* Outperformance refers to the total returns since inception of the Fund versus the Barclays US Aggregate Bond Index. Value shown above is calculated at NAV and assumes reinvestment of income. It does not take into account sales charges or the effect of taxes which would reduce return.Past performance is not indicative of future results. The principal value and return of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The potential for higher yield comes with greater risk. Fixed income securities are subject to various risks including, but not limited to, market risk as well as credit risk. When interest rates rise, bond prices typically fall and the sensitivity to interest rates is directly correlated to duration. It is important to note that treasury bonds are backed by the full faith and credit of the US Government as to the timely payment of principal and interest.The following are used as benchmarks to represent each asset class—COrPOrATe: Barclays US Corporate Investment Grade Index; BrOAd MArkeT: Barclays US Universal Index; AGeNCy: Barclays US MBS, Agency Fixed rate MBS Index; ABS: Barclays Asset-Backed Securities Index; BArCAP: Barclays US Aggregate Bond Index; AAA COrPOrATe: Barclays Aaa Corporate Index; TreASUry: Barclays US Treasuries Index; TIPS: Barclays US Treasuries Index, US TIPS. Benchmarks used for general market comparisons. Source: Barclays.

0 7

TIPS [2.65]%

TREASURY 0.18%

ABS 0.98%

AAA CORPORATE 1.71%

BARCAP 2.03%

AGENCY 2.74%

BROAD MARKET 2.84%

CORPORATE 4.19%

FXDAX CLASS A SHARES (NAV) 9.60%

Rising Rates May Favor an Unconstrained Approach to Fixed IncomeOutperfOrmance Since inceptiOn | february 28, 2013–June 30, 2014*

Designed to move freely in search of returns without benchmark constraints, while using a long/short discipline to manage duration and exposure.

AltegRIs FIxed IncoMe long shoRtFUnd. FxDAx | FxDCx | FxDix | FxDnx

need A FIxed IncoMe AlteRnAtIve?three decades of declining rates, the “flight to safety” and the “hunt for yield” have left many portfolios exposed to interest rate risk.

Fund Spotlight | Q2.2014

Past performance is not indicative of future results. Performance represents cumulative returns over specified time period. Outperformance refers to Fund performance relative to the Barclays US Aggregate Bond Index. It should be noted that even during periods of outperformance, Fund returns could be negative.Fund inception is 02/28/13. Value shown above is calculated at NAV and assumes reinvestment of income. It does not take into account sales charges or the effect of taxes which would reduce return. The principal value and return of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance, especially for short periods of time, should not be the sole factor in making an investment decision. There is no guarantee that any investment will achieve its objective, generate profits or avoid losses.There are significant differences in the risk and volatility of the Fund relative to an index or treasury bond. An index is unmanaged and not available for direct investment. US Government bonds are subject to interest rate risk but are historically backed by the full faith and credit of the US Government as to the timely payment of principal and interest. Source: Altegris; Bloomberg.

Impact during an Uncertain Rate environment Value of an initial $1,000 investment since inception | February 28, 2013–June 30, 2014

Fund Spotlight Altegris Fixed income long short Fund | Q2.2014

$900

$950

$1000

$1050

$1100

02/28/13 03/30/13 04/29/13 05/29/13 06/28/13 07/28/13 08/27/13 09/26/13 10/26/13 11/25/13 12/25/13 02/28/14 06/30/1403/31/14 04/30/14 05/31/1401/24/14

FXDAX CLASS A SHARES (NAV)$1,096 9.60%

BARCLAYS US AGG BOND INDX$1,020 2.03%

10-YEARUS T-NOTE$952 [4.85]%

Period 1 111 bps

FXDAX [1.30]%Barclays [4.30]%Outperformance 3.01%

2013 saw Three Periods of Rising Rates

Period 1: May 01–Jul 05Period 2: Jul 19–Sep 05Period 3: Oct 23–Dec 31

Period 2 51 bps

FXDAX 0.10%Barclays [1.62]%Outperformance 1.72%

Period 3 53 bps

FXDAX 1.12%Barclays [0.96]%Outperformance 2.08%

heRe’s the dIFFeRence: AltegRIs FIxed IncoMe long shoRt FUnd

› Seeks to achieve total return through a combination of current income and capital appreciation

› Aims to minimize interest rate risk through sophisticated duration management

› Potential to generate returns during deteriorating and improving credit environments

› Opportunistic credit selection coupled with experienced shorting

› Seasoned portfolio management team with ability to hire and fire managers

Fund Performance | As of June 30, 2014

† The inception date of Class A, Class I and Class N is 02/28/13; the inception date of Class C is 02/26/14. Past performance is not indicative of future results. returns for periods of less than one year are cumulative. ‡ The maximum sales charge (load) for Class A is 5.75%. Class A share investors may be eligible for a reduction in sales charges.The total annual fund operating expense ratio, gross of any fee waivers or expense reimbursements, is 3.05%, 3.80%, 2.80% and 3.05% for Class A, Class C, Class I and Class N, respectively. The Fund’s adviser has contractually agreed to reduce its fees and to reimburse expenses, at least until April 30, 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, subject to possible recoupment in future years. This agreement may be terminated only by the Fund’s Board of Trustees on 60 days written notice to the Fund’s adviser.The performance data quoted here represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. results shown reflect the waiver, without which the results would have been lower. A Fund’s performance, especially for very short periods of time, should not be the sole factor in making your investment decisions. For performance information current to the most recent month end, please call (888) 524-9441.From inception to on or about October 15, 2013, the Fund’s fixed income long-short strategy was managed by a single sub-adviser. Thereafter, an addi-tional sub-adviser was engaged to also pursue the Fund’s fixed income long-short strategy, consistent with the Fund’s multi-manager approach. The Fund’s initial performance attributed to a single sub adviser, may not necessarily be indicative of its future performance as a multi-manager Fund.

June2014

Yearto date

As of June 30, 2014

Q2 2014 1-Year 5-Year†since

Inception†

FxdAx: class A (naV) 1.11% 5.62% 2.26% 10.91% NA 7.10%

FxdAx: class A (max load)‡ -4.70% -0.41% -3.60% 4.56% NA 2.45%

Fxdcx: class c (naV) 1.04% NA 2.19% NA NA 2.78%

FxdIx: class I (naV) 1.15% 5.80% 2.40% 11.15% NA 7.35%

Fxdnx: class n (naV) 1.09% 5.60% 2.24% 10.82% NA 7.03%

hFRx Fixed Income-credit Index 0.56% 3.40% 0.97% 5.68% NA 6.15%

Barclays Us Aggregate Bond Index 0.05% 3.93% 2.04% 4.37% NA 1.52%

888.524.9441 | www.altegris.com/mutual fundsFund Spotlight Altegris Fixed income long short Fund | Q2.2014

riSkS and impOrtant cOnSideratiOnS

Please carefully consider the investment objectives, risks, charges and expenses of the Altegris Fixed Income 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

The Fund’s investment in fixed income securities, loan obligations and derivatives subjects it to various risks including, but not limited to, market risk and volatility, credit risk, collateral risk; foreign investment risk, currency risk, prepayment risk, mortgage and real-estate sector concentration risk, liquidity risk, and interest rate risk; when interest rates rise, the value of fixed income securities typically fall. Credit risk is the possibility that an issuer will fail to pay interest and principal when due. The credit risk and potential for default is heightened for lower quality high yield or junk bond securities.

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 strategies may also result in higher taxes and transaction costs, which reduce return.

The use of derivatives such as futures, options, credit default swaps, and repurchase agreements involves leverage risk, tracking risk, potential for issuer or counterparty default, and higher transaction costs. Long options may expire worthless. Leverage can magnify the fund’s potential for gain or loss. Foreign investments may involve heightened risk due to currency fluctuations, economic and political instability, less liquidity, and differing auditing and legal standards. These risks are magnified for emerging markets.

The Fund is new with a limited history of operations. The manager or sub-adviser’s judgments about the attractiveness and value of a particular security 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 in fewer fixed income securities or smaller companies. Performance may be more sensitive to any single market, economic, or regulatory occurrence than a more diversified fund. There is no guarantee that adequate capital will be raised or that the Fund will achieve its investment objective.

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.

The discussion of managers refers to Fund sub-advisers.

661137_070314 | 1149-NLD-7/7/2014

index deScriptiOnS

The referenced index is shown for general market comparisons and is 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.

hFRx Fixed Income-credit Index. Includes strate-gies with exposure to credit across a broad continuum of credit sub-strategies, including corporate, sovereign, distressed, convertible, asset backed, capital structure ar-bitrage, multi-strategy and other relative value and event driven sub-strategies. The index includes funds that have at least $50 million under management and a 24-month track record (typical).

Barclays Us Aggregate Bond Index. Represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the US investment grade fixed rate bond market, with index components for gov-ernment and corporate securities, mortgage pass-through securities, and asset backed securities. › Barclays Asset-Backed securities Index. The ABS component of the US Aggregate index. Contains 3 sub-sectors: credit and charge cards, autos and utilities. The index includes pass-through, bullet, and controlled amortization structures. The ABS Index includes only the senior class of each ABS issue and the ERISA-eligible B and C tranche. The Manufactured Housing sector was removed as of January 1, 2008, and the home equity loan sector was removed as of October 1, 2009.

Barclays Us corporate Investment grade Index. The Barclays US Credit Index is an index composed of corporate and non-corporate debt issues that are invest-ment grade (rated Baa3/BBB- or higher). › Barclays Aaa corporate Index. The Aaa component of the US Corporate Investment Grade index.

Barclays Us MBs: Agency Fixed Rate MBs Index. Measure the performance of investment grade fixed-rate mortgage-backed pass-through securities of GNMA, FNMA and FHLMC.

Barclays Us treasury Index. The US Treasury Index includes public obligations of the US Treasury. Treasury bills are excluded by the maturity constraint but are part of a separate Short Treasury Index. In addition, certain special issues, such as state and local government series bonds (SLGs), as well as US Treasury TIPS, are excluded. STRIPS are excluded from the index because their inclusion would result in double-counting. Securities in the index roll up to the US Aggregate, US Universal, and Global Aggregate Indices. The US Treasury Index was launched on January 1, 1973.

Barclays Us treasury: Us tIPs Index. Consists of publicly issued, Inflation-Protection securities issued by the US Treasury that have at least one year to final maturity, at least $250 million par amount outstanding and are rated investment-grade (Baa3/BBB or higher) by at least two of the following three rating agencies: Moody’s, S&P, Fitch.

Barclays Us Universal Index. Represents the union of the US Aggregate Index, the US High-Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index, and the non-ERISA portion of the CMBS Index. Municipal debt, private placements, and non-dollar-denominated issues are excluded from the Univer-sal Index. The only constituent of the index that includes floating-rate debt is the Emerging Markets Index.

GLOSSary

short. Selling an asset/security that may have been bor-rowed 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 of an uncovered short is unlimited.

long. Buying an asset/security that gives partial owner-ship to the buyer of the position. Long positions profit from an increase in price.

Yield. The measure of the income return on an invest-ment.