FORM 10-Q
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

[X]   Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
      Exchange Act of 1934

                 For the Quarterly Period Ended: March 31, 2005
                                       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                            06-6415583
         -------------------------------            -------------------
         (State or other jurisdiction of             (I.R.S. Employer
          incorporation or organization)            Identification No.)

                       c/o MILLBURN RIDGEFIELD CORPORATION
                             411 West Putnam Avenue
                          Greenwich, Connecticut 06830
                    (Address of principal executive offices)

Registrant's telephone number, including area code: (203) 625-7554

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant           Units of Beneficial Interest
 to Section 12(g) of the Act:                  (Title of Class)

Indicate by check mark whether the registrant (1) filed all reports required to
be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                            Yes [X]            No [ ]

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act).

                            Yes [ ]            No [X]
<PAGE>

Financial statements:
For the three months ended March 31, 2005 and 2004 (unaudited)


Statements of Financial Condition (a)                                          1
Condensed Schedules of Investments (a)                                         2
Statements of Operations (b)                                                   6
Statements of Changes in Trust Capital (b)                                     7
Statements of Financial Highlights (b)                                         8
Notes to the Financial Statements                                              9


(a) At March 31, 2005 (unaudited) and December 31, 2004
(b) For the three months ended March 31, 2005 and 2004 (unaudited)
<PAGE>

PART 1. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

                          MILLBURN WORLD RESOURCE TRUST
                        STATEMENTS OF FINANCIAL CONDITION

<TABLE>
<CAPTION>
                                                                    UNAUDITED
                                                                     MARCH 31     DECEMBER 31
                                                                       2005           2004
                                                                   --------------------------
<S>                                                                <C>            <C>
ASSETS

EQUITY IN TRADING ACCOUNTS:
  Investments in U.S. Treasury notes-at market value
    (amortized cost $2,470,989 and $2,433,710)                     $ 2,465,275    $ 2,431,481
  Net unrealized appreciation/(depreciation) on open futures and
    forward currency contracts                                        (256,906)       262,727
  Net unrealized depreciation on open futures and
    forward currency contracts                                              --        (22,602)
  Due from brokers                                                     215,325        299,981
  Cash denominated in foreign currencies (cost $231,703
    and $93,604)                                                       228,696         95,419
                                                                   --------------------------
      Total equity in trading accounts                               2,652,390      3,067,006

INVESTMENTS IN U.S. TREASURY NOTES-at market value
    (amortized cost $4,288,199 and $5,459,734)                       4,278,475      5,452,919
CASH AND CASH EQUIVALENTS                                              244,953        661,189
ACCRUED INTEREST RECEIVABLE                                             27,113         20,344
                                                                   --------------------------
TOTAL                                                              $ 7,202,931    $ 9,201,458
                                                                   ==========================
LIABILITIES AND TRUST CAPITAL

LIABILITIES:
  Accrued expenses                                                 $    38,537    $    59,769
  Accrued brokerage fees                                                48,253         60,526
  Redemptions payable                                                  119,676        635,820
                                                                   --------------------------
      Total liabilities                                                206,466        756,115
                                                                   --------------------------

TRUST CAPITAL:
  Managing Owner interest                                              173,926        183,872
  Unitholders (6,810.867 and 7,635.974 units outstanding)            6,822,539      8,261,471
                                                                   --------------------------
      Total trust capital                                            6,996,465      8,445,343
                                                                   --------------------------

TOTAL                                                              $ 7,202,931    $ 9,201,458
                                                                   ==========================

NET ASSET VALUE PER UNIT OUTSTANDING                               $  1,001.71    $  1,081.91
                                                                   ==========================
</TABLE>

See notes to financial statements
<PAGE>

                          MILLBURN WORLD RESOURCE TRUST
                        CONDENSED SCHEDULE OF INVESTMENTS
                           MARCH 31, 2005 (UNAUDITED)

                                                                 NET UNREALIZED
                                                  % OF TRUST      APPRECIATION/
FUTURES AND FORWARD CURRENCY CONTRACTS              CAPITAL      (DEPRECIATION)
-------------------------------------------------------------------------------
FUTURES CONTRACTS
  Long futures contracts:
    Energies                                          0.21%      $       14,753
    Grains                                           (0.21)             (14,355)
    Interest rates                                    0.48               33,618
    Livestock                                        (0.07)              (5,220)
    Metals                                           (0.15)             (10,710)
    Softs                                            (0.07)              (5,025)
    Stock indices                                    (1.00)             (70,098)
                                                  -----------------------------
      Total long futures contracts                   (0.81)             (57,037)
                                                  -----------------------------
  Short futures contracts:
    Grains                                            0.01                  788
    Interest rates                                    0.25               17,556
    Metals                                           (0.04)              (3,017)
    Softs                                            (0.04)              (2,565)
                                                  -----------------------------
      Total short futures contracts                   0.18               12,762
                                                  -----------------------------
TOTAL INVESTMENTS IN FUTURES
  CONTRACTS-Net                                      (0.63)             (44,275)
                                                  -----------------------------
FORWARD CURRENCY CONTRACTS
      Total long forward currency contracts          (4.19)            (293,141)
      Total short forward currency contracts          1.15               80,510
                                                  -----------------------------
TOTAL INVESTMENTS IN FUTURES AND
  FORWARD CURRENCY CONTRACTS-Net                     (3.04)            (212,631)
                                                  -----------------------------

TOTAL                                                (3.67)%     $     (256,906)
                                                  =============================
                                                                   (Continued)

See notes to financial statements
<PAGE>

                          MILLBURN WORLD RESOURCE TRUST
                        CONDENSED SCHEDULE OF INVESTMENTS
                           MARCH 31, 2005 (UNAUDITED)

U.S. TREASURY NOTES

                                                           % OF
                                                           TRUST
 FACE AMOUNT   DESCRIPTION                                CAPITAL       VALUE
--------------------------------------------------------------------------------
$  2,000,000   U.S. Treasury notes, 1.250%, 05/31/05       28.52%   $  1,995,000
     800,000   U.S. Treasury notes, 2.000%, 08/31/05       11.38         796,500
   2,400,000   U.S. Treasury notes, 1.875%, 11/30/05       33.99       2,378,250
   1,600,000   U.S. Treasury notes, 1.625%, 02/28/06       22.50       1,574,000
                                                         -----------------------
               TOTAL INVESTMENTS IN U.S. TREASURY NOTES
                 (AMORTIZED COST $6,759,188)               96.39%   $  6,743,750
                                                         =======================
                                                                     (Concluded)

See notes to financial statements
<PAGE>

                          MILLBURN WORLD RESOURCE TRUST
                        CONDENSED SCHEDULE OF INVESTMENTS
                                DECEMBER 31, 2004

                                                                  NET UNREALIZED
                                                   % OF TRUST      APPRECIATION/
FUTURES AND FORWARD CURRENCY CONTRACTS              CAPITAL       (DEPRECIATION)
--------------------------------------------------------------------------------
FUTURES CONTRACTS
  Long futures contracts:
    Energies                                         (0.38)%       $   (31,992)
    Interest rates                                    0.05               3,807
    Livestock                                         0.01                 860
    Metals                                            0.12              10,201
    Softs                                             0.24              20,405
    Stock indices                                     0.89              75,077
                                                -------------------------------
      Total long futures contracts                    0.93              78,358
                                                -------------------------------
  Short futures contracts:
    Energies                                          0.20              16,788
    Grains                                            0.23              19,498
    Interest rates                                    0.01               1,226
    Metals                                            0.04               3,050
    Softs                                            (0.02)             (2,015)
                                                -------------------------------
      Total short futures contracts                   0.46              38,547
                                                -------------------------------
TOTAL INVESTMENTS IN FUTURES CONTRACTS-Net            1.39             116,905
                                                -------------------------------
FORWARD CURRENCY CONTRACTS
      Total long forward currency contracts           3.56             300,917
      Total short forward currency contracts         (2.10)           (177,697)
                                                -------------------------------
TOTAL INVESTMENTS IN FORWARD CURRENCY
  CONTRACTS-Net                                       1.46             123,220
                                                -------------------------------

TOTAL                                                 2.85%        $   240,125
                                                ===============================
                                                                    (Continued)

See notes to financial statements
<PAGE>

                          MILLBURN WORLD RESOURCE TRUST
                        CONDENSED SCHEDULE OF INVESTMENTS
                                DECEMBER 31, 2004

U.S. TREASURY NOTES

                                                           % OF
                                                           TRUST
 FACE AMOUNT   DESCRIPTION                                CAPITAL       VALUE
--------------------------------------------------------------------------------
$  2,560,000   U.S. Treasury notes, 1.500%, 02/28/05       30.29%   $  2,558,400
   2,800,000   U.S. Treasury notes, 1.250%, 05/31/05       32.99       2,786,000
   2,560,000   U.S. Treasury notes, 1.875%, 11/30/05       30.08       2,540,000
                                                         -----------------------
               TOTAL INVESTMENTS IN U.S. TREASURY NOTES
                 (AMORTIZED COST $7,893,444)               93.36%   $  7,884,400
                                                         =======================
                                                                     (Concluded)

See notes to financial statements
<PAGE>

                          MILLBURN WORLD RESOURCE TRUST
                      STATEMENTS OF OPERATIONS (UNAUDITED)

                                                     FOR THE THREE MONTHS ENDED
                                                      MARCH 31        MARCH 31
                                                        2005            2004
                                                    ---------------------------
INVESTMENT INCOME:
  Interest income                                   $    42,059     $    42,806
                                                    ---------------------------

EXPENSES:
  Brokerage fees                                        168,948         379,870
  Administrative expenses                                 5,488          25,000
  Custody fees                                              341             470
                                                    ---------------------------
      Total expenses                                    174,777         405,340

NET INVESTMENT LOSS                                    (132,718)       (362,534)
                                                    ---------------------------

NET REALIZED AND UNREALIZED GAINS (LOSSES):
Net realized gains (losses) on closed positions:
  Futures and forward currency contracts                 43,622       1,813,011
  Foreign exchange translation                             (242)             --
Net change in unrealized appreciation:
  Futures and forward currency contracts               (497,031)       (520,656)
  Foreign exchange translation                           (4,822)          2,880
Net losses from U.S. Treasury notes
  Net change in unrealized depreciation                  (6,394)         (3,446)
                                                    ---------------------------
TOTAL NET REALIZED AND UNREALIZED GAINS (LOSSES)       (464,867)      1,291,789
                                                    ---------------------------

NET INCOME (LOSS)                                   $  (597,585)    $   929,255
                                                    ===========================

NET INCOME (LOSS) PER UNIT                          $    (80.20)    $     56.22
                                                    ===========================

See notes to financial statements
<PAGE>

                          MILLBURN WORLD RESOURCE TRUST
               STATEMENTS OF CHANGES IN TRUST CAPITAL (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2005:

<TABLE>
<CAPTION>

                                      UNITHOLDERS               MANAGING OWNER                  TOTAL
                              --------------------------   ------------------------   --------------------------
                                 AMOUNT         UNITS         AMOUNT        UNITS        AMOUNT         UNITS
                              ----------------------------------------------------------------------------------
<S>                           <C>              <C>         <C>                  <C>   <C>              <C>
TRUST CAPITAL-
    January 1, 2005           $  8,261,471     7,635.974   $    183,872          --   $  8,445,343     7,635.974
Redemptions                       (851,293)     (825.107)            --                   (851,293)     (825.107)
Additional units allocated**            --            --             --          --             --            --
Net loss                          (587,639)                      (9,946)                  (597,585)           --
                              ----------------------------------------------------------------------------------
TRUST CAPITAL-
    March 31, 2005            $  6,822,539     6,810.867   $    173,926          --   $  6,996,465     6,810.867
                              ==================================================================================
NET ASSET VALUE PER UNIT
    OUTSTANDING AT
    MARCH 31, 2005:                                        $1,001.71
                                                           ---------
</TABLE>

FOR THE THREE MONTHS ENDED MARCH 31, 2004:

<TABLE>
<CAPTION>

                                      UNITHOLDERS               MANAGING OWNER                  TOTAL
                              --------------------------   ------------------------   --------------------------
                                 AMOUNT         UNITS         AMOUNT        UNITS        AMOUNT         UNITS
                              ----------------------------------------------------------------------------------
<S>                           <C>             <C>          <C>            <C>         <C>             <C>
TRUST CAPITAL-
    January 1, 2004           $ 17,388,934    15,451.569   $    605,521          --   $ 17,994,455    15,451.569
Redemptions                     (4,180,880)   (3,531.357)            --          --     (4,180,880)   (3,531.357)
Additional units allocated **           --         7.252             --          --             --         7.252
Net income                         885,478                       43,777                    929,255            --
                              ----------------------------------------------------------------------------------
TRUST CAPITAL-
    March 31, 2004            $ 14,093,532    11,927.464   $    649,298          --   $ 14,742,830    11,927.464
                              ==================================================================================
NET ASSET VALUE PER UNIT
    OUTSTANDING AT
    MARCH 31, 2004:                                        $1,181.60
                                                           ---------
</TABLE>

**    Additional units are issued to Unitholders who are charged less than a 9%
      brokerage fee

See notes to financial statements
<PAGE>

                          MILLBURN WORLD RESOURCE TRUST
                 STATEMENTS OF FINANCIAL HIGHLIGHTS (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31                        2005         2004
------------------------------------------------------------------------------
Net income (loss) from operations:
  Net investment loss                                   $  (18.37)   $  (24.84)
  Net realized and unrealized gains (losses) on
    trading of futures and forward currency contracts      (60.97)       81.29
  Net losses from U.S. Treasury
    obligations                                             (0.86)       (0.23)
                                                        ----------------------
  Net income (loss) per unit                               (80.20)       56.22

Net asset value per unit,
  beginning of period                                    1,081.91     1,125.38
                                                        ----------------------
Net asset value per unit,
  end of period                                         $1,001.71    $1,181.60
                                                        ======================

TOTAL RETURN AND RATIOS FOR THE THREE MONTHS ENDED MARCH 31:

                                                             2005         2004
                                                        ----------------------

Total return:                                               (7.41)%       5.00%
Ratio of expenses to average net assets (a):                 9.37%        9.44%
Ratio of net investment loss to average net assets (a):     (7.17)%      (8.48)%

(a) Annualized

See notes to financial statements
<PAGE>

NOTES TO FINANCIAL STATEMENTS

The accompanying financial statements are unaudited but, in the opinion of
management, include all adjustments (consisting only of normal recurring
adjustments) necessary for a fair presentation of the Trust's financial
condition at March 31, 2005 (unaudited) and December 31, 2004 and the results of
its operations for the three-month periods ended March 31, 2005 and 2004
(unaudited). These financial statements present the results of interim periods
and do not include all disclosures normally provided in annual financial
statements. It is suggested that these financial statements be read in
conjunction with the financial statements and notes included in the Trust's
annual report on Form 10-K for the year ended December 31, 2004 filed with the
Securities and Exchange Commission. The December 31, 2004 information has been
derived from the audited financial statements as of December 31, 2004.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

Reference is made to Item 1, "Financial Statements". The information contained
therein is essential to, and should be read in connection with, the following
analysis.

OPERATIONAL OVERVIEW

Due to the nature of the Trust's business, its results of operations depend on
the Managing Owner's ability to recognize and capitalize on trends and other
profit opportunities in different sectors of the global capital and commodity
markets. The Managing Owner's trading methods are confidential, so that
substantially the only information that can be furnished regarding the Trust's
results of operations is contained in the performance record of its trading.
Unlike operating businesses, general economic or seasonal conditions do not
directly affect the profit potential of the Trust, and its past performance is
not necessarily indicative of future results. 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 likelihood of being
profitable than in others.

LIQUIDITY AND CAPITAL RESOURCES

The Trust does not intend to raise any additional capital as it has not, and
does not intend to, register additional units for sale. The Trust does not
engage in borrowing.

The Trust trades futures and forward contracts on interest rates, commodities,
currencies, metals, energy and stock indices. Due to the nature of the Trust's
business, substantially all its assets are represented by cash and United States
government obligations, while the Trust maintains its market exposure through
open futures and forward contract positions.

The Trust's assets are generally held as cash, cash equivalents or U.S.
Government obligations which are used to margin or collateralize the Trust's
futures and forward currency positions and are withdrawn, as necessary, to pay
redemptions and expenses. Other than potential market-imposed limitations on
liquidity, due, for example, to daily price fluctuation limits, which are
inherent in the Trust's futures and forward trading, the Trust's assets are
highly liquid and are expected to remain so. During its operations through the
three months ending March 31, 2005, the Trust experienced no meaningful periods
of illiquidity in any of the numerous markets traded by the Managing Owner.
<PAGE>

There have been no material changes with respect to the Trust's critical
accounting policies, off-balance sheet arrangements or disclosure of contractual
obligations as reported in the Trust's Annual Report on Form 10-K for fiscal
year 2004.

Due to the nature of commodity trading, the results of operations for the
interim period presented should not be considered indicative of the results that
may be expected for the entire year.

                                           TOTAL TRUST
AS OF:                                       CAPITAL
-------------------------------------------------------
March 31, 2005                              $6,996,465
December 31, 2004                            8,445,343

-------------------------------------------------------
              Period ended March 31, 2005
-------------------------------------------------------

                                           THREE MONTHS
                                           ------------
Change in Trust Capital                    $(1,448,878)
Percent Change                                  -17.16%

THREE MONTHS ENDED MARCH 31, 2005

The decrease in the Trust's net assets of $1,448,878 during the three months
ended March 31, 2005 was attributable to redemptions of $851,293 and net loss
from operations of $597,585.

Brokerage fees are calculated on the net asset value on the last day of each
month and are affected by trading performance and redemptions. Brokerage fees
for the three months ended March 31, 2005 decreased $210,922, relative to the
corresponding period in 2004.

Interest income is derived from cash and U.S. Treasury instruments held at the
Trust's brokers and custodian. Interest income for the three months ended March
31, 2005 decreased $747, relative to the corresponding period in 2004. This
decrease was attributable to a reduction in the Trust's net assets (via
redemptions and trading losses), which was partially offset by an increase in
short-term Treasury yields.

The Trust experienced net realized and unrealized losses of $464,867 from its
trading operations (including foreign exchange translations and Treasury
obligations). Brokerage fees of $168,948, administrative expenses of $5,488 and
custody fees of $341 were incurred. Interest income of $42,059 partially offset
the Trust's expenses, resulting in net loss of $597,585. An analysis of the
trading gain (loss) by sector is as follows:
<PAGE>

Sector            % Gain (Loss)
------            -------------
Currencies              (5.37)%
Energies                 1.82%
Grains                  (1.77)%
Interest rates           0.63%
Livestock               (0.21)%
Metals                   0.12%
Softs                   (0.02)%
Stock indices           (0.82)%
                  -------------
Total                   (5.62)%

The Trust's net asset value (NAV) per unit declined 7.41% for the three months
ended March 31, 2005. This period was characterized by significant price
volatility in most markets, including trend reversals in a number of currency
and equity futures.

After declining for several months, the dollar staged a significant rally and
losses were sustained on short dollar positions against the yen, South African
rand, Singapore dollar, euro and a number of other European currencies. Tepid
growth in the 12-nation euro zone, dovish comments from the European Central
Bank, and further rate increases from the Federal Reserve seemed to outweigh, at
least temporarily, the dollar depressing effect of concerns about central banks'
sales of dollars to diversify reserve holdings.

Equity markets were also volatile during the quarter due to concerns about
higher interest rates in the U.S., sluggish economic activity in "Old Europe"
and the possibility of slower growth in Asia. Losses on long positions in U.S.
and Hong Kong index futures outweighed small gains from long positions in
European and Japanese indices.

A multi-year downtrend in grain prices reversed abruptly, and short positions in
corn, wheat, soybeans and soybean meal sustained large losses. Trading of other
agricultural commodities was also somewhat unprofitable.

In the interest rate sector, higher short-term rates in the U.S. produced a
sizable gain on a short Eurodollar futures trade. Meanwhile, global long-term
interest rates declined but with a good deal of volatility. Hence, positions in
notes and bonds had little net impact on NAV.

Energy prices were quite volatile but maintained an upward momentum during the
quarter. Consequently, long crude, heating oil, kerosene, and London gasoil
positions were profitable. Natural gas trading, on the other hand, produced a
small loss.



THREE MONTHS ENDED MARCH 31, 2004

The Trust's net assets decreased 18.07% during the three months ended March 31,
2004. This decrease was attributable to redemptions of $4,180,880 which was
partially offset by net income from operations of $929,255.

Brokerage fees are calculated on the net asset value on the last day of each
month and are affected by trading performance and redemptions. Brokerage fees
and interest income for the three months ended March 31, 2004 decreased by
$99,383 and $45,346, respectively, relative to the corresponding period in 2003.

During the three months ended March 31, 2004, the Trust achieved net realized
and unrealized gains of $1,291,789 from its trading operations (including
foreign exchange translations and Treasury obligations). Brokerage fees of
$379,870, administrative expenses of $25,000 and custody fees of $470 were
incurred. Interest income of $42,806 partially offset the Trust's expenses,
resulting in net income of $929,255. An analysis of the trading gain (loss) by
sector is as follows:

Sector            % Gain (Loss)
------            -------------
Currencies              (5.91)%
Energies                 1.69%
Grains                   1.82%
Interest rates           6.96%
Metals                   1.89%
Softs                   (0.25)%
Stock indices            1.12%
                  -------------
Total                    7.32%

The Trust's NAV per unit advanced 5.00% during the quarter. A large profit
derived from trading interest rate futures combined with small gains from stock
index, energy, metals and agricultural commodity futures trading more than
outweighed a sizable loss that was produced trading in foreign exchange markets.
<PAGE>

Long positions in U.S., European and Japanese interest rate futures were
profitable. Questions about the strength and sustainability of U.S. growth,
given the lack of employment expansion, speculation about a possible European
Central Bank rate cut to spur lagging economic activity and persistent purchases
of U.S. treasuries by Asian Central Banks following massive foreign exchange
intervention pushed rates lower across the maturity spectrum.

A long copper position, benefiting from the China inspired global demand for
base metals, was very profitable, while a long gold position lost marginally.
Increased worldwide demand for grains led to rising corn prices and a gain on a
long corn position.

In the energy sector, a long position in unleaded gasoline and a long position
in crude oil were fractionally profitable, while long heating oil, London gas
oil and natural gas positions generated small losses.

Low interest rates and an improving economic environment provided some lift to
Japanese stock markets, and long positions in the NIKKEI and TOPIX index futures
were profitable. On the other hand, political uncertainties in Hong Kong and
growth concerns in Germany produced marginal losses on stock futures trades for
those two countries.

On the other hand, trading of foreign exchange rates, which were volatile but
non-directional for much of the period, generated sizable losses. Hence, aside
from modest gains from long positions in commodity currencies (Australian and
New Zealand dollars), a long sterling position relative to the euro, and a long
euro trade against the Norwegian krone, losses were widespread.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable. The Trust is a small business issuer.

ITEM 4. CONTROLS AND PROCEDURES

Millburn Ridgefield Corporation, the Managing Owner of the Trust, with the
participation of the Managing Owner's Co-Chief Executive Officers and Chief
Financial Officer, has evaluated the effectiveness of the design and operation
of its disclosure controls and procedures with respect to the Trust as of the
end of this period covered by this quarterly report, and, based on their
evaluation, have concluded that these disclosure controls and procedures are
effective. There were no significant changes in the Managing Owner's internal
controls with respect to the Trust or in other factors applicable to the Trust
that could materially affect these controls subsequent to the date of their
evaluation.

PART II. OTHER INFORMATION

ITEM I. Legal Proceedings - None
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

(e) Pursuant to the Trust's Declaration of Trust and Trust Agreement,
Unitholders may redeem their Units at the end of each calendar month at the then
current month-end Net Asset Value per Unit. The redemption of Units has no
impact on the value of Units that remain outstanding, and Units are not reissued
once redeemed.
<PAGE>

The following table summarizes the redemptions by Unitholders during the three
months ended March 31, 2005:

MONTH                              UNITS REDEEMED        NAV PER UNIT
---------------------------------------------------------------------
January 31, 2005                        427.306          1,037.81
February 28, 2005                       278.328          1,035.30
March 31, 2005                          119.473          1,001.71
                                   ------------
TOTAL                                   825.107
                                   ============

ITEM 3. Defaults Upon Senior Securities - None
ITEM 4. Submission of Matters to a Vote of Security Holders - None
ITEM 5. Other Information - None
ITEM 6. (a) Exhibits -

The following exhibits are incorporated by reference from Amendment No. 1 to the
Registration Statement (File No. 33-90756) filed on September 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.

Designation   Description
-----------   -----------
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 exhibits are included herewith:

31.01 Rule 13(a)-14(a)/15(d)-14(a) Certification of Co-Chief Executive Officer
31.02 Rule 13(a)-14(a)/15(d)-14(a) Certification of Co-Chief Executive Officer
31.03 Rule 13(a)-14(a)/15(d)-14(a) Certification of Chief Financial Officer
32.01 Section 1350 Certification of Co-Chief Executive Officer
32.02 Section 1350 Certification of Co-Chief Executive Officer
32.03 Section 1350 Certification of Chief Financial Officer
<PAGE>

                                   SIGNATURES

Pursuant to the requirements 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.

By:  Millburn Ridgefield Corporation,
Managing Owner
Date: May 13, 2005
                                /s/ Tod A. Tanis
                                ----------------
                                Tod A. Tanis
                                Vice-President
                                (principal accounting officer)