10-Q 1 wr10q602.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended: June 30, 2002 or [ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 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 [ ] Aggregate market value of the voting and non-voting common equity held by non-affiliates: $22,610,242.00. THE MILLBURN WORLD RESOURCE TRUST INDEX Part I - Financial Information Financial Statements: Pages Statements of Financial Condition at June 30, 2002 and December 31, 2001 (unaudited) 1 Statements of Operations for the Three Months Ended June 30, 2002 and 2001 (unaudited) 2 Statements of Operations for the Six Months Ended June 30, 2002 and 2001 (unaudited) 3 Condensed Schedule of Investments at June 30, 2002 (unaudited) 4-5 Statements of Trust Capital for the Three Months Ended June 30, 2002 and 2001 (unaudited) 6 Statements of Trust Capital for the Six Months Ended June 30, 2002 and 2001 (unaudited) 7 Financial Highlights for the Three Months Ended June 30, 2002 and 2001 (unaudited) 8 Financial Highlights for the Six Months Ended June 30, 2002 and 2001 (unaudited) 9 Notes to Financial Statements (unaudited) 10-17 Part II - Other Information 18 PART I. FINANCIAL INFORMATION ITEM I. FINANCIAL STATEMENTS THE MILLBURN WORLD RESOURCE TRUST Statements of Financial Condition (UNAUDITED)

30-~~Sep~~Jun-0102 31-Dec-0001 Assets: ------------- ------------- Cash $ 21,~~001~~231,~~476~~612 $ 0713,134 ~~Investments~~Cash denominated in ~~U.S.~~foreign ~~Treasury~~currencies ~~bills - at value~~ (~~amortized~~ cost $0,000 and $499,~~075,037~~672 at ~~September~~June 30, ~~2001~~2002 and December 31, ~~2000~~2001) 0 499,~~075,037~~737 Investments in U.S. Treasury notes - at value (amortized cost $126,~~366~~656,~~412~~934 and $69,~~332~~881,~~969~~177 at ~~September~~June 30, ~~2001~~2002 and December 31, ~~2000~~2001) 126,~~351~~635,~~641~~981 69,~~392~~893,~~219~~306 Unrealized appreciation/(depreciation) on open contracts ~~504~~3,~~381~~366,632 6944,~~041,987~~098 ------------- ------------- Total equity in trading accounts 1411,~~857~~234,~~498~~225 1611,~~509~~650,~~243~~275 Investments in U.S. Treasury ~~bills~~notes - at value (amortized cost $~~0 and $9~~11,~~582~~684,~~366~~618 ~~at September 30, 2001~~ and ~~December 31, 2000) 0 9,582,366 Investments in U.S. Treasury notes - at value (cost~~ $1312,~~193~~963,~~277~~306 ~~and $6,534,621~~ at ~~September~~June 30, ~~2001~~2002 and December 31, ~~2000~~2001) 1311,~~159~~715,~~847~~978 613,~~589~~039,~~969~~750 Money market fund ~~797~~2,~~072~~111,223 31,~~592~~530,~~984~~026 Accrued interest receivable ~~306~~300,~~201~~306 ~~163~~372,~~249~~187 ------------- ------------- Total Assets $ 2925,~~120~~361,~~618~~732 $ 3626,~~437~~592,~~811~~238 ============= ============= Liabilities & Trust Capital: Due to broker $ ~~722~~284,~~595~~768 $ ~~506,050~~0 ~~Accounts~~Due ~~payable~~to ~~and~~General ~~accrued~~Partner 500,000 0 Accrued expenses ~~114~~39,~~273~~715 8685,~~752~~883 Redemptions payable to Unitholders, ~~net 106,248~~ 1,~~368~~261,~~925~~347 609,969 Accrued brokerage ~~fees~~commissions ~~177~~156,~~579~~509 ~~245~~173,~~091~~329 ------------- ------------- Total Liabilities 12,~~120~~242,~~695~~339 2869,~~206,818~~181 Trust Capital: Managing Owner interest ~~929~~509,~~308~~151 ~~942~~900,~~196~~516 Unitholders (2521,~~723~~070.~~812~~035 and 2923,~~311~~590.~~653~~295 Units of Beneficial Interest outstanding at ~~September~~June 30, ~~2001~~2002 and December 31, ~~2000,~~2001 respectively) 2722,~~070~~610,~~615~~242 3324,~~288~~822,~~797~~541 ------------- ------------- Total Trust Capital 2723,~~999~~119,~~923~~393 3425,~~230~~723,~~993~~057 ------------- ------------- Total Liabilities and Trust Capital $ 2925,~~120~~361,~~618~~732 $ 3626,~~437~~592,~~811~~238 ============= =============

Net Asset Value per Unit of Beneficial Interest $ 1,073.10 $ 1,201.61 See accompanying notes to financial statements. THE MILLBURN WORLD RESOURCE TRUST Statements of Operations For the three months ended June 30, 2002 and 2001 (UNAUDITED)

~~2001~~Jun ~~2000~~30, 2002 Jun 30, 2001 ------------ ------------ ~~Income~~Investment income: Interest income $ 120,527 $ 428,406 Expenses Administrative expenses 22,162 74,437 Brokerage commissions 502,311 688,044 ------------ ------------ Total expenses 524,473 762,481 ------------ ------------ Net investment loss (403,946) (334,075) Realized and unrealized gains (losses) Net gains (losses) on trading of futures and forward contracts ~~Realized~~Net realized gains (losses) $on closed positions: Futures and forward contracts (~~775~~1,~~455~~164,672) $1,252,331 Foreign exchange transactions 0 (~~888~~1,~~493~~012) ~~Change~~------------ in------------ ~~unrealized~~Net ~~appreciation~~realized gains (~~depreciation~~losses) on closed positions (~~567~~1,~~588~~164,672) ~~(359~~1,~~644)~~251,319 ------------ ------------ Net change in unrealized appreciation (1depreciation): Futures and forward contracts 3,~~343~~807,~~043)~~315 (13,~~248~~307,~~137~~623) ~~Less,~~Foreign ~~Brokerage~~exchange ~~fees~~translation ~~617~~(219) 0 ------------ ------------ Net change in unrealized appreciation (depreciation) 3,~~719~~807,096 ~~697~~(3,~~157~~307,623) ------------ ------------ Net realized and unrealized gains (losses) on trading of futures and forward contracts (1and foreign exchange translation 2,~~960~~642,~~762)~~424 (12,~~945~~056,~~294~~304) ------------ ------------ Net gains (losses) from U.S. Treasury obligations: ~~Realized~~Net realized gains ~~(losses)~~0 4976,~~961~~161 0Net ~~Unrealized~~change in unrealized appreciation (depreciation) 10,132 (83140,~~505~~962) 0 ------------ ------------ ~~Total~~Net ~~net realized and unrealized~~ gains (losses) ~~(1,994,306)~~from ~~(1,945,294)~~U.S. ~~Interest~~Treasury ~~Income~~obligations ~~407~~10,~~906~~132 ~~470,479 Foreign Exchange Gain~~(~~Loss) 294 (6~~64,~~168~~801) ------------ ------------ Total net realized and unrealized gains (1losses) 2,~~586~~652,~~106)~~556 (12,~~480~~121,~~983~~105) ~~Expenses: Administrative 74,438 89,108~~ ------------ ------------ Net income (loss) $~~(1,660,544)~~ ~~$(1~~2,~~570~~248,~~091)~~610 ~~============ ============ Net Income(Loss) allocated to Managing Owner~~ $ (342,~~712) $ (22~~455,~~331~~180) ~~Net~~------------ ~~Income(Loss)~~------------ ~~allocated to Unitholders $(1,625,832) $(1,547,760)~~ Net income (loss) per unit of ~~Beneficial~~beneficial ~~Interest~~interest $ ~~(61~~98.~~95)~~34 $ (4687.8030)

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

~~2001~~Jun ~~2000~~30, 2002 Jun 30, 2001 ------------ ------------ ~~Income~~Investment income: Interest income $ 282,461 $ 858,650 Expenses Administrative expenses 44,324 148,875 Brokerage commissions 1,042,695 1,422,791 ------------ ------------ Total expenses 1,087,019 1,571,666 ------------ ------------ Net investment loss (804,558) (713,016) Realized and unrealized gains (losses) Net gains (losses) on trading of futures and forward contracts ~~Realized~~Net realized gains (losses) $on 4closed positions: Futures and forward contracts 134,~~412~~074 5,~~403~~187,858 $Foreign exchange transactions 0 0 ------------ ------------ Net realized gains (2losses) on closed positions 134,~~481~~074 5,~~646)~~187,858 ~~Change~~------------ ------------ Net change in unrealized appreciation (depreciation): (5Futures and forward contracts 2,~~537~~422,~~606)~~535 (4,~~137~~970,~~609~~018) Foreign exchange translation 1,994 (6,199) ------------ ------------ ~~(1,125,203)~~Net ~~(6,619,255)~~change ~~Less,~~in ~~Brokerage~~unrealized ~~fees~~appreciation (depreciation) 2,~~040~~424,~~510~~529 2(4,~~590~~976,~~246~~217) ------------ ------------ Net realized and unrealized gains (losses) on trading of futures and forward contracts (3and foreign exchange translation 2,~~165~~558,~~713)~~603 (9211,~~209,501)~~641 ------------ ------------ Net gains (losses) from U.S. Treasury obligations: ~~Realized~~Net realized gains ~~(losses)~~0 ~~126~~76,~~122~~162 0Net ~~Unrealized~~change in unrealized appreciation (depreciation) (~~162~~78,~~799~~166) 0(79,295) ------------ ------------ ~~Total~~Net ~~net realized and unrealized~~ gains (losses) ~~(3,202,390)~~from ~~(9,209,501)~~U.S. ~~Interest~~Treasury ~~Income~~obligations ~~1,266,555 1,615,263 Foreign Exchange Gain~~(~~Loss) (5~~78,~~903~~166) (3,~~385~~133) ------------ ------------ Total net realized and unrealized gains (~~1,941,738~~losses) (72,~~597~~480,~~623)~~437 ~~Expenses: Administrative 223~~208,~~313~~508 ~~242,500~~ ------------ ------------ Net income (loss) $~~(2,165,051)~~ ~~$(7~~1,~~840~~675,~~123)~~879 ~~============ ============ Net Income(Loss) allocated to Managing Owner~~ $ (12504,~~888~~508) $------------ ~~(113,276)~~------------ Net ~~Income(Loss) allocated to Unitholders $(2,152,163) $(7,726,847) Net~~ income (loss) per unit of ~~Beneficial~~beneficial ~~Interest~~interest $ ~~(83~~74.~~32)~~88 $ (~~204~~21.5237)

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

Net Unrealized asAppreciation/ a(Depreciation) Net Unrealized %as ofa ~~Net~~percentage ~~Assets~~of Appreciation/ Futures and Forward Contracts Trust Capital (Depreciation) --------------- -------------- ------------- ~~Futures Contracts Purchased 4.52% Interest Rates $ 1,121,506 Metals 144,670~~ ----- ---------------~~-------~~ ~~Total~~ Futures Contracts Purchased ~~1,266,176 Futures Contracts Sold 2~~6.1585% ~~Commodities 223,014~~ Energies ~~180~~$ 20,~~390~~649 Interest ~~Rates~~rates (31,~~255)~~428,834 Metals ~~341~~(9,~~359~~801) ~~Stock~~Softs ~~Indices~~77,345 ~~(140~~Grains 67,~~716)~~800 --------------- Total Futures Contracts Purchased 1,584,827 --------------- ~~Total~~ Futures Contracts Sold ~~600,792 Total Forward Contracts Purchased -4~~0.9900% Metals (1176,~~398,363~~209) ~~Total~~Softs ~~Forward~~6,342 ~~Contracts~~Stock ~~Sold~~Indices ~~0.12% 35~~169,~~776~~688 ---------------~~------------~~ Total ~~Investments~~Futures $Contracts ~~504,381~~Sold ~~=========================== Total Percent of Unrealized Unrealized to Total Unrealized Currency Composition Appreciation/~~(~~Depreciation~~179) --------------- Total investment in futures contracts 6.85% 1,584,648 ------------ --- Forward Contracts Purchased 7.59% 1,754,566 ---------------~~----~~ ~~Euro~~Forward $Contracts ~~(994,334)~~Sold ~~-197~~0.~~14% British Pound (158,974) -31.52% Hong Kong Dollar (157,347) -31.20% Japanese Yen (283,077) -56.~~12% ~~Swiss Franc 79~~27,~~376~~418 ~~15.74% US Dollar 2,018,737 400.24%~~ --------------- Total investment in forward contracts 7.71% 1,781,984 ---------------~~-------~~ Total $Investments ~~504,381~~in ~~100~~futures and forward contracts 14.0056% ~~===============~~$ 3,366,632 ===============~~=======~~

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

~~Unit~~Value ~~Managing~~as ~~Holders~~a ~~Owner~~% ~~Total~~of Trust Face Amount Investments in U.S. Treasury Notes Capital Value ----------- ---------------------------------- ------------ ------------- ~~Trust~~Government ~~Capital~~- atUnited ~~June~~States 3079.38% $6,820,000 ~~2001~~U.S. ~~(26~~Treasury notes,~~440~~ 6.~~412~~375%, ~~Units)~~8/15/2002 29$ 6,~~462~~858,~~805~~363 ~~964~~6,~~020 30~~610,~~426,825~~000 ~~Addition of 265~~U.~~144~~S. ~~Units~~Treasury ~~270~~notes,~~066~~ ~~0 270~~5.75%,~~066~~ ~~Redemption~~10/31/2002 ~~of (981.744) Units (1~~6,~~036~~696,~~424)~~756 ~~0 (1~~4,~~036~~710,~~424)~~000 ~~Net~~U.S. ~~Income(Loss)~~Treasury (1notes, 4.625%,~~832)~~ ~~(34,712)~~2/28/2003 (14,~~660~~796,~~544)~~840 ------------ -~~-----------~~ ~~------------~~Total ~~Trust~~investments ~~Capital~~in atU.S. ~~September~~Treasury ~~30,~~notes ~~27,070,615~~(amortized ~~929,308~~cost 27$18,~~999~~341,~~923~~552) ~~2001 (25,723~~79.~~812~~38% ~~Units) ============ ============ ============ Net Asset Value per Unit at September 30~~$18, ~~2001 1~~351,~~052.36~~959 ~~============~~-------------

~~Unit~~Percent ~~Managing~~of ~~Holders~~Net ~~Owner~~Unrealized Currency Composition - Unrealized to Appreciation/ Futures & Forward Contracts Total Unrealized (Depreciation) ------------ ----- ------- --------~~----~~ ~~Trust~~British ~~Capital~~Pound at2.41% ~~December~~$ 3181,282 ~~2000~~Euro ~~(29,311~~18.~~653~~02% ~~Units) 33~~606,~~288,797~~670 ~~942,196~~Hong ~~34,230,993~~Kong ~~Addition~~Dollar ~~of 708~~0.~~244~~42% ~~Units 746~~14,~~069~~231 0Japanese ~~746,069~~Yen ~~Redemption~~6.79% ~~of (4~~228,~~296.085)~~689 ~~Units~~Norwegian ~~(4,812,088)~~krona 0.81% (427,~~812,088)~~419 ~~Net~~U.S. ~~Income(Loss)~~Dollar ~~(2,152,163)~~71.55% ~~(12,888) (~~2,~~165~~408,~~051)~~341 ------------ ----- ------- -------~~-----~~ ~~Trust~~Total ~~Capital~~100.00% ~~at September 30~~$3, ~~2001 27~~366,~~070,615~~632 ~~929,308 27,999,923 (25,723.812 Units)~~ ============ =====~~=======~~ ============ ~~Net Asset Value per Unit at September 30, 2001 1,052.36~~ ==~~==========~~

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

~~2001~~Unit ~~2000~~Managing Holders Owner Total ------------ ------------ ~~Net~~------------ ~~realized~~Trust ~~and~~Capital ~~unrealized~~at ~~gains~~March ~~(losses)on~~31, ~~currency~~2002 ~~contracts $~~ (7423,590.18295 Units) $22,994,884 ~~(57.69)~~897,967 ~~Interest~~23,892,851 ~~Income~~Addition ~~14.93~~of 1312.65944 ~~Foreign~~Units ~~exchange~~5,000 ~~gain~~0 ~~(loss)~~5,000 ~~0.02~~Redemption of (02,533.18204) ~~Administrative~~Units ~~expense~~ (2~~.72~~,527,068) (~~2.58~~500,000) ~~------------~~(3,027,068) Net Income(Loss) 2,137,426 111,184 2,248,610 ------------ ~~Net income (loss) per unit (61.95) (46.80) Net asset value per Unit, beginning of period 1,114.31 952.16~~ ------------ ------------ ~~Net~~Trust ~~asset~~Capital ~~value~~at ~~per~~June ~~Unit~~30, ~~end~~2002, of22,610,242 ~~Period~~509,151 $23,119,393 1(21,~~052~~070.36035 $Units) ~~905.36~~============ ============ ============ Net Asset Value per Unit at June 30, 2002 1,073.10 ============

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

~~2001~~Unit ~~2000~~Managing Holders Owner Total ------------ ----------- ------------ ~~Net~~Trust ~~realized~~Capital ~~and~~at ~~unrealized~~March ~~gains~~31, 2001 (~~losses~~27,742.404 Units)on ~~currency~~33,335,458 ~~contracts~~1,018,158 $34,353,616 ~~(119.83)~~Addition $of ~~(239~~245.~~28)~~354 ~~Interest~~Units ~~Income~~268,862 ~~44.55~~0 ~~41.26~~268,862 ~~Foreign~~Redemption ~~exchange~~of ~~gain~~ (~~loss~~1,547.346) Units (~~0.18~~1,740,473) (0~~.09~~ (1,740,473) ~~Administrative~~Net ~~expense~~Income(Loss) (~~7.86~~2,401,042) (~~6.41~~54,138) ~~------------~~(2,455,180) ------------ ~~Net income (loss) per unit (83.32) (204.52) Net asset value per Unit, beginning of period 1,135.68 1,109.88~~ ------------ ------------ ~~Net~~Trust ~~asset~~Capital ~~value~~at ~~per~~June ~~Unit~~30, ~~end~~2001, of29,462,805 ~~Period~~964,020 $30,426,825 1(26,~~052~~440.36412 $Units) ~~905.36~~============ =========== ============ Net Asset Value per Unit at June 30, 2001 1,114.31 ============

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

30Unit Managing Holders Owner Total -~~Sep~~-01---------- 30-~~Jun~~-01---------- ------------ Trust Capital at December 31, 2001 (24,866.853 Units) 24,822,541 900,516 25,723,057 Addition of 299.662 Units 279,812 0 279,812 Redemption of (4,096.480) Units (4,059,355) (500,000) (4,559,355) Net Income(Loss) 1,567,244 108,635 1,675,879 ------------ ------------ ------------ ~~Ending~~Trust ~~Equity~~Capital $at 27June 30,~~999~~ 2002,~~923~~ $22,610,242 509,151 23,119,393 (21,070.035 Units) ============ ============ ============ Net Asset Value per Unit at June 30,~~426~~ 2002 1,~~825~~073.10 ============

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

See accompanying notes to financial statements. Financial Highlights (Unaudited) Per Unit Operating Performance for the three months ended June 30, 2002 and 2001 (unaudited) were as follows:

Total return and ratios for the three months ended June 30, 2002: Total return: 10.09% Ratio of expenses to average net assets: 9.52% (annualized) Ratio of net investment loss to average net assets: -1.85% (annualized) See accompanying notes to financial statements. Financial Highlights (Unaudited) Per Unit Operating Performance for the six months ended June 30, 2002 and 2001 (unaudited) were as follows:

Total return and ratios for the six months ended June 30, 2002: Total return: 7.50% Ratio of expenses to average net assets: 9.43% (annualized) Ratio of net investment loss to average net assets: -3.52% (annualized) See accompanying notes to financial statements. 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 June 30, 2002 (unaudited) and December 31, 2001 and the results of its operations for the three month and six month periods ended June 30, 2002 and 2001. These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. It is suggested that these financial statements be read in conjunction with the financial statements and notes included in the 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 conjunction 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 indicate 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 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 June 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 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. 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. 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 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 six-month period ended June 30, 2002 and fiscal year 2001. During the six-month period ended June 30, 2002, the Trust's average total capitalization was approximately $ 23,456,534. During fiscal year 2001, the Trust's average total capitalization was approximately $29,808,079. Six-Month Period Ended June 30, 2002

Fiscal Year 2001

Average Value at Risk amounts for the six month period ended June 30, 2002 are the average of the amounts at each month-end during the six-month period. Highest and lowest Value at Risk amounts for the six month period ended June 30, 2002 are the month-end amounts for the two months when the Trust's total Value at Risk was at its highest and lowest, respectively. Average Capitalization for the six month period ended June 30, 2002 is the average of the Trust's capitalization at the end of each month during the six-month period. Average, highest and lowest Value at Risk amounts for fiscal year 2001 relate to the quarter-end amounts for each calendar quarter-end during the fiscal year. Average Capitalization for fiscal year 2001 is the average of the Trust's capitalization at the end of each calendar quarter of fiscal years 2002 and 2001. 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 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 June 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. 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 June 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 June 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 June 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). 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. 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 June 30, 2002 is $98,244,352, and the aggregate offering price of the amount sold as of June 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 June 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 Chief Executive Officer 99(b) - Certification of Chief Financial Officer (b) Reports on Form 8-K - None SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York and State of New York on the 8th day of August 2002. THE MILLBURN WORLD RESOURCE TRUST By: Millburn Ridgefield Corporation, Managing Owner Date: August 8, 2002 /s/Tod A. Tanis Tod A. Tanis Vice-President (principal accounting officer) Exhibit 99(a) CERTIFICATION PURSUANT TO SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE I, George E. Crapple, the Co-Chief Executive Officer of Millburn Ridgefield Corporation, the Managing Owner of The Millburn World Resource Trust (the "Trust") certify that (i) the Quarterly Report of the Trust on Form 10Q for the period ending June 30, 2002 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in such Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Trust. Date: August 8, 2002 /s/George E. Crapple George E. Crapple Co-Chief Executive Officer Exhibit 99(b) CERTIFICATION PURSUANT TO SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE I, Gregg R. Buckbinder, the Chief Operating Officer and Chief Financial Officer of Millburn Ridgefield Corporation, the Managing Owner of The Millburn World Resource Trust (the "Trust") certify that (i) the Quarterly Report of the Trust on Form 10Q for the period ending June 30, 2002 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in such Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Trust. Date: August 8, 2002 /s/Gregg R. Buckbinder Gregg R. Buckbinder Chief Operating Officer Chief Financial Officer

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