Risks and Important Considerations

Notes Regarding Website Usage

This website provides information about various alternative investment products (Investment Products) marketed by Altegris Investments, LLC. (Altegris) for which you meet certain qualifications. It is intended to provide you with information about those Investment Products and to educate you about the nature of the Investment Products Altegris offers to its clients and prospective clients. Altegris acts as a broker dealer or introducing broker in offering and selling the alternative investment products shown on this website. As such it is subject to various conflicts of interest including those described below. Altegris does not hold itself out as an investment adviser in connection with any of the information provided on this website and you and your advisers are responsible for selecting and analyzing the Investment Products you purchase and your individual allocations among those Investment Products. Not every Investment Product appearing on this website is necessarily suitable for investment by you, and therefore nothing appearing on this website should be construed as an offer to sell securities or as a solicitation for a managed futures account. No recommendation will be made before Altegris determines that you are suitable for a particular Investment Product based on the financial and other information you have provided to Altegris.

This website is intended for your exclusive use. You should not share the information on this website with any other parties.

Risks of Investing in 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, are not subject to the same regulatory requirements as mutual funds, often charge high fees, and in many cases the underlying investments are not transparent and are known only to the investment manager.

With respect to alternative investments, such as hedge funds and managed futures, in general, you should be aware that:

With respect to an investment in a hedge fund or managed futures fund, you should be aware that:

A hedge fund's Offering Memorandum or a money manager's Disclosure Document describes the various risks and conflicts of interest relating to an investment and to its operations. You should read those documents carefully to determine whether an investment is suitable for you in light of, among other things, your financial situation, need for liquidity, tax situation, and other investments.

Keep in mind that the past performance of any investment is not necessarily indicative of future results. You should only commit risk capital to any Investment Product. Alternative investment products, including hedge funds and managed futures, are not for everyone and entail risks that are different from more traditional investments. You should obtain investment and tax advice from your advisers before deciding to invest.

Certain Conflicts of Interest:

Before seeking any advisor's services or making an investment in a hedge fund or managed futures fund, investors must read and examine thoroughly the respective Disclosure Document or Offering Memorandum.

Altegris selected the Investment Products displayed on this website from the alternative Investment Products it markets and sells and for which it is paid. The universe of Investment Products is substantially larger than those offered by Altegris and contains other Investment Products that may offer lower fees, higher returns and/or lower risk. Some Investment Products shown on this website may be sponsored by Altegris or its affiliates and may be subject to various conflicts of interest and high fees, a portion of which will be paid to Altegris and its employees.

If you were referred to Altegris by John Mauldin through Millennium Wave Advisors, LLC (MWA) or Millennium Wave Securities, LLC, (MWS) (each of which do business as Millennium Wave Investments) please note the following:

John Mauldin is the President of MWA, which is an investment advisory firm registered with multiple states. John Mauldin is a registered representative of MWS, a FINRA registered broker-dealer, commodity pool operator (CPO), commodity trading advisor (CTA) and an introducing broker (IB) registered with the CFTC, and a member of the NFA in such capacities. Altegris pays MWS 1/3 of fees Altegris receives from funds it sells to clients referred to Altegris by MWS. Additionally, Altegris pays MWS up to 1/3 of the commodity brokerage commissions and interest income Altegris receives from managed futures accounts of clients referred to Altegris by MWS.

Information presented on this site has been obtained from sources that Altegris believes to be reliable. However, Altegris has not and cannot verify the accuracy of such information, and potential investors should be aware that such information is subject to change without notice.

Not all products and services described on this website are available in all jurisdictions, and certain investments may not be suitable for all investors. Certain investment products that are available to U.S. persons have not been registered with any federal or state regulator, and as a result are available only to certain qualified investors. Qualifications vary from product to product.

Any information on this website referring specifically to investment products offered by Altegris is only available to view by qualified persons with a username and password obtained by registering and qualifying. By registering you understand that Altegris may, at its sole discretion, send you information (electronically or otherwise) on various products it offers that it believes are suitable for you and you expressly consent thereto. You may notify Altegris in writing, at any time to remove your name from its product distribution list. The information on this website should not be construed as investment advice. You should obtain independent investment and tax advice before deciding to invest.

Past results are not indicative of future results. There is risk of loss when investing in managed futures or hedge funds.

The information contained in this website may not be reproduced, reorganized or used to create any financial product including an index. This information is for informational purposes only and is provided on an "as is" basis. The user assumes the entire risk of its use. Altegris and its affiliates expressly disclaim all warranties of originality, merchantability, of fitness for any particular purpose. Without limiting the foregoing, in no event will Altegris and its affiliates or employees have any liability in connection with the use by any person of the information or data presented in this website.

Important Information

The information herein is provided by the Altegris Fund's manager, general partner or managing member in connection with the offering of the Altegris Fund, and its formatting and presentation are drawn from materials, including the Altegris Fund's offering materials, previously reviewed and approved by the Altegris Fund's manager, general partner or managing member. No part of this presentation contains opinion or analysis of Altegris Investments, LLC, an affiliated broker dealer.