<Page>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 10-K

                /X/ Annual Report Pursuant to Section 13 or 15(d)
                     of the Securities Exchange Act of 1934
                  For the Fiscal Year Ended: December 31, 2001

                                       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 to Section 12(g) of
the Act:   UNITS OF BENEFICIAL INTEREST
                  (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 if disclosure of delinquent filers pursuant to Item 405
of Regulations S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. /X/

Aggregate market value of the voting and non-voting common equity held by
non-affiliates as of February 28, 2002: $23,165,000

                       Documents Incorporated by Reference

                                      None

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                                     PART I

Item 1.   BUSINESS

         (a)   GENERAL DEVELOPMENT OF BUSINESS

         The Millburn World Resource Trust (the "Trust") is a business trust
organized June 7, 1995 pursuant to a Declaration of Trust and Trust Agreement
(the "Trust Agreement"), under the Delaware Business Trust Act. Between July 12,
1995 and September 11, 1995 (the "Initial Offering"), units of beneficial
interest in the Trust (the "Units") were publicly offered at an initial price of
$1,000 per Unit. The proceeds of the Initial Offering and interest thereon were
held in escrow until September 13, 1995 at which time an aggregate of
$15,141,664 was turned over to the Trust and the Trust commenced operations. As
of December 31, 2001, Units were being offered on a monthly basis at Net Asset
Value per unit. The offering is registered under the Securities Act of 1933, as
amended. UBS PaineWebber Inc. acts as principal selling agent on a best efforts
basis. A total of $98,000,336 of Units have been sold to the public as of
December 31, 2001.

         The Trust engages in speculative trading in the futures, options and
forward markets.

         Millburn Ridgefield Corporation (the "Managing Owner"), a Delaware
corporation, is the managing owner and the commodity trading advisor for the
Trust. The Managing Owner invested $400 in the Trust as an initial capital
contribution to the Trust and $155,005 in the Trust at the outset of trading and
subsequently has contributed an additional $417,000 as of December 31, 2001.
After reflecting a net loss of $41,680 and profit share of $0, this investment
totaled (after deductions for redemptions) $900,516, as of December 31, 2001.

         (b)   FINANCIAL INFORMATION ABOUT INDUSTRY SEGMENTS

         The Partnership's business constitutes only one segment, i.e., a
speculative commodity pool. The Partnership does not engage in sales of goods
and services.

         (c)   NARRATIVE DESCRIPTION OF BUSINESS

         The Trust engages in the speculative trading of futures, options on
futures and forward contracts. The Trust's sole trading advisor is the Managing
Owner. The Managing Owner trades the Trust's assets in the agricultural, metals,
energy, interest rate and stock indices futures and futures options markets and
in the currency markets, trading primarily forward contracts in the interbank
market. Pursuant to the Trust Agreement, the Managing Owner receives a flat-rate
monthly brokerage fee equal to 0.75 of 1% of the month-end Net Assets (a 9.0%
annual rate). The Managing Owner retains the right to charge less than the
annual brokerage rate of 9% to those subscribers who either invest $1,000,000 or
more in the Units or subscribe without incurring the selling commission paid by
the Managing Owner. The Managing Owner also receives a profit share equal to
17.5% of any new trading profit as defined, determined as of the end of each
calendar quarter. The quarterly profit share is calculated net of brokerage fees
and administrative expenses and excluding interest income.

         Prudential Securities Incorporated and UBS PaineWebber Inc. (the
"Brokers") act as the primary futures brokers for the Trust. The Trust executes
currency forward trades with Prudential Securities Incorporated. The Trust pays
"bid asked" spreads on its forward trades, as such spreads are incorporated into
the pricing of forward contracts. The Managing Owner monitors the Trust's trades
to ensure that the prices it receives are competitive.

         The Trust's organizational and initial offering costs, $600,000, were
advanced by the Managing Owner, for which it was reimbursed by the Trust in 24
equal monthly installments. The reimbursement of these costs was completed in
the year ended December 31, 1997. The Trust will pay any extraordinary expenses
which it may incur.

         The Trust is open-ended and may offer Units at net asset value as of
the first day of each month. Unitholders may redeem any or all of their Units
upon 10 business days' written notice to the Managing Owner at their net
asset value as of the last day of any month. Units redeemed on or prior to
the end of the first and second successive six-month periods after their sale
will pay a redemption charge of 4% and 3%, respectively, of the net

                                        1
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asset value at which they are redeemed (3% and 2%, respectively, in the case of
subscriptions for $1,000,000 or more). These redemption charges are paid to the
Managing Owner. Requests for redemption will be honored and payment will be
made, except in the event of highly unusual market disruptions, within 15
business days of the effective date of redemption.

         The Trust's assets not deposited as margin are 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 Managing Owner, and commodity brokers or
futures commission merchants, such as the Brokers and the Managing Owner, 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 Managing Owner as a commodity pool operator or a commodity
trading advisor were terminated or suspended, the Managing Owner would be unable
to continue to manage the business of the Trust. Should the Managing Owner's
registration be suspended, termination of the Trust might result.

         As members of NFA, the Managing Owner and the Brokers 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. Currency forward contracts are not
subject to regulation by any United States Government agency.

         (i)   through (xii) - not applicable.

         (xiii)   the Trust has no employees.

         (d)   FINANCIAL INFORMATION ABOUT GEOGRAPHIC AREAS

         The Trust 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.   PROPERTIES

         The Trust does not own or use any physical properties in the conduct of
its business. The Managing Owner or an affiliate perform all administrative
services for the Trust from their offices.

                                        2
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Item 3.   LEGAL PROCEEDINGS

         The Managing Owner is not aware of any pending legal proceedings to
which either the Trust is a party or to which any of its assets are subject. In
addition there are no pending material legal proceedings involving the Managing
Owner.

Item 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

          None.

                                     PART II

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 business 10 days' written notice to the
Managing Owner at their net asset value as of the last day of any month, subject
to certain early redemption charges.

         (b)   Holders.

         As of December 31, 2001, there were 1284 holders of Units.

         (c)   Dividends.

         No distributions or dividends have been made on the Units, and the
Managing Owner has no present intention to make any.

         (d)   Recent Sales of Unregistered Securities; Use of Proceeds From
               Registered Securities.

         Registrant has made no sales of unregistered securities within the past
three years.

         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
December 31, 2001 is $98,000,336, and the aggregate offering price of the amount
sold as of December 31, 2001 is $98,000,336.

         (vi)   The net offering proceeds to the issuer totaled $98,000,336.

         (vii) From the effective date of the Registration Statements to
         December 31, 2001, the amount of net offering proceeds to the issuer
         for commodity futures and forward trading totaled $98,000,336.

Item 6.   SELECTED FINANCIAL DATA

         The following is a summary of operations for the fiscal years 2001,
2000, 1999, 1998 and 1997, and total assets of the Trust at December 31, 2001,
2000, 1999, 1998 and 1997. The Partnership commenced trading operations on
September 13, 1995.

                                        3
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<Table>
<Caption>
                                  FOR THE YEAR        FOR THE YEAR        FOR THE YEAR        FOR THE YEAR        FOR THE YEAR
                                 ENDED DECEMBER      ENDED DECEMBER      ENDED DECEMBER      ENDED DECEMBER      ENDED DECEMBER
                                    31, 2001           31, 2000            31, 1999            31, 1998            31, 1997
                                ----------------    -----------------   -----------------   -----------------   -----------------
<S>                             <C>                 <C>                 <C>                 <C>                 <C>
Revenue:
  Total net realized
         and unrealized
        gains  (losses)*        $      (2,138,120)  $       1,021,419   $      (3,483,405)  $       6,436,716   $       3,115,448
Interest income                         1,467,711           2,037,153           3,026,673           3,810,781           3,467,544

Expenses:
  Profit share                                 --                  --                  --                  --             695,667
  Administrative expenses                 265,562             297,751             389,267             581,101             345,473
  Brokerage Commissions                 2,629,963           3,298,836           5,496,697           6,057,327           3,998,675

Net Income (loss)               $      (3,565,934)  $        (538,015)  $      (6,342,696)  $       3,609,069   $       1,543,177
                                -----------------   -----------------   -----------------   =================   =================
Total assets                    $      26,592,238   $      36,609,165   $      53,150,824   $      76,437,649   $      74,862,554
                                -----------------   -----------------   -----------------   =================   =================
Total limited partners'
   capital                      $      24,822,541   $      33,288,797   $      49,635,958   $      72,947,006   $      72,794,694
                                -----------------   -----------------   -----------------   =================   =================
Net asset value per Unit        $          998.22   $        1,135.68   $        1,109.88   $        1,234.38   $        1,182.43
                                -----------------   -----------------   -----------------   =================   =================
Redemption value per Unit       $          998.22   $        1,135.68   $        1,109.88   $        1,234.38   $        1,182.43
                                -----------------   -----------------   -----------------   =================   =================
Increase (decrease) in net
     asset value per Unit       $         (137.46)  $           25.80   $         (124.50)  $           51.95   $           32.29
                                -----------------   -----------------   -----------------   =================   =================
Increase (decrease) in
     redemption value per
     Unit                       $         (137.46)  $           25.80   $         (124.50)  $           51.95   $           25.62
                                -----------------   -----------------   =================   =================   =================
</Table>

* From trading of futures and forward contracts, foreign exchange transactions
  and translations and U.S. Treasury obligations

                                        4
<Page>

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

         Units may be offered for sale as of the beginning, and may be redeemed
as of the end, of each month.

         The amount of capital raised for the Trust should not have a
significant impact on its operations, as the Trust has no significant capital
expenditure or working capital requirements other than for monies to pay trading
losses, brokerage commissions and charges. Within broad ranges of
capitalization, the Managing Owner's trading positions should increase or
decrease in approximate proportion to the size of the Trust.

         The Trust raises additional capital only through the sale of Units and
trading profits (if any) and does not engage in borrowing.

         The Trust trades futures, options and forward contracts on interest
rates, commodities, currencies, metals, energy and stock indices. 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 to be measured by the face
amount of the futures 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 Managing Owner 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
Managing Owner believes are sufficiently liquid in respect of the amount of
trading contemplated; (2) diversifying positions among various markets; (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 Trust controls credit
risk by dealing exclusively with large, well capitalized financial institutions,
such as the Brokers, as brokers and counterparties.

         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 futures contracts are settled by offset and are cleared by
the exchange clearinghouse function. Open futures positions are marked to market
each trading day and the Trust's trading accounts are debited or credited
accordingly. Options on futures contracts are settled either by offset or by
exercise. If an option on a future is exercised, the Trust is assigned a
position in the underlying future which is then settled by offset. The Trust'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.

                                        5
<Page>

         LIQUIDITY

         The Trust's assets are generally held as cash or cash equivalents which
are used to margin the Trust's futures positions and 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
December 31, 2001, the Trust experienced no meaningful periods of illiquidity in
any of the numerous markets traded by the Managing Owner.

         RESULTS OF OPERATIONS

         PERFORMANCE SUMMARY

         The Trust's success depends on the Managing Owner's ability to
recognize and capitalize on trends and other profit opportunities in different
sectors of the world economy. 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 its performance record. Unlike
most operating businesses, general economic or seasonal conditions have no
direct effect on the profit potential of the Trust, while, at the same time, its
past performance is not necessarily indicative of future results. Because of the
speculative nature of its trading, operational or economic trends have little
relevance to the Trust's results. The Managing Owner believes, however, that
there are certain market conditions -- for example, markets with strong price
trends -- in which the Trust has a better opportunity of being profitable than
in others.

2001

         During 2001, the Trust suffered net trading losses of $2,112,095.
Brokerage fees of $2,629,963 were paid or accrued. The Trust paid no profit
share. Interest income of $1,467,711 partially offset the Trust's expenses
resulting in a net loss (inclusive of administrative expenses) of $3,565,934 and
a 12.10% decrease in the Net Asset Value per Unit.

          Energy prices were highly volatile throughout the year, buffeted by
the conflicting influences of slowing worldwide growth on the one hand, and
OPEC's effort to support oil prices and Middle-East turmoil on the other.
Consequently, the Trust suffered losses on both long and short positions in
crude oil trading most particularly, but also from trading of heating oil,
London gas oil, unleaded gasoline, and natural gas. Volatility also
characterized price action in soft and agricultural commodities, resulting in
losses from sugar, corn, wheat, and coffee trading. In contrast, a short cotton
trade produced a sizable gain.

         A long position in short-term eurodollar interest rates futures that
persisted throughout the year was highly profitable in response to the
continuous easing of monetary policy by the Federal Reserve. A long position in
10-year German bond futures was also profitable for most of 2001. These gains
were partially offset by losses sustained trading with both long and short
positions in Japanese government bond futures, which were volatile without
trend. In currency trading, a long U.S. dollar position against the Japanese yen
was very profitable. Meanwhile, trading of the dollar/euro and dollar/Canadian
dollar exchange rates generated losses. Also, trading the euro versus the
British pound and Norwegian krona produced losses. Short German and Japanese
stock index futures positions were quite profitable during the past year. In
addition, both long and short positions in Hong Kong equity index futures were
profitable. Finally, in metals, gains from trading aluminum, copper and zinc
futures were only partially offset by losses from trading gold futures.

2000

         During 2000, the Trust achieved gross trading gains of $895,015.
Brokerage fees of $3,298,836 were paid or accrued. The Trust paid no profit
share. Interest income of $2,037,153 partially offset the Trust's expenses
resulting in a net loss (inclusive of administrative expenses) of $538,015.
However, due to the timing of redemptions of the Trust's Units in relation to
the fluctuating values of the Trust's investments, the Net Asset Value of a Unit
increased $25.80 or 2.3%.

                                        6
<Page>

         The trading environment in all market segments, with the sole exception
of energy, was extremely difficult for the first three-quarters of 2000. In the
fourth quarter, however, the market environment improved significantly, and five
market sectors were profitable, two sectors had a zero result for the quarter,
and the other two sectors had only fractional losses. On balance, a persistent
uptrend in energy prices during 2000 generated profits across the board, with
gains accruing from trading of crude oil, heating oil, London gas oil, natural
gas and unleaded gasoline. Interest rate trading was also profitable thanks to a
strong fourth quarter uptrend in futures prices. Gains from U.S. and German
interest rate positions led the way, while losses resulted from trading Japanese
and U.K. instruments. Currency trading was also profitable due to a fourth
quarter rebound. Long dollar positions versus the Euro and Thai Bhat were the
leading gainers for 2000, while trading of the Euro versus the Yen, Norwegian
Krona, and pound sterling generated losses. Persistent non-directional
volatility plagued equity, metals and agricultural futures trading. In the
equity sector, Hong Kong and Japanese futures produced the largest losses.
Trading in copper, aluminum, zinc and gold resulted in losses. Profits from
sugar trading were overwhelmed by losses from cotton and wheat trading, in
particular.

1999

         During 1999, the Trust suffered trading losses of $3,450,194. Brokerage
fees of $5,496,697 were paid or accrued. The Trust paid no Profit Shares.
Interest income of $3,026,673 partially offset the Trust's losses and expenses
resulting in a net loss (inclusive of administrative expenses) of $6,342,696 and
a 10.1% decrease in the Net Asset Value per Unit.

         1999 was a difficult year for managed futures traders and the Trust
posted a sizable loss. The one bright spot was the energy sector where a broad
uptrend provided significant profit opportunities in crude oil and oil products.
Sill, extreme volatility in natural gas prices resulted in losses that reduced
the positive impact from this sector. Similarly, in currency trading, solid
profits from short Euro positions vis-a-vis the dollar, yen, and Eastern
European currencies were largely offset by losses from trading yen, Swiss franc
and Norwegian krone. 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 overwhelming gains from
European futures trading. Metals trading showed a similar pattern. Profits from
gold and aluminum trading were greatly offset by losses from zinc and copper.
Meanwhile, trading of grains (corn, soybeans, wheat) was modestly unprofitable.
Finally, with extreme price volatility affecting coffee and sugar trading
throughout 1999, the softs sector was highly unprofitable for the year.

Item 7A.  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

                                        7
<Page>

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 fiscal years 2001 and 2000. During fiscal year 2001, the Trust's
average total capitalization was approximately $29,808,079. During fiscal year
2000, the Trust's average total capitalization was approximately $37,866,363.

                                        8
<Page>

                                                FISCAL YEAR 2001

<Table>
<Caption>

 Market Sector            Average Value           % of Average         Highest Value at     Lowest Value at Risk
                           at Risk ($)           Capitalization            Risk ($)                 ($)
--------------            ------------           --------------        ----------------     --------------------
<S>                           <C>                    <C>                     <C>                    <C>
Interest Rates                1.2                     4.1                    1.3                    1.1
Currencies                    3.2                    10.5                    3.7                    2.7
Stock Indices                 0.4                     1.4                    0.5                    0.3
Metals                        0.4                     1.3                    0.5                    0.1
Commodities                   0.3                     1.0                    0.4                    0.1
Energy                        0.6                     2.0                    0.8                    0.5

     Total                    6.1                    20.3
</Table>

                                              FISCAL YEAR 2000

<Table>
<Caption>
 Market Sector            Average Value           % of Average         Highest Value at     Lowest Value at Risk
                           at Risk ($)           Capitalization            Risk ($)                 ($)
--------------            ------------           --------------        ----------------     --------------------
<S>                            <C>                    <C>                     <C>                    <C>
Interest Rates                 1.5                    3.6                     2.0                    1.0
Currencies                     3.8                    9.4                     4.4                    3.1
Stock Indices                  0.4                    1.0                     0.5                    0.3
Metals                         0.4                    1.0                     0.6                    0.2
Commodities                    0.2                    0.5                     0.4                    0.1
Energy                         0.5                    1.1                     0.6                    0.4

         Total                 6.8                    16.6
</Table>

         Average, highest and lowest Value at Risk amounts relate to the
quarter-end amounts for each calendar quarter-end during the fiscal year.
Average Capitalization is the average of the Trust's capitalization at the end
of each calendar quarter of fiscal years 2001 and 2000. 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 89%) of its net 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

                                        9
<Page>

Trust also maintains a portion (approximately 3% 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 December 31, 2001, 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. However, the
Trust also takes positions in futures contracts on the government debt of
smaller nations -- e.g., Spain. 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 December 31, 2001, 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 December 31,
2001. 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

                                       10
<Page>

the future. However, the Trust will maintain an emphasis on grains, coffee,
sugar, cotton and cocoa, 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 December 31, 2001.

         FOREIGN CURRENCY BALANCES. The Trust's primary foreign currency
balances are in Japanese yen, euro, British pounds and Canadian 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 develops trading systems using various classes of
quantitative models and data such as price, volume and interest rates, and tests
those systems in numerous markets against historical data to simulate trading
results. the Managing Owner then analyses the profitability of the systems
looking at such features as the percentage of profitable trades, the worst
losses experienced, the average giveback of maximum profits on profitable trades
and risk adjusted returns. The performance of all systems in the market are then
ranked, and a number of systems (typically, five to eight) are selected which
make decisions in different ways at different times. This multi-system approach
ensures that the total risk intended to be taken in a market is spread over
several different strategies.

         The Managing Owner also attempts to assess market volatility as a means
of monitoring and evaluating risk. In doing so, the Managing Owner uses a
volatility overlay system which measures the risk in a portfolio's position in a
market and signals a decrease in position size when risk increases and an
increase in position size when risk decreases. The Managing Owner's volatility
overlay maintains overall portfolio risk and distribution of risk across markets
within designated ranges.

         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.

                                       11
<Page>

         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.

         The Managing Owner determines asset allocation among markets on the
basis of a systematic portfolio allocation algorithm. From time to time the
Managing Owner may adjust the size of a position, long or short, in any given
market. This exercise of discretion generally occurs only in response to unusual
market conditions that may not have been factored into the design of the trading
systems and is generally intended to reduce risk exposure. Decisions to make
such adjustments require the exercise of judgment and may include consideration
of the volatility of the particular market; the pattern of price movements, both
inter-day and intra-day; open interest; volume of trading; changes in spread
relationships between various forward contracts; and overall portfolio balance
and risk exposure.

Item 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

         Financial statements required by this item are included as Exhibit
13.01 to this report.

         The following summarized quarterly financial information presents the
results of operations for the three month periods ended March 31, June 30,
September 30 and December 31, 2001 and 2000. This information has not been
audited.

<Table>
<Caption>
                                 --------------------  -------------------  --------------------  --------------------
                                     4th Quarter           3rd Quarter          2nd Quarter           1st Quarter
                                         2001                 2001                  2001                 2001
                                 --------------------  -------------------  --------------------  --------------------
<S>                              <C>                   <C>                  <C>                   <C>
Income:                          $           (769,181) $          (968,386) $         (1,692,698) $          2,759,856
                                 --------------------  -------------------  --------------------  --------------------
Expenses:                                     631,701              692,158               762,482               809,184
Net Income (Loss):                         (1,400,882)          (1,660,544)           (2,455,180)            1,950,672
                                 --------------------  -------------------  --------------------  --------------------
Net Income (Loss) per Unit                     (54.14)              (61.95)               (87.30)                65.93
                                 --------------------  -------------------  --------------------  --------------------
<Caption>
                                     4th Quarter           3rd Quarter          2nd Quarter           1st Quarter
                                         2000                 2000                  2000                 2000
                                 --------------------- -------------------  --------------------  --------------------
<S>                              <C>                   <C>                  <C>                   <C>
Income:                          $          8,062,101  $          (783,826) $         (2,327,309) $         (1,892,394)
Expenses:                                     759,993              786,265               929,830             1,120,499
Net Income (Loss):                          7,302,108           (1,570,091)           (3,257,139)           (3,012,893)
Net Income (Loss) per Unit                     230.32               (46.80)               (87.00)               (70.72)
                                 --------------------- -------------------  --------------------  --------------------
</Table>

         There were no extraordinary, unusual or infrequently occurring items
recognized in any quarter within the two most recent fiscal years, and the Trust
has not disposed of any segments of its business. There have been no year-end
adjustments that are material to the results of any fiscal quarter reported
above.

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. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

               (a,b)  IDENTIFICATION OF DIRECTORS AND EXECUTIVE OFFICERS

                                       12
<Page>

         The Trust has no directors or executive officers. The Trust is
controlled and managed by the Managing Owner under a delegation of authority by
the Trust's Trustee, Wilmington Trust Company.

         Millburn Ridgefield Corporation, the Managing Owner, 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, 2001 are as follows:

         Harvey Beker, age 48. Mr. Beker is Co-Chief Executive Officer and
Co-Chairman 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 57. Mr. Crapple is Co-Chief Executive Officer
and a Co-Chairman 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 member of the Executive Committee, Chairman
of the Appeals Committee and a former Chairman of the Eastern Regional Business
Conduct Committee of the NFA, past Chairman of the Managed Funds Association and
a member of the Technology Advisory Committee of the CFTC.

         Gregg R. Buckbinder, age 43. 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 54 Mr. Fitzsimmons is a Senior Vice-President
of The Managing Owner 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 The Managing Owner 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 44. Mr. Goodman is an Executive Vice-President,
Director of Trading and Co-Director of Research of The Managing Owner and The
Millburn Corporation and a partner of ShareInVest Research

                                       13
<Page>

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 The Managing Owner in 1982
as Assistant Director of Trading.

         Dennis B. Newton, age 50. Mr. Newton is a Senior Vice-President of The
Managing Owner and The Millburn Corporation. His primary responsibilities are in
administration and marketing. Prior to joining The Managing Owner 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 50. Mr. Smith is an Executive Vice-President and
Co-Director of Research of The Managing Owner 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 The Managing Owner in 1975.

         (c)   IDENTIFICATION OF CERTAIN SIGNIFICANT EMPLOYEES

         None.

         (d)    FAMILY RELATIONSHIPS

         None.

         (e)     BUSINESS EXPERIENCE

         See Item 10 (a,b) above.

         (f)     INVOLVEMENT IN CERTAIN LEGAL PROCEEDINGS

         None.

         (g)     PROMOTERS AND CONTROL PERSONS

         The Managing Owner is the sole promoter and control person of the
Trust.

Item 11. EXECUTIVE COMPENSATION

         The Trust has no directors or officers. None of the directors or
officers of the Managing Owner receive "other compensation" from the Trust. The
Managing Owner makes all trading decisions on behalf of the Trust. The Managing
Owner receives monthly brokerage commissions of 0.75 of 1% of the Net Assets
(which is reduced to 0.58 of 1% of Net Assets for Unitholders who invest more
than $1 million in the Trust) and a quarterly profit share of 17.5% of any new
trading profit as defined.

Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
         AND MANAGEMENT

                                       14
<Page>

         (a)   SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS

         The Trust knows of no person who owns beneficially more than 5% of the
Units. All of the Trust's managing owner interest is held by the Managing Owner.

         (b)   SECURITY OWNERSHIP OF MANAGEMENT

         Under the terms of the Trust Agreement, the Trust's affairs are managed
by the Managing Owner, which has discretionary authority over the Trust's
trading. The Managing Owner's managing owner interest was valued at $900,516 as
of December 31, 2001, 3.50% of the Partnership's total equity, the equivalent of
902.12 Units.

         (c)   CHANGES IN CONTROL

         None.

Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

         See "Item 11. EXECUTIVE COMPENSATION" and "Item 12. SECURITY OWNERSHIP
OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT." The Trust allocated to the
Managing Owner $2,629,963 in brokerage fees and $0 in profit share for the year
ended December 31, 2001. The Managing Owners' managing owner interest showed an
allocation of loss of $41,680 for the year ended December 31, 2001. The Trust is
prohibited from making any loans.


                                     PART IV

Item 14  EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND
         REPORTS ON FORM 8-K

         (a)(1)   FINANCIAL STATEMENTS

         The following are included with the 2001 Report of Independent
         Accountants, a copy of which is filed hereto as Exhibit 13.01.

<Table>
<Caption>
                                                                                       PAGE
                                                                                       ----
                  <S>                                                                   <C>
                  Affirmation of Millburn Ridgefield Corporation                        1
                  Report of Independent Accountants                                     2
                  Statements of Financial Condition As                                  3
                     of December 31, 2001 and 2000
                  Statements of Operations for the years ended                          4
                     December 31, 2001, 2000 and 1999
                  Statements of Changes in Trust Capital for the years                  5
                     ended December 31, 2001, 2000 and 1999
                  Condensed Schedule of Investments                                     6
                     at December 31, 2001
                  Financial Highlights for the years ended                              8
                     December 31, 2001, 2000 and 1999
                  Notes to Financial Statements                                         9
</Table>

         (a)(2)   FINANCIAL STATEMENT SCHEDULES

         All Schedules are omitted for the reason that they are not required or
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

                                       15
<Page>

         The following exhibits are included herewith.

                  DESIGNATION       DESCRIPTION

                      13.01         2001 Report of Independent Accountants

         The following exhibits are incorporated by reference from Amendment No.
1 to the Registration Statement (File No. 33-90756) filed on June 27, 1995 on
Form S-1 under the Securities Act of 1933.

                       3.02         Certificate of Trust of the Trust.

                      10.01         Form of Subscription Agreement and Power of
                                    Attorney.

         The following exhibits are incorporated by reference from
Post-Effective Amendment No. 1 to the Registration Statement (File No. 33-90756)
filed on March 1, 1996 on Form S-1 under the Securities Act of 1933.

                      10.02         Selling Agreement among the Trust, the
                                    Managing Owner and the Principal Selling
                                    Agents (includes a form of Additional
                                    Selling Agent and Correspondent Selling
                                    Agent Agreement).

                      10.03(a)      Customer Agreement among the Trust, the
                                    Managing Owner and a Principal Selling Agent
                                    in its capacity as a futures commission
                                    merchant.

                      10.03(b)      Customer Agreement among the Trust, the
                                    Managing Owner and a Principal Selling Agent
                                    in its capacity as a futures commission
                                    merchant.

                      10.04         Escrow Agreement between the Trust and
                                    Chemical Bank, N.A.

         The following exhibit is incorporated by reference from Post-Effective
Amendment No. 5 to the Registration Statement (File No. 33-90756) filed February
18, 1997 on Form S-1 under the Securities Act of 1933.

                       3.01         Amended and Restated Declaration of Trust
                                    and Trust Agreement

         (b)      REPORTS ON FORM 8-K

         No report on Form 8-K was filed by the Partnership during the quarter
ended December 31, 2001.

                                       16
<Page>

                                   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 28th day of March, 2002.

                                       THE MILLBURN WORLD RESOURCE TRUST

                                       By:      The Managing Owner Corporation,
                                                Managing Owner

                                       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
Managing Owner of the Registrant in the capacities and on the date indicated.
<Table>
<Caption>
                                                 Title with
Signature                                        General Partner                           Date
<S>                                              <C>                                       <C>

/s/ Harvey Beker                                 Co-Chief                                  March 28, 2002
----------------
     Harvey Beker Executive Officer and Director
                                                 (Principal Financial and Accounting
                                                 Officer)

/s/ George E. Crapple                            Co-Chief Executive                        March 28, 2002
---------------------
     George E. Crapple  Officer and Director
                                                 (Principal Executive Officer)
</Table>

    (Being the principal executive officer, the principal financial and
accounting officer, and a majority of the directors of Millburn Ridgefield
Corporation)

Millburn Ridgefield Corporation
Managing Owner of Registrant
March 28, 2002

By /s/ Harvey Beker
-------------------
       Harvey Beker
       Co-CEO

                                       17