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, 2002
                                  --------------

                        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 and 2001 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.

The trades for the Fund are selected and placed with the futures commission
merchant, i.e., broker, for the account of the Fund by one or more commodity
trading advisors ("CTAs") selected by the General Partner of the Fund.
Initially, the Fund account was traded by solely Ansbacher Investment
Management, Inc. as the sole CTA.  As of September, 2000, approximately 30%
of the Fund's equity was allocated to Mangin Capital Management, Inc., CTA,
with the remaining 70% allocated to Ansbacher.  The books and records of the
CTAs are kept and are available for inspection by the Partners at their
office.  The CTAs are paid a management fee of one percent (1%) of the equity
assigned to them 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.  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.
The General Partner provides its management services for a management fee of
three percent (3%) per year payable at the rate of one-quarter of one percent
(1/4th of 1%) per month.

Futures Investment Company, an introducing broker which is Affiliated with
the General Partner, provides all clearing costs, including pit brokerage
fees, which include floor brokerage, NFA and exchange fees for eleven
twelfths of one percent (11/12 of 1%) of total equity per month [eleven
percent (11%) per year] on deposit at Vision Limited Partnership, the
independent futures commission merchant selected by the General Partner and
FIC to hold the money and place the trades selected by the CTA for the Fund.

The business of the Partnership is regulated by the Commodity Futures
Exchange Commission pursuant to the 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 Partnership, 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 at Vision Limited Partnership, One Whitehall Street, 15th floor, New
York, New York, 10004 or other registered futures commission merchants
selected by the General Partner.  Vision Limited Partnership is registered
with the National Futures Association pursuant to the Federal Commodity
Exchange Act as a commodity futures commission merchant.  The trading of
commodities is highly speculative and the Registrant is at unlimited risk of
loss, including the pledge of all of its assets, to the trades made on its
behalf by the commodity trading advisor or advisors in the commodity markets.


Item 3.  Legal Proceedings

There have been no legal proceedings against the Registrant, its General
Partner, or any of its Affiliates, directors or officers.  Neither the
commodity trading advisor nor the commodity futures commission merchant
selected by the Registrant have had any legal proceedings against them, any
of its Affiliates, directors or officers which would materially effect the
operation of the Registrant or its business, except as follows:

On December 31, 1997, the Business Conduct Committee of the NFA issued a two
count complaint against Vision Limited Partnership.  Count I alleges failure
to supervise and Count II alleges improper handling of one block order.
Vision denies the allegations and intends to vigorously defend the matter.

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

Shira Del 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
their 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 Partnership 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 of Partnership interest.  Accordingly,
there is no market for the 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 Partnership 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 Partnership.  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

Registrant 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 Partnership.  See the Registration Statement, incorporated
herein by reference, for a complete explanation of the allocation of profits
and losses to a partners capital account.

Following is a summary of certain financial information for the Registrant
for the period from  January 1, 2002 to December 31, 2002.

                                                                  2002

Realized Gain (Loss) From Trading In Futures                  $  59,656
Change in Unrealized Gains (Losses) on Open Contracts            49,936
Interest Income                                                   6,435
Management Fees                                                  72,904
Incentive Fees                                                   62,248
Net Income (Loss)                                               (73,885)
General Partner Capital                                               0
Limited Partner Capital                                       1,649,988
Total Partnership Capital                                     1,649,988
Net Income (Loss) Per General Partner Unit                            0
Net Income (Loss) Per Limited Partner Unit                       (41.70)
Net Asset Value Per Unit At End of Year                          908.99
----------------

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

The initial start-up costs attendant to the sale of partnership interests 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 and 2002 reflect the absorption of these costs by the Fund.

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

Item 8.  Financial Statements and Supplementary Data.

The Partnership financial statements as of December 31, 2002, 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 Partnership  as disclosed in the "Experts"
section of the Registration Statement, or (iii) the financial statements have
occurred since the formation of the Partnership on 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 Registrant 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 Ms. Shira Del Pacult.  The General
Partners are both registered with the National Futures Association as
commodity pool operators pursuant to the Commodity Exchange Act, and Ms.
Shira Del Pacult, age 46, is the sole shareholder, director, registered
principal and executive officer of the corporate General Partner.  The
background and qualifications of Ms. Pacult are disclosed in the Registration
Statement, incorporated herein by reference.  Ms. Pacult is also a registered
representative with Futures Investment Company, the broker dealer which will
serve as underwriter of the "best efforts" offering of the Units once sales
have commenced.

Ms. Pacult is also the principal of the general partner of three other
commodity pools: Fremont Fund, Limited Partnership, a publicly offered pool
which commenced business in November, 1996 and ceased operations in June,
2000; Atlas Futures Fund, Limited Partnership, a publicly offered pool which
commenced business in October, 1999; and Auburn Fund, Limited Partnership, a
privately offered pool which commenced business in April, 1997.

Item 11.  Executive Compensation.

The Registrant pays its General Partner a management fee of three percent
(3%) per year, payable monthly, to serve the Partnership in an executive
capacity.   All operating costs related to management of the Partnership,
including compensation to Ms. Pacult, are paid from that management fee.

Ms. Pacult also earns compensation from the sale of the Units through the
Affiliated selling broker and from the fixed commissions paid by the
Partnership to the Affiliated introducing broker.  The amounts paid to the
affiliated companies which results in compensation to Ms. Pacult are
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 partnership:

Name                                   Percent Ownership

Thomas G. Lyons & Audry M. Lyons            5.52%
Bill Ernst                                  5.57%
Norman E. Spaulding                         5.82%
Sterling Trust FBO Ernest Boyer            13.21%
Sterling Trust FBO Ronald T. Rolley        14.01%

(b)  As of December 31, 2002, the General Partner owned no Units of Limited
Partnership interests.

(c)  The Limited Partnership Agreement governs the terms upon which control
of the Partnership may change.  No change in ownership of the Units will,
alone, determine the location of control.  A vote of the limited partners is
required to change 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.  There were no changes in control of the
Partnership from inception to the date of the filing of this Form 10-K.

Item 13.  Certain Relationships and Related Transactions.

The General Partner has sole discretion over the selection of trading
advisors.  FIC, the Affiliated introducing broker is paid a fixed commission
for trades and, therefore, the General Partner has a potential conflict in
the selection of a trading advisor who makes few trades rather than produces
profits for the Partnership.  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 period ended December 31, 2002.

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:  none

(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, 2002, 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: March 27, 2003            By: /s/ Shira Del Pacult
                                Ms. Shira Del Pacult
                                Sole Director, Sole Shareholder
                                President and Treasurer


Date: March 27, 2003            By: /s/ Shira Del Pacult
                                Ms. Shira Del Pacult
                                General Partner


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



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

                                  YEARS ENDED
                        DECEMBER 31, 2002, 2001 AND 2000

                        (With Auditors' Report Thereon)





















                                GENERAL PARTNER:
                        Belmont Capital Management, Inc.
                           % Corporate Systems, Inc.
                           101 North Fairfield Drive
                       Dover, Kent County, Delaware 19901








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, 2002 and 2001, and the related
statements of operations, partners' equity and cash flows for the years ended
December 31, 2002, 2001 and 2000.  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,
2002 and 2001, and the results of its operations and its cash flows for the
years ended December 31, 2002, 2001 and 2000, in conformity with accounting
principles generally accepted in the United States.



Accountants:                            Frank L. Sassetti & Co.
                                        Certified Public Accountants


Date:   February 11, 2003               By: /s/ Frank L. Sassetti & Co.
                                        Frank L. Sassetti & Co.
                                        Certified Public Accountants


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

                                 BALANCE SHEETS

                           DECEMBER 31, 2002 AND 2001

                                     ASSETS



                                                       2002         2001


Cash (Note 5)                                     $   19,491     $   39,135
Accrued interest receivable                            1,884          1,122
Equity in Commodity Futures Trading Accounts -
  Cash (Note 6)                                    1,578,725      1,825,664
  Net unrealized gains on open commodity
   futures contracts (Note 7)                         71,746         21,810

                                                  $1,671,846     $1,887,731


                        LIABILITIES AND PARTNERS' EQUITY

LIABILITIES
  Open options, short positions, at market value
   (cost $0 and $62,400)                          $              $   35,625
  Partner redemptions payable                          4,613
  Accrued trading commissions payable                    987          3,872
  Accrued management fees payable                      6,007          6,845
  Accrued incentive fees payable                       2,751
  Accrued accounting fees payable                                     1,800
  Accrued auditing fees payable                        7,500          3,950

           Total Liabilities                          21,858         52,092


PARTNERS' CAPITAL
  Limited partners - (1,815.19 and 1,922.06 units) 1,649,988      1,835,639
  General partner - (0 units)

           Total Partners' Capital                 1,649,988      1,835,639

                                                  $1,671,846     $1,887,731








                  The accompanying notes are an integral part
                          of the financial statement


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

                            STATEMENTS OF OPERATIONS

                  YEARS ENDED DECEMBER 31, 2002, 2001 AND 2000



                                             2002        2001       2000


REVENUES
  Realized gain/(loss) on trading futures $   59,656 $   79,949  $  (25,297)
  Change in unrealized gain/(loss) on
   open commodity futures contracts           49,936    (31,224)     53,034
  Realized gain from trading options          62,712    112,105      15,594
  Change in unrealized gain/(loss) on
   open options                              (26,775)   (13,225)     40,000
  Interest income                              6,435     16,870       6,911
  Redemption penalty (Note 3)                  4,554      1,416

             Total Revenues                  156,518    165,891      90,242


EXPENSES
  Organization costs                                                  2,399
  Commissions (Note 4)                        45,284     88,335      44,218
  Management fees (Note 4)                    72,904     69,029      17,234
  Incentive fees (Note 4)                     62,248     12,893      21,651
  Professional accounting and legal fees      48,539     39,981      16,794
  Other operating and administrative
   expenses                                    1,428      1,092       1,350

             Total Expenses                  230,403    211,330     103,646

NET LOSS                                   $ (73,885) $ (45,439)  $ (13,404)

NET LOSS -
  Limited partnership unit                 $  (41.70) $  (24.48)  $  (14.58)

  General partnership unit                 $          $           $












                  The accompanying notes are an integral part
                          of the financial statement


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

                         STATEMENTS OF PARTNERS' EQUITY

                  YEARS ENDED DECEMBER 31, 2002, 2001 AND 2000

                    LIMITED PARTNERS  GENERAL PARTNERS TOTAL PARTNERS' EQUITY
                      Amount   Units   Amount   Units      Amount   Units
Balance -
Jan 1, 2000      $      777     1.00 $      777     1.00 $    1,554     2.00
Additions of
1,766.0394 units  1,810,270 1,766.04                      1,810,270 1,766.04
Syndication costs
(paid) allocated    (78,435)                223             (78,212)
Withdrawals of
2.00 units           (1,000)   (1.00)    (1,000)   (1.00)    (2,000)   (2.00)
Net loss            (13,404)                                (13,404)
Balance -
Dec 31, 2000      1,718,208 1,766.04                      1,718,208 1,766.04
Additions of
244.2891 units      238,080   244.29                        238,080   244.29
Syndication costs
(paid) allocated    (4,943)                                  (4,943)
Withdrawals of
88.2695 units      (70,267)   (88.27)                       (70,267)  (88.27)
Net loss           (45,439)                                 (45,439)
Balance -
Dec 31, 2001     1,835,639  1,922.06                      1,835,639 1,922.06
Additions of
244.5048 units     230,750    244.50                        230,750   244.50
Syndication costs
(paid) allocated   (18,337)                                 (18,337)
Withdrawals of
351.3689 units    (324,179)  (351.37)                      (324,179) (351.37)
Net loss           (73,885)                                 (73,885)
Balance -
Dec 31, 2002    $1,649,988  1,815.19                     $1,649,988 1,815.19

                               Dec 31, 2002      Dec 31, 2001   Dec 31, 2000

  Value per unit                $  908.99         $  955.04      $  972.92
  Total partnership units        1,815.19          1,922.06       1,766.04



                  The accompanying notes are an integral part
                          of the financial statement


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

                            STATEMENTS OF CASH FLOWS

                  YEARS ENDED DECEMBER 31, 2002, 2001 AND 2000



                                             2002        2001       2000

CASH FLOWS FROM OPERATING ACTIVITIES
  Net income (loss)                    $  544,463  $ (322,572) $1,190,337
CASH FLOWS FROM OPERATING ACTIVITIES
  Net loss                             $  (73,885) $  (45,439) $  (13,404)
  Adjustments to reconcile net loss to
   net cash provided by  (used in)
   operating activities -
    Changes in operating assets and
     liabilities -
      Equity in Commodity Futures
      Trading Accounts                    161,378    (145,039) (1,666,810)
      Prepaid commissions                               3,677      (3,677)
      Accrued interest receivable            (762)        428      (1,550)
      Accrued commissions payable          (2,885)       (734)      4,606
      Management and incentive
       fees payable                         1,913      (5,123)     11,968
      Accounting and auditing
       fees payable                         1,750       2,415       3,335

        Net Cash Provided By (Used In)
         Operating Activities              87,509    (189,815) (1,665,532)

CASH FLOWS FROM FINANCING ACTIVITIES
  Proceeds from sale of units, net
   of sales commissions                   230,750     288,080   1,760,270
  Syndication and registration costs      (18,337)     (4,943)    (78,212)
  Partner cash redemptions               (319,566)    (70,267)     (2,000)

        Net Cash Provided By (Used In)
         Financing Activities            (107,153)    212,870   1,680,058

NET INCREASE (DECREASE) IN CASH           (19,644)     23,055      14,526

CASH
  Beginning of period                      39,135      16,080       1,554

  End of period                        $   19,491  $   39,135  $   16,080






                  The accompanying notes are an integral part
                          of the financial statement


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

                            SCHEDULE OF INVESTMENTS

                               DECEMBER 31, 2002


Contracts                                                        Value

          United States Commodity Futures Positions, Held Long


    1     Mar '03 British Pounds                                 $    2,138
    3     Mar '03 Treasury Notes                                      5,765
    9     Mar '03 Euro Dollars                                       11,463
    2     Mar '03 European Currency Unit                             10,525
    6     Mar '03 Swiss Francs                                       29,700
    3     Mar '03 US Dollar Index                                    10,170
    3     Mar '03 Cotton                                              1,305
    5     Feb '03 New York Crude Oil                                 17,400
    2     Apr  '03 Platinum                                           1,240

            Total Commodity Futures Positions, Held Long             89,706

          Commodity Futures Positions Sold Short

    4     Mar '03 Hi-Grade Copper                                    (4,150)
    4     Mar '03 Canadian Dollars                                   (2,320)
    3     Feb '03 Natural Gas                                       (11,490)

            Total Commodity Futures Sold Short                      (17,960)

              Net Commodity Futures Positions                        71,746

          Cash in Trading Accounts      1,578,725

                Total Investments                                $1,650,471
















                  The accompanying notes are an integral part
                          of the financial statement


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

                            SCHEDULE OF INVESTMENTS

                               DECEMBER 31, 2001


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

           Commodity Futures Positions, Held Long

    2      March '02 British Pounds                            $      775
    3      March '02 Canadian Dollars                              (3,030)
    2      March '02 ECU                                           (1,800)
    2      March '02 US Dollar Index                                1,000
    5      March '02 Cotton                                        (6,025)
    2      April '02 Platinum                                       2,850
    2      March '02 Hi-Grade Copper                               (1,250)

               Total Commodity Futures Positions, Held Long        (7,480)

           Commodity Futures Positions Sold Short

    6      March '02 Treasury Bonds                                 8,250
    4      March '02 Treasury Notes                                 6,000
    4      March '02 Swiss Francs                                  (3,850)
    4      March '02 Japanese Yen                                  16,350
    2      Feb '02 Natural Gas                                      2,540

               Total Commodity Futures Sold Short                  29,290

           Net Commodity Futures Positions                         21,810

           Cash in Trading Accounts                             1,825,664

               Total Investments                               $1,847,474

           Securities Sold Short

               Options

    6      Calls Jan '02 S & P Index @ 1190                    $    7,050
    18     Calls Jan '02 S & P Index @ 1200                        13,950
    6      Puts  Jan '02 S & P Index @ 1015                         2,175
    6      Puts  Jan '02 S & P Index @ 1030                         2,550
    6      Puts  Jan '02 S & P Index @ 1050                         3,450
    6      Puts  Jan '02 S & P Index @ 1080                         6,450

               Total Options Sold short (proceeds $62,400)     $   35,625




                  The accompanying notes are an integral part
                          of the financial statement


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

                         NOTES TO FINANCIAL STATEMENTS

                        DECEMBER 31, 2002, 2001 AND 2000


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.  and Shira Pacult
are the general partners and commodity pool operators (CPOs) of Bromwell
Financial Fund, Limited Partnership.  The commodity trading advisors (CTAs)
are Ansbacher Investment Management, Inc. and Mangin, which have the
authority to trade so much of the Fund's equity as is allocated to them by
the General Partner.

      Income Taxes - In accordance with the generally accepted method of
presenting partnership financial statements, the financial statements do not
include assets and liabilities of the partners, including their obligation
for income taxes on their distributive shares of the net income of the Fund
or their rights to refunds on its net loss.

      Registration Costs - Costs incurred for the initial filings with the
Securities and Exchange Commission, Commodity Futures Trading Commission,
National Futures Association (the "NFA") 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.


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

                         NOTES TO FINANCIAL STATEMENTS

                        DECEMBER 31, 2002, 2001 AND 2000


1.    NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

      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.
As of the balance sheet dates, the Fund has no cash equivalents.  Net cash
used in operating activities includes no cash payments for interest or income
taxes for years ended December 31, 2002, 2001 or 2000 since the fund has no
debt nor does it pay federal income taxes.

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 net unit value of the partnership falls to less than 50% of the
greater of the original $1,000 selling price, less commissions and other
charges or such higher 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.

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.

      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.


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

                         NOTES TO FINANCIAL STATEMENTS

                        DECEMBER 31, 2002, 2001 AND 2000


3.    THE LIMITED PARTNERSHIP AGREEMENT - CONTINUED

      Allocation of Profit and Loss for Federal Income Tax Purposes - 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 of the General Partner and the Commodity
Trading Advisors and each Partner's share of such items are includable in the
Partner's personal income tax return.

      Redemption - No partner may redeem or liquidate any units until after
the lapse of six months from the date of the investment.  Thereafter, a
Limited Partner may withdraw, subject to certain restrictions, any part or
all of his units from the partnership at the net asset value per unit on the
last day of any month with ten days prior written request to the General
Partner.  A redemption fee payable to the Partnership of a  percentage of the
value of the redemption request is charged pursuant to the following
schedule:

      4% if such request is received ten days prior to the last trading day
of the month in which the redemption is to be effective from the sixth month
to the twelfth month after the date of the investment in the Fund.

      3% if such request is received during the next six month period.

      2% if such request is received during the next six month period.

      1% if such request is received during the next six month period.

      0% thereafter.

4.    FEES

      The Fund is charged the following fees on a monthly basis since the
commencement of trading.

      A management fee of 1% (annual rate) of the Fund's total assets
available for trading, allocated to each CTA to trade will be paid to each
CTA and 3% of the Fund's total assets available for trading,  allocated to
all CTA's will be paid to the Fund's Corporate General Partners.


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

                         NOTES TO FINANCIAL STATEMENTS

                        DECEMBER 31, 2002, 2001 AND 2000


4.    FEES - CONTINUED

      An incentive fee of 20% of "new trading profits" will be paid to each
CTA.  "New trading profits" includes all income earned by a CTA and expense
allocated to his activity.  In the event that trading produces a loss, no
incentive fees will be paid and all losses will be carried over to the
following months until profits from trading exceed the loss.  It is possible
for one CTA to be paid an incentive fee during a quarter of a year when the
Fund experienced a loss.

      The Fund will pay fixed commissions of 11% (annual rate) of assets
assigned to be traded, payable monthly, to the introducing broker affiliated
with the General Partners.  The Affiliated Introducing Broker will pay the
costs to clear the trades to the futures commission merchant and all PIT
Brokerage costs which shall include the NFA and exchange fees.

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

5.    CONCENTRATIONS OF CREDIT RISK

      The Fund maintains its cash balances at a high credit quality financial
institution.  The balances may, at times, exceed federally insured credit
limits.

6.    PLEDGED ASSETS

      The cash in trading accounts is pledged as collateral for commodities
trading on margin.

7.    OFF BALANCE SHEET RISK

      As discussed in Note 1, the Fund is engaged in speculative trading of
futures contracts in commodities.  The carrying amounts of the Fund's
financial instruments and commodity contracts generally approximate their
fair values at December 31.  Open commodity contracts had a gross contract
value of $1,407,885, $996,150 and $2,328,327 on long positions and
$3,320,582, $1,763,600 and $528,315 on short positions at December 31, 2002,
2001 and 2000 respectively.

      Although the gross contract values of open commodity contracts
represent market risk they do not represent exposure to credit risk, which is
limited to the current cost of replacing those contracts in a gain position.
The unrealized gains on open commodity futures contracts at December 31,
2002, 2001 and 2000 was $71,746, $21,810 and $53,034 respectively.