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: June 30, 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 8,040.938
____________________ _____________________________
Title of Class Outstanding at June 30, 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 $86.445 as of June
30, 1997 and $91.691 and $72.280 as of March 31, 1997 and
December 31, 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
June 30, 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: August 5, 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
June 30, 1997 December 31, 1996
(Unaudited)
ASSETS
Cash in bank $ 3,056 $ 3,010
Equity in commodity
futures trading account
Cash 751,739 696,283
Unrealized gain on
open commodity
futures contracts (19,450) 0
Interest receivable 2,321 2,289
__________ __________
$ 737,666 $ 701,582
__________ __________
__________ __________
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Short options $ 0 $ 0
Accrued management
and incentive fees 11,552 1,298
Accrued administrative
expenses 3,130 6,184
Accrued brokerage
commissions 588 0
Redemptions payable 27,297 63,078
__________ __________
Total Liabilities 42,567 70,560
__________ __________
Partners' Capital 695,099 631,022
__________ __________
737,666 701,582
__________ __________
__________ __________
Net Asset Value
per Unit $ 86.445 $ 72.280
__________ __________
__________ __________
Units Outstanding 8,040.938 8,730.203
__________ __________
__________ __________
OXFORD FUTURES FUND, LTD.
(A Colorado Limited Partnership)
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1997 AND 1996
(Unaudited)
1997 1996
REVENUES
Realized trading gains
(losses) $ 204,947 $ 2,639
Increase (decrease) in
unrealized trading gains (19,450) (191,061)
Interest 14,437 15,772
___________ ___________
199,934 (172,650)
___________ ___________
EXPENSES
Brokerage Commissions 9,653 18,126
Management fees 12,741 18,537
Incentive fees 52,025 0
Administrative 4,014 5,329
___________ ___________
78,433 41,992
___________ ___________
NET INCOME (LOSS) $ 121,501 $ (214,642)
___________ ___________
___________ ___________
Net Income (loss) per
Partnership Unit $ 14.165 $ (20.431)
___________ ___________
___________ ___________
OXFORD FUTURES FUND, LTD.
(A Colorado Limited Partnership)
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 1997 AND 1996
(Unaudited)
1997 1996
REVENUES
Realized trading gains
(losses) $ 88,676 $ 75,251
Increase (decrease) in
unrealized trading gains (120,092) (19,150)
Interest 8,328 7,412
___________ ___________
(23,088) 63,513
___________ ___________
EXPENSES
Brokerage Commissions 4,964 3,321
Management fees 6,441 5,745
Incentive fees 9,365 0
Administrative 1,959 2,860
___________ ___________
22,729 11,926
___________ ___________
NET INCOME (LOSS) $ (45,817) $ 51,587
___________ ___________
___________ ___________
Net Income (loss) per
Partnership Unit $ (5.246) $ 5.248
___________ ___________
___________ ___________
OXFORD FUTURES FUND, LTD.
(A Colorado Limited Partnership)
STATEMENTS OF CASH FLOWS
Increase (Decrease) in Cash
FOR THE SIX MONTHS ENDED JUNE 30, 1997 AND 1996
(Unaudited)
1997 1996
CASH FLOWS PROVIDED BY
OPERATING ACTIVITIES
Net Gain (Loss) $ 121,501 $ (214,642)
Adjustments to reconcile
net loss to net cash
provided by operating
activities
Commodity futures
trading account
cash (55,455) 113,817
Unrealized gain on
open commodity
futures contracts 19,450 182,551
Short Options 0 (3,160)
Interest receivable (32) 653
Accrued management and
incentive fees 10,254 (30,766)
Accrued expenses (3,055) (3,310)
Commissions payable 588 (4,715)
__________ __________
NET CASH PROVIDED BY
OPERATING ACTIVITIES 93,251 40,428
__________ __________
CASH FLOWS USED IN
FINANCING ACTIVITIES:
Limited partner
redemptions (93,204) (64,625)
__________ __________
NET INCREASE/DECREASE IN
CASH FOR THE PERIOD 47 24,197
CASH, BEGINNING OF PERIOD 3,010 (26,072)
__________ __________
CASH, END OF PERIOD $ 3,057 $ 1,875
__________ __________
__________ __________
OXFORD FUTURES FUND, LTD.
NOTES TO FINANCIAL STATEMENTS
1. The financial information for the six months ended June 30,
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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<CASH> 3,056
<SECURITIES> 732,289
<RECEIVABLES> 2,321
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 737,666
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 737,666
<CURRENT-LIABILITIES> 42,567
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 695,099
<SALES> 0
<TOTAL-REVENUES> 199,934
<CGS> 0
<TOTAL-COSTS> (78,433)
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 121,501
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 121,501
<EPS-PRIMARY> 14.165
<EPS-DILUTED> 0
</TABLE>
