-19-
Tandrill realized gains and losses in 1979 and 1980 from
commodity futures transactions, with respect to which Bache was the
broker, in the following amounts:
Net Gain/Loss Net Gain/Loss
Commodity 1979 1980
Silver ($1,402,729.30) $738,631.30
Gold ( 264,033.00) 207,874.60
T-Bill futures 199,502.00 (44,448.80)
Copper ( 105,440.00) (35,821.10)
Other --- (16,940.90)
Total (1,572,700.30) 849,295.10
In 1980, Tandrill entered into futures transactions in copper,
gold, sugar, Treasury bills, Treasury bonds, and GNMA's through
ACLI. Tandrill realized $749,143.50 in net losses with respect to
the commodity futures transactions. For example, on June 26-27,
1980, Tandrill entered into a "spread of a spread" involving GNMA
and Treasury bond contracts: (a) It purchased 30 March 1981 GNMA
contracts and sold 30 September 1981 GNMA contracts; and (b) it
purchased 30 September 1981 Treasury bond contracts and sold 30
14(...continued)
11/27/79 12/26/79 3 Dec. 80 Silver 29 87
11/14/79 11/21/79 10 Mar. 80 Copper 7 70
11/14/79 11/23/79 10 Mar. 80 Copper 9 90
11/21/79 12/03/79 10 July 80 Copper 12 120
11/23/79 12/03/79 10 July 80 Copper 10 100
11/26/79 12/13/79 20 July 80 Copper 17 340
11/26/79 12/19/79 20 July 80 Copper 23 460
11/26/79 12/07/79 20 Sept. 80 Copper 11 220
TOTALS 985 11,922
Average days per transaction 13.56
Average days per contract (11,922/985) 12.10
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