Altegris/AACA Real Estate Income Fund

Closure of the Altegris/AACA Real Estate Income Fund on October 29, 2019

Our goal is to provide advisors and investors with alternative strategies that help them meet the challenges of today’s investment environment. Our solutions are based on themes that we believe solve the most important client needs. After careful consideration, the Firm has made the decision to close the Altegris/AACA Real Estate Income Fund. Given current market conditions, we believe the Fund’s strategy and category have fallen out of favor in the marketplace and performance has not lived up to our expectations. We are closing this fund while continuing to offer and develop new portfolio solutions designed to meet investors’ goals.

Effective September 27, 2019, the Altegris/AACA Real Estate Income Fund (INMAX, INMIX, INMNX) will cease accepting new investments and will begin liquidating the portfolio. All outstanding shares of the Fund will be redeemed on October 28, 2019. Any capital gains will be distributed prior to or with the final liquidation distribution.

Additional information and next steps ›

Reasons to Invest

  • Proven Management: AACA demonstrates real estate expertise through its members’ cumulative professional experience of greater than 30 years within the Real Estate industry
  • Income: The Fund seeks to maximize current income and generate modest capital appreciation by its investments primarily in real estate preferred stock
  • Transparency: AACA believes real estate preferreds generally have high underlying asset transparency versus preferred securities within other industries or sectors
  • Leverage: AACA invests in the preferred securities of REITs that generally maintain modest corporate leverage profiles relative to traditional corporate issuers of high yield debt

About AACA

  • AACA is an investment manager specializing in real estate securities
  • AACA brings an institutional approach to a largely retail investor market
  • AACA seeks high yields and balances risk by favoring diversification
See the Glossary for term definitions.

Fund NAV & AUM


Fund Facts

Class A*Class IClass N
SymbolINMAXINMIXINMNX
Inception07/25/1807/25/1807/25/18
Investment Minimum$2,500$1,000,000$2,500
Subsequent Investment$250$250$250
Gross Expense Ratio1.35%1.10%1.35%
Net Expense Ratio1.30%1.05%1.30%
Expense Cap1.30%1.05%1.30%

The Fund's adviser has contractually agreed to reduce its fees and to reimburse expenses, at least until October 31, 2019 to ensure that total annual Fund operating expenses after fee waiver and reimbursement will not exceed 1.30%, 1.05%, and 1.30% of average daily net assets attributable to Class A, Class I, and Class N shares, respectively, subject to possible recoupment in future years. This agreement may be terminated only by the Fund's Board of Trustees, on 60 days written notice to the Fund’s 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 the Prospectus for more information.

1175-NLD-9/4/2018

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, Class I, and Class N was July 25, 2018.

The total annual fund operating expense ratio, gross of any fee waivers or expense reimbursements, is 1.35% for Class A, 1.10% for Class I and 1.35% for Class N.

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, 2019, to ensure the total annual Fund operating expenses after fee waiver and reimbursement will not exceed 1.30%, 1.05%, and 1.30% of average daily net assets attributable to Class A, Class I, and Class N 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.

1175-NLD-9/4/2018

The Fund seeks to maximize current income with potential for capital appreciation.


Under normal circumstances, the Fund invests at least 80% of its net assets (defined as net assets plus the amount of any borrowing for investment purposes) in income producing securities of “real estate” companies and “real estate related” companies (collectively “real estate companies”) (“80% investment policy”).

Investment Adviser

Altegris Advisors, L.L.C.

Sub-Adviser

American Assets Capital Advisers, LLC (AACA)

Sub-Adviser Portfolio Manager


Burland B. East III, CFA, Chief Executive Officer and Portfolio Manager

Creede Murphy, Investment Analyst and 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.
1175-NLD-9/4/2018

Altegris/AACA Real Estate Income Fund

Fund Documents
Summary Prospectus
Prospectus
Annual Report
1203-NLD-10/3/2019

Dividends [Schedule: Monthly]

Record Date Ex‑Date Payable Date Reinvestment
Price (NAV)
Dividend
per Share
5/29/2019 5/30/2019 5/30/2019 $9.49 $0.0529
4/26/2019 4/29/2019 4/29/2019 $9.59 $0.0549
3/27/2019 3/28/2019 3/28/2019 $9.59 $0.0137
12/18/2018 12/19/2018 12/19/2018 $8.59 $0.1546
10/30/2018 10/31/2018 10/31/2018 $10.00 $0.0502



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.

1122-NLD-6/19/2019