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"APM Funds (SM)" is a registered service mark and trade name ("dba") of Altegris Portfolio Management, Inc. (APM). APM is registered with the Commodity Futures Trading Commission (CFTC) as a commodity pool operator; is a member of the National Futures Association (NFA); and is a California-registered investment adviser. APM sponsors various privately offered commodity pools and hedge funds marketed under the APM Funds trade name. Altegris, an affiliate of APM, acts as a distributor of APM Funds. From its formation in 1985 through 2002, APM Funds was known as Rockwell Futures Management, Inc. Altegris is registered with the Securities and Exchange Commission as a broker-dealer; is a member of the Financial Industry Regulatory Authority; is registered with the CFTC as an introducing broker; and is a member of the NFA. APM, Altegris and their affiliates have a financial interest in and receive a portion of the fees and profits generated by APM Funds.

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Alternative investment products, including hedge funds and managed futures, involve a high degree of risk, often engage in leveraging and other speculative investment practices that may increase the risk of investment loss, can be highly 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 which may offset any trading profits, and in many cases the underlying investments are not transparent and are known only to the investment manager. Alternative investment performance can be volatile. An investor could lose all or a substantial amount of his or her investment. Often, alternative investment fund and account managers have total trading authority over their funds or accounts; the use of a single advisor applying generally similar trading programs could mean lack of diversification and, consequently, higher risk. There is often no secondary market for an investor's interest in alternative investments, and none is expected to develop. There may be restrictions on transferring interests in any alternative investment. Alternative investment products often execute a substantial portion of their trades on non-U.S. exchanges. Investing in foreign markets may entail risks that differ from those associated with investments in U.S. markets. Additionally, alternative investments often entail commodity trading, which involves substantial risk of loss.