<PAGE>

                       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: MARCH 31, 2002

                         COMMISSION FILE NUMBER: 0-23950


                      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 [ ]


<PAGE>

                      THE FULCRUM FUND LIMITED PARTNERSHIP
                          QUARTER ENDED MARCH 31, 2002
                                      INDEX

                                                                            Page
                                                                            ----

PART I - FINANCIAL INFORMATION

Item 1.    Financial Statements                                                3

           Statements of Financial Condition as of March 31, 2002
           (unaudited) and December 31, 2001 (audited)                         3
           Condensed Schedule of Investments as of March 31, 2002
           (unaudited)                                                         4

           Statements of Operations for the Three Months Ended
           March 31, 2002 and 2001 (unaudited)                                 5

           Statements of Changes in Partners' Capital (Net Asset Value) for
           the Three Months Ended March 31, 2002 and 2001 (unaudited)          6

           Notes to Financial Statements (unaudited)                           7

Item 2.    Management's Discussion and Analysis of Financial Condition
           and Results of Operations                                          12

Item 3.    Quantitative and Qualitative Disclosures About Market Risk         14


PART II - OTHER INFORMATION

Item 2.    Changes in Securities and Use of Proceeds                          14

Item 6.    Exhibits and Reports on Form 8-K                                   15

SIGNATURES                                                                    16


                                        2

<PAGE>
                      THE FULCRUM FUND LIMITED PARTNERSHIP
                        STATEMENTS OF FINANCIAL CONDITION
           March 31, 2002 (Unaudited) and December 31, 2001 (Audited)

<TABLE>
<CAPTION>

                                                                    March 31,            December 31,
                                                                      2002                   2001
                                                                      ----                   ----
<S>                                                                 <C>                  <C>

ASSETS
    Equity in broker trading accounts
       Cash                                                         $ 8,903,644           $12,355,738
       Unrealized gain on open contracts                                985,031             1,065,937
                                                                    -----------           -----------

              Deposits with broker                                    9,888,675            13,421,675

    Cash and cash equivalents                                           185,291             1,748,566
    Subscriptions receivable                                            705,194                     0
                                                                    -----------           -----------

              Total assets                                          $10,779,160           $15,170,241
                                                                    ===========           ===========

LIABILITIES
    Accounts payable                                                $    25,000           $    20,104
    Commissions and other trading fees
       on open contracts                                                 15,315                14,980
    General Partner offering fee                                         28,103                37,806
    Advisor management fee                                               16,634                25,084
    Redemptions payable                                                 422,928             1,266,777
                                                                    -----------           -----------

              Total liabilities                                         507,980             1,364,751
                                                                    -----------           -----------

PARTNERS' CAPITAL (NET ASSET VALUE)
    General Partner - 184.7556 units outstanding at
       March 31, 2002 and December 31, 2001                             130,167               162,183
    Limited Partners - 14,393.9115 and 15,542.1339
       units outstanding at March 31, 2002 and
       December 31, 2001                                             10,141,013            13,643,307
                                                                    -----------           -----------

              Total partners' capital
                  (Net Asset Value)                                  10,271,180            13,805,490
                                                                    -----------           -----------

                                                                    $10,779,160           $15,170,241
                                                                    ===========           ===========
</TABLE>

                             See accompanying notes


                                       3

<PAGE>


                      THE FULCRUM FUND LIMITED PARTNERSHIP
                        CONDENSED SCHEDULE OF INVESTMENTS
                                 March 31, 2002
                                   (Unaudited)

LONG FUTURES CONTRACTS

  No. of                                                         % of Net
 Contracts      Description                        Value        Asset Value
 ---------      -----------                        -----        -----------

      597       Agricultural                    $   168,895         1.64%
      187       Currency                            150,570         1.47%
       74       Energy                               85,031         0.83%
       92       Interest rate                      (112,603)       (1.10)%
      562       Metals                              325,685         3.17%
                                                -----------     ---------

                TOTAL LONG FUTURES CONTRACTS    $   617,578         6.01%
                                                -----------     ---------

SHORT FUTURES CONTRACTS

  No. of                                                          % of Net
 Contracts      Description                        Value         Asset Value
 ---------      -----------                        -----         -----------

    1,451       Agricultural                    $   211,012         2.05%
       98       Currency                             63,487         0.62%
      122       Interest rate                        92,954         0.91%
                                                -----------   -----------

                TOTAL SHORT FUTURES CONTRACTS   $   367,453         3.58%
                                                -----------     ---------

                TOTAL FUTURES CONTRACTS         $   985,031         9.59%
                                                ===========     =========

                             See accompanying notes.


                                       4

<PAGE>

                      THE FULCRUM FUND LIMITED PARTNERSHIP
                            STATEMENTS OF OPERATIONS
               For the Three Months Ended March 31, 2002 and 2001
                                   (Unaudited)

                                                           Three Months
                                                          Ended March 31,
                                                        2002           2001
                                                        ----           ----
INCOME
    Commodity trading gains (losses)
       Realized                                     $(2,229,934)   $   843,162
       Change in unrealized                             (80,906)     1,713,416
                                                    -----------    -----------
              Gain (loss) from commodity trading     (2,310,840)     2,556,578
                                                    -----------    -----------
    Fixed income securities gains (losses)
       Realized                                               0         99,057
       Change in unrealized                                   0        (34,367)
                                                    -----------    -----------
              Gain from fixed income securities               0         64,690
                                                    -----------    -----------
    Interest income                                      36,973        149,683
                                                    -----------    -----------
              Total income (loss)                    (2,273,867)     2,770,951
                                                    -----------    -----------
EXPENSES
    Brokerage commissions                                89,146        206,470
    General Partner offering fee                         92,889        160,629
    Advisor management fees                              57,634        167,462
    Advisor incentive fees                                    0        547,218
    Operating expenses                                   47,473         27,017
                                                    -----------    -----------
              Total expenses                            287,142      1,108,796
              Advisor incentive fees waived                   0       (123,124)
                                                    -----------    -----------
              Net expenses                              287,142        985,672
                                                    -----------    -----------
              NET INCOME (LOSS)                     $(2,561,009)   $ 1,785,279
                                                    ===========    ===========
NET INCOME (LOSS) PER UNIT
    (based on weighted average number of
    Units outstanding during the period)            $   (171.97)   $     93.36
                                                    ===========    ===========
    INCREASE (DECREASE) IN NET
       ASSET VALUE PER UNIT                         $   (173.30)   $     96.27
                                                    ===========    ===========

                             See accompanying notes.


                                       5
<PAGE>


                      THE FULCRUM FUND LIMITED PARTNERSHIP
          STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (NET ASSET VALUE)
               For the Three Months Ended March 31, 2002 and 2001
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                     Partners' Capital
                                       --------------------------------------------------------------------------------
                                             General                   Limited                       Total
                                       -------------------    -------------------------    ----------------------------
                                         Units    Amount         Units       Amount           Units        Amount
                                         -----    ------         -----       ------           -----        ------
<S>                                    <C>        <C>         <C>           <C>            <C>            <C>
Three Months Ended March 31, 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 three months
   ended March 31, 2002                            (32,016)                  (2,528,993)                   (2,561,009)
Additions                                0.0000          0     1,052.9518       743,238     1,052.9518        743,238
Redemptions                              0.0000          0    (2,201.1742)   (1,716,539)   (2,201.1742)    (1,716,539)
                                       --------   --------    -----------   -----------    -----------    -----------
Balances at March 31, 2002             184.7556   $130,167    14,393.9115   $10,141,013    14,578.6671    $10,271,180
                                       ========   ========    ===========   ===========    ===========    ===========
<CAPTION>
                                                  Net Asset Value Per Unit
                                                  -------------------------
                                                  March 31,    December 31,
                                                     2002           2001
                                                     ----           ----
                                                    $704.53       $877.83
                                                    =======       =======
</TABLE>

<TABLE>
<CAPTION>
                                                                     Partners' Capital
                                       --------------------------------------------------------------------------------
                                             General                   Limited                       Total
                                       -------------------    -------------------------    ----------------------------
                                         Units    Amount         Units       Amount           Units        Amount
                                         -----    ------         -----       ------           -----        ------
<S>                                    <C>        <C>         <C>           <C>            <C>            <C>
Three Months Ended March 31, 2001
Balances at December 31, 2000          204.7556   $234,496    19,143.4771   $21,924,059    19,348.2327    $22,158,555
Net income for the three months
   ended March 31, 2001                             19,711                    1,765,568                     1,785,279
Additions                                0.0000          0       373.9234       444,412       373.9234        444,412
Redemptions                              0.0000          0    (1,110.1895)   (1,281,173)   (1,110.1895)   (1,281,173)
                                       --------   --------    ------------  -----------    -----------    -----------
Balances at March 31, 2001             204.7556   $254,207    18,407.2110   $22,852,866    18,611.9666    $23,107,073
                                       ========   ========    ===========   ===========    ===========    ===========

<CAPTION>
                                                  Net Asset Value Per Unit
                                                  ------------------------
                                                 March 31,     December 31,
                                                   2002           2001
                                                   ----           ----
                                                 $1,241.52      $1,145.25
                                                 =========      =========
</TABLE>

                             See accompanying notes.


                                       6


<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.

           C.     Commodities

                  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.
                  Any change in net unrealized gain or loss from the preceding
                  period is reported in the statement of operations. Brokerage
                  commissions include other trading fees and are charged to
                  expense when contracts are opened.

           D.     Cash and Cash Equivalents

                  Cash and cash equivalents includes cash, short-term time
                  deposits and investments in money market mutual funds.
                  Interest income includes interest-equivalent dividends on
                  money market mutual funds.

           E.     Fixed Income Securities

                  Fixed income securities transactions are accounted for on the
                  trade date. Any change in net unrealized gain or loss from the
                  preceding period is reported in the statement of operations.
                  Interest income is recorded on the accrual basis.


                                       7

<PAGE>


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

Note 1.    ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
           (CONTINUED)

           F.     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.

           G.     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.

           H.     Reclassification
                  Certain amounts in the statement of operations for the three
                  months ended March 31, 2001 were reclassified to conform with
                  the presentation for the three months ended March 31, 2002.

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.


                                       8
<PAGE>

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

Note 3.    COMMODITY TRADING ADVISORS

           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.
           During the period November 1, 2000 to October 18, 2001, the
           Partnership had an advisory agreement with Stonebrook Structured
           Products, LLC (Stonebrook), also a commodity trading advisor,
           pursuant to which the Partnership paid a monthly management fee equal
           to 1/12 of 1% (1% annually) of the month-end Net Asset Value of the
           subaccount (as defined) and a quarterly incentive fee equal to 10% of
           Net New Trading Profits (as defined). Stonebrook paid its entire
           incentive fee to the General Partner. During the period November 1,
           2000 to March 31, 2001, the General Partner waived its right to all
           incentive fees to which it was entitled from Beacon and Stonebrook.
           Accordingly, such incentive fees were not ultimately charged to the
           Partnership, and the gross amount of advisor incentive fees reflected
           in the statements of operations has been reduced after total expenses
           by the advisor incentive fees waived which amounted to $0 and
           $123,124 during the three months ended March 31, 2002 and 2001,
           respectively.

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 and $5,450
           during the three months ended March 31, 2002 and 2001, respectively.

           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.


                                       9

<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 and options on U.S. and foreign futures
           contracts (collectively, "derivatives"). 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 and options on 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 a substantial portion of its 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 derivatives, 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. As both a buyer and seller of
           options, the Partnership pays or receives a premium at the outset and
           then bears the risk of unfavorable changes in the price of the
           contract underlying the option. Written options expose the
           Partnership to potentially unlimited liability, and purchased options
           expose the Partnership to a risk of loss limited to the premiums
           paid.

           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 March 31, 2002, including
           the March 31, 2002 condensed schedule of investments, and the
           statements of operations and changes in partners' capital (net asset
           value) for the three months ended March 31, 2002 and 2001, 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 March
           31, 2002, and the results of operations for the three months ended
           March 31, 2002 and 2001.


                                       10
<PAGE>


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

Note 8.    FINANCIAL HIGHLIGHTS

           The following information presents per unit operating performance
           data and other supplemental financial data for the three months ended
           March 31, 2002 and 2001. This information has been derived from
           information presented in the financial statements.

<TABLE>
<CAPTION>
                                                               Three months ended    Three months ended
                                                                 March 31, 2002        March 31, 2001
                                                                   (Unaudited)           (Unaudited)
                                                                   -----------           -----------
<S>                                                           <C>                    <C>
PER UNIT PERFORMANCE
(for a unit outstanding throughout the entire period)

Net asset value per unit at December 31, 2001 and 2000              $   877.83             $1,145.25
                                                                    ----------             ---------
Income (loss) from operations:
       Net investment (loss) (1), (3)                                   (10.81)               (32.92)
       Net realized and change in unrealized gain (loss)
           from trading (2), (3)                                       (162.49)               129.19
                                                                    ----------             ---------
              Total income (loss) from operations                      (173.30)                96.27
                                                                    ----------             ---------
Net asset value per unit at March 31, 2002 and 2001                 $   704.53             $1,241.52
                                                                    ==========             =========
TOTAL RETURN (6)                                                        (19.74)%                8.41%
                                                                        ======                  ====

SUPPLEMENTAL DATA
Ratios to average net asset value:
       Expenses prior to advisor incentive fees (4), (7)                 (6.39)%               (6.50)%
       Advisor incentive fees (7)                                         0.00%                (7.77)% (5)
                                                                      --------               --------
              Total expenses (1), (7)                                    (6.39)%              (14.27)% (5)
                                                                      =========              ========
       Net investment (loss) (1), (7)                                    (5.20)%              (11.53)%
                                                                      =========              ========
</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 different fee arrangements and 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)    Excludes brokerage commissions, other trading fees and advisor incentive
       fees.
(5)    Net of 2.26% annualized effect of advisor incentive fees waived.
(6)    Not annualized.
(7)    Annualized.

                                       11

<PAGE>

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

The assets of the Fulcrum Fund Limited Partnership, formerly 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 assets 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 custodian 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
interest ("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:
(1) the trading profit or loss generated by the Advisor (including interest
income); (2) the money invested or redeemed by the limited partners of the
Partnership (the "Limited Partners"); and (3) 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.

"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.

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.


                                       12
<PAGE>

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-month period ended March 31, 2002 and 2001.

As of March 31, 2002, the Net Asset Value of the Partnership was $10,271,180, a
decrease of approximately 25.60% from its Net Asset Value of $13,805,490 at
December 31, 2001. The Partnership's subscriptions and redemptions for the
quarter ended March 31, 2002 totaled $743,238 and $1,716,539, respectively. For
the quarter ended March 31, 2002, the Partnership had revenues comprised of
($2,229,934) in realized losses, ($80,906) in change in unrealized losses and
$36,973 in interest income compared to revenues comprised of $942,219 in
realized gains, $1,679,049 in change in unrealized gains and $149,683 in
interest income for the same period in 2001. The total income for the first
quarter of 2002 decreased by $5,044,818 from the same period in 2001, while
total expenses decreased by $698,530 between these periods. The Net Asset Value
per Unit decreased 19.74% from $877.83 at December 31, 2001 to $704.53 at March
31, 2002. The Partnership's negative performance for the quarter ended March 31,
2002 resulted primarily from U.S. interest rates, commodities, currencies and
energies.

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.


                                       13

<PAGE>

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 2002 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 above
and 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, 2001 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 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
three months ended March 31, 2002, in the sources of the Partnership's exposure
to market risk.

The General Partner has procedures in place which are intended to control the
Partnership's exposure to market risk, although there can be no assurance that
these procedures 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 the 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.

                           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 1933
Act 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 first quarter of 2002, 1052.9518 Units were sold for a total of
$743,238.34.


                                       14
<PAGE>

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K.

               (a) The following exhibits are filed with this Report or
     incorporated by reference as set forth below:

Exhibit No.    Description

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.

*        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.

               (b) Reports on Form 8-K

The Partnership did not file any reports on Form 8-K during the first quarter of
2002.


                                       15

<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

                                        By: Kenmar Advisory Corp.,
                                        general partner

Dated: May 14, 2002                     By:      /s/  Kenneth A. Shewer
                                            -----------------------------------
                                        Kenneth A. Shewer
                                        Chairman (Duly Authorized Officer
                                        of the  General Partner)


Dated: May 14, 2002                     By:      /s/  Thomas J. DiVuolo
                                            -----------------------------------
                                        Thomas J. DiVuolo
                                        Senior Vice President (Principal
                                        Financial and Accounting Officer
                                        of the Registrant)


                                       16