Altegris/AACA Real Estate Income Fund

The Fund seeks to maximize current income and modest capital appreciation by investing primarily in real estate preferred securities alongside an experienced real estate investment manager.

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
Monthly Performance Update
Prospectus
Estimated 2018 Distributions
Forms & Applications
Regular Application
IRA Application
Simple IRA Application
IRA Transfer of Assets
IRA Custodial Agreement/Disclosure Statement
Roth IRA Custodial Agreement/Disclosure Statement
1175-NLD-9/4/2018