IMPORTANT RISKS ABOUT HEDGE FUNDS AND MANAGED FUTURES

WHEN CONSIDERING ALTERNATIVE INVESTMENTS, SUCH AS HEDGE FUNDS AND MANAGED FUTURES, YOU SHOULD CONSIDER VARIOUS RISKS INCLUDING THE FACT THAT SOME HEDGE FUND AND MANAGED FUTURES PRODUCTS USE LEVERAGE AND OTHER SPECULATIVE INVESTMENT PRACTICES THAT MAY INCREASE THE RISK OF INVESTMENT LOSS, CAN BE ILLIQUID, ARE NOT REQUIRED TO PROVIDE PERIODIC PRICING OR VALUATION INFORMATION TO INVESTORS, MAY INVOLVE COMPLEX TAX STRUCTURES AND DELAYS IN DISTRIBUTING IMPORTANT TAX INFORMATION AND ARE NOT SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS. ALTERNATIVE INVESTMENT PRODUCTS, INCLUDING HEDGE FUNDS, ARE NOT FOR EVERYONE AND ENTAIL RISKS THAT ARE DIFFERENT FROM MORE TRADITIONAL INVESTMENTS. YOU SHOULD OBTAIN INVESTMENT AND TAX ADVICE FROM YOUR ADVISORS BEFORE DECIDING TO INVEST. MANY ALTERNATIVE INVESTMENTS THAT INCLUDE HEDGE FUNDS AND MANAGED FUTURES ARE SUBJECT TO SUBSTANTIAL EXPENSES THAT MUST BE OFFSET BY TRADING PROFITS AND OTHER INCOME.

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