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, 1998 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 5,702.451
____________________ _____________________________
Title of Class Outstanding at September 30, 1998
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 $135.592 as of
September 30, 1998, $88.961 as of June 30, 1998 and $112.678 as of
March 31, 1998.
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, 1998.
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 28, 1998 .
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, 1998 December 31, 1997
(Unaudited)
ASSETS
Cash in bank $ 3,430 $ 3,104
Equity in commodity
futures trading account
Cash 768,327 578,367
Unrealized gain on
open commodity
futures contracts 121,859 27,706
Interest receivable 2,592 1,908
__________ __________
$ 896,208 $ 611,085
__________ __________
__________ __________
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Short options $ 0 $ 0
Accrued management
and incentive fees 37,093 1,852
Accrued administrative
expenses 4,608 6,115
Accrued brokerage
commissions 2,202 2,214
Redemptions payable 79,096 16,210
__________ __________
Total Liabilities 122,999 26,391
__________ __________
Partners' Capital 773,209 584,694
__________ __________
896,208 611,085
__________ __________
__________ __________
Net Asset Value
per Unit $ 135.592 $ 81.166
__________ __________
__________ __________
Units Outstanding 5,702.451 7,203.691
__________ __________
__________ __________
OXFORD FUTURES FUND, LTD.
(A Colorado Limited Partnership)
STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
(Unaudited)
1998 1997
REVENUES
Realized tradings gains
(losses) $ 355,791 $ 209,418
Increase (decrease) in
unrealized trading gains 94,153 39,619
Interest 19,040 21,818
___________ ___________
468,984 270,855
___________ ___________
EXPENSES
Brokerage Commissions 19,507 16,754
Management fees 19,549 19,575
Incentive fees 70,535 75,586
Administrative 4,921 5,644
___________ ___________
114,512 117,559
___________ ___________
NET INCOME (LOSS) $ 354,472 $ 153,296
___________ ___________
___________ ___________
Net Income (loss) per
Partnership Unit $ 54.426 $ 18.154
___________ ___________
___________ ___________
OXFORD FUTURES FUND, LTD.
(A Colorado Limited Partnership)
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
(Unaudited)
1998 1997
REVENUES
Realized tradings gains
(losses) $ 225,075 $ 4,470
Increase (decrease) in
unrealized trading gains 111,680 59,069
Interest 6,430 7,381
___________ ___________
343,185 70,920
___________ ___________
EXPENSES
Brokerage Commissions 7,548 7,101
Management fees 7,243 6,833
Incentive fees 34,508 23,561
Administrative 1,607 1,630
___________ ___________
50,906 39,125
___________ ___________
NET INCOME (LOSS) $ 292,279 $ 31,795
___________ ___________
___________ ___________
Net Income (loss) per
Partnership Unit $ 46.631 $ 3.989
___________ ___________
___________ ___________
OXFORD FUTURES FUND, LTD.
(A Colorado Limited Partnership)
STATEMENTS OF CASH FLOWS
Increase (Decrease) in Cash
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
(Unaudited)
1998 1997
CASH FLOWS PROVIDED BY
OPERATING ACTIVITIES
Net Loss $ 354,472 $ 153,296
Adjustments to reconcile
net loss to net cash
provided by operating
activities
Commodity futures
trading account
cash (189,961) (13,003)
Unrealized gain on
open commodity
futures contracts (94,153) (39,619)
Short Options 0 0
Interest receivable (684) (50)
Accrued management and
incentive fees 35,242 24,479
Accrued expenses (1,508) (1,555)
Commissions payable (12) 1,267
__________ __________
NET CASH PROVIDED BY
OPERATING ACTIVITIES 103,396 124,815
__________ __________
CASH FLOWS USED IN
FINANCING ACTIVITIES:
Limited partner
redemptions (103,070) (124,745)
__________ __________
NET INCREASE/DECREASE IN
CASH FOR THE PERIOD 326 70
CASH, BEGINNING OF PERIOD 3,104 3,010
__________ __________
CASH, END OF PERIOD $ 3,430 $ 3,080
__________ __________
__________ __________
OXFORD FUTURES FUND, LTD.
NOTES TO FINANCIAL STATEMENTS
1. The financial information for the nine months ended September
30, 1998 and 1997 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, 1997.
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-31-1998
<PERIOD-END> SEP-30-1998
<CASH> 3,430
<SECURITIES> 890,186
<RECEIVABLES> 2,592
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 896,208
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 896,208
<CURRENT-LIABILITIES> 122,999
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 773,209
<SALES> 0
<TOTAL-REVENUES> 468,984
<CGS> 0
<TOTAL-COSTS> (114,512)
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 354,472
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 354,472
<EPS-PRIMARY> 54.426
<EPS-DILUTED> 0
</TABLE>
