FORM 10-K

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C.  20549


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

                  For the fiscal year ended:  December 31, 2003
                                  --------------

                        Commission File number:  333-85755
                                  --------------

                  Bromwell Financial Fund, Limited Partnership
                       -----------------------------------
               (Exact name of registrant as specified in charter)

           Delaware                                   51-0387638
--------------------------------         ------------------------------------
(State or other jurisdiction of         (I.R.S. Employer Identification No.)
incorporation or organization)

                                  5916 N. 300 West
                                 Fremont, IN  46737
                           ------------------------------
                     (Address of principal executive offices)

                                  (260) 833-1306
                                  --------------
                           Registrant's telephone number

Securities registered pursuant to Section 12(b) of the Act:

  Title of each class.       Name of each exchange on which registered.
  --------------------       ------------------------------------------
  None                       None

         Securities registered pursuant to Section 12(g) of the Act:

                    Units of Limited Partnership Interest
                    -------------------------------------
                               (Title of Class)

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 [   ]   No [ X ]

Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K (Sect 229.405 of this chapter) is not contained
herein, and will not be contained, to the best of registrant's knowledge, in
definitive proxy or information statements incorporated by reference in Part
III of this Form 10-K or any amendment to this Form 10-K.     [  ]

State the aggregate market value of the voting stock held by non-affiliates
of the registrant.  The aggregate market value shall be computed by reference
to the price at which the stock was sold, or the average bid and asked prices
of such stock, as of a specified date within 60 days prior to the date of
filing.       None

There is no market for the Units of Partnership interests and none is expected
to develop.  This is a commodity pool.  The Units are registered to permit the
initial sale of Units at month end net asset value.


Documents Incorporated by Reference

Audited Financial Statements for Registrant filed with the United States
Securities and Exchange Commission within 90 days of the years ended December
31, 1999, 2000, 2001 and 2002 at Registration No. 333-85755.

Registration Statement and all amendments thereto filed with the United
States Securities and Exchange Commission at Registration No. 333-85755 are
incorporated by reference to Parts I, II, III, and IV.

                                     PART I

Item 1.  Business

On March 16, 2000, the registration statement filed by Bromwell Financial
Fund, Limited Partnership, (the ?Fund?)  with the Securities and Exchange
Commission (the ?SEC?) and the disclosure document filed with the Commodity
Futures Trading Commission (the ?CFTC?) was declared effective.  Offers and
sales of the Fund?s limited partnership interests (the ?Units?) at the price
of $1,000 per Unit commenced on that date to residents of the States selected
by the General Partner.  As of July 11, 2000, the Fund had sold in excess of
the $700,000 in face amount of Units, the amount required to break escrow and
deliver the sales proceeds to the Fund accounts to permit it to commence the
speculative trading of commodity futures.  Trading commenced in July, 2000.
Units are currently offered and sold at the net asset value per Unit (?NAV?)
determined after addition of profits and deduction of losses, expenses, and
reserves, at the close on the last business day of each month.  See the
financial statements for the total value of the Fund and the NAV as of the
date of the statements.

By Notice to the Limited Partners dated August 19, 2003, the General Partner
provided disclosure of certain changes to the Fund operation, including (i)
the addition of Michael P. Pacult, individually, as a General Partner; (ii)
the intention of Shira Del Pacult to resign as individual General Partner and
as president of the corporate General Partner after the lapse of 120 days;
(iii) the change in the distribution of equity between the two commodity
trading advisors (?CTAs?).

By Notice to the Limited Partners dated October 21, 2003, the General Partner
provided disclosure of the following changes that would take effect November
1, 2003: (i) the deletion of the Introducing Broker and the assumption of its
duties and fees by the corporate General Partner; (ii) the change in Futures
Commission Merchant (?FCM?) from Vision, LP to Citigroup Global Markets, Inc.
388 Greenwich St., New York, New York 10013; (iii) the change in CTAs from
Ansbacher Investment Management, Inc. and Mangin Capital Management, Inc. to
a sole trader, Fall River Capital Management, Inc., 11740 North Port
Washington Road, Mequon, Wisconsin 53092; and, (iv) the change in brokerage
commissions from a fixed annual fee of 11% of equity on deposit with the FCM
to approximately $22 per round turn.

The Fund filed a Post Effective Amendment to its Registration Statement on
December 10, 2003 to amend and fully restate its prospectus to disclose the
above changes, in addition to: (i) the establishment of a 5% incentive fee to
the corporate General Partner; (ii) a change in the brokerage commission from
$22 per round turn to a fixed annual fee of 8%; (iii) the establishment of a
4% annual continuing service fee paid by the Fund to the selling agent on the
total investment sold by that agent for so long as the investment remains in
the Fund; (iv) the removal of the 3% management fee to the corporate General
Partner; (v) the removal of the redemption fee; and, (vi) the removal of the
selling commission.  The fixed annual brokerage commission was reduced to 4%
by another Post Effective Amendment that was filed after the year end, 2003.

As of December 17, 2003 Shira Del Pacult resigned as an individual General
Partner and as president of the corporate General Partner, leaving Michael P.
Pacult as the sole individual General Partner.  Concurrently, Michael P.
Pacult became the sole Officer, Director and Owner of the corporate General
Partner.

The trades for the Fund are selected and placed with the FCM, i.e., broker,
for the account of the Fund by one or more CTAs selected by the General
Partner of the Fund.   Initially, the Fund account was traded solely by
Ansbacher Investment Management, Inc., then later by both Ansbacher and
Mangin Capital Management, Inc.  As noted above, the General Partner replaced
the two CTAs with a single CTA, Fall River Capital Management, Inc.  The
books and records of the trades placed by the CTA in the Fund?s trading
account are kept and are available for inspection by the Partners at its
office.  The CTA is paid a management fee of one percent (1%) of the equity
assigned to it to manage plus an incentive fee of twenty percent (20%) of New
Net Profit, as that term is defined in the Partnership Agreement which
governs the operation of the Fund, payable quarterly.  The Fund Partnership
Agreement is included as Exhibit A to the Prospectus delivered to the
prospective investors and filed as part of the Registration Statement.  The
Partnership Agreement is incorporated herein by reference.

None of the purchasers of Limited Partnership Units has a voice in the
management of the Partnership.  Reports of the Net Asset Value of the
Partnership are sent to all purchasers of Units at the end of each month.

Belmont Capital Management, Inc., the corporate General Partner and commodity
pool operator, provides all clearing costs, including pit brokerage fees,
which include floor brokerage, NFA and exchange fees for a fee described
previously to Citigroup Global Markets, Inc., the independent FCM selected by
the General Partner to hold the Fund?s trading equity and place the trades as
directed by the CTA pursuant to a power of attorney granted by the Fund.

The sale of Units is regulated by the US Securities and Exchange Commission
pursuant to the Securities Act of 1933 and the Securities Commissions and
securities acts of the several States where its Units are offered and sold.
The commodity pool operators (General Partners) and principals are regulated
by the Commodity Futures Trading Commission pursuant to the US Commodity
Exchange Act.  These legal safeguards are not intended to protect investors
from the risks inherent in the trading of commodities.  The trading of
commodities is highly speculative and risky.  For a complete description of
the risks and regulation of the business of the Fund, see the Registrant?s
Registration Statement and its pre-effective amendments on file with the
Securities and Exchange Commission at No. 333-85755, which are incorporated
herein by reference.

Item 2.  Properties

Registrant maintains up to 3% of its assets at a commercial bank and the
balance is on deposit and available as margin to secure trading through
Citigroup Global Markets, Inc., the FCM.  Citigroup is registered with the
National Futures Association pursuant to the Federal Commodity Exchange Act
as a commodity FCM.  The trading of commodities is highly speculative and the
Fund is at unlimited risk of loss, including the pledge of all of its assets,
to the trades made on its behalf by the CTA in the commodity markets.

Item 3.  Legal Proceedings

There have been no legal proceedings against the Registrant, its General
Partner, the Selling Agent, the CTA or any of their Affiliates, directors or
officers.

In the ordinary course of its business, Citigroup Global Markets, Inc. is a
party to various claims and regulatory inquiries.  Although none of the
following matters are deemed material by Citigroup to its duties assumed on
behalf of the Fund, they are reportable pursuant to the standards required of
this Form 10-K:

Both the Department of Labor and the Internal Revenue Service (?IRS?) have
advised Citigroup that they were or are reviewing transactions in which
Ameritech Pension Trust purchased from Citigroup and certain affiliates
approximately $20.9 million in participations in a portfolio of motels owned
by Motels of America, Inc. and Best Inns, Inc.  With respect to the IRS
review, Citigroup and certain affiliated entities have consented to
extensions of time for the assessment of excise taxes that may be claimed to
be due with respect to the transactions for the years 1987, 1988 and 1989.

In December 1998, Citigroup was one of twenty-eight market-making firms that
reached a settlement with the US Securities and Exchange Commission In the
Matter of Certain Market Making Activities on NASDAQ.  Citigroup without
admitting or denying the factual allegations, agreed to an order that
required that it:

(1)      cease and desist from committing or causing any violations of
Sections 15(c)(1) and (2) of the Securities Exchange Act of 1934 and Rules
15c1-2, 15c2-7 and 17a-3 thereunder,

(2)      pay penalties totaling approximately $760,000, and

(3)      submit certain policies and procedures to an independent consultant
for review.

In April 2000, CGM and several other broker-dealers entered into a settlement
with the IRS and the US Securities and Exchange Commission concluding an
industry-wide investigation into the pricing of Treasury securities in
advanced refunding transactions.

Beginning in April 2002, Citigroup and several other broker dealers received
subpoenas and/or requests for information from various governmental and self-
regulatory agencies and Congressional committees as part of their research,
initial public offerings allocation and spinning-related inquiries.   With
respect to issues raised by the US Securities and Exchange Commission, the
National Association of Securities Dealers and the New York Stock Exchange
about Citigroup?s and the other firms? e-mail retention practices, Citigroup
and several other broker/dealers and the above regulatory agencies entered
into a settlement agreement in December 2002.  Salomon Smith Barney Inc. (now
Citigroup) agreed to pay a penalty in the amount of $1.65 million but did not
admit to any allegations of wrongdoing.

On April 28, 2003, Citigroup announced final agreements with the US
Securities and Exchange Commission, the National Association of Securities
Dealers, the New York Stock Exchange and the New York Attorney General (as
lead state among the 50 states, the District of Columbia and Puerto Rico) to
resolve on a civil basis all of their outstanding investigations into its
research and Initial Public Offering allocation and distribution practices
(the ?Research Settlement?).  As part of the Research Settlement, Citigroup
has consented to the entry of

(1)      an injunction under the Federal securities laws to be entered in the
United States District Court for the Southern District of New York, barring
Solomon Smith Barney (now Citigroup) from violating provisions of the Federal
securities laws and related National Association of Securities Dealers and
New York Stock Exchange rules relating to research, certain Initial Public
Offering allocation practices, the safeguarding of material nonpublic
information, and the maintenance of required books and records and requiring
Citigroup to adopt and enforce new restrictions on the operation of research;

(2)      an National Association of Securities Dealers Acceptance Waiver and
Consent requiring Citigroup to cease and desist from violations of
corresponding National Association of Securities Dealer rules and requiring
Citigroup to adopt and enforce the same new restrictions;

(3)      an New York Stock Exchange Stipulation and Consent requiring
Citigroup to cease and desist from violations of corresponding New York Stock
Exchange rules and requiring Citigroup to adopt and enforce the same new
restrictions; and

(4)      an Assurance of Discontinuance with the New York Attorney General
containing substantially the same or similar restrictions.

As required by the Research Settlement, Citigroup expects to enter into
related settlements with each of the other states, the District of Columbia
and Puerto Rico. Consistent with the settlement-in-principle announced in
December 2002, the Research Settlement requires Citigroup to pay $300 million
for retrospective relief, plus $25 million for investor education, and commit
to spend $75 million to provide independent third-party research to its
clients at no charge. Citigroup reached these final settlement agreements
without admitting or denying any wrongdoing or liability. The Research
Settlement does not establish wrongdoing or liability for purposes of any
other proceeding. The $300 million was accrued during the 2002 fourth
quarter.

To effectuate the Research Settlement, the US Securities and Exchange
Commission filed a Complaint and Final Judgment in the United States District
Court for the Southern District of New York.  The Court has not yet entered
the Final Judgment and the Court has asked for certain additional
information.  The National Association of Securities Dealers has accepted the
Letter of Acceptance, Waiver and Consent entered into with Citigroup in
connection with the Research Settlement, and in May 2003, the New York Stock
Exchange advised Citigroup that the Hearing Panel?s Decision, in which it
accepts the Research Settlement, has become final.  Citigroup is currently in
discussions with various states with respect to completion of the state
components of the Research Settlement.  Payment will be made in conformance
with the payment provision of the Final Judgment to be entered by the Court.

In May 2003, the US Securities and Exchange Commission, New York Stock
Exchange and National Association of Securities Dealers issued subpoenas and
letters to Citigroup requesting documents and information with respect to
their continuing investigation of individuals in connection with the
supervision of the research and investment banking department of Citigroup.

On June 23, 2003, the West Virginia Attorney General filed an action against
Citigroup and nine other firms that were parties to the Research Settlement.
The West Virginia Attorney General alleges that the firms violated the West
Virginia Consumer Credit and Protection Act in connection with their research
activities and seeks monetary penalties.

On July 28, 2003, Citigroup?s parent corporation, Citibank, N.A., 390
Greenwich Street, 5th Floor, New York, New York 10013 entered into a final
settlement with the US Securities and Exchange Commission to resolve an
outstanding investigation into Citigroup?s transactions with Enron and Dynegy
Inc.  Pursuant to the settlement, Citigroup has, among other terms,

(1) consented to the entry of an administrative cease and desist order, which
bars Citigroup from committing or causing violations of provisions of the
Federal securities laws, and

(2) agreed to pay $120 million ($101.25 million allocable to Enron and $18.75
million allocable to Dynegy).

Citibank, N.A. entered into this settlement without admitting or denying any
wrongdoing or liability, and the settlement does not establish wrongdoing or
liability for purposes of any other proceeding.

On July 28, 2003, Citibank, N.A. entered into an agreement with the United
States Office of the Comptroller of the Currency and Citigroup entered into
an agreement with the Federal Reserve Bank of New York to resolve their
inquiry into certain of Citigroup?s transactions with Enron.  Pursuant to the
agreements, Citibank and Citigroup have agreed to submit plans to the these
two regulators regarding the handling of complex structured finance
transactions.  Also on July 28, 2003, Citigroup entered into a settlement
agreement with the Manhattan District Attorney?s Office to resolve its
investigation into certain of Citigroup?s transactions with Enron.  Pursuant
to that settlement, Citigroup has agreed to pay $25.5 million and to abide by
its agreements with the US Securities and Exchange Commission, US Office of
the Comptroller of the Currency and Federal Reserve Bank of New York.

There are no other pending or threatened legal matters against Citigroup, its
parent or any principal or affiliate of any of them that are reportable.
Having said that, additional lawsuits containing similar claims to those
described above may be filed in the future.

As mentioned above, Citigroup does not believe that the foregoing matters are
material to the clearing and execution services it renders to the Fund.

The Registrant is not aware of any threatened or potential claims or legal
proceedings to which the Registrant is a party or to which any of its assets
are subject.

Item 4.  Submission of Matters to a Vote of Security Holders

Michael P. Pacult, individually and as the principal of the corporate General
Partner, makes all day to day decisions regarding the operation of the Fund.
The Limited Partners have not exercised any right to vote their Units and
there have been no matters which would cause the Fund to conduct a vote of
the Partners.  The Limited Partners, (sic the Security Holders), have no
right to participate in the management of the Partnership.  All of their
voting rights, as defined in the Partnership Agreement, are limited to the
selection of the General Partner, amendments to the Partnership Agreement,
and other similar decisions.

                                    PART II

Item 5.  Market for Registrant's Limited Partnership Units

The Fund desires to be taxed as a partnership and not as a corporation.  In
furtherance of this objective, the Partnership Agreement requires a security
holder to obtain the approval of the General Partner prior to the transfer of
any Units.  Accordingly, there is no trading market for the Fund Units and
none is likely to develop.  The Partners must rely upon the right of
Redemption provided in the Partnership Agreement to liquidate their interest.

The Fund has less than 300 holders of its securities.  Partners are required
to represent to the issuer that they are able to understand and accept the
risks of investment in a commodity pool for which no market will develop and
the right of redemption will be the sole expected method of withdrawal of
equity from the Fund.  See the Partnership Agreement attached as Exhibit A to
the Registration Statement, incorporated herein by reference, for a complete
explanation of the right of redemption provided to Partners.

Item 6.  Selected Financial Data

The Fund is not required to pay dividends or otherwise make distributions and
none are expected.  The Partners must rely upon their right of redemption to
obtain their return of equity after consideration of profits, if any, and
losses from the Fund.  See the Registration Statement, incorporated herein by
reference, for a complete explanation of the allocation of profits and losses
to a partner?s capital account.

Following is a summary of certain financial information for the Registrant
for the period from  January 1, 2003 to December 31, 2003.

                                                                  2003

Realized Gain (Loss) From Trading In Futures              $  102,824
Change in Unrealized Gains (Losses) on Open Contracts          1,046
Interest Income                                                3,464
Management Fees                                               59,107
Incentive Fees                                                10,179
Net Income (Loss)                                            (71,177)
General Partner Capital                                            0
Limited Partner Capital                                    1,036,900
Total Partnership Capital                                  1,036,900
Net Income (Loss) Per General Partner Unit                         0.00
Net Income (Loss) Per Limited Partner Unit                       (46.57)
Net Asset Value Per Unit At End of Year                          824.69

----------------

Item 7.  Management's Discussion and Analysis of Financial Condition and
Results of Operation.

The initial start-up costs attendant to the sale of Units by use of a
Prospectus which has been filed with the Securities and Exchange Commission
are substantial.  The results of the partial year 2000 and the years 2001,
2002 and 2003 reflect the absorption of these costs by the Fund.

The Partnership Agreement grants solely to the General Partner the right to
select the CTA and to otherwise manage the operation of the Fund.  See the
Registration Statement, incorporated by reference herein, for an explanation
of the operation of the Fund.

Item 8.  Financial Statements and Supplementary Data.

The Fund financial statements as of December 31, 2003, were prepared by James
Hepner, certified public accountant, 1824 N. Normandy, Chicago, IL 60635 and
were audited by Frank L. Sassetti & Co., Certified Public Accountants, 6611
West North Avenue, Oak Park, IL 60302, were sent to each Partner, and are
incorporated herein by reference and are provided in this Form 10-K.

Item 9.  Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure.

No disagreements with (i) the accountants identified in Item 8 above, (ii)
any other experts selected by the Fund  as disclosed in the ?Experts? section
of the Registration Statement, or (iii) the financial statements have
occurred since the formation of the pursuant to its Partnership Agreement
dated January 12, 1999 to the date of filing of this Form 10-K.

                                    Part III

Item 10.  Directors and Executive Officers of the Registrant

The Fund is a Delaware Limited Partnership which acts through its corporate
General Partner.  Accordingly, the Registrant has no Directors or Executive
Officers.

The General Partners of the Registrant are Belmont Capital Management,
Incorporated, a Delaware corporation, and Michael P. Pacult.  The General
Partners are both registered with the National Futures Association as
commodity pool operators pursuant to the Commodity Exchange Act, and Mr.
Michael Pacult, age 59, is the sole shareholder, director, registered
principal and executive officer of the corporate General Partner.  The
background and qualifications of Mr. Pacult are disclosed in the Registration
Statement, incorporated herein by reference.  Mr. Pacult is also a registered
representative with Futures Investment Company, the broker dealer which
conducts the ?best efforts? offering of the Units.

Mr. Pacult is also the principal of the corporate General Partner of two
other commodity pools: Atlas Futures Fund, Limited Partnership, a publicly
offered pool which commenced business in October, 1999; , and Providence
Select Fund, Limited Partnership, which is in registration and has not yet
commenced business.

Item 11.  Executive Compensation.

Although there are no executives in the Fund, the corporate General Partner
and certain persons Affiliated with the General Partners are paid
compensation that the Fund has elected to disclose on this Form 10-K.  As
described previously, the Fund now pays its General Partner fixed brokerage
commissions of four percent (4%) per year, payable monthly, to cover the cost
of the trades entered by the CTA in addition to an incentive fee of five
percent (5%) per year, payable quarterly, on New Net Profits earned by the
Fund.   The corporate General Partner retains the difference, if any, between
the cost to enter the trades and the four percent.

The selling agents earn a four percent (4%) annual continuing compensation
paid by the Fund to FIC, the Affiliated selling broker for service to
investors and retention of investment in the Fund.  All compensation is
disclosed in the Registration Statement, which is incorporated herein by
reference.

Item 12.  Security Ownership of Certain Beneficial Owners and Management.

(a) The following Partners own more than five percent (5%) of the total
equity of the Fund:

      Name                                   Percent Ownership

      Bill Ernst                                  7.87%
      Sterling Trust FBO Norman E. Spaulding      8.22%
      Sterling Trust FBO Ronald T. Rolley        19.79%

(b)  As of December 31, 2003, the General Partner expects to own only so many
Units of Limited Partnership Interests as are required to maintain the
partnership under Delaware law, for Federal tax purposes or any other
applicable law.

(c)  The Limited Partnership Agreement governs the terms upon which control
of the Fund may change.  No change in ownership of the Units will, alone,
determine the location of control.  The Limited Partners must have 120 days
advance notice and the opportunity to redeem prior to any change in the
control from the General Partner to another general partner.  Control of the
management of the Partnership may never vest in one or more Limited Partners.
A change in individual General Partner and control of the corporate General
Partner are described in Item 1 of this Form 10-K.

Item 13.  Certain Relationships and Related Transactions.

The General Partner has sole discretion over the selection of trading
advisors.  Belmont Capital Management, Inc., the corporate General Partner,
is paid a fixed commission for trades and, therefore, both General Partners
have a potential conflict in the selection of a CTA that makes few trades
rather than produces profits for the Fund.  This conflict and others are
fully disclosed in the Registration Statement, which is incorporated herein
by reference.

                                    Part IV

Item 14.  Exhibits, Financial Statement Schedules, and Reports on Form 8-K.

(a)   1. Financial Statements

      See Index to Financial Statements for the years ended December 31,
2003, 2002 and 2001.

      The Financial Statements begin on page F-1.

(b)   2. Financial Schedules

      Not applicable, not required, or included in the Financial Statements.

(c)   3. Exhibits.

Incorporated by reference from Form S-1, and all amendments at file No. 333-
61217 previously filed with the Washington, D. C. office of the Securities
and Exchange Commission.

(d)      Reports on Form 8-K:  Reports on Form 8-K filed on September 22,
2003 and November 10, 2003

(e)      Exhibits filed herewith:  none

(f)      Financial Schedules filed herewith:  not applicable, not required or
included with the financial statements

                                   SIGNATURES

Pursuant to the requirements of Section 13 or 15 (d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this Form 10-K for the
period ended December 31, 2003, to be signed on its behalf by the
undersigned, thereunto duly authorized.

Registrant:                     Bromwell Financial Fund, Limited Partnership

                                By Belmont Capital Management, Inc.
                                Its General Partner



Date: April 14, 2004          By: /s/ Michael P. Pacult
                                  Mr. Michael P. Pacult
                                  Sole Director, Sole Shareholder
                                  President and Treasurer



Date April 14, 2004           By: /s/ Michael P. Pacult
                                  Mr. Michael P. Pacult
                                  General Partner


*******************************************************************************

                  BROMWELL FINANCIAL FUND, LIMITED PARTNERSHIP
                        (A Delaware Limited Partnership)

                         INDEX TO FINANCIAL STATEMENTS

                            YEARS ENDED DECEMBER 31,

                              2003, 2002 AND 2001





                                                        Page

  Independent Auditors' Report                          F-2

  Financial Statements

  Balance Sheets                                        F-3

  Schedules of Investments                           F-4 - F-6

  Statements of Operations                              F-7

  Statements of Partners' Equity                        F-8

  Statements of Cash Flows                              F-9

  Notes to Financial Statements                     F-10 - F-15





























                                      F-1




                            Frank L. Sassetti & Co.

                          Certified Public Accountants







To The Partners

Bromwell Financial Fund, Limited Partnership

Dover, Kent County, Delaware



                          INDEPENDENT AUDITORS' REPORT

           We have audited the accompanying balance sheets, including the
schedules of investments, of BROMWELL FINANCIAL FUND, LIMITED PARTNERSHIP as
of December 31, 2003 and 2002, and the related statements of operations,
partners' equity and cash flows for each of the three years in the period
ended December 31, 2003.  These financial statements are the responsibility
of the Partnership's management.  Our responsibility is to express an opinion
on these financial statements based on our audits.

           We conducted our audits in accordance with auditing standards
generally accepted in the United States.  Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement.  An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements.  An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation.  We believe that our
audits provide a reasonable basis for our opinion.

           In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of BROMWELL
FINANCIAL FUND, LIMITED PARTNERSHIP as of December 31, 2003 and 2002, and the
results of its operations and its cash flows for each of the three years in
the period ended December 31, 2003, in conformity with accounting principles
generally accepted in the United States.



/s/ Frank L. Sassetti & Co.

February 3, 2004

Oak Park, Illinois







                6611 W. North Avenue * Oak Park, Illinois 60302

                  * Phone (708) 386-1433 * Fax (708) 386-0139

                                      F-2


                  BROMWELL FINANCIAL FUND, LIMITED PARTNERSHIP

                        (A Delaware Limited Partnership)

                                 BALANCE SHEETS

                           DECEMBER 31, 2003 AND 2002

                                     ASSETS

                                                  2003         2002

Equity in Commodity Futures Trading Accounts -

  Cash and cash equivalents                     $973,657    $1,578,725

  Net unrealized gains on open commodity

   futures contracts                              72,792        71,746

  Net unrealized gains on open commodity

   forward contracts                               7,369

                                               1,053,818     1,650,471

Cash                                              22,397        19,491

Accrued interest receivable                                      1,884

                                              $1,076,215    $1,671,846



                       LIABILITIES AND PARTNERS' CAPITAL

LIABILITIES

  Partner redemptions payable                     $7,405        $4,613

  Accrued trading commissions payable              3,132           987

  Accrued management fees payable                  9,323         6,007

  Accrued incentive fees payable                   9,455         2,751

  Other accrued liabilities                       10,000         7,500

        Total Liabilities                         39,315        21,858



PARTNERS' CAPITAL

  Limited partners ?

   (1,257.32 and 1,815.19 units)               1,036,900     1,649,988

  General partner - (0 units)

        Total Partners' Capital                1,036,900     1,649,988

                                              $1,076,215    $1,671,846











                  The accompanying notes are an integral part

                          Of the financial statements.

                                      F-3


                  BROMWELL FINANCIAL FUND, LIMITED PARTNERSHIP

                        (A Delaware Limited Partnership)

                            SCHEDULE OF INVESTMENTS

                               DECEMBER 31, 2003

Contracts                                                    Value  Percent

          United States Commodity Futures Positions, Held Long

2         Mar '04 Silver                                    $7,000    0.66%

4         Feb '04 Gold                                       8,320    0.79

2         Feb '04 Unleaded Gas                                  (8)  (0.00)

1         Mar '04 Soybeans                                     950    0.09

2         Mar '04 Soybean Meal                               1,380    0.13

3         Mar '04 Soybean Oil                                4,932    0.47

1         Mar '04 Euro FX                                    4,319    0.41

1         Mar '04 New Zealand Dollar                           950    0.09

3         Mar '04 British Pound                              9,862    0.94

1         Mar '04 Canadian Dollars                             500    0.05

2         Mar '04 Swiss Franc                                3,725    0.35

1         Mar '04 Japanese Yen                                (488)  (0.05)

2         Mar '04 Australian Dollar                          2,560    0.24

2         Mar '04 E-mini NASDAQ                              3,326    0.32

1         Mar '04 E-mini S&P 500                             2,572    0.24

2         Jan '04 Taiwan Stock Index                           640    0.06

            Total United States Commodity Futures Positions 50,540    4.79

          Swiss Commodity Futures Positions, Held Long

19        Jun '04 3 Month Euroswiss                          6,549    0.62

          Canadian Commodity Futures Positions, Held Long

8         Jun '04 3 Month Bankers Acceptance                 4,046    0.38

          Japanese Commodity Futures Positions, Held Long

19        Mar '04 Euroyen Tibor                                444    0.04

          British Commodity Futures Positions, Held Long

3         Mar '04 FTSE 100 Index                             7,179    0.68

          Australian Commodity Futures Positions, Held Long

6         Mar '04 SPI 200 Equity Index Futures               7,781    0.74

          European Commodity Futures Positions, Held Long

2         Jan '04 IBEX 35                                    7,200    0.68

          Total Commodity Futures Positions, Held Long      83,739    7.93

                  The accompanying notes are an integral part

                          of the financial statements.

                                      F-4

                  BROMWELL FINANCIAL FUND, LIMITED PARTNERSHIP

                        (A Delaware Limited Partnership)

                            SCHEDULE OF INVESTMENTS

                               DECEMBER 31, 2003

Contracts                                                    Value  Percent

          United States Commodity Futures Positions, Sold Short

2         Mar '04 Coffee                                   $(1,537)  (0.15)%

17        Mar '04 Sugar                                      2,666    0.25

7         Feb '04 Lean Hogs                                 (2,590)  (0.25)

            Total United States Commodity Futures Positions (1,461)  (0.15)

          British Commodity Futures Positions, Sold Short

1         Mar '04 Long Gilt                                 (4,373)  (0.41)

          Swedish Commodity Futures Positions, Sold Short

3         Mar '04 EUR/SEK FX Cross Forward                  (5,113)  (0.49)

            Total Commodity Futures Sold Short             (10,947)  (1.05)

          Net Commodity Futures Positions                   72,792    6.88

          United States Forward Positions, Held Long

5         Jan '04 Standard Lead                             10,937    1.04

8         Jan '04 Zinc                                       8,400    0.80

1         Jan '04 Copper                                     4,750    0.45

5         Jan '04 Aluminum                                   7,094    0.67

            Total United States Forward Positions, Held Long 31,181   2.96

          United States Forward Positions, Sold Short

2         Jan '04 Lead                                      (5,174)  (0.49)

6         Jan '04 Zinc                                      (9,600)  (0.91)

1         Jan '04 Copper                                    (5,475)  (0.52)

2         Jan '04 Aluminum                                  (3,563)  (0.34)

            Total Forward Positions Sold Short             (23,812)  (2.26)

          Net Forward Positions                              7,369    0.70

          Cash in Trading Accounts                         973,657   92.42

          Total Investments                             $1,053,818  100.00%





                  The accompanying notes are an integral part

                          of the financial statements.

                                      F-5



                  BROMWELL FINANCIAL FUND, LIMITED PARTNERSHIP

                        (A Delaware Limited Partnership)

                            SCHEDULE OF INVESTMENTS

                               DECEMBER 31, 2002



Contracts (All securities are from U.S. markets)            Value   Percent

          Commodity Futures Positions, Held Long

1         Mar '03 British Pounds                           $2,138     0.13%

3         Mar '03 Treasury Notes                            5,765     0.35

9         Mar '03 Euro Dollars                             11,463     0.69

2         Mar '03 European Currency Unit                   10,525     0.64

6         Mar '03 Swiss Francs                             29,700     1.80

3         Mar '03 US Dollar Index                          10,170     0.62

3         Mar '03 Cotton                                    1,305     0.08

5         Feb '03 New York Crude Oil                       17,400     1.05

2         Apr  '03 Platinum                                 1,240     0.08

            Total Commodity Futures Positions, Held Long   89,706     5.44

          Commodity Futures Positions Sold Short

4         Mar '03 Hi-Grade Copper                          (4,150)   (0.25)

4         Mar '03 Canadian Dollars                         (2,320)   (0.14)

3         Feb '03 Natural Gas                             (11,490)   (0.70)

            Total Commodity Futures Sold Short            (17,960)   (1.09)

          Net Commodity Futures Positions                  71,746     4.35

          Cash in Trading Accounts                      1,578,725    95.65

            Total Investments                          $1,650,471   100.00%



















                  The accompanying notes are an integral part

                          Of the financial statements.

                                      F-6


                  BROMWELL FINANCIAL FUND, LIMITED PARTNERSHIP

                        (A Delaware Limited Partnership)

                            STATEMENTS OF OPERATIONS

                  YEARS ENDED DECEMBER 31, 2003, 2002 AND 2001



                                                 2003      2002      2001

INVESTMENT AND OTHER INCOME

  Interest income                            $  3,464  $  6,435  $ 16,870

  Redemption penalty                              304     4,554     1,416

      Total Investment and Other Income         3,768    10,989    18,286

EXPENSES

  Commissions                                 150,080   207,515   179,143

  Management fees                              59,107    72,904    69,029

  Incentive fees                               10,179    62,248    12,893

  Professional accounting and legal fees       60,553    48,539    39,981

  Other operating and administrative expenses   1,957     1,428     1,092

      Total Expenses                          281,876   392,634   302,138

      Net Investment Income                  (278,108) (381,645) (283,852)

REALIZED AND UNREALIZED GAIN (LOSS)

 ON INVESTMENTS

  Realized gain/(loss) on trading futures    $102,824  $ 83,402  $106,053

  Realized gain/(loss) on exchange rate

   fluctuation                                   (294)

  Change in unrealized gain/(loss) on

   open commodity futures contracts             1,046    49,936   (31,224)

  Realized gain from trading options           95,986   201,197   176,809

  Change in unrealized gain/(loss) on

   forward contracts                            7,369   (26,775)  (13,225)

  Total Realized and Unrealized Gain (Loss)

   on Investments                             206,931   307,760   238,413

NET LOSS                                     $(71,177) $(73,885) $(45,439)

NET LOSS PER UNIT-

  Limited partnership unit                   $ (46.57) $ (41.70) $ (24.48)

  General partnership unit                   $         $







$

                  The accompanying notes are an integral part

                          Of the financial statements.

                                      F-7


                  BROMWELL FINANCIAL FUND, LIMITED PARTNERSHIP

                        (A Delaware Limited Partnership)

                        STATEMENTS OF PARTNERS' CAPITAL

                  YEARS ENDED DECEMBER 31, 2003, 2002 AND 2001

                                                                 TOTAL

                    LIMITED PARTNERS   GENERAL PARTNERS   PARTNERS' CAPITAL

                    Amount     Units    Amount   Units     Amount    Units

Balance -

 January 1, 2001    $1,718,208 1,766.04                  $1,718,208 1,766.04

Additions of

 244.29 units          238,080   244.29                     238,080   244.29

Syndication costs       (4,943)                              (4,943)

Redemptions of

 88.27 units           (70,267)  (88.27)                    (70,267)  (88.27)

Net loss               (45,439)                             (45,439)

Balance -

 December 31, 2001   1,835,639 1,922.06                   1,835,639 1,922.06

Additions of

 244.50 units          230,750   244.50                     230,750   244.50

Syndication costs      (18,337)                             (18,337)

Redemptions of

 351.37 units         (324,179) (351.37)                   (324,179) (351.37)

Net loss               (73,885)                             (73,885)

Balance -

 December 31, 2002   1,649,988 1,815.19                   1,649,988 1,815.19

Syndication costs      (14,050)                             (14,050)

Redemptions of

 557.87 units         (527,861) (557.87)                   (527,861) (557.87)

Net loss               (71,177)                             (71,177)

Balance -

 December 31, 2003  $1,036,900 1,257.32                  $1,036,900 1,257.32

                                Dec 31, 2003   Dec 31, 2002   Dec 31, 2001

Net value per partnership unit     $824.69        $908.99        $955.04

Total partnership units           1,257.32       1,815.19       1,922.06

                  The accompanying notes are an integral part

                          Of the financial statements.

                                      F-8


                  BROMWELL FINANCIAL FUND, LIMITED PARTNERSHIP

                        (A Delaware Limited Partnership)

                            STATEMENTS OF CASH FLOWS

                  YEARS ENDED DECEMBER 31, 2003, 2002 AND 2001





                                              2003        2002        2001

CASH FLOWS FROM OPERATING ACTIVITIES

  Net loss                                $  (71,177) $  (73,885) $  (45,439)

  Adjustments to reconcile net loss to

   net cash used in operating activities -

    Changes in operating assets and

     liabilities -

      Equity in Commodity Futures

       Trading Accounts                       (8,415)    (85,561)     30,049

      Prepaid commissions                                              3,677

      Accrued interest receivable              1,884        (762)        428

      Accrued management and incentive fees   10,020       1,913      (5,123)

      Other payables and accruals              4,645      (1,135)      1,681

          Net Cash Used In

           Operating Activities              (63,043)   (159,430)    (14,727)

CASH FLOWS FROM FINANCING ACTIVITIES

  Proceeds from sale of units, net

   of sales commissions                                  230,750     288,080

  Syndication costs                          (14,050)    (18,337)     (4,943)

  Partner redemptions                       (525,069)   (319,566)    (70,267)

          Net Cash Provided By (Used In)

           Financing Activities             (539,119)   (107,153)    212,870

NET INCREASE (DECREASE) IN CASH

  AND CASH EQUIVALENTS                      (602,162)   (266,583)    198,143

CASH AND CASH EQUIVALENTS

  Beginning of period                      1,598,216   1,864,799   1,666,656

  End of period                           $  996,054  $1,598,216  $1,864,799

End of period cash and cash equivalents

 consists of:

  Cash and cash equivalents in broker

   trading accounts                       $  973,657  $1,578,725  $1,825,664

  Cash                                        22,397      19,491      39,135

                                          $  996,054  $1,598,216  $1,864,799





                  The accompanying notes are an integral part

                          Of the financial statements.

                                      F-9


                  BROMWELL FINANCIAL FUND, LIMITED PARTNERSHIP

                        (A Delaware Limited Partnership)

                         NOTES TO FINANCIAL STATEMENTS

                        DECEMBER 31, 2003, 2002 AND 2001



1.    NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES

      Bromwell Financial Fund, Limited Partnership (the Fund) was formed
January 12, 1999 under the laws of the State of Delaware.  The Fund is
engaged in the speculative trading of futures contracts in commodities, which
commenced in July, 2000.  Belmont Capital Management, Inc. (Belmont)  and
Michael Pacult are the general partners and commodity pool operators (CPOs)
of the Fund.  The commodity trading advisor (CTA) is Fall River Capital, LLC
(previous to November 3, 2003, Ansbacher Investment Management, Inc. and
Mangin Capital Management, Inc. were the CTAs), which have the authority to
trade as much of the Fund's equity as is allocated to them by the General
Partner. The selling agent is Futures Investment Company (Futures), which is
controlled by Michael Pacult and his wife.

      Regulation - The Fund is a registrant with the Securities and Exchange
Commission (SEC) pursuant to the Securities and Exchange Act of 1934 (the
Act). The Fund is subject to the regulations of the SEC and the reporting
requirements of the Act. The Fund is also subject to the regulations of the
Commodities Futures Trading Commission (CFTC), an agency of the U.S.
government which regulates most aspects of the commodity futures industry,
the rules of the National Futures Association and the requirements of various
commodity exchanges where the Fund executes transactions. Additionally, the
Fund is subject to the requirements of futures commission merchants and
interbank market makers through which the Fund trades.

      Registration Costs - Costs incurred for the initial filings with the
Securities and Exchange Commission, Commodity Futures Trading Commission,
National Futures Association and the states where the offering was made were
accumulated, deferred and charged against the gross proceeds of offering at
the initial closing as part of the offering expenses.  The Fund remains open
to new partners and incurs costs required to retain the ability to issue new
units.  Such costs are treated in a similar manner.  Costs of recurring
annual and quarterly filings with regulatory agencies are expensed as
incurred.

      Revenue Recognition - Commodity futures contracts are recorded on the
trade date and are reflected in the balance sheet at the difference between
the original contract amount and the market value on the last business day of
the reporting period.

      Market value of commodity futures contracts is based upon exchange or
other applicable market best available closing quotations.

      Use of Accounting Estimates - The preparation of financial statements
in conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and reported amounts of revenues and
expenses during the reporting period.  Actual results could differ from these
estimates.

                                      F-10


                  BROMWELL FINANCIAL FUND, LIMITED PARTNERSHIP

                        (A Delaware Limited Partnership)

                         NOTES TO FINANCIAL STATEMENTS

                        DECEMBER 31, 2003, 2002 AND 2001

1.    NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

      Income Taxes - The Fund is not required to provide a provision for
income taxes. Income tax attributes that arise from its operations are passed
directly to the individual partners. The Fund may be subject to state and
local taxes in jurisdictions in which it operates.

      Statement of Cash Flows - For purposes of the Statement of Cash Flows,
the Fund considers only cash and money market funds to be cash equivalents.
Net cash used in operating activities includes no cash payments for interest
or income taxes.

      Reclassifications - Certain reclassifications have been made to the
2002 and 2001 financial statements to conform to the 2003 presentation.

      Foreign Currency Transactions - The Fund'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 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 at each month end.  Gains and losses resulting from the
translation to U.S. dollars are reported in income currently.

2.    GENERAL PARTNER DUTIES

      The responsibilities of the General Partner, in addition to directing
the trading and investment activity of the Fund, including suspending all
trading, include executing and filing all necessary legal documents,
statements and certificates of the Fund, retaining independent public
accountants to audit the Fund, employing attorneys to represent the Fund,
reviewing the brokerage commission rates to determine reasonableness,
maintaining the tax status of the Fund as a limited partnership, maintaining
a current list of the names, addresses and numbers of units owned by each
Limited Partner and taking such other actions as deemed necessary or
desirable to manage the business of the Partnership.

      If the daily net unit value of the partnership falls to less than 50%
of  the highest value earned through trading, then the General Partner will
immediately suspend all trading, provide all limited partners with notice of
the reduction and give all limited partners the opportunity, for fifteen days
after such notice, to redeem partnership interests. No trading will commence
until after the lapse of the fifteen day period.

3.    THE LIMITED PARTNERSHIP AGREEMENT

      The Limited Partnership Agreement provides, among other things, that:

      Capital Account - A capital account shall be established for each
partner.  The initial balance of each partner's capital account shall be the
amount of the initial contributions to the partnership.

                                      F-11


                  BROMWELL FINANCIAL FUND, LIMITED PARTNERSHIP

                        (A Delaware Limited Partnership)

                         NOTES TO FINANCIAL STATEMENTS

                        DECEMBER 31, 2003, 2002 AND 2001

3.    THE LIMITED PARTNERSHIP AGREEMENT - CONTINUED

      Monthly Allocations - Any increase or decrease in the Partnership's net
asset value as of the end of a month shall be credited or charged to the
capital account of each Partner in the ratio that the balance of each account
bears to the total balance of all accounts.

      Any distribution from profits or partners' capital will be made solely
at the discretion of the General Partners.

      Federal Income Tax Allocations - As of the end of each fiscal year, the
Partnership's realized capital gain or loss and ordinary income or loss shall
be allocated among the Partners, after having given effect to the fees and
expenses of the Fund.

      Subscriptions - Investors must submit subscription agreements and funds
at least five business days prior to month end. Subscriptions must be
accepted or rejected by the general partner within five business days. The
investor also has five business days to withdraw his subscription. Funds are
deposited into an interest bearing escrow account and will be transferred to
the Fund's account on the first business day of the month after the
subscription is accepted. Interest earned on the escrow funds will accrue to
the account of the investor.

      Redemptions - A limited partner may request any or all of his
investment be redeemed at the net asset value as of the end of a month. The
written request must be received by the general partner no less than ten
business days prior to a month end. Redemptions will generally be paid within
twenty days of the effective month end. However, in various circumstances due
to liquidity, etc. the general partner may be unable to comply with the
request on a timely basis. There are no fees for redemption.

4.    FEES

      Effective November 1, 2003, the Fund is charged the following fees:

      A management fee of 1% (annual rate) of the equity assigned to each
CTA, paid on a monthly basis and a 20% quarterly incentive fee on all new net
profits (as defined).

      A continuing service fee of 4% (annual rate) of the investment in the
Fund (as defined) will be paid to the selling agent.

      A $22 per round turn brokerage commission (from which brokerage
commissions will be paid to the futures commission merchant) and a 5%
quarterly incentive fee on all new net profits (as defined) will be paid to
the general partner.

      The General Partner has reserved the right to change the management fee
and the incentive fee at its sole discretion.

                                      F-12


                  BROMWELL FINANCIAL FUND, LIMITED PARTNERSHIP

                        (A Delaware Limited Partnership)

                         NOTES TO FINANCIAL STATEMENTS

                        DECEMBER 31, 2003, 2002 AND 2001



5.    RELATED PARTY TRANSACTIONS

      The Fund paid the following expenses to related parties during the
years ended December 31, 2003, 2002 and 2001:

                                            2003         2002         2001

      Management Fees - Belmont            $41,793      $54,070      $52,753

      Commission/Continuing Service Fees -

      Futures                              $95,059      $131,973    $113,263

      Financial Accounting Standards Board Interpretation No. 45, Guarantor's
Accounting and Disclosure Requirements for Guarantees, Including Indirect
Guarantees of Indebtedness of Others, identifies certain disclosures to be
made by a guarantor in its financial statements about its obligations under
certain guarantees that it has issued. In the normal course of business, the
Fund has provided general indemnifications to the General Partner, its CTA
and others when they act, in good faith, in the best interests of the Fund.
The Fund is unable to develop an estimate for future payments  resulting from
hypothetical claims, but expects the risk of having to make any payments
under these indemnifications to be remote.

6.    TRADING ACTIVITIES AND RELATED RISKS

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

      A certain portion of cash in trading accounts is pledged as collateral
for commodities trading on margin. 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.

      The amount of required margin with the broker and interbank market
makers is subject to management judgment, but should never fall below 10% of
the Net Asset Value. The cash deposited in trading accounts at December 31,
2003 and 2002 was $973,657 and $1,578,725, respectively, which equals
approximately 94% and 96% of Net Asset Value, respectively.









                                      F-13


                  BROMWELL FINANCIAL FUND, LIMITED PARTNERSHIP

                        (A Delaware Limited Partnership)

                         NOTES TO FINANCIAL STATEMENTS

                        DECEMBER 31, 2003, 2002 AND 2001



5.    TRADING ACTIVITIES AND RELATED RISKS- CONTINUED

      Trading in futures contracts involves entering into contractual
commitments to purchase or sell a particular commodity at a specified date
and price. The gross or face amount of the contract, which is typically many
times that of the Fund's net assets being traded, significantly exceeds the
Fund's future cash requirements since the Fund intends to close out its open
positions prior to settlement. As a result, the Fund is generally subject
only to the risk of loss arising from the change in the value of the
contracts. The market risk is limited to the gross or face amount of the
contracts held of $12,789,512 and $1,407,885 on long positions at December
31, 2003 and 2002, respectively. However, when the Fund enters into a
contractual commitment to sell commodities, it must make delivery of the
underlying commodity at the contract price and then repurchase the contract
at prevailing market prices or settle in cash. Since the repurchase price to
which a commodity can rise is unlimited, entering into commitments to sell
commodities exposes the Fund to unlimited potential risk.

      Market risk is influenced by a wide variety of factors including
government programs and policies, political and economic events, the level
and volatility of interest rates, foreign currency exchange rates, the
diversification effects among the derivative instruments the Fund holds and
the liquidity and inherent volatility of the markets in which the Fund
trades.

      The unrealized gains on open commodity futures contracts at December
31, 2003, and 2002 was $72,792 and $71,746, respectively.

      Open contracts generally mature within three months and as of December
31, 2003, the latest maturity date for open futures contracts is June, 2004.
However, the Fund intends to close all contracts prior to maturity.


      Credit risk is the possibility that a loss may occur due to the failure
of a counter party to perform according to the terms of a contract.

      The Fund has a substantial portion of its assets on deposit with
financial institutions. In the event of a financial institution's insolvency,
recovery of Fund deposits may be limited to account insurance or other
protection afforded deposits.

      The Fund has established procedures to actively monitor market risk and
minimize credit risk although there can be no assurance that it will succeed.
The basic market risk control procedures consist of continuously monitoring
open positions, diversification of the portfolio and maintenance of a
desirable margin-to-equity ratio. The Fund seeks to minimize credit risk
primarily by depositing and maintaining its assets at financial institutions
and brokers which it believes to be creditworthy.



                                      F-14


                  BROMWELL FINANCIAL FUND, LIMITED PARTNERSHIP

                        (A Delaware Limited Partnership)

                         NOTES TO FINANCIAL STATEMENTS

                        DECEMBER 31, 2003, 2002 AND 2001



7.    FINANCIAL HIGHLIGHTS

                                                        Year to Date

                                             2003    2002    2001    2000 (6)

    Performance per Unit (5)

      Net unit value, beginning of period    $908.99 $955.04 $972.92 $980.64

      Net realized and unrealized gains/losses

       on commodity transactions               97.66  169.37  123.33   48.00

      Investment and other income               2.47    6.20    9.72    3.98

      Expenses (1)                           (184.43)(221.62)(150.93) (59.70)

      Net increase (decrease) for the period  (84.30) (46.05) (17.88)  (7.72)

      Net unit value, end of period          $824.69 $908.99 $955.04 $972.92

    Net assets, end of period (000)           $1,037  $1,650  $1,836  $1,718

    Total return (3)                           (9.27)% (4.83)% (1.84)%(0.79)%

    Ratio to average net assets (4)

      Investment and other income               0.29%   0.60%   1.01%  1.10%

      Expenses (2)                            (10.16)%(10.16)% (5.79)%(9.46)%

    (1)      Includes brokerage commissions

    (2)      Excludes brokerage commissions

    (3)      Not annualized for periods less than one year

    (4)      Annualized for all periods

    (5)      Investment and other income and expenses is calculated using

             average number of units outstanding during the year. Net

             realized and unrealized gains/losses on commodity transactions

             is a balancing amount necessary to reconcile the change in net

             unit value.

    (6)      Period from July 1, 2000 (inception of trading) to December 31,

             2000. Beginning net unit value based on new subscriptions during

             period, net of syndication costs.









                                      F-15