10-Q 1 go10q602.txt 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, 2002 or [ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 33-50388 THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. (Exact name of registrant as specified in its charter) Delaware 06-1346-879 (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 [ ] Aggregate market value of the voting and non-voting common equity held by non-affiliates: $6,009,436.00. THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. INDEX Part I - Financial Information Financial Statements: Pages Statements of Financial Condition at June 30, 2002 and December 31, 2001 (unaudited) 1 Statements of Operations for the Three Months Ended June 30, 2002 and 2001 (unaudited) 2 Statements of Operations for the Six Months Ended June 30, 2002 and 2001 (unaudited) 3 Condensed Schedule of Investments at June 30, 2002 (unaudited) 4-5 Statements of Changes in Partners' Capital for the Three Months Ended June 30, 2002 and 2001 (unaudited) 6 Statements of Changes in Partners' Capital for the Six Months Ended June 30, 2002 and 2001 (unaudited) 7 Financial Highlights for the Three Months Ended June 30, 2002 and 2001 (unaudited) 8 Financial Highlights for the Six Months Ended June 30, 2002 and 2001 (unaudited) 9 Notes to Financial Statements (unaudited) 10-12 Part II - Other Information 13 PART I. FINANCIAL INFORMATION ITEM I. FINANCIAL STATEMENTS THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. Statements of Financial Condition (UNAUDITED)

Net Asset Value per Limited Partnership Unit $ 1,593.12 $ 1,473.14 See accompanying notes to financial statements. THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. Statements of Operations For the three months ended June 30, 2002 and 2001 (UNAUDITED)

See accompanying notes to financial statements. THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. Statements of Operations For the six months ended June 30, 2002 and 2001 (UNAUDITED)

See accompanying notes to financial statements. THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. Condensed Schedule of Investments at June 30, 2002 (UNAUDITED)

See accompanying notes to financial statements. THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. Condensed Schedule of Investments at June 30, 2002 (UNAUDITED) (Continued)

See accompanying notes to financial statements. THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. Statement of Partners' Capital For the three months ended June 30, 2002 (UNAUDITED)

Statement of Partners' Capital For the three months ended June 30, 2001 (UNAUDITED)

See accompanying notes to financial statements. THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. Statement of Partners' Capital For the six months ended June 30, 2002 (UNAUDITED)

Statement of Partners' Capital For the six months ended June 30, 2001 (UNAUDITED)

See accompanying notes to financial statements. THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. Financial Highlights (Unaudited) Per unit operating performance for the three months ended June 30, 2002 and 2001 (unaudited) were as follows:

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 to financial statements. THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. Financial Highlights (Unaudited) Per unit operating performance for the six months ended June 30, 2002 and 2001 (unaudited) were as follows:

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 to financial statements. THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. The accompanying financial statements are unaudited but, 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, 2002 (unaudited) and December 31, 2001 and the results of its operations for the three month and six month periods ended June 30, 2002 and 2001. 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, 2001. 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 indicate 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 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. 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-month period ended June 30, 2002, the Partnership experienced no meaningful periods of illiquidify in any of the markets traded by the Partnership. RESULTS OF OPERATIONS

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. 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. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Not applicable. The Partnership is a small business issuer. 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 - 99(a) - Certification of Chief Executive Officer 99(b) - 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 8th day of August, 2002. THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. By: Millburn Ridgefield Corporation, General Partner Date: August 8, 2002 /s/Tod A. Tanis Tod A. Tanis Vice-President (principal accounting officer) Exhibit 99(a) CERTIFICATION PURSUANT TO SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE I, George E. Crapple, the Co-Chief Executive Officer of Millburn Ridgefield Corporation, the General Partner of The Millburn Global Opportunity Fund L.P. (the "Partnership") certify that (i) the Quarterly Report of the Partnership on Form 10Q for the period ending June 30, 2002 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 8, 2002 /s/George E. Crapple George E. Crapple Co-Chief Executive Officer Exhibit 99(b) CERTIFICATION PURSUANT TO SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE I, Gregg R. Buckbinder, the Chief Operating Officer and Chief Financial Officer of Millburn Ridgefield Corporation, the Managing Owner of The Millburn Global Opportunity Fund L.P. (the "Partnership") certify that (i) the Quarterly Report of the Partnership on Form 10Q for the period ending June 30, 2002 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 8, 2002 /s/Gregg R. Buckbinder Gregg R. Buckbinder Chief Operating Officer Chief Financial Officer

MILLBURN GLOBAL OPPORTUNITY FUND L P 10-Q