Northern Lights Fund Trust
Altegris/AACA Real Estate Income Fund
Incorporated herein by reference is the definitive version of the supplement for Altegris/AACA Real Estate Income Fund pursuant to Rule 497 (c) under the Securities Act of 1933, as amended, on July 11, 2018 (SEC Accession No. 0001580642-18-003346 .
| Altegris/AACA Real Estate Income Fund | ||||||||||||||||||||||||||||||||||||||||||||||
ALTEGRIS/AACA REAL ESTATE INCOME FUND SUMMARY | ||||||||||||||||||||||||||||||||||||||||||||||
Investment Objectives | ||||||||||||||||||||||||||||||||||||||||||||||
The Fund seeks to maximize current income with potential for capital appreciation. | ||||||||||||||||||||||||||||||||||||||||||||||
Fees and Expenses of the Fund | ||||||||||||||||||||||||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. More information about these and other discounts is available from your financial professional and in How to Purchase Shares on page 20 of this Prospectus and Purchase, Redemption and Pricing of Shares on page 69 of the Statement of Additional Information. | ||||||||||||||||||||||||||||||||||||||||||||||
Shareholder Fees (Fees paid directly from your investment) | ||||||||||||||||||||||||||||||||||||||||||||||
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Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) | ||||||||||||||||||||||||||||||||||||||||||||||
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Example: | ||||||||||||||||||||||||||||||||||||||||||||||
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. | ||||||||||||||||||||||||||||||||||||||||||||||
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the Fund’s operating expenses remain the same and that the Fund’s operating expense limitation agreement is in place for one year. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: | ||||||||||||||||||||||||||||||||||||||||||||||
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You would pay the following expenses if you did not redeem your Class C Shares: | ||||||||||||||||||||||||||||||||||||||||||||||
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Portfolio Turnover: | ||||||||||||||||||||||||||||||||||||||||||||||
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, may negatively affect the Fund’s performance. Because the Fund has not yet commenced operations as of the date of this prospectus, no turnover rate is provided. | ||||||||||||||||||||||||||||||||||||||||||||||
Principal Investment Strategies | ||||||||||||||||||||||||||||||||||||||||||||||
Under normal circumstances, the Fund invests at least 80% of its net assets (defined as net assets plus the amount of any borrowing for investment purposes) in income producing securities of “real estate” companies and “real estate related” companies (collectively “real estate companies”) (“80% investment policy”). Investments in these issuers are expected to primarily consist of preferred stock, as well as convertible preferred stock, debt obligations and other senior securities.
In pursuing its investment objective, the Fund may invest in the following types of securities of U.S., foreign and emerging market real estate and real estate related companies:
• equity, American Depositary Receipts (ADRs), preferred stock and convertible preferred stock of any capitalization
• equity derivatives
• debt obligations, including convertible debt obligations, of any maturity or credit quality, including those rated below investment grade (“high yield securities” or “junk bonds”)
• rights and warrants to purchase equity securities
For purposes of the 80% investment policy, the Fund defines “real estate” companies as those that derive a significant portion of their revenues from the ownership, construction, development, financing, leasing, management and/or sale of commercial, industrial or residential real estate, companies that have a significant portion of their assets invested in these types of real estate related companies, including, for example, real estate investment trusts (“REITs”), or companies that may not participate directly in real estate, but which may present an attractive investment opportunity based on the inherent value of their real estate holdings or exposure, or provide sales, leasing or other strategic services to real estate companies. The Fund defines “real estate related” companies as those in industries related to real estate, such as lodging and gaming, housing, land development and real estate finance and services. Real estate and real estate related companies may include “high growth “companies that allocate significant capital to research and product development. The Fund considers emerging market countries to be those represented in the MSCI Emerging Markets Index.
Below investment grade debt securities are those rated below Baa3 by Moody’s Investors Service or equivalently by another nationally recognized statistical rating organization (NRSRO). The Fund concentrates investments in the real estate industry, meaning that under normal circumstances, it invests over 25% of its assets in real estate industry securities.
In addition, the Fund may engage in transactions for the purpose of hedging against changes in the price of other Fund portfolio securities, such as purchasing put options or writing covered call options. Such defensive or hedged positions may also include investments in equity securities of real estate as well as non-real estate companies. Additionally, the Fund may employ leverage by borrowing from banks in an amount of up to 33% of the Fund’s assets (defined as net assets plus borrowing for investment purposes).
Altegris Advisors, L.L.C. (the “Adviser”) is the investment adviser to the Fund and provides investment advisory and management services, including the selection and monitoring of the sub-adviser to the Fund. The Adviser has selected American Assets Capital Advisers, LLC to sub-advise the Fund. The sub-adviser will evaluate investments for the Fund based on a process-driven methodology focused on an issuer’s dividend yield and corporate performance metrics (i.e. income, cash flow, debt levels, and asset quality). The Fund will primarily invest in companies that the sub-adviser believes offer attractive yields with the potential for long-term capital appreciation.
The Fund is “non-diversified” for purposes of the Investment Company Act of 1940, as amended (“1940 Act”), which means that the Fund may invest more than 5% of its total assets in the securities of one or more issuers and therefore have its investments focused in fewer securities at any one time than a diversified fund. The Fund may engage in frequent trading of the Fund’s portfolio securities. | ||||||||||||||||||||||||||||||||||||||||||||||
Principal Investment Risks: | ||||||||||||||||||||||||||||||||||||||||||||||
As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund is not intended to be a complete investment program. Many factors affect the Fund’s net asset value and performance.
▪ Active and Frequent Trading Risk: Executing the strategies of the Fund may from time to time require frequent trading by the Fund, resulting in substantial brokerage commissions, taxes and other transaction fees and expenses. These expenses must be offset by investment gains in order for the Fund to be profitable.
▪ ADR Risk: ADRs may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks. ADRs are subject to the risk of fluctuation in the currency exchange rate if, as is often the case, the underlying foreign securities are denominated in foreign currency, and there may be an imperfect correlation between the market value of depositary receipts and the underlying foreign securities.
▪ Convertible Security Risk: The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities.
▪ Credit Risk: There is a risk that convertible debt issuers will not make payments on securities held by the Fund, resulting in losses to the Fund. In addition, the credit quality of convertible debt securities held by the Fund may be lowered if an issuer’s financial condition changes.
▪ Derivatives Risk: The use of derivatives such as options involves risks different from, or possibly greater than, the risks associated with investing directly in securities including leverage risk and tracking risk. Long options positions may expire worthless. The Fund will incur a loss as a result of a written option (also known as a short position) if the price of the written option increases in value between the date when the Fund writes the option and the date on which the Fund purchases an offsetting position. The Fund’s losses are potentially significant in a written put option transaction and potentially unlimited in a written call option transaction. The ability to enter into or exit from derivative transactions may be materially impacted by fast moving and volatile markets. There is no guarantee that such transactions may be executed.
▪ Developing and Emerging Markets Risk: In addition to the risks generally associated with investing in foreign securities described below, countries with emerging markets may also have relatively unstable governments, fewer shareholder protections, and more limited economies and securities markets. Securities of issuers in emerging markets securities also tend to be less liquid.
▪ Equity Markets Risk: Common and preferred stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. Warrants and rights may expire worthless if the price of a common stock is below the conversion price of the warrant or right. Convertible bonds may decline in value if the price of a common stock falls below the conversion price. Investor perceptions are based on various and unpredictable factors, including expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction and global or regional political, economic and banking crises.
▪ Fixed Income and Interest Rate Risk: When the Fund invests in fixed income securities or derivatives, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities or derivatives owned by the Fund. On the other hand, if rates fall, the value of the fixed income securities and derivatives generally increases. In general, the market price of debt securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities.
▪ Foreign Currency Risk: Currency trading risks include market risk, credit risk and country risk. Market risk results from adverse changes in exchange rates in the currencies the Fund is long or short. Credit risk results because a currency-trade counterparty may default. Country risk arises because a government may interfere with transactions in its currency.
▪ Foreign Investment and Foreign Exchange Risk: Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards. Investing in emerging markets imposes risks different from, or greater than, risks of investing in foreign developed countries.
▪ Hedging Risks: The Fund’s hedging strategy may not work as intended and may fail to reduce the investment risks of the Fund. Although derivative instruments may be used to offset or hedge against losses on an opposite position, such hedges can also potentially offset any gains on the opposite position. The Fund may also be exposed to the risk it may be required to segregate assets or enter into offsetting positions in connection with investments in derivatives, but such segregation will not limit the Fund’s exposure to loss. The Fund may also incur risk with respect to the segregated assets to the extent that, but for the applicable segregation requirement in connection with its investments in derivatives, the Fund would sell the segregated assets.
▪ High Yield or Junk Bond Risk: Lower-quality convertible debt securities, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund’s share price.
▪ High-Growth Company-Related Risks: The Fund may invest in high-growth companies, which may allocate, or may have allocated, greater than usual amounts to research and product development. The securities of these companies may experience above-average price movements associated with the perceived prospects of success of their research and development programs.
▪ Impairment of Collateral Risk: The value of non-cash collateral securing an investment may fluctuate and diverge from the value of the investment. If the value of collateral declines, it may become insufficient to meet an investment counterparty’s obligations to the Fund and/or make it more difficult for the Fund to liquidate collateral. In addition, the Fund’s access to collateral may be limited by bankruptcy or other insolvency laws.
▪ Issuer Concentration Risk: The Fund may hold securities of a single issuer representing up to 5% of that issuer’s total outstanding securities. As such, the Fund has a greater potential to realize losses upon the occurrence of adverse events affecting that issuer or in the event that Fund has to quickly sell its position in that issuer.
▪ Issuer-Specific Risk: The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.
▪ Leverage Risk: 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 and magnify the Fund’s gains or losses.
▪ Liquidity Risk: Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.
▪ Management Risk: The Adviser’s judgments about the investment expertise of the sub-adviser may prove to be inaccurate and may not produce the desired results. The 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.
▪ Market Risk: Overall securities market risks may affect the value of individual instruments in which the Fund invests. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, and political events affect the securities and derivatives markets. When the value of the Fund’s investments goes down, your investment in the Fund decreases in value and you could lose money.
▪ Non-Diversification Risk: As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers. The Fund’s performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company.
▪ Options Risk: Because option premiums paid or received by the Fund are small in relation to the market value of the investments underlying the options, buying and selling put and call options can be more speculative than investing directly in securities.
▪ Other Investment Companies Risk: Other investment companies are subject to their own expenses which will be indirectly paid by the Fund, thereby increasing the cost of investing in the Fund.
▪ Preferred Stock Risk: Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit and default risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.
▪ Real Estate Sector Concentration Risk: Under normal circumstances, the Fund will concentrate its investments in securities of real estate or real estate related companies. As such, its portfolio will likely be significantly impacted by the performance of the real estate market and may experience more volatility and be exposed to greater risk than a more diversified portfolio. The value of real estate companies may be affected by various factors, including, but not limited to the following: (i) changes in general economic and market conditions; (ii) changes in the value of real estate properties; (iii) risks related to local economic conditions, overbuilding and increased competition; (iv) increases in property taxes and operating expenses; (v) changes in zoning laws; (vi) casualty and condemnation losses; (vii) variations in rental income, neighborhood values or the appeal of property to tenants; (viii) the availability of financing and (ix) changes in interest rates and leverage. As a result of the Fund’s concentration in securities of real estate companies, investing in the Fund may entail greater risk and experience more volatility than other funds that diversify across multiple sectors.
▪ REIT Risk: Investing in real estate investment trusts, or “REITs”, involves certain unique risks in addition to those associated with the real estate sector generally. REITs whose underlying properties are concentrated in a particular industry or region are also subject to risks affecting such industries and regions. REITs (especially mortgage REITs) are also subject to interest rate risks. By investing in REITs through the Fund, a shareholder will bear expenses of the REITs in addition to Fund expenses.
▪ Reliance on Corporate Management and Financial Reporting Risk: A sub-adviser necessarily relies on the financial information made available by the issuers of the equities in which it invests. The sub-adviser has no ability to independently verify the financial information disseminated by the issuers in which it invests.
▪ Restricted Securities Risk: Rule 144A securities, which are restricted securities, may not be readily marketable in broad public markets. A Rule 144A restricted security carries the risk that the Fund may not be able to sell a security when the portfolio manager considers it desirable to do so and/or may have to sell the security at a lower price.
▪ Small and Medium Capitalization Company Risk: Small and mid-sized companies may have limited product lines, markets or financial resources, and they may be dependent on a limited management group. Equities of smaller companies may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general. | ||||||||||||||||||||||||||||||||||||||||||||||
Performance | ||||||||||||||||||||||||||||||||||||||||||||||
Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. | ||||||||||||||||||||||||||||||||||||||||||||||
| Label | Element | Value | ||||
|---|---|---|---|---|---|---|
| Prospectus [Line Items] | rr_ProspectusLineItems | |||||
| Document Type | dei_DocumentType | 497 | ||||
| Document Period End Date | dei_DocumentPeriodEndDate | Jul. 11, 2018 | ||||
| Registrant Name | dei_EntityRegistrantName | Northern Lights Fund Trust | ||||
| Central Index Key | dei_EntityCentralIndexKey | 0001314414 | ||||
| Amendment Flag | dei_AmendmentFlag | false | ||||
| Trading Symbol | dei_TradingSymbol | nlfun | ||||
| Document Creation Date | dei_DocumentCreationDate | Jul. 11, 2018 | ||||
| Document Effective Date | dei_DocumentEffectiveDate | Jul. 11, 2018 | ||||
| Prospectus Date | rr_ProspectusDate | Jul. 11, 2018 | ||||
| Altegris/AACA Real Estate Income Fund | ||||||
| Prospectus [Line Items] | rr_ProspectusLineItems | |||||
| Risk/Return [Heading] | rr_RiskReturnHeading | ALTEGRIS/AACA REAL ESTATE INCOME FUND SUMMARY |
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| Objective [Heading] | rr_ObjectiveHeading | Investment Objectives |
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| Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The Fund seeks to maximize current income with potential for capital appreciation. |
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| Expense [Heading] | rr_ExpenseHeading | Fees and Expenses of the Fund |
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| Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. More information about these and other discounts is available from your financial professional and in How to Purchase Shares on page 20 of this Prospectus and Purchase, Redemption and Pricing of Shares on page 69 of the Statement of Additional Information. |
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| Shareholder Fees Caption [Text] | rr_ShareholderFeesCaption | Shareholder Fees (Fees paid directly from your investment) |
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| Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) |
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| Fee Waiver or Reimbursement over Assets, Date of Termination | rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination | Oct. 31, 2019 | ||||
| Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover: |
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| Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, may negatively affect the Fund’s performance. Because the Fund has not yet commenced operations as of the date of this prospectus, no turnover rate is provided. |
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| Other Expenses, New Fund, Based on Estimates [Text] | rr_OtherExpensesNewFundBasedOnEstimates | Other Expenses are estimated for the current fiscal period. | ||||
| Acquired Fund Fees and Expenses, Based on Estimates [Text] | rr_AcquiredFundFeesAndExpensesBasedOnEstimates | Acquired Fund Fees and Expenses are estimated for the current fiscal period. | ||||
| Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] | rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees | The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. | ||||
| Expense Example [Heading] | rr_ExpenseExampleHeading | Example: |
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| Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. |
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| Expense Example by, Year, Caption [Text] | rr_ExpenseExampleByYearCaption | The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, that the Fund’s operating expenses remain the same and that the Fund’s operating expense limitation agreement is in place for one year. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: |
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| Expense Example, No Redemption, By Year, Caption [Text] | rr_ExpenseExampleNoRedemptionByYearCaption | You would pay the following expenses if you did not redeem your Class C Shares: |
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| Strategy [Heading] | rr_StrategyHeading | Principal Investment Strategies |
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| Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | Under normal circumstances, the Fund invests at least 80% of its net assets (defined as net assets plus the amount of any borrowing for investment purposes) in income producing securities of “real estate” companies and “real estate related” companies (collectively “real estate companies”) (“80% investment policy”). Investments in these issuers are expected to primarily consist of preferred stock, as well as convertible preferred stock, debt obligations and other senior securities.
In pursuing its investment objective, the Fund may invest in the following types of securities of U.S., foreign and emerging market real estate and real estate related companies:
• equity, American Depositary Receipts (ADRs), preferred stock and convertible preferred stock of any capitalization
• equity derivatives
• debt obligations, including convertible debt obligations, of any maturity or credit quality, including those rated below investment grade (“high yield securities” or “junk bonds”)
• rights and warrants to purchase equity securities
For purposes of the 80% investment policy, the Fund defines “real estate” companies as those that derive a significant portion of their revenues from the ownership, construction, development, financing, leasing, management and/or sale of commercial, industrial or residential real estate, companies that have a significant portion of their assets invested in these types of real estate related companies, including, for example, real estate investment trusts (“REITs”), or companies that may not participate directly in real estate, but which may present an attractive investment opportunity based on the inherent value of their real estate holdings or exposure, or provide sales, leasing or other strategic services to real estate companies. The Fund defines “real estate related” companies as those in industries related to real estate, such as lodging and gaming, housing, land development and real estate finance and services. Real estate and real estate related companies may include “high growth “companies that allocate significant capital to research and product development. The Fund considers emerging market countries to be those represented in the MSCI Emerging Markets Index.
Below investment grade debt securities are those rated below Baa3 by Moody’s Investors Service or equivalently by another nationally recognized statistical rating organization (NRSRO). The Fund concentrates investments in the real estate industry, meaning that under normal circumstances, it invests over 25% of its assets in real estate industry securities.
In addition, the Fund may engage in transactions for the purpose of hedging against changes in the price of other Fund portfolio securities, such as purchasing put options or writing covered call options. Such defensive or hedged positions may also include investments in equity securities of real estate as well as non-real estate companies. Additionally, the Fund may employ leverage by borrowing from banks in an amount of up to 33% of the Fund’s assets (defined as net assets plus borrowing for investment purposes).
Altegris Advisors, L.L.C. (the “Adviser”) is the investment adviser to the Fund and provides investment advisory and management services, including the selection and monitoring of the sub-adviser to the Fund. The Adviser has selected American Assets Capital Advisers, LLC to sub-advise the Fund. The sub-adviser will evaluate investments for the Fund based on a process-driven methodology focused on an issuer’s dividend yield and corporate performance metrics (i.e. income, cash flow, debt levels, and asset quality). The Fund will primarily invest in companies that the sub-adviser believes offer attractive yields with the potential for long-term capital appreciation.
The Fund is “non-diversified” for purposes of the Investment Company Act of 1940, as amended (“1940 Act”), which means that the Fund may invest more than 5% of its total assets in the securities of one or more issuers and therefore have its investments focused in fewer securities at any one time than a diversified fund. The Fund may engage in frequent trading of the Fund’s portfolio securities. |
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| Strategy Portfolio Concentration [Text] | rr_StrategyPortfolioConcentration | Under normal circumstances, the Fund invests at least 80% of its net assets (defined as net assets plus the amount of any borrowing for investment purposes) in income producing securities of “real estate” companies and “real estate related” companies (collectively “real estate companies”) (“80% investment policy”). | ||||
| Risk [Heading] | rr_RiskHeading | Principal Investment Risks: |
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| Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund is not intended to be a complete investment program. Many factors affect the Fund’s net asset value and performance.
▪ Active and Frequent Trading Risk: Executing the strategies of the Fund may from time to time require frequent trading by the Fund, resulting in substantial brokerage commissions, taxes and other transaction fees and expenses. These expenses must be offset by investment gains in order for the Fund to be profitable.
▪ ADR Risk: ADRs may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks. ADRs are subject to the risk of fluctuation in the currency exchange rate if, as is often the case, the underlying foreign securities are denominated in foreign currency, and there may be an imperfect correlation between the market value of depositary receipts and the underlying foreign securities.
▪ Convertible Security Risk: The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities.
▪ Credit Risk: There is a risk that convertible debt issuers will not make payments on securities held by the Fund, resulting in losses to the Fund. In addition, the credit quality of convertible debt securities held by the Fund may be lowered if an issuer’s financial condition changes.
▪ Derivatives Risk: The use of derivatives such as options involves risks different from, or possibly greater than, the risks associated with investing directly in securities including leverage risk and tracking risk. Long options positions may expire worthless. The Fund will incur a loss as a result of a written option (also known as a short position) if the price of the written option increases in value between the date when the Fund writes the option and the date on which the Fund purchases an offsetting position. The Fund’s losses are potentially significant in a written put option transaction and potentially unlimited in a written call option transaction. The ability to enter into or exit from derivative transactions may be materially impacted by fast moving and volatile markets. There is no guarantee that such transactions may be executed.
▪ Developing and Emerging Markets Risk: In addition to the risks generally associated with investing in foreign securities described below, countries with emerging markets may also have relatively unstable governments, fewer shareholder protections, and more limited economies and securities markets. Securities of issuers in emerging markets securities also tend to be less liquid.
▪ Equity Markets Risk: Common and preferred stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. Warrants and rights may expire worthless if the price of a common stock is below the conversion price of the warrant or right. Convertible bonds may decline in value if the price of a common stock falls below the conversion price. Investor perceptions are based on various and unpredictable factors, including expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction and global or regional political, economic and banking crises.
▪ Fixed Income and Interest Rate Risk: When the Fund invests in fixed income securities or derivatives, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities or derivatives owned by the Fund. On the other hand, if rates fall, the value of the fixed income securities and derivatives generally increases. In general, the market price of debt securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities.
▪ Foreign Currency Risk: Currency trading risks include market risk, credit risk and country risk. Market risk results from adverse changes in exchange rates in the currencies the Fund is long or short. Credit risk results because a currency-trade counterparty may default. Country risk arises because a government may interfere with transactions in its currency.
▪ Foreign Investment and Foreign Exchange Risk: Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards. Investing in emerging markets imposes risks different from, or greater than, risks of investing in foreign developed countries.
▪ Hedging Risks: The Fund’s hedging strategy may not work as intended and may fail to reduce the investment risks of the Fund. Although derivative instruments may be used to offset or hedge against losses on an opposite position, such hedges can also potentially offset any gains on the opposite position. The Fund may also be exposed to the risk it may be required to segregate assets or enter into offsetting positions in connection with investments in derivatives, but such segregation will not limit the Fund’s exposure to loss. The Fund may also incur risk with respect to the segregated assets to the extent that, but for the applicable segregation requirement in connection with its investments in derivatives, the Fund would sell the segregated assets.
▪ High Yield or Junk Bond Risk: Lower-quality convertible debt securities, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund’s share price.
▪ High-Growth Company-Related Risks: The Fund may invest in high-growth companies, which may allocate, or may have allocated, greater than usual amounts to research and product development. The securities of these companies may experience above-average price movements associated with the perceived prospects of success of their research and development programs.
▪ Impairment of Collateral Risk: The value of non-cash collateral securing an investment may fluctuate and diverge from the value of the investment. If the value of collateral declines, it may become insufficient to meet an investment counterparty’s obligations to the Fund and/or make it more difficult for the Fund to liquidate collateral. In addition, the Fund’s access to collateral may be limited by bankruptcy or other insolvency laws.
▪ Issuer Concentration Risk: The Fund may hold securities of a single issuer representing up to 5% of that issuer’s total outstanding securities. As such, the Fund has a greater potential to realize losses upon the occurrence of adverse events affecting that issuer or in the event that Fund has to quickly sell its position in that issuer.
▪ Issuer-Specific Risk: The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.
▪ Leverage Risk: 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 and magnify the Fund’s gains or losses.
▪ Liquidity Risk: Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.
▪ Management Risk: The Adviser’s judgments about the investment expertise of the sub-adviser may prove to be inaccurate and may not produce the desired results. The 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.
▪ Market Risk: Overall securities market risks may affect the value of individual instruments in which the Fund invests. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, and political events affect the securities and derivatives markets. When the value of the Fund’s investments goes down, your investment in the Fund decreases in value and you could lose money.
▪ Non-Diversification Risk: As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers. The Fund’s performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company.
▪ Options Risk: Because option premiums paid or received by the Fund are small in relation to the market value of the investments underlying the options, buying and selling put and call options can be more speculative than investing directly in securities.
▪ Other Investment Companies Risk: Other investment companies are subject to their own expenses which will be indirectly paid by the Fund, thereby increasing the cost of investing in the Fund.
▪ Preferred Stock Risk: Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit and default risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.
▪ Real Estate Sector Concentration Risk: Under normal circumstances, the Fund will concentrate its investments in securities of real estate or real estate related companies. As such, its portfolio will likely be significantly impacted by the performance of the real estate market and may experience more volatility and be exposed to greater risk than a more diversified portfolio. The value of real estate companies may be affected by various factors, including, but not limited to the following: (i) changes in general economic and market conditions; (ii) changes in the value of real estate properties; (iii) risks related to local economic conditions, overbuilding and increased competition; (iv) increases in property taxes and operating expenses; (v) changes in zoning laws; (vi) casualty and condemnation losses; (vii) variations in rental income, neighborhood values or the appeal of property to tenants; (viii) the availability of financing and (ix) changes in interest rates and leverage. As a result of the Fund’s concentration in securities of real estate companies, investing in the Fund may entail greater risk and experience more volatility than other funds that diversify across multiple sectors.
▪ REIT Risk: Investing in real estate investment trusts, or “REITs”, involves certain unique risks in addition to those associated with the real estate sector generally. REITs whose underlying properties are concentrated in a particular industry or region are also subject to risks affecting such industries and regions. REITs (especially mortgage REITs) are also subject to interest rate risks. By investing in REITs through the Fund, a shareholder will bear expenses of the REITs in addition to Fund expenses.
▪ Reliance on Corporate Management and Financial Reporting Risk: A sub-adviser necessarily relies on the financial information made available by the issuers of the equities in which it invests. The sub-adviser has no ability to independently verify the financial information disseminated by the issuers in which it invests.
▪ Restricted Securities Risk: Rule 144A securities, which are restricted securities, may not be readily marketable in broad public markets. A Rule 144A restricted security carries the risk that the Fund may not be able to sell a security when the portfolio manager considers it desirable to do so and/or may have to sell the security at a lower price.
▪ Small and Medium Capitalization Company Risk: Small and mid-sized companies may have limited product lines, markets or financial resources, and they may be dependent on a limited management group. Equities of smaller companies may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general. |
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| Risk Lose Money [Text] | rr_RiskLoseMoney | As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. | ||||
| Risk Nondiversified Status [Text] | rr_RiskNondiversifiedStatus | As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers. The Fund’s performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company. | ||||
| Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance |
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| Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. |
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| Performance One Year or Less [Text] | rr_PerformanceOneYearOrLess | Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time. | ||||
| Altegris/AACA Real Estate Income Fund | Class A | ||||||
| Prospectus [Line Items] | rr_ProspectusLineItems | |||||
| Trading Symbol | dei_TradingSymbol | INMAX | ||||
| Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | 5.75% | ||||
| Maximum Deferred Sales Charge (as a percentage of Offering Price) | rr_MaximumDeferredSalesChargeOverOfferingPrice | 1.00% | ||||
| Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) | rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther | none | ||||
| Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (1.00%) | ||||
| Management Fees (as a percentage of Assets) | rr_ManagementFeesOverAssets | 0.70% | ||||
| Distribution and Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% | ||||
| Other Expenses (as a percentage of Assets): | rr_OtherExpensesOverAssets | 0.40% | [1] | |||
| Expenses (as a percentage of Assets) | rr_ExpensesOverAssets | 1.35% | ||||
| Fee Waiver or Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.05%) | [2] | |||
| Net Expenses (as a percentage of Assets) | rr_NetExpensesOverAssets | 1.30% | ||||
| Expense Breakpoint Discounts [Text] | rr_ExpenseBreakpointDiscounts | You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. | ||||
| Expense Breakpoint, Minimum Investment Required [Amount] | rr_ExpenseBreakpointMinimumInvestmentRequiredAmount | $ 25,000 | ||||
| Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 705 | ||||
| Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | $ 988 | ||||
| Altegris/AACA Real Estate Income Fund | Class C | ||||||
| Prospectus [Line Items] | rr_ProspectusLineItems | |||||
| Trading Symbol | dei_TradingSymbol | INMCX | ||||
| Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||
| Maximum Deferred Sales Charge (as a percentage of Offering Price) | rr_MaximumDeferredSalesChargeOverOfferingPrice | 1.00% | ||||
| Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) | rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther | none | ||||
| Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (1.00%) | ||||
| Management Fees (as a percentage of Assets) | rr_ManagementFeesOverAssets | 0.70% | ||||
| Distribution and Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 1.00% | ||||
| Other Expenses (as a percentage of Assets): | rr_OtherExpensesOverAssets | 0.40% | [1] | |||
| Expenses (as a percentage of Assets) | rr_ExpensesOverAssets | 2.10% | ||||
| Fee Waiver or Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.05%) | [2] | |||
| Net Expenses (as a percentage of Assets) | rr_NetExpensesOverAssets | 2.05% | ||||
| Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | $ 316 | ||||
| Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 777 | ||||
| Expense Example, No Redemption, 1 Year | rr_ExpenseExampleNoRedemptionYear01 | 213 | ||||
| Expense Example, No Redemption, 3 Years | rr_ExpenseExampleNoRedemptionYear03 | $ 668 | ||||
| Altegris/AACA Real Estate Income Fund | Class I | ||||||
| Prospectus [Line Items] | rr_ProspectusLineItems | |||||
| Trading Symbol | dei_TradingSymbol | INMIX | ||||
| Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||
| Maximum Deferred Sales Charge (as a percentage of Offering Price) | rr_MaximumDeferredSalesChargeOverOfferingPrice | none | ||||
| Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) | rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther | none | ||||
| Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (1.00%) | ||||
| Management Fees (as a percentage of Assets) | rr_ManagementFeesOverAssets | 0.70% | ||||
| Distribution and Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||
| Other Expenses (as a percentage of Assets): | rr_OtherExpensesOverAssets | 0.40% | [1] | |||
| Expenses (as a percentage of Assets) | rr_ExpensesOverAssets | 1.10% | ||||
| Fee Waiver or Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.05%) | [2] | |||
| Net Expenses (as a percentage of Assets) | rr_NetExpensesOverAssets | 1.05% | ||||
| Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | $ 112 | ||||
| Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | $ 360 | ||||
| Altegris/AACA Real Estate Income Fund | Class N | ||||||
| Prospectus [Line Items] | rr_ProspectusLineItems | |||||
| Trading Symbol | dei_TradingSymbol | INMNX | ||||
| Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||
| Maximum Deferred Sales Charge (as a percentage of Offering Price) | rr_MaximumDeferredSalesChargeOverOfferingPrice | none | ||||
| Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) | rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther | none | ||||
| Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (1.00%) | ||||
| Management Fees (as a percentage of Assets) | rr_ManagementFeesOverAssets | 0.70% | ||||
| Distribution and Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% | ||||
| Other Expenses (as a percentage of Assets): | rr_OtherExpensesOverAssets | 0.40% | [1] | |||
| Expenses (as a percentage of Assets) | rr_ExpensesOverAssets | 1.35% | ||||
| Fee Waiver or Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.05%) | [2] | |||
| Net Expenses (as a percentage of Assets) | rr_NetExpensesOverAssets | 1.30% | ||||
| Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | $ 137 | ||||
| Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | $ 438 | ||||
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