CAREFULLY CONSIDER THE FUND'S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES AS DETAILED IN ITS PROSPECTUS AND SUMMARY PROSPECTUS, WHICH CAN BE OBTAINED BY CALLING (888) 524-9441. READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.
Funds are distributed by Northern Lights Distributors, LLC. Altegris Advisors and Northern Lights Distributors, LLC are not affiliated.
Important Risk Disclosures
THE FUND MAY NOT BE SUITABLE FOR ALL INVESTORS
Investing involves risk, including possible loss of principal. You may have a gain or loss when you sell shares. There can be no assurance that the Fund will achieve its investment objectives. The Fund’s investments in commodity futures markets are volatile, as commodity futures prices are influenced by unfavorable weather, geologic and environmental factors, regulatory changes and restrictions. Trading and investing on non-US exchanges and in non-US markets poses additional risks as compared to trading and investing in the U.S., due to currency fluctuation, adverse political or economic conditions, and differing audit and legal standards (risks that are magnified for investments in emerging markets). The Fund will invest in futures, swaps, structured notes, options and other derivative instruments, which are leveraged and can be more volatile. less liquid, and subject to the Fund to increased costs, as compared to traditional investments. Derivatives may also be subject to increased tracking risk, risk of counterparty default, adverse tax treatment. The Fund will leverage investments to the extent permitted by its investment policies and applicable law, and the managed futures programs it accesses will be traded with additional notional funding – all of which will magnify the impact of increases or decreases in the value of Fund investments and cause the Fund to incur additional expenses. Futures contracts are generally liquid, but under certain market conditions there may not always be a liquid secondary market. The Fund’s use of short selling and taking short positions in derivatives involves increased risks and costs, as the Fund may pay more for an investment than it receives in a short sale, with potentially significant and possibly unlimited losses. The Fund’s investment in other investment funds will subject it to the risks and expenses affecting those funds. The Fund invests in fixed income securities, including preferred stock, and their values typically fall when interest rates rise. Fixed income securities are subject to the issuer’s credit risk, risk of default and prepayment risk in the case of mortgage-backed and similar securities. Below investment grade and lower quality high yield or junk bonds present heightened credit risk, liquidity risk, and potential for default. Investing in defaulted or distressed securities is considered speculative. REITs are subject to market, sector and interest rate risk.
ALTEGRIS ADVISORS
Altegris Advisors, LLC is a CFTC- and NFA-registered commodity pool operator and SEC-registered investment adviser that manages funds pursuing alternative investment strategies.
INDEX DESCRIPTIONS
An index is unmanaged, not available for direct investment, and its performance does not reflect transaction costs, fees, or expenses.
BofA Merrill Lynch 3-month T-Bill Index: The BofA Merrill Lynch 3-month T-Bill Index measures the returns of three-month Treasury Bills.
SG Trend Index: The SG Trend Index calculates the net daily rate of return for a group of 10 trend following CTAs selected from the largest managers open to new investment.
GLOSSARY
Short. Selling an asset/security that may have been borrowed from a third party with the intention of subsequently buying it back. Short positions profit from a decline in price. If a short position increases in price, the potential loss of an uncovered short is unlimited.
Long. Buying an asset/security that gives partial ownership to the buyer of the position. Long positions profit from an increase in price.
Value at Risk (VAR). A measure of the potential loss in value of a portfolio over a defined period for a given confidence interval. A one-day VAR at the 95% confidence level represents that there is a 5% probability that the mark-to-market loss on the portfolio over a one day horizon will exceed this value (assuming normal markets and no trading in the portfolio).
High yield. income securities with a belowinvestment grade credit rating; also known as “junk” bonds. Because of a higher risk of default, they typically pay a higher rate of interest or income.
Investment grade. A credit rating that is in one of the top categories by Standard & Poor’s (BBB- or higher) or Moody’s (Baa3 or higher). Typically believed to have adequate to exceptional ability to pay interest and repay principal.
Agency. Debt securities issued by U.S. government-sponsored entities such as Federal National Mortgage Association or the Federal Home Loan Bank.
8114-NLD-11/11/2021
Statement of Additional Information (SAI) →
Semi-Annual Report (As of 12/31/2024) →