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: March 31, 1997 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 Bergen Parkway, 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 8,555.442
____________________ _____________________________
Title of Class Outstanding at March 31, 1997
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 $91.691 as of March
31, 1997 and $72.280 and $77.236 as of December 31, 1996 and
September 30, 1996 respectively.
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
March 31, 1997.
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: April 28, 1997 .
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
March 31, 1997 December 31, 1996
(Unaudited)
ASSETS
Cash in bank $ 3,033 $ 3,010
Equity in commodity
futures trading account
Cash 726,902 696,283
Unrealized gain on
open commodity
futures contracts 103,767 -
Interest receivable 1,568 2,289
__________ __________
$ 835,270 $ 701,582
__________ __________
__________ __________
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Short options $ 0 $ 0
Accrued management
and incentive fees 45,061 1,298
Accrued administrative
expenses 4,634 6,184
Accrued brokerage
commissions 1,116 0
Redemptions payable 0 63,078
__________ __________
Total Liabilities 50,811 70,560
__________ __________
Partners' Capital 784,459 631,022
__________ __________
835,270 701,582
__________ __________
__________ __________
Net Asset Value
per Unit $ 91.691 $ 72.280
__________ __________
__________ __________
Units Outstanding 8,555.442 8,730.203
__________ __________
__________ __________
OXFORD FUTURES FUND, LTD.
(A Colorado Limited Partnership)
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
REVENUES
Realized tradings gains
(losses) $ 116,271 $ (72,612)
Increase (decrease) in
unrealized trading gains 100,642 (171,911)
Interest 6,109 8,360
___________ ___________
223,022 (236,163)
___________ ___________
EXPENSES
Brokerage Commissions 4,689 14,805
Management fees 6,300 12,792
Incentive fees 42,660 0
Administrative 2,055 2,469
___________ ___________
55,704 30,066
___________ ___________
NET INCOME (LOSS) $ 167,318 $ (266,229)
___________ ___________
___________ ___________
Net Income (loss) per
Partnership Unit $ 19.411 $ (25.679)
___________ ___________
___________ ___________
OXFORD FUTURES FUND, LTD.
(A Colorado Limited Partnership)
STATEMENTS OF CASH FLOWS
Increase (Decrease) in Cash
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
CASH FLOWS PROVIDED BY
OPERATING ACTIVITIES
Net Gain (Loss) $ 167,318 $ (266,229)
Adjustments to reconcile
net loss to net cash
provided by operating
activities
Commodity futures
trading account
cash (30,618) 160,076
Unrealized gain (loss)
on open commodity
futures contracts (98,942) 168,460
Long Options (4,825) 0
Short Options 0 (4,014)
Interest receivable 721 857
Accrued management and
incentive fees 43,762 (28,660)
Accrued expenses (1,550) (2,367)
Commissions payable 1,116 (1,791)
__________ __________
NET CASH PROVIDED BY
OPERATING ACTIVITIES 76,982 26,332
__________ __________
CASH FLOWS USED IN
FINANCING ACTIVITIES:
Limited partner
redemptions (76,959) (50,542)
__________ __________
NET INCREASE/DECREASE IN
CASH FOR THE PERIOD 23 (24,210)
CASH, BEGINNING OF PERIOD 3,010 26,072
__________ __________
CASH, END OF PERIOD $ 3,033 $ 1,862
__________ __________
__________ __________
OXFORD FUTURES FUND, LTD.
NOTES TO FINANCIAL STATEMENTS
1. The financial information for the three months ended March 31,
1997 and 1996 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, 1996.
OXFORD FUTURES FUND, LTD.
INDEX TO EXHIBITS
FINANCIAL DATA SCHEDULE EX-27
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1997
<CASH> 3,033
<SECURITIES> 830,669
<RECEIVABLES> 1,568
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 835,270
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 835,270
<CURRENT-LIABILITIES> 50,811
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 784,459
<SALES> 0
<TOTAL-REVENUES> 223,022
<CGS> 0
<TOTAL-COSTS> (55,704)
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 167,318
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 167,318
<EPS-PRIMARY> 19.411
<EPS-DILUTED> 0
</TABLE>
