<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: June 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>
31-Mar-97 31-Dec-96
Assets: ------------ ------------
<S> <C> <C>
Investment in U.S. Treasury obligations
- at value (amortized cost $54,452,767
at June 30, 1997) 54,452,767 37,920,585
Money market mutual funds 8,616,323 4,019,443
Options owned, at market value (cost
$625,377 at June 30, 1997) 508,287 834,193
Unrealized appreciation on open contracts 4,221,190 3,753,427
Cash 5,494,968 (806,076)
------------ ------------
Total Assets $ 73,293,535 $ 45,721,572
============ ============
Liabilities & Unitholders' Capital:
Unrealized depreciation on
open currency contracts 1,814,964 104,675
Due to Managing Owner - -
Accounts payable and accrued expenses 59,288 57,233
Redemptions payable to unit holders, net 942,913 190,634
Accrued brokerage commissions 411,796 260,324
------------ ------------
Total Liabilities 3,228,961 612,866
Trust Capital:
Managing Owner interest 734,896 470,492
Unitholders interest (Units of Beneficial
Interest oustanding - 58,156.089 at
June 30, 1997) 69,329,678 44,638,214
------------ ------------
Total Trust Capital 70,064,574 45,108,706
------------ ------------
Total Liabilities and Trust Capital $ 73,293,535 $ 45,721,572
============ ============
</TABLE>
See accompanying notes to financial statements.
<PAGE>
THE MILLBURN WORLD RESOURCE TRUST
Statements of Operations
For the three months ended June 30, 1997 and 1996 (UNAUDITED)
<TABLE>
<CAPTION>
1997 1996
------------ ------------
<S> <C> <C>
Revenues:
Realized Gain(Loss) on Closed Contracts (437,952) (2,110,298)
Change in Unrealized Gain(Loss)
on Open Contracts (1,148,255) 3,138,977
Interest Income 891,654 512,802
Foreign Exchange Gain(Loss) 199,287 1,343
------------ ------------
$ (495,266) $ 1,542,824
Expenses:
Brokerage Commissions 1,523,428 946,508
17.5% Profit Share (Accrued) - -
Administrative 171,419 41,848
Organizational and Offering Expenses 75,000 115,870
------------ ------------
$ 1,769,847 $ 1,104,226
============ ============
Net Income(Loss) $(2,265,113) $ 438,598
Net Income(Loss) allocated to
Managing Owner $ (11,045) $ 11,450
Net Income(Loss) allocated to
Unitholders $(2,254,068) $ 427,148
Increase(Decrease) in Redemption Value
for each Unit outstanding throughout
each period $ (42.63) $ 34.60
</TABLE>
See accompanying notes to financial statements.
<PAGE>
THE MILLBURN WORLD RESOURCE TRUST
Statements of Operations
For the six months ended June 30, 1997 and 1996 (UNAUDITED)
<TABLE>
<CAPTION>
1997 1996
------------ ------------
<S> <C> <C>
Revenues:
Realized Gain(Loss) on Closed Contracts 6,230,094 (3,726,236)
Change in Unrealized Gain(Loss)
on Open Contracts (2,275,584) 1,477,393
Interest Income 1,651,869 932,398
Foreign Exchange Gain(Loss) 194,855 (27,838)
------------ ------------
$ 5,801,234 $(1,344,283)
Expenses:
Brokerage Commissions 2,946,519 1,733,264
17.5% Profit Share (Accrued) 695,667 -
Administrative 255,542 56,744
Organizational and Offering Expenses 150,000 209,618
------------ ------------
$ 4,047,728 $ 1,999,626
============ ============
Net Income(Loss) $ 1,753,506 $(3,343,909)
Net Income(Loss) allocated to
Managing Owner $ 50,311 $ (20,138)
Net Income(Loss) allocated to
Unitholders $ 1,703,195 $(3,323,771)
Increase(Decrease) in Redemption Value
for each Unit outstanding throughout
each period $ 37.32 $ (100.69)
</TABLE>
See accompanying notes to financial statements.
<PAGE>
THE MILLBURN WORLD RESOURCE TRUST
Statements of Trust Capital
For the six months ended June 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
Unit Managing
Holders Owner Total
------------ ------------ ------------
<S> <C> <C> <C>
Trust Equity at December 31, 1996
(47,579.528 Units) 54,723,006 1,417,312 56,140,318
Addition of 15,030.786 Units 18,185,971 102,679 18,288,650
Redemption of 3,514.547 Units (5,505,029) (837,876) (6,342,905)
Net Gain(Loss) in Trust Equity 1,703,195 50,311 1,753,506
Unamortized Organizational Costs 222,535 2,470 225,005
------------ ------------ ------------
Trust Equity at June 30, 1997 69,329,678 734,896 70,064,574
(58,156.089 Units) ============ ============ ============
Redemption Value per Unit
at June 30, 1997 1,192.13
============
</TABLE>
Statements of Cash Flows
For the six months ended June 30, 1997 and 1996 (UNAUDITED)
<TABLE>
<CAPTION>
1997 1996
------------ ------------
<S> <C> <C>
Cash Flows from Operating Activities:
Net Income(Loss) 1,753,506 (3,343,910)
Adjustments to reconcile Net Income
(Loss) to Net Cash Flows from
Operating Activities:
Decrease(Increase) in Equity in
Futures and Forward Trading Accounts (7,869,453) (21,576,002)
(Decrease)Increase in Accrued Expenses (21,104) (32,896)
------------ ------------
Net Cash Flows from Operating Activities (6,137,051) (24,952,808)
Cash Flows from Financing Activities:
Subscription of Unitholder and Managing
Owner Units and Unit Equivalents 11,945,750 21,995,339
------------ ------------
Net Change in Cash 5,808,699 (2,957,469)
Cash - Beginning of Year 8,302,592 6,170,835
------------ ------------
Cash - End of Period 14,111,291 3,213,366
============ ============
</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 six months ended June 30, 1997.
<TABLE>
<CAPTION>
30-Jun-97 31-Dec-96
------------- -------------
<S> <C> <C>
Ending Equity $ 70,064,574 $ 56,140,318
</TABLE>
Note A:
Ending equity at June 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 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>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 14,111,291
<SECURITIES> 54,452,767
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 73,293,535
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 73,293,535
<CURRENT-LIABILITIES> 3,228,961
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 70,064,574
<TOTAL-LIABILITY-AND-EQUITY> 73,293,535
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 4,047,728
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 1,753,506
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,753,506
<EPS-PRIMARY> 37.32
<EPS-DILUTED> 37.32
</TABLE>
