| ------------------------------------------------------------------------------------------------------------------------------------------------------- |
| DOCUMENT: | CL | 80 |
| Graham Capital Management |
| DATE: | 11/18/96 | FR PAGE: | N/A | PAGES: | 1 |
| ------------------------------------------------------------------------------------------------------------------------------------------------------- |
| ------------------------------------------------------------------------------------------------------------------------------------------------------- |
| DOCUMENT: | CL | 81 |
| ELM Financial |
| DATE: | 11/19/96 | FR PAGE: | N/A | PAGES: | 2 |
| ------------------------------------------------------------------------------------------------------------------------------------------------------- |
| ------------------------------------------------------------------------------------------------------------------------------------------------------- |
| DOCUMENT: | CL | 82 |
| National Futures Association |
| DATE: | 11/25/96 | FR PAGE: | N/A | PAGES: | 8 |
| ------------------------------------------------------------------------------------------------------------------------------------------------------- |