FORM 10-Q
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[X] Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the Quarterly Period Ended: June 30, 2003
or
[ ] Transition Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Commission File Number: 000-21446
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P.
(Exact name of registrant as specified in its charter)
Delaware 06-1346879
(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 to Section 12(b) of the Act: None
Securities registered pursuant Limited Partnership Units
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 [ ]
Indicate by check mark whether the registrant is an accelerated filer
(as defined in Rule 12b-2 of the Exchange Act).
Yes [ ] No [X]
Aggregate market value of the voting and non-voting common equity held
by non-affiliates as of June 30, 2003: $5,067,406
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. INDEX Page 1
Part I - Financial Information
Financial Statements: Pages
Statements of Financial Condition at
June 30, 2003 (unaudited) and December 31, 2002 1
Statements of Operations for the Three Months
Ended June 30, 2003 and 2002 (unaudited) 3
Statements of Operations for the Six Months
Ended June 30, 2003 and 2002 (unaudited) 4
Condensed Schedule of Investments at
June 30, 2003 (unaudited) and December 31, 2002 5
Statements of Changes in Partners' Capital for the
Six Months Ended June 30, 2003 and 2002 (unaudited) 7
Financial Highlights for the Three Months Ended
June 30, 2003 and 2002 (unaudited) 8
Financial Highlights for the Six Months Ended
June 30, 2003 and 2002 (unaudited) 9
Notes to Financial Statements (unaudited) 10
Part II - Other Information 15
PART I. FINANCIAL INFORMATION
ITEM I. FINANCIAL STATEMENTS
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P.
Statements of Financial Condition
Jun. 30, 2003 Dec. 31, 2002
(UNAUDITED)
Assets: ------------- -------------
Due from brokers $ 148,583 $ 53,697
Cash denominated in foreign currencies
(cost $57,561 and $9,537 at June 30, 2003
and December 31, 2002) 50,183 9,531
Investments in U.S. Treasury notes
- at market value (amortized cost $1,512,727 and
$1,109,136 at June 30, 2003 and
December 31, 2002) 1,510,706 1,110,116
Unrealized appreciation/(depreciation)
on open contracts (44,271) 273,791
------------- -------------
Total equity in trading accounts 1,665,201 1,447,135
Investments in U.S. Treasury notes
- at market value (amortized cost $3,652,340
and $3,942,476 at June 30, 2003 and
December 31, 2002) 3,658,497 3,945,959
Cash and cash equivalents 134,866 166,573
Accrued interest receivable 66,318 62,012
------------- -------------
Total Assets $ 5,524,882 $ 5,621,679
============= =============
THE MILLBURN GLOBAL OPPORTUNITY FUND, L.P. PAGE 2
Statements of Financial Condition (con't)
Liabilities & Partners' Capital:
Jun. 30, 2003 Dec. 31, 2002
------------- -------------
Due to brokers $ - $ 38,604
Accrued expenses 5,511 34,966
Redemptions payable to limited partners 8,611 73,759
Accrued brokerage commissions 32,562 34,352
------------- -------------
Total Liabilities 46,684 181,681
Partners' Capital:
General Partner 410,792 374,134
Limited Partners (2,823.036 & 2,971.932
Limited Partnership Units outstanding
at June 30, 2003 and December 31, 2002,
respectively) 5,067,406 5,065,864
------------- -------------
Total Partners' Capital 5,478,198 5,439,998
------------- -------------
Total Liabilities and Partners' Capital $ 5,524,882 $ 5,621,679
============= =============
Net Asset Value per Unit $ 1,795.02 $ 1,704.57
============= =============
See accompanying notes
THE MILLBURN GLOBAL OPPORTUNITY FUND, L.P. PAGE 3
Statements of Operations
For the three months ended June 30, 2003 and 2002 (UNAUDITED)
Jun 30, 2003 Jun 30, 2002
------------ ------------
Investment income
Interest income $ 16,963 $ 32,074
------------ ------------
Expenses
Administrative expenses 12,980 6,218
Brokerage commissions 104,388 119,730
------------ ------------
Total expenses 117,368 125,948
------------ ------------
Total net investment loss (100,405) (93,874)
------------ ------------
Realized and unrealized gains (losses)
Net realized gains (losses) on
closed positions:
Futures and forward contracts 269,837 307,675
Net change in unrealized appreciation
(depreciation)
Futures and forward contracts 313,835 1,081,588
Foreign exchange translation (1,732) 2,864
Net gains (losses) from U.S. Treasury
obligations
Net change in unrealized
appreciation (depreciation) 1,060 3,477
Total net realized and ------------ ------------
unrealized gains (losses) 583,000 1,395,604
------------ ------------
Net income (loss) 482,595 1,301,730
Less profit share to General Partner 180 -
Net income (loss) after profit share ------------ ------------
to General Partner $ 482,415 $ 1,301,730
------------ ------------
Net income (loss) per unit of
beneficial interest $ 153.49 $ 293.54
------------ ------------
See accompanying notes
THE MILLBURN GLOBAL OPPORTUNTIY FUND, L.P. PAGE 4
Statements of Operations
For the six months ended June 30, 2003 and 2002 (UNAUDITED)
Jun 30, 2003 Jun 30, 2002
------------ ------------
Investment income
Interest income $ 36,639 $ 69,436
------------ ------------
Expenses
Administrative expenses 25,959 12,439
Brokerage commissions 209,758 239,962
------------ ------------
Total expenses 235,717 252,401
------------ ------------
Total net investment loss (199,078) (182,965)
------------ ------------
Realized and unrealized gains (losses)
Net realized gains (losses) on
closed positions:
Futures and forward contracts 823,383 465,327
Net change in unrealized appreciation
(depreciation)
Futures and forward contracts (318,062) 644,392
Foreign exchange translation (6,414) 312
Net gains (losses) from U.S. Treasury
obligations
Net change in unrealized
appreciation (depreciation) (327) (13,626)
Total net realized and ------------ ------------
unrealized gains (losses) 498,580 1,096,405
------------ ------------
Net income (loss) 299,502 913,440
Less profit share to General Partner 180 -
Net income (loss) after profit share ------------ ------------
to General Partner $ 299,322 $ 913,440
------------ ------------
Net income (loss) per unit of
beneficial interest $ 90.45 $ 207.45
------------ ------------
See accompanying notes
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. PAGE 5
Condensed Schedule of Investments at June 30, 2003 (UNAUDITED)
Net Unrealized
Appreciation/
(Depreciation) Net Unrealized
as a percentage of Appreciation/
Futures and Forward Contracts Partners' Capital (Depreciation)
----------------------------- ------------------ ---------------
Futures contracts purchased
Interest Rates (0.55)% $ (30,343)
Metals (0.10)% (5,315)
Stock indices 0.00% 30
------ ---------------
Total futures contracts purchased (0.65)% (35,628)
------ ---------------
Futures contracts sold
Interest Rates 1.61% 88,081
------ ---------------
Total futures contracts sold 1.61% 88,081
------ ---------------
Total investment in futures contracts 0.96% 52,453
------ ---------------
Total currency forward contracts
purchased (1.40)% (76,427)
Total currency forward contracts sold (0.37)% (20,297)
------ ---------------
Total investment in forward
contracts (1.77)% (96,724)
------ ---------------
Total investments in futures and
forward contracts (0.81)% $ (44,271)
====== ===============
Value as a %
of Partners'
Face Amount Investments in U.S. Treasury notes Capital Value
- ----------- ---------------------------------- ------------ ------------
Government - United States
$1,450,000 U.S. Treasury notes, 3.875%, 7/31/2003 26.53% $ 1,453,172
1,700,000 U.S. Treasury notes, 2.750%, 10/31/2003 31.21% 1,710,094
1,960,000 U.S. Treasury notes, 4.750%, 2/15/2004 36.62% 2,005,937
------- -----------
Total investments in U.S. Treasury
notes (amortized cost $5,165,067) 94.36% $ 5,169,203
------- ----------
See accompanying notes
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. PAGE 6
Condensed Schedule of Investments at December 31, 2002
Net Unrealized
Appreciation/
(Depreciation) Net Unrealized
as a percentage of Appreciation/
Futures and Forward Contracts Partners' Capital (Depreciation)
----------------------------- ------------------ ---------------
Futures contracts purchased
Interest Rates 2.75% $ 149,920
Metals 0.44% 23,824
----- ---------------
Total futures contracts purchased 3.19% 173,744
----- ---------------
Futures contracts sold
Metals (0.10)% (5,631)
Stock Indices 0.44% 24,291
----- ---------------
Total futures contracts sold 0.34% 18,660
----- ---------------
Total investment in futures contracts 3.53% 192,404
----- ---------------
Total currency forward contracts
purchased 2.05% 111,345
Total currency forward contracts sold (0.55)% (29,958)
----- ---------------
Total investment in forward
contracts 1.50% 81,387
------ ---------------
Total investments in futures and
forward contracts 5.03% $ 273,791
====== ===============
Value as a %
of Partners'
Face Amount Investments in U.S. Treasury notes Capital Value
- ----------- ---------------------------------- ------------ ------------
Government - United States
$1,800,000 U.S. Treasury notes, 4.625%, 2/28/2003 33.26% $ 1,809,562
1,960,000 U.S. Treasury notes, 4.000%, 4/30/2003 36.36% 1,977,763
1,250,000 U.S. Treasury notes, 3.875%, 7/31/2003 23.32% 1,268,750
------- -----------
Total investments in U.S. Treasury
notes (amortized cost $5,051,612) 92.94% $ 5,056,075
------- -----------
See accompanying notes
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. PAGE 7
Statement of Partners' Capital
For the six months ended June 30, 2003 (UNAUDITED)
Limited General
Partners Partner Total
------------ ------------ ------------
Partners' Capital at December 31,
2002 (2,971.932 Units) $ 5,065,864 $ 374,134 $ 5,439,998
Redemption of (148.896) Units (261,302) - (261,302)
Net Income (Loss) 262,844 36,478 299,322
General Partner - New Profit - 180 180
------------ ------------ -------------
Partners' Capital at June 30, $ 5,067,406 $ 410,792 $ 5,478,198
2003 (2,823.036 Units) ============ ============ =============
Net Asset Value per Unit
at June 30, 2003 $ 1,795.02
============
See accompanying notes
Statement of Partners' Capital
For the six months ended June 30, 2002 (UNAUDITED)
Limited General
Partners Partner Total
------------ ------------ ------------
Partners' Capital at December 31,
2001 (4,296.678 Units) $ 5,953,784 $ 571,851 $ 6,525,635
Redemption of (524.548) Units (744,393) (350,000) (1,094,393)
Net Income (Loss) 800,045 113,395 913,440
------------ ------------ ------------
Partners' Capital at June 30, $ 6,009,436 $ 335,246 $ 6,344,682
2002 (3,772.130 Units) ============ ============ ============
Net Asset Value per Unit
at June 30, 2002 $ 1,593.12
============
See accompanying notes
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. PAGE 8
Financial Highlights (UNAUDITED)
Per unit operating performance for the three months ended
June 30, 2003 and 2002 is as follows:
Jun 30, 2003 Jun 30, 2002
-------------- --------------
Net income (loss) from operations:
Net investment loss $ (35.26) $ (23.67)
Net realized and unrealized
gains (losses) on trading of
futures and forward contracts 188.49 316.47
Net gains (losses) from U.S.
Treasury obligations 0.32 0.74
Profit share (0.06) -
-------------- --------------
Net income (loss) per unit 153.49 293.54
Net asset value per Unit,
beginning of period 1,641.53 1,299.58
-------------- --------------
Net asset value per Unit,
end of Period $ 1,795.02 $ 1,593.12
============== ==============
See accompanying notes
Total return and ratios for the three months ended June 30, 2003 (UNAUDITED):
Total return: 9.35%
Ratio of expenses to average net assets: 9.28% (annualized)
Ratio of net investment loss to average net assets: (8.02)% (annualized)
Total return and ratios for the three months ended June 30, 2002 (UNAUDITED):
Total return: 22.59%
Ratio of expenses to average net assets: 9.03% (annualized)
Ratio of net investment loss to average net assets: (6.94)% (annualized)
See accompanying notes
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. PAGE 9
Financial Highlights (UNAUDITED)
Per unit operating performance for the six months ended
June 30, 2003 and 2002 is as follows:
Jun 30, 2003 Jun 30, 2002
-------------- --------------
Net income (loss) from operations:
Net investment loss $ (68.95) $ (45.21)
Net realized and unrealized
gains (losses) on trading of
futures and forward contracts 159.56 255.93
Net gains (losses) from U.S.
Treasury obligations (0.10) (3.27)
Profit share (0.06) -
-------------- --------------
Net income (loss) per unit 90.45 207.45
Net asset value per Unit,
beginning of period 1,704.57 1,385.67
-------------- --------------
Net asset value per Unit,
end of Period $ 1,795.02 $ 1,593.12
============== ==============
See accompanying notes
Total return and ratios for the six months ended June 30, 2003 (UNAUDITED):
Total return: 5.31%
Ratio of expenses to average net assets: 9.27% (annualized)
Ratio of net investment loss to average net assets: (7.92)% (annualized)
Total return and ratios for the six months ended June 30, 2002 (UNAUDITED):
Total return: 14.97%
Ratio of expenses to average net assets: 8.83% (annualized)
Ratio of net investment loss to average net assets: (6.61)% (annualized)
See accompanying notes
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. PAGE 10
NOTES TO FINANCIAL STATEMENTS (unaudited)
The accompanying unaudited financial statements, in the opinion of
management, include all adjustments (consisting only of normal recurring
adjustments) necessary for a fair presentation of the Partnership's financial
condition at June 30, 2003 (unaudited) and December 31, 2002 and the
results of its operations for the three and six month periods ended
June 30, 2003 and 2002 (unaudited). These financial statements present the
results of interim periods and do not include all disclosures normally provided
in annual financial statements. It is suggested that these financial statements
be read in conjunction with the financial statements and notes included in
the Partnership's annual report on Form 10-K filed with the Securities and
Exchange Commission for the year ended December 31, 2002. The December 31, 2002
information has been derived from the audited financial statements as of
December 31, 2002.
ITEM II. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Reference is made to Item 1, "Financial Statements" The information
contained therein is essential to, and should be read in conjunction with,
the following analysis.
OPERATIONAL OVERVIEW
Due to the nature of the Partnership's business, its results of operations
depend on the General Partner's ability to recognize and capitalize on
trends and other profit opportunities in different sectors of the global
capital markets. The General Partner's trading methods are confidential,
so that substantially the only information that can be furnished regarding
the Partnership's results of operations is contained in the performance
record of its trading. Unlike operating businesses, general economic or
seasonal conditions do not directly affect the profit potential of the
Partnership, and its past performance is not necessarily indicative of future
results. Because of the speculative nature of its trading, operational or
economic trends have little relevance to the Partnership's results. The
General Partner believes that there are certain market conditions, for
example, markets with strong price trends, in which the Partnership has a
better likelihood of being profitable than in others.
LIQUIDITY AND CAPITAL RESOURCES
The Partnership does not intend to raise any additional capital because it
is a closed-end fund and cannot sell any more Units unless it undertakes a
new public offering, which would require another registration with the
Securities and Exchange Commission. The Partnership does not engage in
borrowing.
The Partnership trades futures, options and forward contracts primarily on
currencies and secondarily on financial instruments. Due to the nature of
the Partnership's business, it will make no significant capital expenditures,
and substantially all its assets are and will be represented by cash
equivalents or deposits in money market funds, United States Treasury
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. PAGE 11
securities, and investments in futures, forward contracts and related
options.
The Partnership's assets are either held in cash or are invested by
the General Partner in United States Treasury bills or notes. To the
extent deposited as margin with currency dealers or futures brokers,
the Partnership's assets are subject to the General Partner's ability
to close out its currency futures or forward contracts positions. The
Partnership could be prevented from promptly liquidating unfavorable
positions, thereby subjecting the Partnership to substantial losses
which could exceed the margin initially committed to such trades. In
addition, the Partnership may not be able to execute forward contract
trades at favorable prices if little trading in the contracts it holds
is taking place. Other than these limitations on liquidity, which are
inherent in the Partnership's trading operations, the Partnership's
assets are highly liquid and are expected to remain so. During its
operations for the three and six-month periods ended June 30, 2003, the
Partnership experienced no meaningful periods of illiquidity in any of
the markets traded by the Partnership.
RESULTS OF OPERATIONS
30-Jun-03 31-Mar-03
------------- -------------
Ending Equity $ 5,478,198 $ 5,112,106
Due to the nature of commodity trading, the results of operations for the
interim period presented should not be considered indicative of the results
that may be expected for the entire year.
January 1, 2003 to June 30, 2003
- --------------------------------
April 1, 2003 to June 30, 2003
The Partnership's net assets increased 7.16% in the second quarter of
2003. This increase was attributable to net income from operations of
$482,415 and a profit share allocation to the General Partner of $180,
which was partially offset by redemptions of $116,503.
Brokerage commissions are calculated on the net asset value on the last
day of each month and are affected by trading performance and redemptions.
Brokerage commissions for the three months ended June 30, 2003 decreased
by $15,432, relative to the corresponding period in 2002.
The Trust's NAV per unit posted a 9.35% advance during the second quarter,
as profits in the April-May period well outdistanced losses in June.
Trading of interest rate futures, currency forwards and equity futures
was profitable, while trading of metal futures produced a small loss.
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. PAGE 12
Medium-term and long-term interest rates in Europe, the U.S. and Japan
resumed their decline during April and May. Hence, long positions in
5-year, 10-year and 30-year interest rate futures contracts for U.S.,
European and Japanese instruments were very profitable. By mid-June,
however, amid signs of nascent growth, interest rates started to rise
significantly and there were some losses sustained on these same
positions, which were subsequently reversed to short futures contract
positions.
A similar pattern of profits in April and May followed by losses in June
was exhibited in the currency sector. Short U.S. dollar positions against
the euro, other European currencies, the Australian, New Zealand and
Singapore dollars, and the South African rand produced sizable gains
early in the quarter. Later, however, as the U.S. dollar rebounded
against the European bloc of currencies, there were losses on many of
these short foreign dollar positions, although the short dollar positions
versus the Aussie, New Zealand, South African and Singaporean currencies
were still fractionally profitable. Meanwhile, the dollar/yen exchange
rate was quite volatile and losses were registered on both long and short
dollar positions throughout the quarter. Finally, long euro positions
vis-a-vis the yen, Norwegian krone, and pound sterling, and a long sterling
position relative to the yen were profitable.
Trading of stock index futures was fractionally positive. Long positions in
German, Japanese, and the Nasdaq stock indices were profitable, while a
short S&P index trade was somewhat unprofitable.
Long gold and copper positions generated a small quarterly loss.
January 1, 2003 to March 31, 2003
The Partnership's net assets decreased 6.03% in the first quarter of 2003.
This decrease was attributable to redemptions of $144,799 and net loss
from operations of $183,093.
Brokerage commissions are calculated on the net asset value on the last
day of each month and are affected by trading performance and redemptions.
Brokerage commissions for the three months ended March 31, 2003
decreased by $14,862, relative to the corresponding period in 2002.
The Fund's NAV per unit was down 3.70% during the three months ended
March 31, 2003. A number of well-defined trends in the interest rate and
currency sectors persisted during the early part of the year and generated
profits. However, as war with Iraq approached in early March, these trends
halted and reversed abruptly, producing losses that more than offset the
earlier gains. On balance for the period, losses sustained from trading
currency and stock index futures, and smaller losses from metal trading were
only partially offset by gains from trading of interest rate futures.
Interest rates, which had been declining broadly for over a year, spiked
higher in a flurry of pre-war activity. As a result, long interest rate
futures positions in German, U.S., and Japanese instruments produced
significant losses in March after having been profitable in the first two
months of the quarter.
January 1, 2002 to June 30, 2002
THE MILLBURN GLOBAL OPPORTUNITY FUND, L.P. PAGE 13
- --------------------------------
April 1, 2002 to June 30, 2002
The Partnership's net assets increased 5.12% in the second quarter of
2002. This increase was attributable to a net income from operations
of $1,301,730, which was partially offset by redemptions of $992,954.
Brokerage commissions are calculated on the net asset value on the
last day of each month and are affected by trading performance and
redemptions. Brokerage commissions for the three months ended June
30, 2002 equaled $119,730, a decrease of $21,206 relative to the
corresponding period in 2001.
The Partnership's net asset value per unit registered a strong
double-digit advance in the quarter, increasing by 22.59%. Trading in
currencies interest rates and stock indices accounted for all of the
gain. Metals trading, on the other hand was generally unprofitable,
although gold trading was somewhat profitable.
As the U.S. dollar declined broadly during the quarter, short dollar
positions relative to the euro, yen, Swiss franc, Korean won, and
Singapore dollar were all profitable. Non-dollar cross rate trading
was also fractionally profitable. Not even frequent foreign exchange
market intervention by the Bank of Japan-assisted late in the quarter
by the Fed and ECB, could halt the dollar's slide.
In addition, Long positions in U.S. dollar-based short-term and
long-term government fixed income futures were profitable, and by the
end of the period, long positions in European and Japanese fixed
income futures were also showing profits. Short stock-index futures
positions were profitable as well. Trading of German, Hong Kong, and
Japanese stock futures were all profitable.
January 1, 2002 to March 31, 2002
The partnership's net assets declined 7.50% in the first quarter of 2002.
This decrease was attributable to redemptions of $101,439, and a net loss
from operations of $388,290.
Brokerage commissions are calculated on the net asset value on the last day
of each month and are affected by trading performance and redemptions.
Brokerage commissions for the three months ended March 31, 2002 decreased
by $31,664, relative to the corresponding period in 2001.
The Fund's NAV per unit was down 6.21% during the three months ended
March 31, 2002. Losses from trading dollar cross rates, non-dollar cross rates,
and stock index futures accounted for all of the loss. Meanwhile, trading of
international interest rate futures provided a fractional gain, while
metals trading had no appreciable impact on the quarterly results.
Uncertainties, which seemed to abound throughout the world, jostled the
financial markets to and from during the quarter. Accounting uncertainties,
concern about future profit growth, questions about the direction of
THE MILLBURN GLOBAL OPPORTUNITY FUND, L.P. PAGE 14
monetary and interest rate policies worldwide, Middle East turmoil and its
possible impact on energy markets, all combined to cloud trading and
investment decisions.
Long dollar positions against the other major currencies were very
profitable at the start of 2002. As the quarter advanced, however, the
US unit reversed direction and then settled into volatile ranges compared
to most other currencies. Consequently, dollar currency trading produced
losses during the last two months of the quarter that far outdistanced the
earlier gains. At the same time, nondollar cross rate trading generated
fractional losses in each month of the quarter.
Stock index futures trading was also range-bound and volatile throughout
the period. As positions whipsawed from long to short to long again, losses
were widespread in five of the six contracts traded for Germany, Hong Kong,
Japan, and the U.S.
Results in interest rate trading were mixed and produced a fractional gain
for the first quarter. Short positions in German five and ten year futures
were profitable, as were both a short and later a long position in the
Japanese government bond. On the other hand, a long Eurodollar futures
position lost money, and both short and long positions in US five and
ten-year notes also generated losses.
Trading of metals futures was also mixed. The gain from a long gold position
was offset by the loss from trading aluminum.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not applicable. The Partnership is a small business issuer.
ITEM 4. CONTROLS AND PROCEDURES
Millburn Ridgefield Corporation, the General Partner of the Partnership,
with the participation of the General Partner's Co-Chief Executive
Officers and Chief Financial Officer, has evaluated the effectiveness
of the design and operation of its disclosure controls and procedures
with respect to the Partnership as of the end of the period covered by
this quarterly report, and, based on their evaluation, have concluded
that these disclosure controls and procedures are effective. There
were no significant changes in the General Partner's internal controls
over financial reporting during the last fiscal quarter or in other factors
applicable to the Partnership that has materially affected, or is reasonably
likely to materially affect, the General Partner's internal controls over
financial reporting in respect of the Partnership.
THE MILLBURN GLOBAL OPPORTUNITY FUND, L.P. PAGE 15
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 -
The following exhibits are incorporated herein by reference from Amendment
No. 1 to the Registration Statement (File No. 33-50388) filed on October 30,
1992 on Form S-1 under the Securities Act of 1933.
Designation Description
- ----------- -----------
1.01 Form of Selling Agreement among the Partnership, the General Partner
and the Selling Agent.
3.01 Limited Partnership Agreement of the Partnership.
3.02 Certificate of Limited Partnership of the Partnership.
3.03 Amended and Restated Limited Partnership Agreement.
10.01 Form of Subscription Agreement and Power of Attorney.
10.02 Form of Customer Agreement and Forward Dealer Agreement among the
Partnership, the General Partner and the Selling Agent.
10.03 Form of Customer Agreement and Forward Dealer Agreement among the
Partnership, the General Partner and Morgan Stanley & Co. Inc.
10.04 Form of Customer Agreement and Forward Dealer Agreement among the
Partnership, the General Partner and AIG Trading Corp.
10.05 Escrow Agreement between the Partnership and Chemical Bank, N.A.
The following exhibits are included herewith:
31.01 Rule 13(a)-14(a)/15(d)-14(a) Certification of Co-Chief Executive Officer
31.02 Rule 13(a)-14(a)/15(d)-14(a) Certification of Co-Chief Executive Officer
31.03 Rule 13(a)-14(a)/15(d)-14(a) Certification of Chief Financial Officer
32.01 Section 1350 Certification of Co-Chief Executive Officer
32.02 Section 1350 Certification of Co-Chief Executive Officer
32.03 Section 1350 Certification of Chief Financial Officer
(b) Reports on Form 8-K - None
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 14th day of August, 2003.
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P.
By: Millburn Ridgefield Corporation,
General Partner
THE MILLBURN GLOBAL OPPORTUNITY FUND, L.P. PAGE 16
Date: August 14, 2003
/s/Tod A. Tanis
Tod A. Tanis
Vice-President
(principal accounting officer)
EXHIBIT 31.01 RULE 13(a)-14(a)/15(d)-14(a)
CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER
I, George E. Crapple, Co-Chief Executive Officer of Millburn Ridgefield
Corporation, the General Partner of The Millburn Global Opportunity Fund
(the "Partnership"), certify that:
I have reviewed this quarterly report on Form 10-Q of The Millburn
Global Opportunity Fund;
Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to
make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by
this report;
Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects
the financial condition, results of operations and partners' capital of the
Partnership as of, and for, the periods presented in this report;
The Partnership's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined
in Exchange Act Rules 13a-15(e) and 15(d)-15(e)) and internal controls over
financial reporting (as defined in Exchange Act Rules 13(a)-15(f) and
15d-15(f)) for the Partnership and have:
(a) designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the Partnership, including
its consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being prepared;
(b) designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles;
(c) evaluated the effectiveness of the Partnership's disclosure controls and
procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered
by this report based on such evaluation; and
(d) disclosed in this report any change in the Partnership's internal control
over financial reporting that occurred during the Partnership's most recent
fiscal quarter (the Partnership's fourth fiscal quarter in the case of an annual
THE MILLBURN GLOBAL OPPORTUNITY FUND, L.P. PAGE 17
report) that has materially affected, or is reasonably likely to materially
affect, the Partnership's internal control over financial reporting; and
The Partnership's other certifying officers and I have disclosed, based on
our most recent evaluation of internal control over financial reporting, to the
Partnership's auditors and the audit committee of the Partnership's board of
directors (or persons performing the equivalent functions):
(a) all significant deficiencies and material weaknesses in the design or
operation of internal controls over financial reporting which are reasonably
likely to adversely affect the Partnership's ability to record, process,
summarize and report financial information; and
(b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the Partnership's internal control over
financial reporting.
By: /s/ George E. Crapple
__________________________________
George E. Crapple
Co-Chief Executive Officer
August 14, 2003
EXHIBIT 31.02 RULE 13(a)-14(a)/15(d)-14(a)
CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER
I, Harvey Beker, Co-Chief Executive Officer of Millburn Ridgefield
Corporation, the General Partner of The Millburn Global Opportunity Fund
(the "Partnership"), certify that:
I have reviewed this quarterly report on Form 10-Q of The Millburn
Global Opportunity Fund;
Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to
make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by
this report;
Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the
financial condition, results of operations and partners' capital of the
Partnership as of, and for, the periods presented in this report;
The Partnership's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15(d)-15(e)) and internal controls over
financial reporting (as defined in Exchange Act Rules 13(a)-15(f) and 15d-15(f))
for the Partnership and have:
(a) designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to
THE MILLBURN GLOBAL OPPORTUNITY FUND PAGE 18
ensure that material information relating to the Partnership, including its
consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;
(b) designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles;
(c) evaluated the effectiveness of the Partnership's disclosure controls and
procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered
by this report based on such evaluation; and
(d) disclosed in this report any change in the Partnership's internal control
over financial reporting that occurred during the Partnership's most recent
fiscal quarter (the Partnership's fourth fiscal quarter in the case of an
annual report) that has materially affected, or is reasonably likely to
materially affect, the Partnership's internal control over financial reporting;
and
The Partnership's other certifying officers and I have disclosed, based on
our most recent evaluation of internal control over financial reporting, to the
Partnership's auditors and the audit committee of the Partnership's board of
directors (or persons performing the equivalent functions):
(a) all significant deficiencies and material weaknesses in the design or
operation of internal controls over financial reporting which are reasonably
likely to adversely affect the Partnership's ability to record, process,
summarize and report financial information; and
(b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the Partnership's internal control over
financial reporting.
By: /s/ Harvey Beker
__________________________________
Harvey Beker
Co-Chief Executive Officer
August 14, 2003
EXHIBIT 31.03 RULE 13(a)-14(a)/15(d)-14(a)
CERTIFICATION OF CHIEF FINANCIAL OFFICER
I, Gregg Buckbinder, Chief Financial Officer of Millburn Ridgefield
Corporation, the General Partner of The Millburn Global Opportunity Fund
(the "Partnership"), certify that:
I have reviewed this quarterly report on Form 10-Q of The Millburn
Global Opportunity Fund;
Based on my knowledge, this report does not contain any untrue
THE MILLBURN GLOBAL OPPORTUNITY FUND PAGE 19
statement of a material fact or omit to state a material fact necessary to
make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by
this report;
Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the
financial condition, results of operations and partners' capital of the
Partnership as of, and for, the periods presented in this report;
The Partnership's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15(d)-15(e)) and internal controls over
financial reporting (as defined in Exchange Act Rules 13(a)-15(f) and 15d-15(f))
for the Partnership and have:
(a) designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the Partnership, including its
consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;
(b) designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles;
(c) evaluated the effectiveness of the Partnership's disclosure controls and
procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered
by this report based on such evaluation; and
(d) disclosed in this report any change in the Partnership's internal control
over financial reporting that occurred during the Partnership's most recent
fiscal quarter (the Partnership's fourth fiscal quarter in the case of an annual
report) that has materially affected, or is reasonably likely to materially
affect, the Partnership's internal control over financial reporting; and
The Partnership's other certifying officers and I have disclosed, based on
our most recent evaluation of internal control over financial reporting, to the
Partnership's auditors and the audit committee of the Partnership's board of
directors (or persons performing the equivalent functions):
(a) all significant deficiencies and material weaknesses in the design or
operation of internal controls over financial reporting which are reasonably
likely to adversely affect the Partnership's ability to record, process,
summarize and report financial information; and
(b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the Partnership's internal control
over financial reporting.
By: /s/ Gregg Buckbinder
THE MILLBURN GLOBAL OPPORTUNITY FUND PAGE 20
__________________________________
Gregg Buckbinder
Chief Financial Officer
August 14, 2003
Exhibit 32.01
CERTIFICATION PURSUANT TO SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF
THE UNITED STATES CODE
I, Harvey Beker, the Co-Chief Executive Officer of Millburn Ridgefield
Corporation, the Managing Owner of The Millburn Global Opportunity Fund (the
"Partnership"), certify that (i) the Quarterly Report of the Partnership on Form
10-Q for the period ending June 30, 2003 fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the
information contained in such Quarterly Report fairly presents, in all material
respects, the financial condition and results of operations of the Partnership.
Date:
August 14, 2003
/s/
Harvey Beker
-------------------------
Harvey Beker
Co-Chief Executive Officer
Exhibit 32.02
CERTIFICATION PURSUANT TO SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF
THE UNITED STATES CODE
I, Harvey Beker, the Co-Chief Executive Officer of Millburn Ridgefield
Corporation, the Managing Owner of The Millburn Global Opportunity Fund (the
"Partnership"), certify that (i) the Quarterly Report of the Partnership on Form
10-Q for the period ending June 30, 2003 fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the
information contained in such Quarterly Report fairly presents, in all material
respects, the financial condition and results of operations of the Partnership.
Date:
August 14, 2003
/s/
Harvey Beker
-------------------------
Harvey Beker
Co-Chief Executive Officer
Exhibit 32.03
CERTIFICATION PURSUANT TO SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF
THE UNITED STATES CODE
THE MILLBURN GLOBAL OPPORTUNITY FUND, L.P. PAGE 21
I, Gregg Buckbinder, the Chief Operating Officer and principal financial officer
of Millburn Ridgefield Corporation, the Managing Owner of The Millburn Global
Opportunity Fund (the "Partnership"), certify that (i) the Quarterly Report of
the Partnership on Form 10-Q for the period ending June 30, 2003 fully complies
with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934 and (ii) the information contained in such Quarterly Report fairly
presents, in all material respects, the financial condition and results of
operations of the Partnership.
Date:
August 14, 2003
/s/ Gregg Buckbinder
-------------------------
Gregg Buckbinder
Chief Operating Officer