The TACTICAL INSTITUTIONAL COMMODITY PROGRAM began trading in 1993. It is the current offering of the Tactical Commodity Trading Program which has continuously traded for clients since 1981. The Institutional Commodity Program has lower leverage and costs than our preliminary 1981-1999 offering but is otherwise identical. The program is based on capturing hedgers' risk premium in commodity and foreign exchange markets. It employs an extra long term, systematic methodology which frequently holds positions (with rolls) for more than a year. Physical commodity futures always make up over half the portfolio weighting. Performance includes interest income and is net of all fees and commissions.