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What is an Accredited Investor?

Accredited investors within the meaning of Rule 501(a) promulgated under the U.S. Securities Act of 1933, as amended.

An accredited investor is one of the following:

• A natural person who (a) has a current net worth, individually or jointly with one's spouse, in excess of $1,000,000 or (b) has had an individual income in excess of $200,000 in each of the two most recent years, or joint income with one's spouse in excess of $300,000, and reasonably expects to earn the same level of income in the current year.

• A bank as defined in Section 3(a)(2) of the US Securities Act of 1933, as amended (the"Act").

• A savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Act.

• A broker or dealer registered pursuant to Section 15 of the US Securities Act of 1934, as amended.

• An insurance company as defined in Section 2(13) of the Act.

• An investment company registered under the US Investment Company Act of 1940, as amended (the "Investment Company Act").

• A business development company as defined in Section 2(a)(48) of the Investment Company Act.

• A small business investment company licensed by the United States Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958, as amended.

• A plan established and maintained by a state, it's political subdivisions, or any agency or instrumentality of a state or it's political subdivisions, for the benefit of it's employees which plan has total assets in excess of $5,000,000.

• An employee benefit plan within the meaning of the US Employment Retirement Income Security Act of 1974, as amended ("ERISA"), if the investment decision is made by a plan fiduciary, as defined in Section 3(21) of ERISA, which is either a bank, savings and loan association, insurance company or registered investment adviser or an employee benefit plan that has total assets in excess of $5,000,000 or, if the plan is self-directed, with investment decisions made solely by persons who are accredited investors.

• A private business development company as defined in Section 202(a)(22) of the US Investment Advisers Act of 1940, as amended.

• An organization described in Section 501(c)(3) of the US Internal Revenue Code of 1986, as amended, a corporation, a Massachusetts or similar business trust or a partnership, not formed for the specific purpose of acquiring the securities which may be offered through, with total assets in excess of $5,000,000.

John Mauldin is the President of Millennium Wave Advisors, LLC (MWA) which is an investment advisory firm registered with multiple states. MWA is also a Commodity Pool Operator (CPO) and a Commodity Trading Advisor (CTA) registered with the CFTC, as well as an Introducing Broker (IB). John Mauldin is a registered representative of Millennium Wave Securities, LLC, (MWS) an NASD registered broker-dealer. Millennium Wave Investments is a dba of MWA LLC and MWS LLC. Funds recommended by Mauldin may pay a portion of their fees to Altegris Investments who will share 1/3 of those fees with MWS and thus to Mauldin. For more information please see "How does it work" within this website. This website and any views expressed herein are provided for information purposes only and should not be construed in any way as an offer, an endorsement or inducement to invest with any CTA, fund or program mentioned. Before seeking any advisor's services or making an investment in a fund, investors must read and examine thoroughly the respective disclosure document or offering memorandum. Please read the information under the tab "Hedge Funds: Risks" for further risks associated with hedge funds.

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