<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, 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>
PART I. FINANCIAL INFORMATION
ITEM I. FINANCIAL STATEMENTS
THE MILLBURN WORLD RESOURCE TRUST
Statements of Financial Condition (UNAUDITED)
<TABLE>
<CAPTION>
30-Sept-97 31-Dec-96
Assets: ------------ ------------
<S> <C> <C>
Investment in U.S. Treasury obligations
- at value (amortized cost $60,424,119
at September 30, 1997) 60,424,119 39,816,893
Money market mutual funds 1,284,251 2,605,008
Options owned, at market value (cost
$402,818 at September 30, 1997) 321,053 488,881
Unrealized appreciation on open contracts 4,165,510 4,839,007
Cash 7,629,780 2,306,712
------------ ------------
Total Assets $ 73,824,713 $ 50,056,501
============ ============
Liabilities & Unitholders' Capital:
Unrealized depreciation on
open currency contracts 3,350,221 292,367
Due to Managing Owner - -
Accounts payable and accrued expenses 77,841 86,129
Redemptions payable to unit holders, net 887,071 1,847,810
Accrued brokerage commissions 411,994 300,370
------------ ------------
Total Liabilities 4,727,127 2,526,676
Trust Capital:
Managing Owner interest 715,724 504,149
Unitholders interest (Units of Beneficial
Interest oustanding - 61,540.749 at
September 30, 1997) 68,381,862 47,025,676
------------ ------------
Total Trust Capital 69,097,586 47,529,825
------------ ------------
Total Liabilities and Trust Capital $ 73,824,713 $ 50,056,501
============ ============
</TABLE>
See accompanying notes to financial statements.
<PAGE>
THE MILLBURN WORLD RESOURCE TRUST
Statements of Operations
For the three months ended September 30, 1997 and 1996 (UNAUDITED)
<TABLE>
<CAPTION>
1997 1996
------------ ------------
<S> <C> <C>
Revenues:
Realized Gain(Loss) on Closed Contracts (3,377,495) 2,714,049
Change in Unrealized Gain(Loss)
on Open Contracts (715,850) 552,576
Interest Income 899,130 551,758
Foreign Exchange Gain(Loss) (118,737) (11,175)
------------ ------------
$(3,312,952) $ 3,807,208
Expenses:
Brokerage Commissions 1,541,033 1,047,403
17.5% Profit Share (Accrued) - -
Administrative 68,482 217,701
Organizational and Offering Expenses 50,000 75,000
------------ ------------
$ 1,659,515 $ 1,340,104
============ ============
Net Income(Loss) $(4,972,467) $ 2,467,104
Net Income(Loss) allocated to
Managing Owner $ (39,172) $ 33,657
Net Income(Loss) allocated to
Unitholders $(4,933,295) $ 2,433,447
Increase(Decrease) in Redemption Value
for each Unit outstanding throughout
each period $ (80.97) $ 50.37
</TABLE>
See accompanying notes to financial statements.
<PAGE>
THE MILLBURN WORLD RESOURCE TRUST
Statements of Operations
For the nine months ended September 30, 1997 and 1996 (UNAUDITED)
<TABLE>
<CAPTION>
1997 1996
------------ ------------
<S> <C> <C>
Revenues:
Realized Gain(Loss) on Closed Contracts 2,852,599 (1,012,187)
Change in Unrealized Gain(Loss)
on Open Contracts (2,991,434) 2,029,969
Interest Income 2,550,999 1,484,156
Foreign Exchange Gain(Loss) 76,118 (39,013)
------------ ------------
$ 2,488,282 $ 2,462,925
Expenses:
Brokerage Commissions 4,487,552 2,782,140
17.5% Profit Share (Accrued) 695,667 -
Administrative 324,024 274,445
Organizational and Offering Expenses 200,000 284,618
------------ ------------
$ 5,707,243 $ 3,341,203
============ ============
Net Income(Loss) $(3,218,961) $ (878,278)
Net Income(Loss) allocated to
Managing Owner $ 11,139 $ 12,046
Net Income(Loss) allocated to
Unitholders $(3,230,100) $ (890,324)
Increase(Decrease) in Redemption Value
for each Unit outstanding throughout
each period $ (43.65) $ (50.32)
</TABLE>
See accompanying notes to financial statements.
<PAGE>
THE MILLBURN WORLD RESOURCE TRUST
Statements of Trust Capital
For the nine months ended September 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
Unit Managing
Holders Owner Total
------------ ------------ ------------
<S> <C> <C> <C>
Trust Equity at December 31, 1996
(47,579.528 Units) 54,945,541 609,802 55,555,343
Addition of 20,145.725 Units 24,086,800 122,679 24,209,479
Redemption of 6,184.504 Units (7,420,379) (27,896) (7,448,275)
Net Gain(Loss) in Trust Equity (3,230,100) 11,139 (3,218,961)
------------ ------------ ------------
Trust Equity at September 30, 1997 68,381,862 715,724 69,097,586
(61,540.749 Units) ============ ============ ============
Redemption Value per Unit
at September 30, 1997 1,111.16
============
</TABLE>
Statements of Cash Flows
For the nine months ended September 30, 1997 and 1996 (UNAUDITED)
<TABLE>
<CAPTION>
1997 1996
------------ ------------
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income(Loss) (3,218,961) (876,805)
Adjustments to reconcile Net Income
(Loss) to Net Cash Flows from
Operating Activities:
Decrease(Increase) in Equity in
Futures and Forward Trading Accounts (12,103,673) (22,308,696)
Increase(Decrease) in Accrued Expenses (17,156) (22,968)
------------ ------------
Net Cash Flows from Operating Activities (15,339,790) (23,208,469)
Cash Flows from Financing Activities:
Subscription of Unitholder and Managing
Owner Units and Unit Equivalents 15,951,229 21,949,354
------------ ------------
Net Change in Cash 611,439 (1,259,115)
Cash - Beginning of Year 8,302,592 6,170,835
------------ ------------
Cash - End of Period 8,914,031 4,911,720
============ ============
</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 nine months ended September 30, 1997.
<TABLE>
<CAPTION>
30-Sept-97 31-Dec-96
-------------- -------------
<S> <C> <C>
Ending Equity $ 69,097,586 $ 55,555,343
</TABLE>
Note A:
Ending equity at September 30, 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 10th day of November, 1997.
THE MILLBURN WORLD RESOURCE TRUST
By: Millburn Ridgefield Corporation,
Managing Owner
By /s/ Tod A. Tanis November 10, 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>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<CASH> 8,914,031
<SECURITIES> 60,424,119
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 73,824,713
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 73,824,713
<CURRENT-LIABILITIES> 4,727,127
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 69,097,586
<TOTAL-LIABILITY-AND-EQUITY> 73,824,713
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 5,707,243
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (3,218,961)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (3,218,961)
<EPS-PRIMARY> (43.65)
<EPS-DILUTED> (43.65)
</TABLE>
