Item 1. BUSINESS
(a) GENERAL DEVELOPMENT OF BUSINESS
The Millburn Global Opportunity Fund L.P. (the "Partnership") is a limited partnership organized July 9, 1992 pursuant to a Limited Partnership Agreement (the "Limited Partnership Agreement"), under the Delaware Revised Uniform Limited Partnership Act. Between October 30, 1992 and December 31, 1992 (the "Initial Offering"), units of limited partnership interest in the Partnership (the "Units") were publicly offered. The proceeds of the Initial Offering and interest thereon were held in escrow until January 7, 1993 at which time an aggregate of $11,420,054 (11,420.054 Units) was turned over to the Partnership and the Partnership commenced operations. Units continued to be offered until May 30, 1993. The offering was registered under the Securities Act of 1933, as amended. Smith Barney, Harris Upham & Co. Incorporated acted as selling agent on a best efforts basis. A total of 11,420.054 Units were sold to the public during the initial public offering, and an additional 28,881.766 Units were subsequently sold to the public.
The Partnership engages in speculative trading in futures, forward contracts and related options, primarily in the currency and financial instrument markets.
Millburn Ridgefield Corporation (the "General Partner"), a Delaware corporation, is the general partner and the commodity trading advisor for the Partnership. The General Partner invested $125,000 in the Partnership at the outset of trading and subsequently contributed an additional $316,183. After reflecting net income of $72,864 in 1999; this investment totaled $1,148,788, as of December 31, 1999.
Smith Barney Inc., Morgan Stanley & Co. Incorporated, and Deutsche Bank (the "Currency Dealers") act as the primary currency dealers and futures brokers for the Partnership. The Partnership also executes currency and forward trades with other currency dealers and futures brokers when their prices are advantageous to the Partnership. The Partnership pays the currency dealers "bid asked" spreads on its forward trades, as such spreads are incorporated into the pricing of forward contracts. The General Partner monitors the Partnership's trades to ensure that the prices it receives are competitive.
(b) FINANCIAL INFORMATION ABOUT INDUSTRY SEGMENTS
The Partnership's business constitutes only one segment, speculative trading of currency futures, forward contracts and related options. The Partnership does not engage in sales of goods and services.
(c) NARRATIVE DESCRIPTION OF BUSINESS
The Partnership engages in the speculative trading of currency futures, forward contracts and related options. The Partnership's sole trading advisor is the General Partner. The General Partner trades the Partnership's assets primarily in currency markets, trading primarily forward contracts in the interbank market. Pursuant to the Limited Partnership Agreement, the General Partner receives a flat-rate monthly brokerage fee equal to 0.6875 of 1% of the Net Assets (an 8.25% annual rate), which is reduced to 0.52 of 1% of Net Assets (a 6.25% annual rate) for Units issued to Limited Partners who invest $1,000,000 or more in the Partnership. The General Partner also receives a profit share equal to 17.5% of any new trading profit, determined as of the end of each calendar quarter. The quarterly profit share is calculated after deducting interest income and brokerage fees.
The Partnership's assets not deposited as margin will be maintained, unless applicable foreign regulations require otherwise, only in instruments authorized by the CFTC for the investment of "customer segregated funds."
REGULATION
Under the Commodity Exchange Act, as amended (the "CEA"), commodity exchanges and futures trading are subject to regulation by the Commodity Futures Trading Commission (the "CFTC"). National Futures Association ("NFA"), a "registered futures association" under the CEA, is the only non-exchange self-regulatory organization for futures industry professionals. The CFTC has delegated to NFA responsibility for the registration
of "commodity trading advisors," "commodity pool operators," "futures commission merchants," "introducing brokers" and their respective associated persons and "floor brokers" and "floor traders." The CEA requires commodity pool operators and commodity trading advisors, such as the General Partner, and commodity brokers or futures commission merchants, such as the Currency Dealers and the General Partner, to be registered and to comply with various reporting and record keeping requirements. The CFTC may suspend a commodity pool operator's or trading advisor's registration if it finds that its trading practices tend to disrupt orderly market conditions or in certain other situations. In the event that the registration of the General Partner as a commodity pool operator or a commodity trading advisor were terminated or suspended, the General Partner would be unable to continue to manage the business of the Partnership. Should the General Partner's registration be suspended, termination of the Partnership might result.
As members of NFA, the General Partner and the Currency Dealers are subject to NFA standards relating to fair trade practices, financial condition and customer protection. As the self-regulatory body of the futures industry, NFA promulgates rules governing the conduct of futures industry professionals and disciplines those professionals which do not comply with such standards.
In addition to such registration requirements, the CFTC and certain commodity exchanges have established limits on the maximum net long or net short position which any person may hold or control in particular commodities. The CFTC has adopted a rule requiring all domestic commodity exchanges to submit for approval speculative position limits for all futures contracts traded on such exchanges. Most exchanges also limit the changes in futures contract prices that may occur during a single trading day. The Partnership, however, primarily trades currency forward contracts which are not subject to regulation by any United States Government agency.
(i) through (xii) - not applicable.
(xiii) the Partnership has no employees.
(d) Financial information about foreign and Domestic Operations and Export Sales ----------------------------------------
The Partnership does not engage in material operations in foreign countries (although it does trade in foreign currency forward contracts), nor is a material portion of its revenues derived from foreign customers.
Item 2.
Item 2. PROPERTIES
The Partnership does not own or use any physical properties in the conduct of their business. The General Partner or an affiliate perform all administrative services for the Partnership from their offices.
Item 3.
Item 3. LEGAL PROCEEDINGS
The General Partner is not aware of any pending legal proceedings to which either the Partnership is a party or to which any of their assets are subject. In addition there are no pending material legal proceedings involving the General Partner.
Item 4.
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
PART II
Item 5.
Item 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
(a) MARKET INFORMATION. There is no trading market for the Units, and none is likely to develop. Units may be redeemed upon 10 days' written notice at their net asset value as of the last day of any month. In the event that all Units for which redemption is requested cannot be redeemed as of any redemption date, Units will be redeemed in the order that requests for redemption have been received by the General Partner.
(b) HOLDERS. As of December 31, 1999, there were 644 holders of Units.
(c) DIVIDENDS. No distributions or dividends have been made on the Units, and the General Partner has no present intention to make any.
(d) RECENT SALES OF UNREGISTERED SECURITIES; USE OF PROCEEDS FROM REGISTERED SECURITIES.
Not applicable.
Item 6.
Item 6. SELECTED FINANCIAL DATA
The following is a summary of operations for fiscal year 1999, 1998, 1997, 1996 and 1995 and total assets of the Partnership at December 31, 1999, 1998, 1997, 1996 and 1995. The Partnership commenced trading operations on January 7, 1993.
Item 7.
Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Reference is made to "Item 6. SELECTED FINANCIAL DATA" and "Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA." The information contained therein is essential to, and should be read in conjunction with, the following analysis.
CAPITAL RESOURCES
The Partnership does not intend to raise any additional capital through borrowing and, because it is a closed-end fund, it cannot sell any more Units unless it undertakes a new public offering, which would require another registration with the Securities and Exchange Commission. Due to the nature of the Partnership's business, it will make no significant capital expenditures, and substantially all its assets are and will be represented by cash equivalents or deposits in money market funds, United States Treasury securities, and investments in futures, forward contracts and related options.
The Partnership trades futures, options and forward contracts primarily on currencies and secondarily on financial instruments. Risk arises from changes in the value of these contracts (market risk) and the potential inability of counterparties or brokers to perform under the terms of their contracts (credit risk). Market risk is generally measured by the face amount of the positions acquired and the volatility of the markets traded. The credit risk from counterparty non-performance associated with these instruments is the net unrealized gain, if any, on these positions. The risks associated with exchange-traded contracts are generally perceived to be less than those associated with over-the-counter transactions, because exchanges typically (but not universally) provide clearinghouse arrangements in which the collective credit (in some cases limited in amount, in some cases not) of the members of the exchange is pledged to support the financial integrity of the exchange. In over-the-counter transactions, on the other hand, traders must rely solely on the credit of their respective individual counterparties. Margins which may be subject to loss in the event of a default, are generally required in exchange trading, and counterparties may require margin in the over-the-counter markets.
The General Partner has procedures in place to control market risk, although there can be no assurance that they will, in fact, succeed in doing so. These procedures primarily focus on (1) limiting trading to markets which The General Partner believes are sufficiently liquid in respect of the amount of trading contemplated; (2) diversifying positions among various currencies and financial instruments; (3) limiting the assets committed as margin, generally within a range of 15% to 35% of an account's Net Assets at exchange minimum margins, (including imputed margins on forward positions) although the amount committed to margin at any time may be substantially higher; (4) prohibiting pyramiding (that is, using unrealized profits in a particular market as margin for additional positions in the same market); and (5) changing the equity utilized for trading by an account solely on a controlled periodic basis rather than as an automatic consequence of an increase in equity resulting from trading profits. The Partnership controls credit risk by dealing exclusively with large, well capitalized financial institutions as brokers and counterparties.
The Partnership is generally required to deposit approximately 5% of the notional value of its forward contract positions with the Currency Dealers as collateral. At any time, and from time to time, the Partnership may have open positions with the Currency Dealers with a total notional value of as much as three times the capitalization of the Partnership and collateral deposits of up to approximately 15% of the capital of the Partnership.
The Partnership's futures contracts are settled by offset and are cleared by the exchange clearinghouse function. Options on futures contracts are settled either by offset or by exercise. If an option on a future is exercised, the Partnership is assigned a position in the underlying future which is then settled by offset. The Partnership's spot and forward currency transactions conducted in the interbank market are settled by netting offsetting positions held with the same counterparty; net positions are then settled by entering into offsetting positions and by cash payments.
LIQUIDITY
The Partnership's assets are either held in cash or are invested by the General Partner in United States Treasury bills or "customer segregated funds accounts." 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. During its operations through December 31, 1999, the Partnership experienced no meaningful periods of illiquidify in any of the markets traded by the Partnership.
Most of the Partnership's positions are in currency forward contracts. Forward contracts are not traded on a commodity exchange. 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 currency trading operations, the Partnership's assets are highly liquid and are expected to remain so. Generally, forward contracts can be offset at the discretion of the General Partner. However, if the market is not liquid, it could prevent the timely closeout of an unfavorable position until the delivery date, regardless of the changes in their value or the General Partner's investment strategies.
RESULTS OF OPERATIONS
Operating results show a profit for the fiscal years ended December 31, 1999, 1998 and 1997.
Total Partnership capital as of December 31, 1999, 1998 and 1997 equaled $12,140,710, $14,906,533 and $18,565,893, respectively. The net asset value per Unit as of December 31, 1999 was $1,445.93, a decrease in value for fiscal year 1999 of 2.3%; the net asset value per Unit as of December 31, 1998 was $1,479.31, an increase in value for fiscal year 1998 of 1.1%; the net asset value per Unit as of December 31, 1997 was $1463.50, an increase in value for fiscal year 1997 of 11.5%.
The Partnership's gross trading gains of $484,557 from its currency and financial instrument trading in 1999 were offset by brokerage commissions of $1,062,865 for a net trading loss of $578,308. This loss was offset by interest, earned or accrued, of $654,566. The Partnership lost $20,559 on foreign exchange in 1999. The Partnership's gross trading gains of $690,596 from its currency and financial instrument trading in 1998 were offset by brokerage commissions of $1,299,470 for a net trading loss of $608,874. This loss was offset by interest income, earned or accrued, of $886,163. The Partnership lost $44,208 on foreign exchange during 1998. Over half of the Partnership's profits in fiscal year 1997 resulted from its currency and financial instrument trading. Such trading showed a profit as gross trading gains of $3,262,614 overcame brokerage commissions of $1,566,165 for a net trading gain of $1,696,449. The Partnership also accrued or earned interest income of $1,066,041 and lost $12,137 on foreign exchange.
During fiscal year 1999, the Partnership suffered a small loss. There were small gains in the currency, stock index, and metal sectors, but these were offset by losses in interest rate trading. Moreover, within each sector performance varied from market to market. For example, in the currency sector, solid profits from short Euro positions vis-a-vis the dollar, yen, Norwegian krone and Eastern European currencies were offset by losses from trading the dollar, yen, Swiss franc, and Norwegian krone against one another. Mixed results also occurred in stock indices where gains from trading the Hang Seng, Topix and S&P indices were largely offset by losses in Nikkei index positions. Interest rates too produced mixed results, with losses from Japanese and U.S. interest rate futures overwhelmed gains from European futures trading. Finally, metals trading showed similar patterns. Profits from gold and aluminum trading were negated by losses from zinc and copper.
During fiscal year 1998, the Partnership was slightly profitable. Against a low inflation background, trading in interest rate futures was highly profitable, particularly during the third quarter when "flight to quality" produced sizable gains on long positions in US, European and Japanese interest rate futures. Short positions in Japanese government bond futures near year-end were also very profitable when the bond yield rebounded from an historically low level. Currency trading, while registering mixed results in various sectors, was slightly unprofitable overall. Trading on both sides of dollar/yen produced excellent results, but these gains were more than offset by losses on trading the European currencies against the dollar. Meanwhile, gains from trading exotic currencies were offset by losses in cross rate trading. Stock index trading lost money as gains in Hong Kong and US index positioning fell short of losses in trading Japanese and Australian indices. Volatile, non-trending price action in copper futures resulted in losses in metal trading.
During Fiscal year 1997, the Partnership traded profitably. In the first two months, gains in currency trading countered losses from interest rate positions, yielding overall gains in the portfolio. In March and April, there were losses in all sectors (metals, stock indices, interest rates, and currencies). Overall gains during the May-June period occurred as profits in stock index and interest rate trading more than offset losses in metals and currency trading. During the third quarter, markets were extremely volatile, but on balance the portfolio produced gains. Profits on interest rate and currency trading offset losses in stock index and metals markets for an overall third quarter gain. In the October-December quarter, on the other hand, gains on stock index and metal trading were profitable, but were offset by losses in currency and interest rate trading.
Inflation is not a significant factor in the Partnership's profitability, except to the extent the inflation may affect forward contract prices.
Item 7A.
Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not required. The Partnership is a "small business issuer."
Item 8.
Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Financial statements required by this item are included as Exhibit 13.01 to this report.
The supplementary financial information specified by Item 302 of Regulation S-K is not applicable.
Item 9.
Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
There were no changes in or disagreements with accountants on accounting and financial disclosure.
PART III
Item 10.
Item 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
The Partnership has no directors or executive officers. The Partnership is controlled and managed by the General Partner. There are no "significant employees" of the Partnership.
Millburn Ridgefield Corporation, the General Partner, is a Delaware corporation organized in May 1982 to manage discretionary accounts in futures and forward markets. It is the corporate successor to a futures trading and advisory organization which has been continuously managing assets in the currency and futures markets using quantitative, systematic techniques since 1971.
The principals and senior officers of Millburn Ridgefield Corporation as of December 31, 1999 are as follows:
Harvey Beker, age 46. Mr. Beker is President, Co-Chief Executive Officer and a Director of Millburn Ridgefield and The Millburn Corporation, and a partner of ShareInVest Research L.P. He received a Bachelor of Arts degree in economics from New York University in 1974 and a Master of Business Administration degree in finance from NYU in 1975. From June 1975 to July 1977, Mr. Beker was employed by Loeb Rhoades, Inc. where he developed and traded silver arbitrage strategies. From July 1977 to June 1978, Mr. Beker was a futures trader at Clayton Brokerage Co. of St. Louis. Mr. Beker has been employed by The Millburn Corporation since June 1978. During his tenure at Millburn, he has been instrumental in the development of the research, trading and operations areas. Mr. Beker became a principal of the firm in 1982.
George E. Crapple, age 55. Mr. Crapple is Co-Chief Executive Officer and a Director of Millburn Ridgefield, and a Director of The Millburn Corporation and a partner of ShareInVest Research L.P. In 1966 he graduated with honors from the University of Wisconsin where his field of concentration was economics and he was elected to Phi Beta Kappa. In 1969 he graduated from Harvard Law School, MAGNA CUM LAUDE, where he was a member of the Harvard Law Review. He was a lawyer with Sidley & Austin, Chicago, Illinois, from 1969 until April 1, 1983, as a partner since 1975, specializing in commodities, securities, corporate and tax law. He was first associated with Millburn Ridgefield in 1976 and joined Millburn Ridgefield Corporation on April 1, 1983 on a full-time basis. Mr. Crapple is a director and a member of the Executive Committee and a former Chairman of the Eastern Regional Business Conduct Committee of the NFA, Chairman of the Managed Funds Association, a member of the Financial Products Advisory Committee of the CFTC and a former member of the Board of Directors and Nominating Committee of the Futures Industry Association.
Gregg R. Buckbinder, age 41. Mr. Buckbinder is Senior Vice President and Chief Operating Officer of Millburn Ridgefield and The Millburn Corporation. He graduated CUM LAUDE from Pace University in 1980 with a B.B.A. in accounting and received an M.S. in taxation from Pace in 1988. He joined Millburn in January 1998 from Odyssey Partners, L.P. where he
was responsible for the operation, administration and accounting of the firm's merchant banking and managed account businesses. Mr. Buckbinder was employed by Tucker Anthony, a securities broker and dealer, from 1985 to 1990 where he was First Vice President and Controller, and from 1983 to 1984 where he designed and implemented various operations and accounting systems. He was with the public accounting firm of Ernst & Whinney from 1984 to 1985 as a manager in the tax department and from 1980 to 1983 as a senior auditor, with an emphasis on clients in the financial services business. He is a Certified Public Accountant and a member of the American Institute of Certified Public Accountants.
Mark B. Fitzsimmons, age 52. Mr. Fitzsimmons is a Senior Vice-President of Millburn Ridgefield and The Millburn Corporation and a partner of ShareInVest Research L.P. His responsibilities include both marketing and investment strategy. He graduated SUMMA CUM LAUDE from the University of Bridgeport, Connecticut in 1970 with a B.S. in economics. His graduate work was done at the University of Virginia, where he received a certificate of candidacy for a Ph.D. in economics in 1973. He joined Millburn Ridgefield in January 1990 from Morgan Stanley & Co. Incorporated where he was a Principal and Manager of institutional foreign exchange sales and was involved in strategic trading for the firm. From 1977 to 1987 he was with Chemical Bank New York Corporation, first as a Senior Economist in Chemical's Foreign Exchange Advisory Service and later as a Vice-President and Manager of Chemical's Corporate Trading Group. While at Chemical he also traded both foreign exchange and fixed income products. From 1973 to 1977 Mr. Fitzsimmons was employed by the Federal Reserve Bank of New York, dividing his time between the International Research Department and the Foreign Exchange Department.
Barry Goodman, age 42. Mr. Goodman is an Executive Vice-President, Director of Trading and Co-Director of Research of Millburn Ridgefield and The Millburn Corporation and a partner of ShareInVest Research L.P. His responsibilities include overseeing the firm's trading operation and managing its trading relationships, as well as the design and implementation of trading systems. He graduated MAGNA CUM LAUDE from Harpur College of the State University of New York in 1979 with a B.A. in economics. From 1980 through late 1982 he was a commodity trader for E. F. Hutton & Co., Inc. At Hutton he also designed and maintained various technical indicators and coordinated research projects pertaining to the futures markets. He joined Millburn Ridgefield in 1982 as Assistant Director of Trading.
Dennis B. Newton, age 48. Mr. Newton is a Senior Vice-President of Millburn Ridgefield. His primary responsibilities are in administration and marketing. Prior to joining Millburn Ridgefield in September 1991, Mr. Newton was President of Phoenix Asset Management, Inc., a registered commodity pool operator from April 1990 to August 1991. Prior to his employment with Phoenix, Mr. Newton was a Director of Managed Futures with Prudential-Bache Securities Inc. from September 1987 to March 1990. Mr. Newton joined Prudential-Bache from Heinold Asset Management, Inc. where he was a member of the senior management team. Heinold was a pioneer and one of the largest sponsors of funds utilizing futures and currency forward trading.
Grant N. Smith, age 48. Mr. Smith is an Executive Vice-President and Co-Director of Research of Millburn Ridgefield and The Millburn Corporation and a partner of ShareInVest Research L.P. He is responsible for the design, testing and implementation of quantitative trading strategies, as well as for planning and overseeing the computerized decision-support systems of the firm. He received a B.S. degree from the Massachusetts Institute of Technology in 1974 and an M.S. degree from M.I.T. in 1975. While at M.I.T. he held several teaching and research positions in the computer science field and participated in various projects relating to database management. He joined Millburn Ridgefield in 1975.
Item 11.
Item 11. EXECUTIVE COMPENSATION
The Partnership has no directors or officers. None of the directors or officers of the General Partner receive "other compensation" from the Partnership. The General Partner makes all trading decisions on behalf of the Partnership. The General Partner receives monthly brokerage commissions of 0.6875 of 1% of the Net Assets (which is reduced to 0.52 of 1% of Net Assets for Limited Partners who invest more than $1 million in the Partnership) and a quarterly profit share of 17.5% of any new trading profit.
Item 12.
Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
(a) SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
The Partnership knows of no person who owns beneficially more than 5% of the Units. All of the Partnership's general partnership interest is held by the General Partner.
(b) SECURITY OWNERSHIP OF MANAGEMENT
Under the terms of the Limited Partnership Agreement, the Partnership's affairs are managed by the General Partner, which has discretionary authority over the Partnership's trading. The General Partner's general partnership interest was valued at $1,148,788 as of December 31, 1999, approximately 9.5% of the Partnership's total equity, the equivalent of 794.50 Units.
(c) CHANGES IN CONTROL
None.
Item 13.
Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
See "Item 11. EXECUTIVE COMPENSATION" and "Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT." The Partnership allocated to the General Partner, $1,062,865, $1,299,470 and $1,566,165 in brokerage fees and $77,599, $0 and $336,456 in profit share for fiscal years 1999, 1998 and 1997, respectively. The General Partner's general partnership interest showed an allocation of gain (loss) of $72,864, $96,063 and $183,028 in fiscal years 1999, 1998 and 1997, respectively.
PART IV
Item 14.
Item 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
(a)(1) FINANCIAL STATEMENTS
The following financial statements are included with the 1999 Report of Independent Accountants, a copy of which is filed herewith as Exhibit 13.01.
(a)(2) FINANCIAL STATEMENT SCHEDULES
All Schedules are omitted for the reason that they are not required, are not applicable, because equivalent information has been included in the financial statements or the notes thereto.
(a)(3) EXHIBITS AS REQUIRED BY ITEM 601 OF REGULATION S-K
THE ABOVE 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.
(b) REPORTS ON FORM 8-K
No report on Form 8-K was filed by the Partnership during the quarter ended December 31, 1999.
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 Greenwich and State of Connecticut on the 27th day of March, 2000.
THE MILLBURN GLOBAL OPPORTUNITY FUND L.P.
By: Millburn Ridgefield Corporation, General Partner
By /s/ HARVEY BEKER ------------------------------------ Harvey Beker President
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the General Partner of the Registrant in the capacities and on the date indicated.
(Being the principal executive officer, the principal financial and accounting officer, and a majority of the directors of Millburn Ridgefield Corporation)
Millburn Ridgefield Corporation General Partner of Registrant March 27, 2000
By /s/ HARVEY BEKER ---------------------------- Harvey Beker President