ALTEGRIS EQUITY LONG SHORT FUND.

It s time for a hedged approach to equities. ALTEGRIS EQUITY LONG SHORT FUND. ELSAX ELSCX ELSIX ELSNX TRUSTED ALTERNATIVES. INTELLIGENT INVESTING.

Altegris Equity Long Short Fund A Hedged Approach to Your Equity Allocation. Taking a diversified approach to equity investing, the Fund accesses four experienced long/short equity managers with the goal of participating in market upside, while preserving against the downside all with moderate correlation to the equity indices. REASONS TO INVEST Exposure to the potential key benefits of the Fund includes: Participate and Preserve Exposure Management Risk Management Alternatives Experts Multi-Manager Approach Access to premier managers with the potential to capture equity market upside, while seeking to limit downside risk Low net exposure to equity markets, with a focus on sub-advisers specializing in fundamental stock picking Seeks a smoother path with lower historical volatility than equity markets Experienced portfolio management team, with the ability to hire and fire managers Methodical manager selection, coupled with rigorous ongoing due diligence The Fund is subject to various risks including, but not limited to, commodity risk, credit risk, derivatives risk, fixed income risk, foreign currency risk, foreign investment risk, leverage risk, liquidity risk, management risk, market risk, non-diversification risk, short position risk, taxation risk, and underlying pools risk. There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. Diversification does not ensure profit or protect against loss in a positive or declining market. Correlation is a statistical measure of how two securities move in relation to each other. 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 is 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. 2 888.524.9441 altegris.com/mutualfunds

Portfolio Allocations To achieve its investment objective, the Fund will use an equity long short strategy that is executed by: Allocating assets among the Fund s sub-advisers, each of which has one or more proprietary long/short equity investment strategies Diversifying investments among sub-adviser strategies that are not expected to have returns that are highly correlated to each other or major equity market indices EQUITY LONG SHORT SUB-STRATEGY TARGET ALLOCATION As of June 30, 2014 Agriculture/Consumer 17.5% Harvest Capital Strategies Diversified 37.5% Visium Asset Management Financials 20% Harvest Capital Strategies Diversified 25% Chilton Investment Company Portfolio allocations and investment sub-strategies are presented to illustrate examples of Fund allocations and the diversity of areas in which the Fund may invest, and may not be representative of the Fund s current or future investments. The allocations do not include money market and fixed income instruments. Portfolio allocations are subject to change and should not be considered investment advice. The Fund also holds cash and cash equivalents which are excluded from the allocation of net assets shown above. Sub-adviser shown above in italics. Allocations may be higher or lower based on market conditions. Correlation is a statistical measure of how two securities move in relation to each other. Diversification does not ensure profit or protect against loss in a declining market. There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. TRUSTED ALTERNATIVES. INTELLIGENT INVESTING. 3

Equity Long Short Managers The Altegris Equity Long Short Fund provides access to what we believe are premier long/short equity managers that aim to generate and capture alpha on the long and short side. Harvest Capital Strategies Founded in 1999, currently manages over $822 million in hedge fund assets* Extensive network of relationships and rigorous fundamental research process Focused on preserving capital, sharing a common risk framework and generating alpha through fundamentally driven investment selection Client-focused asset management platform with operational best practices Exhaustive due diligence and analytical process for both long and short positions Past Awards: Barclay Hedge Top Performing Hedge Fund (ranked by compound annual return ending September 2009) Absolute Return Awards 2008 Small Cap Equity Winner HFM Week US Performance Awards 2009 Long/Short Equity Winner Opal Financial Group 2009 Long/Short Equity Fund of the Year Lipper Hedge Fund Awards 2009 Best 3-Year Long/Short Equity Fund Joseph Jolson, Founder and Chief Executive Officer Financials sub-strategy Lead Portfolio Manager 30+ years of industry experience Previously started non-bank fi nancial services research group and initiated the real estate and auto services for NationsBank Montgomery Securities Ten-time member of the Institutional Investor All-American Research Team (1986-1995) covering thrift industry Two-time member of the Wall Street Journal All-Star Analyst Team (1995, 1996) covering fi nancial services Received an MBA with distinction from The Wharton School and a BA from Yale University Kelly Wiesbrock, Managing Director Agriculture/Consumer sub-strategy Lead Portfolio Manager 10 years of operating experience and 11 years of investment management with continued involvement in Midwest farming operations Previously responsible for long/short food and consumer investments at Ascend Capital Former Purina Mills divisional CFO, Deloitte consultant focused on distressed consumer companies and Frito-Lay operations engineer Received an MBA from Harvard University and a BS degree in Mechanical Engineering from the University of Illinois *Sub-adviser AUM as of March 2014. The Fund currently pursues its long/short equity strategy through multiple sub-advisers, including those described above. 4 888.524.9441 altegris.com/mutualfunds

Equity Long Short Managers The Altegris Equity Long Short Fund provides access to what we believe are premier long/short equity managers that aim to generate and capture alpha on the long and short side. Visium Asset Management Founded in 2005, currently manages over $6.6 billion in assets* Team of 74 professionals, including 50+ investment professionals Past Awards: Top 50 Mid-Sized Hedge Funds, Visium Global Fund Bloomberg (2012) The 100 Top-Performing Large Hedge Funds, Visium Balanced Fund Bloomberg (2012) #1 Performing Multi-Strategy Fund Visium Global Fund (Month of October 2012) Barclay Hedge Awards Equity-Focused Hedge Fund Firm of the Year (Nominated) 2011 Institutional Investor Award Robert Kim, Portfolio Manager and Director of Research Diversified sub-strategy Lead Portfolio Manager 15+ years of experience working at multi-billion dollar hedge fund management fi rms Former portfolio manager at Millennium Partners Former senior portfolio manager at GLG Partners, Soros Fund Management, and SAC Capital Graduated from The Georgia Institute of Technology with a BS in Chemistry *Sub-adviser AUM as of March 2014. The Fund currently pursues its long/short equity strategy through multiple sub-advisers, including those described above. TRUSTED ALTERNATIVES. INTELLIGENT INVESTING. 5

Equity Long Short Managers The Altegris Equity Long Short Fund provides access to what we believe are premier long/short equity managers that aim to generate and capture alpha on the long and short side. Chilton Investment Company Founded in 1992, currently manages over $3.1 billion in assets* Approximately 100 employees in New York, Stamford, London, and Hong Kong, including 24 investment professionals Experienced investment team committed to rigorous fundamental equity research Richard L. Chilton, Jr., Founder, Chairman, CEO, and Chief Investment Officer Diversified sub-strategy Lead Portfolio Manager 25+ years of industry experience Portfolio manager of Chilton s Flagship Strategies Diversified and Concentrated Previously worked at Allen & Company, Alliance Capital, and Merrill Lynch B.S. in Finance and Economics from Alfred University *Sub-adviser AUM as of March 2014. The Fund currently pursues its long/short equity strategy through multiple sub-advisers, including those described above. 6 888.524.9441 altegris.com/mutualfunds

Equity Long Short Sub-Strategies The Altegris Equity Long Short Fund accesses established long/short equity managers with strategies that emphasize stock selection capabilities and market exposure management. Sub-strategy Primary Focus Investment Approach Position Philosophy Diversified Visium Asset Management Portfolio Manager: Robert Kim US mid- and large-cap company stocks Employs a fundamentally driven, bottom-up investment approach to its equity long short strategies. Trades across multiple industry sectors Seeks to maintain low correlation between positions Generally seeks to maintain an equal number of long and short positions, with individual position sizes in the portfolio ranging from: Long positions: 1 8% Short positions: 1 5% Over 80% of portfolio expected to be invested in US markets Diversified Chilton Investment Company Portfolio Manager: Richard L. Chilton, Jr. Growth companies Focused on capturing value by identifying opportunities through its fundamental, bottom-up research process. Concentrates on identifying companies with highly dynamic earnings prospects before they are fully recognized in the marketplace Typically diversified across sectors and market capitalizations in primarily US equity securities Financials Harvest Capital Strategies Portfolio Managers: Joseph Jolson Don Destino Jim Fowler Financial services industry and related companies Primary considerations in evaluating investments: Identify mispriced stocks, where a catalyst within a 6-12 month period could result in a more efficient valuation Identify industry winners and losers over a forward two to three-year horizon Typical investment in any single company not intended to exceed 10% of substrategy assets Agriculture/Consumer Harvest Capital Strategies Portfolio Manager: Kelly Wiesbrock Agriculture/ consumer and related sectors Investments anticipated to include companies: With earnings growth at reasonable rates and relatively attractive valuations Inexpensively valued with improving business trends that may serve as catalyst to unlock value In significant transition that present special situations Typically consist of 40 to 60 different positions Each long position usually constitute less than 10% of sub-strategy asset value Each short position usually not exceed 4% of sub-strategy asset value Italics depict the sub-adviser of the Fund s sub-strategies mentioned above. Position philosophy is presented as examples of allocations the adviser expects the sub-adviser to make and the diversity of areas in which they may invest. This portfolio composition architecture is subject to change at any time in response to market conditions and / or viewpoints of the respective portfolio management teams and should not be construed as investment advice. There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses. TRUSTED ALTERNATIVES. INTELLIGENT INVESTING. 7

Altegris Equity Long Short Fund Facts OBJECTIVE The Fund seeks to achieve long-term capital appreciation with moderate correlation to major equity market indices and to achieve this objective with less volatility than major equity market indices. FUND ADVISER Altegris Advisors, LLC FUND SUB-ADVISERS Harvest Capital Strategies LLC Visium Asset Management LP Chilton Investment Company, LLC SYMBOL & CUSIP Class A: ELSAX-66537Y371 Class C: ELSCX-66537Y363 Class I: ELSIX-66537Y355 Class N: ELSNX-66537Y348 MINIMUM INITIAL/SUBSEQUENT INVESTMENT Class A: $2,500 / $250 Class C: $5,000 / $250 Class I: $1,000,000 / $250 Class N: $2,500 / $250 INCEPTION DATE April 30, 2012 INCOME DISTRIBUTION Annual ANNUAL FUND OPERATING EXPENSES Expenses that you pay each year as a percentage of the value of your investment Class A* Class C Class I Class N Management Fees 1.75% 1.75% 1.75% 1.75% Distribution and/or Service (12b-1) Fees 0.25% 1.00% 0.00% 0.25% Other Expenses 2.03% 2.03% 2.03% 2.03% Interest and Dividends on Securities Sold Short 1.55% 1.55% 1.55% 1.55% Remaining Other Expenses 0.48% 0.48% 0.48% 0.48% Total Annual Fund Operating Expenses 4.04% 4.79% 3.79% 4.04% Fee Waiver (1) (0.24)% (0.24)% (0.24)% (0.24)% Total Annual Fund Operating Expenses After Fee Waiver 3.80% 4.55% 3.55% 3.80% Expense Cap 2.24% 2.99% 1.99% 2.24% *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 s adviser has contractually agreed to reduce its fees and to reimburse expenses, at least until July 31, 2015, to ensure that total annual Fund operating expenses after fee waiver and/or reimbursement will not exceed 2.24%, 2.99%, 1.99%, and 2.24% of average daily net assets attributable to Class A, Class C, Class I, and Class N shares, respectively. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits. This agreement may be terminated only by the Fund s Board of Trustees, on 60 days written notice to the Fund s adviser. 8 888.524.9441 altegris.com/mutualfunds

Mutual Fund Risks Please carefully consider the investment objectives, risks, charges and expenses of the Altegris Equity Long Short Fund. This and other important information about a Fund is contained in the Fund s Prospectus and the Summary Prospectus, which can be obtained by calling (888) 524-9441. Read the prospectus carefully before investing. Funds are distributed by Northern Lights Distributors, LLC, member FINRA. Altegris Advisors and Northern Lights Distributors, LLC are not affiliated. MUTUAL FUNDS INVOLVE RISK INCLUDING POSSIBLE LOSS OF PRINCIPAL. Equity securities are subject to market risk and may decline in value due to adverse company, industry or general economic conditions. An investment in smaller or mid-capitalization companies may be subject to more volatility and less liquidity than larger, more established companies. Foreign investments may involve heightened risk due to currency fluctuations, economic and political instability, less liquidity, inefficient trading markets and differing auditing and legal standards. These risks are magnified in emerging markets. The Fund 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 the Fund may incur a loss on a short position if the price increases. The potential loss on an uncovered short is unlimited. Shorting may also result in higher transaction costs, which reduce return. The use of derivatives such as futures and options involves risks different from those typically associated with investing directly in securities, including leverage risk and tracking risk. Long options may expire worthless. Although futures contracts are generally liquid, under certain market conditions there may not always be a liquid secondary market. 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. Leverage can increase volatility and magnify gains or loss. A rise in interest rates will typically cause a decline in the value of fixed income securities, including preferred stock. Fixed income securities are also subject to credit risk and default risk. Credit risk is the possibility that an issuer will fail to pay interest and principal when due. The credit, default and liquidity risks are heightened for lower-quality convertible and debt securities known as high yield or junk. The manager or sub-adviser s judgments about the attractiveness, value and potential appreciation or depreciation of a particular security in which the Fund invests or sells short may prove to be inaccurate and may not produce the desired results. The Fund is non-diversified for purposes of the Investment Company Act of 1940, and may invest more than 5% of total assets in the securities of one or more issuers. Performance may therefore be more sensitive to any single economic, business or regulatory occurrence than a more diversified fund. TRUSTED ALTERNATIVES. INTELLIGENT INVESTING. 9

Risks and Important Considerations Investing in equity securities involves market risk or the risk of loss due to adverse market conditions, industry news or a general economic decline. Short sales involve the sale of a borrowed security, with the expectation that the security will underperform the market. Short selling is considered leverage and positions in shorted securities are speculative and more risky than long positions. Leverage may magnify gains or losses. The use of long and short positions does not limit the exposure to market volatility and other risks. The risk of volatility may be heightened for alternative or complex investment strategies. There can be no assurance that any investment strategy will be successful. Altegris Advisors Altegris Advisors LLC is a CFTC-registered commodity pool operator, commodity trading advisor, NFA member, and SEC-registered investment adviser that advises alternative strategy mutual funds that may pursue investment returns through a combination of managed futures, global macro, long/short equity, long/short fixed income and/or other investment strategies. 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 group of affiliated companies is wholly-owned and controlled by (i) private equity funds managed by Aquiline Capital Partners LLC and its affiliates ( Aquiline ), and by Genstar Capital Management, LLC and its affiliates ( Genstar ), and (ii) certain senior management of Altegris and other affiliates. Established in 2005, Aquiline focuses its investments exclusively in the financial services industry. Established in 1988, Genstar focuses its investment efforts across a variety of industries and sectors, including financial services. The Altegris companies include Altegris Investments, Altegris Advisors, Altegris Funds, and Altegris Clearing Solutions. 10 888.524.9441 altegris.com/mutualfunds

Glossary Alpha. Measures the non-systematic return, that which cannot be attributed to the market. It shows the difference between a fund s actual return and its expected return, given its level of systematic (or market) risk (as measured by beta). A positive alpha indicates that the fund has performed better than its beta would predict. Alpha is widely viewed as a measure of the value added or lost by a fund manager. Beta. A measure of the relationship of a fund s movement relative to a benchmark, such as a market index. Beta is the correlation (a measure of the statistical relationship between fund and benchmark) multiplied by the magnitude of relative volatility of the fund to the benchmark. A fund with a beta of 1.2 relative to a benchmark, for example, is expected to move 12% when the benchmark moves 10%. When the fund is comprised of the same instruments as the benchmark, beta can be thought of as a measure of relative volatility. A low beta does not necessarily indicate that the fund has low volatility; rather, it may indicate that the fund s returns are not related to the movement of the market benchmark. Long. Buying an asset/security that gives partial ownership to the buyer of the position. Long positions profit from an increase in price. Sector. Group of businesses that share similar characteristics or a related product of service (e.g. energy, consumer, financials, technology). 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, covering the short position at a higher price may result in a loss. TRUSTED ALTERNATIVES. INTELLIGENT INVESTING. 11

ALTEGRIS ADVISORS 888.524.9441 www.altegris.com/mutualfunds 661867_090414 1279-NLD-9/4/2014