LEAA'S ANTI-FENCING PROGRAM ENABLES LAW ENFORCEMENT AGENCIES TO CONDUCT UNDERCOVER OPERATIONS TO APPREHEND FENCES AND RECOVER STOLEN PROPERTY, AND DISRUPT STOLEN PROPERTY MARKETS. IN THESE OPERATIONS, OFFICERS POSE AS FENCES AND CONDUCT STOLEN PROPERTY TRANSACTIONS WITH FENCES AND THIEVES. BASED ON DATA COLLECTED THROUGH THE ANTI-FENCING PROGRAM REPORTING SYSTEM, THIS REPORT PRESENTS AN ANALYSIS OF THE SUBJECTS ENCOUNTERED IN THE SAMPLE OF ANTIFENCING OPERATIONS, EXAMINES THE IMPACT ON PROPERTY CRIMES IN THREE JURISDICTIONS WHERE OPERATIONS WERE HELD AND DESCRIBES THE STOLEN PROPERTY PURCHASED AND ITS VALUE AND DISPOSITION. IN THE APPENDIXES, A REPORT WRITTEN BY AN UNDERCOVER OPERATIVE EXPLAINS THE METHODOLOGY USED IN MEASURING THE IMPACT OF PROPERTY CRIMES (TIME-SERIES ANALYSIS) AND PRESENTS THE SUMMARY OF CRIME INDEX OFFENSES CLEARED BY ARREST FOR 1977. THE STUDY REVEALED THAT SUBJECTS WHO SELL STOLEN PROPERTY TO UNDERCOVER OPERATIVES ARE CONSIDERABLY OLDER THAN INDIVIDUALS ARRESTED NATIONALLY FOR PROPERTY CRIMES. NEARLY ONE IN FIVE OF THE SUBJECTS APPREHENDED OR IDENTIFIED HAVE BEEN CLASSIFIED AS A FENCE, AND MOST SUBJECTS HAVE A PRIOR ARREST RECORD AND MANY HAVE LENGTHY CRIMINAL HISTORIES. THE ANTIFENCING PROJECTS EXAMINED SHOWED DECREASES IN PROPERTY CRIME AT THEIR TERMINATION, BUT THE ASSUMPTION THAT THE IMPACT OF OPERATIONS IS MAXIMIZED AT TERMINATION MAY BE QUESTIONABLE SINCE ADJUDICATION AND SENTENCING TAKE PLACE OVER AN EXTENDED TIME PERIOD. PROPERTY RECOVERED BY UNDERCOVER AGENTS WAS BOUGHT FOR A SMALL PERCENTAGE OF ITS FAIR MARKET VALUE AND RANGED FROM SMALL AUTO PARTS TO EXPENSIVE ARTWORKS. REFERENCES PERTAINING TO TIME-SERIES ANALYSIS ARE INCLUDED. (DAG)