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TRUSTED ALTERNATIVES.INTELLIGENT INVESTING.

ALTEGRISFUTURESEVOLUTIONSTRATEGY FUND.EVOAX | EVOCX | EVOIX | EVONX

2 888.524.9441 | altegris.com/mutualfunds

The Fund is subject to various risks including asset and mortgage-backed securities risk, commodity risk, credit risk, derivatives risk, foreign currency risk, foreign investment risk, interest rate risk, issuer-specific risk, junk bond risk, defaulted securities risk, leverage risk, liquidity risk, loan risk, management risk, market risk, short position risk, structured note risk, underlying pools risk, and wholly-owned subsidiary risk. There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses.

Trend-following is a core managed futures strategy that generally seeks to profit from the continuation of medium to long-term directional price moves in a market. For example, being positioned long after market prices have moved higher for a period of time or positioned short after prices have moved lower for a period of time.

Altegris Futures Evolution Strategy Fund

Concentrated Trend Following Exposure plus Active Fixed Income. An evolutionary approach to managed futures which combines a focus on trend following with active fixed income management, sub-advised by DoubleLine Capital LP.

Potential for positive absolute returns in rising and falling markets

Market Direction Agnostic

Ability to gain global exposure to four major asset classes: stocks, bonds, currencies, commodities

Multiple Asset Classes

Low historical correlation to traditional markets, providing potential for increased portfolio diversification

Potential Portfolio

Diversification

Access to experienced managed futures and fixed income managers with a history of trading through multiple market cycles

Access Experienced

Managers

REASONS TO INVEST | Exposure to the potential key benefits of the Fund includes:

Experienced portfolio management team, with the ability to hire and fire managers

Alternatives Experts

Methodical manager selection, coupled with rigorous ongoing due diligence

Multi-Manager Approach

TRUSTED ALTERNATIVES. INTELLIGENT INVESTING.® 3

Regarding its managed futures strategy, the Fund will invest up to 25% of its total assets in a wholly-owned subsidiary, which in turn invests the majority of its assets in a portfolio of investments selected by an experienced portfolio management team at Altegris Advisors. These include investments in a combination of (1) securities of one or more commodity futures trading companies (e.g., underlying pools), (2) swaps, notes or similar derivatives structured to provide exposure to and the returns of managed futures strategies, and (3) investments intended to serve as collateral for such derivative positions (collectively, “managed futures investments”).

Portfolio Exposure

1. Total exposure of the Fund will range from 170% to no more than 200%.2. The managed futures investments selected by Altegris Advisors to gain exposure to managed futures managers, strategies and programs are

subject to change at any time, and any such change may alter the Fund’s access and percentage exposures to each such manager, strategy and program. The Fund’s holdings of cash, cash equivalents and fixed income securities pursuant to its fixed income strategy are excluded.

Typical managed futures strategy exposure will be 100% up to a maximum of 125% using notional funding. Notional funding is the term used for funding an account below its nominal value. It is a form of leverage that does not involve borrowing but leverage can increase the volatility of an account.

3. Typically, 70%–80% of the Fund’s total net assets will be invested in fixed income strategies.

The Fund’s access to the specific managed futures managers listed above are presented to illustrate examples of the diversity of managers and programs accessed by the Fund through its managed futures investments, 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. With respect to the remainder of Fund assets not invested in managed futures investments via a wholly-owned subsidiary, the Fund pursues a fixed income strategy managed by the Fixed Income Sub-adviser, DoubleLine Capital, L.P.

Investors are able to access the capabilities of experienced managed futures and fixed income managers.

TARGET FUND EXPOSURE1 | As of December 31, 2013

Managed Futures Exposure: 100%2 DoubleLine Capital Target Exposure: 75%3 Total Fund Exposure: 175%1

Core Fixed Income

Opportunistic Income

Low Duration

WintonISAM

75%2

Up to25%


*Manager AUM as of September 2013

The Fund currently pursues its managed futures strategy through investments in securities that access returns of the managed futures managers described above.

Managed Futures Managers

Meet Winton Capital Management

› Founded in 1997, currently manages over $24.2 billion in assets* › Led by scientist, David Harding, with 25-year track record › One of world’s leading systematic trading managers › Pursues long-term trend following strategy › Leader in empirical scientific research and financial mathematics › Research team of over 100

Past Awards: › Best Managed Futures/CTA. Hedgeweek Awards 2013 › Best Directional Hedge Fund over 10 Years (2012). Hedge Funds Review European Awards › Fund of the Year (2012). Investors Choice Awards › Best Global Macro and Managed Futures Fund (2012). Investors Choice Awards › Outstanding Contribution to the Hedge Fund Industry – David Harding (2012). HFM Week European Performance Awards

David Winton Harding, Founder, Chairman and Head of Research › One of the pioneers of trend-following systematic trading in Europe › Graduated from Cambridge University with a First Class Honours degree

in Natural Sciences specializing in Theoretical Physics › In 1987, he formed Adam, Harding and Lueck Ltd (“AHL”) › In 1997, Mr. Harding founded Winton and continues to lead Winton’s research efforts

Meet ISAM

› Founded in 2003, currently manages over $600 million in assets* › Led by Stanley Fink, former CEO of Man Group › Medium-term systematic trend follower › Launched ISAM Systematic as its flagship fund in May 2010

Past Awards: › BarclayHedge Top 20 Performing CTA over past 5 years (ranked by compound annual return five years ending September 2011) › Top Performing Managed Futures (CTA) under $500 million in 2010 (Winner). HFM European Performance Awards 2011 › Top Performing Managed Futures (CTA) (Nomination). EuroHedge Award in 2010 › Top Performing Managed Futures (CTA) in 2010 (Nomination). Hedge Funds Review European Performance Awards

Stanley Fink, Chief Executive Officer › Joined Man in 1987 with responsibility for planning, strategy, mergers and acquisitions › Became Managing Director of the fund management business in 1996 and Group Chief Executive in 2000 › Fund management grew from just under $1 billion at the start of his stewardship to almost $80 billion by 2008 › Joined ISAM in 2008 as Chief Executive

The Altegris Futures Evolution Strategy Fund provides access to what we believe are premier managed futures investment managers in an actively managed mutual fund.


Sub-adviser: DoubleLine Capital LP

Meet DoubleLine

The fixed income component of the Altegris Futures Evolution Strategy Fund is managed by the sub-adviser, DoubleLine Capital LP. DoubleLine, cofounded by Jeffrey Gundlach, is an independent, employee-owned asset management firm, whose objective is to deliver better risk-adjusted fixed income returns to its clients. DoubleLine’s Fixed Income Asset Allocation team of portfolio managers have worked together for an average of 10+ years, each with over 20+ years of industry experience.

Jeffrey E. Gundlach, CEO and CIO, Co-founder › Leading expert on fixed income investments and asset allocation › Former TCW Chief Investment Officer and head of fixed income activities › Graduate of Dartmouth College (summa cum laude) with BA in Mathematics and Philosophy › Attended Yale University as PhD candidate in Mathematics › Morningstar’s Fixed Income Manager of the Year (winner in 2006, nominated multiple years) › Morningstar’s Fixed Income Manager of the Decade nomination (2009) › SmartMoney Power 30 and one of seventeen most influential people by The Mutual Fund Wire › Called the “King of Bonds” by Barron’s magazine1

› Fund Leader of the Year (2010) by Fund Action and one of Fortune magazine’s Investor’s Guide “Mutual Fund All Stars”

› Quantitative and qualitative analysis

› Risk relationship between investments

Risk Analysis

› Offer greater potential payoff than potential loss

› Based on potential to build par value

Security Selection

› Aim to outperform under a range of future scenarios

› Shuns risk-taking based on unidirectional forecasts

Portfolio Construction

› Portfolio managers actively head trading operations

› Experience provides examination of time-sensitive market opportunities

Active Management

DOUBLELINE INVESTMENT PROCESSThe following are general principles embedded across the various investment groups at DoubleLine.

There is no guarantee that any investment will achieve its objectives, generate profits or avoid losses. Source: DoubleLine Capital LP.1 February 21, 2011 edition

The Altegris Futures Evolution Strategy Fund’s fixed income strategy employs one of the premier fixed income investment managers, DoubleLine Capital, to identify and select potential opportunities in an ever-evolving market environment.


Sub-adviser: DoubleLine’s Strategies

Individual Fixed Income Sub-strategies

The Altegris Futures Evolution Strategy Fund invests approximately 75% of its assets in an active fixed income approach, which is managed by sub-adviser DoubleLine Capital LP. The adviser anticipates it will, under normal circumstances, allocate some portion to each of the sub-adviser’s strategies at any given time.

Fixed income securities are subject to various risks including, but not limited to, market risk, credit risk, income risk, liquidity risk, and interest rate risk. When interest rates rise, bond prices fall.

* Represent the allowable percentage that may be allocated to each sub-strategy within the Fund’s fixed income strategy. The Fund also holds managed futures securities, cash, and cash equivalents, which are excluded from the allocations shown above. There is no guarantee that any investment will achieve its objectives, generate profits or avoid losses.

Opportunistic Income | 20%

Core Fixed Income| 60%Low Duration | 20%

TARGET SUB-STRATEGY EXPOSURE | As of December 31, 2013

Core Fixed Income | Allocation: 0%-100%* Low Duration | Allocation: 0%-100%* Opportunistic Income | Allocation: 0%-30%*

The sub-adviser uses a controlled risk approach to invest across various fixed income instruments. The sub-adviser utilizes active asset allocation in managing investments and monitors the duration of the securities allocated to the strategy to mitigate exposure to interest rate risk. Intends to seek to construct an investment portfolio with a weighted average effective duration of no less than two years and no more than eight years.

The sub-adviser portfolio manager typically uses a controlled risk approach. Under normal circumstances, strategy assets are invested primarily in fixed income and other income-producing instruments rated investment grade and in unrated securities considered by the sub-adviser to be of comparable credit quality. The sub-adviser will normally seek to construct an investment portfolio with a dollar-weighted average effective duration of three years or less.

Invests primarily in fixed income instruments and other investments including mortgagebacked securities; corporate bonds, including high-yield bonds; municipal bonds; and securities of real estate investment trusts. Only when a potential investment has passed the sub-adviser’s careful screening, through qualitative and quantitative analysis, will it be added to this sub-strategy portfolio. The sub-adviser places no limits on the duration of this sub-strategy’s investment portfolio.


Altegris Futures Evolution Strategy Fund Facts

*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) Restated.(2) “Other Expenses” does not include direct costs associated with any over-the-counter derivatives that provide the Fund with exposure to

managed futures strategies, which is the primary manner in which the Fund intends to gain exposure to managed futures strategies. Costs associated with such derivative instruments include any fee paid to the Fund’s counterparty and the fees and expenses associated with the managed futures strategies referenced by such derivative instruments. Such costs are included in the return of any such derivative instruments and, therefore, represent an indirect cost of investing in the Fund. The swap and structured note fees and expenses for the year ended September 30, 2013 were equal to 0.30%. The Fund does not anticipate that it will pay fees to derivative counterparties in the fiscal year 2013 – 2014 in excess of 0.17% (annualized) of the notional exposure to managed futures strategies provided by the relevant derivative instrument. Based on the notional amount of the Fund’s over-the-counter derivative positions as of September 30, 2013, the Fund was subject to counterparty fees equal to approximately 0.18% (annualized) of Fund assets on such date. As of September 30, 2013, the aggregate weighted average management fees and weighed average performance fees of the managed futures strategies in which the Subsidiary invested were approximately 1.20% of notional exposure and 20% of trading profits, respectively.

(3) The Fund’s adviser has contractually agreed to reduce its fees and to reimburse expenses, at least until January 31, 2015, to ensure that total annual Fund operating expenses (including organizational and offering costs) after fee waiver and reimbursement will not exceed 1.94%, 2.69%, 1.69% and 1.94% 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 adviser.

Class A* Class C Class I Class N

Management Fees 1.50% 1.50% 1.50% 1.50%

Distribution and/or Service (12b-1) Fees 0.25% 1.00% 0.00% 0.25%

Other Expenses(1) (2) 0.31% 0.31% 0.31% 0.31%

Total Annual Fund Operating Expenses 2.06% 2.81% 1.81% 2.06%

Fee Waiver(3) (0.12)% (0.12)% (0.12)% (0.12)%

Total Annual Fund Operating Expenses After Fee Waiver

1.94% 2.69% 1.69% 1.94%

Expense Cap 1.94% 2.69% 1.69% 1.94%

ANNUAL FUND OPERATING EXPENSES Expenses that you pay each year as a percentage of the value of your investmentOBJECTIVE

The Fund seeks long-term capital appreciation.

FUND ADVISERAltegris Advisors, L.L.C.

FUND SUB-ADVISERDoubleLine Capital LP

SYMBOL & CUSIPClass A: EVOAX – 66537Y629 Class C: EVOCX – 66537Y611 Class I: EVOIX – 66537Y595 Class N: EVONX – 66537Y587

MINIMUM INITIAL/ SUBSEQUENT INVESTMENTClass A: $2,500 / $250 Class C: $5,000 / $250 Class I: $1,000,000 / $250 Class N: $2,500 / $250

INCEPTION DATEClass A, Class I, Class N: October 31, 2011 Class C: February 16, 2012

INCOME DISTRIBUTIONMonthly


Managed FuturesExposure

Managed Futures

Fixed IncomeLiquid, Short-term

Fixed Income

$100 Investment

Structure Example: Managed Futures

A managed futures fund allocates approximately 25% to a managed futures strategy and 75% to fixed income, which is invested primarily in liquid, short-term, high-quality securities. The allocation to managed futures utilizes a principal called notional funding, which simply means that the 25% allocation to managed futures is invested as if 100% of the assets were invested.

› Designed to potentially capture returns related to trends in the commodity and financial futures markets by investing in managed futures strategies.

› An investor is able to gain full exposure to managed futures strategies through the use of notional funding.

› Designed to potentially generate interest income by investing in a variety of investment grade fixed income securities.

› Invested in liquid, short-term, high-quality securities.

STRUCTURE OF A MANAGED FUTURES FUND | For Illustrative Purposes Only

Notional funding is the term used for funding an account below its nominal value. It is a form of leverage that does not involve borrowing, but leverage can increase the volatility of an account. See page 11 for a more detailed discussion of notional funding.

THE ABOVE CHART IS FOR ILLUSTRATIVE PURPOSES ONLY AND IS NOT MEANT TO REPRESENT ANY PARTICULAR FUND. There is no guarantee that any investment will achieve its objectives, generate profits or avoid losses. The allocation ranges of any particular fund to each strategy may be higher or lower.


$100 *Managed Futures

Exposure$75 †Fixed Income

$75 †Actively Managed

Fixed Income

$100 Investment

Up to $25 Managed Futures

STRUCTURE OF THE ALTEGRIS FUTURES EVOLUTION STRATEGY FUND

Structure: Altegris Futures Evolution Strategy Fund

The Altegris Futures Evolution Strategy Fund (EVOAX) adviser may allocate up to 25% of fund assets to securities that access managed futures. This portion of the Fund will attempt to maintain 100%* exposure to managed futures strategies, similar to the structure of a typical managed futures fund.

The key differentiator of the Altegris Futures Evolution Strategy Fund is the fixed income allocation.

The remaining allocation designated to fixed income is actively managed across various fixed income strategies by the sub-adviser, DoubleLine Capital LP. This active fixed income approach has the ability to invest in securities of varying credit quality or maturity.

* Typical managed futures strategy exposure in the Fund will be 100%, up to a maximum of 125%.† Typically, 70%–80% of the Fund’s total net assets will be invested in fixed income strategies.

Regarding its managed futures strategy, the Fund will invest up to 25% of its total assets in a wholly-owned subsidiary, which in turn invests the majority of its assets in a portfolio of investments selected by an experienced portfolio management team at Altegris Advisors. These investments are selected with the aim of providing aggregate exposure to managed futures, as if between 100% and 125% of the Fund’s net assets were invested in those programs. There is no guarantee that any investment product will achieve its objectives, generate profits or avoid losses.


Investors should carefully consider the investment objectives, risks, charges and expenses of the Altegris Futures Evolution Strategy Fund. This and other important information about a Fund is contained in the Fund’s Prospectus which can be obtained by calling (888) 524-9441. The Prospectus should be read 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.

The value of fixed income securities, including preferred stock, will typically fall when interest rates rise. Additionally, fixed income securities are subject to credit risk, which refers to an issuer’s ability to make interest and principal payments when due, and risk of default. Asset or mortgage-backed securities are subject to prepayment risk. Below investment grade and lower quality high yield or junk bonds present heightened credit risk, liquidity risk, and potential for default. Investing in defaulted or distressed securities is considered speculative. REITs are subject to market, sector and interest rate risk.

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. Trading on foreign exchanges and foreign investments including exposure to foreign currencies, 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 use of derivatives such as futures, swaps, structured notes, and options contracts expose the Fund to additional risks such as leverage risk, tracking risk and counterparty default risk that it may not be subject to if it invested directly in the underlying securities. Although futures contracts are generally liquid, under certain market conditions there may not always be a liquid secondary market. Option positions held may expire worthless and cause a loss. The use of leverage can increase share price volatility and magnify gains or losses, as well as cause the Fund to incur additional expenses.

The Fund may 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 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 Fund 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 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 Fund may be higher than a mutual fund that invests directly in securities. 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 manager accessed 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 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 adverse market, economic, or regulatory occurrence than a diversified fund.

Mutual Fund Risks


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.

PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

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.

NOTIONAL FUNDING EXAMPLEThe Underlying Pools use a form of leverage often referred to as “notional funding” — that is the nominal trading level for an Underlying Pool will exceed the cash deposited in its trading accounts. For example if the Underlying Pool manager wants the Underlying Pool to trade a $10,000,000 portfolio (the “nominal trading level”) the Underlying Pool’s margin requirement may be $500,000. The Underlying Pool can either deposit $10,000,000 to “fully fund” the account or can deposit only a portion of the $10,000,000, provided that the amount deposited meets the account’s ongoing minimum margin requirements. The difference be-tween the amount of cash deposited in the account and the nominal trading level of the account is referred to as notional funding. The use of notional funding (i.e., leverage) will increase the volatility of the Underlying Pools.

$0

$2,000,000

$4,000,000

$6,000,000

$10,000,000

Account Option #2: Notionally FundedAccount Option #1: Fully Funded

Amount Deposited

Nominal Trading Level

$8,000,000

Notional funding is the difference between the amount of cash deposited in the account and the nominal trading level of the account.

$8,000,000Notional Funding

$2,000,000 Deposit

$10,000,000Deposit

ALTEGRIS ADVISORS888.524.9441www.altegris.com/mutualfunds

577851_0204140513-NLD-2/4/2014

Veteran experts in the art and science of alternatives, Altegris guides investors through the complex and often opaque universe of alternative investing.

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.

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. As of December 31, 2013, Altegris had $2.49 billion in client assets, and provided clearing services to $623 million in institutional client assets.

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