Tactical Investment Management Corp. Institutional Commodity Program *QEP*

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.

Year or YTD Program SP500 TR
2016 8.52 11.98
2015 0.46 1.41
2014 50.07 13.69
2013 -14.56 32.41
2012 1.03 15.98
2011 -27.90 2.12
2010 68.92 15.06
2009 20.02 26.45
2008 48.35 -36.99
2007 6.81 5.50
2006 24.26 15.79
2005 6.98 4.89
2004 8.03 10.87
2003 29.25 28.69
2002 34.58 -22.10
2001 16.24 -11.88
2000 32.73 -9.09
1999 -20.21 21.04
1998 12.96 28.58
1997 32.60 33.38
1996 31.12 22.96
1995 50.17 37.57
1994 -0.36 1.32
1993 27.97 5.47
Average 18.67 10.63
Manager Name: Tactical Investment Management Corp.
Address: P.O. Box 976
City: Haleiwa
State: HI
Zip: 96712
Country: USA

David S. Druz, MD is the President, the founder, the sole director and shareholder of Tactical Investment Management Corporation. He began managing his own personal commodity interest accounts in August 1975. He has been registered with the National Futures Association as a principal since March 1980. Dr. Druz was employed by Stotler & Company, a former Futures Commission Merchant, beginning in June, 1977 and worked intermittently on a contractual basis until June, 1980 to perform commodity market research for its research department while concurrently attending medical school. He founded Tactical in February 1980 and beginning in June, 1980 to the present he has performed commodity market research for the company. Dr. Druz received a bachelor’s degree in electrical engineering with emphasis in computer science from the University of Illinois in May, 1975 where he graduated first in his class with a 5.0 grade average. He received a medical doctor degree from Johns Hopkins School of Medicine in May, 1979 and subsequently pursued a dual career in futures investment analysis and in medicine. From July, 1979 through June, 1982 he did an emergency medicine residency and from July, 1982 through June, 1991 he worked as a board certified practicing emergency physician, all the while concurrently running Tactical Investment Management. In July, 1991, Dr. Druz left the practice of Emergency Medicine to devote his energies fully to Tactical Investment Management Corporation and his futures investment career. Dr. Druz is the market analyst, research programmer, and a principal of Tactical Investment Management Corporation. The Tactical Trading System used by the Advisor is his development.

Colleen Haviland is the Vice President and a principal of Tactical Investment Management since November 1991. She has been registered with the National Futures Association as an associated person of Tactical Investment Management since May, 1989. Ms. Haviland received a bachelor’s degree in business administration from the University of Hawaii in 1983. She is the office manager of Tactical Investment Management’s Hawaii branch and President of Tactical Investment Management Business Services Corporation where she has been employed since May, 1984. Tactical Investment Management Business Services Corporation is a Hawaii corporation organized on May 18, 1984. The main business activity of Tactical Investment Management Business Services Corporation is business services

Paul Brinkworth is the person responsible for trade placements and executions in all the markets traded by Tactical, a position he has held since 1984. He graduated from Southern Illinois University in 1983 with a bachelor’s degree in Agribusiness Economics.

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Peter Knight Advisor
Asset Investment Management


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