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, 1999 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 4,773.916
____________________ _____________________________
Title of Class Outstanding at September 30, 1999
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 $216.821 as of
September 30, 1999, $216.559 as of June 30, 1999 and $199.725 as of
March 31, 1999.
On October 11, 1999 Mark Aune, CTA resigned his position as one of
the Partnership's trading advisors. The assets formerly traded by
Aune will be allocated to the Partnership's other trading advisors.
The Partnership is unaware of any unusual or infrequent events or
transactions or significant economic changes which materially
affected income from operations.
Year 2000 Issue. The Partnership does not have any anticipated
cost, problems or uncertainties associated with the Year 2000
issue. The Partnership relies on its General Partner to provide
the Partnership with certain calculations and reports, so if the
Year 2000 issue is material to the General Partner, then it may
impact the Partnership. However, the Year 2000 issue is not
material for the General Partner since the administration software
is generally "off the shelf" and the General Partner has been
advised by the vendors of such software that it is either Year 2000
compliant or that updated versions which are Year 2000 compliant
will be available by the end of the first quarter of 1999. In
addition, the Partnerships Clearing Brokers are undergoing an
intensive review to determine what areas (if any) are not in
compliance with Year 2000, and expect to be in compliance prior to
the end of 1999. Neither the software replacement nor the
compliance review are expected to be material or to yield
noncompliance issues that are material.
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, 1999.
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: November 3, 1999 .
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, 1999 December 31, 1998
(Unaudited)
ASSETS
Cash in bank $ 350,481 $ 3,344
Equity in commodity
futures trading account
Cash 570,774 1,064,006
Unrealized gain on
open commodity
futures contracts 132,596 82,325
Interest receivable 1,750 3,112
__________ __________
$ 1,055,601 $ 1,152,787
__________ __________
__________ __________
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Short options $ 0 $ 0
Accrued management
and incentive fees 14,255 102,947
Accrued administrative
expenses 4,574 6,108
Accrued brokerage
commissions 1,687 317
Redemptions payable 0 39,149
__________ __________
Total Liabilities 20,516 148,521
__________ __________
Partners' Capital 1,035,085 1,004,266
__________ __________
1,055,601 1,152,787
__________ __________
__________ __________
Net Asset Value
per Unit $ 216.821 $ 196.973
__________ __________
__________ __________
Units Outstanding 4,773.916 5,098.505
__________ __________
__________ __________
OXFORD FUTURES FUND, LTD.
(A Colorado Limited Partnership)
STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
(Unaudited)
1999 1998
REVENUES
Realized tradings gains
(losses) $ 117,400 $ 355,791
Increase (decrease) in
unrealized trading gains 50,271 94,153
Interest 24,844 19,040
___________ ___________
192,515 468,984
___________ ___________
EXPENSES
Brokerage Commissions 25,054 19,507
Management fees 23,836 19,549
Incentive fees 39,795 70,535
Administrative 5,239 4,921
___________ ___________
93,924 114,512
___________ ___________
NET INCOME (LOSS) $ 98,591 $ 354,472
___________ ___________
___________ ___________
Net Income (loss) per
Partnership Unit $ 19.848 $ 54.426
___________ ___________
___________ ___________
OXFORD FUTURES FUND, LTD.
(A Colorado Limited Partnership)
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
(Unaudited)
1999 1998
REVENUES
Realized tradings gains
(losses) $ (13,883) $ 225,075
Increase (decrease) in
unrealized trading gains 33,621 111,680
Interest 8,132 6,430
___________ ___________
27,870 343,185
___________ ___________
EXPENSES
Brokerage Commissions 6,717 7,548
Management fees 7,894 7,243
Incentive fees 11,524 34,508
Administrative 1,574 1,607
___________ ___________
27,709 50,906
___________ ___________
NET INCOME (LOSS) $ 161 $ 292,279
___________ ___________
___________ ___________
Net Income (loss) per
Partnership Unit $ .262 $ 46.631
___________ ___________
___________ ___________
OXFORD FUTURES FUND, LTD.
(A Colorado Limited Partnership)
STATEMENTS OF CASH FLOWS
Increase (Decrease) in Cash
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
(Unaudited)
1999 1998
CASH FLOWS PROVIDED BY
OPERATING ACTIVITIES
Net Loss $ 98,591 $ 354,472
Adjustments to reconcile
net loss to net cash
provided by operating
activities
Commodity futures
trading account
cash 493,232 (189,961)
Unrealized gain on
open commodity
futures contracts (50,271) (94,153)
Short Options 0 0
Interest receivable 1,362 (684)
Accrued management and
incentive fees (88,692) 35,242
Accrued expenses (1,534) (1,508)
Commissions payable 1,370 (12)
__________ __________
NET CASH PROVIDED BY
OPERATING ACTIVITIES 454,058 103,396
__________ __________
CASH FLOWS USED IN
FINANCING ACTIVITIES:
Limited partner
redemptions (106,920) (103,070)
__________ __________
NET INCREASE/DECREASE IN
CASH FOR THE PERIOD 347,138 326
CASH, BEGINNING OF PERIOD 3,344 3,104
__________ __________
CASH, END OF PERIOD $ 350,482 $ 3,430
__________ __________
__________ __________
OXFORD FUTURES FUND, LTD.
NOTES TO FINANCIAL STATEMENTS
1. The financial information for the nine months ended September
30, 1999 and 1998 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, 1998.
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-31-1999
<PERIOD-END> SEP-30-1999
<CASH> 350,481
<SECURITIES> 703,370
<RECEIVABLES> 1,750
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1,055,601
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 1,055,601
<CURRENT-LIABILITIES> 20,516
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 1,035,085
<SALES> 0
<TOTAL-REVENUES> 192,515
<CGS> 0
<TOTAL-COSTS> (93,924)
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 98,591
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 98,591
<EPS-BASIC> 19.848
<EPS-DILUTED> 0
</TABLE>
