Note: All investments involve the risk of loss, including (among other things) loss of principal, a reduction in earnings (including interest, dividends and other distributions), and the loss of future earnings. The following risk factors do not purport to be a complete enumeration or explanation of the risks involved in an investment in IRF investment programs. With respect to Fund investments, please consult the IRF Disclosure Documents.

Certain IRF investment programs will be used to acquire leveraged trading positions. As a result, relatively small price movements may results in substantial losses to the assets allocated to such investment programs. While investment in such investment programs does offer the potential of high returns, it also involves a correspondingly high degree of risk and is only considered appropriate for sophisticated or professional investors who can afford the risks associated with trading in currencies and fixed income derivatives.

IRF investment programs will principally invest in a variety of currencies and therefore generally will not trade any other financial instruments. Since investments in IRF investment programs are comprised largely of foreign currency, it will be less diversified and may be more volatile than an account which trades a variety of instruments, the prices of which may be influenced by factors other than foreign exchange rate and interest rate movements.The Assets of IRF Programs Are Not Diversified.

Risk Management is by far the most important component of any trading strategy.  IRF could teach a monkey how to execute trades but the monkey would be lost when trying to determine how many contracts to trade.  IRF employs a Risk Management formula that is directly linked to capital appreciation.  A calculation is made before each trade to determine how many contracts can be engaged without assuming excessive risk.