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Invest in an Altegris Mutual Fund
Matt Osborne
Matt Osborne
Altegris Advisors
Co-Portfolio
Manager
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Altegris Macro Strategy Fund

A diverse, actively managed mutual fund that accesses global macro managers with the ultimate “go-anywhere” mandate. The managers accessed by the Fund aim to predict and profit from the impact of macroeconomic developments across global financial markets.

Scott Ramsey
Scott Ramsey
Denali Asset Management
Macro Manager
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Chris Brodie
Christopher Brodie
Krom River Investment Management
Macro Manager
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Filippo Cipriani
Filippo Cipriani
Brevan Howard
Macro Manager
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Philip Yang
Philip Yang
Willowbridge Associates Inc.
Macro Manager
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Michael Brandt
Michael Brandt, Ph.D.
QMS Capital Management
Macro Manager
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Civic Capital
Civic Capital Advisors
Macro Manager
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The Altegris Macro Strategy Fund seeks to achieve absolute returns from income and capital appreciation, regardless of the direction of the securities markets, primarily through exposure to the global macro strategies within commodity and financial futures markets and other global financial markets. The Fund, an actively managed mutual fund, aims to achieve its goal by accessing investment managers whose returns are derived from global macro strategies.

The Fund may 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 global macro investments, or the Fund may make global macro investments directly, outside of the subsidiary, in each case as selected by an experienced portfolio management team at Altegris Advisors. These will include global macro investments in a combination of (1) securities of one or more commodity futures trading companies or other collective investment vehicles (e.g., underlying pools), (2) swaps, notes or similar derivatives structured to provide exposure to and the returns of global macro strategies, and (3) investments intended to serve as collateral for such derivative positions (collectively, “global macro investments”).

These investments are selected with the aim of providing aggregate exposure to the global macro 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.

Global Macro Strategy Exposure

(as of 04/16/2014)1
Manager & Program Exposure2 Program Performance3

Denali Asset Management
Global Discretionary Program

20.6%

QMS Capital Management
QMS Diversified Global Macro

20.6%

Willowbridge Associates Inc.
Global Discretionary Program

18.3%

Civic Capital Advisors
Civic Capital Currency Strategy

16.1%

Krom River Investment Management
Krom River Commodity Program

13.8%

Brevan Howard
Emerging Markets Local Fixed Income Strategy

10.6%

The Fund’s access to managers and the percentage exposures to the specific global macro strategies and programs listed above are presented to illustrate examples of the diversity of managers and programs accessed by the Fund through its global macro investments, but may not be representative of the Fund’s past, or its future, access and exposure to global macro 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 global macro investments (whether directly or via a wholly-owned subsidiary), the Fund pursues a fixed income strategy intended to generate interest income and to diversify returns generated by the global macro 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 global macro investments selected by Altegris Advisors to gain the exposure to the global macro managers, 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, strategy and program. The Fund currently pursues its global macro strategy by investing up to 25% of its total assets in a wholly-owned subsidiary which in turn invests in global macro investments that access five of the six managers, strategies and programs listed above. Exposure to the Brevan Howard strategy is achieved by a global macro investment made directly by the Fund, outside of the wholly-owned subsidiary.

2. As a percentage of the Fund’s global macro 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. The Managers for which Program Performance is available report such information in accordance with applicable NFA and CFTC Regulations, but are not responsible for the accuracy or completeness of the contents of the Program Performance information reported (except as otherwise may be stated). None of the Managers identified above are responsible 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.

1037-NLD-4/15/2014

Reasons to Invest

  • Highly flexible and opportunistic strategy allows for contrarian or fast-moving decision making to capitalize on market inefficiencies
  • Low historical correlation to traditional markets and other alternative strategies, providing potential for increased portfolio diversification
  • Ability to go long or short in nearly every market offers the potential to preserve capital in down markets and profit across varying market regimes
  • 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 N
SymbolMCRAXMCRCXMCRIXMCRNX
Inception6/1/1110/20/116/1/116/1/11
Investment Minimum$2,500 $5,000$1,000,000$2,500
Subsequent Investment$250$250$250$250
Gross Expense Ratio2.44%3.19%2.19%2.44%
Net Expense Ratio2.34%3.09%2.09%2.34%
Expense Cap1.94%2.69%1.69%1.94%

The Fund’s adviser has contractually agreed to reduce its fees and to reimburse expenses of the Fund until at least September 30, 2014, to ensure that total annual Fund operating expenses after fee waiver and reimbursement will not exceed 1.94%, 2.69%, 1.69% and 1.94% of average daily net assets attributable to Class A, Class C, Class I and Class N shares, respectively. This agreement may be terminated 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.

0046-NLD-1/7/2014

Historical Performance & 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.

(2) Performance for periods less than one year is not annualized.

(3) Inception date for Class A, Class N and Class I was June 1,2011; inception date for Class C was October 20, 2011.

The total annual fund operating expense ratio, gross of any fee waivers or expense reimbursements, is 2.44% for Class A, 3.19% for Class C, 2.19% for Class I, and 2.44% for Class N.

The performance data quoted here represents past performance. 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. Past performance is no guarantee of future results. The Fund’s adviser has contractually agreed to reduce its fees and to reimburse expenses of the Fund until at least September 30, 2014, to ensure that total annual Fund operating expenses after fee waiver and reimbursement will not exceed 1.94% for Class A, 2.69% for Class C, 1.69% for Class I, and 1.94% for Class N, subject to possible recoupment from the Fund in future years. Please review the Fund’s Prospectus for more detail on the expense waiver. Results shown reflect the waiver, without which the results could 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.

2236-NLD-9/16/2013

The Fund seeks absolute returns. To achieve its objectives, the Fund utilizes two principal strategies — global macro and fixed income.

  • Global macro strategy—Designed to achieve capital appreciation in the financial and commodities futures markets.
  • Fixed income strategy—Designed to generate interest income and capital appreciation with the objective to diversify the returns under the Global Macro strategies.

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.

3096-NLD-12/18/2013

Altegris Macro Strategy Fund

Fund documents
Monthly Performance Update
Quarterly Fact Sheet
Quarterly Fund Commentary
Guide to Macro Strategy Fund (MCRAX)
Altegris Family of Mutual Funds
Prospectus
SAI
Annual Report
Semi-Annual Report (SAR)
XBRL
Manager conversations
Manager Video: Denali Global Macro Sub-strategy
Manager Conversations: Denali Global Macro Sub-strategy
Manager Video: Brevan Howard Global Macro Sub-strategy
Manager Conversations: Brevan Howard Global Macro Sub-strategy
Manager Video: Krom River Global Macro Sub-strategy
Manager Conversations: Krom River Global Macro Sub-strategy
Manager Conversations: Willowbridge Global Macro Sub-strategy
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

Altegris In The News

Media
Altegris CEO Jon Sundt on Fox Business (03/12)
Altegris CEO Jon Sundt on Bloomberg (02/12)
Barron's: Hedge Fund Clones Aren't Exact Matches (01/12)
Advertisements
When opportunity knocks, some funds can’t listen. What’s the alternative?
0999-NLD-7/9/2012