Discover the Altegris Family of Mutual Funds

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MUTUAL FUNDS INVOLVE RISK INCLUDING POSSIBLE LOSS OF PRINCIPAL.

As with all mutual funds, there is the risk that you could lose money through your investment in the Fund(s). No Fund is intended to be a complete investment program. Many factors affect the Funds' net asset value and performance. The Funds are "non-diversified" for purposes of the Investment Company Act of 1940, and therefore, may invest more than 5% of total assets in the securities of one or more issuers. As a result, performance may be more sensitive to any single economic, business or regulatory occurrence than a diversified investment company.

Alternative strategies pursued by the Funds may be subject to a number of risks either directly or indirectly through its investments in a Subsidiary, securities issued by Underlying pools, other Investment Companies, and derivative instruments. Investing in commodity futures markets subjects the Funds to volatility as commodity futures prices are influenced by unfavorable weather, geologic and environmental factors, regulatory changes and restrictions. Foreign investments involve risks not typically associated with U.S. investments, including fluctuations in foreign currency values, adverse social and economic developments, less liquidity, greater volatility, less developed or inefficient trading markets, political instability and differing auditing and legal standards. These risks are magnified in emerging markets.

The Funds will invest a percentage of its assets in derivatives, such as futures, swaps, structured notes, and options contracts. The use of swaps, options, structured notes or other derivative instruments, directly or indirectly, may expose each Fund to additional risks such as leverage risk, tracking risk and counterparty default risk. Although futures contracts are generally liquid, under certain market conditions there may not always be a liquid secondary market. The use of credit default swaps ("CDS") to transfer credit risk involves potentially heightened counterparty, concentration and exposure risks that may result in loss. Option positions held may expire worthless and cause significant losses.

The use of leverage, such as borrowing money to purchase securities or the use of options will cause the Funds to incur additional expenses. In addition, leverage can increase share price volatility and magnify gains or losses.

An investment in common and preferred stocks is susceptible to market risk or the risk of loss due to industry or company news or general economic decline. The value of equity and debt securities of smaller issuers or small and mid-sized companies can be more volatile due to limited product lines or financial resources. An ETF represents a portfolio of securities and therefore, reflects the risks and additional expenses of owning the underlying securities, while ETNs are subject to default and liquidity risks as well as the risk that the index value may decline sharply or unpredictably.

Preferred stocks and other fixed income securities such as mortgage-or asset-backed bonds, corporate and government bonds, and convertible securities are subject to interest rate risk. As interest rates rise, the value of fixed income securities will typically fall. Mortgage and real-estate related securities may be more sensitive to overall economic conditions and are susceptible to prepayment risk and higher default rates. Other fixed income securities risks include credit risk, which is the possibility that an issuer will fail to make principal, interest, or dividend payments when due. The credit risk, liquidity risk, and potential for default is heightened for lower-quality debt securities, also known as "high-yield" or "junk" bonds.

The Funds as well as Underlying Pools and Other Investment Companies in which the Funds may invest, will engage in short selling and short position derivative activities, which are considered speculative and involve significant financial risk. Short positions profit from a decline in price so Funds incur a loss on a short position if the price increases. The potential for loss in shorting is unlimited. Shorting may also result in higher transaction costs which reduce return.

Investing in commodities through a controlled foreign corporation Subsidiary involves taxation and regulatory risk. Where applicable, income received from commodities-related investments will be passed through to the Funds as ordinary income, which may be taxed at less favorable rates than capital gains. Changes in applicable foreign and domestic laws could result in the inability of the Fund and/or Subsidiary to operate.

Underlying Funds/Pools in which the Subsidiary invests will pay management fees, commissions, operating expenses and performance based fees to each manager it retains. As a result, the cost of investing in the Funds may be higher than mutual funds that invest directly in stocks and bonds. There is no guarantee that any of the trading strategies used by the managers retained will be successful. The adviser's judgments about the investment expertise of each sub-adviser or manager accessed may prove to be inaccurate and may not produce the desired results.

Funds that are new have a limited history of operations. There can be no guarantee that adequate capital will be raised in a timely fashion in order for the Fund to become fully invested or achieve its investment objectives.