PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS. YOU CAN LOSE MONEY IN A MANAGED FUTURES PROGRAM.

¹For a 12-month period, beginning July 1, 2018 and ending June 30, 2019-the Performance Period-and for each subsequent annual period thereafter, the Equinox management fee will be subject to a performance based voluntary waiver. Although the management fee is subject to a performance-based waiver, other fees and expenses do apply to an investment in the Fund.

*The Morningstar Rating^TM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. Morningstar Rating is for the I-Share class only; other classes may have different performance characteristics.

©2018 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Fund ratings are only one form of performance measurement. For the most current performance please refer to the ‘Performance’ tab.

Mutual funds involve risk including possible loss of principal. There is no assurance that the Fund will achieve its investment objective.

FUND RISKS

Equity  Strategy  Risk: Because the Fund will normally invest a substantial portion of its assets in equity securitiesand equity-related instruments designed to track the performance of one or more equity indexes, the value of theFund’s portfolio will be affected by changes in the equity markets. At times, the equity markets can be volatile, andprices of equity securities can change drastically. Market risk will affect the Fund’s net asset value, which will fluctu-ate as the values of the Fund’s portfolio securities and other assets change. Not all equity prices change uniformlyor at the same time, and not all equity markets move in the same direction at the same time. In addition, other fac-tors can adversely affect the price of a particular equity security (for example, poor management decisions, poorearnings reports by an issuer, loss of major customers, competition, major litigation against an issuer, or changes ingovernment regulations affecting an industry). Not all of these factors or their affects can be predicted.

Overlay  Strategy  Risk: The profitability of the Fund’s investment (typically through a swap agreement) in the third-party commodities trading programs part of the Overlay Strategy depends primarily on the ability of the various man-agers to anticipate price movements in the relevant markets and underlying derivative instruments and futurescontracts. Such price movements are influenced by, among other things:

• changes in interest rates;
• governmental, trade, fiscal, monetary and exchange control programs and policies;
• changing supply and demand relationships;
• changes in balances of payments and trade;
• U.S. and international rates of inflation and deflation;
• currency devaluations and revaluations;
• U.S. and international political and economic events; and
• changes in philosophies and emotions of various market participants.

The Fund’s Overlay Strategy may not take all of these factors into account. In addition, the Fund will indirectly bearthe expenses, including management fees, performance fees and transaction fees, associated with the OverlayStrategy which will reduce returns.

The use of futures contracts, forward contracts and derivative instruments will have the economic effect of financialleverage. Financial leverage magnifies exposure to the swings in prices of an asset class underlying an investmentand results in increased volatility, and potentially greater losses. There is no assurance that the Fund’s investmentin the Overlay Strategy with leveraged exposure to certain investments and markets will act as a successful hedgingstrategy or enable the Fund to achieve its investment objective.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Fund. This and other important information about the funds are contained in the applicable Prospectuses, which can be obtained by calling 1.888.643.3431. The Prospectuses should be read carefully before investing.

The Fund is distributed by Northern Lights Distributors, LLC, Member FINRA/SIPC. Equinox Group Distributors, LLC, Equinox Institutional Asset Management, LP and featured Commodity Trading Advisors are not affiliated with Northern Lights Distributors, LLC.

Equinox Institutional Asset Management, LP serves as the Fund’s investment advisor.  SECURITIES OFFERED THROUGH EQUINOX GROUP DISTRIBUTORS, LLC, MEMBER FINRA. To obtain more information, contact Equinox Funds at 1.877.837.0600. info@equinoxfunds.com.

The material provided on this website is for informational purposes only. It does not constitute an offer to sell or a solicitation of an offer to buy any security or service in any jurisdiction where such transaction would be unauthorized or unlawful.