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:  June 30, 2004
                                     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>



Part I - Financial Information
Financial statements:
For the three and six months ended June 30, 2004 and 2003 (unaudited)



Statements of Financial Condition (a)                                   1
Condensed Schedules of Investments (a)                                  2
Statements of Operations (b)                                            6
Statements of Changes in Trust Capital (c)                              8
Statements of Financial Highlights (b)                                 10
Notes to the Financial Statements                                      12
Part II - Other information                                            13


(a) At June 30, 2004 (unaudited) and December 31, 2003
(b) For the three and six months ended June 30, 2004 and 2003
(c) For the six months ended June 30, 2004 and 2003









<PAGE>

ITEM 1: FINANCIAL STATEMENTS
<TABLE>
<CAPTION>

                          Millburn World Resource Trust
                        Statements of Financial Condition


                                                           UNAUDITED
                                                            June 30       December 31
                                                             2004             2003
                                                           ---------------------------
ASSETS
Equity in trading accounts:
<S>                                                        <C>            <C>
  Investments in U.S. Treasury notes-at
    market value (amortized cost $5,652,314
    and $8,181,547)                                        $ 5,640,725    $ 8,181,553
  Net unrealized appreciation/(depreciation)
    on open futures and forward currency contracts             (56,897)       997,282
  Due from brokers                                             329,509        402,071
  Cash denominated in foreign currencies
    (cost $141,165 and $64,388)                                140,702         66,861
                                                           --------------------------
Total equity in trading accounts                             6,054,039      9,647,767
                                                           --------------------------

Investments in U.S. Treasury notes-at
  market value (amortized cost $2,944,593
  and $7,511,928)                                            2,939,275      7,514,531
Cash and cash equivalents                                      717,451      1,043,177
Accrued interest receivable                                     39,497        172,809
                                                           --------------------------
Total assets                                               $ 9,750,262    $18,378,284
                                                           --------------------------

LIABILITIES AND TRUST CAPITAL
LIABILITIES
Due to brokers                                                    --           28,463
Accrued expenses                                                25,724         10,854
Accrued brokerage fees                                          65,384        121,941
Redemptions payable to Unitholders                             238,759        222,571
                                                           --------------------------
Total liabilities                                              329,867        383,829
                                                           --------------------------


TRUST CAPITAL
Managing Owner interest                                        553,516        605,521
Unitholders (8,989.100 and 15,451.569 units outstanding)     8,866,879     17,388,934
                                                           --------------------------
Total trust capital                                          9,420,395     17,994,455
                                                           --------------------------

TOTAL LIABILITIES AND TRUST CAPITAL                        $ 9,750,262    $18,378,284
                                                           ==========================

NET ASSET VALUE PER UNIT OUTSTANDING                       $    986.40    $  1,125.38
                                                           ==========================
</TABLE>




                                      -1-
<PAGE>

<TABLE>
<CAPTION>

                          Millburn World Resource Trust
                        Condensed Schedule of Investments
                            June 30, 2004 (UNAUDITED)

Futures and Forward                                     Net Unrealized    % of
Currency Contracts                                      Appreciation/     Trust
                                                        (Depreciation)   Capital
--------------------------------------------------------------------------------
FUTURES CONTRACTS
Long Futures Contracts
<S>                                                        <C>            <C>
  Energies                                                 $   4,278      0.05 %
  Metals                                                     (14,365)    (0.15)%
  Stock indices                                               45,449      0.48 %
                                                           -------------------
Total long futures contracts                                  35,362      0.38 %
                                                           -------------------
SHORT FUTURES CONTRACTS
  Energies                                                      (450)     - %
  Grains                                                      17,813      0.19 %
  Interest rates                                            (110,730)    (1.18)%
  Softs                                                       19,080      0.20 %
  Stock indices                                               (1,154)    (0.01)%
                                                           -------------------
Total short futures contracts                                (75,441)    (0.80)%
                                                           -------------------
TOTAL INVESTMENTS IN FUTURES CONTRACTS (NET)                 (40,079)    (0.42)%
                                                           -------------------
FORWARD CURRENCY CONTRACTS
Total long forward currency contracts                         15,236      0.16 %
Total short forward currency contracts                       (32,054)    (0.34)%
                                                           -------------------
TOTAL INVESTMENTS IN FORWARD CURRENCY
CONTRACTS (NET)                                              (16,818)    (0.18)%
                                                           -------------------
TOTAL INVESTMENTS IN FUTURES AND FORWARD
CURRENCY CONTRACTS (NET)                                   $ (56,897)    (0.60)%
                                                           ===================

</TABLE>



                                      -2-
<PAGE>

<TABLE>
<CAPTION>


                          Millburn World Resource Trust
                  Condensed Schedule of Investments (continued)
                            June 30, 2004 (UNAUDITED)

Face Amount        Description                           Value        % of Trust
                                                                        Capital
--------------------------------------------------------------------------------
           INVESTMENTS IN U.S. TREASURY NOTES
<C>                                                     <C>              <C>
$2,860,000 U.S. Treasury notes, 2.125%, 08/31/04       $ 2,862,681      30.39 %
 2,860,000 U.S. Treasury notes, 2.000%, 11/30/04         2,863,575      30.40 %
 2,860,000 U.S. Treasury notes, 1.500%, 02/28/05         2,853,744      30.29 %
                                                       -------------------------
           TOTAL INVESTMENTS IN U.S. TREASURY NOTES
           (AMORTIZED COST $8,596,907)                 $ 8,580,000      91.08 %
                                                       =========================


</TABLE>


















                                      -3-
<PAGE>
<TABLE>
<CAPTION>



                          Millburn World Resource Trust
                        Condensed Schedule of Investments
                                December 31, 2003

Futures and Forward                                     Net Unrealized    % of
Currency Contracts                                      Appreciation/     Trust
                                                        (Depreciation)   Capital
--------------------------------------------------------------------------------
FUTURES CONTRACTS
Long Futures Contracts
  Energies
<S>                                                       <C>           <C>
    Natural Gas, 20 contracts, February 2004               $(186,200)    (1.03)%
    Other energy contracts                                    30,336      0.17 %
                                                           -------------------
  Total long energy contracts                               (155,864)    (0.86)%
  Interest rates                                              23,539      0.13 %
  Metals
    Gold, 109 contracts, February 2004                       201,450      1.12 %
    Other metal contracts                                     90,774      0.50 %
                                                           -------------------
  Total long metal contracts                                 292,224      1.62 %
  Softs                                                      (19,720)    (0.11)%
  Stock indices                                               84,551      0.47 %
                                                           -------------------
Total long futures contracts                                 224,730      1.25 %
                                                           -------------------
SHORT FUTURES CONTRACTS
  Interest rates                                              (4,510)    (0.03)%
  Softs                                                         (825)     - %
                                                           -------------------
Total short futures contracts                                 (5,335)    (0.03)%
                                                           -------------------
TOTAL INVESTMENTS IN FUTURES CONTRACTS (NET)                 219,395      1.22 %
                                                           -------------------
FORWARD CURRENCY CONTRACTS
Long Forward Currency Contracts
  Euro/U.S. Dollar, March 2004                               567,490      3.15 %
  Other long forward currency contracts                      396,234      2.20 %
                                                           -------------------
Total long forward currency contracts                        963,724      5.35 %
                                                           -------------------
Total short forward currency contracts                      (185,837)    (1.03)%
                                                           -------------------
TOTAL INVESTMENTS IN FORWARD CURRENCY
CONTRACTS (NET)                                              777,887      4.32 %
                                                           -------------------
TOTAL INVESTMENTS IN FUTURES AND FORWARD
CURRENCY CONTRACTS (NET)                                   $ 997,282      5.54 %
                                                           ===================

</TABLE>





                                      -4-
<PAGE>


<TABLE>
<CAPTION>




                          Millburn World Resource Trust
                  Condensed Schedule of Investments (continued)
                                December 31, 2003

Face Amount        Description                                  Value     % of Trust
                                                                            Capital
-----------------------------------------------------------------------------------
              INVESTMENTS IN U.S. TREASURY NOTES
<S>                                                        <C>               <C>
 $  6,300,000 U.S. Treasury notes, 4.750%, 02/15/04       $   6,327,562     35.16 %
    4,890,000 U.S. Treasury notes, 3.375%, 04/30/04           4,928,203     27.39 %
    4,410,000 U.S. Treasury notes, 2.125%, 08/31/04           4,440,319     24.68 %
                                                          -------------------------
              TOTAL INVESTMENTS IN U.S. TREASURY NOTES
              (AMORTIZED COST $15,693,475)                $  15,696,084     87.23 %
                                                          =========================

</TABLE>

























                                      -5-
<PAGE>


<TABLE>
<CAPTION>




                          Millburn World Resource Trust
                      Statements of Operations (UNAUDITED)


                                                      For the three months ended
                                                         Jun 30         Jun 30
                                                          2004           2003
                                                     ---------------------------
INVESTMENT INCOME
<S>                                                  <C>            <C>
Interest income                                      $    31,874    $    64,532

EXPENSES
Brokerage fees                                           248,007        458,321
Administrative expenses                                   25,000         25,000
Custody fees                                                 286            767
                                                     --------------------------
Total expenses                                           273,293        484,088

Net investment loss                                     (241,419)      (419,556)
                                                     --------------------------

NET REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on closed positions:
  Futures and forward currency contracts              (1,466,723)       (42,473)
  Foreign exchange translation                             7,189        (30,031)
Net change in unrealized appreciation:
  Futures and forward currency contracts                (533,523)     1,273,008
  Foreign exchange translation                            (5,817)        21,744
Net gains (losses) from U.S. Treasury notes
  Net realized gains (losses)                             (1,964)          --
  Net change in unrealized depreciation                  (16,070)         1,528
                                                     --------------------------
Total net realized and unrealized gains (losses)      (2,016,908)     1,223,776
                                                     --------------------------

Net income (loss)                                    $(2,258,327)   $   804,220
                                                     ==========================

Net income (loss) per unit outstanding               $   (195.20)   $     44.49
</TABLE>








                                      -6-
<PAGE>

<TABLE>
<CAPTION>

                          Millburn World Resource Trust
                      Statements of Operations (UNAUDITED)


                                                       For the six months ended
                                                        Jun 30         Jun 30
                                                         2004           2003
                                                     ---------------------------
INVESTMENT INCOME
<S>                                                  <C>            <C>
Interest income                                      $    74,680    $   152,684

EXPENSES
Brokerage fees                                           627,877        937,574
Administrative expenses                                   50,000         50,000
Custody fees                                                 756          1,423
                                                     --------------------------
Total expenses                                           678,633        988,997

Net investment loss                                     (603,953)      (836,313)
                                                     --------------------------

NET REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized gains (losses) on closed
  positions:
  Futures and forward currency contracts                 346,288      3,581,931
  Foreign exchange translation                             7,189        (30,031)
Net change in unrealized appreciation:
  Futures and forward currency contracts              (1,054,179)    (1,527,697)
  Foreign exchange translation                            (2,937)         5,170
Net losses from U.S.Treasury notes
  Net realized gains (losses)                             (1,964)          --
  Net change in unrealized depreciation                  (19,516)        (2,560)
                                                     --------------------------
Total net realized and unrealized gains (losses)        (725,119)     2,026,813
                                                     --------------------------

Net income (loss)                                    $(1,329,072)   $ 1,190,500
                                                     ==========================

Net income (loss) per unit outstanding               $   (138.98)   $     61.15
</TABLE>




                                      -7-
<PAGE>

<TABLE>
<CAPTION>




                          Millburn World Resource Trust
               Statements of Changes in Trust Capital (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2004:

                                Unitholders            New Profit Memo Acct.         Managing Owner               Total
                       ------------------------------------------------------------------------------------------------------
                           Amount         Units         Amount    Units          Amount     Units        Amount      Units
                       ------------------------------------------------------------------------------------------------------
<S>                     <C>             <C>              <C>      <C>        <C>            <C>       <C>            <C>
Trust capital at
December 31, 2003      $ 17,388,934    15,451.569    $     --       --      $    605,521      --    $ 17,994,455   15,451.569
Redemptions              (7,244,988)   (6,474.562)                  --              --        --      (7,244,988)  (6,474.562)
Additional units
  allocated **                 --          12.093          --       --              --        --            --         12.093
Net loss                 (1,277,067)                                --              --     (52,005)   (1,329,072)        --
                       ------------------------------------------------------------------------------------------------------
Trust capital at
  June 30, 2004        $  8,866,879     8,989.100    $     --       --      $    553,516      --    $  9,420,395    8,989.100
                       ======================================================================================================


NET ASSET VALUE PER UNIT
  OUTSTANDING AT
  AT JUNE 30, 2004:                                          $   986.40
                                                             ----------


FOR THE SIX MONTHS ENDED JUNE 30, 2003:



                               Unitholders            New Profit Memo Acct.      Managing Owner               Total
                      --------------------------------------------------------------------------------------------------------
                          Amount          Units         Amount      Units        Amount     Units      Amount         Units
                      -------------------------------------------------------------------------------------------------------
Trust capital at
December 31, 2002     $ 20,303,891     17,431.417    $     --         --    $    576,320      --     $ 20,880,211  17,431.417
Redemptions             (1,626,898)    (1,285.525)         --         --            --        --       (1,626,898) (1,285.525)
Additional units
  allocated **                --           14.245          --         --            --        --             --        14.245
Net income               1,134,330                                    --            --      56,170      1,190,500        --
                      -------------------------------------------------------------------------------------------------------
Trust capital at
June 30, 2003         $ 19,811,323     16,160.137    $     --         --    $    632,490      --     $ 20,443,813  16,160.137
                      =======================================================================================================


NET ASSET VALUE PER
  UNIT OUTSTANDING AT
  AT JUNE 30, 2003:                                          $ 1,225.94
                                                             ----------



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





                                      -8-
<PAGE>
<TABLE>
<CAPTION>

                          Millburn World Resource Trust
                 Statements of Financial Highlights (UNAUDITED)



For the three months ended June 30                         2004             2003
---------------------------------------------------------------------------------

Net income (loss) from operations:
<S>                                                    <C>              <C>
Net investment loss                                    $     (22.33)    $  (25.23)
Net realized and unrealized gains (losses) on
trading of futures and forward currency contracts           (171.28)        69.63
Net gains (losses) from U.S. Treasury
obligations                                                   (1.59)         0.09
                                                       --------------------------
Net income (loss) per unit                                  (195.20)        44.49
Net asset value per unit,
beginning of period                                        1,181.60      1,181.45
                                                       --------------------------

Net asset value per unit,
end of period                                          $     986.40     $1,225.94
                                                       ==========================



TOTAL RETURN AND RATIOS FOR THE THREE MONTHS ENDED JUNE 30:

                                                            2004          2003
                                                       --------------------------

Total return:                                                (16.52)%        3.77%
Ratio of expenses to average net assets (a):                   9.75 %        9.38%
Ratio of net investment loss to
  average net assets (a):                                     (8.66)%       (8.16)%

(a) Annualized

</TABLE>




                                      -9-
<PAGE>







<TABLE>
<CAPTION>

                          Millburn World Resource Trust
                 Statements of Financial Highlights (UNAUDITED)



For the six months ended June 30:                               2004        2003
------------------------------------------------------------------------------------

Net income (loss) from operations:
<S>                                                       <C>             <C>
Net investment loss                                       $     (47.53)   $  (49.49)
Net realized and unrealized gains (losses) on
trading of futures and forward currency contracts               (89.84)      110.78
Net losses from U.S. Treasury
obligations                                                      (1.61)       (0.14)
                                                          -------------------------
Net income (loss) per unit                                     (138.98)       61.15
Net asset value per unit,
beginning of period                                           1,125.38     1,164.79
                                                          -------------------------

Net asset value per unit,
end of period                                             $     986.40    $1,225.94
                                                          =========================



Total return and ratios for the
six months ended June 30:

                                                                2004       2003
                                                          -------------------------

Total return:                                                   (12.35)%      5.25 %
Ratio of expenses to average net assets (a):                      9.56 %      9.37 %
Ratio of net investment loss to average net assets (a):          (8.55)%     (7.96)%

(a) Annualized
</TABLE>







                                      -10-
<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 June 30, 2004 (unaudited) and December 31, 2003 and the results of
its operations for the three and six month periods ended June 30, 2004 and 2003
(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 filed with the Securities and Exchange Commission for
the year ended December 31, 2003. The December 31, 2003 information has been
derived from the audited financial statements as of December 31, 2003.

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, options and forward contracts on interest rates,
commodities, currencies, metals, energy and stock indices. Due to the nature of
the Trust's business, substantially all its assets are represented by cash 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 and six month periods ending June 30, 2004, the Trust experienced no
meaningful periods of illiquidity in any of the numerous markets traded by the
Managing Owner.





                                      -11-
<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 2003.


RESULTS OF OPERATIONS


                          30-Jun-04      31-Mar-04
                        -------------  -------------
        Ending Equity   $ 9,420,395   $ 14,742,830



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

The Trust's net assets decreased 36.10% during the three months ended June 30,
2004. This decrease was attributable to redemptions of $3,064,108 and net loss
from operations of $2,258,327.

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 June 30, 2004 decreased $210,314, relative to the
corresponding period in 2003.

Interest income is derived from cash and U.S. Treasury instruments held
at the Trust's brokers. Interest income for the three months ended June 30, 2004
decreased $32,658, relative to the corresponding period in 2003. This decrease
was attributable to a reduction in the Trust's net assets (via redemptions and
trading losses) as well as a decrease in short-term Treasury yields.

During the three months ended June 30, 2004, the Trust experienced net realized
and unrealized losses of $2,016,908 from its trading operations (including
foreign exchange translations and Treasury obligations). Brokerage fees of
$248,007, administrative expenses of $25,000 and custody fees of $286 were
incurred. Interest income of $31,874 partially offset the Trust's expenses,
resulting in net loss of $2,258,327. An analysis of the trading gain (loss) by
sector is as follows:





                                      -12-
<PAGE>






Sector            % Gain (Loss)
--------          -------------

Currencies              (3.53)%
Energies                 1.68%
Grains                  (1.56)%
Interest rates          (5.58)%
Metals                  (2.60)%
Softs                    0.24%
Stock indices           (3.19)%
                  -------------
Total                  (14.54)%


April 1, 2004 to June 30, 2004
-----------------------------------

The Trust's net asset value per unit dropped 16.52% during the quarter. Trend
reversals followed by non-directional and volatile range-trading characterized a
broad spread of markets during the period. As a result sizable losses were
sustained in five of the six sectors in the portfolio: interest rates,
currencies, stock indices, and agricultural commodities. Energy was moderately
profitable for the quarter, but even there an uptrend seemed to peter out near
the end of the quarter.

Surprisingly strong U.S. employment reports beginning in April, and official
moves in China to slow its booming economy caused abrupt price trend reversals
in most of the markets comprising the Trust's portfolio. For example, as the
quarter began, the Trust held long positions across a broad range of US and
European interest rate futures. These positions had been quite profitable in
prior weeks and reflected declining interest rate trends that were in large
measure a response to the so-called "jobless recovery" in the U.S. However, in
the wake of strong employment data, interest rates rose sharply worldwide and
bond market sentiment seemed to turn negative on a dime. As a result, the Trust
sustained sizable losses on its long bond futures positions. Thereafter,
interest rates vacillated and failed to sustain a trend.

At the start of the period, the Trust also held long positions in a number of
Asian currencies including, the yen, Korean won and Singapore dollar. Long
commodity currency positions (Australian dollar, New Zealand dollar, and South
African rand) were also held in the Trust. Market participants, intuiting that
any slowdown in Chinese growth would be negative for Asia and for industrial
commodities, sold the Asian and commodity currencies, producing declines. Once
again, subsequent trading in the quarter was largely non-directional. Gold and
copper prices, which were trending upward early in the year, fell markedly due
to the altered growth prospects in China and a strengthening US currency,
resulting in losses from long positions.

Stock markets were also unsettled by the changing prospects for growth, interest
rates and monetary policies throughout the world. Hence, trading in German,
U.S., and Hong Kong index futures resulted in losses.

An upward trend in energy prices led to gains from long positions in unleaded
gasoline, London gas oil, crude oil, and heating oil. Natural gas, on the other
hand, was quite volatile and produced a loss for the quarter.




                                      -13-
<PAGE>


Finally, with volatility in corn prices, losses were registered on both long and
short positions.


January 1, 2004 to March 31, 2004
-----------------------------------

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.

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.

April 1, 2003 to June 30, 2003
-----------------------------------

The Trust's net assets increased 0.32% in the second quarter of 2003. This
increase was attributable to net income from operations of $804,220, which was
partially offset by redemptions of $739,270.

Brokerage commissions are calculated on the net asset value on the last day of
each month and are affected by trading performance and redemptions. Brokerage
commissions for the three months ended June 30, 2003 decreased by $43,990
relative to the corresponding period in 2002.

The Trust's NAV per unit increased 3.77% during the second quarter, as profits
in the April-May period outweighed losses in June. Trading of interest rate
futures, currency forwards and equity futures, was profitable, while trading of
non-financial futures (energy, metals, and agricultural commodities) produced
losses.



                                      -14-
<PAGE>


Medium-term and long-term interest rates in Europe, the U.S. and Japan resumed
their decline during April and May. Hence, long positions in 5-year, 10-year and
30-year interest rate futures contracts for U.S., European and Japanese
instruments were very profitable. By mid-June, however, amid signs of nascent
growth, interest rates started to rise significantly and there were some losses
sustained on these same positions, which were subsequently reversed to short
futures contract positions.

A similar pattern of profits in April and May followed by losses in June was
exhibited in the currency sector. Short U.S. dollar positions against the euro,
other European currencies, the Australian, New Zealand and Singapore dollars,
and the South African rand produced sizable gains early in the quarter. Later,
however, as the U.S. dollar rebounded against the European bloc of currencies,
there were losses on many of these short foreign dollar positions, although the
short dollar positions versus the Aussie, New Zealand, South African and
Singaporean currencies were still fractionally profitable. Meanwhile, the
dollar/yen exchange rate was quite volatile and losses were registered on both
long and short dollar positions throughout the quarter. Finally, long euro
positions vis-a-vis the yen, Norwegian krone, and pound sterling, and a long
sterling position relative to the yen were profitable.

Trading of stock index futures was fractionally positive. Long positions in
German, Japanese, and the Nasdaq stock indices were profitable, while a short
S&P index trade was somewhat unprofitable.

An up-trend in natural gas reversed and spiked sharply downward in June,
resulting in a marked loss on a long position. Trading elsewhere in the energy
sector had a slight negative impact on performance.

In the agricultural sector, corn futures prices were quite volatile and, hence,
losses were experienced on both long and short positions. Trading of other soft
and agricultural commodities was slightly negative for performance.

Long gold and copper positions generated a small quarterly loss.

January 1, 2003 to March 31, 2003
-----------------------------------

The Trust's net assets decreased 2.40% in the first quarter of 2003. This
decrease was attributable to redemptions of $887,628 which was partially offset
by net income from operations of $386,280.

Brokerage commissions are calculated on the net asset value on the last day of
each month and are affected by trading performance and redemptions. Brokerage
commissions for the three months ended March 31, 2003 decreased by $61,130
relative to the corresponding period in 2002.

The Trust's NAV per unit increased 1.43% during the three months ended March 31,
2003. A number of well-defined trends, especially in the energy and interest
rate sectors, persisted during the first two months of the year and generated
profits. However, as war with Iraq approached in early March, these trends
halted and reversed abruptly, producing losses that largely offset the quarter's
earlier gains. On balance for the period, profits from trading energy and
interest rate futures were mostly counterbalanced by the losses sustained from
trading currency, stock index and metal futures, and to a lesser extent by
losses from agricultural commodities trading.







                                      -15-
<PAGE>


For example, crude oil prices, which climbed from $24 a barrel in early November
2002 to nearly $40 per barrel early in 2003, plunged back to under $28 a barrel
in only a few days. Consequently, long crude oil positions were profitable in
January and February, but lost money in March. Similar results were experienced
in trading other energy contracts.

Interest rates, which had been declining broadly for over a year, spiked higher
in a flurry of pre-war activity. As a result, long German and U.S. interest rate
futures positions produced losses in March, after having been profitable in the
first two months of the quarter.

A weakening U.S. dollar trend that had been evident since late October 2002 also
reversed abruptly during the quarter and was followed by non-directional whipsaw
price activity, especially for the Japanese yen. Hence, losses from trading the
Asian currencies outweighed gains from long positions in the European currencies
and non-dollar cross rate trading.


Stock markets were unsettled and trading of U.S., Japanese and Hong Kong equity
futures resulted in a loss. Losses from both long and short positions in
industrial metals were somewhat larger than the gains from both long and short
trades in gold. Trading of agricultural commodity futures was unprofitable.


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. Changes in 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.



                                      -16-
<PAGE>


The following table summarizes the redemptions by Unitholders during the three
months ended June 30, 2004:

                                   UNITS                 NAV PER
MONTH                             REDEEMED                UNIT
-----------------------------------------------------------------

April 30, 2004                  $   724.539             1,060.36
May 31, 2004                      1,976.615             1,039.13
June 30, 2004                       242.051               986.40
                                -----------
TOTAL                           $ 2,943.205
                                ===========

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 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.

The following exhibits are included herewith:

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

        (b) Reports on Form 8-K - None




                                      -17-
<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: August 12, 2004
                                 /s/Tod A. Tanis
                                 ----------------
                                Tod A. Tanis
                                Vice-President
                                (principal accounting officer)























                                      -18-
<PAGE>