<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, 2000
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 of (I.R.S. Employer
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 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 and non-voting common equity held by
non-affiliates: $40,552,949.00.
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM I. FINANCIAL STATEMENTS
THE MILLBURN WORLD RESOURCE TRUST
Statements of Financial Condition (UNAUDITED)
<TABLE>
<CAPTION>
31-Mar-00 31-Dec-99
Assets: ------------- -------------
<S> <C> <C>
Investment in U.S. Treasury obligations
- at value (amortized cost $38,359,023
and $44,750,408) 38,359,023 44,750,408
Money market mutual funds 6,659,969 2,534,912
Unrealized appreciation on open contracts 520,728 3,240,145
Cash 333,507 2,885,005
------------- -------------
Total Assets $ 45,873,227 $ 53,410,470
============= =============
Liabilities & Unitholders' Capital:
Unrealized depreciation on
open currency contracts 391,872 259,646
Accounts payable and accrued expenses 51,875 70,961
Redemptions payable to unit holders, net 3,798,403 2,261,893
Accrued brokerage commissions 267,850 333,354
------------- -------------
Total Liabilities 4,510,000 2,925,854
Trust Capital:
Managing Owner interest 810,278 848,658
Unitholders interest (Units of Beneficial
Interest outstanding - 39,024.643 and
44,722.052 at March 31, 2000 and
December 31, 1999 respectively) 40,552,949 49,635,958
------------- -------------
Total Trust Capital 41,363,227 50,484,616
------------- -------------
Total Liabilities and Trust Capital $ 45,873,227 $ 53,410,470
============= =============
</TABLE>
See accompanying notes to financial statements.
<PAGE>
THE MILLBURN WORLD RESOURCE TRUST
Statements of Operations
For the three months ended March 31, 2000 and 1999 (UNAUDITED)
<TABLE>
<CAPTION>
2000 1999
------------ ------------
<S> <C> <C>
Revenues:
Realized Gain(Loss) on Closed Contracts 347,253 (112,812)
Change in Unrealized Gain(Loss)
on Open Contracts (2,851,643) (3,353,848)
Interest Income 618,146 802,950
Foreign Exchange Gain(Loss) (6,150) 64,791
------------ ------------
$(1,892,394) $(2,598,919)
Expenses:
Brokerage Commissions 1,066,040 1,485,847
Administrative 54,459 76,081
------------ ------------
$ 1,120,499 $ 1,561,928
============ ============
Net Income(Loss) $(3,012,893) $(4,160,847)
Net Income(Loss) allocated to
Managing Owner $ (38,380) $ (34,234)
Net Income(Loss) allocated to
Unitholders $(2,974,513) $(4,126,613)
Increase(Decrease) in Redemption Value
for each Unit outstanding throughout
each period $ (70.72) $ (69.76)
</TABLE>
See accompanying notes to financial statements.
<PAGE>
THE MILLBURN WORLD RESOURCE TRUST
Statements of Trust Capital
For the three months ended March 31, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
Unit Managing
Holders Owner Total
------------ ------------ ------------
<S> <C> <C> <C>
Trust Equity at December 31, 1999
(44,722.052 Units) 49,635,958 848,658 50,484,616
Addition of 335.961 Units 373,801 - 373,801
Redemption of 6,058.31 Units (6,482,297) - (6,482,297)
Net Gain(Loss) in Trust Equity (2,974,513) (38,380) (3,012,893)
------------ ------------ ------------
Trust Equity at March 31, 2000 40,552,949 810,278 41,363,227
(39,024.643 Units) ============ ============ ============
Redemption Value per Unit
at March 31, 2000 1,039.16
============
</TABLE>
Net Asset Value per Unit
Changes in net asset value per Unit during the quarters ended March 31, 2000,
1999 and 1998 were as follows:
<TABLE>
<CAPTION>
2000 1999 1998
------------ ------------ ------------
<S> <C> <C> <C>
Net realized and unrealized gains
(losses)on currency contracts $ (84.05) $ (82.60) $ (15.26)
Interest Income 14.79 13.84 16.14
Foreign exchange gain (loss) (0.15) 0.30 0.26
Profit share expenses 0.00 0.00 0.00
Administrative expense (1.31) (1.30) (0.22)
------------ ------------ ------------
Net income (loss) per unit (70.72) (69.76) 0.92
Net asset value per Unit,
beginning of period 1,109.88 1,234.38 1,182.43
------------ ------------ ------------
Net asset value per Unit,
end of Period $ 1,039.16 $ 1,164.62 $ 1,183.35
============ ============ ============
</TABLE>
<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, 1999.
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, 2000:
<TABLE>
<CAPTION>
31-Mar-00 31-Dec-99
------------- -------------
<S> <C> <C>
Ending Equity $ 41,363,227 $ 50,484,616
</TABLE>
The Trust's net assets decreased 18.07% in the first quarter of 2000.
This is the net result of subscriptions, redemptions, and net losses
on trading. While a continued advance in energy prices produced strong
profits from long crude oil and products positions, trading in all
other major sectors resulted in losses, with stock index trading being
especially negative. A sharp correction in the long up-trend in worldwide
stock market indices and increased volatility produced losses in all seven
stock index futures traded. Currency trading also proved unprofitable in
the first quarter as cross currency and dollar trading losses overwhelmed
some modest gains from positioning in exotic currencies. Losses in the
interest rate sector were caused primarily by volatile swings in Japan's
government bond futures. Meanwhile, trading of European and US interest
rate futures was profitable. Metals trading was fractionally unprofitable
as gains in aluminum fell short of losses from copper, gold and zinc trading.
Softs and agricultural markets also contributed negatively to the first
quarter results as only sugar was profitable from among the seven markets
traded in this sector.
<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 30th day of April 2000.
THE MILLBURN WORLD RESOURCE TRUST
By: Millburn Ridgefield Corporation,
Managing Owner
By /s/ Tod A. Tanis April 30, 2000
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> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 6,993,476
<SECURITIES> 38,750,895
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 45,873,227
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 45,873,227
<CURRENT-LIABILITIES> 4,510,000
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 41,363,227
<TOTAL-LIABILITY-AND-EQUITY> 45,873,227
<SALES> 0
<TOTAL-REVENUES> (1,892,394)
<CGS> 0
<TOTAL-COSTS> 1,066,040
<OTHER-EXPENSES> 54,459
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (3,012,893)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (3,012,893)
<EPS-BASIC> (70.72)
<EPS-DILUTED> (70.72)
</TABLE>
