SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______________ to ______________
Commission file number ____333-85755______
Belmont Financial Fund, Limited Partnership
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(Exact Name of Registrant as Specified in Its Charter)
Delaware 51-0387638
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(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
c/o Corporate Systems, 101 N. Fairfield Drive, Dover DE 19901
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(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code (219) 833-1505
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Former Name, Address and Fiscal Year, if Changed, Since Last Report
No such changes occurred
Indicate by check [X] whether the registrant (1)has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes [X] No [ ]
Part 1 - FINANCIAL INFORMATION
Item 1. Financial Statements.
The unaudited financial statements for the Registrant for the first quarter
ended March 31, 2000 are attached hereto and made a part hereof.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
The Registrant has filed for public registration on Form S-1 of 7,000 Units
of Limited Partnership Interests (the "Units") and has been declared
effective by the SEC as of March 16, 2000. No sales of Units have been made.
Upon sale of 700 Units, the Partnership intends to assign the proceeds from
the sale of Units to professional managers ("Commodity Trading Advisors" as
that term is defined by the Commodity Exchange Act, 7 U.S.C. S1, et seq.) to
engage in the business of trading commodities. All expenses have been paid
from (i) the proceeds of subscription to Units by the individual and
corporate General Partner and the principal of the corporate general partner,
who is also the sole limited partner, and (ii) the advance of expenses by the
corporate general partner and its Affiliates. The corporate general partner
will be reimbursed for the expenses advanced.
Sales of Units will commence at the price of $1,000 per Unit. The price was
determined by the General Partner and has no relationship to the current or
projected market value of the Units. All proceeds from the sale of Units
will be deposited into escrow and no operations will commence until the face
amount of $700,000 in Units is sold. After break of escrow and the
commencement of operations, Units will continue to be sold at the month end
market value after the addition of profits and deduction of losses and
expenses, including reserves for contingent claims, until a total of
$7,000,000 in Units are sold or the offering terminates. For complete
details, see the Registration Statement on file with the Securities and
Exchange Commission.
Part II - OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3. Defaults Upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Security Holders
None
Item 5. Other Information
None.
Item 6. Exhibits and Reports on Form 8-K
(a) None (b) No reports on Form 8-K
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-Q for the
period ended March 31, 2000, to be signed on its behalf by the undersigned,
thereunto duly authorized.
Registrant: Bromwell Financial Fund, Limited
Partnership
By Belmont Capital Management, Incorporated
Its General Partner
By: /s/ Shira Del Pacult
Ms. Shira Del Pacult
Sole Director, Sole Shareholder,
President, and Treasurer of the
General Partner
Date: May 12, 2000
BROMWELL FINANCIAL FUND, LIMITED PARTNERSHIP
(A Development Stage Enterprise)
STATEMENT OF FINANCIAL CONDITION
March 31, 2000
(unaudited)
ASSETS
Cash in Checking - Star Financial Bank $1,125
LIABILITIES AND PARTNERS' EQUITY
Liabilities:
Due to affiliate*
Partners' Capital -
Limited partners (1 unit)
Initial capital contribution 1,000
Deficit accumulated during development stage (214)
General partner (1 unit)
Initial capital contribution 1,000
Deficit accumulated during development stage (215)
Total Partners' Capital 1,125
Total Liabilities And Partners' Capital $1,125
* The Fund's individual general partner is a joint owner of Futures
Investment Company and this Company has funded the organizational and
offering costs incurred by the Fund to date. The Fund's obligation to pay
these expenses is contingent upon the sale of the Minimum in Units. See the
Prospectus dated March 16, 2000.
BROMWELL FINANCIAL FUND, LIMITED PARTNERSHIP
(A Development Stage Enterprise)
STATEMENT OF OPERATIONS
as of
March 31, 2000
REVENUES $________
Total Revenues $________
EXPENSES
Organizational costs*
Shipping expense 417
Bank charges 12
Total Expenses 429
NET LOSS $ (429)
NET LOSS -
Limited partnership unit $ (214)
General partnership unit $ (215)
* These costs are contingent upon the sale of a Minimum of at least $700,000
of partnership interests, offering costs of $47,000 will be paid from the
gross proceeds contributed and charged to the partners' capital accounts.
Subject to the above contingency, organizational costs are charged to expense
as incurred. Through March 31, 2000, the sum of $2,399 in organization costs
and $10,086 in offering costs have been advanced by an affiliate. These costs
have not been reflected in the financial statements because they will not be
reimbursed until and unless the Minimum offering amount is raised. The
expenditure of offering costs is continuing and, therefore, the total amount
of these costs has yet to be determined.
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<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> MAR-31-2000
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0
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