operating Activities:
Decrease(Increase) in Equity in
Futures and Forward Trading Accounts (12,258,455) (15,937,369)
(Decrease)Increase in Accrued Expenses 690,596 121,535
------------ ------------
Net Cash Flows from Operating Activities (7,549,240) (19,523,341)
Cash Flows from Financing Activities:
Subscription of Unitholder and Managing
Owner Units and Unit Equivalents 4,281,548 (204,942)
------------ ------------
Net Change in Cash (3,267,692) (19,728,283)
Cash - Beginning of Year 8,302,592 6,170,835
------------ ------------
Cash - End of Period 5,034,900 3,983,568
============ ============
</TABLE>
See accompanying notes to financial statements.
<PAGE>
THE MILLBURN WORLD RESOURCE TRUST NOTES TO FORM 10-Q FINANCIAL STATEMENTS
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 three months ended March 31, 1997.
<TABLE>
<CAPTION>
31-Mar-97 31-Dec-96
------------- -------------
<S> <C> <C>
Ending Equity $ 63,855,510 $ 56,140,318
</TABLE>
Note A:
Ending equity at March 31, 1997 is greater than ending equity at December 31,
1996 due to the sale of units and to profits 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 19th day of August, 1997.
THE MILLBURN WORLD RESOURCE TRUST
By: Millburn Ridgefield Corporation,
Managing Owner
By /s/ Tod A. Tanis August 19, 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 TRUST
CAPITAL AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<RESTATED>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 5,034,900
<SECURITIES> 58,753,028
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 68,356,296
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 68,356,296
<CURRENT-LIABILITIES> 4,500,786
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 63,855,510
<TOTAL-LIABILITY-AND-EQUITY> 68,356,296
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 2,277,881
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 4,018,619
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 4,018,619
<EPS-PRIMARY> 79.95
<EPS-DILUTED> 79.95
</TABLE>
