10-Q 1 efc3-1706_form10q.txt MILLBURN GLOBAL OPPORTUNITY FUND 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: 000-21446 THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. (Exact name of registrant as specified in its charter) Delaware 06-1346879 (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification No.) c/o MILLBURN RIDGEFIELD CORPORATION 411 West Putnam Avenue Greenwich, Connecticut 06830 (Address of principal executive offices) Registrant's telephone number, including area code: (203) 625-7554 Securities registered pursuant to Section 12(b) of the Act: None Securities registered pursuant Limited Partnership Units to Section 12(g) of the Act: (Title of Class) Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ] Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X] Aggregate market value of the voting and non-voting common equity held by non-affiliates as of September 30, 2003: $4,882,035 THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. INDEX Page 1 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 Changes in Partners' 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 15 PART I. FINANCIAL INFORMATION ITEM I. FINANCIAL STATEMENTS THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. Statements of Financial Condition

THE MILLBURN GLOBAL OPPORTUNITY FUND, L.P. PAGE 2 Statements of Financial Condition (con't) Liabilities & Partners' Capital: Sep. 30, 2003 Dec. 31, 2002 (UNAUDITED) ------------- ------------- Due to brokers $ 37,175 $ 38,604 Accrued expenses 10,255 34,966 Redemptions payable to limited partners 90,236 73,759 Accrued brokerage commissions 32,343 34,352 ------------- ------------- Total Liabilities 170,009 181,681 Partners' Capital: General Partner 449,854 374,134 Limited Partners (2,657.485 & 2,971.932 Limited Partnership Units outstanding at September 30, 2003 and December 31, 2002, respectively) 4,882,035 5,065,864 ------------- ------------- Total Partners' Capital 5,331,889 5,439,998 ------------- ------------- Total Liabilities and Partners' Capital $ 5,501,898 $ 5,621,679 ============= ============= Net Asset Value per Unit $ 1,837.09 $ 1,704.57 ============= =============

See accompanying notes THE MILLBURN GLOBAL OPPORTUNITY FUND, L.P. PAGE 3 Statements of Operations For the three months ended September 30, 2003 and 2002 (UNAUDITED)

See accompanying notes THE MILLBURN GLOBAL OPPORTUNITY FUND, L.P. PAGE 4 Statements of Operations For the nine months ended September 30, 2003 and 2002 (UNAUDITED)

See accompanying notes THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. PAGE 5 Condensed Schedule of Investments at September 30, 2003 (UNAUDITED)

See accompanying notes THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. PAGE 6 Condensed Schedule of Investments at December 31, 2002

See accompanying notes THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. PAGE 7 Statement of Partners' Capital For the nine months ended September 30, 2003 (UNAUDITED)

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

See accompanying notes THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. PAGE 8 Financial Highlights (UNAUDITED) Per unit operating performance for the three months ended September 30, 2003 and 2002 is as follows:

Total return and ratios for the three months ended September 30, 2003 (UNAUDITED): Total return: 2.34% Ratio of expenses to average net assets: 9.28% (annualized) Ratio of net investment loss to average net assets: (8.16)% (annualized) Total return and ratios for the three months ended September 30, 2002 (UNAUDITED): Total return: 13.39% Ratio of expenses to average net assets: 8.60% (annualized) Ratio of net investment loss to average net assets: (6.90)% (annualized) See accompanying notes THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. PAGE 9 Financial Highlights (UNAUDITED) Per unit operating performance for the nine months ended September 30, 2003 and 2002 is as follows:

Total return and ratios for the nine months ended September 30, 2003 (UNAUDITED): Total return: 7.77% Ratio of expenses to average net assets: 9.27% (annualized) Ratio of net investment loss to average net assets: (8.00)% (annualized) Total return and ratios for the nine months ended September 30, 2002 (UNAUDITED): Total return: 30.36% Ratio of expenses to average net assets: 9.07% (annualized) Ratio of net investment loss to average net assets: (6.96)% (annualized) See accompanying notes THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. PAGE 10 NOTES TO FINANCIAL STATEMENTS (unaudited) The accompanying unaudited financial statements, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the Partnership's financial condition at 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 financial statements and notes included in the Partnership's annual report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2002. The December 31, 2002 information has been derived from the audited financial statements as of December 31, 2002. Certain prior period amounts have been adjusted to reflect current period presentation. ITEM II. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Reference is made to Item 1, "Financial Statements" The information contained therein is essential to, and should be read in conjunction with, the following analysis. OPERATIONAL OVERVIEW Due to the nature of the Partnership's business, its results of operations depend on the General Partner's ability to recognize and capitalize on trends and other profit opportunities in different sectors of the global capital markets. The General Partner's trading methods are confidential, so that substantially the only information that can be furnished regarding the Partnership's results of operations is contained in the performance record of its trading. Unlike operating businesses, general economic or seasonal conditions do not directly affect the profit potential of the Partnership, and its past performance is not necessarily indicative of future results. Because of the speculative nature of its trading, operational or economic trends have little relevance to the Partnership's results. The General Partner believes that there are certain market conditions, for example, markets with strong price trends, in which the Partnership has a better likelihood of being profitable than in others. LIQUIDITY AND CAPITAL RESOURCES The Partnership does not intend to raise any additional capital as it has not, and does not intend to, register additional units for sale. The Partnership does not engage in borrowing. The Partnership trades futures, options and forward contracts primarily on currencies and secondarily on financial instruments. Due to the nature of the Partnership's business, it will make no significant capital expenditures, and substantially all its assets are and will be represented by cash equivalents or deposits in money market funds, United States Treasury THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. PAGE 11 securities, and investments in futures, forward contracts and related options. The Partnership's assets are either held in cash or are invested by the General Partner in United States Treasury bills or notes. To the extent deposited as margin with currency dealers or futures brokers, the Partnership's assets are subject to the General Partner's ability to close out its currency futures or forward contracts positions. The Partnership could be prevented from promptly liquidating unfavorable positions, thereby subjecting the Partnership to substantial losses which could exceed the margin initially committed to such trades. In addition, the Partnership may not be able to execute forward contract trades at favorable prices if little trading in the contracts it holds is taking place. Other than these limitations on liquidity, which are inherent in the Partnership's trading operations, the Partnership's assets are highly liquid and are expected to remain so. During its operations for the three and nine-month periods ended September 30, 2003, the Partnership experienced no meaningful periods of illiquidity 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 periods 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 Partnership's net assets decreased 2.67% in the third quarter of 2003. This decrease was attributable to redemptions of $301,950 which was partially offset by net income from operations of $136,300 and a profit share allocation to the General Partner of $19,341. 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 $25,180, relative to the corresponding period in 2002. The Fund's NAV per unit posted a 2.34% gain during the third quarter. Trading in currency forwards, and equity and metal futures were profitable, while trading in interest rate futures produced a loss. 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, producing 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 marginally 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 Partnership had covered most of its short positions in interest rates and initiated partial long positions. April 1, 2003 to June 30, 2003 The Partnership's net assets increased 7.16% in the second quarter of 2003. This increase was attributable to net income from operations of $482,415 and a profit share allocation to the General Partner of $180, which was partially offset by redemptions of $116,503. Brokerage commissions are calculated on the net asset value on the last day of each month and are affected by trading performance and redemptions. Brokerage commissions for the three months ended June 30, 2003 decreased by $15,432, relative to the corresponding period in 2002. The Trust's NAV per unit posted a 9.35% advance during the second quarter, as profits in the April-May period well outdistanced losses in June. Trading of interest rate futures, currency forwards and equity futures was profitable, while trading of metal futures produced a small loss. Medium-term and long-term interest rates in Europe, the U.S. and Japan resumed their decline during April and May. Hence, long positions in 5-year, 10-year and 30-year interest rate futures contracts for U.S., European and Japanese instruments were very profitable. By mid-June, however, amid signs of nascent growth, interest rates started to rise significantly and there were some losses sustained on these same positions, which were subsequently reversed to short futures contract positions. A similar pattern of profits in April and May followed by losses in June was exhibited in the currency sector. Short U.S. dollar positions against the euro, other European currencies, the Australian, New Zealand and Singapore dollars, and the South African rand produced sizable gains early in the quarter. Later, however, as the U.S. dollar rebounded against the European bloc of currencies, there were losses on many of these short foreign dollar positions, although the short dollar positions versus the Aussie, New Zealand, South African and Singaporean currencies were still fractionally profitable. Meanwhile, the dollar/yen exchange rate was quite volatile and losses were registered on both long and short dollar positions throughout the quarter. Finally, long euro positions vis-a-vis the yen, Norwegian krone, and pound sterling, and a long sterling position relative to the yen were profitable. Trading of stock index futures was fractionally positive. Long positions in German, Japanese, and the Nasdaq stock indices were profitable, while a short S&P index trade was somewhat unprofitable. Long gold and copper positions generated a small quarterly loss. January 1, 2003 to March 31, 2003 The Partnership's net assets decreased 6.03% in the first quarter of 2003. This decrease was attributable to redemptions of $144,799 and net loss from operations of $183,093. Brokerage commissions are calculated on the net asset value on the last day of each month and are affected by trading performance and redemptions. Brokerage commissions for the three months ended March 31, 2003 decreased by $14,862, relative to the corresponding period in 2002. The Fund's NAV per unit was down 3.70% during the three months ended March 31, 2003. A number of well-defined trends in the interest rate and currency sectors persisted during the early part of the year and generated profits. However, as war with Iraq approached in early March, these trends halted and reversed abruptly, producing losses that more than offset the earlier gains. On balance for the period, losses sustained from trading currency and stock index futures, and smaller losses from metal trading were only partially offset by gains from trading of interest rate futures. Interest rates, which had been declining broadly for over a year, spiked higher in a flurry of pre-war activity. As a result, long interest rate futures positions in German, U.S., and Japanese instruments produced significant losses in March after having been profitable in the first two months of the quarter. THE MILLBURN GLOBAL OPPORTUNITY FUND, L.P. PAGE 13 January 1, 2002 to September 30, 2002 -------------------------------------- July 1, 2002 to September 30, 2002 The Partnership's net assets decreased 0.97% in the third quarter of 2002. This decrease was attributable to redemptions of $916,063, which was partially offset by net income from operations of $825,326. 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 increased by $22, relative to the corresponding period in 2001. The Partnership's net asset value per unit registered a double-digit gain for the quarter, increasing 13.39%. Trading of interest rate, stock index and metal futures was profitable, while currency trading resulted in losses. Interest rates on government debt declined sharply during the summer. Hence, the partnership'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 in half 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 quite profitable. 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. April 1, 2002 to June 30, 2002 The Partnership's net assets increased 5.12% in the second quarter of 2002. This increase was attributable to a net income from operations of $1,301,730, which was partially offset by redemptions of $992,954. Brokerage commissions are calculated on the net asset value on the last day of each month and are affected by trading performance and redemptions. Brokerage commissions for the three months ended June 30, 2002 equaled $119,730, a decrease of $21,206 relative to the corresponding period in 2001. The Partnership's net asset value per unit registered a strong double-digit advance in the quarter, increasing by 22.59%. Trading in currencies interest rates and stock indices accounted for all of the gain. Metals trading, on the other hand was generally unprofitable, although gold trading was somewhat profitable. As the U.S. dollar declined broadly during the quarter, short dollar positions relative to the euro, yen, Swiss franc, Korean won, and Singapore dollar were all profitable. Non-dollar cross rate trading was also fractionally profitable. Not even frequent foreign exchange market intervention by the Bank of Japan-assisted late in the quarter by the Fed and ECB, could halt the dollar's slide. In addition, long positions in U.S. dollar-based short-term and long-term government fixed income futures were profitable, and by the end of the period, long positions in European and Japanese fixed income futures were also showing profits. Short stock-index futures positions were profitable as well. Trading of German, Hong Kong, and Japanese stock futures were all profitable. January 1, 2002 to March 31, 2002 The partnership's net assets declined 7.50% in the first quarter of 2002. This decrease was attributable to redemptions of $101,439, and a net loss from operations of $388,290. Brokerage commissions are calculated on the net asset value on the last day of each month and are affected by trading performance and redemptions. Brokerage commissions for the three months ended March 31, 2002 decreased by $31,664, relative to the corresponding period in 2001. The Fund's NAV per unit was down 6.21% during the three months ended March 31, 2002. Losses from trading dollar cross rates, non-dollar cross rates, and stock index futures accounted for all of the loss. Meanwhile, trading of international interest rate futures provided a fractional gain, while metals trading had no appreciable impact on the quarterly results. Uncertainties, which seemed to abound throughout the world, jostled the financial markets to and from during the quarter. Accounting uncertainties, concern about future profit growth, questions about the direction of THE MILLBURN GLOBAL OPPORTUNITY FUND, L.P. PAGE 14 monetary and interest rate policies worldwide, Middle East turmoil and its possible impact on energy markets, all combined to cloud trading and investment decisions. Long dollar positions against the other major currencies were very profitable at the start of 2002. As the quarter advanced, however, the US unit reversed direction and then settled into volatile ranges compared to most other currencies. Consequently, dollar currency trading produced losses during the last two months of the quarter that far outdistanced the earlier gains. At the same time, nondollar cross rate trading generated fractional losses in each month of the quarter. Stock index futures trading was also range-bound and volatile throughout the period. As positions whipsawed from long to short to long again, losses were widespread in five of the six contracts traded for Germany, Hong Kong, Japan, and the U.S. Results in interest rate trading were mixed and produced a fractional gain for the first quarter. Short positions in German five and ten year futures were profitable, as were both a short and later a long position in the Japanese government bond. On the other hand, a long Eurodollar futures position lost money, and both short and long positions in U.S. five and ten-year notes also generated losses. Trading of metals futures was also mixed. The gain from a long gold position was offset by the loss from trading aluminum. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Not applicable. The Partnership is a small business issuer. ITEM 4. CONTROLS AND PROCEDURES Millburn Ridgefield Corporation, the General Partner of the Partnership, with the participation of the General Partner's Co-Chief Executive Officers and Chief Financial Officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures with respect to the Partnership as of the end of the period covered by this quarterly report, and, based on their evaluation, have concluded that these disclosure controls and procedures are effective. There were no significant changes in the General Partner's internal controls over financial reporting during the last fiscal quarter or in other factors applicable to the Partnership that has materially affected, or is reasonably likely to materially affect, the General Partner's internal controls over financial reporting in respect of the Partnership. THE MILLBURN GLOBAL OPPORTUNITY FUND, L.P. PAGE 15 PART II. OTHER INFORMATION ITEM I. Legal Proceedings - None ITEM 2. Changes in Securities and Use of Proceeds - None ITEM 3. Defaults Upon Senior Securities - None ITEM 4. Submission of Matters to a Vote of Security Holders - None ITEM 5. Other Information - None ITEM 6. (a) Exhibits - The following exhibits are incorporated herein by reference from Amendment No. 1 to the Registration Statement (File No. 33-50388) filed on October 30, 1992 on Form S-1 under the Securities Act of 1933. Designation Description ----------- ----------- 1.01 Form of Selling Agreement among the Partnership, the General Partner and the Selling Agent. 3.01 Limited Partnership Agreement of the Partnership. 3.02 Certificate of Limited Partnership of the Partnership. 3.03 Amended and Restated Limited Partnership Agreement. 10.01 Form of Subscription Agreement and Power of Attorney. 10.02 Form of Customer Agreement and Forward Dealer Agreement among the Partnership, the General Partner and the Selling Agent. 10.03 Form of Customer Agreement and Forward Dealer Agreement among the Partnership, the General Partner and Morgan Stanley & Co. Inc. 10.04 Form of Customer Agreement and Forward Dealer Agreement among the Partnership, the General Partner and AIG Trading Corp. 10.05 Escrow Agreement between the Partnership and Chemical Bank, N.A. The following exhibits are included herewith: 31.01 Rule 13(a)-14(a)/15(d)-14(a) Certification of Co-Chief Executive Officer 31.02 Rule 13(a)-14(a)/15(d)-14(a) Certification of Co-Chief Executive Officer 31.03 Rule 13(a)-14(a)/15(d)-14(a) Certification of Chief Financial Officer 32.01 Section 1350 Certification of Co-Chief Executive Officer 32.02 Section 1350 Certification of Co-Chief Executive Officer 32.03 Section 1350 Certification of Chief Financial Officer (b) Reports on Form 8-K - None SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York and State of New York on the 14th day of November, 2003. THE MILLBURN GLOBAL OPPORTUNITY FUND L.P. By: Millburn Ridgefield Corporation, General Partner THE MILLBURN GLOBAL OPPORTUNITY FUND, L.P. PAGE 16 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 General Partner of The Millburn Global Opportunity Fund (the "Partnership"), certify that: I have reviewed this quarterly report on Form 10-Q of The Millburn Global Opportunity Fund; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and partners' capital of the Partnership as of, and for, the periods presented in this report; The Partnership's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15(d)-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13(a)-15(f) and 15d-15(f)) for the Partnership and have: (a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Partnership, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) evaluated the effectiveness of the Partnership's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) disclosed in this report any change in the Partnership's internal control over financial reporting that occurred during the Partnership's most recent fiscal quarter (the Partnership's fourth fiscal quarter in the case of an annual THE MILLBURN GLOBAL OPPORTUNITY FUND, L.P. PAGE 17 report) that has materially affected, or is reasonably likely to materially affect, the Partnership's internal control over financial reporting; and The Partnership's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Partnership's auditors and the audit committee of the Partnership's board of directors (or persons performing the equivalent functions): (a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the Partnership's ability to record, process, summarize and report financial information; and (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Partnership's internal control over financial reporting. By: /s/ George E. Crapple __________________________________ George E. Crapple Co-Chief Executive Officer 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 General Partner of The Millburn Global Opportunity Fund (the "Partnership"), certify that: I have reviewed this quarterly report on Form 10-Q of The Millburn Global Opportunity Fund; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and partners' capital of the Partnership as of, and for, the periods presented in this report; The Partnership's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15(d)-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13(a)-15(f) and 15d-15(f)) for the Partnership and have: (a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to THE MILLBURN GLOBAL OPPORTUNITY FUND PAGE 18 ensure that material information relating to the Partnership, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) evaluated the effectiveness of the Partnership's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) disclosed in this report any change in the Partnership's internal control over financial reporting that occurred during the Partnership's most recent fiscal quarter (the Partnership's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Partnership's internal control over financial reporting; and The Partnership's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Partnership's auditors and the audit committee of the Partnership's board of directors (or persons performing the equivalent functions): (a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the Partnership's ability to record, process, summarize and report financial information; and (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Partnership's internal control over financial reporting. By: /s/ Harvey Beker __________________________________ Harvey Beker Co-Chief Executive Officer 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 General Partner of The Millburn Global Opportunity Fund (the "Partnership"), certify that: I have reviewed this quarterly report on Form 10-Q of The Millburn Global Opportunity Fund; Based on my knowledge, this report does not contain any untrue THE MILLBURN GLOBAL OPPORTUNITY FUND PAGE 19 statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and partners' capital of the Partnership as of, and for, the periods presented in this report; The Partnership's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15(d)-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13(a)-15(f) and 15d-15(f)) for the Partnership and have: (a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Partnership, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) evaluated the effectiveness of the Partnership's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) disclosed in this report any change in the Partnership's internal control over financial reporting that occurred during the Partnership's most recent fiscal quarter (the Partnership's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Partnership's internal control over financial reporting; and The Partnership's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Partnership's auditors and the audit committee of the Partnership's board of directors (or persons performing the equivalent functions): (a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the Partnership's ability to record, process, summarize and report financial information; and (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Partnership's internal control over financial reporting. By: /s/ Gregg Buckbinder THE MILLBURN GLOBAL OPPORTUNITY FUND PAGE 20 __________________________________ Gregg Buckbinder Chief Financial Officer 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 Global Opportunity Fund (the "Partnership"), certify that (i) the Quarterly Report of the Partnership 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 Partnership. 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 Global Opportunity Fund (the "Partnership"), certify that (i) the Quarterly Report of the Partnership 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 Partnership. 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 GLOBAL OPPORTUNITY FUND, L.P. PAGE 21 I, Gregg Buckbinder, the Chief Operating Officer and principal financial officer of Millburn Ridgefield Corporation, the Managing Owner of The Millburn Global Opportunity Fund (the "Partnership"), certify that (i) the Quarterly Report of the Partnership on Form 10-Q for the period ending 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 Partnership. Date: November 14, 2003 /s/ Gregg Buckbinder ------------------------- Gregg Buckbinder Chief Operating Officer

MILLBURN GLOBAL OPPORTUNITY FUND L P 10-Q