10-Q 1 wr10q902.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, 2002 or [ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 0-26932 THE MILLBURN WORLD RESOURCE TRUST (Exact name of registrant as specified in its charter) Delaware 06-6415-583 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) c/o MILLBURN RIDGEFIELD CORPORATION 411 West Putnam Avenue Greenwich, Connecticut 06830 (Address of principal executive offices) Registrant's telephone number, including area code: (203) 625-7554 Securities registered pursuant to Section 12(b) of the Act: None Securities registered pursuant Units of Beneficial Interest to Section 12(g) of the Act: (Title of Class) Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ] Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X] THE MILLBURN WORLD RESOURCE TRUST INDEX Part I - Financial Information Financial Statements: Pages Statements of Financial Condition at September 30, 2002 and December 31, 2001 (unaudited) 1 Statements of Operations for the Three Months Ended September 30, 2002 and 2001 (unaudited) 2-3 Statements of Operations for the nine Months Ended September 30, 2002 and 2001 (unaudited) 4-5 Condensed Schedule of Investments at September 30, 2002 (unaudited) 6-7 Statements of Trust Capital for the Three Months Ended September 30, 2002 and 2001 (unaudited) 8 Statements of Trust Capital for the nine Months Ended September 30, 2002 and 2001 (unaudited) 9 Financial Highlights for the Three Months Ended September 30, 2002 and 2001 (unaudited) 10 Financial Highlights for the Nine Months Ended September 30, 2002 and 2001 (unaudited) 11 Notes to Financial Statements (unaudited) 12-19 Part II - Other Information 20-26 PART I. FINANCIAL INFORMATION Page 1 ITEM I. FINANCIAL STATEMENTS THE MILLBURN WORLD RESOURCE TRUST Statements of Financial Condition (UNAUDITED)

See accompanying notes to financial statements. THE MILLBURN WORLD RESOURCE TRUST Page 2 Statements of Operations For the three months ended September 30, 2002 and 2001 (UNAUDITED)

THE MILLBURN WORLD RESOURCE TRUST Page 3 Statements of Operations (Continued) For the three months ended September 30, 2002 and 2001 (UNAUDITED)

See accompanying notes to financial statements. THE MILLBURN WORLD RESOURCE TRUST Page 4 Statements of Operations For the nine months ended September 30, 2002 and 2001 (UNAUDITED)

See accompanying notes to financial statements. THE MILLBURN WORLD RESOURCE TRUST Page 6 Condensed Schedule of Investments at September 30, 2002 (UNAUDITED)

See accompanying notes to financial statements. THE MILLBURN WORLD RESOURCE TRUST Page 7 Condensed Schedule of Investments at September 30, 2002 (UNAUDITED) (Continued)

See accompanying notes to financial statements. THE MILLBURN WORLD RESOURCE TRUST Page 8 Statement of Trust Capital For the three months ended September 30, 2002 (UNAUDITED)

Statement of Trust Capital For the three months ended September 30, 2001 (UNAUDITED)

See accompanying notes to financial statements. THE MILLBURN WORLD RESOURCE TRUST Page 9 Statement of Trust Capital For the nine months ended September 30, 2002 (UNAUDITED)

Statement of Trust Capital For the nine months ended September 30, 2001 (UNAUDITED)

See accompanying notes to financial statements. THE MILLBURN WORLD RESOURCE TRUST Page 10 Financial Highlights (Unaudited) Per Unit Operating Performance for the three months ended September 30, 2002 and 2001 (unaudited) were as follows:

Total return and ratios for the three months ended September 30, 2002: 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 to financial statements. THE MILLBURN WORLD RESOURCE TRUST Page 11 Financial Highlights (Unaudited) Per Unit Operating Performance for the nine months ended September 30, 2002 and 2001 (unaudited) were as follows:

Total return and ratios for the nine months ended September 30, 2002: 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 to financial statements. THE MILLBURN WORLD RESOURCE TRUST Page 12 NOTES TO FINANCIAL STATEMENTS THE MILLBURN WORLD RESOURCE TRUST 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 Trust's financial condition at September 30, 2002 (unaudited) and December 31, 2001 and the results of its operations for the three month and nine month periods ended September 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 Trust'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 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 raises additional capital only through the sale of Units and trading profits (if any) and does not engage in borrowing. Units may be offered for sale as of the beginning of each month, although the Trust has not offered Units since May 2002. 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 MILLBURN WORLD RESOURCE TRUST Page 13 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 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-month period ending September 30, 2002, 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. 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. THE MILLBURN WORLD RESOURCE TRUST Page 14 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. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Introduction Past Results Are Not Necessarily Indicative of Future Performance The Trust is a speculative commodity pool. Unlike an operating company, the risk of market sensitive instruments is integral, not incidental, to the Trust's main line of business. Market movements result in frequent changes in the fair market value of the Trust's open positions and, consequently, in its earnings and cash flow. The Trust's market risk is influenced by a wide variety of factors, including the level and volatility of interest rates, exchange rates, equity price levels, the market value of financial instruments and contracts, the diversification effects among the Trust's open positions and the liquidity of the markets in which it trades. The Trust can rapidly acquire and/or liquidate both long and short positions in a wide range of different markets. Consequently, it is not possible to predict how a particular future market scenario will affect performance, and the Trust's past performance is not necessarily indicative of its future results. Value at Risk is a measure of the maximum amount which the Trust could reasonably be expected to lose in a given market sector. However, the inherent uncertainty of the Trust's speculative trading and the recurrence in the markets traded by the Trust of market movements far exceeding expectations could result in actual trading or non-trading losses far beyond the indicated Value at Risk or the Trust's experience to date (i.e., "risk of ruin"). In light of the foregoing as well as the risks and uncertainties intrinsic to all future projections, the inclusion of the quantification included in this section should not be considered to constitute any assurance or representation that the Trust's losses in any market sector will be limited to Value at Risk or by the Trust's attempts to manage its market risk. THE MILLBURN WORLD RESOURCE TRUST Page 15 Quantifying the Trust's Trading Value at Risk Quantitative Forward-Looking Statements The following quantitative disclosures regarding the Trust's market risk exposures contain "forward-looking statements" within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934). All quantitative disclosures in this section are deemed to be forward-looking statements for purposes of the safe harbor, except for statements of historical fact. The Trust's risk exposure in the various market sectors traded by the Managing Owner is quantified below in terms of Value at Risk. Due to the Trust's mark-to-market accounting, any loss in the fair value of the Trust's open positions is directly reflected in the Trust's earnings (realized or unrealized) and cash flow (at least in the case of exchange-traded contracts in which profits and losses on open positions are settled daily through variation margin). Exchange maintenance margin requirements have been used by the Trust as the measure of its Value at Risk. Maintenance margin requirements are set by exchanges to equal or exceed 95-99% of the maximum one-day losses in the fair value of any given contract incurred during the time period over which historical price fluctuations are researched for purposes of establishing margin levels. The maintenance margin levels are established by dealers and exchanges using historical price studies as well as an assessment of current market volatility (including the implied volatility of the options on a given futures contract) and economic fundamentals to provide a probabilistic estimate of the maximum expected near-term one-day price fluctuation. In the case of market sensitive instruments which are not exchange traded (almost exclusively currencies in the case of the Trust), dealers' margins have been used as Value at Risk. The fair value of the Trust's futures and forward positions does not have any optionality component. However, the Managing Owner may also trade commodity options on behalf of the Trust. The Value at Risk associated with options is reflected in the following table as the margin requirement attributable to the instrument underlying each option. In quantifying the Trust's Value at Risk, 100% positive correlation in the different positions held in each market risk category has been assumed. Consequently, the margin requirements applicable to the open contracts have simply been aggregated to determine each trading category's aggregate Value at Risk. The diversification effects resulting from the fact that the Trust's positions are rarely, if ever, 100% positively correlated have not been reflected. THE MILLBURN WORLD RESOURCE TRUST Page 16 The Trust's Trading Value at Risk in Different Market Sectors The following table indicates the average, highest and lowest amounts of trading Value at Risk associated with the Trust's open positions by market category for the nine months ended September 30, 2002. During the nine months ended September 30, 2002, the Trust's average total capitalization was approximately $ 23,649,700. As of September 30, 2002, the Trust's total capitalization was approximately $24.0 million. There have been no material changes in the Trust's trading Value at Risk associated with its open positions from the end of fiscal year 2001.

Average, highest and lowest Value at Risk amounts relate to the quarter-end amounts for each calendar quarter-end during the nine month period ended September 30, 2002. Average capitalization is the average of the Trust's capitalization at the end of each calendar quarter through September 30, 2002. Dollar amounts represent millions of dollars. Material Limitations on Value at Risk as an Assessment of Market Risk The face value of the market sector instruments held by the Trust is typically many times the applicable maintenance margin requirement (maintenance margin requirements generally ranging between approximately 1% and 10% of contract face value) as well as many times the capitalization of the Trust. The magnitude of the Trust's open positions creates a "risk of ruin" not typically found in most other investment vehicles. Because of the size of its positions, certain market conditions - unusual, but historically recurring from time to time - could cause the Trust to incur severe losses over a short period of time. The foregoing Value at Risk table - as well as the past performance of the Trust - give no indication of this "risk of ruin." Non-Trading Risk The Trust has non-trading market risk on its foreign cash balances not needed for margin. However, these balances (as well as any market risk they represent) are immaterial. THE MILLBURN WORLD RESOURCE TRUST Page 17 The Trust also has non-trading cash flow risk as a result of holding a substantial portion (approximately 84%) of its assets in short-term U.S. Treasury instruments and other short-term debt instruments (as well as any market risk they represent) for margin and cash management purposes. Although the Managing Owner does not anticipate that, even in the case of major interest rate movements, the Trust would sustain a material mark-to-market loss on its securities positions, if short-term interest rates decline so will the Trust's cash management income. The Trust also maintains a portion (approximately 8% of its assets in cash in interest-bearing bank accounts. These cash balances are also subject (as well as any market risk they represent) to cash flow risk, which is not material. Qualitative Disclosures Regarding Primary Trading Risk Exposures The following qualitative disclosures regarding the Trust's market risk exposures - except for (i) those disclosures that are statements of historical fact and (ii) the descriptions of how the Managing Owner manages the Trust's primary market risk exposures - constitute forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. The Trust's primary market risk exposures as well as the strategies used and to be used by the Managing Owner for managing such exposures are subject to numerous uncertainties, contingencies and risks, any one of which could cause the actual results of the Trust's risk controls to differ materially from the objectives of such strategies. Government interventions, defaults and expropriations, illiquid markets, the emergence of dominant fundamental factors, political upheavals, changes in historical price relationships, an influx of new market participants, increased regulation and many other factors could result in material losses as well as in material changes to the risk exposures and the risk management strategies of the Trust. There can be no assurance that the Trust's current market exposure and/or risk management strategies will not change materially or that any such strategies will be effective in either the short- or long-term. Investors must be prepared to lose all or substantially all of their investment in the Trust. The following were the primary trading risk exposures of the Trust as of September 30, 2002, by market sector. Interest Rates. Interest rate risk is the principal market exposure of the Trust. Interest rate movements directly affect the price of the sovereign bond positions held by the Trust and indirectly the value of its stock index and currency positions. Interest rate movements in one country as well as relative interest rate movements between countries materially impact the Trust's profitability. The Trust's primary interest rate exposure is to interest rate fluctuations in the United States and the other G-7 countries. The Managing Owner anticipates that G-7 interest rates will remain the primary market exposure of the Trust for the foreseeable future. The changes in interest rates which have the most effect on the Trust are changes in long-term, as opposed to short-term, rates. Most of the speculative positions held by the Trust are in medium- to long-term instruments. Consequently, even a material change in short-term rates would have little effect on the Trust were the medium- to long-term rates to remain steady. THE MILLBURN WORLD RESOURCE TRUST Page 18 Currencies. The Trust's currency exposure is to exchange rate fluctuations, primarily fluctuations which disrupt the historical pricing relationships between different currencies and currency pairs. These fluctuations are influenced by interest rate changes as well as political and general economic conditions. The Trust trades in a large number of currencies, including cross-rates - i.e., positions between two currencies other than the U.S. dollar. However, the Trust's major exposures have typically been in the dollar/yen, dollar/euro and dollar/pound positions. The Managing Owner does not anticipate that the risk profile of the Trust's currency sector will change significantly in the future. Stock Indices. The Trust's primary equity exposure is to equity price risk in the G-7 countries. The stock index futures traded by the Trust are by law limited to futures on broadly based indices. As of September 30, 2002, the Trust's primary exposures were in the Simex (Singapore), Nikkei (Japan) and Hang Sang (Hong Kong) stock indices. The Trust is primarily exposed to the risk of adverse price trends or static markets in the major U.S., European and Asian indices. (Static markets would not cause major market changes but would make it difficult for the Trust to avoid numerous small losses.) Metals. The World Resource program used for the Trust trades precious and base metals. The Trust's primary metals market exposure is to fluctuations in the price of gold aluminum, copper and zinc. Commodities. The Trust's primary commodities exposure is to agricultural price movements which are often directly affected by severe or unexpected weather conditions. Grains, coffee, sugar, cotton and cocoa accounted for the substantial bulk of the Trust's commodities exposure as of September 30, 2002. In the past, the Trust has had material market exposure to live cattle, orange juice and the soybean complex and may do so again in the future. However, the Trust will maintain an emphasis on grains, coffee, sugar, and cotton, in which the Trust has historically taken its largest commodity positions. Energy. The Trust's primary energy market exposure is to gas and oil price movements, often resulting from political developments in the Middle East. Although the Managing Owner trades natural gas, oil is the dominant energy market exposure of the Trust. Oil prices are volatile and substantial profits and losses have been and are expected to continue to be experienced in this market. Qualitative Disclosures Regarding Non-Trading Risk Exposure The following were the only non-trading risk exposures of the Trust as of September 30, 2002. Foreign Currency Balances. The Trust's primary foreign currency balances are in Japanese yen, euro, Korean Won and Singapore and Hong Kong dollars. The Trust controls the non-trading risk of these balances by regularly converting these balances back into dollars (no less frequently than twice a month). THE MILLBURN WORLD RESOURCE TRUST Page 19 Securities Positions. The Trust's only market exposure in instruments held other than for trading is in its securities portfolio. The Trust holds only cash or interest-bearing, credit risk-free, short-term paper - typically U.S. Treasury instruments with durations no longer than 1 year. Violent fluctuations in prevailing interest rates could cause immaterial mark-to-market losses on the Trust's securities, although substantially all of these short-term instruments are held to maturity. Qualitative Disclosures Regarding Means of Managing Risk Exposure The Managing Owner attempts to control risk through the systematic application of its trading method, which includes a multi-system approach to price trend recognition, an analysis of market volatility, the application of certain money management principles, which may be revised from time to time, and adjusting leverage or portfolio size. In addition, the Managing Owner limits its trading to markets which it believes are sufficiently liquid in respect of the amount of trading it contemplates conducting. The Managing Owner's risk management also focuses on money management principles applicable to a portfolio as a whole rather than to individual markets. The first principle is reducing overall portfolio volatility through diversification among markets. The Managing Owner seeks a portfolio in which returns from trading in different markets are not highly correlated, that is, in which returns are not all positive or negative at the same time. Additional money management principles include limiting the assets committed as margin or collateral, generally within a range of 15% to 35% of an account's net assets; avoiding the use of unrealized profits in a particular market as margin for additional positions in the same market; and changing the equity used for trading an account solely on a controlled periodic basis, not automatically due to an increase in equity from trading profits. Another important risk management function is the careful control of leverage or portfolio size. Leverage levels are determined by simulating the entire portfolio over the past five or ten years to determine the worst case experienced by the portfolio in the simulation period. The worst case or peak-to-trough drawdown is measured from a daily high in portfolio assets to the subsequent daily low whether that occurs days, weeks or months after the daily high. If the Managing Owner considers the drawdown too severe, it reduces the leverage or portfolio size. 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 within 90 days of the filing date of 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 significantly affect these controls subsequent to the date of their evaluation. THE MILLBURN WORLD RESOURCE TRUST Page 20 PART II. OTHER INFORMATION ITEM I. Legal Proceedings - None ITEM 2. Changes in Securities and Use of Proceeds (c) Reg. S-K Item 701(f) (1) The use of proceeds information is being disclosed for Registration Statement No. 33-90756 declared effective on July 12, 1995 and Registration Statement No. 333-50209, filed pursuant to Rule 429 under the Securities Act of 1933, declared effective May 18, 1998. (4)(iv) For the account of the issuer, the amount of Units sold as of September 30, 2002 is $98,244,352, and the aggregate offering price of the amount sold as of September 30, 2002 is $98,244,352. (vi) The net offering proceeds to the issuer totaled $98,244,352. (vii) From the effective date of the Registration Statements to September 30, 2002, the amount of net offering proceeds to the issuer for commodity futures and forward trading totaled $98,244,352. 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 Co-Chief Executive Officer 99(b) - Certification of Co-Chief Executive Officer 99(c) - 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 29th day of October 2002. THE MILLBURN WORLD RESOURCE TRUST By: Millburn Ridgefield Corporation, Managing Owner Date: October 29, 2002 /s/Tod A. Tanis Tod A. Tanis Vice-President (principal accounting officer) THE MILLBURN WORLD RESOURCE TRUST Page 21 Exhibit 99 (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"), do hereby certify that: 1. I have reviewed this quarterly report on Form 10-Q of The Millburn World Resource Trust; 2. Based on my knowledge, this quarterly 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 quarterly report; 3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the Trust as of, and for, the periods presented in this quarterly report; 4. The Trust's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as such term is defined in paragraph (c) of Exchange Act Rule 15d-14) for the Trust and we have: (i) designed such disclosure controls and procedures 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 quarterly report is being prepared; (ii) evaluated the effectiveness of the Trust's disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly report (the "Evaluation Date"); and (iii) presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The Trust's other certifying officers and I have disclosed, based on our most recent evaluation, to the Trust's auditors and the audit committee of the Trust's board of directors (or persons performing the equivalent functions): (i) all significant deficiencies in the design or operation of internal controls which could adversely affect the Trust's ability to record, process, summarize and report financial data and have identified for the Trust's auditors any material weaknesses in internal controls; and (ii) any fraud, whether or not material, that involves management or other employees who have a significant role in the Trust's internal controls; and THE MILLBURN WORLD RESOURCE TRUST Page 22 6. The Trust's other certifying officers and I have indicated in this quarterly report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. By: /s/ George E. Crapple __________________________________ George E. Crapple Co-Chief Executive Officer November 12, 2002 THE MILLBURN WORLD RESOURCE TRUST Page 23 Exhibit 99 (b) 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"), do hereby certify that: 1. I have reviewed this quarterly report on Form 10-Q of The Millburn World Resource Trust; 2. Based on my knowledge, this quarterly 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 quarterly report; 3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the Trust as of, and for, the periods presented in this quarterly report; 4. The Trust's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as such term is defined in paragraph (c) of Exchange Act Rule 15d-14) for the Trust and we have: (i) designed such disclosure controls and procedures 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 quarterly report is being prepared; (ii) evaluated the effectiveness of the Trust's disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly report (the "Evaluation Date"); and (iii) presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The Trust's other certifying officers and I have disclosed, based on our most recent evaluation, to the Trust's auditors and the audit committee of the Trust's board of directors (or persons performing the equivalent functions): (i) all significant deficiencies in the design or operation of internal controls which could adversely affect the Trust's ability to record, process, summarize and report financial data and have identified for the Trust's auditors any material weaknesses in internal controls; and (ii) any fraud, whether or not material, that involves management or other employees who have a significant role in the Trust's internal controls; and THE MILLBURN WORLD RESOURCE TRUST Page 24 6. The Trust's other certifying officers and I have indicated in this quarterly report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. By: /s/ Harvey Beker __________________________________ Harvey Beker Co-Chief Executive Officer November 12, 2002 THE MILLBURN WORLD RESOURCE TRUST Page 25 Exhibit 99 (c) CERTIFICATION OF CHIEF FINANCIAL OFFICER I, Gregg R. Buckbinder, Chief Financial Officer of Millburn Ridgefield Corporation, the Managing Owner of The Millburn World Resource Trust (the "Trust"), do hereby certify that: 1. I have reviewed this quarterly report on Form 10-Q of The Millburn World Resource Trust; 2. Based on my knowledge, this quarterly 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 quarterly report; 3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the Trust as of, and for, the periods presented in this quarterly report; 4. The Trust's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as such term is defined in paragraph (c) of Exchange Act Rule 15d-14) for the Trust and we have: (i) designed such disclosure controls and procedures 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 quarterly report is being prepared; (ii) evaluated the effectiveness of the Trust's disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly report (the "Evaluation Date"); and (iii) presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The Trust's other certifying officers and I have disclosed, based on our most recent evaluation, to the Trust's auditors and the audit committee of the Trust's board of directors (or persons performing the equivalent functions): (i) all significant deficiencies in the design or operation of internal controls which could adversely affect the Trust's ability to record, process, summarize and report financial data and have identified for the Trust's auditors any material weaknesses in internal controls; and (ii) any fraud, whether or not material, that involves management or other employees who have a significant role in the Trust's internal controls; and THE MILLBURN WORLD RESOURCE TRUST Page 26 6. The Trust's other certifying officers and I have indicated in this quarterly report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. By: /s/ Gregg R. Buckbinder __________________________________ Gregg R. Buckbinder Chief Financial Officer November 12, 2002

MILLBURN WORLD RESOURCE TRUST 10-Q