10-Q 1 efc3-1708_form10q.txt 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: September 30, 2003 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 06-6415583 (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 [ ] 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: $19,587,619 THE MILLBURN WORLD RESOURCE TRUST PAGE 1 INDEX Part I - Financial Information Financial Statements: Pages Statements of Financial Condition at September 30, 2003 (unaudited) and December 31, 2002 1 Statements of Operations for the Three Months Ended September 30, 2003 and 2002 (unaudited) 3 Statements of Operations for the Nine Months Ended September 30, 2003 and 2002 (unaudited) 4 Condensed Schedule of Investments at September 30, 2003 (unaudited) and December 31, 2002 5 Statements of Trust Capital for the Nine Months Ended September 30, 2003 and 2002 (unaudited) 7 Financial Highlights for the Three Months Ended September 30, 2003 and 2002 (unaudited) 8 Financial Highlights for the Nine Months Ended September 30, 2003 and 2002 (unaudited) 9 Notes to Financial Statements (unaudited) 10 Part II - Other Information 16 PART I. FINANCIAL INFORMATION ITEM I. FINANCIAL STATEMENTS THE MILLBURN WORLD RESOURCE TRUST Statements of Financial Condition

THE MILLBURN WORLD RESOURCE TRUST PAGE 2 Statements of Financial Condition (continued)

See accompanying notes THE MILLBURN WORLD RESOURCE TRUST PAGE 3 Statements of Operations For the three months ended September 30, 2003 and 2002 (UNAUDITED)

See accompanying notes THE MILLBURN WORLD RESOURCE TRUST PAGE 4 Statements of Operations For the nine months ended September 30, 2003 and 2002 (UNAUDITED)

See accompanying notes THE MILLBURN WORLD RESOURCE TRUST PAGE 5 Condensed Schedule of Investments at September 30, 2003 (UNAUDITED)

THE MILLBURN WORLD RESOURCE TRUST PAGE 6 Condensed Schedule of Investments at December 31, 2002

THE MILLBURN WORLD RESOURCE TRUST PAGE 7 Statement of Trust Capital For the nine months ended September 30, 2003 (UNAUDITED)

Statement of Trust Capital For the nine months ended September 30, 2002 (UNAUDITED)

See accompanying notes THE MILLBURN WORLD RESOURCE TRUST PAGE 8 Financial Highlights Per Unit Operating Performance for the three months ended September 30, 2003 and 2002 (unaudited) were as follows:

Total return and ratios for the three months ended September 30, 2003 (UNAUDITED): Total return: 0.51% Ratio of expenses to average net assets: 9.38% (annualized) Ratio of net investment loss to average net assets: (8.33)% (annualized) Total return and ratios for the three months ended September 30, 2002 (UNAUDITED): Total return: 16.01% Ratio of expenses to average net assets: 9.60% (annualized) Ratio of net investment loss to average net assets: (7.94)% (annualized) See accompanying notes THE MILLBURN WORLD RESOURCE TRUST PAGE 9 Financial Highlights Per Unit Operating Performance for the nine months ended September 30, 2003 and 2002 (unaudited) were as follows:

Total return and ratios for the nine months ended September 30, 2003 (UNAUDITED): Total return: 5.79% Ratio of expenses to average net assets: 9.38% (annualized) Ratio of net investment loss to average net assets: (8.08)% (annualized) Total return and ratios for the nine months ended September 30, 2002 (UNAUDITED): Total return: 24.71% Ratio of expenses to average net assets: 9.50% (annualized) Ratio of net investment loss to average net assets: (7.36)% (annualized) See accompanying notes THE MILLBURN WORLD RESOURCE TRUST PAGE 10 NOTES TO FINANCIAL STATEMENTS 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 Trust's financial condition at September 30, 2003 (unaudited) and December 31, 2002 and the results of its operations for the three and nine month periods ended September 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 audited financial statements and notes included in the Trust'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 connection with, the following analysis. OPERATIONAL OVERVIEW Due to the nature of the Trust's business, its results of operations depend on the Managing Owner's ability to recognize and capitalize on trends and other profit opportunities in different sectors of the global capital and commodity markets. The Managing Owner's trading methods are confidential, so that substantially the only information that can be furnished regarding the Trust'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 Trust, 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 Trust's results. The Managing Owner believes that there are certain market conditions, for example, markets with strong price trends, in which the Trust has a better likelihood of being profitable than in others. LIQUIDITY AND CAPITAL RESOURCES The Trust does not intend to raise any additional capital as it has not, and does not intend to, register additional units for sale. The Trust does not engage in borrowing. The Trust trades futures, options and forward contracts on interest rates, commodities, currencies, metals, energy and stock indices. Due to the nature of the Trust's business, substantially all its assets are represented by cash, United States government obligations and short-term foreign sovereign debt obligations, while the Trust maintains its market exposure through open futures and forward contract positions. The Trust's assets are generally held as cash or cash equivalents which are used to margin or collateralize the Trust's futures and forward positions and THE MILLBURN WORLD RESOURCE TRUST PAGE 11 are withdrawn, as necessary, to pay redemptions and expenses. Other than potential market-imposed limitations on liquidity, due, for example, to daily price fluctuation limits, which are inherent in the Trust's futures and forward trading, the Trust's assets are highly liquid and are expected to remain so. During its operations through the three and nine month period ending September 30, 2003, the Trust experienced no meaningful periods of illiquidity in any of the numerous markets traded by the Managing Owner. 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. January 1, 2003 to September 30, 2003 -------------------------------- July 1, 2003 to September 30, 2003 The Trust's net assets decreased 1.01% in the third quarter of 2003. This decrease was attributable to redemptions of $337,713, which was partially offset by net income from operations of $130,843. 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 September 30, 2003 decreased by $93,107 relative to the corresponding period in 2002. The Trust's NAV per unit was up 0.51% during the third quarter, as gains in July and August outweighed losses in September. Trading in currency forwards, and equity and metals futures were profitable, while trading in interest rate, energy, and agricultural futures produced losses. The most significant currency event of the quarter was the September statement from the Group of Seven (G-7) finance chiefs that "more flexibility in exchange rates is desirable". The market took this as a rebuke of Asian central bank interventions designed to weaken their currencies in order to aid their exports and economic growth. The result was a sharp appreciation of Asian currencies, significant gains on long positions in the Japanese yen and Korean won. Long positions in the Australian dollar, New Zealand dollar and South African rand were also profitable for the quarter. Meanwhile, trading of the European currencies vis-a-vis the U.S. dollar was volatile and marginally unprofitable. On the other hand, non-dollar cross rate trading was characterized by non-directional volatility. Hence, losses, though small by individual position, were broadly based in euro and yen cross rate trading. Global stock prices rose during July, August and in early September. As a result, long positions in the Hong Kong Hang Seng, Japanese Nikkei and Topix, German Dax and Nasdaq 100 indices were quite profitable. Following the G-7 statement, however, market participants were concerned that a weak dollar might derail European and Asian recoveries. Hence, some of the earlier gains were given back. Long gold and copper positions netted to a quarterly gain. Interest rate futures' trading was very volatile in the third quarter. Signs of accelerating growth in the U.S., and a lessening of the fear of worldwide deflation encouraged higher interest rates in July and much of August. Thereafter, however, concerns that positive economic prospects may have been overstated and that dollar weakness could adversely affect stocks, exports and growth worldwide caused rates to plunge sharply. Overall, interest rate trading was fractionally unprofitable during the July-September quarter, with short positions in U.S., European and Japanese interest rate futures profitable in July and August, and these same positions unprofitable in September. By the end of the quarter, the Trust had covered most of its short positions in interest rates and initiated partial long positions. Energy prices were also volatile in the third quarter as concerns about OPEC output cuts, Iraqi production and inventory adjustments unsettled traders. Losses were experienced in trading crude oil, heating oil, London gas oil, and natural gas, while a long position in unleaded gasoline was slightly profitable. Trading of soft and agricultural markets generated a fractional loss during the quarter. April 1, 2003 to June 30, 2003 The Trust's net assets increased 0.32% in the second quarter of 2003. This increase was attributable to net income from operations of $804,220, which was partially offset by redemptions of $739,270. 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 $43,990 relative to the corresponding period in 2002. The Trust's NAV per unit increased 3.77% during the second quarter, as profits in the April-May period outweighed losses in September. Trading of interest rate futures, currency forwards and equity futures, was profitable, while trading of non-financial futures (energy, metals, and agricultural commodities) produced losses. 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 THE MILLBURN WORLD RESOURCE TRUST PAGE 12 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. An up-trend in natural gas reversed and spike sharply downward in June, resulting in a marked loss on a long position. Trading elsewhere in the energy sector had a slight negative impact on performance. In the agricultural sector, corn futures prices were quite volatile and, hence, losses were experienced on both long and short positions. Trading of other soft and agricultural commodities was slightly negative for performance. Long gold and copper positions generated a small quarterly loss. January 1, 2003 to March 31, 2003 The Trust's net assets decreased 2.40% in the first quarter of 2003. This decrease was attributable to redemptions of $887,628 which was partially offset by net income from operations of $386,280. 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 $61,130 relative to the corresponding period in 2002. The Trust's NAV per unit increased 1.43% during the three months ended March 31, 2003. A number of well-defined trends, especially in the energy and interest rate sectors, persisted during the first two months of the year and generated profits. However, as war with Iraq approached in early March, these trends halted and reversed abruptly, producing losses that largely offset the quarter's earlier gains. On balance for the period, profits from trading energy and interest rate futures were mostly counterbalanced by the losses sustained from trading currency, stock index and metal futures, and to a lesser extent by losses from agricultural commodities trading. For example, crude oil prices, which climbed from $24 a barrel in early November 2002 to nearly $40 per barrel early in 2003, plunged back to under $28 a barrel in only a few days. Consequently, long crude oil positions were profitable in January and February, but lost money in March. Similar results were experienced in trading other energy contracts. Interest rates, which had been declining broadly for over a year, spiked higher in a flurry of pre-war activity. As a result, long German and U.S. interest rate futures positions produced losses in March, after having been profitable in the first two months of the quarter. A weakening U.S. dollar trend that had been evident since late October 2002 also reversed abruptly during the quarter and was followed by non-directional whipsaw THE MILLBURN WORLD RESOURCE TRUST PAGE 13 price activity, especially for the Japanese yen. Hence, losses from trading the Asian currencies outweighed gains from long positions in the European currencies and non-dollar cross rate trading. Stock markets were unsettled and trading of U.S., Japanese and Hong Kong equity futures resulted in a loss. Losses from both long and short positions in industrial metals were somewhat larger than the gains from both long and short trades in gold. Trading of agricultural commodity futures was unprofitable. January 1, 2002 to September 30, 2002 -------------------------------- July 1, 2002 to September 30, 2002 The Trust's net assets increased 5.51% in the third quarter of 2002. This increase was attributable to net income from operations of $3,618,176, which was partially offset by redemptions of $2,342,406. 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 September 30, 2002 decreased by $75,560, relative to the corresponding period in 2001. The Trust's net asset value per unit registered a double-digit gain for the quarter, increasing 16.01%. Trading of interest rate, stock index, energy and metal futures was profitable, while currency trading resulted in losses. Interest rates on government debt declined sharply during the summer. Hence, the Trust's long positions in German 5 and 10-year bonds, U.S. Treasury 5 and 10-year notes and the 30-year bond, and short-term eurodollar deposits were profitable. A long Japanese government bond position was also profitable, although the size of the gain was cut significantly after a major sell-off in JGB's followed the Bank of Japan's announcement that it would purchase stocks from major banks. Global stock markets declined further during the quarter. Short positions in German, Hong Kong, Japanese, and U.S. stock index futures were profitable. Though energy prices were volatile during the quarter, long positions in crude oil, natural gas, London gas oil, and heating oil were profitable. A long position in unleaded gasoline did produce a fractional loss, however. In the metals sector of the portfolio, a short aluminum trade generated a modest gain that more than offset a fractional loss on a short gold trade. Currency trading, on the other hand, was unprofitable during the July- September period. The sustained dollar decline that had characterized the second quarter came to an end in the third quarter. A trend reversal that started in late July was followed by volatile but generally non- directional market activity thereafter. Hence, short dollar positions relative to the yen, euro, Korean won, and Swiss franc produced losses, and were closed or reversed to long positions. Non-dollar cross rate trading had no significant impact on NAV for the quarter. Finally, the gain from a long corn trade was more than offset by losses from trading sugar, cotton, and coffee. April 1, 2002 to June 30, 2002 The Trust's net assets decreased 3.24% in the second quarter of 2002. This decrease was attributable to redemptions of $3,027,068, which was partially offset by net income from operations of $2,248,610 and contributions of $5,000. 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 decreased by $185,733, relative to the corresponding period in 2001. The Trust's net asset value per unit registered a double-digit advance in the quarter, increasing by 10.09%. Currency, interest rate and stock index futures trading accounted for all of the gain. Non-financial futures trading, on the other hand, produced losses. 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. Also, non-dollar, cross rate trading was 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, Japanese, and U.S. stock futures were all profitable. Trading of non-financial markets was negative for the quarter. Energy prices displayed non-directional volatility and losses were registered on both long and short positions in crude oil, heating oil, London gas oil, unleaded gasoline and natural gas. Gold trading was profitable during the quarter, but losses from trading non-precious metals exceeded gold's gains. Finally in the agricultural sector, a long sugar trade produced a loss, as did trading on both sides of the corn market. January 1, 2002 to March 31, 2002 THE MILLBURN WORLD RESOURCE TRUST PAGE 14 The Trust's net assets decreased 7.12% during the three months ended March 31, 2002. This decrease was attributable to net loss from operations of $572,730 and redemptions of $1,532,288, which was partially offset by contributions of $274,812. 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 $194,363, relative to the corresponding period in 2001. The Trust's NAV per unit decreased 2.35% during the three months ended March 31, 2002. Gains from trading energy futures and, to a lesser extent, interest rate futures were offset by losses from trading currency, stock index, and non-financial commodity futures. 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 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 positions in crude oil, heating oil, London gas oil, unleaded gasoline and natural gas were all significantly positive during March and for the quarter as Middle Eastern tensions underpinned energy prices across the board. Results in interest rate trading were mixed and produced a modest 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. Long dollar positions against the other major currencies were very profitable at the start of 2002. As the quarter advanced, however, the US dollar 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, non-dollar 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 between long and short, large losses were produced trading the Japanese TOPIX and Hong Kong HANG SENG futures, and fractional shortfalls resulted from trading German and U.S. stock index futures. Turning to non-financial commodities, sugar and cotton prices swung widely During the January-March quarter, producing losses on both long and short positions in each market. Meanwhile trading of metals futures was mixed. The gains from long gold and copper positions were offset by the losses from trading aluminum and zinc. THE MILLBURN WORLD RESOURCE TRUST PAGE 15 ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Not applicable. The Trust is a small business issuer. ITEM 4. CONTROLS AND PROCEDURES Millburn Ridgefield Corporation, the Managing Owner of the Trust, with the participation of the Managing Owner'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 Trust as of the end of this 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 Managing Owner's internal controls with respect to the Trust or in other factors applicable to the Trust that could materially affect these controls subsequent to the date of their evaluation. THE MILLBURN WORLD RESOURCE TRUST PAGE 16 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 by reference from Amendment No. 1 to the Registration Statement (File No. 33-90756) filed on September 27, 1995 on Form S-1 under the Securities Act of 1933. 3.02 Certificate of Trust of the Trust. 10.01 Form of Subscription Agreement and Power of Attorney. The following exhibits are incorporated by reference from Post-Effective Amendment No. 1 to the Registration Statement (File No. 33-90756) filed on March 1, 1996 on Form S-1 under the Securities Act of 1933. Designation Description ----------- ----------- 10.02 Selling Agreement among the Trust, the Managing Owner and the Principal Selling Agents (includes a form of Additional Selling Agent and Correspondent Selling Agent Agreement). 10.03(a) Customer Agreement among the Trust, the Managing Owner and a Principal Selling Agent in its capacity as a futures commission merchant. 10.03(b) Customer Agreement among the Trust, the Managing Owner and a Principal Selling Agent in its capacity as a futures commission merchant. 10.04 Escrow Agreement between the Trust and Chemical Bank, N.A. The following exhibit is incorporated by reference from Post-Effective Amendment No. 5 to the Registration Statement (File No. 33-90756) filed February 18, 1997 on Form S-1 under the Securities Act of 1933. 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 November, 2003. THE MILLBURN WORLD RESOURCE TRUST, L.P. PAGE 17 By: Millburn Ridgefield Corporation, Managing Owner Date: November 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 Managing Owner of The Millburn World Resource Trust (the "Trust"), certify that: I have reviewed this quarterly report on Form 10-Q of The Millburn World Resource Trust; 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 trust capital of the Trust as of, and for, the periods presented in this report; The Trust'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 Trust 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 Trust, 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 Trust'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 Trust's internal control over financial reporting that occurred during the Trust's most recent fiscal quarter (the Trust's fourth fiscal quarter in the case of an annual THE MILLBURN WORLD RESOURCE TRUST, L.P. PAGE 18 report) that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting; and The Trust's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Trust's auditors and the audit committee of the Trust'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 Trust'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 Trust's internal control over financial reporting. By: /s/ George E. Crapple __________________________________ George E. Crapple Co-Chief Executive Officer November 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 Managing Owner of The Millburn World Resource Trust (the "Trust"), certify that: I have reviewed this quarterly report on Form 10-Q of The Millburn World Resource Trust; 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 trust capital of the Trust as of, and for, the periods presented in this report; The Trust'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 Trust 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 WORLD RESOURCE TRUST PAGE 19 ensure that material information relating to the Trust, 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 Trust'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 Trust's internal control over financial reporting that occurred during the Trust's most recent fiscal quarter (the Trust's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting; and The Trust's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Trust's auditors and the audit committee of the Trust'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 Trust'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 Trust's internal control over financial reporting. By: /s/ Harvey Beker __________________________________ Harvey Beker Co-Chief Executive Officer November 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 Managing Owner of The Millburn World Resource Trust (the "Trust"), certify that: I have reviewed this quarterly report on Form 10-Q of The Millburn World Resource Trust; Based on my knowledge, this report does not contain any untrue THE MILLBURN WORLD RESOURCE TRUST PAGE 20 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 trust capital of the Trust as of, and for, the periods presented in this report; The Trust'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 Trust 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 Trust, 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 Trust'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 Trust's internal control over financial reporting that occurred during the Trust's most recent fiscal quarter (the Trust's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting; and The Trust's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Trust's auditors and the audit committee of the Trust'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 Trust'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 Trust's internal control over financial reporting. By: /s/ Gregg Buckbinder THE MILLBURN WORLD RESOURCE TRUST PAGE 21 __________________________________ Gregg Buckbinder Chief Financial Officer November 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 World Resource Trust (the "Trust"), certify that (i) the Quarterly Report of the Trust on Form 10-Q for the period ending September 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 Trust. Date: November 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, George E. Crapple, the Co-Chief Executive Officer of Millburn Ridgefield Corporation, the Managing Owner of The Millburn World Resource Trust (the "Trust"), certify that (i) the Quarterly Report of the Trust on Form 10-Q for the period ending September 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 Trust. Date: November 14, 2003 /s/ George E. Crapple ------------------------- George E. Crapple 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 WORLD RESOURCE TRUST, L.P. PAGE 22 I, Gregg Buckbinder, the Chief Operating Officer and principal financial officer of Millburn Ridgefield Corporation, the Managing Owner of The Millburn World Resource Trust (the "Trust"), certify that (i) the Quarterly Report of the Trust on Form 10-Q for the period ending September 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 Trust. Date: November 14, 2003 /s/ Gregg Buckbinder ------------------------- Gregg Buckbinder Chief Operating Officer

MILLBURN WORLD RESOURCE TRUST 10-Q