<PAGE>
Filed pursuant to Rule 424(b)(3)
Registration No. 333-50209
THE MILLBURN WORLD RESOURCE TRUST
SUPPLEMENT DATED FEBRUARY 11, 2000
TO
THE PROSPECTUS AND DISCLOSURE DOCUMENT
DATED MAY 12, 1999
This Supplement updates certain Commodity Futures Trading
Commission required information contained in The Millburn World Resource
Trust Prospectus and Disclosure Document dated May 12, 1999. All capitalized
terms used in this Supplement have the same meaning as in the Prospectus
unless specified otherwise. Prospective investors should review the contents
of both this Supplement and the Prospectus carefully before deciding whether
to invest in the Trust.
Exhibit I of this Supplement updates information on the
cover page of the Prospectus regarding the amount of trading profit the Trust
must realize in order to offset twelve months of Trust expenses and the 3%
redemption charge due on Units redeemed during the first year after they are
sold. Exhibit I also contains an updated version of the Trust's Breakeven
Table set forth on page 6 of the Prospectus. Exhibit II contains an updated
version of the performance record of the Trust set forth on page 5 of the
Prospectus. Exhibit III contains updated information regarding the civil,
administrative or criminal proceedings related to the Trust's Principal
Selling Agent and Clearing Brokers set forth on pages 34 through 41 of the
Prospectus. Exhibit IV contains an updated version of the annual rates of
return since inception of the Millburn Ridgefield client funds set forth on
pages 73 and 74 of the Prospectus.
* * * * * * * * * *
All information in the Prospectus is hereby restated,
except as updated hereby
--------------------------
NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY
STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES
OR PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS SUPPLEMENT. ANY
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
THE COMMODITY FUTURES TRADING COMMISSION HAS NOT PASSED
UPON THE MERITS OF PARTICIPATING IN THIS POOL NOR HAS THE COMMISSION PASSED
UPON THE ADEQUACY OR ACCURACY OF THIS DISCLOSURE DOCUMENT SUPPLEMENT.
<PAGE>
EXHIBIT I
The Trust is subject to substantial charges regardless of
its profitability, as well as to quarterly Profit Shares. In order to offset
Trust expenses during the first year after a Unit is sold, the Trust must
earn trading profits of approximately 5.70%, or of approximately 8.80% if the
3% redemption charge applies, assuming the Trust earns interest on its assets
at an annual rate of approximately 4.8%.
"BREAKEVEN TABLE"
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------
ROUTINE EXPENSES PERCENTAGE RETURN DOLLAR RETURN REQUIRED
REQUIRED ($5,000 INITIAL INVESTMENT)
FIRST TWELVE MONTHS OF FIRST TWELVE MONTHS OF
INVESTMENT INVESTMENT
<S> <C> <C>
- ----------------------------------------------------------------------------------------------------------
Brokerage Fees 9.00% $450.00
- ----------------------------------------------------------------------------------------------------------
Administrative Expenses* 0.75% $37.50
- ----------------------------------------------------------------------------------------------------------
Profit Share* 0.75% $37.50
- ----------------------------------------------------------------------------------------------------------
Redemption Charge* 3.10% $155.00
- ----------------------------------------------------------------------------------------------------------
Less Interest Income* (4.80)% $(240.00)
- ----------------------------------------------------------------------------------------------------------
TWELVE-MONTH "BREAKEVEN" WITH REDEMPTION
CHARGE 8.80% $440.00
- ----------------------------------------------------------------------------------------------------------
TWELVE-MONTH "BREAKEVEN" WITHOUT
REDEMPTION CHARGE 5.70% $285.00
- ----------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------
*Estimated.
The Profit Share is 17.5% of any New Trading Profit and is paid quarterly.
Consequently, a Profit Share could be paid in a breakeven or losing year.
The Breakeven Table assumes a constant $5,000 Net Asset Value and a breakeven
year.
1
<PAGE>
EXHIBIT II
PERFORMANCE OF THE TRUST
THE MILLBURN WORLD RESOURCE TRUST
(SEPTEMBER 13, 1995 - DECEMBER 31, 1999)
TYPE OF POOL: Single-Advisor/Publicly-Offered/No Principal Protection
INCEPTION OF TRADING: September 13, 1995
AGGREGATE SUBSCRIPTIONS: $98,021,029
CURRENT CAPITALIZATION: $50,484,619
WORST MONTHLY DRAWDOWN (MONTH/YEAR): (14.82)% (10/99)
WORST PEAK-TO-VALLEY DRAWDOWN (MONTH/YEAR): (15.03)% (12/95-5/96)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
MONTHLY RATES OF RETURN
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
- ------------------------- ---------------- ----------------- ----------------- ----------------- ----------------
MONTH 1999 1998 1997 1996 1995
- ------------------------- ---------------- ----------------- ----------------- ----------------- ----------------
January (7.51)% 3.07% 4.24% (0.36)% --
- ------------------------- ---------------- ----------------- ----------------- ----------------- ----------------
February 2.45% (1.19)% 7.17% (12.30)% --
- ------------------------- ---------------- ----------------- ----------------- ----------------- ----------------
March (0.43)% (1.73)% (4.29)% 2.94% --
- ------------------------- ---------------- ----------------- ----------------- ----------------- ----------------
April 7.57% (7.27)% (4.63)% 2.55% --
- ------------------------- ---------------- ----------------- ----------------- ----------------- ----------------
May (6.39)% 6.64% 3.02% (7.88)% --
- ------------------------- ---------------- ----------------- ----------------- ----------------- ----------------
June 6.44% 3.04% (1.73)% 6.64% --
- ------------------------- ---------------- ----------------- ----------------- ----------------- ----------------
July (3.79)% (4.42)% 2.95% (0.36)% --
- ------------------------- ---------------- ----------------- ----------------- ----------------- ----------------
August 1.82% 8.88% (10.22)% 1.49% --
- ------------------------- ---------------- ----------------- ----------------- ----------------- ----------------
September 2.38% 0.54% 0.84% 4.01% (6.62)%
- ------------------------- ---------------- ----------------- ----------------- ----------------- ----------------
October (14.82)% (7.76)% 0.74% 8.09% (1.92)%
- ------------------------- ---------------- ----------------- ----------------- ----------------- ----------------
November 1.24% (0.44)% (0.77)% 4.10% 0.92%
- ------------------------- ---------------- ----------------- ----------------- ----------------- ----------------
December 2.80% 6.94% 6.45% 0.42% 16.02%
- ------------------------- ---------------- ----------------- ----------------- ----------------- ----------------
Compound 7.23%
Rate of Return (10.09)% 4.39% 2.39% 7.69% (3 1/2 months)
- ------------------------- ---------------- ----------------- ----------------- ----------------- ----------------
</TABLE>
-------------
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
MONTH-END NET ASSET VALUE PER UNIT
- ----------------------------------------------------------------------------------------------------------------------------------
JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC.
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1995 -- -- -- -- -- -- -- -- $933.80 $915.83 $924.25 $1,072.34
- ----------------------------------------------------------------------------------------------------------------------------------
1996 $1,068.44 $937.05 $964.56 $989.12 $911.19 $971.65 $968.18 $982.59 $1,022.02 $1,104.75$1,149.99 $1,154.81
- ----------------------------------------------------------------------------------------------------------------------------------
1997 $1,203.79 $1,290.13 $1,234.76 $1,177.54 $1,213.10 $1,192.13 $1,227.32 $1,101.91$1,111.16 $1,119.39$1,110.78 $1,182.43
- ----------------------------------------------------------------------------------------------------------------------------------
1998 $1,218.74 $1,204.22 $1,183.35 $1,097.33 $1,165.75 $1,201.17 $1,148.03 $1,249.93$1,256.63 $1,159.29$1,154.22 $1,234.38
- ----------------------------------------------------------------------------------------------------------------------------------
1999 $1,141.72 $1,169.64 $1,164.62 1252.82 $1172.71 $1248.29 $1201.02 $1222.85 $1251.98 $1066.49 $1079.68 $1109.88
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
"Worst Monthly Drawdown" is the largest negative monthly rate
of return experienced by the Trust. A "drawdown" is measured on the basis of
month-end Net Asset Value per Unit only, and does not reflect intra-month
figures.
"Worst Peak-to-Valley Drawdown" is the greatest percentage
decline, in Net Asset Value per unit, without such month-end Net Asset Value per
Unit subsequently being equaled or exceeded. For example, if the Net Asset Value
per Unit dropped by 1% in each of January and February, rose by 1% in March and
dropped again by 2% in April, a "peak-to-valley drawdown" would be still
continuing at the end of April in the amount of approximately (3)%, whereas if
the Net Asset Value per Unit had risen by 2% in March, the drawdown would have
ended as of the end of February at the (2)% level.
Monthly Rate of Return is the actual rate of return recognized
by an initial $1,000 investment in the Trust.
Performance information is calculated on an accrual basis in
accordance with generally accepted accounting principles.
2
<PAGE>
EXHIBIT III
PAINEWEBBER
The following paragraphs restate and update the PaineWebber
disclosure statement regarding civil, administrative or criminal proceedings
related to PaineWebber set forth on pages 34 through 39 of the Prospectus.
PaineWebber's principal office is located at 1000 Harbor
Boulevard, Weehawken, New Jersey 07087; telephone: (201) 902-3000. Paine
Webber is a clearing member of all principal U.S. futures exchanges. It is
registered with the CFTC as a futures commission merchant and is a member of
the NFA in such capacity.
PaineWebber did not sponsor the Trust and is not
responsible for the activities of Millburn Ridgefield. It acts only as one of
the commodity brokers and one of the selling agents.
Except as set forth below, neither PaineWebber nor any of
its principals have been involved in any administrative, civil or criminal
proceeding -- whether pending, on appeal or concluded -- within the past five
years that is material to a decision whether to invest in the Trust in light
of all the circumstances.
On July 16, 1996, PaineWebber entered into a Stipulation
and Order resolving a civil complaint filed by the United States Department
of Justice, alleging that it and other NASDAQ market makers violated Section
1 of the Sherman Act in connection with certain market making practices. In
entering into the Stipulation and Order, without admitting the allegations,
the parties agreed that the defendants would not engage in certain types of
market making activities and the defendants undertook specified steps to
assure compliance with their agreement. On April 24, 1997, the United States
District Court for the Southern District of New York approved the Stipulation
and Order. The District Court's approval was appealed by certain private
parties in May 1997 and was affirmed in August 1998.
IN THE MATTER OF CERTAIN MARKET MAKING ACTIVITIES ON NASDAQ
was an SEC administrative action instituted and settled without a hearing or
an admission of or denial of findings on January 11, 1999. The administrative
action found that on certain occasions in 1994 PaineWebber traders and a
PaineWebber registered representative engaged in certain improper trading
activities in connection with specified NASDAQ securities, failed to maintain
certain required books and records and failed reasonably to supervise in
connection with the above activities. PaineWebber agreed to pay a civil
penalty of $6.3 million and disgorgement of $381,685; to an administrative
cease and desist order prohibiting the firm from violating certain provisions
of the federal securities laws; and to submit certain of its policies and
procedures relating to the matters alleged in the order to review by an
SEC-appointed consultant. Twenty-seven other market makers and fifty-one
traders at the firm settled related SEC administrative actions at the same
time.
On or about January 18, 1996, PaineWebber consented,
without admitting or denying the findings therein, to the entry of an Order
by the SEC which imposed a censure, a cease and desist order, a $5 million
civil penalty and various remedial sanctions. The SEC alleged that
PaineWebber violated the antifraud and recordkeeping provisions of the
federal securities laws in connection with the offer and sale of certain
limited partnership interests between 1986 and 1992 and failed reasonably to
supervise certain registered representatives and other employees involved in
the sale of those interests. PaineWebber must comply with its representation
that it had paid and will pay a total of $292.5 million to investors,
including a payment of $40 million for a claims fund. PaineWebber has also
entered into settlement agreements with all the states, Puerto Rico and the
District of Columbia.
3
<PAGE>
PRUDENTIAL SECURITIES
The following paragraphs restate and update the Prudential
Securities disclosure statement regarding civil, administrative or criminal
proceedings related to Prudential Securities set forth on pages 39 through 41
of the Prospectus.
Prudential Securities' main business office is located at
Prudential Securities Building, One Seaport Plaza, New York, New York 10292,
telephone (212) 214-1000.
Prudential Securities did not sponsor the Trust and is not
responsible for the activities of Millburn Ridgefield. It acts only as one of
the commodity brokers.
Prudential Securities, in its capacity as commodities
broker for the Trust, is registered as a futures commission merchant with the
CFTC and is a member of NFA. Prudential Securities is a major securities firm
with a large commodity brokerage business. It has over 270 offices in 43
states, the District of Columbia, and 18 foreign countries. Prudential
Securities is a clearing member of the Chicago Board of Trade, Chicago
Mercantile Exchange, Commodity Exchange, Inc., and all other major United
States commodity exchanges.
From time to time Prudential Securities (in its respective
capacities as a commodities broker and as a securities broker-dealer) and its
principals are involved in numerous legal actions, some of which individually
and all of which in the aggregate, seek significant or indeterminate damages.
However, except for the actions described below, during the five years
preceding the date of this Prospectus, there has been no administrative,
civil, or criminal action against Prudential Securities or any of its
principals which is material, in light of all the circumstances, to an
investor's decision to invest in the Trust.
On March 10, 1994, Prudential Securities agreed to the
entry of a Consent Order issued by the State of Missouri, Commissioner of
Securities. The allegations against Prudential Securities were that the firm
failed to supervise a former registered representative, in violation of
Missouri securities laws. Without admitting or denying the allegations,
Prudential Securities agreed to the following: (a) to maintain and make
available to the Missouri Division of Securities all customer and regulatory
complaints concerning any Prudential Securities employee working in a branch
located in Missouri or any security sold by such employees; (b) beginning 30
days from the date of the Consent Order and continuing for a period of three
years, to include at least one public service information piece selected by
the Commissioner of Securities in all of Prudential Securities's new account
packages mailed to Missouri residents; (c) for a period of three years from
the date of the Consent Order, to annually provide a notice to Prudential
Securities's Missouri customers which details the procedures for filing a
complaint with Prudential Securities and the applicable regulatory
authorities. In addition, Prudential Securities agreed to pay a fine in the
amount of $175,000.
On September 19, 1994, Prudential Securities consented to
the entry of an Agreement and Order issued by the State of Idaho, Department
of Finance, Securities Bureau ("Idaho"). The allegations against Prudential
Securities were that the firm failed to supervise certain employees in
connection with securities and options trading activities entered into on
behalf of Idaho clients, in violation of the Idaho Securities Act . It was
further alleged that Prudential Securities failed to amend the Forms U-4 for
certain employees. Prudential Securities agreed to a number of sanctions and
remedial measures including, but not limited to, the following: (a) to
install a new branch manager in the Prudential Securities Boise branch
office, who is to function in a supervisory capacity only; (b) to designate a
regional quality review officer to review all securities options accounts and
options trading activities of Idaho customers in three Prudential Securities
offices; (c) to implement procedures reasonably designed to ensure compliance
with regulations concerning the timely delivery of prospectuses; and (d) to
cooperate in Idaho's ongoing investigation and to comply with all provisions
of the Act. In addition, Prudential Securities has agreed to pay a fine to
the State of Idaho in the amount of $300,000. In addition, Prudential
Securities has voluntarily reimbursed certain customers for losses suffered
in their accounts in the amount of $797,518.49.
On October 27, 1994, Prudential Securities and Prudential
Securities Group entered into an agreement with the Office of the United
States Attorney for the Southern District of New York deferring prosecution
of charges contained in a criminal complaint. The complaint alleged that
Prudential Securities committed fraud in connection with the sale of certain
oil and gas limited
4
<PAGE>
partnership interests between 1983 and 1990 in violation of federal
securities laws. The terms of the agreement were complied with in full and
accordingly the complaint was dismissed without prejudice in October, 1997.
On June 19, 1995, Prudential Securities entered into a
settlement with the Commodity Futures Trading Commission ("CFTC") in which,
without admitting or denying the allegations of the complaint, Prudential
Securities consented to findings by the CFTC of certain recordkeeping
violations and failure to supervise in connection with the commodity trading
activities, in 1990 and early 1991, of a former broker of Prudential
Securities. Pursuant to the settlement, Prudential Securities agreed to (i)
pay a civil penalty of $725,000, (ii) the entry of a cease and desist order
with respect to the violations charged, and (iii) an undertaking directing
the Prudential Securities' Compliance Committee directing that a review of
certain of the firm's commodity compliance and supervisory policies and
procedures be conducted and a report be submitted to the CFTC, as well as a
report to the CFTC on the actions taken as a result of the review.
On February 29, 1996, the State of New Mexico Securities
Division issued a final order, subject to a settlement whereby Prudential
Securities neither admitted nor denied any allegations that Prudential
Securities failed to supervise two former employees and a Branch Office
Manager of its Phoenix branch. The allegations included misrepresentation,
fraud, unsuitability, failure to properly register and failure to report a
suspected forgery. Prudential Securities consented to the imposition of a
censure and paid a fine in the amount of $15,000 and investigative fees in
the amount of $2,000.
Stemming from final settlement agreements and consent
orders in a United States District Court for the Southern District of
Florida, on December 10, 1996, the Department of Labor ("DOL") issued a final
order imposing a statutory civil penalty against Prudential Securities in the
amount of $61,250. The DOL assessed the above referenced automatic penalty
under ERISA section 502(l) based upon allegations that Prudential Securities
acted as a fiduciary under ERISA with respect to the Metacor, Inc. Profit
Sharing and Retirement Savings Plan and knowingly facilitated certain
transfers of funds out of the Plan's account to a corporate account that
Metacor maintained in one or more banks. Prudential Securities neither
admitted nor denied the DOL's allegations.
On May 20, 1997, the CFTC filed a complaint against
Prudential Securities, Kevin Marshburn (a former Prudential Securities
Financial Advisor) and two of Marshburn's sales assistants. The complaint
alleges, in essence, that during the period from May 1993 through March 1994:
(i) Marshburn fraudulently allocated trades among his personal account and
certain customer accounts; (ii) Prudential Securities did not properly
supervise Marshburn by failing to have policies and procedures in place to
detect and deter the alleged allocation scheme; and (iii) Prudential
Securities failed to maintain and produce records with respect to
transactions during the period in issue. The complaint seeks several forms of
relief against Prudential Securities, including a cease and desist order,
suspension or revocation of registration, restitution, and civil penalties of
up to $100,000 for each alleged violation. Prudential Securities has denied
the operative allegations against it and is vigorously defending the action.
On December 23, 1998, Prudential Securities was one of
twenty-eight market making firms that reached a settlement with the SEC in
the matter titled, IN THE MATTER OF CERTAIN MARKET MAKING ACTIVITIES ON
NASDAQ. As part of the global settlement of that matter, Prudential
Securities, without admitting or denying the factual allegations, agreed to
an order which requires that the firm cease and desist from committing or
causing any violations of Sections 15 (c)(1) and (2) of the Exchange Act and
Rules 15C1-2 and 15C2-7 thereunder, pay a civil penalty of $1,000,000 and
disgorgement of $1,361 and submit certain policies and procedures for review
by an independent consultant.
5
<PAGE>
EXHIBIT IV
ANNUAL RATES OF RETURN SINCE INCEPTION
OF THE MILLBURN RIDGEFIELD CLIENT FUNDS
The following are the annual rates of return of the client
(as opposed to proprietary) futures funds sponsored by Millburn Ridgefield
(other than the Trust itself; see Exhibit III "Performance of the Trust"). Of
the following funds, Nestor Partners trades a diversified portfolio most
similar (but nevertheless materially different) in market sector emphasis to
the World Resource Portfolio. THE MANAGING OWNER WISHES TO EMPHASIZE TO
PROSPECTIVE INVESTORS THAT THERE HAVE BEEN A NUMBER OF YEARS IN WHICH
MILLBURN RIDGEFIELD CLIENT FUNDS HAVE SUSTAINED SIGNIFICANT LOSSES AND THAT
THE VOLATILITY OF THESE FUNDS' PERFORMANCE IS QUALITATIVELY GREATER THAN THAT
OF MANY MANAGED FUTURES FUNDS.
None of the following funds is managed pursuant to the
World Resource Portfolio. None of the following funds is being offered to
investors pursuant to the Prospectus, and it is the performance of the Trust
itself, not of Millburn Ridgefield's other funds, which is most pertinent to
a decision whether or not to invest in the Units.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
<TABLE>
<S> <C> <C>
MILLBURN GLOBAL MILLBURN CURRENCY NESTOR
OPPORTUNITY FUND L.P. FUND II, L.P. (DIVERSIFIED;
(CURRENCIES AND FINANCIALS; (CURRENCIES ONLY; PRIVATELY OFFERED)
PUBLICLY OFFERED) PUBLICLY OFFERED)
</TABLE>
<TABLE>
<CAPTION>
ANNUAL ANNUAL ANNUAL
YEAR RATE OF RETURN YEAR RATE OF RETURN YEAR RATE OF RETURN
- ---- -------------- ---- -------------- ---- --------------
<S> <C> <C> <C> <C> <C>
1999 (2.26)% 1999 (1.86)% 1999 (3.27)%
1998 1.08 1998 (9.83) 1998 4.81
1997 11.51 1997 18.65 1997 11.76
1996 9.42 1996 7.84 1996 14.21
1995 24.00 1995 11.49 1995 26.68
1994 (8.99) 1994 (16.59) 1994 9.53
1993 6.28 1993 (12.17) 1993 8.43
1992 11.39 1992 14.91
1991 (5 mos.) 4.75 1991 4.43
1990 48.25
1989 0.43
1988 2.20
1987 43.70
1986 (17.09)
1985 26.56
1984 20.74
1983 (6.28)
1982 26.54
1981 39.11
1980 48.57
1979 60.93
1978 20.78
1977 (11 mos.) 3.33
</TABLE>
PURCHASERS OF UNITS WILL ACQUIRE NO INTEREST IN THESE FUNDS.
6
<PAGE>
<TABLE>
<S> <C> <C>
MILLBURN GLOBAL MILLBURN CURRENCY MRC CURRENCY
MARKETS PORTFOLIO L.P. FUND L.P. PARTNERS L.P.
(DIVERSIFIED; PRIVATELY OFFERED) (CURRENCIES ONLY; (CURRENCIES ONLY;
PRIVATELY OFFERED) PRIVATELY OFFERED)
</TABLE>
<TABLE>
ANNUAL ANNUAL ANNUAL
YEAR RATE OF RETURN YEAR RATE OF RETURN YEAR RATE OF RETURN
- ---- -------------- ---- -------------- ---- --------------
<S> <C> <C> <C> <C> <C>
1999 (1.26)% 1999 2.12%
1998 2.34 1998 (7.03) Closed
1997 13.59 1997 20.13 1997 (5 mos.) 15.31%
1996 11.77 1996 13.87 1996 16.59
1995 28.76 1995 19.28 1995 22.02
1994 (4.35) 1994 (8.63) 1994 (6.71)
1993 (3 mos.) 9.24 1993 (11.71) 1993 (8.53)
1992 14.57 1992 15.67
1991 3.63 1991 6.35
1990 51.64 1990 (5 mos.) 26.16
</TABLE>
<TABLE>
MILLBURN WORLD
RESOURCE FUND L.P.
(DIVERSIFIED; PRIVATELY OFFERED)
<S> <C>
ANNUAL
YEAR RATES OF RETURN
1999 (3.97)%
1998 11.98
1997 10.50
1996 17.45
1995 36.25
</TABLE>
------------------------
Prospective investors should note that, in general, Millburn
Ridgefield's private pools outperform its public funds. This is due in principal
part to the costs associated with the distribution of the interests in such
funds to the public. The Trust, as a public fund, is subject to higher costs,
and its performance can be expected to reflect the effect of such costs, which
cumulate significantly over time.
MILLBURN RIDGEFIELD, IN GENERAL, APPEARS TO HAVE BEEN ABLE TO
ACHIEVE BETTER PERFORMANCE IN EARLIER THAN IN MORE RECENT YEARS. ALTHOUGH THIS
COULD BE DUE TO A NUMBER OF FACTORS, INCREASED ASSETS UNDER MANAGEMENT MAY BE A
MATERIALLY CONTRIBUTING FACTOR.
MILLBURN RIDGEFIELD'S SYSTEMS HAVE DEVELOPED SIGNIFICANTLY OVER
TIME. THE SYSTEMS CURRENTLY USED BY MILLBURN RIDGEFIELD ARE NOT NECESSARILY THE
SAME AS THOSE WHICH PRODUCED A SUBSTANTIAL PORTION OF THE PERFORMANCE REFLECTED
ABOVE. NO REPRESENTATION IS OR COULD BE MADE THAT THE TRUST WOULD HAVE
PERFORMED, OR WILL IN THE FUTURE PERFORM, IN A MANNER SIMILAR TO THE RESULTS SET
FORTH ABOVE.
PURCHASERS OF UNITS WILL ACQUIRE NO INTEREST IN THESE FUNDS.
7
<PAGE>
ACKNOWLEDGMENT OF RECEIPT OF THE
MILLBURN WORLD RESOURCE TRUST SUPPLEMENT
DATED FEBRUARY 11, 2000 TO THE PROSPECTUS AND
DISCLOSURE DOCUMENT DATED MAY 12, 1999
The undersigned hereby acknowledges that the undersigned has
received a copy of The Millburn World Resource Trust Supplement dated February
11, 2000 to the Prospectus and Disclosure Document dated May 12, 1999.
<TABLE>
<CAPTION>
INDIVIDUAL SUBSCRIBERS: ENTITY SUBSCRIBERS:
<S> <C>
- ------------------------- ----------------------------
(Name of Entity)
- -------------------------- By:-------------------------
Signature of Subscriber(s)
Title:--------------------
(Trustee, partner or
authorized officer)
Dated: ------------, 2000
</TABLE>
8