SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
For quarter ended: September 30, 1996 Commission File: 0-16166
Oxford Futures Fund, Ltd.
____________________________________________________
(Exact name of Registrant as specified in its charter)
Colorado 84-1037525
____________________________ _______________________________
(State or other jurisdiction (IRS Employer Identification No.)
incorporation or organization)
1202 Highway 74, Suite 212
Evergreen, Colorado 80439
_______________________________________ __________
(Address of principal executive offices) (Zip Code)
Registrant's telephone no., including area code: (303) 674-1328
_____________
Not Applicable
__________________________________________________
Former name, former address and formal fiscal year,
if changed since last report
Indicate by check mark whether the Registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the Registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past 90 days.
Yes {x} No { }
Units of Limited
Partnership Interest 9,737.254
____________________ _____________________________
Title of Class Outstanding at September 30, 1996
PART I--FINANCIAL INFORMATION
Item 1. Financial Statements
The statement of financial condition, statement of income and
statement of cash flows are filed as part of this report
immediately following the signature page.
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
Liquidity. All of the Partnership's assets are held in cash with
its clearing broker or other financial institutions. A portion of
the cash held by the broker is used to margin the Partnership's
futures trading. The Partnership's broker pays the Partnership
interest monthly on 80% of the Partnership's assets on deposit with
it at 100% of the average 90 day U.S. Treasury Bill rate for such
month.
Capital Resources. The Partnership does not have any commitments
for capital expenditures and does not project any capital
expenditures. All of its assets are committed to trading futures
contracts pursuant to the trading advice of an independent
commodity trading advisor.
Results of Operations. The Partnership's business is the
speculative trading of commodity futures and options contracts and,
possibly in the future, other commodity interests. The
profitability of the Partnership is based on its advisors' ability
to correctly anticipate market trends in the commodities traded
using their trading system and methodology.
The Partnership's Net Asset Value per Unit was $77.236 as of
September 30, 1996, $75.362 as of June 30, 1996 and $70.114 as of
March 31, 1996.
The Partnership is unaware of any unusual or infrequent events or
transactions or significant economic changes which materially
affected income from operations.
PART II--OTHER INFORMATION
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
No reports on Form 8-K have been filed during the quarter ended
September 30, 1996.
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.
Date: October 18, 1996 .
OXFORD FUTURES FUND, LTD.
By: Rockwell Futures Management, Inc.
one of its General Partners
/s/ Robert J. Amedeo
By: _________________________________
Robert J. Amedeo, President
and Chief Executive Officer
/s/ John L. Conner, Sr.
By: _________________________________
John L. Conner, Sr.
Secretary-Treasurer, Director
and Chief Financial Officer
OXFORD FUTURES FUND, LTD.
(A Colorado Limited Partnership)
STATEMENTS OF FINANCIAL CONDITION
September 30, 1996 December 31, 1995
(Unaudited)
ASSETS
Cash in bank $ 2,989 $ 26,072
Equity in commodity
futures trading account
Cash 756,939 867,665
Unrealized gain on
open commodity
futures contracts 2,970 175,313
Interest receivable 2,563 3,147
__________ __________
$ 765,461 $ 1,072,197
__________ __________
__________ __________
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Short options $ 6,000 $ 8,400
Accrued management
and incentive fees 2,463 32,240
Accrued administrative
expenses 4,755 6,587
Accrued brokerage
commissions 181 4,895
Redemptions payable 0 11,953
__________ __________
Total Liabilities 13,399 64,075
__________ __________
Partners' Capital 752,062 1,008,122
__________ __________
765,461 1,072,197
__________ __________
__________ __________
Net Asset Value
per Unit $ 77.236 $ 95.793
__________ __________
__________ __________
Units Outstanding 9,737.254 10,523.966
__________ __________
__________ __________
OXFORD FUTURES FUND, LTD.
(A Colorado Limited Partnership)
STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
REVENUES
Realized tradings gains
(losses) $ 9,418 $ (279,205)
Increase (decrease) in
unrealized trading gains (177,243) (77,104)
Interest 23,490 42,242
___________ ___________
(144,335) (314,067)
___________ ___________
EXPENSES
Brokerage Commissions 20,890 53,229
Management fees 23,063 56,416
Incentive fees 950 716
Administrative 7,084 9,064
___________ ___________
51,987 119,425
___________ ___________
NET INCOME (LOSS) $ (196,322) $ (433,492)
___________ ___________
___________ ___________
Net Income (loss) per
Partnership Unit $ (18.557) $ (36.125)
___________ ___________
___________ ___________
OXFORD FUTURES FUND, LTD.
(A Colorado Limited Partnership)
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
REVENUES
Realized tradings gains
(losses) $ 6,779 $ (232,551)
Increase (decrease) in
unrealized trading gains 13,818 82,172
Interest 7,718 11,458
___________ ___________
28,315 (138,921)
___________ ___________
EXPENSES
Brokerage Commissions 2,764 17,869
Management fees 4,526 15,948
Incentive fees 950 0
Administrative 1,755 2,998
___________ ___________
9,995 36,815
___________ ___________
NET INCOME (LOSS) $ 18,320 $ (175,736)
___________ ___________
___________ ___________
Net Income (loss) per
Partnership Unit $ 1.874 $ (15.218)
___________ ___________
___________ ___________
OXFORD FUTURES FUND, LTD.
(A Colorado Limited Partnership)
STATEMENTS OF CASH FLOWS
Increase (Decrease) in Cash
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
CASH FLOWS PROVIDED BY
OPERATING ACTIVITIES
Net Loss $ (196,322) $ (433,492)
Adjustments to reconcile
net loss to net cash
provided by operating
activities
Commodity futures
trading account
cash 110,726 562,570
Unrealized gain on
open commodity
futures contracts 172,343 80,542
Short Options (2,400) 5,063
Interest receivable 584 2,604
Accrued management and
incentive fees (29,776) (12,016)
Accrued expenses (1,832) (1,990)
Commissions payable (4,715) (2,241)
__________ __________
NET CASH PROVIDED BY
OPERATING ACTIVITIES 48,608 201,040
__________ __________
CASH FLOWS USED IN
FINANCING ACTIVITIES:
Limited partner
redemptions (71,692) (167,017)
__________ __________
NET INCREASE/DECREASE IN
CASH FOR THE PERIOD (23,084) 34,023
CASH, BEGINNING OF PERIOD 26,072 9,366
__________ __________
CASH, END OF PERIOD $ 2,988 $ 43,389
__________ __________
__________ __________
OXFORD FUTURES FUND, LTD.
NOTES TO FINANCIAL STATEMENTS
1. The financial information for the nine months ended September
30, 1996 and 1995 is unaudited. However, in the opinion of the
Partnership's management, they contain all adjustments (which
consist solely of normal recurring adjustments) necessary for a
fair presentations.
It is assumed that users of the interim financial information have
read or have access to the Partnership's audited financial
statements for the year ended December 31, 1995.
OXFORD FUTURES FUND, LTD.
INDEX TO EXHIBITS
FINANCIAL DATA SCHEDULE EX-27
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<CASH> 2,989
<SECURITIES> 759,909
<RECEIVABLES> 2,563
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 765,461
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 765,461
<CURRENT-LIABILITIES> 13,399
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 752,062
<TOTAL-LIABILITY-AND-EQUITY> 765,461
<SALES> 0
<TOTAL-REVENUES> (144,335)
<CGS> 0
<TOTAL-COSTS> (51,987)
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (196,322)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (196,322)
<EPS-PRIMARY> (18.557)
<EPS-DILUTED> 0
</TABLE>
