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Matt Osborne
Matt Osborne
Altegris Advisors
Co-Portfolio
Manager
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Altegris Managed Futures Strategy Fund

The choice for flagship managed futures exposure through an actively managed, diversified mutual fund, providing what we believe to be the best representation of managed futures in a single, dynamic portfolio.

David Harding
David Harding
Winton Capital Management
Futures Manager
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Salem Abraham
Salem Abraham
Abraham Trading Co
Futures Manager
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Svante Bergstrom
Svante Bergström
Lynx Asset Management AB
Futures Manager
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Jaffray Woodriff
Jaffray Woodriff
QIM
Futures Manager
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CFM Logo
Capital Fund Management
CFM
Futures Manager
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The Altegris Managed Futures Strategy Fund, an actively managed mutual fund, seeks to achieve positive absolute returns in rising and falling equity markets, primarily through exposure to the commodity and financial futures markets. The Fund aims to achieve its goal by accessing returns of trend-following and specialized managed futures investment managers.

The Fund will invest up to 25% of its total assets in a wholly-owned subsidiary, which in turn invests the majority of its assets in a portfolio of investments selected by an experienced portfolio management team at Altegris Advisors. These include investments in a combination of (1) securities of one or more commodity futures trading companies (e.g., underlying pools), (2) swaps, notes or similar derivatives structured to provide exposure to and the returns of managed futures strategies, and (3) investments intended to serve as collateral for such derivative positions (collectively, “managed futures investments”).

These investments are selected with the aim of providing aggregate exposure to the managed futures sub-strategies and programs of the managers listed in the chart below, as if between 100% and 125% of the Fund’s net assets were invested in those programs.

Managed Futures Strategy Exposure

(as of 09/24/2014)1
Manager & Program Sub-strategy Exposure2 Program Performance3

Winton Capital Management
Diversified Trading Program

Trend following 37.5%

Quantitative Investment Management
Global Program

Specialized 25%

Lynx Asset Management AB
Trading Program

Trend Following 17.5%

Abraham Trading Company
Diversified Program

Trend Following 10%

Capital Fund Management
Discus Program

Specialized 10%

The Fund’s access to managers and the percentage exposures to the specific managed futures sub strategies and programs listed above are presented to illustrate examples of the diversity of managers and programs accessed by the Fund through its managed futures investments, but may not be representative of the Fund’s past, or its future, access and exposure to managed futures managers, sub-strategies and programs. It should not be considered a recommendation or investment advice.

With respect to the remainder of Fund assets not invested in managed futures investments via a wholly-owned subsidiary, the Fund pursues a fixed income strategy intended to generate interest income and to diversify returns generated by the managed futures strategies listed above. The Fund’s fixed income strategy investments, including holdings of fixed income securities, cash, and cash equivalents, are not reflected or included within percentage exposures listed in the table above.

1. The managed futures investments selected by Altegris Advisors to gain the exposure to the managed futures managers, sub strategies and programs as listed in the table are subject to change at any time, and any such change may alter the Fund’s access and percentage exposures to each such manager, sub-strategy and program. Although the Fund currently pursues its managed futures strategy by investing up to 25% of its total assets in a wholly-owned subsidiary, the Fund may also make managed futures investments directly, outside of such subsidiary.

2. As a percentage of the Fund’s managed futures strategy allocation. The Fund’s holdings of cash, cash equivalents and fixed income securities pursuant to its fixed income strategy are excluded from percentage exposures listed in the table.

3. Managers report Program Performance information in accordance with applicable NFA and CFTC Regulations. None of the Managers identified above take any responsibility for the accuracy or completeness of the contents of the Program Performance information reported (except as otherwise may be stated), for any representations made herein, or for the performance of the Fund. Each Manager disclaims any liability for any direct, indirect, consequential or other losses or damages, including loss of profits, incurred directly or indirectly by any person that may arise from any reliance on the Program Performance or any other information about the Manager accessible from this site.

The CFTC recently adopted rule changes for which mandatory compliance by the Fund is anticipated to be required at some point during 2013. Compliance with these rule changes, when mandated, will subject the Fund to regulation as a commodity pool and result in certain additional disclosure obligations. In preparation for compliance with these rule changes, the Fund’s adviser has already registered with the CFTC, and become a member of the NFA, in the capacities as a commodity pool operator (CPO) and commodity trading advisor (CTA) of the Fund.

Other Important Information

Of course, there is no guarantee that any investment will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

1394-NLD-10/29/2014

Reasons to Invest

  • The potential for positive absolute returns in rising and falling markets
  • Ability to gain global exposure to four major asset classes: stocks, bonds, currencies and commodities
  • Low historical correlation to traditional markets, providing potential for increased portfolio diversification
  • Access to experienced managed futures managers with a history of trading through multiple market cycles
  • Experienced portfolio management team, with the ability to hire and fire managers
  • Methodical manager selection, coupled with rigorous ongoing due diligence

There is no guarantee that any investment will achieve its objectives, generate profits or avoid losses.

See the Glossary for term definitions.

Fund NAV & AUM


Fund Facts

Class A*Class CClass IClass O
SymbolMFTAXMFTCXMFTIXMFTOX
Inception8/26/102/1/118/26/103/13/13
Investment Minimum$2,500$5,000$1,000,000$2,500
Subsequent Investment$250$250$250$250
Gross Expense Ratio2.01%2.76%1.76%2.01%
Net Expense Ratio1.90%2.65%1.65%1.90%
Expense Cap1.90%2.65%1.65%1.90%

The Fund’s adviser has contractually agreed to reduce its fees and reimburse expenses of the Fund until at least October 31, 2015 to ensure the total Fund operating expenses after fee waiver and reimbursement will not exceed 1.90%, 2.65%, 1.65% and 1.90% of average daily net assets attributable to Class A, Class C, Class I and Class O shares, respectively. This agreement may be terminated only by the Fund’s Board of Trustees, on 60 days written notice to the adviser.

*The maximum sales charge for Class A shares is 5.75%. Class A share investors may be eligible for a reduction in sales charges. See Prospectus for more information.

1394-NLD-10/29/2014

Historical Returns & NAV

*The maximum sales charge for Class A shares is 5.75%. Class A share investors may be eligible for a reduction in sales charges. See Prospectus for more information.

(1) Represents the percentage increase/decrease in the net asset value from the prior trading day. For Class A with load, represents the percentage increase/decrease of the net asset value from the prior trading day's maximum offering price.

(2) Performance for periods longer than one year is annualized.

(3) Inception date for Class A and Class I was August 26, 2010. Inception date for Class C was February 1, 2011. Inception date for Class O was March 13, 2013

The total annual fund operating expense ratio, gross of any fee waivers or expense reimbursements, is 2.01% for Class A, 2.76% for Class C, 1.76% for Class I and 2.01% for Class O.

The performance data quoted here represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The Fund's adviser has contractually agreed to reduce its fees and reimburse expenses of the Fund until at least October 31, 2015, to ensure the total annual Fund operating expenses after fee waiver and reimbursement will not exceed 1.90%, 2.65%, 1.65%, and 1.90% of average daily net assets attributable to Class A, Class C, Class I, and Class O shares, respectively, subject to possible recoupment in future years. Results shown reflect the waiver, without which the results would have been lower. A Fund's performance, especially for very short periods of time, should not be the sole factor in making your investment decisions. For performance information current to the most recent month end, please call (888) 524-9441.

1394-NLD-10/29/2014

The Fund seeks to achieve positive absolute returns in rising and falling equity markets while experiencing less volatility than major equity market indices. To achieve its objectives, the Fund utilizes two principal strategies—managed futures and fixed income.

Managed futures strategy — Designed to capture returns related to trends in the commodity and financial futures markets by investing in a combination of securities, swaps, structured notes or other securities or derivatives (i.e., managed futures investments) whose returns are derived from managed futures strategies.

Utilizes investment adviser asset allocation and investment skill to allocate between two primary managed futures substrategies—trend following and specialized. Within the exposure to various managed futures sub-strategies and programs accessed by the Fund’s managed futures investments portfolio, allocations will vary between ~60%-100% for trend following and ~0%-40% for specialized sub-strategies.

Fixed income strategy — Designed to generate interest income and capital appreciation by investing in a variety of investment grade fixed income securities, which the Fund defines as those that are rated, at the time of purchase, in the top four categories by a rating agency such as Moody's Investors Service, Inc. or Standard & Poor's Ratings Group, or if unrated, determined to be of comparable quality. The fixed income strategy portfolio will maintain an average maturity that ranges between short-term (less than 1 year) and intermediate-term (4-7 years).

Investment adviser

Altegris Advisors, L.L.C.
Investment Adviser Portfolio Managers

Investment sub-adviser

J.P. Morgan Investment Management Inc.
Investment Sub-Adviser Portfolio Manager

Other Important Information

Of course, there is no guarantee that any investment will achieve its objectives, generate profits or avoid losses. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

1425-NLD-11/21/2014

Altegris Managed Futures Strategy Fund

Fund documents
Monthly Performance Update
Quarterly Fact Sheet
Quarterly Fund Commentary
Guide to Managed Futures Strategy Fund (MFTAX)
Altegris Family of Mutual Funds
Estimated 2014 Capital Gain Distributions
Summary Prospectus
Prospectus
SAI
Annual Report
Semi-Annual Report (SAR)
XBRL
Manager conversations
Manager Video: Winton Managed Futures Sub-strategy
Manager Conversations: Winton Managed Futures Sub-strategy
Manager Video: Abraham Managed Futures Sub-strategy
Manager Conversations: Abraham Managed Futures Sub-strategy
Manager Video: Lynx Managed Futures Sub-strategy
Manager Conversations: Lynx Managed Futures Sub-strategy
Manager Video: QIM Managed Futures Sub-strategy
Manager Conversations: QIM Managed Futures Sub-strategy
Educational materials
Liquid Alternatives Flowing Into the Mainstream
Whitepaper: Managed Futures: Is the Trend Your Friend?
Whitepaper: Three Reasons for Managed Futures and Macro...Now
Forms & applications
Regular Application
IRA Application
Simple IRA Application
IRA Transfer of Assets
IRA Custodial Agreement/Disclosure Statement
Roth IRA Custodial Agreement/Disclosure Statement
1065-NLD-4/29/2013

Dividends [Schedule: Annually]

Record Date Ex‑Date Payable Date Reinvestment
Price (NAV)
Dividend
per Share
12/28/2010 12/29/2010 12/29/2010 $10.44 $0.0347


Capital Gains [Schedule: Annually]

Record Date Ex‑Date Payable Date Reinvestment
Price (NAV)
Short‑Term Long‑Term
12/28/2010 12/29/2010 12/29/2010 $10.44 $0.0004 N/A

Fund distributions will vary depending upon market conditions and number of shares outstanding. All dates and distributions are subject to board approval. Past distributions are no guarantee of future distributions or performance results.

This information is not intended to cover the complexities of a shareholder's individual tax situation. Because tax laws vary among states, you should consult your tax advisor about the specific rules in the state(s) in which you pay income taxes.

Performance quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than performance data shown. Investment return and principal will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. For performance information current to the most recent month end, please call (888) 524-9441.

Record date is the date by which a shareholder must own fund shares to receive the distribution. Ex-date is the date on which a shareholder who purchases fund shares will not be eligible to receive the distribution. Payable date is the date on which a shareholder is paid the distribution.

0946-NLD-3/27/2014