1 ALLOCATION. 4+ CORE ALTERNATIVES.

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1 1 ALLOCATION. 4+ CORE ALTERNATIVES. The alternative universe is vast with over 8,000 alternative managers representing hundreds of alternative strategies So how do you know which managers to choose with the right strategies and the right allocation at the right time? TRUSTED ALTERNATIVES. INTELLIGENT INVESTING.

2 INTRODUCING THE ALTEGRIS MULTI-STRATEGY ALTERNATIVE FUND (MULAX). Provides active portfolio management with strategic and tactical allocation for opportunistic adjustments. Long/Short Equity Long/Short Fixed Income Global Macro Managed Futures NON-CORRELATED ASSETS Alternatives may provide a non-correlated complement to the modern core portfolio. DIVERSE STRATEGIES Access to what we believe are best of breed alternative managers.* OPPORTUNISTIC ALLOCATION A dynamic asset allocation process with opportunistic adjustments. SPECIALIZED RESEARCH Ongoing Altegris specialized research and due diligence. * Altegris defines best of breed as managers which in our opinion have demonstrated success in terms of sustained investment edge, effective risk management processes and established operational infrastructure. The Fund s access to strategies and the target percentage allocations to the specific alternative strategies listed above are presented to illustrate examples of the diversity of strategies accessed by the Fund through its Fund of Funds and Directly Traded portfolios, but may not be representative of the Fund s past, or its future, access and exposure to alternative strategies. It should not be considered a recommendation or investment advice. altegris.com/mutualfunds There no guarantee that any investment product will achieve its objectives, generate profits or avoid losses.

3 GUIDE TO MULTI-STRATEGY ALTERNATIVE FUND (MULAX)

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5 About Multi-Strategy Alternatives A multi-strategy approach invests across a diverse range of alternative strategies in a single portfolio. Alternatives are investments that do not fall into traditional investment categories namely long-only stocks, bonds, or cash whose managers can opportunistically invest long or short, across multiple asset classes, and are not entirely dependent on the markets going up to achieve positive returns. Long or Short Positions Have the ability to take long or short positions Multiple Asset Classes Have the ability to gain exposure to four major asset classes: stocks, bonds, currencies, commodities Unconstrained Are not restricted to an investment style and may employ such strategies as managed futures, global macro, long/short equity and long/short fixed income Market Direction Agnostic Have the potential to achieve positive returns in up or down markets Not all managers trade across all asset classes. Long is buying an asset/security that gives partial ownership to the buyer of the position. Long positions profit from an increase in price. Short means selling an asset/security that may have been borrowed from a third party with the intention of buying back at a later date. Short positions profit from a decline in price. If a short position increases in price, the potential loss on an uncovered short is unlimited. There is no guarantee that any investment strategy will achieve its objectives, generate profits or avoid losses. The success of an investment is dependent upon the ability of a manager to identify profitable investment opportunities and successfully trade, which is difficult, requires skill, and involves a significant degree of uncertainty. Alternative investments trading can be highly leveraged, speculative, volatile, and subject to substantial charges for management and advisory fees. Managers may trade highly illiquid markets, or on foreign markets, and may lack diversification. TRUSTED ALTERNATIVES. INTELLIGENT INVESTING. 3

6 Why Multi-Strategy Alternatives? Adding alternatives allocations may increase returns and potentially reduce risk. A multi-strategy approach to alternative investing has historically withstood a number of major market scenarios. ALTERNATIVES PORTFOLIO* TRADITIONAL PORTFOLIO* July 2000 March 2013 July 2000 March 2013 HISTORICAL PERFORMANCE: VALUE OF AN INITIAL $1,000 INVESTMENT July 2000 March 2013 $3,000 $2, % PORTFOLIO IMPACT** Long/Short Equity 35% Long/Short Fixed Income 25% Global Macro 22.5% Managed Futures 17.5% US Stocks 60% US Bonds 40% $2,000 $1,500 $1, % +60% -10% +87% +120% +76% Total Return +44% Annualized Return +1.9% Annualized Standard Deviation +3.9% Worst Drawdown +18.4% Total Return 120% Annualized Return 6.4% Total Return 76% Annualized Return 4.5% $500-21% +68% -30% Annualized Standard Deviation 5.2% Annualized Standard Deviation 9.1% $0 TECH WRECK 09/00 09/02 BULL MARKET 10/02 09/07 CREDIT CRISIS 10/07 02/09 BULL MARKET 03/09 03/12 Worst Drawdown -12.4% Worst Drawdown -30.8% * Source: Altegris. The above hypothetical illustration is not intended, and should not be construed as asset allocation advice. Past performance is not indicative of future results. Performance shown represents index returns and does not represent performance of the Altegris Multi- Strategy Alternative Fund. Alternatives portfolio represented by 35% HFRI Equity Hedge (Total) Index, 25% HFN Fixed Income (non-arbitrage) Index, 22.5% Barclay Global Macro Index, 17.5% Altegris 40 Index (started in July 2000; data is available back to 1990); Traditional portfolio represented by 60% S&P 500 Total Return Index and 40% Barclays US Aggregate Bond Index. The referenced indices are shown for general market comparisons and are not meant to represent any particular Fund. An investor cannot invest directly in an index. Moreover, indices do not reflect commissions or fees that may be charged to an investment product based on the index, which may materially affect the performance data presented. Percentages located inside of pie charts represent total return for stated time period. Standard deviation is a statistical measure of how consistent returns are over time; a lower standard deviation indicates historically less volatility. Drawdown measures the peak to valley loss relative to the peak for a stated time period. There is no guarantee that any investment will achieve its objectives, generate profits or avoid losses. The total return of an investment is only one measure of performance. See page 14 for performance returns over various time frames. Performance should never be the sole consideration when making an investment decision. Past performance is not indicative of future results. ** Portfolio impact represents the potential positive or negative effect on a portfolio altegris.com/mutualfunds TRUSTED ALTERNATIVES. INTELLIGENT INVESTING. 5

7 Altegris Multi-Strategy Alternative Fund The Altegris Multi-Strategy Alternative Fund (MULAX) seeks long-term capital appreciation and absolute returns. FUND ADVISER Altegris Advisors, LLC SYMBOL & CUSIP Class A: MULAX 66537Y215 Class I: MULIX 66537Y173 Class N: MULNX 66537Y165 MINIMUM INITIAL/ SUBSEQUENT INVESTMENT Class A: $2,500 / $250 Class I: $1,000,000 / $250 Class N: $5,000 / $250 REDEMPTION FEE 1% fee on shares redeemed within 30 days INCEPTION DATE February 28, 2013 In seeking to achieve its objectives, the Fund intends to follow a flexible allocation strategy that invests across broad alternative investment strategies. Long/Short Equity May be invested in long or short positions in equity securities of domestic and foreign companies of any capitalization and in any style. Long/Short Fixed Income May be invested in long or short positions in a wide variety of domestic and foreign fixed income securities of any credit quality or maturity. Global Macro Strategy seeks to predict trends by anticipating changes in world trade, commodity supply and demand and currency values, among other global market conditions. Managed Futures Primarily trend-following; managers react to identifiable market signals or indicators by taking long or short positions that may be potentially profitable depending on positive or negative developments or trends across multiple markets and asset classes simultaneously. INCOME DISTRIBUTION Annual The Fund is subject to various risks including, but not limited to, alternative strategies risk, capital raising risk, commodity risk, convertible security risk, credit default swap risk, credit risk, emerging markets risk, equity market risk, exchange-traded funds risk, fixed income and interest rate risk, foreign currency risk, foreign investment and exchange risk, fund of funds risk, high yield or junk bond risk, issuerspecific risk, leverage risk, limited history of operations risk, liquidity risk, management risk, market risk, maturity and prepayment risk, mortgage-backed and asset-backed risk, non-diversification risk, preferred stock risk, real estate risk, short position risk, small and medium capitalization company credit risk, structured notes risk, taxation risk, other investment companies risk, underlying pools risks, whollyowned subsidiary risk. There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses altegris.com/mutualfunds

8 Multi-Strategy Approach Altegris provides a multi-strategy alternative investment portfolio that maintains exposure to four core alternative strategies with varying risk/return characteristics according to strategic and tactical allocation targets. In complement to the four core alternative strategies, the Fund is able to seek discretionary opportunities through other alternative investments. Portfolio managers adhere to a strategic allocation range for each strategy and discretionary opportunity portfolio Tactical allocation changes permit opportunistic adjustments in response to current market environments Underlying manager and fund allocations are examined continuously and are formally re-evaluated at least quarterly TARGET ALTERNATIVE STRATEGY ALLOCATIONS As of March 31, 2013 Long/Short Equity 42.5% Long/Short Fixed Income Income 20% Global Macro 20% Managed Futures 17.5% The allocations shown above reflect the expected target alternative allocations as of March 31, 2013 to strategies selected by Altegris Advisors for the Altegris Multi-Strategy Alternative Fund. The Fund s access to strategies and the percentage allocations to the specific alternative strategies listed above are presented to illustrate examples of the diversity of strategies accessed by the Fund through its Fund of Funds and Directly Traded portfolios, but may not be representative of the Fund s past, or its future, access and exposure to alternative strategies. It should not be considered a recommendation or investment advice. There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. TRUSTED ALTERNATIVES. INTELLIGENT INVESTING. 7

9 Strategic and Tactical Asset Allocation Strategic Asset Allocation Allocation exposure ranges to each core alternative strategy are determined by quantitative and qualitative methodology. Portfolio optimization tools incorporate return, risk and strategy correlations based on historical performance Broad strategy constraints (maximum and minimum allocation ranges) established to ensure strategy representation and portfolio diversification Tactical Asset Allocation Specific allocations within the strategic exposure ranges for each core alternative strategy are based on current investment opportunities and economic landscape. Technical and fundamental drivers evaluated for each core alternative investment strategy include but are not limited to: Long/Short Equity: Dispersion and correlation among individual stocks, valuation metrics (P/E, price to book, etc.), equity risk premium Long/Short Fixed Income: Default rates, credit spreads, monetary policy expectations Global Macro: Market volatility and uncertainty, interest rate differentials, geopolitical environment Managed Futures: Market volatility and uncertainty, cross asset class correlations, technical price factors STRATEGY ALLOCATION RANGES Long/Short Equity 25% 45% Long/Short Fixed Income 15% 35% Global Macro 15% 30% Managed Futures 10% 25% Strategic Allocation Bands Tactical Allocation* 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% * For illustrative purposes only; does not represent actual tactical allocations. The allocations shown above reflect current strategic alternative allocation ranges as of March 31, 2013 to strategies selected by Altegris Advisors for the Altegris Multi-Strategy Alternative Fund. The Fund s access to strategies and the percentage allocations to the specific alternative strategies listed above are presented to illustrate examples of the diversity of strategies accessed by the Fund through its Fund of Funds and Directly Traded portfolios, but may not be representative of the Fund s past, or its future, access and exposure to alternative strategies. It should not be considered a recommendation or investment advice. There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses altegris.com/mutualfunds

10 Long/Short Equity Managers The Altegris Multi-Strategy Alternative Fund provides access to what we believe are premier long/short equity investment managers in an actively managed mutual fund. STRATEGY ALLOCATION LONG/SHORT EQUITY MANAGERS Harvest (Agriculture/Consumer) Visium OMT Harvest (Financials) Manager Target Fund Allocation Sub-strategy Founded Manager AUM* Visium Asset Management 14.88% Diversified 2005 $3.7 Billion Harvest Capital Strategies 12.75% Financials 1999 $684 Million OMT Capital Management 8.50% Small-capitalization 1998 $269 Million Harvest Capital Strategies 6.38% Agriculture/Consumer 1999 $684 Million * Manager AUM as of December Figure represents AUM in hedge fund assets. The investment sub-strategies and allocations are presented to illustrate examples of Fund allocations and the diversity of areas in which the Fund may invest through its Fund of Funds and Directly Traded Portfolios, and may not be representative of the Fund s current or future investments. It should not be considered a recommendation or investment advice. TRUSTED ALTERNATIVES. INTELLIGENT INVESTING. 9

11 Long/Short Fixed Income Manager The Altegris Multi-Strategy Alternative Fund provides access to what we believe is a premier long/short fixed income investment manager in an actively managed mutual fund. STRATEGY ALLOCATION LONG/SHORT FIXED INCOME MANAGER RockView Manager Target Fund Allocation Sub-strategy Founded Manager AUM* RockView Management 20% Fundamental Long/Short Credit 2004 $100 Million * Manager AUM as of December The investment sub-strategies and allocations are presented to illustrate examples of Fund allocations and the diversity of areas in which the Fund may invest through its Fund of Funds and Directly Traded Portfolios, and may not be representative of the Fund s current or future investments. It should not be considered a recommendation or investment advice. The Fund to be accessed for exposure to this sub-strategy is a new mutual fund and has a limited history of operations. It may not be able to immediately and fully allocate assets among portfolio investments as per stated investment objectives until reaching critical mass in terms of assets under management. Such delays in becoming fully invested could negatively impact performance altegris.com/mutualfunds

12 Global Macro Managers The Altegris Multi-Strategy Alternative Fund provides access to what we believe are premier global macro investment managers in an actively managed mutual fund. STRATEGY ALLOCATION GLOBAL MACRO MANAGERS P/E 300 North Capital Denali Brevan Howard Krom River Ortus Manager Target Fund Exposure Sub-strategy Founded Manager AUM* Denali Asset Management 6.36% Discretionary Global Trading 1994 $1.0 Billion Krom River Investment Management 4.55% Discretionary Commodity Trading 2006 $640 Million Ortus Capital Management 2.73% Foreign Exchange 2003 $2.4 Billion Brevan Howard 2.73% Emerging Markets Local Fixed Income Strategy 2002 $39.9 Billion 300 North Capital 2.27% Discretionary Global Trading 2008 $680 Million** P/E Investments 1.36% Foreign Exchange 1995 $3.0 Billion * Manager AUM as of December North Capital evolved from a predecessor firm founded in ** Manager AUM as of March The Fund s access to managers and the percentage exposures to the specific sub-strategies listed above are presented to illustrate examples of the diversity of global macro managers and programs accessed by the Fund through its Fund of Funds or Directly Traded Portfolios, 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. TRUSTED ALTERNATIVES. INTELLIGENT INVESTING. 11

13 Welton Lynx Abraham Managed Futures Managers The Altegris Multi-Strategy Alternative Fund provides access to what we believe are premier managed futures investment managers in an actively managed mutual fund. STRATEGY ALLOCATION MANAGED FUTURES MANAGERS Cantab CFM Winton QIM ISAM Manager Target Fund Exposure Sub-strategy Founded Manager AUM* Winton Capital Management 10.24% Long-Term Diversified Trend Following 1997 $25.6 Billion ISAM 1.58% Medium-Term Trend Following 2003 $920 Million Quantitative Investment Management (QIM) 1.44% Short-Term Pattern Recognition 2003 $4.4 Billion Capital Fund Management (CFM) 1.31% Short-Term Diversified Trading 1991 $5.4 Billion Cantab Capital Partners 0.96% Short-Term, Value and Trend 2006 $4.7 Billion Abraham Trading Company 0.66% Multi-Time Frame Trend and Mean Reversion 1990 $416 Million Lynx Asset Management AB 0.66% Intermediate-Term Diversified Trend Following 1999 $5.0 Billion Welton Investment Corporation 0.66% Trend, Momentum, Fundamental, Mean Reversion 1988 $715 Million * Manager AUM as of December The Fund s access to managers and the percentage exposures to the specific sub-strategies listed above are presented to illustrate examples of the diversity of managed futures managers and programs accessed by the Fund through its Fund of Funds or Directly Traded Portfolios, 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 altegris.com/mutualfunds

14 Altegris Multi-Strategy Alternative Fund Facts The Fund will access certain strategies through the purchase of interests in Other Investment Companies advised by the Adviser or an affiliate of the Adviser; for the portion of Fund assets so invested, the Fund will not be subject to a management fee. ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment) Class A* Class I Class N Management Fees (1) 0.30% 0.30% 0.30% Distribution and/or Service (12b-1) Fees 0.25% 0.00% 0.25% Other Expenses (2) 0.28% 0.28% 0.28% Acquired Fund Fees and Expenses (3) 1.94% 1.94% 1.94% Total Annual Fund Operating Expenses 2.77% 2.52% 2.77% * The maximum sales charge (load) for Class A is 5.75%. Class A share investors may be eligible for a reduction in sales charges. 1 The Fund will access certain strategies through the purchase of interests in Other Investment Companies advised by the Adviser or an affiliate of the Adviser, and for the portion of Fund assets so invested, the Fund will not be subject to a management fee. The portion of Fund assets not invested in such affiliated Other Investment Companies will be subject to a management fee of 1.50%. However, per the terms of the advisory agreement between the Fund and the Adviser, in no case will the Fund directly pay the Adviser a management fee that exceeds 1.00% of the Fund s total average daily net assets. The Management Fees reflected above are estimated based on the Adviser s anticipated amount of Fund assets allocated during the Fund s initial fiscal year of operation to investments other than shares of Other Investment Companies advised by the Adviser or an affiliate. 2 Other Expenses include the estimated expenses of the Fund s consolidated wholly-owned Subsidiary. 3 Based on estimated amounts for the current fiscal year Acquired Fund Fees and Expenses include the estimated management fees and other expenses attributable to the Fund s investments in Other Investment Companies, including other mutual funds, exchange traded funds and/or exchange traded notes. However, estimated Acquired Fund Fees and Expenses estimate do not include the costs of the Fund s or the Subsidiary s investments in any in underlying commodity pools or other collective investment vehicles that are not investment companies. TRUSTED ALTERNATIVES. INTELLIGENT INVESTING. 13

15 Index Historical Performance ANNUALIZED RETURNS: 10-, 5-, 3-, AND 1-YEAR COMPARISON As of 31 March Year Apr 03 Mar 13 5-Year Apr 08 Mar 13 3-Year Apr 10 Mar 13 1-Year Apr 12 Mar 13 Alternatives 6.51% 3.81% 4.24% 5.60% Traditional 7.62% 6.48% 9.89% 9.88% ANNUALIZED STANDARD DEVIATION: 10-, 5-, 3-, AND 1-YEAR COMPARISON As of 31 March Year Apr 03 Mar 13 5-Year Apr 08 Mar 13 3-Year Apr 10 Mar 13 1-Year Apr 12 Mar 13 Alternatives 5.41% 5.74% 4.82% 3.56% Traditional 8.78% 11.11% 8.34% 5.75% CORRELATION: 10-, 5-, AND 3-YEAR COMPARISON As of 31 March Year Apr 03 Mar 13 5-Year Apr 08 Mar 13 3-Year Apr 10 Mar 13 Alternatives Traditional Past performance is not indicative of future results. Correlation is a statistical measure of how two securities move in relation to each other. Standard deviation is a statistical measure of how consistent returns are over time; a lower standard deviation indicates historically less volatility. Traditional represented by 60% S&P 500 Total Return Index and 40% Barclays US Aggregate Bond Index; alternatives represented by 35% HFRI Equity Hedge (Total) Index, 25% HFN Fixed Income (non-arbitrage) Index, 22.5% Barclay Global Macro Index, 17.5% Altegris 40 Index (started in July 2000; data is available back to 1990). The referenced indices are shown for general market comparisons and are not meant to represent any particular Fund. An investor cannot invest directly in an index. Moreover, indices do not reflect commissions or fees that may be charged to an investment product based on the index, which may materially affect the performance data presented. There is no guarantee any investment will achieve its objective, generate profits or avoid losses. Source: Altegris altegris.com/mutualfunds

16 Index Descriptions An investor cannot invest directly in an index. Moreover, indices do not reflect commissions or fees that may be charged to an investment product based on the index, which may materially affect the performance data presented. US Stocks. The S&P 500 Total Return Index is the total return version of S&P 500 index. The S&P 500 index is unmanaged and is generally representative of certain portions of the U.S. equity markets. For the S&P 500 Total Return Index, dividends are reinvested on a daily basis and the base date for the index is January 4, All regular cash dividends are assumed reinvested in the S&P 500 index on the ex-date. Special cash dividends trigger a price adjustment in the price return index. US Bonds. The Barclays Capital U.S. Aggregate Bond Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis. These specific indices include the Government/Credit Index, Government Index, Treasury Index, Agency Index, and Credit Index. Managed Futures. The Altegris 40 Index tracks the performance of the 40 leading managed futures programs, by ending monthly equity (assets) for the previous month, as reported to Altegris Investments, Inc. The Altegris 40 Index represents the dollar-weighted average performance of those 40 programs. The Index started in July 2000; data is available back to Global Macro. The Barclay Global Macro Index tracks the performance of ~175 global macro programs, by ending monthly values, net of fees, as reported to Barclay Hedge. Long/Short Equity. The HFRI Equity Hedge (Total) Index tracks funds that maintain positions both long and short in primarily equity derivative securities. Equity hedge managers would typically maintain at least 50% exposure, and may in some cases be entirely invested in, equities both long and short. HFRI Equity Hedge (Total) is a fund weighted index and reflects monthly returns, net of all fees, of funds that have at least $50 million under management or been actively trading for at least twelve months. Long/Short Fixed Income. The HFN Fixed Income (non-arbitrage) Index includes funds that are invested in fixed income instruments and tend to be longbiased holders of securities. Funds may employ long/short strategies attempting to benefit from under or overvalued fixed income securities. These funds may be highly leveraged. The Index uses equal weighted averages of monthly returns funds reported by U.S. and international investment managers and are grouped together based on primary strategy classifications contained in the HedgeFund.net Database. Representative Index Characteristics Key Risks US Stocks S&P 500 Total Return (TR) Index 500 US stocks Weighted towards large capitalizations Stock market risk. Stock prices may decline. Country / regional risk. World events may adversely affect values. US Bonds Barclays Capital US Aggregate Bond Index Wide spectrum of taxable, investment-grade US fixed income Interest rate risk. Bond prices will decline if rates rise. Credit risk. Bond issuer may not pay. Income risk. Income may decline. Managed Futures Altegris 40 Index 40 top AUM managed futures programs, monthly, as reported to Altegris Market risk. Prices may decline. Leverage risk. Volatility and risk of loss may magnify with use of leverage. Country / regional risk. World events may adversely affect values. Global Macro Barclay Global Macro Index ~175 global macro programs by monthly values as reported to Barclay Market risk. Prices may decline. Leverage risk. Volatility and risk of loss may magnify with use of leverage. Country / regional risk. World events may adversely affect values. Long/Short Equity HFRI Equity Hedge (Total) Index Long/short strategies with >50% equities by monthly values, as reported to HFR Stock market risk. Stock prices may decline. Leverage risk. Volatility and risk of loss may magnify with use of leverage. Country / regional risk. World events may adversely affect values. Currency risk. Unfavorable exchange rates may occur. Long/Short Fixed Income HFN Fixed Income (non-arbitrage) Index Long/short fixed income strategies by monthly values, as reported to evestment HFN Interest rate risk. Bond prices will decline if rates rise. Credit risk. Bond issuer may not pay. Income risk. Income may decline. Leverage risk. Volatility and risk of loss may magnify with use of leverage. TRUSTED ALTERNATIVES. INTELLIGENT INVESTING. 15

17 Glossary Correlation: A statistical measure of how two securities move in relation to each other. Correlation is computed into what is known as the correlation coefficient, which ranges between -1 and +1. Perfect positive correlation (a correlation co-efficient of +1) implies that as one security moves, either up or down, the other security will move in lockstep, in the same direction. Alternatively, perfect negative correlation means that if one security moves in either direction the security that is perfectly negatively correlated will move by an equal amount in the opposite direction. If the correlation is 0, the movements of the securities are said to have no correlation; they are completely random. Drawdown: A drawdown is any losing period during an investment time frame. It is calculated by taking the peak-to-valley loss relative to the peak for a stated time period. The figure is expressed as a percentage. Long: Buying an asset/security that gives partial ownership to the buyer of the position. Long positions profit from an increase in price. Short: Selling an asset/security that may have been borrowed from a third party with the intention of buying back at a later date. Short positions profit from a decline in price. If a short position increases in price, the potential loss on an uncovered short is unlimited. Standard deviation: A statistical measure of how consistent returns are over time; a lower standard deviation indicates historically less volatility. VAMI: Value added monthly index. A graph that shows the compounded growth of a $1,000 investment on a monthly basis altegris.com/mutualfunds

18 Mutual Fund Risk Disclosure Investors should carefully consider the investment objectives, risks, charges and expenses of the Altegris Multi-Strategy Alternative Fund. This and other important information about a Fund is contained in a Fund s Prospectus, which can be obtained by calling (888) The Prospectus should be read carefully before investing. The Altegris Multi-Strategy Alternative Fund is distributed by Northern Lights Distributors, LLC member FINR A. Altegris Advisors, Northern Lights, and the managers accessed by the Fund are not affiliated. MUTUAL FUNDS INVOLVE RISK INCLUDING POSSIBLE LOSS OF PRINCIPAL. Alternative Strategies pursued by the Fund may be subject to a number of risks either directly or indirectly through its investments in other Investment Companies, the Subsidiary, securities issued by Underlying Pools, and other derivative and investment instruments. Investing in commodity futures markets subjects the Fund to volatility as commodity futures prices are influenced by unfavorable weather, geologic and environmental factors, regulatory changes and restrictions. Foreign investments involves 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 use of credit default swaps ( CDS ) to transfer credit risk involves potentially heightened counterparty, concentration and exposure risks that may result in losses to the Fund. The use of swaps, options, structured notes or other derivative instruments, directly or indirectly, subjects the Fund to leverage risk, tracking risk and counterparty default risk. Option positions held may expire worthless exposing the Fund to potentially significant losses. The use of leverage by the Fund, such as borrowing money to purchase securities or the use of options will cause the Fund to incur additional expenses. In addition, leverage can increase share price volatility and magnify the Fund s 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. Preferred stocks and other fixed income securities such as mortgage-or asset-backed bonds, corporate and government bonds, and convertible securities are also subject to interest rate risk. As interest rates rise, the value of fixed income securities will typically fall. In addition, 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 and derivatives risks include credit risk, which is the possibility that an issuer will fail to make principal 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 value of equity and debt securities of smaller issuers or small and mid-sized companies can be more volatile than those of larger companies due to limited product lines, markets or financial resources. An ETF may represent a portfolio of securities, or may use derivatives and therefore, reflects the risks and additional expenses of owning the underlying securities. ETNs are subject to the risk that the value of the index may decline sharply or unpredictably, as well as default and liquidity risks. As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers and therefore, performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company. The Other Investment Companies and Underlying Pools may engage in short-selling and short position derivative activities which is considered speculative and involves significant financial risk. Short positions profit from a decline in price so the Fund will incur a loss on a short position if the price increases. The potential for loss in a short position transaction is unlimited. The Fund also involves taxation risk and regulatory risk by investing in commodities through the Subsidiary, which is a controlled foreign corporation. As such, any income received from its commodities-related investments will be passed through to the Fund as ordinary income, which may be taxed at less favorable rates than capital gains. The Subsidiary will not be registered under the 1940 Act. 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, brokerage commissions, operating expenses and performance based fees to each manager it retains. As a result, the cost of investing in the Fund may be higher than other mutual funds that invest directly in stocks and bonds. There is no guarantee that any of the trading strategies used by the managers retained by an Underlying Fund/Pool will be profitable or avoid losses. The Fund is new and has 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 the objectives. TRUSTED ALTERNATIVES. INTELLIGENT INVESTING. 17

19 Important Considerations Alternative investments involve a high degree of risk and can be illiquid due to restrictions on transfer and lack of a secondary trading market. They can be highly leveraged, speculative and volatile, and an investor could lose all or a substantial amount of an investment. Alternative investments may lack transparency as to share price, valuation and portfolio holdings. Complex tax structures often result in delayed tax reporting. Alternative investment managers typically exercise broad investment discretion and may apply similar strategies across multiple investment vehicles, resulting in less diversification. Trading may occur outside the United States which may pose greater risks than trading on U.S. exchanges and in U.S. markets. There are substantial risks and conflicts of interests associated with managed futures and commodities accounts, and you should only invest risk capital. The success of an investment is dependent upon the ability of a commodity trading advisor (CTA) to identify profitable investment opportunities and successfully trade. The identification of attractive trading opportunities is difficult, requires skill, and involves a significant degree of uncertainty. CTAs have total trading authority, and the use of a single CTA could mean a lack of diversification and higher risk. The high degree of leverage often obtainable in commodity trading can work against you as well as for you, and can lead to large losses as well as gains. Alternative investments may be subject to substantial charges for management and advisory fees. Compared to mutual funds, hedge funds and commodity pools are subject to less regulation and often charge higher fees. It may be necessary for accounts that are subject to these charges to make substantial trading profits in order to avoid depletion or exhaustion of their assets. ALTEGRIS ADVISORS Altegris Advisors LLC is an SEC-registered investment adviser that advises alternative strategy mutual funds that may pursue investment returns through a combination of managed futures, equities, fixed income and/or other investment strategies NLD-5/15/ altegris.com/mutualfunds

20 About Altegris Altegris searches the world to find what we believe are the best alternative investments. Our suite of alternative investment solutions are designed for financial professionals and individuals seeking to improve portfolio diversification. With one of the leading research and investment groups focused solely on alternatives, Altegris follows a disciplined process for identifying, evaluating, selecting and monitoring investment talent across a spectrum of alternative strategies including managed futures, global macro, long/short equity, event-driven and others. Veteran experts in the art and science of alternatives, Altegris guides investors through the complex and often opaque universe of alternative investing. Alternatives are in our DNA. Our very name, Altegris, highlights our singular focus on alternatives, the highest standards of integrity, and a process that constantly seeks to minimize investor risk while maximizing potential returns. The Altegris Companies, wholly owned subsidiaries of Genworth Financial, Inc., include Altegris Investments, Altegris Advisors, Altegris Funds, and Altegris Clearing Solutions. Altegris currently has approximately $3.24 billion in client assets, and provides clearing services to $843 million in institutional client assets.* * Altegris and its affiliates are subsidiaries of Genworth Financial, Inc. and are affiliated with Genworth Financial Wealth Management, Inc., and include: (1) Altegris Advisors, LLC, an SEC-registered investment adviser, CFTC-registered commodity pool operator, commodity trading advisor, and NFA member; (2) Altegris Investments, Inc., an SEC-registered broker-dealer and FINRA member; (3) Altegris Portfolio Management, Inc. (dba Altegris Funds), a CFTC-registered commodity pool operator, NFA member and SEC-registered investment adviser; and (4) Altegris Clearing Solutions, LLC, a CFTC-registered futures introducing broker and commodity trading advisor and NFA member. The Altegris Companies and their affiliates have a financial interest in the products they sponsor, advise and/or recommend, as applicable. Depending on the investment, the Altegris Companies and their affiliates and employees may receive sales commissions, a portion of management or incentive fees, investment advisory fees, 12b-1 fees or similar payment for distribution, a portion of commodity futures trading commissions, margin interest and other futures-related charges, fee revenue and/or advisory consulting fees. Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance holding company dedicated to helping people secure their financial lives, families and futures. Genworth has leadership positions in offerings that assist consumers in protecting themselves, investing for the future and planning for retirement including life insurance, long term care insurance, financial protection coverages, and independent advisor-based wealth management and mortgage insurance that helps consumers achieve home ownership while assisting lenders in managing their risk and capital. Genworth has approximately 5,850 employees and operates through three divisions: U.S. Life Insurance, which includes life insurance, long term care insurance and fixed annuities; Global Mortgage Insurance, containing U.S. Mortgage Insurance and International Mortgage Insurance segments; and the Corporate and Other division, which includes the International Protection and Runoff segments and the wealth management business presented as discontinued operations. Products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth Financial, Inc., headquartered in Richmond, Virginia, traces its roots back to 1871 and became a public company in For more information, visitgenworth.com. From time to time, Genworth Financial, Inc. releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the Investors section of genworth.com. TRUSTED ALTERNATIVES. INTELLIGENT INVESTING. 19

21 ALTEGRIS ADVISORS Printed May _051513

22 DYNAMIC ALTERNATIVE STRATEGIES BACKED BY ONGOING PROFESSIONAL OVERSIGHT. Let the Altegris alternative experts do the heavy lifting the hours of research, due diligence, portfolio construction, and ongoing strategy allocations. Meet Our Co-Portfolio Managers JON SUNDT President and CEO Jon Sundt has more than 25 years of experience in the alternative investment industry. He founded Altegris and is President and CEO of Altegris Investments, Altegris Advisors, and Altegris Funds. Jon is a member of the Altegris Investment Committee as well as a co-portfolio manager of the company s mutual funds. MATT OSBORNE Executive Vice President, Managing Director Strategic Initiatives Matt Osborne has more than 20 years of international business and financial market experience. As the Executive Vice President and Managing Director of Altegris Advisors, and a Director of Altegris Funds, Matt is responsible for Strategic Initiatives. He is also a co-portfolio manager of the company s mutual funds and a member of the Altegris Investment Committee. ALLEN CHENG Chief Investment Officer, Head of Research and Investments Group Allen Cheng brings over 20 years of hedge fund and alternative investment experience to his role as Chief Investment Officer of Altegris Advisors where he is responsible for the Research and Investments Group. He is a member of the Altegris Investment Committee as well as a co-portfolio manager of the company s mutual funds. TRUSTED ALTERNATIVES. INTELLIGENT INVESTING.

23 For more information about the Altegris Multi-Strategy Alternative Fund, contact your representative or visit 100% ALTERNATIVES. 100% OF THE TIME. A trusted leader in alternatives, Altegris searches the world to find what we believe are best of breed alternative investments. The co-portfolio management team brings over 20 years of specialized experience and insight to the analysis of the nuances and idiosyncrasies of alternatives. ALTEGRIS ADVISORS Printed May _ NLD-5/15/ altegris.com/mutualfunds