<PAGE>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q


             [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

                  For the Quarterly Period Ended: June 30, 2003

            [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

            For the Transition Period From __________ to __________.

                         Commission File Number: 0-26459

                                THE FULCRUM FUND
                               LIMITED PARTNERSHIP
             (Exact name of registrant as specified in its charter)


            CONNECTICUT                                  06-1456461
  (State or other jurisdiction of                     (I.R.S. Employer
   incorporation or organization)                    Identification No.)


                                TWO AMERICAN LANE
                                  P.O. BOX 5150
                        GREENWICH, CONNECTICUT 06831-8150
          (Address of principal executive offices, including zip code)

       Registrant's telephone number, including area code: (203) 861-1000


         Indicate by check mark whether the Registrant: (1) has 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 Securities Exchange Act of 1934).
Yes        No X
   ----      ----



<PAGE>


                      THE FULCRUM FUND LIMITED PARTNERSHIP

                           QUARTER ENDED JUNE 30, 2003

                                      INDEX

<TABLE>
<CAPTION>

                                                                                                          PAGE
<S>                                                                                                     <C>
PART I - FINANCIAL INFORMATION

     Item 1.      Financial Statements......................................................................1

                  Statements of Financial Condition as of June 30, 2003 (unaudited)
                     and December 31, 2002 (audited)........................................................1

                  Condensed Schedule of Investments as of June 30, 2003 (unaudited).........................2

                  Statements of Operations for the Three Months and Six Months
                     ended June 30, 2003 and 2002 (unaudited)...............................................3

                  Statements of Changes in Partners' Capital (Net Asset Value)
                     for the Six Months ended June 30, 2003 and 2002 (unaudited)............................4

                  Notes to Financial Statements (Unaudited).................................................5

     Item 2.      Management's Discussion and Analysis of Financial Condition and
                     Results of Operations..................................................................9

     Item 3.      Quantitative and Qualitative Disclosures About Market Risk...............................11

     Item 4.      Controls and Procedures..................................................................12


PART II - OTHER INFORMATION

     Item 2.      Changes in Securities and Use of Proceeds................................................13

     Item 6.      Exhibits and Reports on Form 8-K.........................................................13

SIGNATURES

</TABLE>


<PAGE>

                         PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

                      THE FULCRUM FUND LIMITED PARTNERSHIP
                       STATEMENTS OF FINANCIAL CONDITION
           June 30, 2003 (Unaudited) and December 31, 2002 (Audited)


<TABLE>
<CAPTION>

                                                              June 30,      December 31,
                                                                2003           2002
                                                                ----           ----
<S>                                                         <C>             <C>
ASSETS
    Equity in broker trading accounts
       Cash                                                 $ 10,950,721    $  9,617,528
       Unrealized gain (loss) on open contracts                 (780,873)      2,214,624
                                                            ------------    ------------

              Deposits with broker                            10,169,848      11,832,152

    Cash and cash equivalents                                    675,507         257,936
    Subscriptions receivable                                       7,736           7,623
                                                            ------------    ------------

              Total assets                                  $ 10,853,091    $ 12,097,711
                                                            ============    ============

LIABILITIES
    Accounts payable                                        $     24,222    $     31,200
    Commissions and other trading fees
       on open contracts                                          13,491          19,500
    General Partner offering fee                                  30,331          28,656
    Advisor management fee                                        17,818          19,966
    Redemptions payable                                          536,528         275,786
                                                            ------------    ------------

              Total liabilities                                  622,390         375,108
                                                            ------------    ------------

PARTNERS' CAPITAL (NET ASSET VALUE)
    General Partner - 184.7556 units outstanding at
       June 30, 2003 and December 31, 2002                       167,760         171,460
    Limited Partners - 11,082.3967 and 12,446.8808 units
       outstanding at June 30, 2003 and December 31, 2002     10,062,941      11,551,143
                                                            ------------    ------------

              Total partners' capital
                  (Net Asset Value)                           10,230,701      11,722,603
                                                            ------------    ------------

                                                            $ 10,853,091    $ 12,097,711
                                                            ============    ============

</TABLE>



                             See accompanying notes.




<PAGE>

                      THE FULCRUM FUND LIMITED PARTNERSHIP
                        CONDENSED SCHEDULE OF INVESTMENTS
                                  June 30, 2003
                                   (Unaudited)

<TABLE>
<CAPTION>

LONG FUTURES CONTRACTS
----------------------
   No. of                                                                % of Net
  Contracts      Description                              Value       Asset Value
  ---------      -----------                              -----       -----------
<S>              <C>                                  <C>              <C>
       782       Agricultural                           $(348,195)       (3.40)%
       241       Currency                                 (59,898)       (0.59)%
        35       Energy                                   (53,383)       (0.52)%
       583       Interest rate                            (29,560)       (0.29)%
       222       Metal                                    (89,502)       (0.87)%
                                                        ---------     ----------
                 TOTAL LONG FUTURES CONTRACTS           $(580,538)       (5.67)%
                                                        ---------     ----------
<CAPTION>


SHORT FUTURES CONTRACTS
-----------------------
   No. of                                                               % of Net
  Contracts      Description                              Value      Asset Value
  ---------      -----------                              -----      -----------
<S>              <C>                                  <C>           <C>
       769       Agricultural                           $(171,325)       (1.68)%
       153       Metal                                    (29,010)       (0.28)%
                                                        ---------     ----------
                 TOTAL SHORT FUTURES CONTRACTS          $(200,335)       (1.96)%
                                                        ---------     ----------
                 TOTAL FUTURES CONTRACTS                $(780,873)       (7.63)%
                                                        =========     ==========
</TABLE>


                             See accompanying notes.




                                       2
<PAGE>


                      THE FULCRUM FUND LIMITED PARTNERSHIP
                            STATEMENTS OF OPERATIONS
              For the Three Months Ended June 30, 2003 and 2002 and
                 For the Six Months Ended June 30, 2003 and 2002
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                          Three Months                  Six Months
                                                             Ended                        Ended
                                                            June 30,                     June 30,
                                                       2003          2002          2003           2002
                                                       ----          ----          ----           ----
<S>                                                <C>            <C>           <C>            <C>
INCOME
    Commodity trading gains (losses)
       Realized                                    $  (439,293)   $ 1,987,342   $ 3,388,669    $  (242,592)
       Change in unrealized                           (385,473)       618,300    (2,995,497)       537,394
                                                   -----------    -----------   -----------    -----------
              Gain (loss) from commodity trading      (824,766)     2,605,642       393,172        294,802
    Interest income                                     27,011         34,843        60,471         71,816
                                                   -----------    -----------   -----------    -----------
              Total income (loss)                     (797,755)     2,640,485       453,643        366,618
                                                   -----------    -----------   -----------    -----------
EXPENSES
    Brokerage commissions                              115,050        100,945       194,795        190,091
    General Partner offering fee                        90,581         80,026       191,610        172,915
    Advisor management fee                              58,502         57,475       127,576        115,109
    Operating expenses                                  25,847         29,424        72,729         76,897
                                                   -----------    -----------   -----------    -----------
              Total expenses                           289,980        267,870       586,710        555,012
                                                   -----------    -----------   -----------    -----------
              NET INCOME (LOSS)                    $(1,087,735)   $ 2,372,615   $  (133,067)   $  (188,394)
                                                   ===========    ===========   ===========    ===========
NET INCOME (LOSS) PER UNIT
    (based on weighted average number of
    Units outstanding during the period)           $    (90.76)   $    167.46   $    (10.89)   $    (12.97)
                                                   ===========    ===========   ===========    ===========
INCREASE (DECREASE) IN NET
    ASSET VALUE PER UNIT                           $    (91.95)   $    168.17   $    (20.03)   $     (5.13)
                                                   ===========    ===========   ===========    ===========

</TABLE>

                             See accompanying notes.




                                       3
<PAGE>


                      THE FULCRUM FUND LIMITED PARTNERSHIP
          STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (NET ASSET VALUE)
                For the Six Months Ended June 30, 2003 and 2002
                                   (Unaudited)

<TABLE>
<CAPTION>


                                                                   Partners' Capital
                                 -----------------------------------------------------------------------------------------
                                          General                        Limited                         Total
                                 --------------------------    ---------------------------     ---------------------------
                                     Units        Amount           Units         Amount           Units          Amount
                                     -----        ------           -----         ------           -----          ------
<S>                              <C>           <C>             <C>            <C>             <C>             <C>
SIX MONTHS ENDED JUNE 30, 2003

Balances at December 31, 2002        184.7556  $    171,460     12,446.8808   $ 11,551,143     12,631.6364    $ 11,722,603

Net (loss) for the six months
   ended June 30, 2003                               (3,700)                      (129,367)                       (133,067)

Additions                              0.0000             0         48.3437         50,079         48.3437          50,079

Redemptions                            0.0000             0     (1,412.8278)    (1,408,914)    (1,412.8278)     (1,408,914)
                                 ------------  ------------    ------------   ------------    ------------    ------------

Balances at June 30, 2003            184.7556  $    167,760     11,082.3967   $ 10,062,941     11,267.1523    $ 10,230,701
                                 ============  ============    ============   ============    ============    ============

SIX MONTHS ENDED JUNE 30, 2002

Balances at December 31, 2001        184.7556  $    162,183     15,542.1339   $ 13,643,307     15,726.8895    $ 13,805,490

Net (loss) for the six months
   ended June 30, 2002                                 (947)                      (187,447)                       (188,394)

Additions                              0.0000             0      1,082.9755        767,204      1,082.9755         767,204

Redemptions                            0.0000             0     (3,259.3439)    (2,558,749)    (3,259.3439)     (2,558,749)
                                 ------------  ------------    ------------   ------------    ------------    ------------

Balances at June 30, 2002            184.7556  $    161,236     13,365.7655   $ 11,664,315     13,550.5211    $ 11,825,551
                                 ============  ============    ============   ============    ============    ============

</TABLE>


<TABLE>
<CAPTION>

                      Net Asset Value Per Unit
        -------------------------------------------------------
        <S>           <C>             <C>          <C>
        June 30,      December 31,     June 30,     December 31,
          2003           2002           2002           2001
          ----           ----           ----           ----

        $908.01         $928.04        $872.70        $877.83
        =======         =======        =======        =======

</TABLE>





                             See accompanying notes.



                                       4

<PAGE>


                      THE FULCRUM FUND LIMITED PARTNERSHIP
                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)


NOTE 1.  ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A.       GENERAL DESCRIPTION OF THE PARTNERSHIP

               The Fulcrum Fund Limited Partnership (the Partnership) is a
               Connecticut limited partnership which operates as a commodity
               pool. The Partnership engages in the speculative trading of
               futures contracts and options on futures contracts. It is subject
               to the regulations of the Commodity Futures Trading Commission,
               an agency of the United States (U.S.) government which regulates
               most aspects of the commodity futures industry; rules of the
               National Futures Association, an industry self-regulatory
               organization; and the requirements of commodity exchanges and
               Futures Commission Merchants (brokers) through which the
               Partnership trades.

               The Partnership is a registrant with the Securities and Exchange
               Commission (SEC) pursuant to the Securities Exchange Act of 1934
               (the Act). As a registrant, the Partnership is subject to the
               regulations of the SEC and the informational requirements of the
               Act.

B.       METHOD OF REPORTING

               The Partnership's financial statements are presented in
               accordance with accounting principles generally accepted in the
               United States of America, which require the use of certain
               estimates made by the Partnership's management. Gains or losses
               are realized when contracts are liquidated. Net unrealized gains
               or losses on open contracts (the difference between contract
               trade price and quoted market price) are reflected in the
               statement of financial condition in accordance with Financial
               Accounting Standards Board Interpretation No. 39 - "Offsetting of
               Amounts Related to Certain Contracts." Any change in net
               unrealized gain or loss during the current period is reported in
               the statement of operations. Brokerage commissions include
               exchange and other trading fees and are charged to expense when
               contracts are opened.

C.       CASH AND CASH EQUIVALENTS

               Cash and cash equivalents includes cash and short-term time
               deposits held at financial institutions.

D.       INCOME TAXES

               The Partnership prepares calendar year U.S. and applicable state
               information tax returns and reports to the partners their
               allocable shares of the Partnership's income, expenses and
               trading gains or losses.

E.       FOREIGN CURRENCY TRANSACTIONS

               The Partnership's functional currency is the U.S. dollar;
               however, it transacts business in currencies other than the U.S.
               dollar. Assets and liabilities denominated in currencies other
               than the U.S. dollar are translated into U.S. dollars at the
               rates in effect at the date of the statement of financial
               condition. Income and expense items denominated in currencies
               other than the U.S. dollar are translated into U.S. dollars at
               the rates in effect during the period. Gains and losses resulting
               from the translation to U.S. dollars are reported in income
               currently.



                                       5
<PAGE>


                      THE FULCRUM FUND LIMITED PARTNERSHIP
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                   (Unaudited)

NOTE 2.  GENERAL PARTNER

         The General Partner of the Partnership is Kenmar Advisory Corp., which
         conducts and manages the business of the Partnership. The Limited
         Partnership Agreement requires the General Partner to maintain a
         capital account of no less than the lesser of 1% of the aggregate
         capital accounts of all partners or $500,000.

         For managing the continuing offering of units, the General Partner
         receives a monthly offering fee equal to 0.25% (3% annually) of that
         month's beginning Net Asset Value (as defined in the Limited
         Partnership Agreement) of the Partnership. The General Partner rebates
         to One Million Dollar Investors (as defined in the Confidential Private
         Placement Memorandum and Disclosure Document) who invested in the
         Partnership prior to August 1, 2000, a monthly amount equal to
         two-thirds of the offering fee applicable to such One Million Dollar
         Investors. All rebates to One Million Dollar Investors are made by
         issuing additional Units.

         A portion of the brokerage commissions paid by the Partnership to the
         broker is, in turn, paid by the broker to the General Partner.

NOTE 3.  COMMODITY TRADING ADVISOR

         The Partnership has an advisory agreement with Beacon Management
         Corporation (USA) (Beacon), a commodity trading advisor, pursuant to
         which the Partnership pays a monthly management fee of 1/12 of 2% (2%
         annually) of the month-end Net Asset Value of the subaccount (as
         defined in the advisory agreement) and a quarterly incentive fee equal
         to 20% of Net New Trading Profits (as defined). Beacon pays up to 22.5%
         of its management and incentive fees to the General Partner. No
         incentive fee was earned by Beacon during the six months ended June 30,
         2003 and 2002.

NOTE 4.  DEPOSITS WITH BROKER

         The Partnership deposits cash with Man Financial Inc. to act as broker,
         subject to Commodity Futures Trading Commission regulations and various
         exchange and broker requirements. Margin requirements are satisfied by
         the deposit of cash with such broker. The Partnership earns interest
         income on its cash deposited with the broker.

NOTE 5.  SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS

         Investments in the Partnership are made by subscription agreement,
         subject to acceptance by the General Partner. The subscription price is
         equal to the Net Asset Value of the units purchased plus a 5% selling
         commission, unless such selling commission is waived in whole or in
         part by the General Partner. Additions to partners' capital are shown
         net of such selling commissions which amounted to $0 during the six
         months ended June 30, 2003 and 2002.

         The Partnership is not required to make distributions, but may do so at
         the sole discretion of the General Partner. A Limited Partner may
         request and receive redemption of units owned, subject to restrictions
         in the Limited Partnership Agreement.




                                       6
<PAGE>


                      THE FULCRUM FUND LIMITED PARTNERSHIP
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                   (Unaudited)

NOTE 6.  TRADING ACTIVITIES AND RELATED RISKS

         The Partnership engages in the speculative trading of U.S. and foreign
         futures contracts. The Partnership is exposed to both market risk, the
         risk arising from changes in the market value of the contracts, and
         credit risk, the risk of failure by another party to perform according
         to the terms of a contract.

         Purchase and sale of futures contracts requires margin deposits with
         the broker. Additional deposits may be necessary for any loss on
         contract value. The Commodity Exchange Act requires a broker to
         segregate all customer transactions and assets from such broker's
         proprietary activities. A customer's cash and other property (for
         example, U.S. Treasury bills) deposited with a broker are considered
         commingled with all other customer funds subject to the broker's
         segregation requirements. In the event of a broker's insolvency,
         recovery may be limited to a pro rata share of segregated funds
         available. It is possible that the recovered amount could be less than
         total cash and other property deposited.

         The Partnership has assets on deposit with financial institutions in
         connection with its cash management activities. In the event of a
         financial institution's insolvency, recovery of Partnership assets on
         deposit may be limited to account insurance or other protection
         afforded such deposits.

         For futures contracts, risks arise from changes in the market value of
         the contracts. Theoretically, the Partnership is exposed to a market
         risk equal to the value of futures contracts purchased and unlimited
         liability on such contracts sold short.

         The General Partner has established procedures to actively monitor
         market risk and minimize credit risk, although there can be no
         assurance that it will, in fact, succeed in doing so. The Limited
         Partners bear the risk of loss only to the extent of the market value
         of their respective investments and, in certain specific circumstances,
         distributions and redemptions received.

NOTE 7.  INTERIM FINANCIAL STATEMENTS

         The statement of financial condition as of June 30, 2003, including the
         June 30, 2003 condensed schedule of investments, the statements of
         operations for the three months and six months ended June 30, 2003 and
         2002, and the statements of changes in partners' capital (net asset
         value) for the six months ended June 30, 2003 and 2002, are unaudited.
         In the opinion of management, such financial statements reflect all
         adjustments, which were of a normal and recurring nature, necessary for
         a fair presentation of financial position as of June 30, 2003, and the
         results of operations for the three months and six months ended June
         30, 2003 and 2002.




                                       7
<PAGE>


NOTE 8.  FINANCIAL HIGHLIGHTS

         The following information presents per unit operating performance data
         and other supplemental financial data for the three months and six
         months ended June 30, 2003 and 2002. This information has been derived
         from information presented in the financial statements.

<TABLE>
<CAPTION>

                                                               Three months ended           Six months ended
                                                                    June 30,                    June 30,
                                                               2003          2002          2003          2002
                                                            (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
                                                            -----------   -----------   -----------   -----------
<S>                                                         <C>           <C>           <C>           <C>
PER UNIT PERFORMANCE
(for a unit outstanding throughout the entire period)
-----------------------------------------------------

Net asset value per unit at beginning of period               $999.96       $704.53       $928.04       $877.83
                                                              -------       -------       -------       -------
Income (loss) from operations:
       Net investment (loss) (1), (3)                          (12.34)        (9.32)       (27.12)       (20.17)
       Net realized and change in unrealized gain
           (loss) from trading (2), (3)                        (79.61)       177.49          7.09         15.04
                                                              -------       -------       -------       -------
              Total income (loss) from operations              (91.95)       168.17        (20.03)        (5.13)
                                                              -------       -------       -------       -------
Net asset value per unit at end of period                     $908.01       $872.70       $908.01       $872.70
                                                              =======       =======       =======       =======
TOTAL RETURN (4)                                                (9.20)%       23.87 %       (2.16)%       (0.58)%
                                                              =======       =======       =======       =======
SUPPLEMENTAL DATA
Ratios to average net asset value:
       Expenses (1), (5)                                         5.79 %        6.26 %        6.14 %        6.33 %
                                                              =======       =======       =======       =======
       Net investment (loss) (1), (5)                           (4.90)%       (4.95)%       (5.19)%       (5.09)%
                                                              =======       =======       =======       =======

</TABLE>


Total returns are calculated based on the change in value of a unit during the
period. An individual partner's total returns and ratios may vary from the above
total returns and ratios based on the timing of additions and redemptions.

---------------------
(1)      Excludes brokerage commissions and other trading fees.
(2)      Includes brokerage commissions and other trading fees.
(3)      The net investment (loss) per unit is calculated by dividing the net
         investment (loss) by the average number of units outstanding during the
         period. The net realized and change in unrealized gain (loss) from
         trading is a balancing amount necessary to reconcile the change in net
         asset value per unit with the other per unit information.
(4)      Not annualized.
(5)      Annualized.




                                       8
<PAGE>


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

The assets of the Fulcrum Fund Limited Partnership, formerly known as The Dennis
Fund Limited Partnership (the "Partnership") are used to engage, directly or
indirectly, in the speculative trading of (1) commodities, futures contracts,
forward contracts, foreign exchange commitments, exchange for physicals, swap
contracts, spot (cash) commodities and other items, options on the foregoing,
and any rights pertaining to the foregoing contracts, instruments or investments
("Commodities") and (2) options, warrants, or other rights and any other
investment or transaction (together with the Commodities, "Investments") that
the Partnership's general partner, Kenmar Advisory Corp. (the "General Partner")
deems, in its sole discretion, to be consistent with the objectives of the
Partnership. From time to time, a portion of such proceeds may be used for
transactions in the cash markets or for interbank trading.

The assets of the Partnership are deposited with Man Financial Inc. (the
"Broker") in a trading account established by the Partnership for the commodity
trading advisor and are used by the Partnership as margin to engage in trading.
Such assets are held in either a non-interest bearing bank account or in
securities approved by the Commodity Futures Trading Commission for investment
of customer funds. In addition, certain of the Partnership's assets may also be
placed in a custodial account with a cash manager to maximize the interest
earned on assets not committed as margin.

The commodity trading advisor for the Partnership is the Meka program of the
Beacon Management Corporation ("Beacon" or the "Advisor"). The Advisor is the
sole advisor for the Partnership.

CAPITAL RESOURCES

The Partnership does not have, nor does it expect to have, any capital assets.
Redemptions and sales of units of limited partnership interests ("Units") in the
future will affect the amount of funds available for trading Investments in
subsequent periods.

There are only three factors that affect the Partnership's capital resources:
(i) the trading profit or loss generated by the Advisor (including interest
income); (ii) the money invested or redeemed by the limited partners of the
Partnership (the "Limited Partners"); and (iii) capital invested or redeemed by
the General Partner. The General Partner has maintained, and shall maintain, at
all times a capital account in such an amount, up to a total of $500,000, as is
necessary for the General Partner to maintain a one percent (1%) interest in the
capital, income and losses of the Partnership. All capital contributions by the
General Partner necessary to maintain such capital account balance shall be
evidenced by Units of general partnership interest, each of which shall have an
initial value equal to the Net Asset Value per Unit (as defined below) at the
time of such contribution. The General Partner, in its sole discretion, may
withdraw any excess above its required capital contribution without notice to
the Limited Partners. The General Partner, in its sole discretion, may also
contribute any greater amount to the Partnership, for which it shall receive, at
its option, additional Units of general partnership interest at their
then-current Net Asset Value (as defined below).

"Net Asset Value" of the Partnership is defined as total assets of the
Partnership, including, but not limited to, all cash and cash equivalents,
accrued interest, earned discount, and open Commodities positions, less total
liabilities, including, but not limited to, brokerage commissions that would be
payable with respect to the closing of open Commodities positions, all as
determined in accordance with the principles set forth in the Limited
Partnership Agreement of the Partnership, dated June 18, 1996 and as amended on
December 15, 1997 and further amended on October 10, 2000 (the "Partnership
Agreement") or, where no such principles are specified therein, in accordance
with United States generally accepted accounting principles applied on a
consistent basis ("GAAP"). The term "Net Asset Value per Unit" is defined in the
Partnership Agreement to mean the Net Asset Value of the Partnership divided by
the number of Units outstanding as of the date of determination.




                                       9
<PAGE>

RESULTS OF OPERATIONS

The success of the Partnership is dependent upon the ability of the Advisor to
generate trading profits through the speculative trading of Investments
sufficient to produce capital appreciation after payment of all fees and
expenses. Future results will depend in large part upon the Investment markets
in general, the performance of the Advisor, the amount of additions and
redemptions, and changes in interest rates. Due to the highly leveraged nature
of Investment trading, small price movements may result in substantial losses.
Because of the nature of these factors and their interaction, it is impossible
to predict future operating results.

The Partnership incurs substantial charges from the payment of brokerage
commissions to the Broker, management and/or incentive fees to the Advisor,
management fees, offering fees and/or incentive fees to the General Partner and
operating expenses. The Partnership is required to make substantial trading
profits to avoid depletion and exhaustion of its assets from the above-mentioned
fees and expenses.

Due to the nature of the Partnership's business, the Partnership's trading
results depend on the Advisor and the ability of its individual trading system
to take advantage of price movement or other profit opportunities in the
Investment markets. The Advisor trades in various markets at different times and
prior activity in a particular market does not mean that such markets will be
actively traded by an Advisor or will be profitable in the future. Consequently,
the results of operations of the Partnership can only be discussed in the
context of the overall trading activities of the Partnership, the Advisor's
trading activities on behalf of the Partnership as a whole and how the
Partnership has performed in the past.

In general, Commodity Trading Advisors or CTAs analyze the movement of prices in
the commodity and financial futures markets to identify trends and the
opportunities for profit which accompany them. Because a CTA can take long or
short positions in the futures markets, the direction of a trend is less
important than the existence of a trend itself. The Advisor or another CTA has
the potential to generate profits when prices are identified as trending
downward, by going short or selling ahead of a price decline, and when prices
appear to be trending upward, by going long or buying ahead of the rise in
price. When prices are moving sideways (i.e., with little movement up or down)
or are exhibiting significant short-term volatility (such as rapid intra-day or
inter-day price swings) trends are few and far between, and CTA profits can be
flat or negative.

Set forth below is a comparison of the results of operations of the Partnership
for the three and six month periods ended June 30, 2003 and 2002.

As of June 30, 2003, the Net Asset Value of the Partnership was $10,230,701, a
decrease of approximately 15.97% from its Net Asset Value of $12,175,705 at
March 31, 2003. The Partnership's subscriptions and redemptions for the quarter
ended June 30, 2003 totaled $23,419 and $880,688, respectively. For the quarter
ended June 30, 2003, the Partnership had revenues comprised of ($439,292) in
realized losses, ($385,473) in change in unrealized losses and $27,011 in
interest income compared to revenues comprised of $1,987,342 in realized gains,
$618,300 in change in unrealized gains and $34,843 in interest income for the
same period in 2002. The total income for the second quarter of 2003 decreased
by $3,438,240 from the same period in 2002, while total expenses increased by
$22,110 between these periods. The Net Asset Value per Unit decreased 9.20% from
$999.96 at March 31, 2003 to $908.01 at June 30, 2003. The Partnership's
negative performance for the quarter ended June 30, 2003 resulted primarily from
losses in metals, grains, tropicals, energies and meats.

The Net Asset Value of the Partnership decreased $1,491,902 or 12.73%, from
December 31, 2002 through June 30, 2003. The Partnership's subscriptions and
redemptions for the six months ended June 30, 2003 totaled $50,079 and
$1,408,914 respectively. For the six months ended June 30, 2003, the Partnership
had revenues comprised of $3,388,669 in realized gains, ($2,995,497) in change
in unrealized losses and





                                       10
<PAGE>

$60,471 in interest income compared to revenues comprised of ($242,592) in
realized losses, $537,394 in change in unrealized gains and $71,816 in interest
income for the same period in 2002. The total income for the six months of 2003
increased by $87,025 from the same period in 2002 while expenses increased by
$31,698 between these periods. The Net Asset Value per Unit decreased 2.16% from
$928.04 at December 31, 2002 to $908.01 at June 30, 2003. For the reasons
described in this Management's Discussion and Analysis, past performance is not
indicative of future results. As a result, any recent increases in net realized
or unrealized trading gains may have no bearing on any results that may be
obtained in the future.

LIQUIDITY

Although there is no public market for the Units, a Limited Partner may redeem
its Units in the Partnership as of any month-end upon ten (10) days' written
notice to the General Partner in the form of a request for redemption.

With respect to the Partnership's trading, in general, the Advisor will trade
only Investments that have sufficient liquidity to enable it to enter and close
out positions without causing major price movements. Notwithstanding the
foregoing, most United States commodity exchanges limit the amount by which
certain commodities may move during a single day by regulations referred to as
"daily price fluctuation limits" or "daily limits." Pursuant to such
regulations, no trades may be executed on any given day at prices beyond daily
limits. The price of a futures contract has occasionally moved the daily limit
for several consecutive days, with little or no trading, thereby effectively
preventing a party from liquidating its position. While the occurrence of such
an event may reduce or effectively eliminate the liquidity of a particular
market, it will not limit ultimate losses and may in fact substantially increase
losses because of this inability to liquidate unfavorable positions. In
addition, if there is little or no trading in a particular futures or forward
contract that the Partnership is trading, whether such illiquidity is caused by
any of the above reasons or otherwise, the Partnership may be unable to execute
trades at favorable prices and/or may be unable or unwilling to liquidate its
position prior to its expiration date, thereby requiring the Partnership to make
or take delivery of the underlying interest of the Investment.

The Partnership's trading also may be impacted by the various conflicts of
interest between the Partnership and the General Partner, the Advisor, the
Broker, and their affiliates.

SAFE HARBOR STATEMENT

The discussions above and under the heading "Item 3. Quantitative and
Qualitative Disclosures About Market Risk" contain certain "forward-looking
statements" (as such term is defined in Section 21E of the Securities Exchange
Act of 1934) that are based on the beliefs of the Partnership, as well as
assumptions made by, and information currently available to, the Partnership.
Words such as "expects," "anticipates" and similar expressions have been used to
identify "forward-looking statements" but are not the exclusive means of
identifying such statements. A number of important factors could cause the
Partnership's actual results, performance or achievements for 2003 and beyond to
differ materially from the results, performance or achievements expressed in, or
implied by, such forward-looking statements. These factors include, without
limitation, risk of failure by third parties to perform according to contract
terms and the factors described elsewhere in this Quarterly Report on Form 10-Q,
including under the heading "Item 3. Quantitative and Qualitative Disclosures
About Market Risk." See "Management's Discussion and Analysis of Financial
Condition and Results of Operations - Risk Factors" in our Annual Report on Form
10-K for the year ended December 31, 2002 for further discussion.

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Derivative instruments involve varying degrees of off-balance sheet market risk.
Changes in the level or volatility of interest rates or foreign currency
exchange rates or the market values of the financial





                                       11
<PAGE>

instruments or commodities underlying such derivative instruments frequently
result in changes in the Partnership's unrealized profit (loss) on such
derivative instruments as reflected in the Statements of Financial Condition
included herein. The Partnership's exposure to market risk is influenced by a
number of factors, including the relationships among derivative instruments held
by the Partnership, as well as the volatility and liquidity of the markets in
which the financial instruments are traded. There has been no material change,
during the six months ended June 30, 2003, in the sources of the Partnership's
exposure to market risk.

The General Partner has procedures in place intended to control the
Partnership's exposure to market risk, although there can be no assurance that
it will, in fact, succeed in doing so. These procedures focus primarily on
monitoring the trading of the Advisor selected from time to time for the
Partnership, calculating the Net Asset Value of the Advisor's respective
Partnership accounts as of the close of business on each day and reviewing
outstanding positions for over-concentrations. While the General Partner will
not itself intervene in the markets to hedge or diversify the Partnership's
market exposure, the General Partner may urge the Advisor to reallocate
positions, or itself reallocate Partnership assets among different Advisors
(although typically only as of the end of a month) in an attempt to avoid
over-concentrations. However, such interventions would be unusual. Except in
cases in which it appears that an Advisor has begun to deviate from past
practice or trading policies or to be trading erratically, the General Partner's
basic risk control procedures consist of the ongoing process of Advisor
monitoring and selection, with the market risk controls being applied by the
Advisor itself.

ITEM 4.  CONTROLS AND PROCEDURES

The General Partner carried out an evaluation, under the supervision and with
the participation of the General Partner's management, including its Chief
Executive Officer and Chief Financial Officer, of the design and operation of
the Partnership's disclosure controls and procedures. Based on this evaluation,
the General Partner's Chief Executive Officer and Chief Financial Officer
concluded that, as of June 30, 2003, the Partnership's disclosure controls and
procedures were effective to provide reasonable assurance that the information
required to be disclosed by the Partnership in the reports filed or submitted
under the Securities Exchange Act of 1934 is recorded, processed, summarized and
reported within the time periods specified in the SEC's rules and forms.

Any control system, no matter how well designed and operated, can provide only
reasonable (not absolute) assurance that its objectives will be met.
Furthermore, no evaluation of controls can provide absolute assurance that all
control issues and instances of fraud, if any, have been detected.






                                       12
<PAGE>


                           PART II- OTHER INFORMATION

ITEM 2.    CHANGES IN SECURITIES AND USE OF PROCEEDS

In June, 1996, the Partnership commenced a private placement of Units in
reliance on the exemptions afforded by, among others, Section 4(2) of the
Securities Act of 1933 and Rule 506 of Regulation D promulgated thereunder.
Units are offered monthly at a price per Unit equal to the then-current Net
Asset Value per Unit plus a selling commission equal to 5% unless such selling
commission is waived in whole or in part. The minimum subscription is $26,250
for new investors other than Employee Benefit Plans or $10,500 for Employee
Benefit Plans and existing Limited Partners, which amounts include selling
commissions of $1,250 and $500, respectively.

During the second quarter of 2003, 24.0302 Units were sold for a total of
$23,419.

ITEM 6.    EXHIBITS AND REPORTS ON FORM 8-K

          (A)     EXHIBITS

                  3.1*     Amended Certificate of Limited Partnership for the
                           Fulcrum Fund Limited Partnership.

                  3.2*     Limited Partnership Agreement of the Fulcrum Fund
                           Limited Partnership, dated June 18, 1996, as amended
                           December 15, 1997 and further amended October 10,
                           2000.

                  10.1**   Customer Agreement between the Partnership and
                           E.D. & F. Man  International,  Inc., dated
                           August 27, 1996.

                  10.2*    Cover letter and Model Sub-Advisory Agreement between
                           The Fulcrum Fund Limited Partnership and Beacon
                           Management Corporation dated January 1, 1998.

                  10.3*    Cover letter and Model Sub-Advisory Agreement between
                           The Dennis Fund Limited Partnership and Stonebrook
                           Structured Products, LLC dated January 1, 1998.

                  31.1     Certification of Chief Executive Officer Pursuant to
                           Rule 13a-14(a) under the Securities Exchange
                           Act of 1934.

                  31.2     Certification of Chief Financial Officer Pursuant to
                           Rule 13a-14(a) under the Securities Exchange
                           Act of 1934.

                  32.1     Certification Pursuant to 18 U.S.C. Section 1350,
                           As Adopted  Pursuant to Section 906 of the
                           Sarbanes-Oxley Act of 2002.

                  *        Incorporated herein by reference to the Partnership's
                           Annual Report on Form 10-K for the fiscal year ended
                           December 31, 2000.

                  **       Incorporated herein by reference to the Partnership's
                           Registration Statement on Form 10 dated June 22,
                           1999.




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         (B)      REPORTS ON FORM 8-K

                  The Partnership did not file any reports on Form 8-K during
the second quarter of 2003.







                                       14
<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.


                              THE FULCRUM FUND LIMITED PARTNERSHIP


Date:  August 14, 2003        By:  Kenmar Advisory Corp., its general partner

                                   By: /s/ Kenneth A. Shewer
                                       --------------------------
                                       Kenneth A. Shewer
                                       Chairman (duly authorized officer
                                       of the General Partner)

                                   By: /s/ Maureen Howley
                                       --------------------------
                                       Maureen Howley
                                       Chief Financial Officer (duly authorized
                                       officer of the General Partner)