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FORM 10-Q
SECURITIES & EXCHANGE COMMISSION
WASHINGTON, DC 20549
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
For Quarter Ended: June 30, 2000
Commission File Number: 000-29945
The Oxbow Fund, LLC
New Jersey 22-09695
223 Wanaque Avenue
Pompton Lakes, New Jersey 07442
(973) 831-8020
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]
As of June 30, 2000, there were 2180 of the Limited Liability Company's Units,
at $100 per Unit, outstanding.
PART 1
Financial Information
Item 1. Financial Statements (unaudited)
The Oxbow Fund, LLC
Statement of Assets and Liabilities Quarter Ended: June 30, 2000
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ASSETS
<TABLE>
<CAPTION>
June 30, 2000
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(unaudited)
<S> <C>
CURRENT ASSETS
Cash $125,773
Prepaid expenses 9,207
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Total current assets $134,980
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</TABLE>
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LIABILITIES AND MEMBERS' DEFICIT
<TABLE>
<S> <C>
CURRENT LIABILITIES
Accounts payable $ 235,341
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Total current liabilities 235,341
MEMBERS' DEFICIT (100,361)
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$ 134,980
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</TABLE>
The Oxbow Fund, LLC
Statement of Operations Quarter Ended: June 30, 2000
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<TABLE>
<CAPTION>
June 30, 2000
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(unaudited)
<S> <C>
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REVENUE $ --
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EXPENSES
Legal fees 68,084
Accounting fees 6,995
Director's fees 8,000
Bank charges 14
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83,093
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NET LOSS (83,093)
MEMBERS' DEFICIT, beginning of period (135,268)
MEMBERS' CAPITAL CONTRIBUTION 118,000
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MEMBERS' DEFICIT, end of period $(100,361)
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</TABLE>
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The Oxbow Fund, LLC
Statement of Cash Flows Quarter Ended: June 30, 2000
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<TABLE>
<CAPTION>
June 30, 2000
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(unaudited)
<S> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (83,093)
Changes in assets and liabilities
Prepaid Expenses (9,207)
Accounts payable 79
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Net cash from operating activities (92,221)
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CASH FLOWS FROM FINANCING ACTIVITIES
Members' capital contribution 118,000
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Net cash from financing activities 118,000
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INCREASE IN CASH 25,779
CASH, beginning of period 99,994
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CASH, end of period $ 125,773
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</TABLE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
The Oxbow Fund, LLC (the "Fund") is a New Jersey limited liability company
organized on September 15, 1999. The Fund has elected to be regulated as a
business development company under the Investment Company Act of 1940, as
amended (the "Act"). The Fund will operate as a non-diversified closed-end
management investment company as defined in the Act.
The Fund's principal investment objective is to seek long-term capital
appreciation by investing primarily in securities of private U.S. companies,
although the Fund may make other types of investments.
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The Fund's Investment Manager is C.J.M. Asset Management, LLC (the "Investment
Manager"). Four Independent Directors and three persons affiliated with the
Investment Manager serve as Directors of the Fund. The Investment Manager is
responsible for the Fund's investments, subject to the supervision of the
Directors.
The Fund is offering up to 250,000 Units of ownership interests in the Fund in
an aggregate amount of up to $25,000,000 (the "Units"). The offering commenced
on June 13, 2000. There is no minimum offering amount. The Units are being
offered and sold through C.J.M. Planning Corp., a registered Broker-Dealer and
an affiliate of the Investment Manager. The offering will terminate on August
31, 2001, unless terminated earlier at the discretion of the Fund's Board of
Directors.
As of June 30, 2000 the Fund has not commenced investment operations.
The Fund's fiscal year-end is December 31. The Fund will continue until March
31, 2010, subject to the right of the Directors to extend the term for up to two
additional two-year periods.
Liquidity and Capital Resources
On March 1, 2000 the Investment Manager purchased 1,000 Units for $100,000. The
Company began the initial public offering of Units on June 13, 2000. As of June
30, 2000, the Company has accepted subscriptions for 1,180 Units in an aggregate
amount of $118,000. To date, the Fund received proceeds of $218,000 from sales
of investor units, of which $100,000 was from Investment Managers' capital
contributions.
Cash and cash equivalents at June 30, 2000, totaled $125,773. Future proceeds
from the sales of Units and operating cash reserves are expected to be adequate
to fund the Fund's operations.
Item 3. Quantitative and Qualitative Disclosure About Market Risk.
Not applicable
PART 2
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
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Item 5. Other Information
None.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits.
Exhibit No. (27.1) Financial Data Schedule (for EDGAR filing
purposes only).
(a) The following reports on Form 8-K were filed during the quarter
ended June 30, 2000.
None.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
The Oxbow Fund, LLC
a New Jersey limited partnership
By: /S/ Daniel D. Dyer Date: August 11, 2000
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Daniel D. Dyer, Chairman and
Chief Executive Officer
By: /S/ Joseph Musumeci Date: August 11, 2000
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Joseph Musumeci, Chief Financial Officer
and Vice President
